Waters Corporation (WAT) quarterly income statement — complete revenue, gross profit & net income history
| Metric | 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 | Q2'21 |
|---|
| Sales/Revenue | 1.27B | 932.36M | 799.89M | 771.33M | 661.71M | 872.71M | 740.3M | 708.53M | 636.84M | 819.47M | 711.69M | 740.58M | 684.67M | 858.51M | 708.55M | 714.32M | 690.57M | 836.45M | 659.23M | 681.65M |
| Revenue Growth % | 91.48% | 6.83% | 8.05% | 8.86% | 3.9% | 6.5% | 4.02% | -4.33% | -6.99% | -4.55% | 0.44% | 3.68% | -0.85% | 2.64% | 7.48% | 4.79% | 13.48% | 6.33% | 11.02% | 31.09% |
| Cost of Goods Sold | 672M | 374.94M | 327.81M | 321.41M | 276.75M | 348.52M | 301.65M | 288.24M | 261.79M | 318.36M | 291.41M | 301.08M | 284.38M | 348.19M | 307.1M | 307.21M | 285.69M | 351M | 271.13M | 280.25M |
| COGS % of Revenue | 53.04% | 40.21% | 40.98% | 41.67% | 41.82% | 39.93% | 40.75% | 40.68% | 41.11% | 38.85% | 40.95% | 40.65% | 41.54% | 40.56% | 43.34% | 43.01% | 41.37% | 41.96% | 41.13% | 41.11% |
| Gross Profit | 595M | 557.42M | 472.08M | 449.93M | 384.96M | 524.2M | 438.65M | 420.29M | 375.05M | 501.11M | 420.29M | 439.5M | 400.29M | 510.32M | 401.45M | 407.11M | 404.89M | 485.44M | 388.11M | 401.39M |
| Gross Margin % | 46.96% | 59.79% | 59.02% | 58.33% | 58.18% | 60.07% | 59.25% | 59.32% | 58.89% | 61.15% | 59.05% | 59.35% | 58.46% | 59.44% | 56.66% | 56.99% | 58.63% | 58.04% | 58.87% | 58.89% |
| Gross Profit Growth % | 54.56% | 6.34% | 7.62% | 7.05% | 2.64% | 4.61% | 4.37% | -4.37% | -6.31% | -1.8% | 4.69% | 7.96% | -1.13% | 5.12% | 3.44% | 1.43% | 14.25% | 4.15% | 17.1% | 30.81% |
| Operating Expenses | 642M | 246.84M | 279.97M | 261.71M | 233.22M | 231.94M | 227.52M | 231.17M | 241.21M | 236.89M | 240.86M | 239.64M | 226.13M | 224.04M | 209.44M | 207.48M | 209.42M | 223.25M | 196.29M | 204.97M |
| OpEx % of Revenue | 50.67% | 26.48% | 35% | 33.93% | 35.24% | 26.58% | 30.73% | 32.63% | 37.88% | 28.91% | 33.84% | 32.36% | 33.03% | 26.1% | 29.56% | 29.05% | 30.33% | 26.69% | 29.78% | 30.07% |
| Selling, General & Admin | 394M | 196.74M | 214.23M | 201.26M | 174.88M | 173.27M | 169.1M | 173.25M | 174.54M | 180.36M | 186.75M | 186.95M | 181.96M | 174.26M | 164.42M | 161.88M | 157.47M | 173.01M | 152.54M | 158.21M |
| SG&A % of Revenue | 31.1% | 21.1% | 26.78% | 26.09% | 26.43% | 19.85% | 22.84% | 24.45% | 27.41% | 22.01% | 26.24% | 25.24% | 26.58% | 20.3% | 23.2% | 22.66% | 22.8% | 20.68% | 23.14% | 23.21% |
