What is Waters' operating income?

Waters' total operating income in 2025 was $802.59 million, based on the following breakdown: Total Gross Profit: $1.88 billion Total Operating Expenses: $1.07 billion

Waters (WAT) Financials

$384.12 +17.45 (+4.76%)

Closing price 03:59 PM Eastern

Extended Trading

$384.06 -0.05 (-0.01%)

As of 04:26 PM Eastern

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Annual Income Statements for Waters

This table shows Waters' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	469	522	20	594	592	522	693	708	642	638	643
Consolidated Net Income / (Loss)	469	522	20	594	592	522	693	708	642	638	643
Net Income / (Loss) Continuing Operations	469	522	20	594	592	522	693	708	642	638	643
Total Pre-Tax Income	542	600	641	682	678	611	806	838	736	755	755
Total Operating Income	567	625	662	740	708	645	822	873	818	826	803
Total Gross Profit	1,200	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761	1,758	1,876
Total Revenue	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
Operating Revenue	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
Total Cost of Revenue	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289
Operating Cost of Revenue	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289
Total Operating Expenses	632	651	700	688	687	713	808	850	944	932	1,074
Selling, General & Admin Expense	496	512	544	537	535	554	627	658	736	690	830
Research & Development Expense	122	125	138	143	143	141	168	186	175	183	196
Amortization Expense	10	9.89	6.74	7.71	9.69	11	7.14	6.37	33	47	48
Other Special Charges / (Income)	3.94	3.52	11	-0.43	0.00	1.18	5.17	0.00	0.00	12	0.00
Total Other Income / (Expense), net	-26	-25	-21	-58	-30	-35	-16	-36	-81	-71	-48
Interest Expense	36	45	57	49	49	49	45	49	99	90	70
Interest & Investment Income	11	21	36	39	22	16	12	11	17	17	19
Other Income / (Expense), net	-	-0.70	-0.34	-48	-3.59	-1.78	17	2.23	0.81	0.78	3.06
Income Tax Expense	73	79	621	88	86	89	113	130	94	117	112
Basic Earnings per Share	$5.70	$6.46	$0.25	$7.71	$8.76	$8.40	$11.25	$11.80	$10.87	$10.75	$10.80
Weighted Average Basic Shares Outstanding	82.34M	80.79M	79.79M	76.99M	67.63M	62.09M	61.58M	59.99M	59.08M	59.33M	59.51M
Diluted Earnings per Share	$5.65	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71	$10.76
Weighted Average Diluted Shares Outstanding	83.09M	81.42M	80.60M	77.62M	68.17M	62.41M	62.03M	60.33M	59.27M	59.55M	59.71M
Weighted Average Basic & Diluted Shares Outstanding	82.30M	80.70M	81.20M	77M	62.16M	62.19M	60.52M	58.94M	59.20M	59.41M	98.10M

This table shows Waters' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	4/4/2026
Net Income / (Loss) Attributable to Common Shareholders	135	216	102	143	162	231	121	147	149	225	-72
Consolidated Net Income / (Loss)	135	216	102	143	162	231	121	147	149	225	-72
Net Income / (Loss) Continuing Operations	135	216	102	143	162	231	121	147	149	225	-72
Total Pre-Tax Income	153	238	115	169	194	277	143	178	170	264	-88
Total Operating Income	179	264	134	189	211	292	152	188	192	271	-47
Total Gross Profit	420	501	375	420	439	524	385	450	472	569	588
Total Revenue	712	819	637	709	740	873	662	771	800	932	1,267
Operating Revenue	712	819	637	709	740	873	662	771	800	932	1,267
Total Cost of Revenue	291	318	262	288	302	349	277	321	328	363	679
Operating Cost of Revenue	291	318	262	288	302	349	277	321	328	363	679
Total Operating Expenses	241	237	241	231	228	232	233	262	280	299	635
Selling, General & Admin Expense	187	180	175	173	169	173	174	201	214	240	387
Research & Development Expense	42	44	45	46	45	47	47	49	54	47	96
Amortization Expense	12	12	12	12	12	12	12	12	12	12	152
Total Other Income / (Expense), net	-26	-27	-19	-20	-18	-15	-9.00	-11	-22	-6.34	-41
Interest Expense	30	31	26	24	21	19	14	14	27	14	48
Interest & Investment Income	3.88	4.64	4.27	4.33	4.26	4.56	4.00	4.51	4.71	5.67	6.00
Other Income / (Expense), net	0.33	-0.56	2.26	-0.30	-0.34	-0.84	1.00	-0.68	-0.07	2.28	1.00
Income Tax Expense	19	21	13	27	32	46	22	31	21	39	-16
Basic Earnings per Share	$2.28	$3.64	$1.73	$2.41	$2.72	$3.89	$2.04	$2.47	$2.50	$3.79	($0.87)
Weighted Average Basic Shares Outstanding	59.09M	59.08M	59.23M	59.34M	59.37M	59.33M	59.44M	59.52M	59.53M	59.51M	82.14M
Diluted Earnings per Share	$2.27	$3.64	$1.72	$2.40	$2.71	$3.88	$2.03	$2.47	$2.50	$3.76	($0.87)
Weighted Average Diluted Shares Outstanding	59.26M	59.27M	59.43M	59.45M	59.50M	59.55M	59.71M	59.66M	59.62M	59.71M	82.14M
Weighted Average Basic & Diluted Shares Outstanding	59.13M	59.20M	59.32M	59.36M	59.38M	59.41M	59.51M	59.52M	59.53M	98.10M	98.19M

This table details how cash moves in and out of Waters' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	65	18	137	168	-461	101	65	-21	-85	-70	262
Net Cash From Operating Activities	573	643	698	604	643	791	747	612	603	762	653
Net Cash From Continuing Operating Activities	573	643	698	604	643	791	747	612	603	762	653
Net Income / (Loss) Continuing Operations	469	522	20	594	592	522	693	708	642	638	643
Consolidated Net Income / (Loss)	469	522	20	594	592	522	693	708	642	638	643
Depreciation Expense	45	52	61	58	54	69	72	72	85	87	88
Amortization Expense	45	45	45	50	51	57	60	58	81	105	118
Non-Cash Adjustments To Reconcile Net Income	50	53	44	38	39	44	20	53	37	45	54
Changes in Operating Assets and Liabilities, net	-35	-28	527	-135	-93	100	-97	-279	-242	-112	-250
Net Cash From Investing Activities	-400	-488	-536	1,683	769	-264	-232	-108	-1,442	-143	-152
Net Cash From Continuing Investing Activities	-400	-488	-536	1,683	769	-264	-232	-108	-1,442	-143	-152
Purchase of Property, Plant & Equipment	-100	-95	-85	-96	-164	-172	-161	-176	-161	-142	-113
Acquisitions	-26	-5.61	0.00	-31	0.00	-81	0.00	0.00	-1,282	0.00	-35
Purchase of Investments	-2,010	-2,396	-2,960	-1,006	-37	-32	-281	-2.50	-1.05	-5.22	-7.30
Sale of Property, Plant & Equipment	5.15	-	-	-	-	-	-	-	0.00	0.00	2.84
Sale and/or Maturity of Investments	1,732	2,005	2,522	2,825	978	21	218	78	1.77	4.61	0.00
Net Cash From Financing Activities	-83	-116	-64	-2,120	-1,873	-441	-438	-510	755	-697	-237
Net Cash From Continuing Financing Activities	-83	-116	-64	-2,120	-1,873	-441	-438	-510	755	-697	-237
Repayment of Debt	-123	-327	-1,313	-850	-393	-640	-359	-145	-670	-900	-313
Repurchase of Common Equity	-335	-326	-333	-1,315	-2,469	-196	-649	-626	-70	-14	-15
Issuance of Debt	325	485	1,480	0.27	926	315	510	205	1,450	170	70
Issuance of Common Equity	52	62	98	52	54	66	56	43	30	30	21
Other Financing Activities, net	-2.60	-10	3.89	-6.68	11	15	3.55	14	16	17	-0.01
Effect of Exchange Rate Changes	-25	-21	39	-	0.22	15	-13	-15	-0.95	7.92	-0.62
Cash Interest Paid	37	44	57	51	43	52	42	48	94	92	45
Cash Income Taxes Paid	52	50	71	159	88	98	154	160	243	183	244

