WAT

MKT CAP:$19B

Waters Corporation

Market Cap

$19B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$335.61-$46.35 (-12.13%)

Apr 20, 2026

Company Details

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ...

CEO

Udit Batra

IPO Date

Nov 17, 1995

Website

www.waters.com

Key Metrics TTM

Revenue

$3.2B

+7.0% YoY

Net Income

$643M

EPS (Diluted)

$10.77

Free Cash Flow

$540M

Revenue / Share

$52.96

Gross Margin

58.9%

Operating Margin

26.6%

Net Margin

20.3%

FCF Margin

17.1%

P/S

5.9x

P/E

29.0x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 23, 2026

$3.2B+7.0%EPS $10.76

Q4 2025

Feb 23, 2026

$932M+6.8%EPS $3.77

Q3 2025

Nov 4, 2025

$800M+8.0%EPS $2.50

Q2 2025

Aug 4, 2025

$771M+8.9%EPS $2.47

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$691M	$405M	$195M
Q2 22	$714M	$407M	$200M
Q3 22	$709M	$401M	$192M
Q4 22	$859M	$510M	$286M
Q1 23	$685M	$400M	$174M
Q2 23	$741M	$440M	$200M
Q3 23	$712M	$420M	$179M
Q4 23	$819M	$501M	$264M
Q1 24	$637M	$375M	$134M
Q2 24	$709M	$420M	$189M
Q3 24	$740M	$439M	$211M
Q4 24	$873M	$524M	$292M
Q1 25	$662M	$385M	$152M
Q2 25	$771M	$450M	$188M
Q3 25	$800M	$472M	$192M
Q4 25	$932M	$557M	$311M

Valuation

Quarter	P/S	P/E
Q1 22	6.5x	26.4x
Q2 22	6.4x	26.5x
Q3 22	6.3x	26.7x
Q4 22	6.3x	26.3x
Q1 23	6.3x	27.0x
Q2 23	6.2x	27.6x
Q3 23	6.2x	28.5x
Q4 23	6.3x	29.0x
Q1 24	6.4x	30.9x
Q2 24	6.5x	31.3x
Q3 24	6.4x	29.9x
Q4 24	6.3x	29.2x
Q1 25	6.2x	28.3x
Q2 25	6.1x	28.2x
Q3 25	6.0x	28.7x
Q4 25	5.9x	29.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$198M	$165M
Q2 22	$57M	$18M
Q3 22	$158M	$116M
Q4 22	$199M	$137M
Q1 23	$197M	$162M
Q2 23	$18M	-$28M
Q3 23	$158M	$120M
Q4 23	$230M	$189M
Q1 24	$263M	$234M
Q2 24	$55M	$18M
Q3 24	$205M	$179M
Q4 24	$240M	$188M
Q1 25	$260M	$234M
Q2 25	$41M	$19M
Q3 25	$187M	$162M
Q4 25	$165M	$126M

Capital Expenditures

Quarter	CapEx
Q1 22	$33M
Q2 22	$39M
Q3 22	$42M
Q4 22	$62M
Q1 23	$34M
Q2 23	$47M
Q3 23	$38M
Q4 23	$42M
Q1 24	$29M
Q2 24	$36M
Q3 24	$26M
Q4 24	$52M
Q1 25	$26M
Q2 25	$23M
Q3 25	$25M
Q4 25	$39M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+13.5%	+13.2%
Q2 22	+4.8%	+6.1%
Q3 22	+7.5%	+10.5%
Q4 22	+2.6%	-0.4%
Q1 23	-0.9%	+3.1%
Q2 23	+3.7%	+5.1%
Q3 23	+0.4%	+3.0%
Q4 23	-4.5%	-3.0%
Q1 24	-7.0%	-1.5%
Q2 24	-4.3%	-3.9%
Q3 24	+4.0%	-0.6%
Q4 24	+6.5%	+4.5%
Q1 25	+3.9%	+1.4%
Q2 25	+8.9%	+12.3%
Q3 25	+8.0%	+14.9%
Q4 25	+6.8%	+7.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	1.6%
Q2 22	$10M	1.4%
Q3 22	$10M	1.4%
Q4 22	$12M	1.4%
Q1 23	$13M	1.9%
Q2 23	$11M	1.5%
Q3 23	$8M	1.2%
Q4 23	$5M	0.6%
Q1 24	$11M	1.7%
Q2 24	$11M	1.6%
Q3 24	$11M	1.4%
Q4 24	$12M	1.3%
Q1 25	$13M	1.9%
Q2 25	$13M	1.7%
Q3 25	$14M	1.7%
Q4 25	$15M	1.6%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$40M	—	$157M
Q2 22	$44M	—	$162M
Q3 22	$43M	—	$164M
Q4 22	$48M	—	$174M
Q1 23	$43M	—	$182M
Q2 23	$46M	—	$187M
Q3 23	$42M	—	$187M
Q4 23	$44M	—	$180M
Q1 24	$45M	—	$175M
Q2 24	$46M	—	$173M
Q3 24	$45M	—	$169M
Q4 24	$47M	—	$173M
Q1 25	$47M	—	$175M
Q2 25	$49M	—	$201M
Q3 25	$54M	$214M	—
Q4 25	$50M	—	$197M

