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Q4 FY2026 · Earnings report
EPS estimate 4.63Revenue estimate 1.81B
Q4 FY2026 · Earnings report
EPS estimate 4.63Revenue estimate 1.81B
Waters operating income 1995–2026What are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.
Waters's operating income in Q3 FY2026, the three months to 3 October 2026, was 128.00M USD, down 33.4% on the same quarter a year before. Waters's operating income over the last twelve months was 265.52M USD, down 67.8% on the twelve months before. In fiscal year 2025 it was 802.59M USD, down 2.9% on the year before.
Last updated 11 Nov 2026 · Next report 8 Feb 2027
Operating income
Operating income · +3.5% a year over 10 yearsOperating margin
Growth
| Fiscal year | Period ending | Operating income | Growth | Operating margin | Gross profit | Gross margin | EBITDA |
|---|---|---|---|---|---|---|---|
| TTM | 3 Oct 2026 | 265.52M | -67.79% | 4.73% | 2.77B | 49.44% | 1.13B |
| FY2025 | 31 Dec 2025 | 802.59M | -2.88% | 25.36% | 1.83B | 57.77% | 1.01B |
| FY2024 | 31 Dec 2024 | 826.35M | +1.06% | 27.93% | 1.76B | 59.43% | 1.04B |
| FY2023 | 31 Dec 2023 | 817.68M | -6.38% | 27.66% | 1.76B | 59.57% | 1.00B |
| FY2022 | 31 Dec 2022 | 873.40M | +6.29% | 29.39% | 1.72B | 58.00% | 1.02B |
| FY2021 | 31 Dec 2021 | 821.71M | +27.30% | 29.50% | 1.63B | 58.49% | 982.81M |
| FY2020 | 31 Dec 2020 | 645.49M | -8.89% | 27.29% | 1.36B | 57.44% | 785.35M |
| FY2019 | 31 Dec 2019 | 708.46M | -4.23% | 29.44% | 1.40B | 58.00% | 832.23M |
| FY2018 | 31 Dec 2018 | 739.77M | +11.71% | 30.57% | 1.43B | 58.98% | 839.20M |
| FY2017 | 31 Dec 2017 | 662.20M | +5.95% | 28.68% | 1.36B | 58.99% | 803.94M |
| FY2016 | 31 Dec 2016 | 625.04M | +10.15% | 28.84% | 1.28B | 58.87% | 741.47M |
| FY2015 | 31 Dec 2015 | 567.45M | +9.57% | 27.78% | 1.20B | 58.74% | 668.15M |
| FY2014 | 31 Dec 2014 | 517.91M | +0.11% | 26.03% | 1.16B | 58.53% | 619.16M |
| FY2013 | 31 Dec 2013 | 517.34M | +1.14% | 27.17% | 1.12B | 58.86% | 599.85M |
| FY2012 | 31 Dec 2012 | 511.49M | -3.24% | 27.74% | 1.11B | 59.99% | 584.53M |
| FY2011 | 31 Dec 2011 | 528.60M | +17.48% | 28.55% | 1.12B | 60.54% | 597.61M |
| FY2010 | 31 Dec 2010 | 449.93M | +14.02% | 27.38% | 990.07M | 60.25% | 514.35M |
| FY2009 | 31 Dec 2009 | 394.60M | +1.24% | 26.33% | 903.82M | 60.31% | 454.91M |
| FY2008 | 31 Dec 2008 | 389.75M | +11.72% | 24.74% | 913.86M | 58.02% | 475.98M |
