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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$35.3B
P/E Ratio78.62
ROE5.21%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Consumables—$138M———$543M
Instrument Systems$419.6M$263M$308.4M$341.5M$432.9M$376M
Service$301.8M$261M$297.9M$299.9M$329.2M$348M

Cost of Goods Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$123M$108M$120.9M$117.2M$122.3M$155M

Geographic

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas Other$2M———$1.7M—
Americas$447.9M———$421.6M—
Asia Pacific$27M———$22.2M—
Europe$176.3M———$198.3M—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas$321M$256M$280.7M$292.8M$332.4M$505M
European Union—$185M———$412M
Asia Pacific$272.9M$221M$265.9M$269.7M$284M$350M
Asia Other$162.2M$130M$148.8M$156.2M$168M$197M
Americas Other$58M$40M$50.6M$47.6M$57.3M$90M

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—————$900M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Biosciences————$0$3.8B
Biosciences—————$3.8B
Waters Advanced Diagnostics————$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—$85M———$101M
Waters Advanced Diagnostics—$1M———$45M
Waters Biosciences—$0———$25M

Cost Direct Material

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$87M———$146M
Waters Advanced Diagnostics—$14M———$52M
Waters Biosciences—$0———$37M

Goodwill Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Biosciences—————$3.8B
Waters Advanced Diagnostics—————$3.3B
Waters Analytical And Materials Sciences—————$870M

Goodwill Foreign Currency Translation Gain Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Advanced Diagnostics—————$7M
Waters Biosciences—————$7M
Waters Analytical And Materials Sciences—————$2M

Labor And Related Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$76M———$159M
Waters Advanced Diagnostics—$7M———$50M
Waters Biosciences—$0———$34M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$215M———$236M
Waters Biosciences—$0———$83M
Waters Advanced Diagnostics—$20M———$70M

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—$11M———$132M
Waters Biosciences—$0———$53M
Waters Analytical And Materials Sciences—$146M———$44M

Reclassification Of Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Advanced Diagnostics—————$101M
Waters Analytical And Materials Sciences—————-$101M
Waters Biosciences—————$0

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Waters Analytical And Materials Sciences—$609M———$686M
Waters Advanced Diagnostics—$53M———$349M
Waters Biosciences—$0———$232M