Income Statement Waters Corporation

Equities

WAT

US9418481035

Advanced Medical Equipment & Technology

Market Closed - Nyse Other stock markets 04:00:02 2026-04-10 pm EDT			5-day change	1st Jan Change
320.00 ^USD	+0.74%		+5.18%	-15.75%

Apr. 08	US FDA approves Waters' at-home cervical cancer screening kit	RE
Apr. 08	Wolfe Research Adjusts Price Target on Waters to $400 From $480, Maintains Outperform Rating	MT

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Published financial data: WATERS CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	2.79B	2.97B	2.96B	2.96B	3.17B
Total Revenues	2.79B	2.97B	2.96B	2.96B	3.17B
Cost of Goods Sold, Total	1.16B	1.25B	1.2B	1.2B	1.29B
Gross Profit	1.63B	1.72B	1.76B	1.76B	1.88B
Selling General & Admin Expenses, Total	627M	658M	697M	691M	745M
R&D Expenses	168M	176M	175M	183M	196M
Amortization of Goodwill and Intangible Assets - (IS)	7.14M	6.37M	32.56M	47.09M	47.79M
Other Operating Expenses, Total	803M	840M	905M	921M	989M
Operating Income	827M	884M	856M	838M	888M
Interest Expense, Total	-44.94M	-48.8M	-98.86M	-89.68M	-69.55M
Interest And Investment Income	12.22M	11.02M	16.62M	17.42M	18.78M
Net Interest Expenses	-32.72M	-37.78M	-82.24M	-72.26M	-50.77M
Other Non Operating Income (Expenses)	-2.67M	758K	1.14M	1.17M	2.84M
EBT, Excl. Unusual Items	791M	847M	775M	766M	840M
Restructuring Charges	-	-	-26M	-	-
Merger & Related Restructuring Charges	-	-	-13M	-	-85M
Gain (Loss) On Sale Of Investments	10M	1M	-	-	-
Asset Writedown	-	-	-	-	-
In Process R&D Expenses	-	-9.8M	-	-	-
Legal Settlements	4.84M	-	-	-11.57M	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	806M	838M	736M	755M	755M
Income Tax Expense	113M	130M	94.01M	117M	112M
Earnings From Continuing Operations	693M	708M	642M	638M	643M
Net Income to Company	693M	708M	642M	638M	643M
Net Income - (IS)	693M	708M	642M	638M	643M
Net Income to Common Incl Extra Items	693M	708M	642M	638M	643M
Net Income to Common Excl. Extra Items	693M	708M	642M	638M	643M
Per Share Items
Net EPS - Basic	11.25	11.8	10.87	10.75	10.8
Basic EPS - Continuing Operations	11.25	11.8	10.87	10.75	10.8
Basic Weighted Average Shares Outstanding	61.58M	59.98M	59.08M	59.33M	59.51M
Net EPS - Diluted	11.17	11.73	10.84	10.71	10.76
Diluted EPS - Continuing Operations	11.17	11.73	10.84	10.71	10.76
Diluted Weighted Average Shares Outstanding	62.03M	60.33M	59.27M	59.55M	59.71M
Normalized Basic EPS	8.03	8.82	8.2	8.07	8.82
Normalized Diluted EPS	7.97	8.77	8.17	8.04	8.79
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	958M	1.01B	1.02B	1.03B	1.09B
EBITA	887M	942M	938M	942M	1.01B
EBIT	827M	884M	856M	838M	888M
EBITDAR	992M	1.05B	1.06B	1.07B	1.14B
