WATERS CORP /DE/ (WAT)
As-reported financials and SEC filings for WATERS CORP /DE/. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Waters Corp /de/
- Revenue grew 7.0% to $3.2B in FY2025, faster than the 0.1% the year before.
- Operating margin is 25.4% in FY2025, -4.1 pp against 29.5% in FY2021.
- Most recent quarter Q2 FY2026: revenue $1.6B, up 113.4% from Q2 FY2025.
- Free cash flow was $540M in FY2025, 17.1% of revenue.
- Net income rose 0.8% to $643M in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Waters Corp /de/’s fundamentals sit among the 558 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Waters Corp /de/’s operating margin of 25.4% ranks in the 92nd percentile of the 399 Healthcare companies reporting it. Waters Corp /de/’s P/E of 103.0 ranks in the 91st percentile of the 201 peers with a meaningful P/E. Waters Corp /de/’s return on equity of 25.1% ranks in the 90th percentile of the 473 Healthcare companies reporting it.
No reported insider purchases (code P) in the last 90 days; 1 insider sale totaling $1.4M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 4 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Viking Global Investors | Q2 2026 | $623.4M | 1.7M | Added |
| First Eagle Investment Management | Q2 2026 | $500.7M | 1.3M | Reduced |
| D. E. Shawquant | Q2 2026 | $355.8M | 948.6K | Reduced |
| Millennium Managementquant | Q2 2026 | $335.5M | 894.7K | Added |
| Point72 Asset Managementquant | Q2 2026 | $166.6M | 444.2K | Added |
| Citadel Advisorsquant | Q2 2026 | $50.9M | 135.7K | Reduced |
| Gotham Asset Management | Q2 2026 | $24.5M | 65.4K | Reduced |
| AQR Capital Managementquant | Q2 2026 | $19.4M | 52.6K | Added |
| Harris Associates (Oakmark) | Q2 2026 | $6.9M | 18.4K | Reduced |
| Two Sigma Investmentsquant | Q2 2026 | $4.0M | 10.7K | Reduced |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-08-06 filed 2026-08-07 | KUEBLER CHRISTOPHER ADirector | Sell | 3.6K | $397.94 | $1.4M |
Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 3.6M | -12.8% | 3.89 |
| 2026-07-31 | 4.2M | +13.8% | 4.74 |
| 2026-07-15 | 3.7M | -1.1% | 5.32 |
| 2026-06-30 | 3.7M | -17.9% | 3.21 |
| 2026-06-15 | 4.5M | +0.8% | 5.30 |
| 2026-05-29 | 4.5M | +13.7% | 4.30 |
| 2026-05-15 | 3.9M | +14.9% | 2.86 |
| 2026-04-30 | 3.4M | -8.1% | 3.55 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B |
| Gross profit | $1.88B | $1.76B | $1.76B | $1.72B | $1.63B |
| Operating income | $802.6M | $826.4M | $817.7M | $873.4M | $821.7M |
| Net income | $642.6M | $637.8M | $642.2M | $707.8M | $692.8M |
| Diluted EPS | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $588.0M | $325.4M | $395.1M | $480.5M | $501.2M |
| Current assets | $2.15B | $1.67B | $1.75B | $1.76B | $1.63B |
| Total assets | $5.08B | $4.55B | $4.63B | $3.28B | $3.09B |
| Current liabilities | $1.24B | $789.8M | $789.6M | $785.7M | $680.5M |
| Long-term debt | $947.0M | $1.63B | $2.31B | $1.52B | $1.51B |
| Total liabilities | $2.52B | $2.73B | $3.48B | $2.78B | $2.73B |
| Total equity | $2.56B | $1.83B | $1.15B | $504.5M | $367.6M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $652.6M | $762.1M | $602.8M | $611.7M | $747.3M |
| Capital expenditure | $112.7M | $142.5M | $160.6M | — | — |
| Free cash flow | $539.8M | $619.6M | $442.2M | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $1.65B | 113.4% | $-136.0M | $-1.39 |
| Q1 FY2026 | $1.27B | 91.4% | $-72.0M | $-0.87 |
| Q4 FY2025 | $932.4M | 6.8% | $225.2M | $3.76 |
| Q3 FY2025 | $799.9M | 8.0% | $148.9M | $2.50 |
| Q2 FY2025 | $771.0M | 8.8% | $147.0M | $2.47 |
| Q1 FY2025 | $662.0M | 4.0% | $121.0M | $2.03 |
| Q4 FY2024 | $872.7M | 6.5% | $231.4M | $3.87 |
| Q3 FY2024 | $740.3M | — | $161.5M | $2.71 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest Healthcare peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.