| FY2007 | 31 Dec 2007 | 348.88M | +16.40% | 23.68% | 841.93M | 57.16% | 402.20M |
| FY2006 | 31 Dec 2006 | 299.74M | +5.86% | 23.41% | 744.04M | 58.12% | 349.79M |
| FY2005 | 31 Dec 2005 | 283.16M | -0.60% | 24.45% | 679.88M | 58.70% | 326.84M |
| FY2004 | 31 Dec 2004 | 284.86M | +29.97% | 25.79% | 649.73M | 58.82% | 326.73M |
| FY2003 | 31 Dec 2003 | 219.17M | +11.59% | 22.87% | 560.36M | 58.48% | 253.94M |
| FY2002 | 31 Dec 2002 | 196.41M | +31.35% | 22.07% | 516.50M | 58.04% | 241.01M |
| FY2001 | 31 Dec 2001 | 149.53M | -29.08% | 17.40% | 547.98M | 63.78% | 183.48M |
| FY2000 | 31 Dec 2000 | 210.83M | +19.45% | 26.52% | 529.17M | 66.56% | 240.26M |
| FY1999 | 31 Dec 1999 | 176.50M | +29.40% | 25.06% | 468.80M | 66.55% | 206.10M |
| FY1998 | 31 Dec 1998 | 136.40M | +262.77% | 22.04% | 405.40M | 65.51% | 164.80M |
| FY1997 | 31 Dec 1997 | 37.60M | -46.51% | 8.08% | 306.80M | 65.91% | 58.70M |
| FY1996 | 31 Dec 1996 | 70.30M | +24.65% | 17.97% | 257.50M | 65.84% | 88.10M |
| FY1995 | 31 Dec 1995 | 56.40M | — | 16.94% | 223.30M | 67.06% | 72.90M |
| Quarter | Period ending | Operating income | Growth on a year before | Operating margin | Gross profit | Gross margin | EBITDA |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 3 Oct 2026 | 128.00M | -33.37% | 7.24% | 888.00M | 50.25% | 427.00M |
| Q2 FY2026 | 4 Jul 2026 | -86.00M | -145.69% | -5.23% | 734.00M | 44.62% | 215.00M |
| Q1 FY2026 | 4 Apr 2026 | -47.00M | -130.97% | -3.71% | 595.00M | 46.96% | 161.00M |
| Q4 FY2025 | 31 Dec 2025 | 270.52M | -7.44% | 29.01% | 557.42M | 59.79% | 325.34M |
| Q3 FY2025 | 27 Sept 2025 | 192.11M | -9.01% | 24.02% | 472.08M | 59.02% | 249.43M |
| Q2 FY2025 | 28 Jun 2025 | 188.21M | -0.48% | 24.40% | 449.93M | 58.33% | 243.69M |
| Q1 FY2025 | 29 Mar 2025 | 151.75M | +13.37% | 22.93% | 384.96M | 58.18% | 206.53M |
| Q4 FY2024 | 31 Dec 2024 | 292.26M | +10.61% | 33.49% | 524.20M | 60.07% | 344.55M |
| Q3 FY2024 | 28 Sept 2024 | 211.13M | +17.67% | 28.52% | 438.65M | 59.25% | 262.56M |
| Q2 FY2024 | 29 Jun 2024 | 189.11M | -5.38% | 26.69% | 420.29M | 59.32% | 240.37M |
| Q1 FY2024 | 30 Mar 2024 | 133.85M | -23.15% | 21.02% | 375.05M | 58.89% | 188.89M |
| Q4 FY2023 | 31 Dec 2023 | 264.22M | -7.71% | 32.24% | 501.11M | 61.15% | 316.36M |
| Q3 FY2023 | 30 Sept 2023 | 179.43M | -6.55% | 25.21% | 420.29M | 59.05% | 231.44M |
| Q2 FY2023 | 1 Jul 2023 | 199.86M | +0.11% | 26.99% | 439.50M | 59.35% | 242.43M |