| Research & Development | 96M | 50.1M | 53.64M | 48.55M | 46.62M | 46.91M | 45.34M | 46.18M | 44.59M | 44.39M | 41.99M | 45.87M | 42.69M | 48.28M | 43.44M | 44.01M | 40.47M | 43.33M | 41.99M | 44.95M |
| R&D % of Revenue | 7.58% | 5.37% | 6.71% | 6.29% | 7.05% | 5.38% | 6.12% | 6.52% | 7% | 5.42% | 5.9% | 6.19% | 6.24% | 5.62% | 6.13% | 6.16% | 5.86% | 5.18% | 6.37% | 6.59% |
| Other Operating Expenses | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | -47M | 310.58M | 192.11M | 188.21M | 151.75M | 292.26M | 211.13M | 189.11M | 133.85M | 264.22M | 179.43M | 199.86M | 174.17M | 286.28M | 192.01M | 199.63M | 195.47M | 262.2M | 191.81M | 196.42M |
| Operating Margin % | -3.71% | 33.31% | 24.02% | 24.4% | 22.93% | 33.49% | 28.52% | 26.69% | 21.02% | 32.24% | 25.21% | 26.99% | 25.44% | 33.35% | 27.1% | 27.95% | 28.31% | 31.35% | 29.1% | 28.82% |
| Operating Income Growth % | -130.97% | 6.27% | -9.01% | -0.48% | 13.37% | 10.61% | 17.67% | -5.38% | -23.15% | -7.71% | -6.55% | 0.11% | -10.9% | 9.19% | 0.1% | 1.63% | 14.13% | -0.57% | 21.11% | 26.63% |
| EBITDA | 105M | 363.12M | 244.79M | 239.86M | 201.11M | 340.84M | 258.64M | 236.34M | 182.36M | 312.28M | 227.23M | 238.74M | 205.32M | 317.6M | 224.22M | 233.86M | 228.13M | 295.95M | 225M | 229.81M |
| EBITDA Margin % | 8.29% | 38.95% | 30.6% | 31.1% | 30.39% | 39.05% | 34.94% | 33.36% | 28.64% | 38.11% | 31.93% | 32.24% | 29.99% | 36.99% | 31.65% | 32.74% | 33.04% | 35.38% | 34.13% | 33.71% |
| EBITDA Growth % | -47.79% | 6.54% | -5.35% | 1.49% | 10.28% | 9.14% | 13.82% | -1.01% | -11.18% | -1.67% | 1.34% | 2.09% | -10% | 7.31% | -0.34% | 1.76% | 12.59% | -0.68% | 18.88% | 23.47% |
| D&A (Non-Cash Add-back) | 152M | 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 | 33.39M |
| EBIT | -46M | 272.8M | 196.76M | 192.04M | 157.16M | 295.98M | 215.05M | 193.14M | 140.38M | 268.3M | 183.64M | 203.55M | 179.62M | 289.39M | 195.8M | 203.69M | 197.75M | 263.2M | 193.76M | 209.44M |
| Net Interest Income | -42M | -8.62M | -21.93M | -9.85M | -10.38M | -14.44M | -17.18M | -19.4M | -21.25M | -26.07M | -26.56M | -19.23M | -10.38M | -10.41M | -9.52M | -8.89M | -8.95M | -9.01M | -8.53M | -8.33M |
| Interest Income | 0 | 0 | 4.71M | 4.51M | 3.89M | 4.56M | 4.26M | 4.33M | 4.27M | 4.64M | 3.88M | 4.04M | 4.06M | 3.48M | 2.9M | 2.53M | 2.11M | 1.87M | 2.55M | 3.7M |
| Interest Expense | 42M | 8.62M | 26.64M | 14.35M | 14.27M | 19M | 21.43M | 23.73M | 25.52M | 30.7M | 30.44M | 23.27M | 14.44M | 13.9M | 12.42M | 11.42M | 11.06M | 10.88M | 11.08M | 12.03M |