Total Revenues (As Reported)	2.79B	2.97B	2.96B	2.96B	3.17B
Effective Tax Rate - (Ratio)	14.06	15.53	12.77	15.5	14.87
Current Domestic Taxes	19.99M	70.18M	6.6M	27M	13.84M
Current Foreign Taxes	76.72M	91.9M	88.6M	90.91M	113M
Total Current Taxes	96.72M	162M	95.21M	118M	127M
Deferred Domestic Taxes	10.84M	-30.97M	-5.49M	-80K	-19.12M
Deferred Foreign Taxes	5.8M	-1.02M	4.29M	-797K	4.46M
Total Deferred Taxes	16.63M	-31.99M	-1.2M	-877K	-14.66M
Normalized Net Income	495M	529M	485M	479M	525M
Non-Cash Pension Expense	588K	-19K	65K	250K	-395K
Supplemental Operating Expense Items
Advertising Expense	7M	7M	7M	6M	-
Selling and Marketing Expenses	7M	7M	7M	6M	-
Research And Development Expense From Footnotes	168M	186M	175M	183M	196M
Net Rental Expense, Total	34M	36M	38M	39M	41M
Imputed Operating Lease Interest Expense	7.87M	8.58M	14.58M	13.45M	14.05M
Imputed Operating Lease Depreciation	26.13M	27.42M	23.42M	25.55M	26.95M
Stock-Based Comp., COGS (Total)	2.5M	3.5M	2.01M	2.59M	3.54M
Stock-Based Comp., R&D Exp. (Total)	5.69M	6.87M	3.84M	5.96M	7.85M
Stock-Based Comp., SG&A Exp. (Total)	21.73M	32.19M	31.01M	36.16M	42.74M
Total Stock-Based Compensation	29.92M	42.56M	36.87M	44.71M	54.13M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	501M	481M	395M	324M	588M
Short Term Investments	68.05M	862K	898K	934K	-
Total Cash And Short Term Investments	569M	481M	396M	325M	588M
Accounts Receivable, Total	613M	723M	702M	733M	829M
Total Receivables	613M	723M	702M	733M	829M
Inventory	356M	456M	516M	477M	572M
Other Current Assets, Total	90.91M	104M	138M	133M	159M
Total Current Assets	1.63B	1.76B	1.75B	1.67B	2.15B
Gross Property Plant And Equipment	1.31B	1.37B	1.48B	1.45B	1.56B
Accumulated Depreciation	-674M	-702M	-752M	-729M	-840M
Net Property Plant And Equipment	633M	669M	724M	725M	723M
Long-term Investments	-	19.16M	4.84M	26.7M	380K
Goodwill	438M	430M	1.31B	1.3B	1.34B
Other Intangibles, Total	242M	227M	629M	568M	558M
Other Long-Term Assets, Total	153M	172M	211M	269M	307M
Total Assets	3.09B	3.28B	4.63B	4.55B	5.08B
Liabilities
Accounts Payable, Total	96.8M	93.3M	84.7M	99.93M	104M
Accrued Expenses, Total	101M	103M	69.39M	93.97M	99.65M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	50M	50M	-	460M
Current Portion of Leases	27.91M	26.43M	27.82M	25.54M	31.09M
Current Income Taxes Payable	61.28M	133M	120M	159M	35.53M
Unearned Revenue Current, Total	228M	228M	257M	251M	267M
Other Current Liabilities	166M	152M	181M	161M	243M
Total Current Liabilities	681M	786M	790M	790M	1.24B
Long-Term Debt	1.52B	1.53B	2.32B	1.63B	1B
Long-Term Leases	59.62M	62.11M	58.93M	50.32M	52.55M
Unearned Revenue Non Current	46M	57M	-	69.24M	-
