Waters

WAT · Health Care · Market cap $36.9B

Q1 FY26 Apr 4, 2026 reported May 12, 2026

Revenue$1.3B +91% year over year

Gross profit$0.4B

Operating profit$0B

Net profit$-0.1B -6% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Apr 4, 2026).
Item	Value	Share of revenue	Year over year
Revenue	1.3	100%	+91%
Consumables	0.5	38%	+293%
Instrument Systems	0.4	31%	+43%
Service	0.3	23%	+33%
Cost of revenue	−0.9	69%
Gross profit	0.4	30% margin	−29pp
Research & development	−0.1	8%	+1pp
SG&A	−0.4	31%	+4pp
Operating profit	0	-4% margin	−27pp
Interest & other costs	−0.1
Net profit	-0.1	-6%	+0pp

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	0.8	100%	+9%
Waters Service	0.3	38%	+10%
Waters Instrument Systems	0.3	38%	+7%
Chemistry Consumables	0.2	25%	+17%
Ta Instrument Systems	0.1	12%	−5%
Research & development	−0	6%	+0pp
SG&A	−0.2	26%	+2pp
Other	−0.3	43%	+0pp
Operating profit	0.2	24% margin	−2pp
Net profit	0.1	19%	−1pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY26	Apr 4, 2026	May 12, 2026	$1.3B	+91%	0%	$-0.1B	-6%
Q2 FY25	Mar 30 – Jun 28, 2025	Aug 4, 2025	$0.8B	+9%	25%	$0.1B	19%