Waters Corporation (WAT) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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WAT Revenue Growth
Revenue Breakdown (FY 2025)
WAT's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
WAT Revenue Analysis (2014–2025)
As of May 8, 2026, Waters Corporation (WAT) generated trailing twelve-month (TTM) revenue of $3.77 billion, reflecting explosive growth of +91.5% year-over-year. The most recent quarter (Q1 2026) recorded $1.27 billion in revenue, up 35.9% sequentially.
Looking at the longer-term picture, WAT's 5-year compound annual growth rate (CAGR) stands at +6.0%, indicating steady revenue expansion. The company achieved its highest annual revenue of $3.17 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows WAT's business is primarily driven by Waters Instrument Systems (35%), Waters Service (34%), and Chemistry Consumables (20%).
When compared to Healthcare sector peers including A (+8.1% YoY), BRKR (+0.4% YoY), and MTSI (+27.0% YoY), WAT has outperformed the peer group in terms of revenue growth. Compare WAT vs A →
WAT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| WATCurrent | $3.8B | +91.5% | +6.0% | 28.2% | |
 A | $6.9B | +8.1% | +5.4% | 21.3% | |
 BRKR | $3.4B | +0.4% | +11.6% | 6.9% | |
 MTSI | $967M | +27.0% | +12.8% | 13.4% | |
 SHIM | $493M | +6.3% | - | -3.9% | |
 TMO | $44.6B | +5.4% | +6.7% | 18.2% |
WAT Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $3.17B | +7.0% | $1.83B | 57.8% | $893.2M | 28.2% |
| 2024 | $2.96B | +0.1% | $1.76B | 59.4% | $826.4M | 27.9% |
| 2023 | $2.96B | -0.5% | $1.76B | 59.6% | $817.7M | 27.7% |
| 2022 | $2.97B | +6.7% | $1.72B | 58.0% | $873.4M | 29.4% |
| 2021 | $2.79B | +17.8% | $1.63B | 58.5% | $821.7M | 29.5% |
| 2020 | $2.37B | -1.7% | $1.36B | 57.4% | $645.5M | 27.3% |
| 2019 | $2.41B | -0.6% | $1.40B | 58.0% | $708.5M | 29.4% |
| 2018 | $2.42B | +4.8% | $1.43B | 59.0% | $739.8M | 30.6% |
| 2017 | $2.31B | +6.5% | $1.36B | 59.0% | $662.2M | 28.7% |
| 2016 | $2.17B | +6.1% | $1.28B | 58.9% | $625.0M | 28.8% |
Full WAT Stock Analysis
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Start ComparisonWAT — Frequently Asked Questions
Quick answers to the most common questions about buying WAT stock.
Is WAT's revenue growth accelerating or slowing?
WAT revenue is accelerating at +91.5% year-over-year, exceeding the 5-year CAGR of +6.0%. TTM revenue reached $3.8B. Growth momentum has increased versus prior periods.
What is WAT's long-term revenue growth rate?
Waters Corporation's 5-year revenue CAGR of +6.0% reflects the sustained expansion pattern. Current YoY growth of +91.5% is above this long-term average.
How is WAT's revenue distributed by segment?
WAT reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.