financial statements

The full income statement, balance sheet, and cash-flow statement for Waters Corporation (WAT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.17B YoY+7.0%	2.96B YoY+0.1%	2.96B YoY-0.5%	2.97B YoY+6.7%	2.79B YoY+17.8%
Cost of revenue	1.29B YoY+7.4%	1.20B YoY+0.4%	1.20B YoY-4.2%	1.25B YoY+7.9%	1.16B YoY+14.9%
Research & development	196M YoY+6.9%	183M YoY+4.6%	175M YoY-0.7%	176M YoY+4.7%	168M YoY+19.6%
Selling, general & administrative	830M YoY+20.3%	690M YoY-6.2%	736M YoY+11.9%	658M YoY+5.0%	627M YoY+13.2%
Restructuring	—	—	8.00M	—	—
Amortization of intangibles	118M YoY+12.4%	105M YoY+29.6%	81.0M YoY+39.7%	58.0M YoY-3.3%	60.0M YoY+5.3%
Provision for credit losses	-5.83M YoY-82.4%	-3.20M YoY+60.6%	-8.12M YoY-24.8%	-6.51M YoY-21.0%	-5.38M YoY+40.6%
Operating income	803M YoY-2.9%	826M YoY+1.1%	818M YoY-6.4%	873M YoY+6.3%	822M YoY+27.3%
Interest expense	69.5M YoY-22.4%	89.7M YoY-9.3%	98.9M YoY+102.6%	48.8M YoY+8.6%	44.9M YoY-8.4%
Interest & investment income	18.8M YoY+7.8%	17.4M YoY+4.8%	16.6M YoY+50.8%	11.0M YoY-9.8%	12.2M YoY-24.9%
Net interest income	-47.7M YoY+33.3%	-71.5M YoY+12.2%	-81.4M YoY-129.1%	-35.5M	—
Other non-operating income	3.06M YoY+294.5%	776K YoY-3.8%	807K YoY-63.8%	2.23M YoY-87.0%	17.2M YoY+1069.2%
Pre-tax income	755M YoY+0.0%	755M YoY+2.5%	736M YoY-12.1%	838M YoY+3.9%	806M YoY+32.0%
Income tax	112M YoY-4.1%	117M YoY+24.5%	94.0M YoY-27.7%	130M YoY+14.8%	113M YoY+26.9%
	643M YoY+0.8%	638M YoY-0.7%	642M YoY-9.3%	708M YoY+2.2%	693M YoY+32.8%
Net income to common	643M YoY+0.8%	638M YoY-0.7%	642M YoY-9.3%	708M YoY+2.2%	693M YoY+32.8%
	$10.76 YoY+0.5%	$10.71 YoY-1.2%	$10.84 YoY-7.6%	$11.73 YoY+5.0%	$11.17 YoY+33.6%
EPS (basic)	$10.80 YoY+0.5%	$10.75 YoY-1.1%	$10.87 YoY-7.9%	$11.80 YoY+4.9%	$11.25 YoY+33.9%
Weighted-avg shares (basic)	59.5M YoY+0.3%	59.3M YoY+0.4%	59.1M YoY-1.5%	60.0M YoY-2.6%	61.6M YoY-0.8%
Weighted-avg shares (diluted)	59.7M YoY+0.3%	59.6M YoY+0.5%	59.3M YoY-1.8%	60.3M YoY-2.7%	62.0M YoY-0.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.15B YoY+28.7%	1.67B YoY-4.8%	1.75B YoY-0.6%	1.76B YoY+8.3%	1.63B YoY+16.3%
Cash & equivalents	588M YoY+80.7%	325M YoY-17.6%	395M YoY-17.8%	481M YoY-4.1%	501M YoY+14.8%
Short-term investments	934K YoY+0.0%	934K YoY+4.0%	898K YoY+4.2%	862K YoY-98.7%	68.1M YoY+954.9%
Cash & short-term investments	588M YoY+80.9%	325M YoY-17.9%	396M YoY-17.7%	481M YoY+0.0%	481M YoY+8.6%
Accounts receivable	829M YoY+13.0%	733M YoY+4.4%	702M YoY-2.9%	723M YoY+18.0%	613M YoY+6.9%
Inventory	572M YoY+19.9%	477M YoY-7.5%	516M YoY+13.3%	456M YoY+28.0%	356M YoY+17.0%
Other current assets	159M YoY+19.4%	133M YoY-3.9%	138M YoY+33.3%	104M YoY+14.3%	90.9M YoY+13.2%
	5.08B YoY+11.5%	4.55B YoY-1.6%	4.63B YoY+41.0%	3.28B YoY+6.0%	3.09B YoY+9.0%
