Waters CorporationWATEarnings & Financial Report
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
Revenue
$771.3M
Gross Profit
$449.9M
Operating Profit
$188.2M
Net Profit
$147.1M
Gross Margin
58.3%
Operating Margin
24.4%
Net Margin
19.1%
YoY Growth
8.9%
EPS
$2.47
Waters Corporation Q2 FY2025 Financial Summary
Waters Corporation reported revenue of $771.3M (up 8.9% YoY) for Q2 FY2025, with a net profit of $147.1M (up 3.1% YoY) (19.1% margin). Cost of goods sold was $321.4M, operating expenses totaled $261.7M.
Key Financial Metrics
| Total Revenue | $771.3M |
|---|---|
| Net Profit | $147.1M |
| Gross Margin | 58.3% |
| Operating Margin | 24.4% |
| Report Period | Q2 FY2025 |
Waters Corporation Annual Revenue by Year
Waters Corporation annual revenue history includes year-by-year totals (for example, 2025 revenue was $3.2B).
| Year | Annual Revenue |
|---|---|
| 2025 | $3.2B |
| 2024 | $3.0B |
Waters Corporation Quarterly Revenue & Net Profit History
Waters Corporation results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $932.4M | +6.8% | $225.2M | 24.2% |
| Q3 FY2025 | $799.9M | +8.0% | $148.9M | 18.6% |
| Q2 FY2025 | $771.3M | +8.9% | $147.1M | 19.1% |
| Q1 FY2025 | $661.7M | +3.9% | $121.4M | 18.3% |
| Q4 FY2024 | $872.7M | — | $231.4M | 26.5% |
| Q3 FY2024 | $740.3M | +4.0% | $161.5M | 21.8% |
| Q2 FY2024 | $708.5M | +3.5% | $142.7M | 20.1% |
| Q1 FY2024 | $636.8M | -7.0% | $102.2M | 16.0% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $636.8M | $708.5M | $740.3M | $872.7M | $661.7M | $771.3M | $799.9M | $932.4M |
| YoY Growth | -7.0% | 3.5% | 4.0% | N/A | 3.9% | 8.9% | 8.0% | 6.8% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $4.51B | $4.45B | $4.51B | $4.55B | $4.59B | $4.72B | $4.86B | $5.08B |
| Liabilities | $3.25B | $3.04B | $2.91B | $2.73B | $2.63B | $2.56B | $2.53B | $2.52B |
| Equity | $1.26B | $1.41B | $1.60B | $1.83B | $1.96B | $2.16B | $2.33B | $2.56B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $262.9M | $54.5M | $204.6M | $240.1M | $259.6M | $41.1M | $187.3M | $164.6M |