This table details how cash moves in and out of Waters' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	4/4/2026
Net Change in Cash & Equivalents	6.72	59	-58	-11	4.09	-6.09	58	-16	92	129	-126
Net Cash From Operating Activities	158	230	263	55	205	240	260	41	187	165	-3.00
Net Cash From Continuing Operating Activities	158	230	263	55	205	240	260	41	187	165	-3.00
Net Income / (Loss) Continuing Operations	135	216	102	143	162	231	121	147	149	225	-72
Consolidated Net Income / (Loss)	135	216	102	143	162	231	121	147	149	225	-72
Depreciation Expense	22	22	22	22	20	22	22	22	22	22	36
Amortization Expense	26	26	26	25	27	26	28	29	30	31	171
Non-Cash Adjustments To Reconcile Net Income	7.84	4.55	11	11	11	12	13	13	14	15	119
Changes in Operating Assets and Liabilities, net	-32	-39	101	-147	-15	-52	76	-171	-28	-128	-257
Net Cash From Investing Activities	-37	-38	-30	-36	-26	-52	-26	-58	-26	-42	95
Net Cash From Continuing Investing Activities	-37	-38	-30	-36	-26	-52	-26	-58	-26	-42	95
Purchase of Property, Plant & Equipment	-38	-42	-29	-36	-26	-52	-26	-23	-25	-39	-39
Acquisitions	-	3.55	-	-	-	-	0.00	-	-0.08	-	144
Other Investing Activities, net	-	-0.65	-	-	-	1.49	0.00	-	-	-	-10
Net Cash From Financing Activities	-114	-130	-292	-34	-177	-194	-173	-1.03	-66	3.34	-213
Net Cash From Continuing Financing Activities	-114	-130	-292	-34	-177	-194	-174	-1.03	-66	3.34	-213
Repayment of Debt	-125	-150	-300	-220	-180	-200	-170	-75	-68	-0.34	-3,725
Repurchase of Common Equity	-0.69	0.16	-13	-0.25	-0.14	-0.07	-14	-0.38	-0.21	-0.14	-12
Issuance of Debt	0.00	-0.00	-	170	-	-	0.00	-	-	-	3,530
Issuance of Common Equity	9.46	12	14	7.90	3.24	5.29	8.00	4.49	2.88	5.17	3.00
Other Financing Activities, net	2.88	7.66	6.98	8.30	0.02	1.20	2.00	-0.64	-0.46	-1.35	-9.00
Effect of Exchange Rate Changes	-0.17	-3.03	1.26	4.76	2.44	-0.54	-3.00	2.58	-3.62	2.96	-5.00

This table presents Waters' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554	5,077
Total Current Assets	3,214	3,635	4,270	2,663	1,312	1,401	1,629	1,764	1,753	1,669	2,148
Cash & Equivalents	488	506	642	796	336	437	501	481	395	325	588
Accounts Receivable	468	489	534	568	588	573	613	723	702	733	829
Inventories, net	263	263	270	292	321	304	356	456	516	477	572
Other Current Assets	83	70	72	68	67	80	91	104	138	133	159
Plant, Property, & Equipment, net	333	337	349	343	417	494	548	582	639	651	642
Total Noncurrent Assets	722	689	705	721	827	945	918	935	2,235	2,233	2,287
Goodwill	357	352	360	356	356	444	438	430	1,305	1,296	1,340
Intangible Assets	218	207	228	247	240	259	242	227	629	568	558
Other Noncurrent Operating Assets	147	130	117	119	231	242	238	278	300	370	389
Total Liabilities & Shareholders' Equity	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554	5,077
Total Liabilities	2,210	2,360	3,091	2,160	2,773	2,608	2,727	2,777	3,477	2,725	2,515
Total Current Liabilities	564	520	606	449	591	805	681	786	790	790	1,239
Short-Term Debt	175	125	100	0.18	100	150	0.00	50	50	0.00	460
Accounts Payable	71	68	65	68	49	72	97	93	85	100	104
Accrued Expenses	-	13	13	12	12	11	11	12	12	12	12
Current Deferred Revenue	142	149	-	165	176	198	-	-	-	-	267
Current Deferred & Payable Income Tax Liabilities	15	15	73	23	46	77	61	133	120	159	36
Current Employee Benefit Liabilities	55	57	69	65	43	72	101	103	69	94	100
Other Current Liabilities	94	92	286	116	164	225	411	395	453	426	261
Total Noncurrent Liabilities	1,646	1,840	2,484	1,711	2,182	1,803	2,047	1,991	2,687	1,936	1,276
Long-Term Debt	1,493	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626	947
Noncurrent Deferred Revenue	-	10	457	431	395	357	320	248	137	30	34
Noncurrent Deferred & Payable Income Tax Liabilities	15	-	-	-	-	-	-	-	-	-	37
Noncurrent Employee Benefit Liabilities	77	73	67	56	59	73	64	38	48	45	44
Other Noncurrent Operating Liabilities	61	55	63	76	147	166	149	180	197	234	214
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,562
Total Preferred & Common Equity	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,562
Preferred Stock	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,562
Common Stock	1,492	1,609	1,747	1,836	1,928	2,031	2,117	2,201	2,268	2,343	2,418
Retained Earnings	4,864	5,385	5,405	5,995	6,587	7,108	7,801	8,509	9,151	9,789	10,431
Treasury Stock	-4,150	-4,476	-4,808	-6,146	-8,613	-8,789	-9,438	-10,064	-10,134	-10,148	-10,162
Accumulated Other Comprehensive Income / (Loss)	-147	-216	-110	-118	-119	-118	-112	-142	-134	-155	-125

