Company file · WAT

Waters

Waters' revenue rose 7.0% in FY2025, to $3.2B, and net income rose 0.8% to $643M

Revenue rose 7.0% to $3.2B in FY2025, from $3.0B in FY2024. Net income rose 0.8% to $643M. Products was the largest product or service, at 62% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 23, 2026) · Latest quarter: 10-Q for the quarter ended Oct 3, 2026 (filed Nov 10, 2026) · Data pulled Nov 11, 2026

Key facts

Waters (NYSE: WAT) closed fiscal 2025 on Dec 31, 2025 with revenue of $3.2B, up 7.0% from a year before; net income came to $643M, up 0.8%. Its newest quarterly report covers the three months to Oct 3, 2026: revenue of $1.8B, up 120.9% on the same stretch of the prior year, and net income of $81M. Broken down by product or service, Products led with 62% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 23, 2026) and 10-Q for the quarter ended Oct 3, 2026 (filed Nov 10, 2026).

Revenue$3.2BFY2025 · +7.0% vs FY2024

Net income$643MFY2025 · +0.8% vs FY2024

Operating cash flow$653MFY2025 · −14.4% vs FY2024

Cash & equivalents$593Mat Oct 3, 2026 · +0.9% vs FY2025 end

Total debt$5.1Bat Oct 3, 2026 · +264.8% vs FY2025 end

Diluted shares60MFY2025 avg · +0.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 23, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 12, 2026 · 10-Q filed Aug 11, 2026 · 10-Q filed Nov 10, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Products$2.0B62%+7.2%
Services$1.2B38%+6.6%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Products (62%) and Services (38%), as shares of total revenue. Total revenue was $3.2B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

64%36%

FY2024

62%38%

FY2025

62%38%

ProductsServices

Source: 10-K FY2025

By region, FY2025

Americas$1.2B37%+4.1%

Asia Pacific$1.0B33%+7.3%

Europe$963M30%+10.3%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$1.8B Q3 FY2026

$800M Q3 FY2025

120.9% increase

Net income

$81M Q3 FY2026

$149M Q3 FY2025

45.6% decrease

Source: Waters 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026

By product or service

Products

$1.3B Q3 FY2026

$500M Q3 FY2025

166.8% increase

Services

$433M Q3 FY2026

$300M Q3 FY2025

44.3% increase

Source: Waters 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026

Cash & equivalents $593M at Oct 3, 2026, vs $588M at FY2025 end.
Total debt $5.1B at Oct 3, 2026, vs $1.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $315M vs $488M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.0% in FY2025 to $3.2B, from $3.0B a year earlier. 10-K, FY2025
Net income rose 0.8% in FY2025 to $643M, from $638M. 10-K, FY2025
Total debt fell 13.5% in FY2025 to $1.4B. 10-K, FY2025
Revenue in the quarter ended Oct 3, 2026 was $1.8B, up 120.9% on a year earlier. 10-Q, quarter ended Oct 3, 2026

The bear case

Operating cash flow fell 14.4% in FY2025 to $653M. 10-K, FY2025
Net income in the quarter ended Oct 3, 2026 was $81M, down 45.6% on a year earlier. 10-Q, quarter ended Oct 3, 2026
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Waters is in the life sciences tools & services industry, part of the health care sector. The SEC files it under Laboratory Analytical Instruments.

The full description of Waters' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the life sciences tools & services industry. They are not a summary of Waters’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$3.0B	$3.0B	$3.2B
Net income	$642M	$638M	$643M
Operating cash flow	$603M	$762M	$653M
Cash & equivalents (year end)	$395M	$325M	$588M
Total debt (year end)	$2.4B	$1.6B	$1.4B
Diluted shares	59M	60M	60M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 10, 2026	Oct 3, 2026
10-Q	Aug 11, 2026	Jul 4, 2026
10-Q	May 12, 2026	Apr 4, 2026
DEF 14A	Apr 9, 2026	May 21, 2026
10-K	Feb 23, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Waters

How does Waters make money?

Fiscal 2025 revenue: $3.2B. By product or service in FY2025: Products (62%) and Services (38%), as shares of total revenue. Total revenue was $3.2B. Source: 10-K for fiscal 2025, filed Feb 23, 2026.

What was Waters's revenue in fiscal 2025?

$3.2B, up 7.0% from fiscal 2024 ($3.0B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $3.0B. Source: 10-K for fiscal 2025, filed Feb 23, 2026.

Is Waters profitable?

Net income was $643M in fiscal 2025 (up 0.8%; fiscal 2024 was $638M). That counts as a GAAP profit. The latest quarter, ended Oct 3, 2026: net income was $81M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 23, 2026.

What did Waters report in its latest quarterly filing?

For the three months to Oct 3, 2026: revenue $1.8B (up 120.9% from $800M) and net income $81M (down 45.6% from $149M). Source: 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026.

How much cash and debt does Waters have?

As of Oct 3, 2026: $593M of cash and cash equivalents, $5.1B of total debt. Total debt here is debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Nov 10, 2026.

What are the main risks Waters faces?

Waters's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 23, 2026. Risks that are common among companies in the life sciences tools & services industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Waters numbers come from?

The 10-K filed Feb 23, 2026 (fiscal 2025) and the 10-Q filed Nov 10, 2026 (quarter ended Oct 3, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Waters

Fundsmith: 2,273,632 shares, reported value $852.7M at Jun 30, 2026 (−29.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Viking Global Investors: 1,662,140 shares, reported value $623.4M at Jun 30, 2026 (+32.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 894,660 shares, reported value $335.5M at Jun 30, 2026 (+383.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 444,225 shares, reported value $166.6M at Jun 30, 2026 (+25.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 135,686 shares, reported value $50.9M at Jun 30, 2026 (−34.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 10,720 shares, reported value $4.0M at Jun 30, 2026 (−18.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in WAT: The editor holds no position in Waters (WAT). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell WAT from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WAT, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
WatersWAT	FY2025	$3.2B	+7.0%	$643M
Thermo FisherTMO	FY2025	$44.6B	+3.9%	$6.7B
DanaherDHR	FY2025	$24.6B	+2.9%	$3.6B
Agilent TechnologiesA	FY2025	$6.9B	+6.7%	$1.3B
IQVIAIQV	FY2025	$16.3B	+5.9%	$1.4B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.