Waters Corporation (WAT) Earnings History
Steady Earner31 years of earnings data (1995–2025) · Positive but moderate multi-year EPS trajectory
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Waters Corporation (WAT) Earnings Overview
As of October 17, 2026, Waters Corporation (WAT) reported trailing twelve-month net income of $166M, reflecting +0.5% year-over-year growth. The company earned $1691.75 per diluted share over the past four quarters, with a net profit margin of 20.3%.
Looking at the long-term picture, WAT's 5-year EPS compound annual growth rate (CAGR) stands at +5.2%, showing solid earnings momentum. The company achieved its highest annual net income of $708M in fiscal 2022.
Waters Corporation maintains industry-leading profitability with a gross margin of 57.8%, operating margin of 28.2%, and net margin of 20.3%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including A ($1.44B net income, 18.8% margin), BRKR (-$71M net income, -0.3% margin), MTSI ($241M net income, -5.6% margin), WAT has outperformed on profitability metrics. Compare WAT vs A →
WAT Earnings vs Peers
Earnings metrics vs comparable public companies
WAT Historical Earnings Data (1995–2025)
31 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $643M | +0.8% | $893M | $10.76 | 20.3% | 28.2% |
| 2024 | $638M | -0.7% | $826M | $10.71 | 21.6% | 27.9% |
| 2023 | $642M | -9.3% | $818M | $10.84 | 21.7% | 27.7% |
| 2022 | $708M | +2.2% | $873M | $11.73 | 23.8% | 29.4% |
| 2021 | $693M | +32.8% | $822M | $11.17 | 24.9% | 29.5% |
| 2020 | $522M | -11.9% | $645M | $8.36 | 22.1% | 27.3% |
| 2019 | $592M | -0.3% | $708M | $8.69 | 24.6% | 29.4% |
| 2018 | $594M | +2823.5% | $740M | $7.65 | 24.5% | 30.6% |
| 2017 | $20M | -96.1% | $662M | $0.25 | 0.9% | 28.7% |
| 2016 | $522M | +11.2% | $625M | $6.41 | 24.1% | 28.8% |
| 2015 | $469M | +8.7% | $567M | $5.65 | 23.0% | 27.8% |
| 2014 | $432M | -4.1% | $518M | $5.07 | 21.7% | 26.0% |
| 2013 | $450M | -2.5% | $517M | $5.20 | 23.6% | 27.2% |
| 2012 | $461M | +6.6% | $511M | $5.19 | 25.0% | 27.7% |
| 2011 | $433M | +13.4% | $529M | $4.69 | 23.4% | 28.6% |
| 2010 | $382M | +18.1% | $450M | $4.06 | 23.2% | 27.4% |
| 2009 | $323M | +0.3% | $395M | $3.34 | 21.6% | 26.3% |
| 2008 | $322M | +20.3% | $390M | $3.21 | 20.5% | 24.7% |
| 2007 | $268M | +20.6% | $349M | $2.62 | 18.2% | 23.7% |
| 2006 | $222M | +10.0% | $295M | $2.13 | 17.4% | 23.1% |
| 2005 | $202M | -9.9% | $283M | $1.74 | 17.4% | 24.4% |
| 2004 | $224M | +31.1% | $285M | $1.82 | 20.3% | 25.8% |
| 2003 | $171M | +15.7% | $219M | $1.34 | 17.8% | 22.9% |
| 2002 | $148M | +29.0% | $196M | $1.09 | 16.6% | 22.1% |
| 2001 | $115M | -21.2% | $150M | $0.83 | 13.3% | 17.4% |
| 2000 | $145M | +18.8% | $211M | $1.06 | 18.3% | 26.5% |
| 1999 | $122M | +64.4% | $177M | $0.92 | 17.4% | 25.1% |
| 1998 | $74M | +996.4% | $136M | $0.57 | 12.0% | 22.0% |
| 1997 | -$8M | -245.8% | $38M | $-0.07 | -1.8% | 8.1% |
| 1996 | -$2M | -220.0% | $70M | $-0.02 | -0.6% | 18.0% |
| 1995 | $2M | - | $56M | $0.01 | 0.6% | 16.9% |
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WAT — Frequently Asked Questions
Quick answers to the most common questions about buying WAT stock.
What is WAT earnings per share (EPS)?
WAT trailing twelve-month (TTM) diluted EPS is $1691.75, reflecting +0.5% year-over-year growth. The 5-year EPS CAGR is +5.2%. Complete EPS history from 1995 to 2025 is available in the table on this page.
What is Waters Corporation's net income?
Waters Corporation (WAT) trailing twelve-month net income is $166M as of 2025. Earnings grew +0.5% year-over-year. Waters Corporation has been profitable for 28 consecutive years.
Is WAT profitable?
Yes, WAT is profitable with a TTM net income of $166M and a net profit margin of +20.3%. Waters Corporation has generated profits for 28 consecutive years.
What is WAT's earnings growth rate?
WAT compound annual EPS growth rates (CAGR): 1-Year: +0.5%, 3-Year: -2.8%, 5-Year: +5.2%, 10-Year: +6.7%. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1995 to 2025.
What are WAT's profit margins?
Waters Corporation net profit margin is +20.3%, operating margin is +28.2%, and gross margin is +57.8%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +29.3%.
Is WAT growing earnings?
WAT earnings growth is slowing. Current YoY EPS growth of +0.5% trails the 5-year CAGR of +5.2%. TTM net income is $166M.
What was WAT's best earnings year?
Waters Corporation's highest annual net income on record is $708M, achieved in fiscal year 2022. Earnings history on this page spans 1995 to 2025 and includes all annual and quarterly figures.
What were WAT's earnings last quarter?
WAT's most recent reported quarter was Q2 2026. Net income was $-136M with diluted EPS of $-1.39. For a full breakdown of all quarters, see the quarterly earnings table on this page.