This table presents Waters' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	4/4/2026
Total Assets	4,548	4,497	4,627	4,509	4,449	4,512	4,554	4,592	4,718	4,863	24,531
Total Current Assets	1,681	1,635	1,753	1,643	1,604	1,648	1,669	1,740	1,782	1,919	4,064
Cash & Equivalents	330	336	395	337	326	331	324	383	367	459	462
Accounts Receivable	693	631	702	626	610	670	733	713	730	749	1,753
Inventories, net	537	544	516	539	523	519	477	511	541	573	1,496
Other Current Assets	120	122	138	140	143	128	133	132	144	139	353
Plant, Property, & Equipment, net	615	617	639	634	636	643	651	643	645	637	1,520
Total Noncurrent Assets	2,252	2,246	2,235	2,232	2,209	2,221	2,233	2,208	2,291	2,306	18,947
Goodwill	1,314	1,308	1,305	1,298	1,298	1,307	1,296	1,300	1,338	1,338	9,317
Intangible Assets	650	631	629	611	596	592	568	561	579	571	8,776
Other Noncurrent Operating Assets	289	307	300	323	315	323	370	348	374	397	854
Total Liabilities & Shareholders' Equity	4,548	4,497	4,627	4,509	4,449	4,512	4,554	4,592	4,718	4,863	24,531
Total Liabilities	3,777	3,592	3,477	3,252	3,037	2,909	2,725	2,629	2,558	2,532	9,239
Total Current Liabilities	809	745	790	848	763	816	790	961	1,016	1,251	2,273
Short-Term Debt	50	50	50	50	0.00	0.00	0.00	100	260	460	360
Accounts Payable	82	80	85	86	78	95	100	102	98	116	602
Accrued Expenses	12	11	12	11	10	10	12	12	12	12	22
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	-	520
Current Deferred & Payable Income Tax Liabilities	121	113	120	121	134	150	159	173	32	56	47
Current Employee Benefit Liabilities	36	43	69	65	56	79	94	61	55	80	196
Other Current Liabilities	508	448	453	516	483	481	426	513	559	527	526
Total Noncurrent Liabilities	2,968	2,847	2,687	2,404	2,275	2,092	1,936	1,668	1,542	1,281	6,966
Long-Term Debt	2,580	2,455	2,306	2,006	2,006	1,826	1,626	1,357	1,197	947	4,855
Noncurrent Deferred Revenue	154	156	137	137	18	18	30	33	27	31	28
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	1,568
Noncurrent Employee Benefit Liabilities	44	42	48	49	49	51	45	44	46	48	57
Other Noncurrent Operating Liabilities	189	194	197	212	202	197	234	234	272	255	458
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	771	906	1,150	1,257	1,412	1,603	1,829	1,962	2,160	2,331	15,292
Total Preferred & Common Equity	771	906	1,150	1,257	1,412	1,603	1,829	1,962	2,160	2,331	15,292
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	771	906	1,150	1,257	1,412	1,603	1,829	1,962	2,160	2,331	15,292
Common Stock	2,234	2,252	2,268	2,293	2,312	2,326	2,343	2,364	2,382	2,398	15,275
Retained Earnings	8,800	8,935	9,151	9,253	9,396	9,557	9,789	9,910	10,057	10,206	10,359
Treasury Stock	-10,134	-10,134	-10,134	-10,147	-10,148	-10,148	-10,148	-10,162	-10,162	-10,162	-10,174
Accumulated Other Comprehensive Income / (Loss)	-129	-146	-134	-142	-148	-132	-155	-150	-117	-111	-168

