Waters Q4 FY25: where the revenue came from and where it went

The income statement of Waters for this quarter, down to the operating result, as one diagram: what earned the revenue and what it went on. The bottom line is withheld; the note under the table says why.

Period: Oct 1 – Dec 31, 2025
Reported: Feb 23, 2026 10-K accession 0001193125-26-062604

Revenue$0.93B +7% year over year

Gross profit$0.57B 61% margin

Operating profit$0.27B 29% margin

The numbers

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.

Source of the numbers: the totals in the filing, whose revenue split this site could not read (10-K). The diagram is generated automatically and checked against EDGAR before release. The fourth quarter has no column of its own in an annual report, so it is the full year minus the first nine months. How we calculate it → About and methodology.

Filing on EDGAR More quarters of WAT

Waters Q4 FY25: where the revenue came from and where it went

The numbers

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