Waters

WAT Health Care Market cap $40.3B as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 5 – Jul 4, 2026 reported Aug 11, 2026

Revenue$1.65B +113% year over year

Gross profit$0.44B 27% margin

Operating profit−$0.09B −5% margin

Net profit−$0.14B −8% margin

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jul 4, 2026).
Item	Value	Share of revenue	Year over year
Revenue	1.65	100%	+113%
Cost of revenue	−1.20	73%
Gross profit	0.44	27% margin
R&D	−0.12	7%	+1pp
SG&A	−0.41	25%	−1pp
Operating profit	−0.09	−5% margin	−30pp
Interest & other costs	−0.06
Net profit	−0.14	−8% margin

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.93	100%	+7%
Cost of revenue	−0.36	39%
Gross profit	0.57	61% margin	+1pp
R&D	−0.05	5%	+0pp
SG&A	−0.24	26%	+6pp
Other	−0.01	1%	+0pp
Operating profit	0.27	29% margin	−4pp

The table stops at operating profit: the source reports a net profit of exactly zero, which no company earns, and the lines below it are what was used to reach that zero.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.80	100%	+8%
Instrument systems	0.38	47%
Services	0.35	44%
Other revenue	0.08	9%
Cost of revenue	−0.33	41%
Gross profit	0.47	59% margin
R&D	−0.05	7%	+1pp
SG&A	−0.21	27%	+4pp
Other	−0.01	1%
Operating profit	0.19	24% margin	−5pp

The table stops at operating profit: the source reports a net profit of exactly zero, which no company earns, and the lines below it are what was used to reach that zero.

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 28, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.77	100%	+9%
Waters service	0.27	35%	+10%
Waters instrument systems	0.25	33%	+7%
Chemistry consumables	0.17	21%	+17%
Ta instrument systems	0.06	7%	−5%
Ta service	0.03	4%	−1%
Cost of revenue	−0.33	43%
Gross profit	0.44	57% margin	−1pp
R&D	−0.05	6%	+0pp
SG&A	−0.20	26%	+2pp
Operating profit	0.19	24% margin	−2pp
Interest & other costs	−0.01
Tax	−0.03
Net profit	0.15	19% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.66	100%	+4%
Instrument systems	0.26	40%
Services	0.26	39%
Consumables	0.14	21%
Cost of revenue	−0.28	42%
Gross profit	0.39	58% margin	−1pp
R&D	−0.05	7%	+0pp
SG&A	−0.17	26%	−1pp
Other	−0.01	2%	+0pp
Operating profit	0.15	23% margin	+2pp

The table stops at operating profit: the source reports a net profit of exactly zero, which no company earns, and the lines below it are what was used to reach that zero.

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 28, 2024).
Item	Value	Share of revenue	Year over year
Revenue	0.74	100%	+4%
Waters instrument systems	0.27	36%	+1%
Waters service	0.25	34%	+5%
Chemistry consumables	0.14	19%	+8%
Ta instrument systems	0.06	8%	+1%
Ta service	0.03	3%	+7%
Cost of revenue	−0.32	43%
Gross profit	0.43	57% margin	−2pp
R&D	−0.05	6%	+0pp
SG&A	−0.17	23%	−3pp
Operating profit	0.21	29% margin	+3pp
Interest & other costs	−0.02
Tax	−0.03
Net profit	0.16	22% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

The balance sheet, capital flow, debt schedule and capital structure open with a free account.

Quarter by quarter

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 5 – Jul 4, 2026 reported Aug 11, 2026 Operating margin −5% Net profit −$0.14B	Apr 5 – Jul 4, 2026	Aug 11, 2026	$1.65B	+113%	−5%	−$0.14B	−8%
Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 23, 2026 Operating margin 29% Net profit –	Oct 1 – Dec 31, 2025	Feb 23, 2026	$0.93B	+7%	29%	–	–
Q3 FY25 Jul 1 – Sep 30, 2025 Operating margin 24% Net profit –	Jul 1 – Sep 30, 2025	–	$0.80B	+8%	24%	–	–
Q2 FY25 Mar 30 – Jun 28, 2025 reported Aug 4, 2025 Operating margin 24% Net profit $0.15B	Mar 30 – Jun 28, 2025	Aug 4, 2025	$0.77B	+9%	24%	$0.15B	19%
Q1 FY25 Jan 1 – Mar 31, 2025 Operating margin 23% Net profit –	Jan 1 – Mar 31, 2025	–	$0.66B	+4%	23%	–	–
Q3 FY24 Jun 30 – Sep 28, 2024 reported Nov 1, 2024 Operating margin 29% Net profit $0.16B	Jun 30 – Sep 28, 2024	Nov 1, 2024	$0.74B	+4%	29%	$0.16B	22%

Financial health

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