| Q1 FY2023 | 1 Apr 2023 | 174.17M | -10.90% | 25.44% | 400.29M | 58.46% | 210.77M |
| Q4 FY2022 | 31 Dec 2022 | 286.28M | +9.18% | 33.35% | 510.32M | 59.44% | 320.71M |
| Q3 FY2022 | 1 Oct 2022 | 192.01M | +0.10% | 27.10% | 401.45M | 56.66% | 228.02M |
| Q2 FY2022 | 2 Jul 2022 | 199.63M | +1.63% | 27.95% | 407.11M | 56.99% | 237.92M |
| Q1 FY2022 | 2 Apr 2022 | 195.47M | +14.13% | 28.31% | 404.89M | 58.63% | 230.42M |
| Q4 FY2021 | 31 Dec 2021 | 262.20M | -0.57% | 31.35% | 485.45M | 58.04% | 296.96M |
| Q3 FY2021 | 2 Oct 2021 | 191.82M | +21.11% | 29.10% | 388.11M | 58.87% | 226.94M |
| Q2 FY2021 | 3 Jul 2021 | 196.42M | +26.63% | 28.82% | 401.39M | 58.89% | 242.83M |
| Q1 FY2021 | 3 Apr 2021 | 171.27M | +150.83% | 28.14% | 354.40M | 58.24% | 216.09M |
| Q4 FY2020 | 31 Dec 2020 | 263.71M | +11.54% | 33.52% | 466.09M | 59.25% | 302.58M |
| Q3 FY2020 | 26 Sept 2020 | 158.38M | -8.57% | 26.67% | 331.44M | 55.82% | 192.24M |
| Q2 FY2020 | 27 Jun 2020 | 155.11M | -12.69% | 29.83% | 306.85M | 59.01% | 189.40M |
| Q1 FY2020 | 28 Mar 2020 | 68.28M | -43.64% | 14.69% | 254.30M | 54.69% | 101.13M |
| Q4 FY2019 | 31 Dec 2019 | 236.42M | -3.32% | 33.01% | 417.23M | 58.25% | 263.59M |
| Q3 FY2019 | 28 Sept 2019 | 173.24M | +0.91% | 30.01% | 336.22M | 58.24% | 202.90M |
| Q2 FY2019 | 29 Jun 2019 | 177.65M | -0.86% | 29.65% | 349.62M | 58.35% | 212.03M |
| Q1 FY2019 | 30 Mar 2019 | 121.15M | -16.09% | 23.58% | 292.83M | 56.99% | 153.71M |
| Q4 FY2018 | 31 Dec 2018 | 244.53M | +6.24% | 34.20% | 428.15M | 59.88% | 235.08M |
| Q3 FY2018 | 29 Sept 2018 | 171.67M | +7.96% | 29.70% | 336.88M | 58.28% | 207.64M |
| Q2 FY2018 | 30 Jun 2018 | 179.19M | +16.45% | 30.05% | 353.08M | 59.22% | 213.45M |
| Q1 FY2018 | 31 Mar 2018 | 144.38M | +21.61% | 27.21% | 309.25M | 58.28% | 183.03M |
| Q4 FY2017 | 31 Dec 2017 | 230.17M | +10.48% | 33.49% | 416.82M | 60.65% | 268.77M |
| Q3 FY2017 | 30 Sept 2017 | 159.02M | +4.81% | 28.12% | 329.69M | 58.29% | 194.39M |
| Q2 FY2017 | 1 Jul 2017 | 153.88M | +1.50% | 27.57% | 328.62M | 58.87% | 191.61M |
| Q1 FY2017 | 1 Apr 2017 | 118.72M | +5.38% | 23.84% | 286.87M | 57.61% | 149.16M |
| Q4 FY2016 | 31 Dec 2016 | 208.34M | +14.91% | 33.13% | 377.21M | 59.99% | 238.77M |
| Q3 FY2016 | 1 Oct 2016 | 151.73M | +11.70% | 28.80% | 308.49M | 58.56% | 181.44M |
| Q2 FY2016 | 2 Jul 2016 | 151.61M | +16.34% | 28.26% | 316.18M | 58.93% | 181.08M |
| Q1 FY2016 | 2 Apr 2016 | 112.66M | -6.10% | 23.71% | 274.10M | 57.67% | 140.18M |
| Q4 FY2015 | 31 Dec 2015 | 181.31M | +5.39% | 30.91% | 348.70M | 59.44% | 207.54M |
| Q3 FY2015 | 3 Oct 2015 | 135.84M | -2.07% | 27.14% | 293.77M | 58.69% | 160.34M |
| Q2 FY2015 | 4 Jul 2015 | 130.32M | +10.07% | 26.34% | 286.03M | 57.81% | 155.41M |
| Q1 FY2015 | 4 Apr 2015 | 119.98M | +35.17% | 26.06% | 271.16M | 58.90% | 144.87M |
| Q4 FY2014 | 31 Dec 2014 | 172.04M | -2.35% | 29.47% | 350.75M | 60.07% | 193.73M |
| Q3 FY2014 | 27 Sept 2014 | 138.71M | +16.50% | 28.13% | 290.94M | 59.00% | 169.90M |
| Q2 FY2014 | 28 Jun 2014 | 118.40M | +5.06% | 24.57% | 279.95M | 58.10% | 140.88M |
| Q1 FY2014 | 29 Mar 2014 | 88.76M | -18.87% | 20.62% | 242.79M | 56.40% | 110.56M |
| Q4 FY2013 | 31 Dec 2013 | 176.18M | +10.52% | 31.16% | 336.46M | 59.50% | 198.69M |
| Q3 FY2013 | 28 Sept 2013 | 119.07M | -2.20% | 26.04% | 265.75M | 58.11% | 140.59M |
| Q2 FY2013 | 29 Jun 2013 | 112.69M | -6.19% | 24.98% | 262.79M | 58.25% | 131.72M |
| Q1 FY2013 | 30 Mar 2013 | 109.41M | -0.74% | 25.42% | 255.77M | 59.43% | 128.85M |
| Q4 FY2012 | 31 Dec 2012 | 159.41M | -3.32% | 30.55% | 313.40M | 60.07% | 178.24M |
| Q3 FY2012 | 29 Sept 2012 | 121.75M | -4.34% | 27.06% | 267.25M | 59.40% | 143.55M |
| Q2 FY2012 | 30 Jun 2012 | 120.12M | -0.37% | 26.61% | 272.21M | 60.29% | 137.19M |
| Q1 FY2012 | 31 Mar 2012 | 110.22M | -4.90% | 26.21% | 253.17M | 60.21% | 125.56M |
| Q4 FY2011 | 31 Dec 2011 | 164.87M | +11.27% | 31.62% | 317.18M | 60.83% | 181.70M |
| Q3 FY2011 | 1 Oct 2011 | 127.26M | +22.59% | 28.00% | 274.22M | 60.33% | 144.48M |
| Q2 FY2011 | 2 Jul 2011 | 120.57M | +14.19% | 26.93% | 271.52M | 60.66% | 138.67M |
| Q1 FY2011 | 2 Apr 2011 | 115.90M | +25.49% | 27.10% | 257.77M | 60.28% | 132.77M |
| Q4 FY2010 | 31 Dec 2010 | 148.18M | +17.32% | 30.64% | 294.33M | 60.86% | 165.78M |
| Q3 FY2010 | 2 Oct 2010 | 103.82M | +8.01% | 25.89% | 238.05M | 59.36% | 119.56M |
| Q2 FY2010 | 3 Jul 2010 | 105.58M | +21.79% | 27.00% | 235.92M | 60.33% | 121.33M |
| Q1 FY2010 | 3 Apr 2010 | 92.36M | +8.03% | 25.12% | 221.77M | 60.31% | 107.67M |
| Q4 FY2009 | 31 Dec 2009 | 126.30M | +8.57% | 29.45% | 258.72M | 60.33% | 141.75M |
| Q3 FY2009 | 3 Oct 2009 | 96.11M | -1.96% | 25.70% | 220.82M | 59.05% | 110.56M |
| Q2 FY2009 | 4 Jul 2009 | 86.70M | -0.38% | 23.89% | 218.68M | 60.27% | 101.79M |
| Q1 FY2009 | 4 Apr 2009 | 85.49M | -3.25% | 25.67% | 205.60M | 61.73% | 100.81M |
| Q4 FY2008 | 31 Dec 2008 | 116.33M | -10.46% | 27.81% | 246.27M | 58.87% | 129.14M |
| Q3 FY2008 | 27 Sept 2008 | 98.03M | +41.60% | 25.38% | 227.79M | 58.97% | 111.71M |
| Q2 FY2008 | 28 Jun 2008 | 87.02M | +13.11% | 21.82% | 223.54M | 56.06% | 112.06M |
| Q1 FY2008 | 29 Mar 2008 | 88.37M | +21.40% | 23.77% | 216.26M | 58.18% | 102.11M |
| Q4 FY2007 | 31 Dec 2007 | 129.92M | +21.37% | 29.73% | 255.01M | 58.35% | 143.55M |
| Q3 FY2007 | 29 Sept 2007 | 69.23M | +5.32% | 19.63% | 198.96M | 56.42% | 82.92M |
| Q2 FY2007 | 30 Jun 2007 | 76.94M | +22.29% | 21.82% | 200.41M | 56.83% | 90.04M |
| Q1 FY2007 | 31 Mar 2007 | 72.79M | +22.41% | 22.01% | 187.55M | 56.70% | 85.70M |
| Q4 FY2006 | 31 Dec 2006 | 107.04M | +11.89% | 27.66% | 224.54M | 58.03% | 118.67M |
| Q3 FY2006 | 30 Sept 2006 | 65.73M | +4.91% | 21.83% | 174.02M | 57.78% | 78.85M |
| Q2 FY2006 | 1 Jul 2006 | 62.92M | -6.03% | 20.84% | 175.90M | 58.26% | 77.56M |
| Q1 FY2006 | 1 Apr 2006 | 59.46M | +2.73% | 20.49% | 169.59M | 58.44% | 74.72M |
| Q4 FY2005 | 31 Dec 2005 | 95.67M | +4.69% | 28.79% | 198.29M | 59.68% | 106.23M |
| Q3 FY2005 | 1 Oct 2005 | 62.66M | -1.73% | 22.95% | 157.52M | 57.69% | 73.61M |
| Q2 FY2005 | 2 Jul 2005 | 66.95M | -15.15% | 23.52% | 167.56M | 58.87% | 78.06M |
| Q1 FY2005 | 2 Apr 2005 | 57.88M | +13.92% | 21.57% | 156.50M | 58.33% | 68.95M |
| Q4 FY2004 | 31 Dec 2004 | 91.39M | +19.81% | 28.19% | 194.01M | 59.85% | 103.27M |
| Q3 FY2004 | 2 Oct 2004 | 63.76M | +34.85% | 24.08% | 153.80M | 58.08% | 74.21M |
| Q2 FY2004 | 3 Jul 2004 | 78.90M | +49.53% | 30.29% | 154.31M | 59.24% | 88.63M |
| Q1 FY2004 | 3 Apr 2004 | 50.81M | +18.59% | 19.92% | 147.61M | 57.87% | 60.63M |
| Q4 FY2003 | 31 Dec 2003 | 76.28M | +36.72% | 27.73% | 161.97M | 58.88% | 79.60M |
| Q3 FY2003 | 30 Sept 2003 | 47.28M | -3.54% | 20.52% | 135.34M | 58.74% | 59.69M |
| Q2 FY2003 | 30 Jun 2003 | 52.77M | +10.84% | 22.77% | 136.26M | 58.80% | 61.61M |
| Q1 FY2003 | 31 Mar 2003 | 42.84M | -2.62% | 19.39% | 126.79M | 57.37% | 53.04M |
| Q4 FY2002 | 31 Dec 2002 | 55.79M | +6,900.13% | 21.76% | 105.24M | 41.05% | 72.62M |
| Q3 FY2002 | 30 Sept 2002 | 49.02M | -0.19% | 22.69% | 141.14M | 65.33% | 57.80M |
| Q2 FY2002 | 30 Jun 2002 | 47.61M | -5.87% | 21.92% | 141.21M | 65.02% | 57.24M |
| Q1 FY2002 | 31 Mar 2002 | 44.00M | -10.29% | 21.96% | 115.71M | 57.76% | 53.35M |
| Q4 FY2001 | 31 Dec 2001 | 797.00K | -98.81% | 0.32% | 159.41M | 64.10% | 10.34M |
| Q3 FY2001 | 30 Sept 2001 | 49.11M | -1.38% | 24.23% | 129.57M | 63.93% | 57.76M |