Pension & Other Post Retirement Benefits	64.03M	38.2M	47.56M	44.61M	43.92M
Other Non Current Liabilities	358M	304M	262M	144M	179M
Total Liabilities	2.73B	2.78B	3.48B	2.73B	2.52B
Common Stock, Total	1.62M	1.62M	1.63M	1.63M	1.63M
Additional Paid In Capital	2.11B	2.2B	2.27B	2.34B	2.42B
Retained Earnings	7.8B	8.51B	9.15B	9.79B	10.43B
Treasury Stock	-9.44B	-10.06B	-10.13B	-10.15B	-10.16B
Comprehensive Income and Other	-112M	-142M	-134M	-155M	-125M
Total Common Equity	368M	504M	1.15B	1.83B	2.56B
Total Equity	368M	504M	1.15B	1.83B	2.56B
Total Liabilities And Equity	3.09B	3.28B	4.63B	4.55B	5.08B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	60.52M	58.94M	59.2M	59.41M	98.1M
ECS Total Common Shares Outstanding	60.73M	59.1M	59.18M	59.39M	59.55M
Book Value / Share	6.05	8.54	19.44	30.79	43.01
Tangible Book Value	-313M	-153M	-784M	-35.12M	663M
Tangible Book Value Per Share	-5.15	-2.59	-13.25	-0.59	11.13
Total Debt	1.61B	1.67B	2.46B	1.7B	1.54B
Net Debt	1.04B	1.19B	2.06B	1.38B	956M
Debt Equivalent of Unfunded Proj. Benefit Obligation	15.76M	-3.67M	5.8M	3.13M	-388K
Debt Equivalent Oper. Leases	272M	288M	304M	312M	328M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	165M	206M	234M	227M	235M
Inventories - Work In Process, Total	19.73M	19.9M	20.2M	21.8M	28.16M
Inventories - Finished Goods, Total	171M	230M	262M	228M	310M
Land - (BS)	36.43M	34.66M	35.64M	40.94M	43.77M
Buildings, Total	446M	445M	489M	548M	566M
Machinery, Total	622M	640M	748M	753M	824M
Full Time Employees	7.8K	8.2K	7.9K	7.6K	7.9K
Accumulated Allowance for Doubtful Accounts (Supple)	13.23M	14.31M	19.34M	14.27M	12.07M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	693M	708M	642M	638M	643M
Depreciation & Amortization - CF	71.56M	72M	84.62M	87.02M	88.14M
Amortization of Goodwill and Intangible Assets - (CF)	60.12M	58.42M	81.28M	105M	118M
Depreciation & Amortization, Total	132M	130M	166M	192M	206M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-9.71M	-	-742K	-	-
Asset Writedown & Restructuring Costs	-	10M	-	-	-
Stock-Based Compensation (CF)	29.92M	42.56M	36.87M	44.71M	54.13M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	16.63M	-31.99M	-1.2M	-877K	-17.06M
Change In Accounts Receivable	-62.45M	-138M	49.18M	-66.24M	-55.5M
Change In Inventories	-67.25M	-102M	-45.44M	20.94M	-65.93M
Change In Accounts Payable	46.11M	60.98M	-79.52M	61.58M	-89.01M
Change in Unearned Revenues	37.84M	12.86M	10.43M	6.16M	957K
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-68.35M	-81.17M	-175M	-134M	-23.9M
Cash from Operations	747M	612M	603M	762M	653M
Capital Expenditure	-161M	-176M	-161M	-142M	-113M
Sale of Property, Plant, and Equipment	-	-	-	-	2.84M
