Waters Corporation (WAT) Revenue History
Annual and quarterly revenue from 1995 to present
WAT Revenue Over Time (1995–2025)
WAT Revenue Growth History
25 of 30 years with positive growth- FY1995 revenue growth
- N/A
- FY1996 revenue growth
- +17.4%
- FY1997 revenue growth
- +19.0%
- FY1998 revenue growth
- +32.9%
- FY1999 revenue growth
- +13.8%
- FY2000 revenue growth
- +12.9%
- FY2001 revenue growth
- +8.1%
- FY2002 revenue growth
- +3.6%
- FY2003 revenue growth
- +7.7%
- FY2004 revenue growth
- +15.3%
- FY2005 revenue growth
- +4.9%
- FY2006 revenue growth
- +10.5%
- FY2007 revenue growth
- +15.1%
- FY2008 revenue growth
- +6.9%
- FY2009 revenue growth
- -4.9%
- FY2010 revenue growth
- +9.7%
- FY2011 revenue growth
- +12.6%
- FY2012 revenue growth
- -0.4%
- FY2013 revenue growth
- +3.3%
- FY2014 revenue growth
- +4.5%
- FY2015 revenue growth
- +2.7%
- FY2016 revenue growth
- +6.1%
- FY2017 revenue growth
- +6.5%
- FY2018 revenue growth
- +4.8%
- FY2019 revenue growth
- -0.6%
- FY2020 revenue growth
- -1.7%
- FY2021 revenue growth
- +17.8%
- FY2022 revenue growth
- +6.7%
- FY2023 revenue growth
- -0.5%
- FY2024 revenue growth
- +0.1%
- FY2025 revenue growth
- +7.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $1.27B | +91.5% |
| Q4 2025 | $932.4M | +6.8% |
| Q3 2025 | $799.9M | +8.0% |
| Q2 2025 | $771.3M | +8.9% |
| Q1 2025 | $661.7M | +3.9% |
| Q4 2024 | $872.7M | +6.5% |
| Q3 2024 | $740.3M | +4.0% |
| Q2 2024 | $708.5M | -4.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
WAT's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
WAT Revenue Analysis (1995–2025)
Current Revenue & Growth
As of June 22, 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.
Historical Growth Trajectory
WAT's 5-year compound annual growth rate (CAGR) stands at +6.0%, indicating steady revenue expansion. The 3-year CAGR of +2.1% is below the 5-year average, signalling a growth deceleration in recent years. Waters Corporation's highest annual revenue of $3.17 billion was recorded in 2025, an all-time high.
Revenue by Segment
WAT's revenue is primarily driven by Waters Instrument Systems (35%), Waters Service (34%), and Chemistry Consumables (20%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Healthcare sector peers — including A (+9.1% YoY), BRKR (+0.4% YoY), and MTSI (+27.0% YoY) — WAT has outperformed the peer group in 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 | +9.1% | +5.4% | 21.3% | |
 BRKR | $3.4B | +0.4% | +11.6% | 6.9% | |
 MTSI | $967M | +27.0% | +12.8% | 13.4% | |
 SHIM | $493M | -7.4% | - | -4.3% | |
 TMO | $44.6B | +5.4% | +6.7% | 18.2% |
WAT Historical Revenue Data (1995–2025)
| 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% |
| 2015 | $2.04B | +2.7% | $1.20B | 58.7% | $567.5M | 27.8% |
| 2014 | $1.99B | +4.5% | $1.16B | 58.5% | $517.9M | 26.0% |
| 2013 | $1.90B | +3.3% | $1.12B | 58.9% | $517.3M | 27.2% |
| 2012 | $1.84B | -0.4% | $1.11B | 60.0% | $511.5M | 27.7% |
| 2011 | $1.85B | +12.6% | $1.12B | 60.5% | $528.6M | 28.6% |
Full Stock Analysis
Deep dive into WAT consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
31+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
WAT — Frequently Asked Questions
Quick answers to the most common questions about buying WAT stock.
Is WAT's revenue growth accelerating or slowing?
WAT revenue growth is accelerating. TTM revenue reached $3.8B, up +91.5% year-over-year — ahead of the 5-year CAGR of +6.0%. This indicates the business is expanding faster than its historical baseline.
What is WAT's revenue history from 1995 to 2026?
Waters Corporation (WAT) revenue history spans 1995 to 2026. TTM revenue as of 2026 is $3.8B, growing at +91.5% YoY. The 5-year CAGR is +6.0%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is WAT's long-term revenue growth rate (CAGR)?
Waters Corporation's 5-year revenue CAGR of +6.0% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +91.5% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for WAT.
Why does WAT's quarterly revenue fluctuate?
WAT quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Waters Corporation's revenue data from 1995 to 2026 shows full historical quarterly detail on this page.
How is WAT's revenue distributed by segment?
WAT reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does WAT's revenue compare to industry peers?
Waters Corporation (WAT) with TTM revenue of $3.8B and +91.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.