Waters Corp. (WAT) financial statements: income statement, balance sheet and cash flow
Waters Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Waters Corp. reported revenue of $3.2B (+7.0% year on year) and net income of $642.6M (+0.8% year on year).
Income statement
Waters Corp. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total net sales
$3.2B
$3.0B
$3.0B
$3.0B
Costs and operating expenses
$1.3B
$1.2B
$1.2B
$1.2B
Selling and administrative expenses
$830.4M
$690.1M
$736.0M
$658.0M
Research and development expenses
$195.7M
$183.0M
$174.9M
$176.2M
Purchased intangibles amortization
$47.8M
$47.1M
$32.6M
$6.4M
Litigation provisions
$0
$11.6M
$0
$0
Total costs and operating expenses
$2.4B
$2.1B
$2.1B
$2.1B
Operating income
$802.6M
$826.4M
$817.7M
$873.4M
Other income, net
$3.1M
$776.0K
$807.0K
$2.2M
Interest expense
($69.5M)
($89.7M)
($98.9M)
($48.8M)
Interest income
$18.8M
$17.4M
$16.6M
$11.0M
Income before income taxes
$754.9M
$754.9M
$736.2M
$837.8M
Provision for income taxes
$112.2M
$117.0M
$94.0M
$130.1M
Net income
$642.6M
$637.8M
$642.2M
$707.8M
Net income per basic common share
$10.80
$10.75
$10.87
$11.80
Weighted-average number of basic common shares
59.5M
59.3M
59.1M
60.0M
Net income per diluted common share
$10.76
$10.71
$10.84
$11.73
Weighted-average number of diluted common shares and equivalents
59.7M
59.6M
59.3M
60.3M
Waters Corp. income statement, quarters
Line item
Jul 4, 2026 · Q3
Apr 4, 2026 · Q2
Sep 27, 2025 · Q3
Jun 28, 2025 · Q2
Total net revenues
$1.6B
$1.3B
$799.9M
$771.3M
Costs and operating expenses
$911.0M
$679.0M
$327.8M
$321.4M
Selling and administrative expenses
$405.0M
$387.0M
$214.2M
$201.3M
Research and development expenses
$122.0M
$96.0M
$53.6M
$48.5M
Purchased intangibles amortization
$244.0M
$152.0M
$12.1M
$11.9M
Restructuring charges
$49.0M
—
—
—
Total costs and operating expenses
$1.7B
$1.3B
$607.8M
$583.1M
Operating (loss) income
($86.0M)
($47.0M)
$192.1M
$188.2M
Other expense, net
$0
$1.0M
($70.0K)
($676.0K)
Interest expense
($60.0M)
($48.0M)
($26.6M)
($14.4M)
Interest income
$5.0M
$6.0M
$4.7M
$4.5M
(Loss) income before income taxes
($141.0M)
($88.0M)
$170.1M
$177.7M
Benefit (provision) for income taxes
$5.0M
$16.0M
$21.2M
$30.6M
Net (loss) income
($136.0M)
($72.0M)
$148.9M
$147.1M
Net (loss) income per basic common share
-$1.39
-$0.87
$2.50
$2.47
Weighted-average number of basic common shares
98.2B
82.1B
59.5M
59.5M
Net (loss) income per diluted common share
-$1.39
-$0.87
$2.50
$2.47
Weighted-average number of diluted common shares and equivalents
98.2B
82.1B
59.6M
59.7M
Balance sheet
Waters Corp. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$587.8M
$324.4M
$395.1M
$480.5M
Accounts receivable, net
$828.8M
$733.4M
$702.2M
$722.9M
Inventories
$572.4M
$477.3M
$516.2M
$455.7M
Other current assets
$158.6M
$133.1M
$138.5M
$103.9M
Total current assets
$2.1B
$1.7B
$1.8B
$1.8B
