Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $2.31B | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B |
| Revenue growth | — | 6.5% | 4.8% | -0.6% | -1.7% | 17.8% | 6.7% | -0.5% | 0.1% | 7.0% |
| Operating income | $625M | $662M | $740M | $708M | $645M | $822M | $873M | $818M | $826M | $803M |
| Operating margin | 28.8% | 28.7% | 30.6% | 29.4% | 27.3% | 29.5% | 29.4% | 27.7% | 27.9% | 25.4% |
| Net income | $522M | $20.3M | $594M | $592M | $522M | $693M | $708M | $642M | $638M | $643M |
| Net margin | 24.1% | 0.9% | 24.5% | 24.6% | 22.1% | 24.9% | 23.8% | 21.7% | 21.6% | 20.3% |
| EPS (diluted) | $6.41 | $0.25 | $7.65 | $8.69 | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $643M | $698M | $604M | $643M | $791M | $747M | $612M | $603M | $762M | $653M |
| Capital expenditures | — | — | — | — | — | — | — | $161M | $142M | $113M |
| Free cash flow | — | — | — | — | — | — | — | $442M | $620M | $540M |
| Share buybacks | $326M | $333M | $1.32B | $2.47B | $196M | $649M | $626M | $70.3M | $13.5M | $14.7M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $506M | $642M | $796M | $336M | $437M | $501M | $481M | $395M | $325M | $588M |
| Total assets | $4.66B | $5.32B | $3.73B | $2.56B | $2.84B | $3.09B | $3.28B | $4.63B | $4.55B | $5.08B |
| Total liabilities | $2.36B | $3.09B | $2.16B | $2.77B | $2.61B | $2.73B | $2.78B | $3.48B | $2.73B | $2.52B |
| Long-term debt | $1.70B | $1.90B | $1.15B | $1.58B | $1.21B | $1.51B | $1.52B | $2.31B | $1.63B | $947M |
| Shareholders' equity | $2.30B | $2.23B | $1.57B | -$216M | $232M | $368M | $504M | $1.15B | $1.83B | $2.56B |
| Retained earnings | $5.39B | $5.41B | $6.00B | $6.59B | $7.11B | $7.80B | $8.51B | $9.15B | $9.79B | $10.4B |
| Shares (wtd avg diluted) | 81.4M | 80.6M | 77.6M | 68.2M | 62.4M | 62.0M | 60.3M | 59.3M | 59.6M | 59.7M |
Every figure is extracted from WATERS CORP /DE/’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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