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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)$102.1MNet Change In Cash (TTM)$94.6M
Latest FilingQ1 2026
Report Date2026-05-12
Market Cap$35.3B
P/E Ratio78.62
ROE5.21%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0$0$35M$84K$0$144M
Capital expenditures$52.1M$26M$22.3M$25.4M$39M$39M
Proceeds from disposition of property, plant and equipment/other$0$710K$710K$710K$710K—
Proceeds Payments Of Equity Investments—$0-$1.3M$0-$6M-$10M
Net cash from investing activities-$51.2M-$26M-$58.6M-$25.5M-$42.1M$95M
Proceeds from sale of businesses$0$710K$710K$710K$710K—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$25.1M-$30M-$134.1M——$235M
Change in accounts receivable$93.7M-$33M-$9.9M$16.7M$81.6M$533M
Change in inventories-$23M$26M$9.7M$30.3M$0$33M
Change in other assets$10.8M$0$12.4M$0$23.5M$98M
Change in other liabilities$0$1M-$6.9M-$11.1M—-$139M
Deferred income taxes—$2M—-$19.2M—-$1M
Depreciation and amortization$22.3M$22M$21.9M$22.3M$21.9M$36M
Net cash from operating activities$240.1M$260M$40.7M$187.3M$164.6M-$3M
Net income$231.4M$121M$147.5M$148.9M$225.2M-$72M
Acquisition Related Inventory And Fixed Assets Fair Value Step Ups Recognized—————$99M
Amortization$26.2M$28M$29.1M$30.4M$30.6M$171M
Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination—$83M———$138M
Depreciation$22.3M$22M$21.9M$22.3M$21.9M$36M
Increase (Decrease) in Other Operating Assets-$23.1M-$13M-$1M-$27.3M—-$174M
Increase (Decrease) in Prepaid Expense and Other Assets$10.8M$0$12.4M$0$23.5M$98M
Stock-based compensation$11.7M$13M$13M$13.7M$14.5M$20M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt—$0$70M——$3.5B
Repayments of debt$200M$170M$70M$50M$0$3.7B
Payments For Proceeds From Derivative Instrument Financing Activities-$1.2M-$2M——$1.4M$9M
Payments Of Debt Issuance Costs$0$0$4.5M$18.5M$335K$25M
Proceeds from exercises of stock options and other stock issuances$5.3M$8M$4.7M$2.9M$5.2M$3M
Net cash from financing activities-$193.6M-$173M-$1.3M-$66.3M$0-$213M
Payment of debt issuance costs$0$0$4.5M$18.5M$335K$25M
Proceeds from issuance of common stock$5.3M$8M$4.7M$2.9M$5.2M$3M
Repurchases of common stock$66K$14M$309K$214K$144K$12M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$188M$234M$18.4M$161.9M$125.6M-$42M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash$0-$3M$3M-$3.6M—-$5M
Net increase (decrease) in cash-$5.2M$58M$0$91.9M$128.7M-$126M
Issuance of common stock for the acquisition of Ansys—————$12.8B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change In Deposit Asset—————$42M
Estimated Net Working Capital Adjustment—————$121M
Income Taxes Paid, Net$45.8M$61.1M$61.1M$61.1M$61.1M—
Notes Payable And Debt Assumed—————$4B