Waters (WAT) FY2024 results: revenue $3.0 billion, up 0.1% on the year

Waters Corp. (WAT) reported revenue of $3.0 billion for fiscal 2024, the year ended 31 December 2024, up 0.1% on the year before. Net income was $638 million, down 0.7%, and diluted earnings per share $10.71. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$3.0 billion

+0.1% on the year

FY2017FY2024

Operating margin

27.9%

27.7% a year earlier

FY2017FY2024

Net income

$638 million

-0.7% on the year

FY2017FY2024

Diluted EPS

$10.71

-1.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,958	2,956	2,972	+0.1%
Cost of revenue	1,200	1,195	1,248	+0.4%
Gross profit	1,758	1,761	1,724	-0.2%
Gross margin	59.4%	59.6%	58.0%
Research and development	183	175	176	+4.6%
Selling, general and administrative	690	736	658	-6.2%
Operating income	826	818	873	+1.1%
Operating margin	27.9%	27.7%	29.4%
Interest expense	89.7	98.9	48.8	-9.3%
Pre-tax income	755	736	838	+2.5%
Income tax	117	94.0	130	+24.5%
Effective tax rate	15.5%	12.8%	15.5%
Net income	638	642	708	-0.7%
Net margin	21.6%	21.7%	23.8%
Diluted EPS	$10.71	$10.84	$11.73	-1.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	762	603	612	+26.4%
Capital expenditure	142	161	176	-11.3%
Free cash flow	620	442	436	+40.1%
Free cash flow margin	20.9%	15.0%	14.7%
Cash from investing	-143	-1,442	-108
Cash from financing	-697	755	-510
Depreciation and amortisation	192	166	130	+15.9%
Share-based compensation	44.7	36.9	42.6	+21.3%
Buybacks	13.5	70.3	626	-80.7%
Diluted shares, weighted	60m	59m	60m	+0.5%
Shares outstanding at period end	59m	59m	59m	+0.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,829	1,150	504	+59.0%
Debt	1,630	2,360	1,580	-30.9%
Operating lease liabilities	50.3	58.9	62.1	-14.6%
Other liabilities	1,045	1,058	1,135	-1.2%
Total liabilities and equity	4,554	4,627	3,281	-1.6%
Fixed assets	651	639	582	+1.9%
Goodwill	1,296	1,305	430	-0.7%
Intangible assets	568	629	227	-9.7%
Investments	0.9	0.9	0.9	+4.0%
Cash and equivalents	325	395	481	-17.6%
Receivables	733	702	723	+4.4%
Inventory	477	516	456	-7.5%
Other assets	502	439	382	+14.4%
Total assets	4,554	4,627	3,281	-1.6%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.