Cash Acquisitions	-	-	-1.28B	-	-35.05M
Sale (Purchase) of Intangible assets	-7M	-7.54M	-	-	-
Investment in Marketable and Equity Securities, Total	-63.36M	75.49M	721K	-1.54M	-7.3M
Cash from Investing	-232M	-108M	-1.44B	-144M	-152M
Long-Term Debt Issued, Total	510M	205M	1.45B	170M	70M
Total Debt Issued	510M	205M	1.45B	170M	70M
Long-Term Debt Repaid, Total	-350M	-145M	-670M	-900M	-290M
Total Debt Repaid	-350M	-145M	-670M	-900M	-290M
Issuance of Common Stock	55.64M	42.8M	29.79M	30.37M	20.79M
Repurchase of Common Stock	-649M	-626M	-70.28M	-13.54M	-14.67M
Other Financing Activities, Total	-4.99M	13.63M	15.44M	16.5M	-23.33M
Cash from Financing	-438M	-510M	755M	-697M	-237M
Foreign Exchange Rate Adjustments	-12.83M	-14.77M	-948K	7.92M	-621K
Net Change in Cash	64.54M	-20.7M	-85.45M	-70.66M	262M
Supplemental Items
Cash Interest Paid	42.41M	48.08M	94.1M	92.1M	44.65M
Cash Income Tax Paid (Refund)	154M	160M	243M	183M	244M
Levered Free Cash Flow	406M	345M	444M	627M	427M
Unlevered Free Cash Flow	434M	376M	505M	683M	471M
Change In Net Working Capital	76.39M	166M	71.93M	-65.6M	232M
Net Debt Issued / Repaid	160M	60M	780M	-730M	-220M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	17.41	17.32	13.54	11.4	11.52
Return on Total Capital	27.9	26.64	18.52	14.66	14.53
Return On Equity %	231.06	162.32	77.62	42.82	29.28
Return on Common Equity	231.06	162.32	77.62	42.82	29.28
Margin Analysis
Gross Profit Margin %	58.49	58	59.57	59.43	59.28
SG&A Margin	22.51	22.13	23.59	23.34	23.54
EBITDA Margin %	34.4	34.12	34.58	34.79	34.56
EBITA Margin %	31.83	31.7	31.71	31.85	31.78
EBIT Margin %	29.68	29.73	28.97	28.31	28.05
Income From Continuing Operations Margin %	24.87	23.81	21.72	21.56	20.3
Net Income Margin %	24.87	23.81	21.72	21.56	20.3
Net Avail. For Common Margin %	24.87	23.81	21.72	21.56	20.3
Normalized Net Income Margin	17.75	17.8	16.39	16.19	16.58
Levered Free Cash Flow Margin	14.56	11.61	15.01	21.2	13.5
Unlevered Free Cash Flow Margin	15.57	12.64	17.1	23.09	14.87
Asset Turnover
Asset Turnover	0.94	0.93	0.75	0.64	0.66
Fixed Assets Turnover	4.57	4.57	4.25	4.08	4.37
Receivables Turnover (Average Receivables)	4.7	4.45	4.15	4.12	4.05
Inventory Turnover (Average Inventory)	3.5	3.08	2.46	2.42	2.46
Short Term Liquidity
Current Ratio	2.39	2.24	2.22	2.11	1.73
Quick Ratio	1.74	1.53	1.39	1.34	1.14
Operating Cash Flow to Current Liabilities	1.1	0.78	0.76	0.97	0.53
Days Sales Outstanding (Average Receivables)	77.69	82.01	87.97	88.8	90.07
Days Outstanding Inventory (Average Inventory)	104.21	118.7	148.41	151.48	148.63
Average Days Payable Outstanding	25.53	25.74	25.87	29.1	26.86
Cash Conversion Cycle (Average Days)	156.37	174.97	210.51	211.18	211.84
