Waters Corporation (WAT) income statement
NYSE · Healthcare · Medical - Diagnostics & Research · 15,000 employees · CEO Udit Batra
- Price
- $476.70 +4.17%
- Market cap
- $46.8B
- Enterprise value
- $51.3B
- Last report
- Q3 '26 filed 2026-11-03
- Next report
- 2027-02-08 EPS est. $4.63
Waters Corporation (WAT) reported revenue of $1.77B for Q3 '26 (+120.9% year on year), operating income of $128M (7.2% of revenue) and net income of $81M. Over the last four quarters revenue was $5.61B.
Income statement
| Income statement | Trend | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $819M | $637M | $709M | $740M | $873M | $662M | $771M | $800M | $932M | $1.27B | $1.65B | $1.77B | |
| Cost of revenue | $318M | $262M | $288M | $302M | $349M | $277M | $321M | $328M | $375M | $672M | $911M | $879M | |
| Gross profit | $501M | $375M | $420M | $439M | $524M | $385M | $450M | $472M | $557M | $595M | $734M | $888M | |
| Research & development | $44.4M | $44.6M | $46.2M | $45.3M | $46.9M | $46.6M | $48.5M | $53.6M | $50.1M | $96M | $122M | $106M | |
| General & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $214M | $0 | $0 | $0 | $398M | |
| Other operating expenses | $12.1M | $22.1M | $11.7M | $13.1M | $11.8M | $11.7M | $11.9M | $12.1M | $0 | $152M | $293M | $256M | |
| Operating expenses | $237M | $241M | $231M | $228M | $232M | $233M | $262M | $280M | $247M | $642M | $820M | $760M | |
| Operating income | $264M | $134M | $189M | $211M | $292M | $152M | $188M | $192M | $311M | -$47M | -$86M | $128M | |
| Interest income | $4.64M | $4.27M | $4.33M | $4.26M | $4.56M | $3.89M | $4.51M | $4.71M | $0 | $6M | $0 | $0 | |
| Interest expense | $30.7M | $25.5M | $23.7M | $21.4M | $19M | $14.3M | $14.4M | $26.6M | $8.62M | $48M | $55M | $53M | |
| Other non-operating income (gains on investments, FX ...) | -$4.08M | -$6.53M | -$4.03M | -$3.92M | -$3.72M | -$5.41M | -$3.83M | -$4.64M | $37.8M | -$1M | $0 | $1M | |
| Total non-operating income | -$26.6M | -$19M | -$19.7M | -$17.5M | -$15.3M | -$8.86M | -$10.5M | -$22M | -$46.4M | -$41M | -$55M | -$54M | |
| Income before tax | $238M | $115M | $169M | $194M | $277M | $143M | $178M | $170M | $264M | -$88M | -$141M | $74M | |
| Income tax | $21.4M | $12.7M | $26.7M | $32.1M | $45.6M | $21.5M | $30.6M | $21.2M | $39M | -$16M | -$5M | -$7M | |
| Net income | $216M | $102M | $143M | $162M | $231M | $121M | $147M | $149M | $225M | -$72M | -$136M | $81M | |
| EPS (basic) | $3.66 | $1.73 | $2.41 | $2.72 | $3.90 | $2.04 | $2.47 | $2.50 | $3.78 | -$0.87 | -$1.39 | $0.83 | |
| EPS (diluted) | $3.65 | $1.72 | $2.40 | $2.71 | $3.88 | $2.03 | $2.47 | $2.50 | $3.77 | -$0.87 | -$1.39 | $0.82 | |
| Shares (basic, weighted) | 59.1M | 59.2M | 59.3M | 59.3M | 59.4M | 59.4M | 59.5M | 59.5M | 59.5M | 82.1M | 98.2M | 98.3M | |
| Shares (diluted, weighted) | 59.3M | 59.4M | 59.5M | 59.5M | 59.6M | 59.7M | 59.7M | 59.6M | 59.8M | 82.1M | 98.2M | 98.7M | |
| Depreciation & amortization | $48.1M | $48.5M | $47.2M | $47.5M | $48.6M | $49.4M | $51.6M | $52.7M | $52.5M | $207M | $301M | $300M | |
| EBITDA | $316M | $189M | $240M | $263M | $345M | $207M | $244M | $249M | $325M | $161M | $215M | $427M |
| Income statement | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $2.31B | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B | |
| Cost of revenue | $891M | $947M | $993M | $1.01B | $1.01B | $1.16B | $1.25B | $1.2B | $1.2B | $1.34B | |
| Gross profit | $1.28B | $1.36B | $1.43B | $1.4B | $1.36B | $1.63B | $1.72B | $1.76B | $1.76B | $1.83B | |
| Research & development | $125M | $133M | $143M | $143M | $141M | $168M | $176M | $175M | $183M | $195M | |
| Other operating expenses | $13.4M | $22.9M | $7.29M | $9.69M | $18.7M | $12.3M | $16.2M | $32.6M | $58.7M | $0 | |
| Operating expenses | $651M | $700M | $688M | $687M | $713M | $808M | $850M | $944M | $932M | $935M | |
| Operating income | $625M | $662M | $740M | $708M | $645M | $822M | $873M | $818M | $826M | $893M | |
| Interest income | $20.7M | $36.1M | $38.8M | $22.1M | $16.3M | $12.2M | $11M | $16.6M | $17.4M | $7.39M | |
| Interest expense | $44.9M | $56.8M | $48.6M | $48.7M | $49.1M | $44.9M | $48.8M | $98.9M | $89.7M | $69.5M | |
| Other non-operating income (gains on investments, FX ...) | -$20M | -$35.7M | $8.99M | -$18.5M | -$14.5M | -$29.4M | -$13.2M | -$17.4M | -$18.2M | $87.6M | |
| Total non-operating income | -$24.9M | -$21.1M | -$57.6M | -$30.2M | -$34.6M | -$15.5M | -$35.5M | -$81.4M | -$71.5M | -$138M | |
| Income before tax | $600M | $641M | $682M | $678M | $611M | $806M | $838M | $736M | $755M | $755M | |
| Income tax | $78.6M | $621M | $88.4M | $86M | $89.3M | $113M | $130M | $94M | $117M | $112M | |
| Net income | $522M | $20.3M | $594M | $592M | $522M | $693M | $708M | $642M | $638M | $643M | |
| EPS (basic) | $6.46 | $0.25 | $7.71 | $8.76 | $8.40 | $11.25 | $11.80 | $10.87 | $10.75 | $10.80 | |
| EPS (diluted) | $6.41 | $0.25 | $7.65 | $8.69 | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 | |
| Shares (basic, weighted) | 80.8M | 79.8M | 77M | 67.6M | 62.1M | 61.6M | 60M | 59.1M | 59.3M | 59.5M | |
| Shares (diluted, weighted) | 81.4M | 80.6M | 77.6M | 68.2M | 62.4M | 62M | 60.3M | 59.3M | 59.6M | 59.7M | |
| Depreciation & amortization | $96.4M | $106M | $108M | $105M | $125M | $132M | $130M | $166M | $192M | $206M | |
| EBITDA | $741M | $804M | $839M | $832M | $785M | $983M | $1.02B | $1B | $1.04B | $1.01B |
Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-04, 10-Q 2026-04-04, 10-K 2025-12-31, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-31, 10-Q 2024-09-28, 10-Q 2024-06-29
Data as of 2026-11-10