| Q2 FY2001 | 30 Jun 2001 | 50.58M | -3.21% | 24.46% | 131.26M | 63.47% | 58.28M |
| Q1 FY2001 | 31 Mar 2001 | 49.04M | +17.72% | 24.39% | 127.73M | 63.54% | 57.11M |
| Q4 FY2000 | 31 Dec 2000 | 67.11M | +14.72% | 29.82% | 150.51M | 66.87% | 74.08M |
| Q3 FY2000 | 30 Sept 2000 | 49.80M | +20.03% | 25.94% | 121.66M | 63.38% | 57.95M |
| Q2 FY2000 | 30 Jun 2000 | 52.25M | +24.18% | 26.47% | 125.63M | 63.64% | 58.85M |
| Q1 FY2000 | 31 Mar 2000 | 41.66M | +20.54% | 23.06% | 120.13M | 66.50% | 49.38M |
| Q4 FY1999 | 31 Dec 1999 | 58.50M | +28.57% | 29.15% | 137.20M | 68.36% | 67.90M |
| Q3 FY1999 | 30 Sept 1999 | 41.49M | +23.12% | 24.25% | 114.09M | 66.68% | 48.39M |
| Q2 FY1999 | 30 Jun 1999 | 42.08M | +35.31% | 24.42% | 112.88M | 65.51% | 48.38M |
| Q1 FY1999 | 31 Mar 1999 | 34.56M | +32.42% | 21.55% | 104.76M | 65.31% | 41.56M |
| Q4 FY1998 | 31 Dec 1998 | 45.50M | +37.46% | 25.42% | 117.10M | 65.42% | 52.80M |
| Q3 FY1998 | 30 Sept 1998 | 33.70M | — | 22.20% | 98.90M | 65.15% | 41.10M |
| Q2 FY1998 | 30 Jun 1998 | 31.10M | +45.33% | 20.83% | 98.40M | 65.91% | 38.20M |
| Q1 FY1998 | 31 Mar 1998 | 26.10M | +41.85% | 18.82% | 91.10M | 65.68% | 32.70M |
| Q4 FY1997 | 31 Dec 1997 | 33.10M | +88.07% | 21.81% | 97.90M | 64.49% | 39.70M |
| Q3 FY1997 | 30 Sept 1997 | -35.30M | -297.21% | -33.62% | 70.00M | 66.67% | -30.30M |
| Q2 FY1997 | 30 Jun 1997 | 21.40M | +8.63% | 20.15% | 70.90M | 66.76% | 26.20M |
| Q1 FY1997 | 31 Mar 1997 | 18.40M | +21.85% | 17.97% | 68.00M | 66.41% | 23.10M |
| Q4 FY1996 | 31 Dec 1996 | 17.60M | +24.82% | 15.80% | 68.80M | 61.76% | 22.50M |
| Q3 FY1996 | 30 Sept 1996 | 17.90M | +35.61% | 18.19% | 66.40M | 67.48% | 22.50M |
| Q2 FY1996 | 30 Jun 1996 | 19.70M | +16.57% | 20.52% | 65.10M | 67.81% | 24.00M |
| Q1 FY1996 | 31 Mar 1996 | 15.10M | +22.76% | 17.70% | 57.20M | 67.06% | 19.10M |
| Q4 FY1995 | 31 Dec 1995 | 14.10M | — | 15.58% | 60.40M | 66.74% | 17.90M |
| Q3 FY1995 | 30 Sept 1995 | 13.20M | — | 16.38% | 54.30M | 67.37% | 17.70M |
| Q2 FY1995 | 30 Jun 1995 | 16.90M | — | 20.05% | 57.00M | 67.62% | 20.90M |
| Q1 FY1995 | 31 Mar 1995 | 12.30M | — | 15.85% | 51.50M | 66.37% | 16.50M |
Figures in USD. Shares and EPS are adjusted for stock splits. Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Cash on hand,Total debt,Free cash flow,Stock buybacks,Income statement
Common questions about Waters's operating income
Source: Financial Modeling PrepVerified against SEC filings