| Other Income/Expense | -41M | -46.4M | -22M | -10.52M | -8.86M | -15.28M | -17.52M | -19.7M | -18.99M | -26.62M | -26.23M | -19.58M | -8.99M | -10.79M | -8.63M | -7.36M | -8.78M | -9.88M | -9.14M | 992K |
| Pretax Income | -88M | 264.18M | 170.12M | 177.69M | 142.89M | 276.98M | 193.62M | 169.41M | 114.86M | 237.6M | 153.19M | 180.28M | 165.17M | 275.5M | 183.38M | 192.27M | 186.69M | 252.32M | 182.68M | 197.41M |
| Pretax Margin % | -6.95% | 28.33% | 21.27% | 23.04% | 21.59% | 31.74% | 26.15% | 23.91% | 18.04% | 28.99% | 21.53% | 24.34% | 24.12% | 32.09% | 25.88% | 26.92% | 27.03% | 30.17% | 27.71% | 28.96% |
| Income Tax | -16M | 38.97M | 21.2M | 30.58M | 21.51M | 45.59M | 32.11M | 26.68M | 12.66M | 21.39M | 18.64M | 29.72M | 24.25M | 48.43M | 27.38M | 27.41M | 26.86M | 36.08M | 21.49M | 30.12M |
| Effective Tax Rate % | 18.18% | 14.75% | 12.46% | 17.21% | 15.05% | 16.46% | 16.59% | 15.75% | 11.02% | 9% | 12.17% | 16.49% | 14.68% | 17.58% | 14.93% | 14.26% | 14.39% | 14.3% | 11.76% | 15.26% |
| Net Income | -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 | 167.29M |
| Net Margin % | -5.68% | 24.16% | 18.62% | 19.07% | 18.34% | 26.51% | 21.82% | 20.15% | 16.05% | 26.38% | 18.91% | 20.33% | 20.58% | 26.45% | 22.02% | 23.08% | 23.14% | 25.85% | 24.45% | 24.54% |
| Net Income Growth % | -159.32% | -2.67% | -7.79% | 3.06% | 18.77% | 7.03% | 20.03% | -5.19% | -27.48% | -4.78% | -13.75% | -8.68% | -11.83% | 5.01% | -3.22% | -1.45% | 7.9% | -0.95% | 27.15% | 36.09% |
| Net Income (Continuing) | -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 | 167.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.87 | 3.77 | 2.50 | 2.47 | 2.03 | 3.88 | 2.71 | 2.40 | 1.72 | 3.65 | 2.27 | 2.55 | 2.38 | 3.81 | 2.60 | 2.72 | 2.62 | 3.52 | 2.60 | 2.69 |
| EPS Growth % | -142.86% | -2.84% | -7.75% | 2.92% | 18.02% | 6.3% | 19.38% | -5.88% | -27.73% | -4.2% | -12.69% | -6.25% | -9.16% | 8.24% | 0% | 1.12% | 10.55% | 0.86% | 28.08% | 35.86% |
| EPS (Basic) | -0.87 | 3.78 | 2.50 | 2.47 | 2.04 | 3.90 | 2.72 | 2.41 | 1.73 | 3.66 | 2.28 | 2.56 | 2.38 | 3.83 | 2.61 | 2.74 | 2.64 | 3.55 | 2.63 | 2.71 |
| Diluted Shares Outstanding | 82.14M | 59.76M | 59.62M | 59.66M | 59.71M | 59.65M | 59.5M | 59.45M | 59.43M | 59.31M | 59.26M | 59.01M | 59.32M | 59.64M | 60.08M | 60.51M | 60.95M | 61.42M | 61.89M | 62.16M |
| Basic Shares Outstanding | 82.14M | 59.55M | 59.53M | 59.52M | 59.44M | 59.39M | 59.31M | 59.34M | 59.23M | 59.14M | 59.09M | 58.86M | 59.21M | 59.33M | 59.8M | 60.21M | 60.58M | 60.98M | 61.36M | 61.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |