Income StatementBalance SheetCash FlowSegments
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Waters Corporation Business Segments

Business, geographic, and product segment breakdowns

Waters Corporation generates $3.8B in annual revenue across 3 key segments: Waters Advanced Diagnostics ($349.0M), Waters Analytical And Materials Sciences ($686.0M), and Waters Biosciences ($232.0M). The company-wide operating margin is 16.01%. Based on the Q1 2026 filing.

Waters Advanced Diagnostics$349.0MWaters Analytical And Materials Sciences$686.0MWaters Biosciences$232.0M
Latest FilingQ1 2026
Report Date2026-05-12
Market Cap$32.7B
P/E Ratio72.83
ROE5.21%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Consumables—$138.0M———$543.0M
Instrument Systems$419.6M$262.9M$308.4M$341.5M$432.9M$376.0M
Service$301.8M$261.2M$297.9M$299.9M$329.2M$348.0M

Cost of Goods Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$123.0M$108.2M$120.9M$117.2M$122.3M$155.0M

Geographic

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas Other$2.0M———$1.7M—
Americas$447.9M———$421.6M—
Asia Pacific$27.0M———$22.2M—
Europe$176.3M———$198.3M—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas$321.0M$255.5M$280.7M$292.8M$332.4M$505.0M
European Union—$185.0M———$412.0M
Asia Pacific$272.9M$220.8M$265.9M$269.7M$284.0M$350.0M
Asia Other$116.9M$129.9M$148.8M$156.2M$168.0M$197.0M
Americas Other$58.0M$40.3M$50.6M$47.6M$57.3M$90.0M

Concentration Risk %

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us17.0%17.3%17.3%17.3%17.3%—

Business Segments

Goodwill Deductible For Tax Purpose Of Waters Biosciences

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advanced Diagnostics—————$3.3B

Goodwill Deductible For Tax Purpose Of Waters Advanced Diagnostics

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Analytical Sciences Materials—————$900.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Biosciences————$0.0$3.8B
Biosciences—————$3.8B
Waters Advanced Diagnostics————$0.0$3.4B
Waters Analytical And Materials Sciences————$1.3B$2.1B

Cost Direct Labor

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$85.0M———$101.0M
Waters Advanced Diagnostics—$1.0M———$45.0M
Waters Biosciences—$0.0———$25.0M

Cost Direct Material

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$87.0M———$146.0M
Waters Advanced Diagnostics—$14.0M———$52.0M
Waters Biosciences—$0.0———$37.0M

Goodwill Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Biosciences—————$3.8B
Waters Advanced Diagnostics—————$3.3B
Waters Analytical And Materials Sciences—————$870.0M

Goodwill Foreign Currency Translation Gain Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Advanced Diagnostics—————$7.0M
Waters Biosciences—————$7.0M
Waters Analytical And Materials Sciences—————$2.0M

Labor And Related Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$76.0M———$159.0M
Waters Advanced Diagnostics—$7.0M———$50.0M
Waters Biosciences—$0.0———$34.0M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$215.0M———$236.0M
Waters Biosciences—$0.0———$83.0M
Waters Advanced Diagnostics—$20.0M———$70.0M

Operating Income Loss Margin

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Biosciences—0.0%———35.8%
Waters Analytical And Materials Sciences—35.3%———34.4%
Waters Advanced Diagnostics—37.7%———20.1%

Other Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Advanced Diagnostics—$11.0M———$132.0M
Waters Biosciences—$0.0———$53.0M
Waters Analytical And Materials Sciences—$146.0M———$44.0M

Reclassification Of Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Advanced Diagnostics—————$101.0M
Waters Analytical And Materials Sciences—————-$101.0M
Waters Biosciences—————$0.0

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$609.0M———$686.0M
Waters Advanced Diagnostics—$53.0M———$349.0M
Waters Biosciences—$0.0———$232.0M