Health Care · Life Sciences Tools & Services
Waters: revenue, profit and cash flow
In fiscal 2025, Waters had revenue of $3.17B, up 4.5% a year on average since 2015, and net income of $643M (20.3% of revenue). It has 28% fewer shares than in 2015.
Revenue, fiscal 2025
average annual revenue growth since 2015 · +7.0% vs 2024
- Ticker
- WAT · NYSE
- Sector
- Health Care
- Sub-industry
- Life Sciences Tools & Services
- Headquarters
- Milford, Massachusetts
- Founded
- 1958
- In the S&P 500 since
- January 2, 2002
- Latest fiscal year
- 2025, ended December 31, 2025
- SEC filer
- Waters Corp /De · CIK 0001000697
Revenue and net income
Revenue went from $1.47B in 2007 to $3.17B in 2025.
Diluted earnings per share
Diluted EPS went from $2.62 in 2007 to $10.76 in 2025. Ten-year growth: 6.7% a year.
Shares outstanding
28.1% fewer shares in 2025 than in 2015 (83.1M → 59.7M): buybacks outweighed new shares.
Operating cash flow, capex and free cash flow
Free cash flow (operating cash flow minus capital expenditure) was $540M in 2025, 17.1% of revenue.
The chart data could not be loaded. The table below has the same figures.
Year by year
| Fiscal year | Revenue | Net income | Net margin | Diluted EPS | Shares | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|---|---|---|---|---|
| 2025 | $3.17B | $643M | 20.3% | $10.76 | 59.7M | $653M | $113M | $540M |
| 2024 | $2.96B | $638M | 21.6% | $10.71 | 59.6M | $762M | $142M | $620M |
| 2023 | $2.96B | $642M | 21.7% | $10.84 | 59.3M | $603M | $161M | $442M |
| 2022 | $2.97B | $708M | 23.8% | $11.73 | 60.3M | — | — | — |
| 2021 | $2.79B | $693M | 24.9% | $11.17 | 62M | — | — | — |
| 2020 | $2.37B | $522M | 22.1% | $8.36 | 62.4M | — | — | — |
| 2019 | $2.41B | $592M | 24.6% | $8.69 | 68.2M | — | — | — |
| 2018 | $2.42B | $594M | 24.5% | $7.65 | 77.6M | — | — | — |
| 2017 | $2.31B | $20.3M | 0.9% | $0.25 | 80.6M | — | — | — |
| 2016 | $2.17B | $522M | 24.1% | $6.41 | 81.4M | — | — | — |
| 2015 | $2.04B | $469M | 23.0% | $5.65 | 83.1M | — | — | — |
| 2014 | $1.99B | $432M | 21.7% | $5.07 | 85.2M | — | — | — |
| 2013 | $1.9B | $450M | 23.6% | $5.20 | 86.5M | — | — | — |
| 2012 | $1.84B | $461M | 25.0% | — | 89M | — | — | — |
| 2011 | $1.85B | — | — | — | 92.3M | — | — | — |
| 2010 | $1.64B | — | — | — | 94.1M | — | — | — |
| 2009 | $1.5B | $323M | 21.6% | $3.34 | 96.9M | — | — | — |
| 2008 | $1.58B | $322M | 20.5% | $3.21 | 101M | — | — | — |
| 2007 | $1.47B | $268M | 18.2% | $2.62 | 103M | — | — | — |
Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.
About these figures
- No dividends per share in the filings data. Usually that means no dividend, but some companies report theirs in a form the data do not capture.
- Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.
Other Life Sciences Tools & Services companies
Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.