Direct Answer
Waters Corporation reports revenue across 5 product and service lines in its fiscal 2025 Form 10-K. Waters Instrument Systems is the largest, with $1.1 billion of revenue (35% of the total), followed by Waters Service at $1.1 billion (34%). 31% of revenue came from the United States.
How Does Waters Corporation Make Money?
No single line supplies a majority of revenue: the largest, Waters Instrument Systems, is 35%, which spreads Waters Corporation's exposure across several demand drivers. Between fiscal 2024 and 2025, Chemistry Consumables grew fastest (+11.7%) and Ta Instrument Systems slowest (-1.0%), so the revenue mix tilts toward Chemistry Consumables while that gap lasts.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Waters Instrument Systems | $1.1 billion | $1.0 billion | 34.8% | 6.7% |
| Waters Service | $1.1 billion | $1.0 billion | 34.1% | 7.3% |
| Chemistry Consumables | $631 million | $565 million | 19.9% | 11.7% |
| Ta Instrument Systems | $244 million | $246 million | 7.7% | -1.0% |
| Ta Service | $108 million | $108 million | 3.4% | 0.2% |
Where Does Waters Corporation's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $966 million | $934 million | 30.5% | 3.4% |
| Europe | $963 million | $873 million | 30.4% | 10.3% |
| Asia Other | $603 million | $573 million | 19.0% | 5.3% |
| China | $437 million | $397 million | 13.8% | 10.3% |
| Americas Other | $196 million | $182 million | 6.2% | 7.6% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Waters Corporation's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Waters Corporation reported in the segment note and revenue disclosures of its Form 10-K filed February 23, 2026 (accession 0001193125-26-062604), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Waters Corporation's main products and services?
In its fiscal 2025 Form 10-K, Waters Corporation reports revenue for Waters Instrument Systems, Waters Service, Chemistry Consumables, Ta Instrument Systems and Ta Service.
Which part of Waters Corporation brings in the most revenue?
Waters Instrument Systems, with $1.1 billion of revenue in fiscal 2025, or 35% of the total.
How much of Waters Corporation's revenue comes from outside the United States?
69% in fiscal 2025, by the geographic breakdown Waters Corporation reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.