Property, plant and equipment, net
$642.0M
$651.2M
$639.1M
$582.2M
Intangible assets, net
$558.2M
$567.9M
$629.2M
$227.4M
Goodwill
$1.3B
$1.3B
$1.3B
$430.3M
Operating lease assets
$80.8M
$74.2M
$84.6M
$86.5M
Other assets
$307.8M
$295.7M
$215.7M
$191.1M
Total assets
$5.1B
$4.6B
$4.6B
$3.3B
Notes payable and debt
$460.0M
$0
$50.0M
$50.0M
Accounts payable
$103.8M
$99.9M
$84.7M
$93.3M
Accrued employee compensation
$99.7M
$94.0M
$69.4M
$103.3M
Deferred revenue and customer advances
$266.5M
$250.8M
$256.7M
$227.9M
Current operating lease liabilities
$31.1M
$25.5M
$27.8M
$26.4M
Accrued income taxes
$35.5M
$158.7M
$120.3M
$132.5M
Accrued warranty
$12.3M
$11.6M
$12.1M
$11.9M
Other current liabilities
$230.6M
$149.3M
$168.7M
$140.3M
Total current liabilities
$1.2B
$789.8M
$789.6M
$785.7M
Long-term debt
$947.4M
$1.6B
$2.3B
$1.5B
Long-term portion of retirement benefits
$43.9M
$44.6M
$47.6M
$38.2M
Long-term income tax liabilities
$34.1M
$30.3M
$137.1M
$248.5M
Long-term operating lease liabilities
$52.5M
$50.3M
$58.9M
$62.1M
Other long-term liabilities
$197.8M
$183.8M
$137.8M
$117.5M
Total long-term liabilities
$1.3B
$1.9B
$2.7B
$2.0B
Total liabilities
$2.5B
$2.7B
$3.5B
$2.8B
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at December 31, 2025 and December 31, 2024
$0.00
$0.00
$0.00
$0.00
Common stock, par value $0.01 per share, 400,000 shares authorized, 163,162 and 162,962 shares issued, 59,549 and 59,388 shares outstanding at December 31, 2025 and December 31, 2024, respectively
$1632000.00
$1630000.00
$1627000.00
$1624000.00
Additional paid-in capital
$2.4B
$2.3B
$2.3B
$2.2B
Retained earnings
$10.4B
$9.8B
$9.2B
$8.5B
Treasury stock, at cost, 103,613 and 103,574 shares at December 31, 2025 and December 31, 2024, respectively
-10.2B
-10.1B
-10.1B
-10.1B
Accumulated other comprehensive loss
($125.5M)
($155.3M)
($134.1M)
($141.6M)
Total stockholders' equity
$2.6B
$1.8B
$1.2B
$504.5M
Total liabilities and stockholders' equity
$5.1B
$4.6B
$4.6B
$3.3B
Waters Corp. balance sheet, quarters
Line item
Jul 4, 2026
Apr 4, 2026
Sep 27, 2025
Jun 28, 2025
Cash and cash equivalents
$539.0M
$462.0M
$459.1M
$367.2M
Accounts receivable, net
$2.0B
$1.8B
$748.5M
$730.1M
Inventories
$1.4B
$1.5B
$572.9M
$540.8M
Other current assets
$562.0M
$353.0M
$138.6M
$144.1M
Total current assets
$4.5B
$4.1B
$1.9B
$1.8B
Property, plant and equipment, net
$1.5B
$1.5B
$637.0M
$645.3M
Intangible assets, net
$8.5B
$8.8B
$570.8M
$579.1M
Goodwill
$9.4B
$9.3B
$1.3B
$1.3B
Operating lease assets
$366.0M
$356.0M
$76.4M
$79.3M
Other assets
$489.0M
$498.0M
$320.9M
$294.3M
Total assets
$24.8B
$24.5B
$4.9B
$4.7B
Notes payable
$200.0M
$360.0M
$460.0M
$260.0M
Accounts payable
$863.0M
$602.0M
$115.7M
$97.9M
Accrued employee compensation
$214.0M
$196.0M
$80.3M
$55.4M
Deferred revenue and customer advances
$495.0M
$520.0M
$301.3M
$333.9M
Current operating lease liabilities
$51.0M
