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Waters Corporation WAT Q4 2025 Annual earnings

Reported February 9, 2026 · Before market open

Revenue$932.4MBeat by $4.0MDiluted EPS$4.53Beat by $0.02
Revenue estimate$928.3M
EPS estimate$4.51

Next report

Aug 4, 2026 (In 3 weeks)
Revenue estimate$1.6B
EPS estimate$3.00

Financials

Q4 2025

Income statement

See full
Revenue$932.4M+6.8%
Gross profit$569.5M+8.6%
Operating income$270.5M-7.4%
Net income$225.2M-2.7%
EPS (diluted)$3.77-2.8%

Balance sheet

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Cash & equivalents$588.0M+80.7%
Total debt$1.0B-39.4%
Total equity$2.6B+40.1%
Total assets$5.1B+11.5%

Cash flow

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Operating cash flow$164.6M-31.5%
CapEx$39.0M-25.2%
Free cash flow$125.6M-33.2%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$22.62B+2.7%
Enterprise value$23.06B-1.5%
P/E35.2×+0.7×
P/S7.1×-0.3×

Profitability

See full
Gross margin59.3%-0.1pp
Operating margin25.4%-2.6pp
Net margin20.3%-1.3pp
FCF margin17.1%-3.9pp

Returns & leverage

See full
Return on equity29.3%-13.6pp
Debt / equity0.4×-0.5×
Current ratio1.7×-0.4×

Segments

By geography

See full
Americas$332.4M+3.6%
Asia Pacific$284.0M+4.1%
Asia Other$168.0M+3.6%
Americas Other$57.3M-1.3%

By product

See full
Service$329.2M+9.0%

Versus estimates

Revenue

Q2 2026$1.3BBeat by $63.8M
Q4 2025$932.4MBeat by $4.0M
Q3 2025$799.9MBeat by $18.9MQ2 2025$771.3MBeat by $22.7MQ1 2025$661.7MBeat by $6.9MQ4 2024$872.7MBeat by $15.7M

Diluted EPS

Q2 2026$2.70Beat by $0.39
Q4 2025$4.53Beat by $0.02
Q3 2025$3.40Beat by $0.19Q2 2025$2.95Beat by $0.01Q1 2025$2.25Beat by $0.03Q4 2024$4.10Beat by $0.07

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Questions, answered.

When did Waters Corporation report Q4 2025 earnings?
Waters Corporation (WAT) reported Q4 2025 earnings on February 9, 2026 before market open.
What were Waters Corporation's Q4 2025 revenue and EPS?
Waters Corporation reported revenue of $932.4M and diluted EPS of $4.53 for Q4 2025.
Did Waters Corporation beat estimates in Q4 2025?
Revenue beat the consensus estimate of $928.3M by $4.0M. EPS beat the consensus estimate of $4.51 by $0.02.
How did Waters Corporation's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.8% from $872.7M a year earlier and diluted EPS grew 10.5% from $4.10.
Where can I find Waters Corporation's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-041897) and the 10-K periodic report (0001193125-26-062604) directly on SEC EDGAR. The filing index links above go to sec.gov.