Waters Corporation income statement

In fiscal 2025, Waters Corporation reported revenue of $3.17bn, up 7.0% on the year before, operating income of $803m (a 25.4% margin) and net income of $643m, or $10.76 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Waters Corporation: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJul 2026
Revenue	1,499	1,643	1,851	1,844	1,904	1,989	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165	4,644
Cost of revenue	595	653	730	738	783	825	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289	—
Gross profit	904	990	1,121	1,106	1,121	1,164	1,200	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761	1,758	1,876	—
Research and development	77	84	92	96	101	108	119	125	133	143	143	141	168	176	175	183	196	319
Selling, general and administrative	421	445	490	477	493	513	496	512	544	537	535	554	627	658	736	690	830	1,246
Operating income	395	450	529	511	517	518	567	625	662	740	708	645	822	873	818	826	803	330
Interest expense	11	14	22	28	30	34	36	45	57	49	49	49	45	49	99	90	70	149
Net interest income	—	—	—	—	—	—	—	—	—	—	—	—	—	−36	−81	−71	−48	—
Income before tax	387	438	509	488	490	491	542	600	641	682	678	611	806	838	736	755	755	205
Income tax	63	56	76	26	40	59	73	79	621	88	86	89	113	130	94	117	112	39
Net income	323	—	—	461	450	432	469	522	20	594	592	522	693	708	642	638	643	166
Diluted EPS	$3.34	—	—	—	$5.20	$5.07	$5.65	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71	$10.76	$2.22
Diluted shares (average)	97m	94m	92m	89m	87m	85m	83m	81m	81m	78m	68m	62m	62m	60m	59m	60m	60m	75m
EBITDA	426	484	565	549	556	564	613	677	724	798	762	714	893	945	902	913	891	445

US$ millions unless shown otherwise. Fiscal quarters.

Waters Corporation: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Apr 2026	2026 Q2Jul 2026
Revenue	740	873	662	771	800	932	1,267	1,645
Cost of revenue	302	349	277	321	328	363	—	—
Gross profit	439	524	385	450	472	569	—	—
Research and development	45	47	47	49	54	47	96	122
Selling, general and administrative	169	173	175	201	214	240	387	405
Operating income	211	292	152	188	192	271	−47	−86
Interest expense	21	19	14	14	27	14	48	60
Net interest income	−18	−15	−9	−11	−22	−6	—	—
Income before tax	194	277	143	178	170	264	−88	−141
Income tax	32	46	22	31	21	39	−16	−5
Net income	162	231	121	147	149	225	−72	−136
Diluted EPS	$2.71	$3.88	$2.03	$2.47	$2.50	$3.77	−$0.87	−$1.39
EBITDA	231	315	174	210	214	292	−11	−51

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.