WATWaters Corporation

Health care · Lab Instruments · NYSE

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

The biggest changes in the 10-K filed 2026-02-23, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Operating margin

27.9% → 25.4% (-2.6 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Operating income of $803 million in 2025, decreased $23 million from the operating income of $826 million in 2024 primarily due to the impact of the higher sales volume, which was offset by the change in”
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Cash from operations

-14.4% Big change FY to 2025-12-31 vs 2024-12-31

“The decrease in cash flows from operating activities in 2025 was driven by $24 million in additional tax payments associated with the final 2018 Tax Reform Transition payment, $52 million of costs related to the implementation of the Company’s new ERP system and $29 million of payments made in connection with transaction and integration costs associated with the BDS Business Acquisition.”
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“The decrease in 2025 operating cash flow was primarily a result of higher net income being”
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Revenue

+7.0% FY to 2025-12-31 vs 2024-12-31

“The net sales growth in 2025 reflected strong customer demand for the Waters Division products and services across most major geographies, end markets and product lines.”
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“Instrument system sales increased 5% in 2025 as compared to 2024 reflecting broad-based customer demand across most global regions.”
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Net income

+0.8% FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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.