This table displays calculated financial ratios and metrics derived from Waters' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.66%	6.12%	6.54%	4.80%	-0.55%	-1.71%	17.78%	6.68%	-0.52%	0.07%	6.99%
EBITDA Growth	7.40%	9.64%	6.53%	4.24%	1.22%	-5.07%	26.20%	3.65%	-2.15%	3.51%	-0.69%
EBIT Growth	9.57%	10.03%	6.01%	4.55%	1.86%	-8.68%	30.32%	4.38%	-6.53%	1.06%	-2.60%
NOPAT Growth	7.82%	10.59%	-96.14%	2,969.46%	-3.94%	-10.91%	28.14%	4.48%	-3.32%	-2.11%	-2.15%
Net Income Growth	8.67%	11.18%	-96.11%	2,823.51%	-0.27%	-11.93%	32.84%	2.15%	-9.26%	-0.69%	0.75%
EPS Growth	11.44%	13.45%	-96.10%	2,960.00%	13.59%	-3.80%	33.61%	5.01%	-7.59%	-1.20%	0.47%
Operating Cash Flow Growth	1,117.97%	12.15%	8.51%	-13.36%	6.39%	22.92%	-5.47%	-18.15%	-1.45%	26.43%	-14.38%
Free Cash Flow Firm Growth	6.66%	22.18%	-12.13%	0.43%	-6.02%	13.18%	1.17%	-16.24%	-276.71%	184.95%	-36.32%
Invested Capital Growth	1.98%	-1.87%	-36.34%	17.01%	15.03%	1.58%	14.55%	21.78%	94.61%	0.64%	8.03%
Revenue Q/Q Growth	0.13%	1.98%	2.60%	1.16%	0.05%	-18.12%	30.04%	0.75%	-1.30%	1.83%	1.92%
EBITDA Q/Q Growth	1.34%	4.04%	3.35%	-3.99%	4.45%	5.37%	-0.34%	2.25%	-0.56%	2.85%	-1.43%
EBIT Q/Q Growth	1.66%	4.52%	3.31%	-4.31%	5.25%	4.87%	-0.33%	2.89%	-2.65%	3.47%	-2.26%
NOPAT Q/Q Growth	-0.41%	4.55%	-96.31%	1,035.74%	-2.45%	2.26%	0.13%	1.54%	0.68%	0.51%	-1.93%
Net Income Q/Q Growth	-0.05%	4.68%	-96.29%	970.48%	2.69%	3.50%	-0.30%	1.55%	-1.66%	2.44%	-0.95%
EPS Q/Q Growth	0.89%	5.43%	-96.32%	821.69%	7.28%	5.82%	0.18%	2.45%	-1.36%	2.29%	-1.10%
Operating Cash Flow Q/Q Growth	367.60%	10.72%	-33.70%	-1.73%	1.64%	10.57%	-6.22%	-3.05%	5.50%	1.33%	-10.38%
Free Cash Flow Firm Q/Q Growth	-12.24%	18.64%	-11.61%	8.78%	44.20%	16.22%	-30.79%	-8.67%	9.21%	1.22%	-16.24%
Invested Capital Q/Q Growth	3.09%	-1.90%	-37.70%	4.24%	-9.63%	-13.74%	4.67%	7.58%	1.18%	1.02%	3.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.74%	58.87%	58.99%	58.98%	58.00%	57.44%	58.49%	58.00%	59.57%	59.43%	59.28%
EBITDA Margin	32.19%	33.26%	33.25%	33.07%	33.66%	32.51%	34.84%	33.85%	33.30%	34.44%	31.97%
Operating Margin	27.78%	28.84%	28.68%	30.57%	29.44%	27.29%	29.50%	29.39%	27.66%	27.93%	25.36%
EBIT Margin	27.78%	28.81%	28.66%	28.60%	29.29%	27.21%	30.11%	29.46%	27.69%	27.96%	25.45%
Profit (Net Income) Margin	22.97%	24.06%	0.88%	24.54%	24.61%	22.05%	24.87%	23.81%	21.72%	21.56%	20.30%
Tax Burden Percent	86.55%	86.90%	3.17%	87.05%	87.31%	85.38%	85.94%	84.47%	87.23%	84.50%	85.13%
Interest Burden Percent	95.50%	96.12%	96.86%	98.58%	96.22%	94.90%	96.10%	95.69%	89.95%	91.26%	93.70%
Effective Tax Rate	13.45%	13.10%	96.83%	12.95%	12.69%	14.62%	14.06%	15.53%	12.77%	15.50%	14.87%
Return on Invested Capital (ROIC)	36.98%	40.88%	1.95%	70.83%	58.69%	48.48%	57.47%	50.70%	30.30%	22.38%	20.99%
ROIC Less NNEP Spread (ROIC-NNEP)	40.38%	43.42%	2.00%	75.89%	51.72%	45.87%	56.03%	47.76%	25.65%	18.68%	17.16%
Return on Net Nonoperating Assets (RNNOA)	-13.25%	-16.96%	-1.05%	-39.59%	28.98%	6,527.46%	173.60%	111.62%	47.32%	20.44%	8.29%
Return on Equity (ROE)	23.73%	23.92%	0.90%	31.24%	87.67%	6,575.94%	231.06%	162.32%	77.62%	42.82%	29.28%
Cash Return on Invested Capital (CROIC)	35.02%	42.77%	46.36%	55.16%	44.71%	46.92%	43.91%	31.06%	-33.93%	21.75%	13.27%
Operating Return on Assets (OROA)	13.94%	13.98%	13.26%	15.29%	22.43%	23.85%	28.27%	27.46%	20.70%	18.02%	16.73%
Return on Assets (ROA)	11.52%	11.68%	0.41%	13.12%	18.85%	19.33%	23.35%	22.20%	16.24%	13.90%	13.35%
Return on Common Equity (ROCE)	23.73%	23.92%	0.90%	31.24%	87.67%	6,575.94%	231.06%	162.32%	77.62%	42.82%	29.28%
Return on Equity Simple (ROE_SIMPLE)	22.78%	22.65%	0.91%	37.89%	-273.81%	224.68%	188.50%	140.29%	55.83%	34.88%	0.00%
Net Operating Profit after Tax (NOPAT)	491	543	21	644	619	551	706	738	713	698	683
NOPAT Margin	24.05%	25.06%	0.91%	26.61%	25.70%	23.30%	25.35%	24.82%	24.13%	23.60%	21.59%
Net Nonoperating Expense Percent (NNEP)	-3.41%	-2.54%	-0.06%	-5.06%	6.97%	2.62%	1.44%	2.95%	4.65%	3.70%	3.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	35.48%	20.35%	20.21%	17.22%
Cost of Revenue to Revenue	41.26%	41.13%	41.01%	41.02%	42.00%	42.56%	41.51%	42.00%	40.43%	40.57%	40.72%
SG&A Expenses to Revenue	24.27%	23.64%	23.57%	22.19%	22.22%	23.41%	22.51%	22.14%	24.90%	23.33%	26.23%
R&D to Revenue	5.99%	5.78%	5.96%	5.93%	5.94%	5.95%	6.04%	6.26%	5.92%	6.19%	6.18%
Operating Expenses to Revenue	30.96%	30.03%	30.31%	28.41%	28.56%	30.15%	28.99%	28.61%	31.91%	31.50%	33.93%
Earnings before Interest and Taxes (EBIT)	567	624	662	692	705	644	839	876	818	827	806
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	657	721	768	800	810	769	971	1,006	984	1,019	1,012
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.34	4.70	6.88	9.12	0.00	66.13	61.87	40.34	16.92	12.05	8.83
Price to Tangible Book Value (P/TBV)	7.41	6.21	9.34	14.81	0.00	0.00	0.00	0.00	0.00	0.00	34.11
Price to Revenue (P/Rev)	5.38	5.00	6.65	5.90	6.26	6.49	8.16	6.85	6.58	7.45	7.14
Price to Earnings (P/E)	23.43	20.76	756.49	24.06	25.42	29.43	32.82	28.76	30.31	34.53	35.19
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.27%	4.82%	0.13%	4.16%	3.93%	3.40%	3.05%	3.48%	3.30%	2.90%	2.84%
Enterprise Value to Invested Capital (EV/IC)	7.65	7.48	16.67	13.98	14.54	14.20	18.05	13.42	6.89	7.45	6.93
Enterprise Value to Revenue (EV/Rev)	5.02	4.54	6.05	5.66	6.81	6.88	8.50	7.22	7.25	7.89	7.40
Enterprise Value to EBITDA (EV/EBITDA)	15.61	13.66	18.19	17.12	20.24	21.15	24.40	21.32	21.77	22.89	23.16
Enterprise Value to EBIT (EV/EBIT)	18.08	15.77	21.11	19.80	23.27	25.27	28.24	24.49	26.18	28.20	29.09
Enterprise Value to NOPAT (EV/NOPAT)	20.89	18.12	665.84	21.28	26.51	29.51	33.54	29.07	30.04	33.41	34.30
Enterprise Value to Operating Cash Flow (EV/OCF)	17.90	15.31	20.02	22.67	25.50	20.58	31.70	35.06	35.54	30.61	35.91
Enterprise Value to Free Cash Flow (EV/FCFF)	22.06	17.32	27.98	27.33	34.80	30.50	43.90	47.45	0.00	34.38	54.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.79	0.89	0.73	-7.77	5.84	4.12	3.12	2.05	0.89	0.55
Long-Term Debt to Equity	0.73	0.74	0.85	0.73	-7.31	5.20	4.12	3.02	2.00	0.89	0.37
Financial Leverage	-0.33	-0.39	-0.53	-0.52	0.56	142.31	3.10	2.34	1.84	1.09	0.48
Leverage Ratio	2.06	2.05	2.20	2.38	4.65	340.22	9.90	7.31	4.78	3.08	2.19
Compound Leverage Factor	1.97	1.97	2.13	2.35	4.48	322.89	9.51	7.00	4.30	2.81	2.06
Debt to Total Capital	44.76%	44.25%	47.21%	42.29%	114.76%	85.39%	80.46%	75.74%	67.19%	47.08%	35.46%
Short-Term Debt to Total Capital	4.70%	3.03%	2.37%	0.01%	6.85%	9.44%	0.00%	2.40%	1.43%	0.00%	11.59%
Long-Term Debt to Total Capital	40.06%	41.22%	44.84%	42.28%	107.91%	75.95%	80.46%	73.33%	65.76%	47.08%	23.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.24%	55.75%	52.79%	57.71%	-14.76%	14.61%	19.54%	24.26%	32.81%	52.92%	64.54%
Debt to EBITDA	2.54	2.54	2.60	1.43	2.08	1.76	1.56	1.57	2.39	1.60	1.39
Net Debt to EBITDA	-1.11	-1.37	-1.82	-0.73	1.66	1.19	0.97	1.09	1.99	1.28	0.81
Long-Term Debt to EBITDA	2.27	2.36	2.47	1.43	1.95	1.57	1.56	1.52	2.34	1.60	0.94
Debt to NOPAT	3.40	3.36	95.23	1.78	2.72	2.46	2.14	2.13	3.30	2.33	2.06
Net Debt to NOPAT	-1.49	-1.81	-66.54	-0.91	2.17	1.66	1.34	1.48	2.75	1.86	1.20
Long-Term Debt to NOPAT	3.04	3.13	90.45	1.78	2.56	2.19	2.14	2.07	3.23	2.33	1.39
Altman Z-Score	6.24	6.08	6.07	8.20	9.05	8.87	10.69	10.17	7.60	9.34	9.63
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.70	6.99	7.04	5.93	2.22	1.74	2.39	2.24	2.22	2.11	1.73
Quick Ratio	5.08	6.35	6.48	5.13	1.56	1.26	1.74	1.53	1.39	1.34	1.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	465	568	499	501	471	533	540	452	-799	678	432
Operating Cash Flow to CapEx	604.32%	676.99%	816.21%	629.11%	392.55%	458.57%	463.38%	347.69%	375.27%	534.89%	593.74%
Free Cash Flow to Firm to Interest Expense	12.83	12.65	8.78	10.31	9.68	10.87	12.01	9.26	-8.08	7.57	6.21
Operating Cash Flow to Interest Expense	15.82	14.32	12.27	12.43	13.21	16.11	16.63	12.53	6.10	8.50	9.38
Operating Cash Flow Less CapEx to Interest Expense	13.20	12.20	10.77	10.45	9.84	12.60	13.04	8.93	4.47	6.91	7.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.49	0.46	0.53	0.77	0.88	0.94	0.93	0.75	0.64	0.66
Accounts Receivable Turnover	4.53	4.53	4.51	4.39	4.16	4.07	4.70	4.45	4.15	4.12	4.05
Inventory Turnover	3.31	3.39	3.55	3.53	3.30	3.22	3.50	3.08	2.46	2.42	2.46
Fixed Asset Turnover	6.24	6.47	6.73	6.99	6.33	5.19	5.35	5.26	4.84	4.59	4.90
Accounts Payable Turnover	12.37	12.89	14.32	14.96	17.25	16.61	13.69	13.13	13.43	13.00	12.65
Days Sales Outstanding (DSO)	80.60	80.64	80.87	83.12	87.67	89.58	77.69	82.01	87.97	88.56	90.07
Days Inventory Outstanding (DIO)	110.42	107.70	102.70	103.31	110.53	113.27	104.21	118.70	148.41	151.07	148.63
Days Payable Outstanding (DPO)	29.51	28.32	25.49	24.40	21.16	21.97	26.67	27.80	27.18	28.08	28.85
Cash Conversion Cycle (CCC)	161.50	160.02	158.08	162.03	177.04	180.88	155.23	172.91	209.20	211.55	209.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,341	1,316	838	980	1,128	1,146	1,312	1,598	3,110	3,130	3,381
Invested Capital Turnover	1.54	1.63	2.14	2.66	2.28	2.08	2.27	2.04	1.26	0.95	0.97
Increase / (Decrease) in Invested Capital	26	-25	-478	143	147	18	167	286	1,512	20	251
Enterprise Value (EV)	10,259	9,843	13,969	13,703	16,399	16,265	23,687	21,445	21,426	23,329	23,433
Market Capitalization	10,990	10,829	15,365	14,289	15,055	15,352	22,742	20,352	19,466	22,027	22,613
Book Value per Share	$25.21	$28.57	$28.09	$20.69	($3.36)	$3.74	$6.02	$8.49	$19.46	$30.80	$43.02
Tangible Book Value per Share	$18.17	$21.63	$20.69	$12.74	($12.61)	($7.59)	($5.12)	($2.58)	($13.26)	($0.59)	$11.14
Total Capital	3,727	4,129	4,232	2,716	1,465	1,589	1,881	2,079	3,506	3,455	3,969
Total Debt	1,668	1,827	1,998	1,148	1,681	1,357	1,514	1,575	2,356	1,626	1,407
Total Long-Term Debt	1,493	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626	947
Net Debt	-731	-986	-1,396	-587	1,344	913	945	1,093	1,960	1,301	820
Capital Expenditures (CapEx)	95	95	85	96	164	172	161	176	161	142	110
Debt-free, Cash-free Net Working Capital (DFCFNWC)	426	427	371	479	484	303	379	547	617	554	780
Debt-free Net Working Capital (DFNWC)	2,825	3,240	3,764	2,214	822	746	948	1,028	1,013	879	1,368
Net Working Capital (NWC)	2,649	3,115	3,664	2,214	721	596	948	978	963	879	908
Net Nonoperating Expense (NNE)	22	22	0.67	50	26	30	13	30	71	60	41
Net Nonoperating Obligations (NNO)	-718	-986	-1,396	-587	1,344	913	945	1,093	1,960	1,301	820
Total Depreciation and Amortization (D&A)	90	96	106	108	105	125	132	130	166	192	206
Debt-free, Cash-free Net Working Capital to Revenue	20.83%	19.72%	16.05%	19.80%	20.13%	12.81%	13.61%	18.40%	20.88%	18.73%	24.65%
Debt-free Net Working Capital to Revenue	138.31%	149.51%	163.02%	91.51%	34.14%	31.54%	34.04%	34.60%	34.27%	29.72%	43.22%
Net Working Capital to Revenue	129.73%	143.72%	158.68%	91.50%	29.97%	25.20%	34.04%	32.91%	32.58%	29.72%	28.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.76	$8.40	$11.25	$0.00	$10.87	$10.75	$10.80
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	67.63M	62.09M	61.58M	0.00	59.08M	59.33M	59.51M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.69	$8.36	$11.17	$0.00	$10.84	$10.71	$10.76
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	68.17M	62.41M	62.03M	0.00	59.27M	59.55M	59.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.76	$0.00	$0.00	$0.00	$0.00	$10.75	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	62.16M	62.19M	60.52M	0.00	59.20M	59.41M	98.10M
Normalized Net Operating Profit after Tax (NOPAT)	495	546	471	644	619	558	711	738	713	708	683
Normalized NOPAT Margin	24.22%	25.20%	20.41%	26.60%	25.70%	23.59%	25.51%	24.82%	24.13%	23.93%	21.59%
Pre Tax Income Margin	26.53%	27.69%	27.76%	28.19%	28.18%	25.83%	28.94%	28.19%	24.90%	25.52%	23.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.66	13.90	11.64	14.23	14.48	13.12	18.67	17.94	8.28	9.22	11.58
NOPAT to Interest Expense	13.55	12.09	0.37	13.24	12.70	11.23	15.71	15.12	7.21	7.79	9.82
EBIT Less CapEx to Interest Expense	13.04	11.79	10.14	12.25	11.11	9.61	15.08	14.34	6.65	7.63	10.00
NOPAT Less CapEx to Interest Expense	10.93	9.98	-1.13	11.26	9.34	7.72	12.13	11.51	5.59	6.20	8.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	71.36%	62.47%	1,637.26%	221.48%	416.96%	37.66%	93.66%	88.46%	10.94%	2.12%	2.28%

