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Waters cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$153M in Q2 2026 · $399M over twelve months

Operating cash flow$201M
Capital spending−$48.0M
Free cash flow+$153M

Analysis

In Q2 2026, Waters generated $201M of operating cash flow and spent $48.0M on capital projects, leaving free cash flow of $153M.

Over the twelve months to Jul 4, 2026, operating cash flow was $550M; the largest uses were net borrowing (+) / repaid (−) ($348M), capital spending ($151M), other financing ($60.3M); besides operations, cash came from other investing ($180M), shares issued ($22.8M); the cash balance rose by $171M.

Operating cash flow was $201M against net income of −$136M. The largest differences: payables +$322M, depreciation & amortization +$301M, prepaid and other assets −$256M.

Free cash flow

Waters: free cash flow by quarterWaters: free cash flow by quarter$18.0MQ2 2025$187MQ3 2025$165MQ4 2025−$42.0MQ1 2026$153MQ2 2026
Operating cash flow less capital spending.
Waters: operating cash flow against capital spendingWaters: operating cash flow against capital spendingOperating cash flowCapital spending$41.0M$23.0MQ2 2025$187M$0Q3 2025$165M$0Q4 2025−$3.0M$39.0MQ1 2026$201M$48.0MQ2 2026
Latest (Q2 2026): Operating cash flow $201M, Capital spending $48.0M.

Capital allocation, year by year

Waters: where the cash came from (up) and went (down), by fiscal yearWaters: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $747MFY2021: Net borrowing $160MFY2021: Shares issued $46.0MFY2021: Buybacks −$649M$953MFY2021FY2022: Operating cash flow $612MFY2022: Net borrowing $60.0MFY2022: Shares issued $32.0MFY2022: Buybacks −$626M$704MFY2022FY2023: Operating cash flow $603MFY2023: Net borrowing $780MFY2023: Shares issued $18.0MFY2023: Capital spending −$161MFY2023: Acquisitions −$1.3BFY2023: Buybacks −$70.3M$1.4BFY2023FY2024: Operating cash flow $762MFY2024: Net borrowing −$730MFY2024: Shares issued $21.0MFY2024: Capital spending −$142MFY2024: Buybacks −$13.5M$783MFY2024FY2025: Operating cash flow $653MFY2025: Net borrowing −$220MFY2025: Shares issued $10.0MFY2025: Asset sales $2.8MFY2025: Capital spending −$113MFY2025: Acquisitions −$35.1MFY2025: Buybacks −$14.7M$665MFY2025
Over these 5 years operating cash flow totalled $3.4B; the largest uses were buybacks ($1.4B) and acquisitions ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$539M
Debt$1.4B
Net debt$871M
Due within a year$460M

Waters funds itself: free cash flow was $399M over the last twelve months, and $539M of cash and investments stands against $1.4B of debt ($460M due within a year, 1.2× covered by cash).

Waters: debt maturities by year (FY2025)Waters: debt maturities by year (FY2025)$460MYear 1$50.0MYear 3$300MYear 4$200MYear 5$400MAfter year 5
Principal due in each year as disclosed in the annual report, against $539M of cash and investments now.

Where the cash came from and went

Waters: sources (+) and uses (−) of cash, Q2 2026Waters: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$201MNet borrowing (+) / repaid (−)−$128MCash drawn (+) / kept (−)−$77.0MOther investing$50.0MCapital spending−$48.0MShares issued$12.0MOther financing−$6.0MBuybacks−$2.0MExchange rates−$2.0M
Waters: sources (+) and uses (−) of cash, TTM to Q2 2026Waters: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$550MNet borrowing (+) / repaid (−)−$348MOther investing$180MCash drawn (+) / kept (−)−$171MCapital spending−$151MOther financing−$60.3MShares issued$22.8MBuybacks−$14.7MExchange rates−$7.6M

From profit to cash

Waters: net income to operating cash flow, Q2 2026Waters: net income to operating cash flow, Q2 2026Net income−$136MDepreciation & amortization$301MStock-based pay$25.0MDeferred taxes$115MReceivables−$249MInventory−$35.0MPayables$322MPrepaid and other assets−$256MOther liabilities$139MOperating cash flow$201M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 20257814528195
Q3 20258515630211
Q2 20258514928206
Q1 20259816133226

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$201M−$48.0M—−$2.0M−$128M$12.0M−$77.0M$153M
Q1 2026−$3.0M−$39.0M—−$12.0M−$170M$3.0M$126M−$42.0M
Q4 2025$165M——−$144K—$5.2M−$129M$165M
Q3 2025$187M—−$84K−$523K−$50.0M$2.6M−$91.8M$187M
Q2 2025$41.0M−$23.0M———$5.0M$16.0M$18.0M

Waters: income statement and cash flow

Waters, Q3 2026: revenue $1.8B (+121% year over year), operating margin 7.2%. The chart follows the revenue to costs, profit and cash.

Waters: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.