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Screener / SEC EDGAR /CIK 0001000697 /10-K filed Feb 23, 2026, compared with Feb 25, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
WATDXCMRMDSTEINCYIDXX
NYSE Health care · Lab Instruments

Waters Corporation WAT

WAT quote by TradingView
Headquarters
Milford, MA
Next results
around Feb 8, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $3.2B through the costs to a net profit of $642.6M · income statement of the 10-K

25% operating margin
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $802.6MGross profit to Operating expenses: $1.1BOperating profit to Net profit: $642.6MOperating profit to Tax & other: $160.0MOperating expenses to R&D: $195.7MOperating expenses to Sales, admin & other: $878.2M Revenue: $3.2B REVENUE $3.2B +7% Y/Y Gross profit: $1.9B · 59% margin GROSS PROFIT $1.9B 59% margin Cost of revenue: $1.3B · 41% of revenue COST OF REVENUE $1.3B 41% of revenue Operating profit: $802.6M · 25% margin OPERATING PROFIT $802.6M 25% margin · −3% Y/Y Operating expenses: $1.1B · 34% of revenue OPERATING EXPENSES $1.1B 34% of revenue Net profit: $642.6M · 20% margin NET PROFIT $642.6M 20% margin · +1% Y/Y Tax & other: $160.0M · 5% of revenue TAX & OTHER $160.0M 5% of revenue R&D: $195.7M · 6% of revenue R&D $195.7M 6% of revenue Sales, admin & other: $878.2M · 28% of revenue SALES, ADMIN & OTHER $878.2M 28% of revenue
Gross profit $1.9B 59% margin
Operating profit $802.6M 25% margin · −3% Y/Y
Net profit $642.6M 20% margin · +1% Y/Y
The full income statement, year by year

WAT among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 7.0%, above 47% of 59 peers (their median 7.2%) REVENUE GROWTH 7.0% · above 47% Gross margin: 59.3%, above 40% of 50 peers (their median 65.2%) GROSS MARGIN 59.3% · above 40% Operating margin: 4.7%, above 26% of 50 peers (their median 13.7%) OPERATING MARGIN 4.7% · above 26% Net margin: 1.8%, above 17% of 59 peers (their median 9.7%) NET MARGIN 1.8% · above 17% FCF margin: 5.2%, above 20% of 55 peers (their median 15.8%) FCF MARGIN 5.2% · above 20% Return on capital: 3.3%, above 5% of 41 peers (their median 9.2%) RETURN ON CAPITAL 3.3% · above 5%
WAT Peer median Below the median

What changed

82 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 23, 2026 against Feb 25, 2025.

Risk factors
82 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Inventory growing faster than revenue
Inventory +19.9% vs revenue +7.0% (+12.9 pts)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +19.9% vs revenue +7.0% (+12.9 pts)
  • Receivables +13.0% vs revenue +7.0% (+6.0 pts)
9 more checks with nothing to note
  • Cash from operations $652.6M vs net income $642.6M (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Product Revenue Recognition
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

82 paragraphs in Risk Factors that were not in the 10-K filed Feb 25, 2025. Quoted as filed.

All 82 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    The Company’s failure to successfully integrate the BDS Business within the expected timeline could adversely affect the Company’s future results. The Company may incur additional costs and charges as a result of restructuring activities and such restructuring activities may be disruptive to the Company’s business and may not result in…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    Reductions in customers’ research budgets or government funding may adversely affect the Company’s business. Market dynamics, changes in reimbursement practices and coverage policies and third-party payer cost containment measures could affect the demand for the Company’s products and the prices at which they are sold. Changes in…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    The Company’s success is highly dependent on qualified and sufficient staffing. Our failure to attract or retain qualified personnel, including our senior management team and technical personnel, could lead to a loss of revenue or profitability.
  4. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    The Company’s Amended and Restated Bylaws include exclusive forum provisions, which could limit shareholders’ ability to obtain a favorable judicial forum for disputes with the Company or its respective directors, officers or employees. The Company’s Second Amended and Restated Certificate of Incorporation and Amended and Restated…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$3.0B$3.0B$3.0B$3.2B
Net income$707.8M$642.2M$637.8M$642.6M
Operating cash flow$611.7M$602.8M$762.1M$652.6M
Free cash flow$442.2M$619.6M$539.8M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$3.2B ▲ 7.0% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Waters Corporation, Milford, MA · from the 10-K filed Feb 23, 2026

Headquarters
Milford, MA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 3, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 23, 2026 (open at SEC), compared with the 10-K filed Feb 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/WAT/export.csv") into a cell.