$53.0M
$28.5M
$28.7M
Accrued income taxes
$10.0M
$47.0M
$56.4M
$32.1M
Accrued warranty
$21.0M
$22.0M
$11.6M
$11.9M
Other current liabilities
$545.0M
$473.0M
$197.5M
$196.2M
Total current liabilities
$2.4B
$2.3B
$1.3B
$1.0B
Long-term debt
$4.9B
$4.9B
$947.2M
$1.2B
Long-term deferred tax liabilities
$1.7B
$1.6B
—
—
Long-term operating lease liabilities
$317.0M
$302.0M
$50.5M
$52.7M
Long-term portion of retirement benefits
$59.0M
$57.0M
$47.7M
$45.9M
Long-term income tax liabilities
$32.0M
$28.0M
$30.9M
$26.8M
Other long-term liabilities
$158.0M
$156.0M
$204.3M
$219.8M
Total long-term liabilities
$7.2B
$7.0B
$1.3B
$1.5B
Total liabilities
$9.6B
$9.2B
$2.5B
$2.6B
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at July 4, 2026 and December 31, 2025
$0.00
$0.00
$0.00
$0.00
Common stock, par value $0.01 per share, 400,000 shares authorized, 201,881 and 163,162 shares issued, 98,225 and 59,549 shares outstanding at July 4, 2026 and December 31, 2025, respectively
$2000000.00
$2000000.00
$1631000.00
$1631000.00
Additional paid-in capital
$15.3B
$15.3B
$2.4B
$2.4B
Retained earnings
$10.2B
$10.4B
$10.2B
$10.1B
Treasury stock, at cost, 103,656 and 103,613 shares at July 4, 2026 and December 31, 2025, respectively
-10.2B
-10.2B
-10.2B
-10.2B
Accumulated other comprehensive loss
($166.0M)
($168.0M)
($111.2M)
($116.8M)
Total stockholders' equity
$15.2B
$15.3B
$2.3B
$2.2B
Total liabilities and stockholders' equity
$24.8B
$24.5B
$4.9B
$4.7B
Cash flow statement
Waters Corp. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$642.6M
$637.8M
$642.2M
$707.8M
Stock-based compensation
$54.1M
$44.7M
$36.9M
$42.6M
Deferred income taxes
($14.7M)
($877.0K)
($1.2M)
($32.0M)
Depreciation
$88.1M
$87.0M
$84.6M
$72.0M
Amortization of intangibles
$118.1M
$104.8M
$81.3M
$58.4M
Other adjustments
($2.4M)
—
—
—
(Increase) decrease in accounts receivable
($55.5M)
($66.2M)
$49.2M
($137.9M)
(Increase) decrease in inventories
($65.9M)
$20.9M
($45.4M)
($101.9M)
Increase in other current assets
($33.3M)
($9.5M)
($43.2M)
($23.1M)
Decrease (increase) in other assets
$21.7M
$4.7M
($26.3M)
($5.5M)
(Decrease) increase in accounts payable and other current liabilities
($89.0M)
$61.6M
($79.5M)
$61.0M
Increase in deferred revenue and customer advances
$957.0K
$6.2M
$10.4M
$12.9M
Decrease in other liabilities
($12.3M)
($128.9M)
($105.5M)
($52.6M)
Net cash provided by operating activities
$652.6M
$762.1M
$602.8M
$611.7M
Additions to property, plant, equipment and software capitalization
($112.7M)
($142.5M)
($160.6M)
($175.9M)
Asset and business acquisitions, net of cash acquired
($35.1M)
$0
($1.3B)
$0
Proceeds from (investments in) equity investments, net
($7.3M)
($1.5M)
$742.0K
$8.9M
Purchases of investments
$0
($3.7M)
($1.8M)
($11.4M)
Maturities and sales of investments
$0
$3.7M
$1.8M
$78.0M
Proceeds from sale of assets
$2.8M
—
—
—
Net cash used in investing activities
