Waters Corporation (WAT) quarterly cash flow statement — complete operating, investing & financing history
Waters Corporation (WAT) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 200M | -3M | 164.55M | 187.31M | 41.14M | 259.55M | 240.14M | 204.58M | 54.53M | 262.87M | 230.12M | 157.82M | 18.12M | 196.75M | 198.71M | 158.09M | 56.98M | 197.96M | 217.94M | 167.89M |
| Operating CF Margin % | 12.16% | -0.24% | 17.65% | 23.42% | 5.33% | 39.22% | 27.52% | 27.63% | 7.7% | 41.28% | 28.08% | 22.18% | 2.45% | 28.74% | 23.15% | 22.31% | 7.98% | 28.67% | 26.06% | 25.47% |
| Operating CF Growth % | 386.13% | -101.16% | -31.48% | -8.44% | -24.56% | -1.26% | 4.35% | 29.63% | 200.99% | 33.61% | 15.81% | -0.17% | -68.2% | -0.61% | -8.82% | -5.84% | -60.17% | -9.36% | -18.52% | -2.72% |
| Net Income | -136M | -72M | 225.21M | 148.92M | 147.11M | 121.38M | 231.4M | 161.5M | 142.74M | 102.2M | 216.21M | 134.55M | 150.55M | 140.92M | 227.06M | 156M | 164.86M | 159.83M | 216.24M | 161.19M |
| Depreciation & Amortization | 301M | 207M | 52.54M | 52.68M | 51.65M | 49.37M | 48.58M | 47.51M | 47.23M | 48.51M | 48.06M | 47.81M | 38.88M | 31.15M | 31.32M | 32.21M | 34.23M | 32.66M | 33.75M | 33.18M |
| Stock-Based Compensation | 25M | 20M | 14.5M | 13.65M | 13.1M | 12.88M | 11.72M | 10.65M | 11.43M | 10.91M | 4.64M | 8.49M | 10.93M | 12.8M | 11.63M | 10.21M | 9.79M | 10.93M | 7.97M | 6.35M |
| Deferred Taxes | 0 | -1M | 2.62M | -19.15M | -429K | 2.31M | 1.09M | -5.92M | -495K | 4.45M | -1.46M | 6.7M | -1.36M | -5.08M | -11.15M | -8.31M | -16.7M | 4.17M | 7.41M | 3.11M |
| Other Non-Cash Items | 154M | 99M | -2.4M | -105.46M | 0 | 0 | 0 | 0 | 0 | 0 | -91K | -651K | 0 | 0 | 11.15M | 8.31M | 16.7M | -4.17M | -7.41M | -3.11M |
| Working Capital Changes | -144M | -256M | -127.92M | 96.67M | -170.29M | 73.62M | -52.64M | -9.15M | -146.37M | 96.79M | -37.23M | -39.08M | -180.89M | 16.95M | -71.31M | -40.33M | -151.9M | -5.47M | -40.02M | -32.83M |
| Change in Receivables | 0 | -533M | -81.62M | -16.75M | 9.81M | 33.06M | -93.7M | -42.19M | 7.05M | 62.59M | -51.15M | 50.05M | 6.23M | 44.05M | -98.78M | 18.28M | -56.47M | -907K | -85.92M | 4.49M |
| Change in Inventory | 0 | -33M | 23K | -30.29M | -9.69M | -25.98M | 22.98M | 14.68M | 11.6M | -28.31M | 35.97M | -17.81M | -20.99M | -42.62M | 11.31M | -48.14M | -38.24M | -26.83M | 26.63M | -43.01M |
| Change in Payables | 0 | 235M | 25.24M | 49.84M | -134.09M | -30M | 25.1M | 67.69M | -12.79M | -18.42M | 50.54M | -7.23M | -51.58M | -71.26M | 65.94M | 27.25M | 37.35M | -69.55M | 50.88M | 30.56M |
| Cash from Investing | 2M | 95M | -42.13M | -25.52M | -58.35M | -26.25M | -52.11M | -26.05M | -36.12M | -29.74M | -37.94M | -37.4M | -1.33B | -34.41M | -62.18M | -38.38M | -18.67M | 18.99M | 16.8M | 32.68M |