This table displays calculated financial ratios and metrics derived from Waters' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	4/4/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	98,101,871.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	98,101,871.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.73
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.44%	-4.55%	-6.99%	-4.33%	4.02%	6.50%	3.90%	8.86%	8.05%	6.83%	91.39%
EBITDA Growth	1.08%	-1.73%	-10.69%	-0.99%	13.51%	9.07%	9.76%	1.33%	-5.26%	-4.31%	-20.69%
EBIT Growth	-6.82%	-7.78%	-22.47%	-5.36%	17.27%	10.53%	12.61%	-0.67%	-8.89%	-6.39%	-130.07%
NOPAT Growth	-3.52%	1.90%	-19.86%	-4.54%	11.75%	1.55%	8.24%	-2.20%	-4.51%	-5.55%	-125.58%
Net Income Growth	-13.75%	-4.78%	-27.48%	-5.19%	20.03%	7.03%	18.77%	3.06%	-7.79%	-2.67%	-159.50%
EPS Growth	-12.69%	-3.96%	-27.73%	-5.88%	19.38%	6.59%	18.02%	2.92%	-7.75%	-3.09%	-142.86%
Operating Cash Flow Growth	-0.17%	15.81%	33.61%	200.99%	29.63%	4.35%	-1.26%	-24.56%	-8.44%	-31.48%	-101.15%
Free Cash Flow Firm Growth	-1,992.57%	-2,448.89%	-882.24%	109.64%	110.60%	117.65%	105.29%	-102.24%	-108.38%	-109.18%	-25,751.08%
Invested Capital Growth	106.92%	94.61%	86.69%	0.64%	0.79%	0.64%	2.09%	5.14%	5.84%	8.03%	560.19%
Revenue Q/Q Growth	-3.90%	15.14%	-22.29%	11.26%	4.48%	17.89%	-24.18%	16.57%	3.70%	16.56%	35.89%
EBITDA Q/Q Growth	-4.54%	36.99%	-40.78%	27.85%	9.43%	31.63%	-40.40%	18.04%	2.31%	32.94%	-50.51%
EBIT Q/Q Growth	-9.90%	46.68%	-48.38%	38.72%	11.64%	38.25%	-47.41%	22.36%	2.40%	42.05%	-116.86%
NOPAT Q/Q Growth	-5.58%	52.57%	-50.47%	33.79%	10.53%	38.64%	-47.21%	20.88%	7.93%	37.13%	-114.27%
Net Income Q/Q Growth	-10.63%	60.69%	-52.73%	39.67%	13.15%	43.28%	-47.54%	21.20%	1.23%	51.23%	-131.97%
EPS Q/Q Growth	-10.98%	60.35%	-52.75%	39.53%	12.92%	43.17%	-47.68%	21.67%	1.21%	50.40%	-123.14%
Operating Cash Flow Q/Q Growth	771.06%	45.81%	14.23%	-79.25%	275.14%	17.38%	8.08%	-84.15%	355.28%	-12.15%	-101.82%
Free Cash Flow Firm Q/Q Growth	1.15%	11.12%	0.75%	111.06%	8.69%	47.93%	-70.27%	-104.68%	-306.87%	-62.03%	-82,620.75%
Invested Capital Q/Q Growth	0.09%	1.18%	-4.37%	3.92%	0.24%	1.02%	-2.98%	7.03%	0.90%	3.11%	492.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.05%	61.15%	58.89%	59.32%	59.25%	60.07%	58.18%	58.33%	59.02%	61.08%	46.41%
EBITDA Margin	31.97%	38.04%	28.99%	33.31%	34.89%	38.96%	30.62%	31.01%	30.59%	34.89%	12.71%
Operating Margin	25.21%	32.24%	21.02%	26.69%	28.52%	33.49%	22.93%	24.40%	24.02%	29.01%	-3.71%
EBIT Margin	25.26%	32.18%	21.37%	26.65%	28.47%	33.39%	23.16%	24.31%	24.01%	29.26%	-3.63%
Profit (Net Income) Margin	18.91%	26.38%	16.05%	20.15%	21.82%	26.51%	18.34%	19.07%	18.62%	24.16%	-5.68%
Tax Burden Percent	87.83%	91.00%	88.98%	84.25%	83.41%	83.54%	84.95%	82.79%	87.54%	85.25%	81.82%
Interest Burden Percent	85.22%	90.11%	84.39%	89.73%	91.85%	95.05%	93.23%	94.75%	88.58%	96.84%	191.30%
Effective Tax Rate	12.17%	9.00%	11.02%	15.75%	16.59%	16.46%	15.05%	17.21%	12.46%	14.75%	0.00%
Return on Invested Capital (ROIC)	29.10%	36.85%	23.82%	21.00%	22.40%	26.53%	19.34%	19.41%	20.48%	24.05%	-0.85%
ROIC Less NNEP Spread (ROIC-NNEP)	27.69%	35.26%	22.57%	20.16%	21.60%	25.75%	18.80%	18.78%	18.90%	23.54%	-2.19%
Return on Net Nonoperating Assets (RNNOA)	70.11%	65.06%	32.96%	36.74%	31.54%	28.18%	16.30%	14.56%	11.74%	11.37%	-0.74%
Return on Equity (ROE)	99.20%	101.90%	56.78%	57.74%	53.93%	54.71%	35.64%	33.97%	32.22%	35.42%	-1.59%
Cash Return on Invested Capital (CROIC)	-38.59%	-33.93%	-30.53%	21.32%	21.72%	21.75%	21.51%	17.23%	16.18%	13.27%	-142.89%
Operating Return on Assets (OROA)	20.00%	24.06%	15.91%	17.04%	18.36%	21.52%	15.19%	16.16%	15.91%	19.23%	-0.94%
Return on Assets (ROA)	14.97%	19.73%	11.94%	12.88%	14.07%	17.09%	12.03%	12.67%	12.34%	15.88%	-1.47%
Return on Common Equity (ROCE)	99.20%	101.90%	56.78%	57.74%	53.93%	54.71%	35.64%	33.97%	32.22%	35.42%	-1.59%
Return on Equity Simple (ROE_SIMPLE)	72.12%	0.00%	48.03%	42.19%	38.84%	0.00%	33.48%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	158	240	119	159	176	244	129	156	168	231	-33
NOPAT Margin	22.14%	29.34%	18.70%	22.49%	23.79%	27.98%	19.48%	20.20%	21.03%	24.73%	-2.60%
Net Nonoperating Expense Percent (NNEP)	1.41%	1.59%	1.25%	0.83%	0.80%	0.78%	0.54%	0.63%	1.58%	0.51%	1.34%
Return On Investment Capital (ROIC_SIMPLE)	-	6.86%	-	-	-	7.07%	3.77%	4.31%	4.50%	5.81%	-0.16%
Cost of Revenue to Revenue	40.95%	38.85%	41.11%	40.68%	40.75%	39.93%	41.82%	41.67%	40.98%	38.92%	53.59%
SG&A Expenses to Revenue	26.24%	22.01%	27.41%	24.45%	22.84%	19.85%	26.43%	26.09%	26.78%	25.74%	30.54%
R&D to Revenue	5.90%	5.42%	7.00%	6.52%	6.12%	5.38%	7.05%	6.29%	6.71%	5.03%	7.58%
Operating Expenses to Revenue	33.84%	28.91%	37.88%	32.63%	30.73%	26.58%	35.24%	33.93%	35.00%	32.07%	50.12%
Earnings before Interest and Taxes (EBIT)	180	264	136	189	211	291	153	188	192	273	-46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	228	312	185	236	258	340	203	239	245	325	161
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.90	16.92	16.20	12.19	13.23	12.05	10.96	9.71	7.45	8.83	1.95
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	211.73	86.38	41.19	34.11	0.00
Price to Revenue (P/Rev)	5.41	6.58	7.00	5.98	7.30	7.45	7.21	6.88	5.59	7.14	7.92
Price to Earnings (P/E)	24.82	30.31	33.73	28.89	34.07	34.53	32.75	31.71	26.76	35.19	66.38
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.03%	3.30%	2.97%	3.46%	2.94%	2.90%	3.05%	3.15%	3.74%	2.84%	1.51%
Enterprise Value to Invested Capital (EV/IC)	5.98	6.89	7.42	6.11	7.33	7.45	7.44	6.79	5.59	6.93	1.73
Enterprise Value to Revenue (EV/Rev)	6.13	7.25	7.59	6.57	7.82	7.89	7.57	7.24	5.90	7.40	9.18
Enterprise Value to EBITDA (EV/EBITDA)	18.56	21.77	22.94	19.68	22.92	22.89	21.78	21.21	17.84	23.16	35.67
Enterprise Value to EBIT (EV/EBIT)	21.86	26.18	28.33	24.58	28.41	28.20	26.76	26.17	22.22	29.09	57.03
Enterprise Value to NOPAT (EV/NOPAT)	25.94	30.04	32.27	27.92	32.68	33.41	31.88	31.29	26.28	34.30	66.79
Enterprise Value to Operating Cash Flow (EV/OCF)	32.16	35.54	32.99	26.78	30.19	30.61	29.77	29.60	25.15	35.91	88.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	28.76	33.87	34.38	34.95	40.40	35.50	54.24	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.77	2.05	1.64	1.42	1.14	0.89	0.74	0.67	0.60	0.55	0.34
Long-Term Debt to Equity	2.71	2.00	1.60	1.42	1.14	0.89	0.69	0.55	0.41	0.37	0.32
Financial Leverage	2.53	1.84	1.46	1.82	1.46	1.09	0.87	0.78	0.62	0.48	0.34