($152.3M)
($144.0M)
($1.4B)
($108.0M)
Proceeds from debt issuances
$70.0M
$170.0M
$1.5B
$205.0M
Payments on debt
($290.0M)
($900.0M)
($670.0M)
($145.0M)
Payments of debt issuance costs
($23.3M)
$0
($400.0K)
$0
Proceeds from stock plans
20.8M
30.4M
29.8M
42.8M
Purchases of treasury shares
-14.7M
-13.5M
-70.3M
-626.1M
(Payments for) proceeds from derivative contracts
($7.0K)
$16.5M
$15.8M
$13.6M
Net cash (used in) provided by financing activities
($237.2M)
($696.7M)
$755.0M
($509.6M)
Effect of exchange rate changes on cash and cash equivalents
($621.0K)
$7.9M
($948.0K)
($14.8M)
Increase (decrease) in cash and cash equivalents
$262.5M
($70.7M)
($85.5M)
($20.7M)
Cash and cash equivalents at beginning of period
$325.4M
$395.1M
$480.5M
$501.2M
Cash and cash equivalents at end of period
$587.8M
$324.4M
$395.1M
$480.5M
Interest paid
$44.6M
$92.1M
$94.1M
$48.1M
Income taxes paid
$244.2M
$183.3M
$243.3M
$160.1M
Waters Corp. cash flow statement, quarters
Line item
Jul 4, 2026 · YTD
Apr 4, 2026 · Q2
Sep 27, 2025 · YTD
Jun 28, 2025 · YTD
Net (loss) income
($208.0M)
($72.0M)
$417.4M
$268.5M
Stock-based compensation
$45.0M
$20.0M
$39.6M
$26.0M
Deferred income taxes
$114.0M
($1.0M)
($17.3M)
$1.9M
Depreciation
$71.0M
$36.0M
$66.2M
$43.9M
Amortization of intangibles
$437.0M
$171.0M
$87.5M
$57.1M
Amortization of acquisition-related inventory and fixed assets step-up recognized
$253.0M
—
—
—
(Increase) decrease in accounts receivable
($782.0M)
($533.0M)
$26.1M
$42.9M
Increase in inventories
($68.0M)
($33.0M)
($66.0M)
($35.7M)
Increase in other current assets
($354.0M)
($98.0M)
($9.8M)
($12.4M)
Decrease in other assets
$17.0M
$174.0M
$41.3M
$14.0M
Increase (decrease) in accounts payable and other current liabilities
$557.0M
$235.0M
($114.2M)
($164.1M)
Increase in deferred revenue and customer advances
$116.0M
$138.0M
$34.1M
$64.4M
Decrease in other liabilities
$0
($139.0M)
($17.0M)
($5.9M)
Net cash provided by operating activities
$198.0M
($3.0M)
$488.0M
$300.7M
Additions to property, plant, equipment and software capitalization
($87.0M)
($39.0M)
($73.8M)
($48.3M)
Cash acquired in business acquisition
$144.0M
$144.0M
—
—
Investments in unaffiliated companies, net
($10.0M)
($10.0M)
($1.3M)
($1.3M)
Change in deposit asset, related to deferred close entities
$51.0M
—
—
—
Net cash provided by (used in) investing activities
$97.0M
$95.0M
($110.1M)
($84.6M)
Proceeds from debt issuances
$3.7B
$3.5B
$70.0M
$70.0M
Payments on debt
($4.0B)
($3.7B)
($290.0M)
($240.0M)
Payments of debt issuance costs
($28.0M)
($25.0M)
($23.0M)
($4.5M)
Proceeds from stock plans
15.0M
3.0M
15.6M
12.7M
Purchases of treasury shares
-14.0M
-12.0M
-14.5M
-14.3M
(Payments for) proceeds from derivative contracts
($12.0M)
($9.0M)
$1.3M
$1.8M
Net cash used in financing activities
($337.0M)
($213.0M)
($240.5M)
($174.3M)
Effect of exchange rate changes on cash and cash equivalents