Revenue Segments

Quarter	Chemistry Consumables	Ta Instrument Systems	Ta Service	Waters Instrument Systems	Waters Service
Q1 22	$126M	$55M	$22M	$270M	$218M
Q2 22	$132M	$57M	$22M	$281M	$222M
Q3 22	$128M	$62M	$23M	$275M	$220M
Q4 22	$140M	$78M	$25M	$385M	$230M
Q1 23	$134M	$59M	$24M	$244M	$224M
Q2 23	$136M	$62M	$25M	$280M	$237M
Q3 23	$129M	$57M	$25M	$262M	$239M
Q4 23	$143M	$75M	$28M	$322M	$251M
Q1 24	$134M	$51M	$24M	$191M	$236M
Q2 24	$141M	$59M	$27M	$235M	$246M
Q3 24	$139M	$58M	$27M	$265M	$251M
Q4 24	$151M	$79M	$30M	$341M	$272M
Q1 25	$138M	$50M	$24M	$212M	$237M
Q2 25	$165M	$56M	$27M	$253M	$271M
Q3 25	$158M	$60M	$27M	$282M	$273M
Q4 25	$170M	$78M	$30M	$355M	$299M

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe
Q1 22	$249M	$254M	$187M
Q2 22	$257M	$278M	$179M
Q3 22	$256M	$280M	$172M
Q4 22	$293M	$319M	$246M
Q1 23	$246M	$253M	$185M
Q2 23	$283M	$255M	$203M
Q3 23	$275M	$238M	$198M
Q4 23	$304M	$262M	$254M
Q1 24	$241M	$208M	$188M
Q2 24	$274M	$237M	$197M
Q3 24	$279M	$251M	$210M
Q4 24	$321M	$273M	$279M
Q1 25	$256M	$221M	$185M
Q2 25	$281M	$266M	$225M
Q3 25	$293M	$270M	$237M
Q4 25	$332M	$284M	$316M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$480M	$23M	$503M
Q2 22	$419M	$897.0K	$420M
Q3 22	$444M	$876.0K	$445M
Q4 22	$481M	$862.0K	$481M
Q1 23	$486M	$885.0K	$487M
Q2 23	$330M	$885.0K	$331M
Q3 23	$336M	$898.0K	$337M
Q4 23	$395M	$898.0K	$396M
Q1 24	$337M	$923.0K	$338M
Q2 24	$326M	$934.0K	$327M
Q3 24	$331M	$944.0K	$331M
Q4 24	$324M	$934.0K	$325M
Q1 25	$383M	$0	$383M
Q2 25	$367M	$0	$367M
Q3 25	$459M	$0	$459M
Q4 25	$588M	$0	$588M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	61M	-0.8%	-2.7%
Q2 22	61M	-0.7%	-2.6%
Q3 22	60M	-0.7%	-2.9%
Q4 22	60M	-0.7%	-2.9%
Q1 23	59M	-0.5%	-2.7%
Q2 23	59M	-0.5%	-2.5%
Q3 23	59M	+0.4%	-1.4%
Q4 23	59M	+0.1%	-0.6%
Q1 24	59M	+0.2%	+0.2%
Q2 24	59M	+0.0%	+0.7%
Q3 24	60M	+0.1%	+0.4%
Q4 24	60M	+0.2%	+0.6%
Q1 25	60M	+0.1%	+0.5%
Q2 25	60M	-0.1%	+0.3%
Q3 25	60M	-0.1%	+0.2%
Q4 25	60M	+0.2%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$88.5K	8K
Q2 22	$91.6K	8K
Q3 22	$90.8K	8K
Q4 22	$116.0K	7K
Q1 23	$92.5K	7K
Q2 23	$100.1K	7K
Q3 23	$96.2K	7K
Q4 23	$103.7K	8K
Q1 24	$80.6K	8K
Q2 24	$89.7K	8K
Q3 24	$93.7K	8K
Q4 24	$114.8K	8K
Q1 25	$87.1K	8K
Q2 25	$101.5K	8K
Q3 25	$105.2K	8K
Q4 25	$777.0K	1K

Revenue / Employee