| Capital Expenditures | -49M | -39M | -38.97M | -25.44M | -22.59M | -25.74M | -52.1M | -25.62M | -36.1M | -28.66M | -41.59M | -38.05M | -46.61M | -34.39M | -62.18M | -41.63M | -39.27M | -27.75M | -44.65M | -39.73M |
| CapEx % of Revenue | 2.98% | 3.08% | 4.18% | 3.18% | 2.93% | 3.89% | 5.97% | 3.46% | 5.1% | 4.5% | 5.08% | 5.35% | 6.29% | 5.02% | 7.24% | 5.88% | 5.5% | 4.02% | 5.34% | 6.03% |
| Acquisitions | 0 | 144M | 0 | -84K | -34.46M | -506K | 0 | -425K | 0 | -1.06M | 3.55M | 651K | -1.29B | 0 | 0 | -611K | -20.6M | 6.79M | -921K | -867K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 51M | 0 | 2.84M | 0 | -506K | 0 | -9K | 0 | 0 | 0 | 91K | -651K | 0 | 0 | 8.9M | 611K | 20.6M | -4.9M | 921K | 0 |
| Cash from Financing | -123M | -213M | 3.34M | -66.27M | -1.03M | -173.25M | -193.58M | -176.88M | -34.04M | -292.18M | -130.49M | -113.53M | 1.16B | -159.21M | -111.45M | -88.01M | -82.77M | -227.41M | -254.37M | -135.72M |
| Debt Issued (Net) | -128M | -195M | 46.68M | -2.99M | -4.51M | -170M | -200M | -180M | -50M | -300M | -150M | -125M | 1.15B | -94.96M | 30M | 60M | 40M | -70M | -100M | 5.1M |
| Equity Issued (Net) | 11M | -9M | 5.03M | 2.67M | 4.12M | -13.93M | -66K | -141K | -245K | -13.09M | 156K | -692K | -236K | -69.5M | -148.89M | -155.22M | -151.81M | -170.14M | -156.24M | -151.19M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2M | -12M | -144K | -214K | -375K | -13.93M | -66K | -141K | -245K | -13.09M | 156K | -692K | -236K | -69.5M | -148.89M | -155.22M | -151.81M | -170.14M | -156.24M | -151.19M |
| Other Financing | -6M | -9M | -48.37M | -65.95M | -639K | 10.69M | 6.49M | 3.26M | 16.21M | 20.91M | 19.36M | 12.17M | 8.45M | 5.25M | 7.45M | 7.22M | 29.04M | 12.72M | 1.87M | 10.37M |
| Net Change in Cash | 76M | -126M | 128.71M | 91.9M | -15.66M | 57.52M | -6.09M | 4.09M | -10.86M | -57.79M | 58.66M | 6.72M | -156.38M | 5.54M | 36.89M | 24.74M | -61.17M | -21.16M | -23.47M | 64.65M |
| Free Cash Flow | 151M | -42M | 125.58M | 161.87M | 18.55M | 233.81M | 188.03M | 178.96M | 18.43M | 234.22M | 188.53M | 119.77M | -28.49M | 162.36M | 136.53M | 116.46M | 17.71M | 165.31M | 173.29M | 128.17M |
| FCF Margin % | 9.18% | -3.31% | 13.47% | 20.24% | 2.4% | 35.33% | 21.55% | 24.17% | 2.6% | 36.78% | 23.01% | 16.83% | -3.85% | 23.71% | 15.9% | 16.44% | 2.48% | 23.94% | 20.72% | 19.44% |
| FCF Growth % | 714.15% | -117.96% | -33.21% | -9.55% | 0.63% | -0.17% | -0.26% | 49.42% | 164.69% | 44.26% | 38.09% | 2.84% | -260.87% | -1.79% | -21.21% | -9.13% | -82.05% | -7.6% | -21.39% | -11.16% |
| FCF per Share | 1537.62 | -0.51 | 2.10 | 2.71 | 0.31 | 3.92 | 3.15 | 3.01 | 0.31 | 3.94 | 3.18 | 2.02 | -0.48 | 2.74 | 2.29 | 1.94 | 0.29 | 2.71 | 2.82 | 2.07 |
| FCF Conversion (FCF/Net Income) | -1.47x | 0.04x | 0.73x | 1.26x | 0.28x | 2.14x | 1.04x | 1.27x | 0.38x | 2.57x | 1.06x | 1.17x | 0.12x | 1.40x | 0.88x | 1.01x | 0.35x | 1.24x | 1.01x | 1.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |