Filing Flows › Waters (WAT) › How it makes money
How Waters (WAT) makes money
Waters (WAT) made $1.8B of revenue in the third quarter 2026 (Q3 2026), +121% from a year earlier. Product brought in $1.3B (75%); Service brought in $433M (25%). Of every dollar of revenue, 7¢ was left as operating profit, 5¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Product | $1.3B | 75.5% | — | +167% |
| Service | $433M | 24.5% | — | +44% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.8B | 100.0% |
| Operating profit | $128M | 7.2% |
| Net earnings | $81.0M | 4.6% |
| Operating cash flow | $98.0M | 5.5% |
| Free cash flow | $55.0M | 3.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.8B | +121% |
| Q2 2026 | $1.6B | +113% |
| Q1 2026 | $1.3B | +92% |
| Q4 2025 | $932M | +7% |
| Q3 2025 | $800M | +8% |
| Q2 2025 | $771M | +9% |
| Q1 2025 | $662M | +4% |
From Waters' 8-K filed Nov 3, 2026 (on EDGAR).
Questions
How does Waters make money?
Waters (WAT) made $1.8B of revenue in the third quarter 2026 (Q3 2026), +121% from a year earlier. Product brought in $1.3B (75%); Service brought in $433M (25%). Of every dollar of revenue, 7¢ was left as operating profit, 5¢ was left as net earnings.
What is Waters' biggest business?
Product: $1.3B in the third quarter 2026, 75% of revenue, +167% from a year earlier.
What is Waters' profit margin?
Net earnings were $81.0M, 4.6% of revenue, in the third quarter 2026; the operating margin was 7.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.