Property, plant & equipment	642M YoY-1.4%	651M YoY+1.9%	639M YoY+9.8%	582M YoY+6.3%	548M YoY+10.9%
Operating lease right-of-use	81.0M YoY+9.2%	74.2M YoY-12.3%	84.6M YoY-2.2%	86.5M YoY+2.1%	84.7M YoY-9.1%
Goodwill	1.34B YoY+3.4%	1.30B YoY-0.7%	1.31B YoY+203.4%	430M YoY-1.7%	438M YoY-1.5%
Intangible assets	558M YoY-1.7%	568M YoY-9.7%	629M YoY+176.7%	227M YoY-6.2%	242M YoY-6.3%
Long-term investments	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%
Deferred tax assets	61.9M YoY+0.0%	61.9M YoY+0.0%	61.9M YoY+0.0%	61.9M YoY+0.0%	61.9M YoY+0.0%
Other non-current assets	308M YoY+4.2%	296M YoY+37.1%	216M YoY+12.9%	191M YoY+24.8%	153M YoY+3.0%
	1.24B YoY+56.9%	790M YoY+0.0%	790M YoY+0.5%	786M YoY+15.5%	681M YoY-15.5%
Accounts payable	104M YoY+4.1%	99.9M YoY+18.0%	84.7M YoY-9.2%	93.3M YoY-3.6%	96.8M YoY+34.0%
Accrued liabilities	18.0M YoY+0.0%	18.0M YoY+0.0%	18.0M YoY+0.0%	18.0M YoY+0.0%	18.0M YoY+0.0%
Short-term & current debt	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Current lease liability	31.0M YoY+21.4%	25.5M YoY-8.2%	27.8M YoY+5.3%	26.4M YoY-5.3%	27.9M YoY+0.5%
Other current liabilities	230M YoY+54.1%	149M YoY-11.5%	169M YoY+20.2%	140M YoY-9.5%	155M YoY-21.3%
	2.52B YoY-7.7%	2.73B YoY-21.6%	3.48B YoY+25.2%	2.78B YoY+1.8%	2.73B YoY+4.6%
Long-term debt	947M YoY-41.8%	1.63B YoY-29.5%	2.31B YoY+51.2%	1.52B YoY+0.7%	1.51B YoY+25.5%
Deferred revenue (non-current)	55.0M YoY+0.0%	55.0M YoY+0.0%	55.0M YoY+0.0%	55.0M YoY+19.6%	46.0M
Non-current lease liability	53.0M YoY+5.3%	50.3M YoY-14.6%	58.9M YoY-5.1%	62.1M YoY+4.2%	59.6M YoY-12.6%
Deferred tax liabilities	-18.0M YoY+0.0%	-18.0M YoY+0.0%	-18.0M YoY+0.0%	-18.0M YoY+0.0%	-18.0M YoY+0.0%
Other non-current liabilities	161M YoY-12.4%	184M YoY+33.4%	138M YoY+17.2%	118M YoY+30.9%	89.8M YoY-8.3%
Total non-current liabilities	1.28B YoY-34.1%	1.94B YoY-28.0%	2.69B YoY+34.9%	1.99B YoY-2.7%	2.05B YoY+13.5%
	2.56B YoY+40.1%	1.83B YoY+59.0%	1.15B YoY+128.0%	504M YoY+37.3%	368M YoY+58.3%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	2.00M YoY+22.7%	1.63M YoY+0.2%	1.63M YoY+0.2%	1.62M YoY+0.2%	1.62M YoY+0.2%
Additional paid-in capital	2.42B YoY+3.2%	2.34B YoY+3.3%	2.27B YoY+3.0%	2.20B YoY+4.0%	2.11B YoY+4.2%
Retained earnings	10.4B YoY+6.6%	9.79B YoY+7.0%	9.15B YoY+7.5%	8.51B YoY+9.1%	7.80B YoY+9.7%
Treasury stock	10.2B YoY+0.1%	10.1B YoY+0.1%	10.1B YoY+0.7%	10.1B YoY+6.6%	9.44B YoY+7.4%
Accumulated other comprehensive income	-125M YoY+19.5%	-155M YoY-15.8%	-134M YoY+5.3%	-142M YoY-26.6%	-112M YoY+5.2%
Total equity incl. non-controlling	813M YoY+0.0%	813M YoY+0.0%	813M YoY+0.0%	813M YoY+0.0%	813M YoY+0.0%
Total liabilities & equity	5.08B YoY+11.5%	4.55B YoY-1.6%	4.63B YoY+41.0%	3.28B YoY+6.0%	3.09B YoY+9.0%
Common shares issued	163M YoY+0.1%	163M YoY+100055.5%	163K YoY-99.9%	162M YoY+0.2%	162M YoY+0.3%
