What is Waters Corporation's R&D?

Waters Corporation (WAT) reported R&D of $96M in Q1 2026.

How has Waters Corporation's R&D changed year-over-year?

Waters Corporation's R&D increased by 104.3% year-over-year, from $47M to $96M.

What is the long-term trend for Waters Corporation's R&D?

Over 4 years (2021 to 2025), Waters Corporation's R&D has grown at a 3.9% compound annual growth rate (CAGR), from $168.36M to $196.09M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Waters Corporation WAT R&D

R&D at other companies

RevvityRVTY

$57.89M+8.0%

Thermo Fisher ScientificTMO

$336M-1.8%

DanaherDHR

$387M+2.1%

Mettler-Toledo International, Inc.MTD

$51.28M+10.6%

Agilent TechnologiesA

$126M+12.5%

BrukerBRKR

$101.3M+4.3%

Other financials

Income statement

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Revenue$1.3B+91.4%

Gross profit$569.5M+8.6%

Operating income-$47.0M-131%

Net income-$72.0M-160%

EPS (diluted)-$0.87-143%

Balance sheet

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Cash & equivalents$462.0M+20.7%

Total debt$5.2B+263%

Total equity$15.3B+679%

Total assets$24.5B+434%

Cash flow

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Operating cash flow-$3.0M-101%

CapEx$39.0M+50.0%

Free cash flow-$42.0M-118%

Valuation

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Market cap$36.76B+78.1%

Enterprise value$41.51B+92.6%

P/E81.8×+50.6×

P/S9.8×+3.0×

Profitability

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Gross margin59.3%-0.1pp

Operating margin16%-12.3pp

Net margin11.9%-10.1pp

FCF margin7%-13.8pp

Returns & leverage

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Return on equity5.2%-35.6pp

Debt / equity0.3×-0.4×

Current ratio1.8×0.0×

Where this comes from

Reported directly by Waters Corporation in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Waters Corporation’s 10-Q, filed May 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waters Corporation's R&D?: Waters Corporation (WAT) reported R&D of $96M in Q1 2026.
How has Waters Corporation's R&D changed year-over-year?: Waters Corporation's R&D increased by 104.3% year-over-year, from $47M to $96M.
What is the long-term trend for Waters Corporation's R&D?: Over 4 years (2021 to 2025), Waters Corporation's R&D has grown at a 3.9% compound annual growth rate (CAGR), from $168.36M to $196.09M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.