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Waters Corporation WAT Consumables — Revenue

Other product segments

Instrument Systems
$376M
Service
$348M+33.3%

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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:Revenues.

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 consumables — revenue?
Waters Corporation (WAT) reported consumables — revenue of $543M in Q1 2026.
What does consumables — revenue mean?
This metric represents the total revenue generated from the sale of recurring products such as columns, vials, and chemical reagents used in conjunction with analytical instrumentation. These items are essential for the ongoing operation of chromatography and mass spectrometry systems, providing a predictable and recurring revenue stream that is often less sensitive to capital expenditure cycles than instrument sales. It serves as a key indicator of the installed base utilization and long-term customer engagement within the analytical laboratory market.