WAT
Waters Corporation
NYSE: WAT · HEALTHCARE · DIAGNOSTICS & RESEARCH
$292.13
-2.86% today
Updated 2026-04-29
Market cap
$28.68B
P/E ratio
27.12
P/S ratio
9.06x
EPS (TTM)
$10.77
Dividend yield
—
52W range
$275 – $414
Volume
1.1M
Waters Corporation (WAT) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $1.47B | $1.58B | $1.50B | $1.64B | $1.85B | $1.84B | $1.90B | $1.99B | $2.04B | $2.17B | $2.31B | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B |
| Revenue growth (YoY) | — | +15.1% | +6.9% | -4.9% | +9.7% | +12.6% | -0.4% | +3.3% | +4.5% | +2.7% | +6.1% | +6.5% | +4.8% | -0.6% | -1.7% | +17.8% | +6.7% | -0.5% | +0.1% | +7.0% |
| Cost of revenue | $536.18M | $631.12M | $661.27M | $594.88M | $653.30M | $730.49M | $737.61M | $783.46M | $824.91M | $842.67M | $891.45M | $947.07M | $992.56M | $1.01B | $1.01B | $1.16B | $1.25B | $1.20B | $1.20B | $1.34B |
| Gross profit | $744.04M | $841.93M | $913.86M | $903.82M | $990.07M | $1.12B | $1.11B | $1.12B | $1.16B | $1.20B | $1.28B | $1.36B | $1.43B | $1.40B | $1.36B | $1.63B | $1.72B | $1.76B | $1.76B | $1.83B |
| Gross margin | 58.1% | 57.2% | 58.0% | 60.3% | 60.2% | 60.5% | 60.0% | 58.9% | 58.5% | 58.7% | 58.9% | 59.0% | 59.0% | 58.0% | 57.4% | 58.5% | 58.0% | 59.6% | 59.4% | 57.8% |
| R&D | $77.31M | $80.65M | $81.59M | $77.15M | $84.27M | $92.35M | $96.00M | $100.54M | $107.73M | $118.55M | $125.19M | $132.59M | $143.40M | $142.96M | $140.78M | $168.36M | $176.19M | $174.94M | $183.03M | $195.18M |
| SG&A | $357.66M | $403.70M | $426.70M | $421.40M | $445.46M | $490.01M | $464.27M | $481.96M | $500.71M | $484.75M | $502.03M | $538.70M | $529.90M | $528.79M | $547.70M | $619.97M | $651.03M | $729.91M | $690.15M | $717.82M |
| Operating income | $295.15M | $348.88M | $389.75M | $394.60M | $449.93M | $528.60M | $511.49M | $517.34M | $517.91M | $567.45M | $625.04M | $662.20M | $739.77M | $708.46M | $645.49M | $821.71M | $873.39M | $817.68M | $826.35M | $893.22M |
| Operating margin | 23.1% | 23.7% | 24.7% | 26.3% | 27.4% | 28.6% | 27.7% | 27.2% | 26.0% | 27.8% | 28.8% | 28.7% | 30.6% | 29.4% | 27.3% | 29.5% | 29.4% | 27.7% | 27.9% | 28.2% |
| EBITDA | $349.79M | $402.20M | $475.98M | $454.91M | $514.35M | $597.61M | $584.53M | $599.85M | $619.16M | $668.15M | $741.47M | $803.94M | $839.20M | $832.23M | $785.35M | $982.81M | $1.02B | $817.68M | $1.04B | $1.01B |
| EBITDA margin | 27.3% | 27.3% | 30.2% | 30.4% | 31.3% | 32.3% | 31.7% | 31.5% | 31.1% | 32.7% | 34.2% | 34.8% | 34.7% | 34.6% | 33.2% | 35.3% | 34.2% | 27.7% | 35.0% | 32.0% |
| EBIT | $303.63M | $348.88M | $410.71M | $397.64M | $451.79M | $531.22M | $515.70M | $520.15M | $524.93M | $578.16M | $645.02M | $697.94M | $730.79M | $726.93M | $659.98M | $851.13M | $886.64M | $817.68M | $844.54M | $805.65M |
| Interest expense | $32.19M | $25.69M | $38.52M | $10.99M | $13.92M | $21.97M | $28.07M | $30.05M | $34.19M | $36.24M | $44.91M | $56.84M | $48.64M | $48.69M | $49.07M | $44.94M | $48.80M | $82.24M | $89.68M | $50.77M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $222.20M | $268.07M | $322.48M | $323.31M | $381.76M | $432.97M | $461.44M | $450.00M | $431.62M | $469.05M | $521.50M | $20.31M | $593.79M | $592.20M | $521.57M | $692.84M | $707.75M | $642.23M | $637.83M | $642.63M |
| Net income growth (YoY) | — | +20.6% | +20.3% | +0.3% | +18.1% | +13.4% | +6.6% | -2.5% | -4.1% | +8.7% | +11.2% | -96.1% | +2823.5% | -0.3% | -11.9% | +32.8% | +2.2% | -9.3% | -0.7% | +0.8% |
| Profit margin | 17.4% | 18.2% | 20.5% | 21.6% | 23.2% | 23.4% | 25.0% | 23.6% | 21.7% | 23.0% | 24.1% | 0.9% | 24.5% | 24.6% | 22.1% | 24.9% | 23.8% | 21.7% | 21.6% | 20.3% |