Common shares outstanding	59.5M YoY+0.3%	59.4M YoY+100258.3%	59.2K YoY-99.9%	59.1M YoY-2.7%	60.7M YoY-2.5%
Shares outstanding (cover)	59.5M YoY+0.3%	59.4M YoY+0.4%	59.1M YoY-0.5%	59.4M YoY-2.7%	61.0M YoY-1.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	653M YoY-14.4%	762M YoY+26.4%	603M YoY-1.4%	612M YoY-18.1%	747M YoY-5.5%
Depreciation & amortization	88.1M YoY+1.3%	87.0M YoY+2.8%	84.6M YoY+17.5%	72.0M YoY+0.6%	71.6M YoY+4.2%
Share-based compensation	54.1M YoY+21.1%	44.7M YoY+21.3%	36.9M YoY-13.4%	42.6M YoY+42.3%	29.9M YoY-18.8%
Deferred income taxes	-14.7M YoY-1571.3%	-877K YoY+26.7%	-1.20M YoY+96.3%	-32.0M YoY-292.3%	16.6M YoY+717.6%
Change in receivables	55.5M YoY-16.2%	66.2M YoY+234.7%	-49.2M YoY-135.7%	138M YoY+120.8%	62.4M YoY+266.7%
Change in inventory	65.9M YoY+414.8%	-20.9M YoY-146.1%	45.4M YoY-55.4%	102M YoY+51.5%	67.3M YoY+455.1%
Other operating activities	-2.40M	0.00 YoY+100.0%	-742K	—	—
	-152M YoY-6.4%	-143M YoY+90.1%	-1.44B YoY-1235.8%	-108M YoY+53.4%	-232M YoY+12.3%
Capital expenditure	113M YoY-20.9%	142M YoY-11.3%	161M	—	—
Acquisitions	35.1M	0.00 YoY-100.0%	1.28B	0.00	0.00 YoY-100.0%
Purchases of investments	0.00 YoY-100.0%	3.73M YoY+108.2%	1.79M YoY-84.3%	11.4M YoY-95.9%	280M YoY+980.4%
Sales/maturities of investments	0.00 YoY-100.0%	4.61M YoY+160.5%	1.77M YoY-97.7%	78.0M YoY-64.2%	218M YoY+945.4%
	-237M YoY+66.0%	-697M YoY-192.3%	755M YoY+248.1%	-510M YoY-16.3%	-438M YoY+0.5%
Long-term debt issued	70.0M YoY-58.8%	170M YoY-88.3%	1.45B YoY+607.3%	205M YoY-59.8%	510M YoY+61.9%
Long-term debt repaid	290M YoY-67.8%	900M YoY+34.3%	670M YoY+362.1%	145M YoY-58.6%	350M YoY-45.3%
Common stock repurchased	14.7M YoY+8.3%	13.5M YoY-80.7%	70.3M YoY-88.8%	626M YoY-3.5%	649M YoY+230.4%
FX effect on cash	-621K YoY-107.8%	7.92M YoY+935.4%	-948K YoY+93.6%	-14.8M YoY-15.1%	-12.8M YoY-185.1%
Net change in cash	262M YoY+476.5%	-69.7M YoY+18.4%	-85.5M YoY-312.7%	-20.7M YoY-132.1%	64.5M YoY-36.1%
Interest paid	44.6M YoY-51.5%	92.1M YoY-2.1%	94.1M YoY+95.7%	48.1M YoY+13.4%	42.4M YoY-18.6%
Income taxes paid	244M YoY+33.2%	183M YoY-24.6%	243M YoY+52.0%	160M YoY+4.3%	154M YoY+57.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	22.6B YoY+2.7%	22.0B YoY+13.2%	19.5B YoY-4.4%	20.4B YoY-10.5%	22.7B YoY+48.1%
P/S	6.8× YoY-4.8%	7.2× YoY+6.4%	6.8× YoY-6.2%	7.2× YoY-10.1%	8.0× YoY+30.3%
P/B	8.8× YoY-26.7%	12.0× YoY-44.0%	21.5× YoY-59.6%	53.2× YoY-13.9%	61.9× YoY-6.4%
P/FCF	36.1× YoY+24.9%	28.9× YoY-15.1%	34.1× YoY+4.7%	32.5× YoY+6.8%	30.4× YoY+56.7%
FCF yield	2.8% YoY-19.9%	3.5% YoY+17.8%	2.9% YoY-4.5%	3.1% YoY-6.4%	3.3% YoY-36.2%
Source filing	10-K	10-K	10-K	DEF 14A	10-K

About this data

Source: WAT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WAT filings on SEC EDGAR → Not investment advice.

WAT▼ financial statements

About this data

financial statements