Long Term Solvency
Total Debt/Equity	437.15	330.67	213.47	93.14	60.28
Total Debt / Total Capital	81.38	76.78	68.1	48.22	37.61
LT Debt/Equity	429.56	315.52	206.71	91.74	41.11
Long-Term Debt / Total Capital	79.97	73.26	65.94	47.5	25.65
Total Liabilities / Total Assets	88.12	84.63	75.14	59.85	49.55
EBIT / Interest Expense	18.4	18.11	8.66	9.34	12.77
EBITDA / Interest Expense	22.08	21.52	10.72	11.91	16.32
(EBITDA - Capex) / Interest Expense	18.5	17.91	9.1	10.32	14.7
Total Debt / EBITDA	1.62	1.59	2.32	1.59	1.36
Net Debt / EBITDA	1.05	1.13	1.94	1.29	0.84
Total Debt / (EBITDA - Capex)	1.93	1.91	2.73	1.84	1.51
Net Debt / (EBITDA - Capex)	1.25	1.36	2.29	1.49	0.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	17.78	6.68	-0.52	0.07	6.99
Gross Profit, 1 Yr. Growth %	19.92	5.8	2.17	-0.17	6.73
EBITDA, 1 Yr. Growth %	19.06	5.81	0.81	-1.14	4.46
EBITA, 1 Yr. Growth %	20.45	6.23	-0.47	-1.49	4.75
EBIT, 1 Yr. Growth %	21.65	6.88	-3.09	-4.32	3.77
Earnings From Cont. Operations, 1 Yr. Growth %	32.84	2.15	-9.26	-0.69	0.75
Net Income, 1 Yr. Growth %	32.84	2.15	-9.26	-0.69	0.75
Normalized Net Income, 1 Yr. Growth %	22.49	6.99	-8.43	-3.5	7.07
Diluted EPS Before Extra, 1 Yr. Growth %	33.61	5.01	-7.59	-1.2	0.47
Accounts Receivable, 1 Yr. Growth %	6.86	17.99	-2.87	4.44	13.02
Inventory, 1 Yr. Growth %	17.03	27.97	13.28	-7.55	19.93
Net Property, Plant and Equip., 1 Yr. Growth %	7.73	5.7	8.22	0.24	-0.36
Total Assets, 1 Yr. Growth %	8.98	6.03	41	-1.58	11.48
Tangible Book Value, 1 Yr. Growth %	-33.59	-51	411.81	-95.52	-1.99K
Common Equity, 1 Yr. Growth %	58.33	37.26	128.02	58.95	40.07
Cash From Operations, 1 Yr. Growth %	-5.47	-18.15	-1.45	26.43	-14.38
Capital Expenditures, 1 Yr. Growth %	-6.45	9.09	-8.69	-11.3	-20.87
Levered Free Cash Flow, 1 Yr. Growth %	-28.19	-14.89	28.53	37.66	-33.08
Unlevered Free Cash Flow, 1 Yr. Growth %	-27.17	-13.37	34.54	32.05	-32.22
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.59	12.09	3.02	-0.23	3.47
Gross Profit, 2 Yr. CAGR %	8.04	12.64	3.97	0.99	3.22
EBITDA, 2 Yr. CAGR %	7.97	14.17	3.28	0.75	3.15
EBITA, 2 Yr. CAGR %	7.44	15.25	2.82	0.01	3.25
EBIT, 2 Yr. CAGR %	7.4	16.36	1.77	-2.65	1.47
Earnings From Cont. Operations, 2 Yr. CAGR %	8.16	16.49	-3.72	-5.07	0.03
Net Income, 2 Yr. CAGR %	8.16	16.49	-3.72	-5.07	0.03
Normalized Net Income, 2 Yr. CAGR %	7.23	16.95	-1.02	-4.85	3.68
Diluted EPS Before Extra, 2 Yr. CAGR %	13.37	18.45	-1.49	-4.45	-0.37
Accounts Receivable, 2 Yr. CAGR %	2.1	12.29	7.06	0.72	8.65
Inventory, 2 Yr. CAGR %	5.4	22.38	20.4	2.34	5.3
Net Property, Plant and Equip., 2 Yr. CAGR %	11.3	6.71	6.95	4.15	-0.06
Total Assets, 2 Yr. CAGR %	10.02	7.49	22.27	17.8	4.75
