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Waters Corporation cash flow statement

In fiscal 2025, Waters Corporation's operations generated $653m of cash; it spent $113m on capital projects, leaving free cash flow of $540m. It returned $14.7m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJul 2026
Cash from operations418458497449485512573643698604643791747612603762653550
Depreciation and amortisation3234373738464552615854697272858788115
Stock-based pay282528293233334139383937304337455473
Capital spending——————————————161142113—
Free cash flow——————————————442620540—
Free cash flow after stock pay——————————————405575486—
Share buybacks2112963712963023373353263331,3152,46919664962670141515

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Waters Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Waters Corporation.