WATERS CORP /DE/

Listed Company

WATCIK 0001000697NYSELarge AcceleratedLaboratory Analytical InstrumentsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.17B

Net Income

—

Total Assets

$5.08B

Equity

$2.56B

Shares Out

98.10M

Op. Cash Flow

$652.55M

Business

Waters Corporation designs, manufactures, sells and services analytical instruments and software for chromatography, mass spectrometry and thermal analysis used across life, materials and food sciences. Its main products and services include HPLC and UPLC systems, LC‑MS and mass spectrometers, chromatography columns and consumables, TA thermal analysis, rheometry and calorimetry instruments, software platforms and comprehensive support and service plans. The company operates two primary segments: Waters (LC/MS systems, consumables, software and services, including Wyatt) and TA (thermal and rheology instrumentation and services). It sells globally to pharmaceutical, clinical, industrial, environmental, academic and government customers via a large direct sales and service organization, distributors and digital ordering and software channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net sales	3,165	2,958	2,956	2,972	2,786
Costs and operating expenses	1,289	1,200	1,195	1,248	1,157
Selling and administrative expenses	830	690	736	658	627
Research and development expenses	196	183	175	176	168
Purchased intangibles amortization	48	47	33	6	7
Litigation provisions	0	12	0	0	5
Total costs and operating expenses	2,363	2,132	2,139	2,099	1,964
Operating income	803	826	818	873	822
Other income, net	3	776,000	807,000	2	17
Interest expense	−70	−90	−99	−49	−45
Interest income	19	17	17	11	12
Income before income taxes	755	755	736	838	806
Provision for income taxes	112	117	94	130	113
Net income	643	638	642	708	693
Net income per basic common share	10.8	10.75	10.87	11.8	11.25
Weighted-average number of basic common shares	60	59	59	60	62
Net income per diluted common share	10.76	10.71	10.84	11.73	11.17
Weighted-average number of diluted common shares and equivalents	60	60	59	60	62

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-05-31	FY 2022 2022-12-31
Cash and cash equivalents	588	325	395	—	481
Accounts receivable, net	829	733	702	—	723
Inventories	572	477	516	—	456
Other current assets	159	133	138	—	104
Total current assets	2,148	1,669	1,753	—	1,764
Property, plant and equipment, net	642	651	639	—	582
Intangible assets, net	558	568	629	—	227
Goodwill	1,300	1,300	1,300	864	430
Operating lease assets	81	74	85	—	87
Other assets	308	296	216	—	191
Total assets	5,077	4,554	4,627	—	3,281
Notes payable and debt	460	0	50	—	50
Accounts payable	104	100	85	—	93
Accrued employee compensation	100	94	69	—	103
Deferred revenue and customer advances	267	251	257	—	228
Current operating lease liabilities	31	26	28	—	26
Accrued income taxes	36	159	120	—	133
Accrued warranty	12	12	12	—	12
Other current liabilities	231	149	169	—	140
Total current liabilities	1,239	790	790	—	786
Long-term debt	947	1,626	2,306	—	1,525
Long-term portion of retirement benefits	44	45	48	—	38
Long-term income tax liabilities	34	30	137	—	248
Long-term operating lease liabilities	53	50	59	—	62
Other long-term liabilities	198	184	138	—	118
Total long-term liabilities	1,276	1,936	2,687	—	1,991
Total liabilities	2,515	2,725	3,477	—	2,777
Commitments and contingencies (Notes 8, 9, 10, 11, 12 and 16)	—	—	—	—	—
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at December 31, 2025 and December 31, 2024	0	0	0	—	0
Common stock, par value $0.01 per share, 400,000 shares authorized, 163,162 and 162,962 shares issued, 59,549 and 59,388 shares outstanding at December 31, 2025 and December 31, 2024, respectively	2	2	2	—	2
Additional paid-in capital	2,416	2,341	2,266	—	2,200
Retained earnings	10,431	9,789	9,151	—	8,509
Treasury stock, at cost, 103,613 and 103,574 shares at December 31, 2025 and December 31, 2024, respectively	−10,162	−10,148	−10,134	—	−10,064
Accumulated other comprehensive loss	−125	−155	−134	—	−142
Total stockholders' equity	2,561	1,829	1,150	—	504
Total liabilities and stockholders' equity	5,077	4,554	4,627	—	3,281

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	643	638	642	708	693
Stock-based compensation	54	45	37	43	30
Deferred income taxes	−15	−877,000	−1	−32	17
Depreciation	88	87	85	72	72
Amortization of intangibles	118	105	81	58	60
Other adjustments	−2	0	−742,000	—	—
(Increase) decrease in accounts receivable	−55	−66	49	−138	−62
(Increase) decrease in inventories	−66	21	−45	−102	−67
Increase in other current assets	−33	−10	−43	−23	−21
Decrease (increase) in other assets	22	5	−26	−6	4
(Decrease) increase in accounts payable and other current liabilities	−89	62	−80	61	46
Increase in deferred revenue and customer advances	957,000	6	10	13	38
Decrease in other liabilities	−12	−129	−105	−53	−52
Net cash provided by operating activities	653	762	603	612	747
Additions to property, plant, equipment and software capitalization	−113	−142	−161	—	—
Asset and business acquisitions, net of cash acquired	−35	0	−1,282	0	0
Proceeds from (investments in) equity investments, net	−7	−1	742,000	9	−2
Purchases of investments	0	−4	−2	−11	−280
Maturities and sales of investments	0	5	2	78	218
Proceeds from sale of assets	3	0	0	—	—
Net cash used in investing activities	−152	−143	−1,442	−108	−232
Proceeds from debt issuances	70	170	1,450	205	510
Payments on debt	−290	−900	−670	−145	−350
Payments of debt issuance costs	−23	0	−400,000	0	−9
Proceeds from stock plans	21	30	30	43	56
Purchases of treasury shares	−15	−14	−70	−626	−649
(Payments for) proceeds from derivative contracts	−7,000	17	16	14	4
Net cash (used in) provided by financing activities	−237	−697	755	−510	−438
Effect of exchange rate changes on cash and cash equivalents	−621,000	8	−948,000	−15	−13
Increase (decrease) in cash and cash equivalents	262	−70	−85	−21	65
Interest paid	45	92	94	48	42
Income taxes paid	244	183	243	160	154

Filings

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