Waters Corporation
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B |
| Cost of Revenue | $1.29B | $1.20B | $1.20B | $1.25B | $1.16B | $1.01B | $1.01B | $992.6M |
| Gross Profit | $1.88B | $1.76B | $1.76B | $1.72B | $1.63B | $1.36B | $1.40B | $1.43B |
| Gross Margin | 59.3% | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% | 58.0% | 59.0% |
| Operating Expenses | ||||||||
| Research & Development | $195.7M | $183.0M | $174.9M | $176.2M | $168.4M | $140.8M | $143.0M | $143.4M |
| SG&A Expense | $830.4M | $690.1M | $736.0M | $658.0M | $627.0M | $553.7M | $534.8M | $536.9M |
| Operating Income | $802.6M | $826.4M | $817.7M | $873.4M | $821.7M | $645.5M | $708.5M | $739.8M |
| Operating Margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% |
| Interest Expense | $69.5M | $89.7M | $98.9M | $48.8M | $44.9M | $49.1M | $48.7M | $48.6M |
| Pretax Income | $754.9M | $754.9M | $736.2M | $837.8M | $806.2M | $610.9M | $678.2M | $682.1M |
| Income Tax Expense | $112.2M | $117.0M | $94.0M | $130.1M | $113.4M | $89.3M | $86.0M | $88.4M |
| Net Income | $642.6M | $637.8M | $642.2M | $707.8M | $692.8M | $521.6M | $592.2M | $593.8M |
| Net Margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% | 24.6% | 24.5% |
| EPS (Basic) | $10.80 | $10.75 | $10.87 | $11.80 | $11.25 | $8.40 | $8.76 | $7.71 |
| EPS (Diluted) | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 | $8.36 | $8.69 | $7.65 |
| Shares Outstanding (Basic) | 59.5M | 59.3M | 59.1M | 60.0M | 61.6M | 62.1M | 67.6M | 77.0M |
| Shares Outstanding (Diluted) | 59.7M | 59.6M | 59.3M | 60.3M | 62.0M | 62.4M | 68.2M | 77.6M |
| Dividends Per Share | — | — | — | — | — | — | — | — |