Filing Flows › Waters (WAT) › Q4 2025
Waters (WAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Waters (WAT) reported revenue of $932M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +17% from the quarter before. Operating margin was 29.0%, net earnings $225M (24.2% of revenue).
Waters, Q4 2025: revenue $932M (+7% year over year), operating margin 29.0%, net earnings $225M, operating cash flow $165M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $932M | +17% | +7% |
| Operating profit | $271M | +41% | -7% |
| Net earnings | $225M | +51% | -3% |
| Operating cash flow | $165M | — | -31% |
What changed
Revenue was $932.4M in Q4 2025, up 7% year over year and up 17% from the previous quarter. Waters Instrument Systems was the largest line at 38% of revenue.
Operating profit was $270.5M, a 29.0% margin (down 4.5 points year over year). Operating profit fell $21.7M even though revenue rose $59.6M versus a year earlier, so costs grew faster than sales. Total costs grew 14% against revenue growth of 7%. The fastest-growing cost line was SG&A (+39%). Net earnings were $225.2M, down 3% year over year. The effective tax rate was 14.8%.
Operating cash flow was $164.6M (down 31% year over year), 73% of net earnings. Non-cash charges added back $52.9M of depreciation and amortization and $14.5M of share-based compensation. Working capital and other items used $128.1M.
Questions
What was Waters' revenue in the fourth quarter 2025?
Waters (WAT) reported revenue of $932M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +17% from the quarter before.
Was Waters profitable in the fourth quarter 2025?
Operating profit was $271M (29.0% of revenue) and net earnings $225M.
Source: Waters 10-K on SEC EDGAR.