Leverage Ratio	5.86	4.78	4.21	4.12	3.59	3.08	2.83	2.57	2.38	2.19	1.69
Compound Leverage Factor	5.00	4.31	3.55	3.70	3.30	2.93	2.64	2.43	2.11	2.12	3.23
Debt to Total Capital	73.45%	67.19%	62.06%	58.69%	53.25%	47.08%	42.61%	40.28%	37.65%	35.46%	25.43%
Short-Term Debt to Total Capital	1.47%	1.43%	1.51%	0.00%	0.00%	0.00%	2.92%	7.19%	12.31%	11.59%	1.76%
Long-Term Debt to Total Capital	71.99%	65.76%	60.56%	58.69%	53.25%	47.08%	39.68%	33.09%	25.34%	23.87%	23.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	26.55%	32.81%	37.94%	41.31%	46.75%	52.92%	57.39%	59.72%	62.35%	64.54%	74.57%
Debt to EBITDA	2.53	2.39	2.14	2.09	1.84	1.60	1.40	1.40	1.37	1.39	5.38
Net Debt to EBITDA	2.19	1.99	1.78	1.75	1.51	1.28	1.04	1.05	0.92	0.81	4.90
Long-Term Debt to EBITDA	2.48	2.34	2.08	2.09	1.84	1.60	1.31	1.15	0.92	0.94	5.01
Debt to NOPAT	3.54	3.30	3.01	2.97	2.63	2.33	2.06	2.07	2.02	2.06	10.07
Net Debt to NOPAT	3.06	2.75	2.51	2.48	2.15	1.86	1.52	1.55	1.36	1.20	9.17
Long-Term Debt to NOPAT	3.47	3.23	2.93	2.97	2.63	2.33	1.91	1.70	1.36	1.39	9.37
Altman Z-Score	6.52	7.21	7.58	7.37	8.36	8.95	8.90	8.87	7.99	9.29	2.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.19	2.22	1.94	2.10	2.02	2.11	1.81	1.75	1.53	1.73	1.79
Quick Ratio	1.30	1.39	1.14	1.23	1.23	1.34	1.14	1.08	0.97	1.14	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,431	-1,271	-1,262	140	152	224	67	-3.12	-13	-21	-17,042
Operating Cash Flow to CapEx	414.80%	553.34%	917.36%	151.05%	798.58%	460.88%	1,008.29%	182.09%	736.39%	422.22%	-7.69%
Free Cash Flow to Firm to Interest Expense	-46.99	-41.41	-49.45	5.88	7.08	11.81	4.68	-0.22	-0.48	-1.44	-355.03
Operating Cash Flow to Interest Expense	5.18	7.50	10.30	2.30	9.54	12.64	18.19	2.87	7.03	11.52	-0.06
Operating Cash Flow Less CapEx to Interest Expense	3.93	6.14	9.18	0.78	8.35	9.90	16.38	1.29	6.08	8.79	-0.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.75	0.74	0.64	0.65	0.64	0.66	0.66	0.66	0.66	0.26
Accounts Receivable Turnover	4.86	4.15	4.44	4.41	4.47	4.12	4.45	4.55	4.38	4.05	3.06
Inventory Turnover	2.48	2.46	2.26	2.19	2.20	2.42	2.31	2.35	2.33	2.46	1.68
Fixed Asset Turnover	5.15	4.84	4.75	4.60	4.61	4.59	4.67	4.75	4.85	4.90	3.49
Accounts Payable Turnover	13.89	13.43	13.05	14.47	13.42	13.00	12.91	14.16	12.12	12.65	4.80
Days Sales Outstanding (DSO)	75.07	87.97	82.18	82.70	81.72	88.56	81.95	80.29	83.33	90.07	119.38
Days Inventory Outstanding (DIO)	146.98	148.41	161.56	166.76	165.87	151.07	157.72	155.51	156.36	148.63	216.68
Days Payable Outstanding (DPO)	26.28	27.18	27.98	25.23	27.21	28.08	28.28	25.78	30.12	28.85	75.99
Cash Conversion Cycle (CCC)	195.78	209.20	215.75	224.23	220.38	211.55	211.39	210.02	209.57	209.86	260.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,073	3,110	2,974	3,091	3,098	3,130	3,036	3,250	3,279	3,381	20,045
Invested Capital Turnover	1.31	1.26	1.27	0.93	0.94	0.95	0.99	0.96	0.97	0.97	0.33
Increase / (Decrease) in Invested Capital	1,588	1,512	1,381	20	24	20	62	159	181	251	17,009
Enterprise Value (EV)	18,375	21,426	22,071	18,888	22,707	23,329	22,590	22,061	18,312	23,433	34,600
Market Capitalization	16,207	19,466	20,353	17,210	21,212	22,027	21,516	20,972	17,364	22,613	29,847
Book Value per Share	$15.32	$19.46	$21.21	$23.80	$27.01	$30.80	$33.03	$36.29	$39.16	$43.02	$155.88
Tangible Book Value per Share	($17.49)	($13.26)	($11.02)	($8.13)	($4.98)	($0.59)	$1.71	$4.08	$7.08	$11.14	($28.55)
Total Capital	3,411	3,506	3,312	3,418	3,429	3,455	3,419	3,617	3,738	3,969	20,507
Total Debt	2,505	2,356	2,056	2,006	1,826	1,626	1,457	1,457	1,407	1,407	5,215
Total Long-Term Debt	2,455	2,306	2,006	2,006	1,826	1,626	1,357	1,197	947	947	4,855
Net Debt	2,168	1,960	1,718	1,679	1,495	1,301	1,074	1,090	948	820	4,753
Capital Expenditures (CapEx)	38	42	29	36	26	52	26	23	25	39	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	602	617	506	514	500	554	496	659	669	780	1,689
Debt-free Net Working Capital (DFNWC)	939	1,013	844	841	832	879	879	1,026	1,128	1,368	2,151
Net Working Capital (NWC)	889	963	794	841	832	879	779	766	668	908	1,791
Net Nonoperating Expense (NNE)	23	24	17	17	15	13	7.52	8.71	19	5.40	39
Net Nonoperating Obligations (NNO)	2,168	1,960	1,718	1,679	1,495	1,301	1,074	1,090	948	820	4,753
Total Depreciation and Amortization (D&A)	48	48	49	47	48	49	49	52	53	53	207
Debt-free, Cash-free Net Working Capital to Revenue	20.10%	20.88%	17.41%	17.86%	17.22%	18.73%	16.63%	21.63%	21.53%	24.65%	44.80%
Debt-free Net Working Capital to Revenue	31.36%	34.27%	29.03%	29.24%	28.63%	29.72%	29.46%	33.68%	36.32%	43.22%	57.05%
Net Working Capital to Revenue	29.69%	32.58%	27.32%	29.24%	28.63%	29.72%	26.11%	25.15%	21.51%	28.69%	47.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.28	$3.64	$1.73	$2.41	$2.72	$3.89	$2.04	$2.47	$2.50	$3.79	($0.87)
Adjusted Weighted Average Basic Shares Outstanding	59.09M	59.08M	59.23M	59.34M	59.37M	59.33M	59.44M	59.52M	59.53M	59.51M	82.14M
Adjusted Diluted Earnings per Share	$2.27	$3.64	$1.72	$2.40	$2.71	$3.88	$2.03	$2.47	$2.50	$3.76	($0.87)
Adjusted Weighted Average Diluted Shares Outstanding	59.26M	59.27M	59.43M	59.45M	59.50M	59.55M	59.71M	59.66M	59.62M	59.71M	82.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.13M	59.20M	59.32M	59.36M	59.38M	59.41M	59.51M	59.52M	59.53M	98.10M	98.19M
Normalized Net Operating Profit after Tax (NOPAT)	158	240	128	159	177	244	129	156	168	231	-33
Normalized NOPAT Margin	22.14%	29.34%	20.13%	22.49%	23.94%	27.98%	19.48%	20.20%	21.03%	24.73%	-2.60%
Pre Tax Income Margin	21.53%	28.99%	18.04%	23.91%	26.15%	31.74%	21.59%	23.04%	21.27%	28.33%	-6.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.90	8.59	5.33	7.96	9.83	15.34	10.74	13.07	7.21	19.09	-0.96
NOPAT to Interest Expense	5.18	7.83	4.67	6.72	8.22	12.85	9.03	10.86	6.31	16.14	-0.69
EBIT Less CapEx to Interest Expense	4.66	7.23	4.21	6.44	8.64	12.60	8.94	11.49	6.25	16.37	-1.77
NOPAT Less CapEx to Interest Expense	3.93	6.48	3.54	5.19	7.02	10.11	7.23	9.28	5.36	13.41	-1.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	33.58%	10.94%	2.30%	2.33%	2.14%	2.12%	2.19%	2.19%	2.25%	2.28%	2.82%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven snapshot of Waters Corp (NYSE: WAT) focused on the last four years of quarterly results. The bullets highlight trends that retail investors may care about, based on the provided income statements, balance sheets, and cash flow statements.

