Waters

WAT · NYSE

$442.83+$8.56 (+1.97%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $434.27

Key indicators

WAT profitability and balance sheet ratios

EPS -$1.38 in Q2 FY26, down 156.2% on a year earlier.

EPS by quarter
Period	EPS
Q3 FY24	$2.71
Q4 FY24	$3.87
Q1 FY25	$2.03
Q2 FY25	$2.47
Q3 FY25	$2.50
Q4 FY25	$3.76
Q1 FY26	-$0.8766
Q2 FY26	-$1.38

Where the money went

Q2 FY26, from revenue to net income

Waters brought in $1.6B of revenue in Q2 FY26, +113.4% on a year earlier. It made a net loss of $0.1B.

Revenue: $1.6B
Costs, expenses and taxes: $1.8B
Net income: −$0.1B
Net margin: -8.3%

Income statement

Revenue and profit by reporting period

Revenue

Net income

WAT income statement, quarterly
Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$0.8B	$0.8B	$0.9B	$1.3B	$1.6B
Gross profit	$0.5B	$0.5B	$0.6B	$0.6B	$0.7B
Operating income	$0.2B	$0.2B	$0.3B	−$0.0B	−$0.1B
Net income	$0.1B	$0.1B	$0.2B	−$0.1B	−$0.1B
Diluted EPS	$2.47	$2.50	$3.76	-$0.87	-$1.39

Balance sheet

What the company owns and owes at period end

Total assets

Total liabilities

WAT balance sheet, quarterly
Line item	Jun 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026
Total assets	$4.7B	$4.9B	$5.1B	$24.5B	$24.8B
Total liabilities	$2.6B	$2.5B	$2.5B	$9.2B	$9.6B
Shareholder equity	$2.2B	$2.3B	$2.6B	$15.3B	$15.2B
Cash and short-term investments	$0.4B	$0.5B	$0.6B	$0.5B	$0.5B
Total debt	$1.5B	$1.4B	$1.4B	$5.2B	$5.1B

Cash flow

Cash in and out from operations, investing and financing

Operating

Investing

Financing

WAT cash flow, quarterly
Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Operating cash flow	$41.0M	$187.3M	$164.6M	−$3.0M	$201.0M
Investing cash flow	−$59.0M	−$25.5M	−$42.1M	$95.0M	$3.0M
Financing cash flow	−$1.0M	−$66.3M	$3.3M	−$213.0M	−$124.0M
Capital expenditure	−$23.0M	−$25.4M	−$39.0M	−$39.0M	−$48.0M
Free cash flow	$18.0M	$161.9M	$125.6M	−$42.0M	$153.0M

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