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Waters Corporation Income Statement

Revenue, expenses, and profitability over time

Waters Corporation generated $3.8B in trailing twelve-month revenue, up 0.3% year-over-year. Net income was $449.2M with a 11.91% net margin. Gross margin stands at 59.29% and operating margin at 16.01%. Diluted EPS is $7.87, which declined 0.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$3.8BGross Profit (TTM)$1.9BOperating Income (TTM)$603.8MNet Income (TTM)$449.2MEps Diluted (TTM)$7.87
Latest FilingQ1 2026
Report Date2026-05-12
Market Cap$35.3B
P/E Ratio78.62
ROE5.21%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of acquired intangible assets$11.8M$12M$11.9M$12.1M$12.1M$152M
Research and development$46.9M$47M$48.5M$53.6M$46.9M$96M
Selling, general and administrative$173.3M$174M$201.3M$214.2M$240M$387M
Total operating expenses$580.5M$510M$583.1M$607.8M$661.8M$1.3B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$3.90$2.04$2.47$2.50$3.78$-0.87
Diluted earnings per share$3.88$2.03$2.47$2.50$3.77$-0.87
Weighted-average shares, basic59.4M59.4M59.5M59.5M59.5M82.1M
Weighted-average shares, diluted59.6M59.7M59.7M59.6M59.8M82.1M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$277M$143M$177.7M$170.1M$264.2M-$88M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$45.6M$22M$30.6M$21.2M$39M-$16M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$19M$14M$14.4M$26.6M$14.3M$48M
Interest income$4.6M$4M$4.5M$4.7M$5.7M$6M
Other income (expense), net—$1M-$676K-$70K$2.3M$1M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$231.4M$121M$147.1M$148.9M$225.2M-$72M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$292.3M$152M$188.2M$192.1M$270.5M-$47M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other income, net (Note 6)—$1M-$676K-$70K$2.3M$1M
Revenue From Contract With Customer Excluding Assessed Tax$872.7M$662M$771.3M$799.9M$932.4M$1.3B

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$348.5M$276.7M$321.4M$327.8M$362.9M—

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$872.7M$662M$771.3M$799.9M$932.4M$1.3B