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Agilent Technologies vs Waters: revenue, profit, margins and growth compared

Agilent Technologies brought in $6.9B of revenue in fiscal 2025, Waters $3.2B in fiscal 2025. Revenue changed by +6.7% at Agilent Technologies and +7.0% at Waters on the year before, so Waters grew faster. Agilent Technologies kept 18.8% of its revenue as net profit, Waters 20.3%. Free cash flow was $1.2B at Agilent Technologies and $539.8M at Waters.

Side by side, latest fiscal year

AWAT
Fiscal year endedFY2025 (October 31, 2025)FY2025 (December 31, 2025)
Revenue$6.9B$3.2B
Revenue growth+6.7%+7.0%
Net income$1.3B$642.6M
Net margin18.8%20.3%
Free cash flow$1.2B$539.8M
Free cash flow margin16.6%17.1%
Earnings per share (diluted)$4.57$10.76
Cash$1.8B$588M
Debt$3.1B$1.4B
Price to earnings37.840.3
Market value$48.8B$42.6B
Dividend yield0.57%n/a
Rank by revenue in sector#97 of 451 · Industrials#176 of 451 · Industrials

Over the years

Revenue
A FY2018: $4.9BA FY2019: $5.2BA FY2020: $5.3BA FY2021: $6.3BA FY2022: $6.8BA FY2023: $6.8BA FY2024: $6.5BA FY2025: $6.9BWAT FY2018: $2.4BWAT FY2019: $2.4BWAT FY2020: $2.4BWAT FY2021: $2.8BWAT FY2022: $3BWAT FY2023: $3BWAT FY2024: $3BWAT FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
A $6.9BWAT $3.2B
Net income
A FY2018: $316MA FY2019: $1.1BA FY2020: $719MA FY2021: $1.2BA FY2022: $1.3BA FY2023: $1.2BA FY2024: $1.3BA FY2025: $1.3BWAT FY2018: $593.8MWAT FY2019: $592.2MWAT FY2020: $521.6MWAT FY2021: $692.8MWAT FY2022: $707.8MWAT FY2023: $642.2MWAT FY2024: $637.8MWAT FY2025: $642.6MFY18FY19FY20FY21FY22FY23FY24FY25
A $1.3BWAT $642.6M
Net margin
A FY2018: 6.4%A FY2019: 20.7%A FY2020: 13.5%A FY2021: 19.1%A FY2022: 18.3%A FY2023: 18.1%A FY2024: 19.8%A FY2025: 18.8%WAT FY2018: 24.5%WAT FY2019: 24.6%WAT FY2020: 22.1%WAT FY2021: 24.9%WAT FY2022: 23.8%WAT FY2023: 21.7%WAT FY2024: 21.6%WAT FY2025: 20.3%FY18FY19FY20FY21FY22FY23FY24FY25
A 18.8%WAT 20.3%
Revenue growth
A FY2019: +5.1%A FY2020: +3.4%A FY2021: +18.4%A FY2022: +8.4%A FY2023: -0.2%A FY2024: -4.7%A FY2025: +6.7%WAT FY2019: -0.6%WAT FY2020: -1.7%WAT FY2021: +17.8%WAT FY2022: +6.7%WAT FY2023: -0.5%WAT FY2024: +0.1%WAT FY2025: +7.0%FY19FY20FY21FY22FY23FY24FY25
A +6.7%WAT +7.0%
Free cash flow
A FY2018: $910MA FY2019: $866MA FY2020: $802MA FY2021: $1.3BA FY2022: $1BA FY2023: $1.5BA FY2024: $1.4BA FY2025: $1.2BWAT FY2023: $442.2MWAT FY2024: $619.6MWAT FY2025: $539.8MFY18FY19FY20FY21FY22FY23FY24FY25
A $1.2BWAT $539.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Agilent Technologies and Waters

Which is bigger by revenue, Agilent Technologies or Waters?

Agilent Technologies is bigger by revenue: $6.9B in fiscal 2025, against $3.2B for Waters in fiscal 2025.

Which keeps more of its revenue as profit, Agilent Technologies or Waters?

Agilent Technologies had a net margin of 18.8% in fiscal 2025; Waters had 20.3% in fiscal 2025.

Which grew revenue faster, Agilent Technologies or Waters?

In their latest fiscal years revenue changed by +6.7% at Agilent Technologies and +7.0% at Waters.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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