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)
- $4.6B
- Revenue growth
- —
- Operating margin
- 7.1%
- Net income (12 months)
- $166M
- Free cash flow (12 months)
- —
- Cash
- $539M
- Debt
- $4.9B
- Diluted EPS (12 months)
- $4.01
Twelve months to July 4, 2026, from the 10-Q filed August 11, 2026.
Latest twelve months
Over the twelve months to July 4, 2026, Waters Corporation reported revenue of $4.6 billion.
Its operating margin was 7.1%: for every $100 of sales, about $7 was left as operating profit.
Net income was $166 million (3.6% of revenue).
At the end of the period it held $539 million in cash and $4.9 billion in debt, a net debt position of $4.3 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
- 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
- 8-K filed March 23, 2026 — Material agreement; New debt obligation
- 8-K filed March 16, 2026 — Other event
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 $166 million in net income over the twelve months to July 4, 2026, a net margin of 3.6%.
Does Waters Corporation have more cash or more debt?
At July 4, 2026 it had $539 million in cash and $4.9 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 August 11, 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 September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.