Waters Financial Statements
NYSE: WATIndustrialsBiotechnology: Laboratory Analytical InstrumentsUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Waters revenue and earnings
In fiscal 2025, Waters generated $3.17 billion in revenue, up 7.0% from fiscal 2024, its 2nd consecutive year of revenue growth. Net income was $642.6 million (+0.8% year over year), for a net margin of 20.3% versus a median of 22.1% in the prior 5 years. Gross margin was 59.3% (down from 59.4%) and operating margin 25.4%.
Diluted earnings per share came in at $10.76, up from $10.71. Over the last 5 fiscal years, WAT's revenue has grown at a 6.0% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Waters income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.17B | 2.96B | 2.96B | 2.97B | 2.79B | 2.37B | 2.41B | 2.42B | 2.31B | 2.17B |
| Revenue growth (YoY) | +6.99% | +0.07% | -0.52% | +6.68% | +17.78% | -1.71% | -0.55% | +4.80% | +6.54% | +6.12% |
| Cost of Revenue | 1.29B | 1.20B | 1.20B | 1.25B | 1.16B | 1.01B | 1.01B | 992.56M | 947.07M | 891.45M |
| Gross Profit | 1.88B | 1.76B | 1.76B | 1.72B | 1.63B | 1.36B | 1.40B | 1.43B | 1.36B | 1.28B |
| Operating Expenses | 1.07B | 931.83M | 943.52M | 850.38M | 807.63M | 713.19M | 687.44M | 687.59M | 699.81M | 650.93M |
| Research & Development | 195.71M | 183.03M | 174.94M | 176.19M | 168.36M | 140.78M | 142.96M | 143.40M | 132.59M | 125.19M |
| Selling, General & Admin | 830.37M | 690.15M | 736.01M | 658.03M | 626.97M | 553.70M | 534.79M | 536.90M | 544.36M | 512.33M |
| Operating Income | 802.59M | 826.35M | 817.68M | 873.39M | 821.71M | 645.49M | 708.46M | 739.77M | 662.20M | 625.04M |
| Interest Expense | 69.55M | 89.68M | 98.86M | 48.80M | 44.94M | 49.07M | 48.69M | 48.64M | 56.84M | 44.91M |
| Other Income (Expense) | 3.06M | 776.00K | 807.00K | 2.23M | 17.20M | -1.77M | -3.59M | -47.79M | -340.00K | -700.00K |
| Pretax Income | 754.88M | 754.87M | 736.24M | 837.85M | 806.19M | 610.91M | 678.24M | 682.15M | 641.10M | 600.11M |
| Income Tax | 112.25M | 117.03M | 94.01M | 130.09M | 113.35M | 89.34M | 86.04M | 88.35M | 620.79M | 78.61M |
| Net Income | 642.63M | 637.83M | 642.23M | 707.75M | 692.84M | 521.57M | 592.20M | 593.79M | 20.31M | 521.50M |
| Net Income growth (YoY) | +0.75% | -0.69% | -9.26% | +2.15% | +32.84% | -11.93% | -0.27% | +2823.51% | -96.11% | +11.18% |
| EPS (Basic) | 10.80 | 10.75 | 10.87 | 11.80 | 11.25 | 8.40 | 8.76 | 7.71 | 0.25 | 6.46 |
| EPS (Diluted) | 10.76 | 10.71 | 10.84 | 11.73 | 11.17 | 8.36 | 8.69 | 7.65 | 0.25 | 6.41 |
| Shares Outstanding (Basic) | 59.51M | 59.33M | 59.08M | 59.98M | 61.58M | 62.09M | 67.63M | 76.99M | 79.79M | 80.79M |
| Shares Outstanding (Diluted) | 59.71M | 59.55M | 59.27M | 60.33M | 62.03M | 62.41M | 68.17M | 77.62M | 80.60M | 81.42M |
| EBITDA | 890.73M | 913.37M | 902.30M | 945.39M | 893.27M | 714.17M | 762.30M | 797.73M | 723.65M | 676.72M |
| Gross Margin | 59.28% | 59.43% | 59.57% | 58.00% | 58.49% | 57.44% | 58.00% | 58.98% | 58.99% | 58.87% |
| Operating Margin | 25.36% | 27.93% | 27.66% | 29.39% | 29.50% | 27.29% | 29.44% | 30.57% | 28.68% | 28.84% |
| Net Margin | 20.30% | 21.56% | 21.72% | 23.81% | 24.87% | 22.05% | 24.61% | 24.54% | 88.00% | 24.06% |
This table shows 10 annual periods of Waters's income statement, from FY 2025 back to FY 2016, across 20 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow WAT's reporting calendar. What is a income statement?