Waters Corporation (WAT): financials, SEC filings and peers
Waters Corporation (WAT) is a life sciences tools & services company in the Health Care sector of the S&P 500, headquartered in Milford, Massachusetts.
It was founded in 1958 and joined the S&P 500 on January 2, 2002.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Laboratory Analytical Instruments”.
Waters Corporation at a glance
- Revenue (12 months)
- $5.6B
- Revenue growth
- —
- Operating margin
- 4.7%
- Net income (12 months)
- $99M
- Free cash flow (12 months)
- $291M
- Cash
- $593M
- Debt
- $4.5B
- Diluted EPS (12 months)
- $2.33
Twelve months to October 3, 2026, from the 10-Q filed November 10, 2026.
Latest twelve months
Over the twelve months to October 3, 2026, Waters Corporation reported revenue of $5.6 billion.
Its operating margin was 4.7%: for every $100 of sales, about $5 was left as operating profit.
Net income was $99 million (1.8% of revenue).
Operating cash flow was $480 million and capital spending $189 million, leaving free cash flow of $291 million (5.2% of revenue).
At the end of the period it held $593 million in cash and $4.5 billion in debt, a net debt position of $3.9 billion.
Five-year trend
- Revenue went from $2.4 billion in fiscal 2020 to $3.2 billion in fiscal 2025, about 6.0% a year.
- Operating margin has been steady, around 25.4%.
- Free cash flow was positive in each of the last 3 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Revenue growth | 17.8% | 6.7% | -0.5% | 0.1% | 7.0% |
| Operating margin | 29.5% | 29.4% | 27.7% | 27.9% | 25.4% |
| Net income | $693M | $708M | $642M | $638M | $643M |
| Free cash flow | — | — | $442M | $620M | $540M |
| Diluted EPS | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
Fiscal years as reported in Waters Corporation’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed November 10, 2026 — quarterly report
- 8-K filed November 3, 2026 — Earnings results
- 8-K filed August 21, 2026 — Executive or director change; Other event
- 10-Q filed August 11, 2026 — quarterly report
- 8-K filed August 4, 2026 — Earnings results
- 8-K filed May 22, 2026 — Shareholder vote results
- 10-Q filed May 12, 2026 — quarterly report
- 8-K filed May 5, 2026 — Earnings results
Companies like Waters Corporation
Other S&P 500 companies in Life Sciences Tools & Services:
- AAgilent TechnologiesSanta Clara, California
- CRLCharles River LaboratoriesWilmington, Massachusetts
- DHRDanaher CorporationWashington, D.C.
- ILMNIllumina, Inc.San Diego, California
- IQVIQVIADurham, North Carolina
- MTDMettler ToledoColumbus, Ohio
- TECHBio-TechneMinneapolis, Minnesota
- TMOThermo Fisher ScientificWaltham, Massachusetts
More from Health Care
Questions about Waters Corporation
Is Waters Corporation profitable?
Yes. It earned $99 million in net income over the twelve months to October 3, 2026, a net margin of 1.8%.
Does Waters Corporation have more cash or more debt?
At October 3, 2026 it had $593 million in cash and $4.5 billion in debt, so more debt than cash.
When did Waters Corporation last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 10, 2026.
Which companies are similar to Waters Corporation?
In the S&P 500, Waters Corporation is grouped in Life Sciences Tools & Services within the Health Care sector. Agilent Technologies (A), Charles River Laboratories (CRL), Danaher Corporation (DHR), Illumina, Inc. (ILMN), IQVIA (IQV) are in the same group.
Understand the numbers
Source: Waters Corporation’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.