Tangible Book Value, 2 Yr. CAGR %	-37.97	-42.95	58.37	-52.13	-8.06
Common Equity, 2 Yr. CAGR %	30.36	47.42	76.91	90.38	49.21
Cash From Operations, 2 Yr. CAGR %	7.8	-12.04	-10.18	11.62	4.04
Capital Expenditures, 2 Yr. CAGR %	-0.78	1.02	-0.2	-10	-16.22
Levered Free Cash Flow, 2 Yr. CAGR %	5.37	-20.63	4.59	34.78	-2.29
Unlevered Free Cash Flow, 2 Yr. CAGR %	4.68	-19.42	7.96	34.85	-3.86
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.81	7.29	7.72	2.02	2.12
Gross Profit, 3 Yr. CAGR %	4.51	7.29	9.03	2.57	2.87
EBITDA, 3 Yr. CAGR %	6.22	7.25	9.53	2.41	2.56
EBITA, 3 Yr. CAGR %	6.14	7.04	9.75	2.04	2.21
EBIT, 3 Yr. CAGR %	6.15	7.23	9.48	0.43	0.16
Earnings From Cont. Operations, 3 Yr. CAGR %	5.28	6.12	7.18	-2.72	-3.17
Net Income, 3 Yr. CAGR %	5.28	6.12	7.18	-2.72	-3.17
Normalized Net Income, 3 Yr. CAGR %	5.1	7.15	7.79	-1.06	-0.27
Diluted EPS Before Extra, 3 Yr. CAGR %	13.45	10.52	9.05	-1.39	-2.84
Accounts Receivable, 3 Yr. CAGR %	2.54	7.14	6.99	6.18	4.66
Inventory, 3 Yr. CAGR %	6.89	12.44	19.27	10.25	7.89
Net Property, Plant and Equip., 3 Yr. CAGR %	22.63	9.4	7.21	4.67	2.63
Total Assets, 3 Yr. CAGR %	-6.01	8.67	17.67	13.74	15.66
Tangible Book Value, 3 Yr. CAGR %	-31.31	-42.66	18.54	-51.75	62.95
Common Equity, 3 Yr. CAGR %	-38.33	32.62	70.49	70.71	71.87
Cash From Operations, 3 Yr. CAGR %	7.33	-1.66	-8.64	0.66	2.18
Capital Expenditures, 3 Yr. CAGR %	18.84	2.4	-2.33	-4.04	-13.78
Levered Free Cash Flow, 3 Yr. CAGR %	5.76	-1.87	-6.79	15.63	7.36
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.13	-1.72	-4.4	16.35	7.8
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.15	5.18	4.09	4.22	6
Gross Profit, 5 Yr. CAGR %	5.01	4.82	4.29	4.72	6.67
EBITDA, 5 Yr. CAGR %	5.74	5.28	5.03	4.6	7.06
EBITA, 5 Yr. CAGR %	5.66	5.45	4.8	4.17	7.24
EBIT, 5 Yr. CAGR %	5.63	5.44	4.38	3.16	6.35
Earnings From Cont. Operations, 5 Yr. CAGR %	5.85	103.44	1.58	1.5	4.26
Net Income, 5 Yr. CAGR %	5.85	103.44	1.58	1.5	4.26
Normalized Net Income, 5 Yr. CAGR %	5.56	5.2	2.6	2.18	6.29
Diluted EPS Before Extra, 5 Yr. CAGR %	11.75	115.91	7.22	4.27	5.18
Accounts Receivable, 5 Yr. CAGR %	4.6	6.25	4.32	4.53	7.65
Inventory, 5 Yr. CAGR %	6.27	11.01	12.1	8.29	13.47
Net Property, Plant and Equip., 5 Yr. CAGR %	13.42	13.87	16.1	7.27	4.24
Total Assets, 5 Yr. CAGR %	-7.87	-9.23	4.42	12.23	12.32
Tangible Book Value, 5 Yr. CAGR %	-29.08	-37.8	-4.06	-46.65	7.08
Common Equity, 5 Yr. CAGR %	-30.71	-25.74	-6	53.26	61.64
Cash From Operations, 5 Yr. CAGR %	3.05	-2.6	-0.05	3.45	-3.76
Capital Expenditures, 5 Yr. CAGR %	11.17	15.53	10.83	-2.75	-8.14
Levered Free Cash Flow, 5 Yr. CAGR %	0.01	-7.14	5.29	11.41	-4.86
Unlevered Free Cash Flow, 5 Yr. CAGR %	0.01	-6.85	6.25	11.54	-4.05