Waters Corporation (WAT) Financial Statements

Waters Corporation

WAT · NYSE

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Total Revenue	$3.17B	$2.96B	$2.96B	$2.97B	$2.79B	$2.37B	$2.41B	$2.42B
Cost of Revenue	$1.29B	$1.20B	$1.20B	$1.25B	$1.16B	$1.01B	$1.01B	$992.56M
Research & Development	$195.71M	$183.03M	$174.94M	$176.19M	$168.36M	$140.78M	$142.96M	$143.40M
Selling, General & Administrative	$830.37M	$690.15M	$736.01M	$658.03M	$626.97M	$553.70M	$534.79M	$536.90M
Operating Expenses	$2.36B	$2.13B	$2.14B	$2.10B	$1.96B	$1.72B	$1.70B	$1.68B
Operating Income	$802.59M	$826.35M	$817.68M	$873.39M	$821.71M	$645.49M	$708.46M	$739.77M
Interest Expense	$69.55M	$89.68M	$98.86M	$48.80M	$44.94M	$49.07M	$48.69M	$48.64M
Other Income / (Expense)	$3.06M	$776.00K	$807.00K	$2.23M	$17.20M	-$1.77M	-$3.59M	-$47.79M
Income Before Taxes	$754.88M	$754.87M	$736.24M	$837.85M	$806.19M	$610.91M	$678.24M	$682.15M
Provision for Income Taxes	$112.25M	$117.03M	$94.01M	$130.09M	$113.35M	$89.34M	$86.04M	$88.35M
Net Income	$642.63M	$637.83M	$642.23M	$707.75M	$692.84M	$521.57M	$592.20M	$593.79M
Basic EPS	$10.80	$10.75	$10.87	$11.80	$11.25	$8.40	$8.76	$7.71
Diluted EPS	$10.76	$10.71	$10.84	$11.73	$11.17	$8.36	$8.69	$7.65
Basic Shares Outstanding	59.51M	59.33M	59.08M	59.98M	61.58M	62.09M	67.63M	76.99M
Diluted Shares Outstanding	59.71M	59.55M	59.27M	60.33M	62.03M	62.41M	68.17M	77.62M

Analyst Estimates

Period	Consensus EPS	Low	High	Estimates	Revisions
Dec 2026	$14.52	$14.45	$14.56	8	↑1 ↓1
Dec 2027	$16.54	$16.19	$17.57	9	↑1 ↓0
Dec 2028	$18.72	$17.81	$20.83	5	↑1 ↓0
Dec 2029	$25.15	$25.15	$25.15	1	↑0 ↓0

Forward estimates are the sell-side consensus reported by Nasdaq, not a metir forecast.

Symbol: WAT
Type: Stock
Sector: Industrials
Industry: Biotechnology: Laboratory Analytical Instruments
Country: North America
Exchange: NYSE

Waters Corporation (NYSE: WAT) is a global leader in life sciences and diagnostics, dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service. With a focus on regulated, high-volume testing environments, our innovative portfolio harnesses deep scientific expertise across chemistry, physics, and biology. We collaborate with customers around the world to advance the release of effective, high-quality medicines, ensure the safety of food and water, and drive better patient outcomes by detecting diseases earlier, managing routine infections, and combating antibiotic resistance. Through a shared culture of relentless innovation, our passionate team of ~16,000 colleagues turn scientific challenges into breakthroughs that improve lives worldwide.

Key Issues

Bullish view

Waters raised 2026 guidance, while second-quarter earnings and revenue exceeded estimates by 1.33% and 1.25%, suggesting the forward outlook remains stronger than the reported quarter.

Bearish view

The quarter included a $136 million net loss and a $1.39 GAAP loss per share, versus $147 million of net income and $2.47 EPS a year earlier, raising questions about earnings quality and near-term profitability.

Analyst Consensus

See all

Buy

17 analysts

$401

Current

—

Low

$420

Average

—

High

Average target implies +4.74% versus the current price.

Earnings History

BeatMissNo estimate

Peers

Agilent Technologies, Inc.A · NYSE$141.16