Revenue has rebounded and trended higher over 2022–2025, with Q4 2025 revenue at 932.36 million, up from 858.51 million in Q4 2022 and higher than 2024 levels (872.71 million). This suggests a solid growth trajectory in the core business.
Gross margin has remained robust and relatively stable in the high-50s to low-60s percent range across recent quarters (roughly 58%–61%), signaling sustained profitability on product mix and pricing.
Operating cash flow has remained positive across recent periods, including a strong start to 2025 (Net Cash From Continuing Operating Activities around 259.6 million in Q1 2025) and continued positive cash generation through Q4 2025, supporting liquidity and potential for reinvestment or returns.
Debt levels show a deleveraging trend in 2025 versus 2024, with long-term debt amounts trending lower across the year (roughly moving from the 1.8B area down toward mid- to high-1.0B range), which can reduce interest burdens and financial risk if maintained.
R&D and SG&A expense levels have remained in line with revenue scale, with R&D typically in the mid-40s to mid-50s (millions) per quarter and SG&A broadly in the low-to-mid hundreds (for several quarters), indicating ongoing investment in growth and operations without dramatic cost swings.
Quarterly net income has been volatile but generally positive, with results clustered in the low-to-mid hundreds of millions; this pattern may reflect quarterly timing and operating pressures rather than a clear directional trend year over year.
Net income margin dipped slightly in Q4 2025 versus Q4 2024 (about 24% vs. roughly 27%), suggesting rising costs or mix effects that offset some of the revenue strength at the near term level.
Certain quarters show meaningful working-capital movements that pressure cash flow from operations, such as the large negative change in operating assets and liabilities in some periods (e.g., a substantial net decrease in operating working capital in Q4 2025), which can temporarily dampen cash generation.
A notably large treasury stock balance appears in some balance sheets (for example, a substantial negative treasury stock figure), which reduces reported equity and could reflect aggressive buybacks. This reduces book value per share and may raise questions about capital allocation priorities.

