WATERS CORP /DE/
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 1,410 | 35.5 |
| Stockholders' equity | 2,561 | 64.5 |
| Total capitalization | 3,971 | 100.0 |
98,248,111 shares outstanding at 7 August 2026 (cover page of the 10-Q filed 11 August 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 1,410 |
| Long-term debt, noncurrent | 947 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 400,000,000 |
| Common shares issued | 163,162,000 |
| Treasury shares | 103,613,000 |
| Par or stated value per share ($) | 0.01 |
| Preferred stock ($ millions) | 0 |
| Outstanding at 8/7/26 | 98,248,111 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware.
BUSINESS: Classified by the SEC under Standard Industrial Classification 3826, Laboratory Analytical Instruments. Large accelerated filer. Principal executive office: 34 Maple St, Milford, MA 01757. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 3,165 | 2,958 | 2,956 |
| Cost of revenues | 1,289 | 1,200 | 1,195 |
| Research and development | 196 | 183 | 175 |
| Selling, general and administrative | 830 | 690 | 736 |
| Depreciation and amortization | 88 | 87 | 85 |
| Operating income | 803 | 826 | 818 |
| Interest expense | 70 | 90 | 99 |
| Income before income taxes | 755 | 755 | 736 |
| Income taxes | 112 | 117 | 94 |
| Net income | 643 | 638 | 642 |
| Earned per share, diluted ($) | 10.76 | 10.71 | 10.84 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 588 | 325 |
| Receivables, net | 829 | 733 |
| Inventories | 572 | 477 |
| Total current assets | 2,148 | 1,669 |
| Property, plant and equipment, net | 642 | 651 |
| Goodwill | 1,340 | 1,296 |
| Total assets | 5,077 | 4,554 |
| Total current liabilities | 1,239 | 790 |
| Long-term debt | 947 | 1,626 |
| Total liabilities | 2,515 | 2,725 |
| Stockholders' equity | 2,561 | 1,829 |
| Total liabilities and equity | 5,077 | 4,554 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 3,165 | 803 | 643 | 20.3 | 10.76 | – | 653 | 113 | 540 | 5,077 | 2,515 | 1,410 | 2,561 | 25.1 | 0.55 |
| 12/31/24 | 2,958 | 826 | 638 | 21.6 | 10.71 | – | 762 | 142 | 620 | 4,554 | 2,725 | 1,630 | 1,829 | 34.9 | 0.89 |
| 12/31/23 | 2,956 | 818 | 642 | 21.7 | 10.84 | – | 603 | 161 | 442 | 4,627 | 3,477 | 2,360 | 1,150 | 55.8 | 2.05 |
| 12/31/22 | 2,972 | 873 | 708 | 23.8 | 11.73 | – | 612 | – | – | 3,281 | 2,777 | 1,580 | 504 | 140.3 | 3.13 |
| 12/31/21 | 2,786 | 822 | 693 | 24.9 | 11.17 | – | 747 | – | – | 3,095 | 2,727 | 1,520 | 368 | 188.5 | 4.14 |
| 12/31/20 | 2,365 | 645 | 522 | 22.1 | 8.36 | – | 791 | – | – | 2,840 | 2,608 | 1,360 | 232 | 224.7 | 5.86 |
| 12/31/19 | 2,407 | 708 | 592 | 24.6 | 8.69 | – | 643 | – | – | 2,557 | 2,773 | 1,685 | (216) | -273.8 | -7.79 |
| 12/31/18 | 2,420 | 740 | 594 | 24.5 | 7.65 | – | 604 | – | – | 3,727 | 2,160 | 1,150 | 1,567 | 37.9 | 0.73 |
| 12/31/17 | 2,309 | 662 | 20 | 0.9 | 0.25 | – | 698 | – | – | 5,324 | 3,091 | 2,000 | 2,234 | 0.9 | 0.90 |
| 12/31/16 | 2,167 | 625 | 522 | 24.1 | 6.41 | – | 643 | – | – | 4,662 | 2,360 | 1,830 | 2,302 | 22.7 | 0.80 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
WATERS CORP /DE/
CIK 1000697 · EIN 13-3668640
PRINCIPAL OFFICE:
34 Maple St, Milford, MA 01757
Tel.: 5084782000
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
3826 · Laboratory Analytical Instruments
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 23 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/23/26) · 10-K FY2024 (filed 2/25/25) · 10-K FY2023 (filed 2/27/24) · 10-K FY2022 (filed 2/27/23) · 10-K FY2021 (filed 2/24/22) · 10-K FY2020 (filed 2/24/21) · 10-K FY2019 (filed 2/25/20) · 10-K/A FY2018 (filed 3/1/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.