Waters (WAT) 10-K Summaries & Annual Filing History
Review Waters Corporation (WAT) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Waters Corporation filed its annual report for the most recent fiscal year. The filing describes the company's financial results and operational highlights for the period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$3.2B
Revenue reported for the fiscal year.
Operating income
$802.6M
Income from operations reported for the year.
Net income
$642.6M
Net income reported for the year.
Operating cash flow
$652.6M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Mar 31, 2025 | $661.7M | -77.6% |
| Jun 30, 2025 | $771.3M | +16.6% |
| Sep 30, 2025 | $799.9M | +3.7% |
| Dec 31, 2025 | $3.2B | +295.7% |
Business overview
Waters Corporation is a global leader in analytical instruments and software, with over sixty-five years of innovation in chromatography, mass spectrometry, and thermal analysis. The company designs, manufactures, sells, and services high-performance and ultra-performance liquid chromatography systems, mass spectrometry technology systems, and related consumable products. Its offerings serve the life sciences, materials sciences, and food sciences markets.
Financial performance
Revenue for the period was reported at a level consistent with the company's scale. Operating income and net income both showed positive figures. Operating cash flow was also positive, though it decreased compared to the prior period due to higher tax payments, costs related to a new ERP system implementation, and transaction and integration expenses.
Material risks
The filing includes a section on risk factors, though the specific risks are not detailed in the provided context. The company operates in a competitive global market and faces typical operational and financial risks. No material risks beyond those generally associated with the industry are explicitly identified in the supplied text.
Liquidity and capital
Net cash provided by operating activities was positive, while net cash used in investing and financing activities was negative, indicating capital deployment in investments and shareholder returns. The company made payments related to tax reform transition, ERP system implementation, and transaction and integration costs.
What to watch
Monitor the impact of the new ERP system implementation on operating cash flow and overall operational efficiency in the next filing.