--- title: "Waters Corporation: Metrics Guide" description: "Waters Corporation revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/waters-corporation/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Waters Corporation: Financial & Operating Metrics Guide ## Direct Answer Waters Corporation reported revenue of $3.2 billion for the fiscal year ended December 31, 2025, with an operating margin of 25.4% and net income of $643 million, according to its SEC filings. Revenue grew 7.0% from the prior year. ## What Are Waters Corporation's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $3.2 billion | $3.0 billion | $3.0 billion | $3.0 billion | | Operating income | $803 million | $826 million | $818 million | $873 million | | Operating margin | 25.4% | 27.9% | 27.7% | 29.4% | | Net income | $643 million | $638 million | $642 million | $708 million | | Net margin | 20.3% | 21.6% | 21.7% | 23.8% | | Operating cash flow | $653 million | $762 million | $603 million | $612 million | | Capital expenditures | $113 million | $142 million | $161 million | Not reported | | Free cash flow | $540 million | $620 million | $442 million | Not reported | Operating margin narrowed by 2.6 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $540 million against net income of $643 million; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement. ![Bar chart of Waters Corporation revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $3.2 billion, operating income $803 million and net income $643 million.](https://www.getswoopr.com/images/charts/waters-corporation-metrics-revenue-profit.webp) *Waters Corporation revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Waters Corporation operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 25.4% and net margin was 20.3%.](https://www.getswoopr.com/images/charts/waters-corporation-metrics-margins.webp) *Waters Corporation operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Waters Corporation operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $653 million, capital expenditures was $113 million, free cash flow was $540 million.](https://www.getswoopr.com/images/charts/waters-corporation-metrics-cash-flow.webp) *Waters Corporation operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Waters Corporation's Balance Sheet Show? | Cash and cash equivalents | $588 million | | --- | --- | | Long-term debt | $947 million | | Total assets | $5.1 billion | | Total liabilities | $2.5 billion | | Shareholders' equity | $2.6 billion | | Current ratio | 1.7x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Waters Corporation reported in its own SEC filings, read from the SEC's XBRL data (accession 0001193125-26-062604 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Waters Corporation's revenue in fiscal 2025? Waters Corporation reported revenue of $3.2 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Waters Corporation's operating margin? Waters Corporation's operating margin was 25.4% in fiscal 2025: operating income of $803 million on revenue of $3.2 billion. ### How much free cash flow did Waters Corporation generate? Operating cash flow of $653 million less capital expenditures of $113 million gives free cash flow of $540 million for fiscal 2025. ## References - [SEC EDGAR: WATERS CORP /DE/ Form 10-K filed February 23, 2026](https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/d778470d10k.htm) - [SEC EDGAR: WATERS CORP /DE/ annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1000697&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Waters Corporation company dossier](https://www.getswoopr.com/stocks/companies/waters-corporation/) - [Waters Corporation financial metrics](https://www.getswoopr.com/stocks/companies/waters-corporation/metrics/) - [Waters Corporation financial risk indicators](https://www.getswoopr.com/stocks/companies/waters-corporation/risks/) - [Waters Corporation peer comparison](https://www.getswoopr.com/stocks/companies/waters-corporation/competitors/) - [Waters Corporation business model and revenue mix](https://www.getswoopr.com/stocks/companies/waters-corporation/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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