WATWaters Corporation

Health care · Lab Instruments · NYSE

Headquarters: Milford, MA
Next results: around Feb 8, 2027

RevenueFY2016–25 $3.2B+7.0% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $642.6M+0.8% FY2024: $637.8M 10-K FY2025 · XBRL Free cash flowFY2016–25 $539.8M−12.9% FY2024: $619.6M 10-K FY2025 · XBRL Operating marginFY2016–25 25.4%−2.6 pts 28.8% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 23, 2026 against Feb 25, 2025

Area	What changed	Source
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	1 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.

What's new, in their words

10-K filed Feb 23, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-25. Quoted as filed.

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…
10-K, Item 1A

All 82 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +19.9% vs revenue +7.0% (+12.9 pts)
✓
Receivables +13.0% vs revenue +7.0% (+6.0 pts)
✓
Cash from operations $652.6M vs net income $642.6M (FY ending 2025-12-31)
✓
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

How each check works, with sources →

In the last 30 days

All filings →

Nov 3, 20268-K Quarterly results 8-K item 2.02

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Work on WAT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WAT/export.csv") into a cell.