05/29/26 04:47 PM ETAI Generated. May Contain Errors.

Waters Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Waters' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Waters' net income appears to be on an upward trend, with a most recent value of $642.63 million in 2025, rising from $469.05 million in 2015. The previous period was $637.83 million in 2024. Check out Waters' forecast to explore projected trends and price targets.

Waters' total operating income in 2025 was $802.59 million, based on the following breakdown:

Total Gross Profit: $1.88 billion
Total Operating Expenses: $1.07 billion

Over the last 10 years, Waters' total revenue changed from $2.04 billion in 2015 to $3.17 billion in 2025, a change of 55.0%.

Waters' total liabilities were at $2.52 billion at the end of 2025, a 7.7% decrease from 2024, and a 13.8% increase since 2015.

In the past 10 years, Waters' cash and equivalents has ranged from $325.36 million in 2024 to $796.28 million in 2018, and is currently $588 million as of their latest financial filing in 2025.

Over the last 10 years, Waters' book value per share changed from 25.21 in 2015 to 43.02 in 2025, a change of 70.6%.

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Financial statements for NYSE:WAT last updated on 5/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Waters (WAT) Financials

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Waters (WAT) Financials

Annual Income Statements for Waters

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Waters Financials - Frequently Asked Questions

When does Waters' financial year end?

How has Waters' net income changed over the last 10 years?

What is Waters' operating income?

How has Waters' revenue changed over the last 10 years?

How much debt does Waters have?

How much cash does Waters have?

How has Waters' book value per share changed over the last 10 years?

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