Income StatementBalance SheetCash FlowSegments
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Waters Corporation Cash Flow Statement

Operating, investing, and financing cash movements

Waters Corporation generated $389.6M in operating cash flow over the trailing twelve months. After $125.7M in capital expenditures, free cash flow was $263.8M. Free cash flow decreased 0.6% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$389.6MNet Cash From Investing (TTM)-$31.3MNet Cash From Financing (TTM)-$280.5MCapital Expenditures (TTM)$125.7MDepreciation And Amortization Cf (TTM)$102.4MNet Change In Cash (TTM)$78.5M
Latest FilingQ1 2026
Report Date2026-05-12
Market Cap$32.7B
P/E Ratio72.83
ROE5.21%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$0.0$35.0M$84.0K$0.0$144.0M
Cash acquired from acquisition—$0.0———$144.0M
Proceeds from Sales of Assets and Subsidiaries$0.0$710.0K$710.0K$710.0K$710.0K—
Capital expenditures$52.1M$26.0M$22.3M$25.4M$39.0M$39.0M
Proceeds from disposition of property, plant and equipment/other$0.0$710.0K$710.0K$710.0K$710.0K—
Proceeds Payments Of Equity Investments$0.0-$506.0K-$789.0K$0.0-$6.0M-$10.0M
Net cash from investing activities-$51.2M-$26.0M-$58.6M-$25.5M-$42.1M$95.0M
Proceeds from sale of businesses$0.0$710.0K$710.0K$710.0K$710.0K—
Cash acquired from acquisition—$0.0———$144.0M
Proceeds from sale of PPE and intangibles$0.0$710.0K$710.0K$710.0K$710.0K—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net proceeds (payments) from derivative instrument financing activities-$1.2M-$2.0M$198.0K$455.0K$1.4M$9.0M
Proceeds from issuance of debt$0.0$0.0$70.0M$0.0$0.0$3.5B
Repayments of debt$200.0M$170.0M$70.0M$50.0M$0.0$3.7B
Payments Of Debt Issuance Costs$0.0$0.0$4.5M$18.5M$335.0K$25.0M
Proceeds from exercises of stock options and other stock issuances$5.3M$8.0M$4.7M$2.9M$5.2M$3.0M
Net Cash from Derivative Financing Activities-$1.2M-$2.0M$198.0K$455.0K$1.4M$9.0M
Cash Flows from Financing Derivatives-$1.2M-$2.0M$198.0K$455.0K$1.4M$9.0M
Net cash from financing activities-$193.6M-$173.0M-$1.3M-$66.3M$0.0-$213.0M
Payment of debt issuance costs$0.0$0.0$4.5M$18.5M$335.0K$25.0M
Proceeds from issuance of common stock$5.3M$8.2M$4.5M$2.9M$5.2M$3.0M
Repurchases of common stock$66.0K$14.0M$309.0K$214.0K$144.0K$12.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$25.1M-$30.0M-$134.1M$49.8M—$235.0M
Change in accounts receivable$93.7M-$33.0M-$9.9M$16.7M$81.6M$533.0M
Change in inventories-$23.0M$26.0M$9.7M$30.3M$0.0$33.0M
Change in other assets$10.8M$479.0K$11.9M-$2.6M$23.5M$98.0M
Change in other liabilities$0.0$1.0M-$6.9M-$11.1M—-$139.0M
Deferred income taxes—$2.0M-$124.0K-$19.2M—-$1.0M
Depreciation and amortization$22.3M$21.7M$22.2M$22.3M$21.9M$36.0M
Net cash from operating activities$240.1M$260.0M$40.7M$187.3M$164.6M-$3.0M
Net income$231.4M$121.0M$147.5M$148.9M$225.2M-$72.0M
Acquisition Related Inventory And Fixed Assets Fair Value Step Ups Recognized—————$99.0M
Amortization$26.2M$28.0M$29.1M$30.4M$30.6M$171.0M
Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination—$83.0M-$18.6M-$30.4M—$138.0M
Depreciation$22.3M$22.0M$21.9M$22.3M$21.9M$36.0M
Increase (Decrease) in Other Operating Assets-$23.1M-$13.0M-$1.0M-$27.3M—-$174.0M
Increase (Decrease) in Prepaid Expense and Other Assets$10.8M$0.0$12.4M-$2.6M$23.5M$98.0M
Stock-based compensation$11.7M$13.0M$13.0M$13.7M$14.5M$20.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$188.0M$234.0M$18.4M$161.9M$125.6M-$42.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash$0.0-$3.0M$3.0M-$3.6M—-$5.0M
Net increase (decrease) in cash-$5.2M$58.0M-$16.1M$91.9M$128.7M-$126.0M
Issuance of common stock for the acquisition of Ansys—————$12.8B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change In Deposit Asset—————$42.0M
Estimated Net Working Capital Adjustment—————$121.0M
Income Taxes Paid, Net$45.8M$61.1M$61.1M$61.1M$61.1M—
Notes Payable And Debt Assumed—————$4.0B