Waters annual operating margin
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2025
Waters Operating Margin Growth & History (WAT)
Waters's operating margin was 25.36% for fiscal 2025.
View full Waters company overviewWaters annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 25.36% | −2.58 pp |
| 2024 | 2024-12-31 | 27.93% | +0.27 pp |
| 2023 | 2023-12-31 | 27.66% | −1.73 pp |
| 2022 | 2022-12-31 | 29.39% | −0.11 pp |
| 2021 | 2021-12-31 | 29.50% | +2.21 pp |
| 2020 | 2020-12-31 | 27.29% | −2.15 pp |
| 2019 | 2019-12-31 | 29.44% | −1.13 pp |
| 2018 | 2018-12-31 | 30.57% | +1.89 pp |
| 2017 | 2017-12-31 | 28.68% | −0.16 pp |
| 2016 | 2016-12-31 | 28.84% | +1.05 pp |
| 2015 | 2015-12-31 | 27.78% | +1.75 pp |
| 2014 | 2014-12-31 | 26.03% | −1.13 pp |
| 2013 | 2013-12-31 | 27.17% | −0.58 pp |
| 2012 | 2012-12-31 | 27.74% | −0.81 pp |
| 2011 | 2011-12-31 | 28.55% | +1.18 pp |
| 2010 | 2010-12-31 | 27.38% | +1.05 pp |
| 2009 | 2009-12-31 | 26.33% | +1.59 pp |
| 2008 | 2008-12-31 | 24.74% | +1.06 pp |
| 2007 | 2007-12-31 | 23.68% | — |
Waters quarterly operating margin
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Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-07-04 | −5.23% | −29.61 pp |
| Q1 2026 | 2026-04-04 | −3.71% | −26.67 pp |
| Q4 2025 | 2025-12-31 | 29.01% | −4.48 pp |
| Q3 2025 | 2025-09-27 | 24.02% | −4.50 pp |
| Q2 2025 | 2025-06-28 | 24.38% | −2.31 pp |
| Q1 2025 | 2025-03-29 | 22.96% | +1.94 pp |
| Q4 2024 | 2024-12-31 | 33.49% | +1.25 pp |
| Q3 2024 | 2024-09-28 | 28.52% | +3.31 pp |
| Q2 2024 | 2024-06-29 | 26.69% | −0.30 pp |
| Q1 2024 | 2024-03-30 | 21.02% | −4.42 pp |
| Q4 2023 | 2023-12-31 | 32.24% | −1.10 pp |
| Q3 2023 | 2023-09-30 | 25.21% | −1.89 pp |
| Q2 2023 | 2023-07-01 | 26.99% | −0.96 pp |
| Q1 2023 | 2023-04-01 | 25.44% | −2.87 pp |
| Q4 2022 | 2022-12-31 | 33.35% | +2.00 pp |
| Q3 2022 | 2022-10-01 | 27.10% | −2.00 pp |
| Q2 2022 | 2022-07-02 | 27.95% | −0.87 pp |
| Q1 2022 | 2022-04-02 | 28.31% | +0.16 pp |
| Q4 2021 | 2021-12-31 | 31.35% | −2.18 pp |
| Q3 2021 | 2021-10-02 | 29.10% | +2.42 pp |
| Q2 2021 | 2021-07-03 | 28.82% | −1.01 pp |
| Q1 2021 | 2021-04-03 | 28.14% | +13.46 pp |
| Q4 2020 | 2020-12-31 | 33.52% | +0.52 pp |
| Q3 2020 | 2020-09-26 | 26.67% | −3.34 pp |
| Q2 2020 | 2020-06-27 | 29.83% | +0.18 pp |
| Q1 2020 | 2020-03-28 | 14.69% | −8.89 pp |
| Q4 2019 | 2019-12-31 | 33.01% | −1.19 pp |
| Q3 2019 | 2019-09-28 | 30.01% | +0.31 pp |
| Q2 2019 | 2019-06-29 | 29.65% | −0.40 pp |
| Q1 2019 | 2019-03-30 | 23.58% | −3.63 pp |
| Q4 2018 | 2018-12-31 | 34.20% | +0.65 pp |
| Q3 2018 | 2018-09-29 | 29.70% | +1.58 pp |
| Q2 2018 | 2018-06-30 | 30.05% | +2.49 pp |
| Q1 2018 | 2018-03-31 | 27.21% | +3.37 pp |
| Q4 2017 | 2017-12-31 | 33.55% | +0.30 pp |
| Q3 2017 | 2017-09-30 | 28.12% | −0.68 pp |
| Q2 2017 | 2017-07-01 | 27.57% | −0.69 pp |
| Q1 2017 | 2017-04-01 | 23.84% | +0.13 pp |
| Q4 2016 | 2016-12-31 | 33.24% | +2.34 pp |
| Q3 2016 | 2016-10-01 | 28.80% | +1.66 pp |
| Q2 2016 | 2016-07-02 | 28.26% | +1.92 pp |
| Q1 2016 | 2016-04-02 | 23.71% | −2.35 pp |
| Q4 2015 | 2015-12-31 | 30.91% | +1.44 pp |
| Q3 2015 | 2015-10-03 | 27.14% | −0.99 pp |
| Q2 2015 | 2015-07-04 | 26.34% | +1.77 pp |
| Q1 2015 | 2015-04-04 | 26.06% | +5.44 pp |
| Q4 2014 | 2014-12-31 | 29.47% | −1.69 pp |
| Q3 2014 | 2014-09-27 | 28.13% | +2.09 pp |
| Q2 2014 | 2014-06-28 | 24.57% | −0.41 pp |
| Q1 2014 | 2014-03-29 | 20.62% | −4.81 pp |
| Q4 2013 | 2013-12-31 | 31.16% | +0.61 pp |
| Q3 2013 | 2013-09-28 | 26.04% | −1.02 pp |
| Q2 2013 | 2013-06-29 | 24.98% | −1.63 pp |
| Q1 2013 | 2013-03-30 | 25.42% | −0.79 pp |
| Q4 2012 | 2012-12-31 | 30.55% | −1.07 pp |
| Q3 2012 | 2012-09-29 | 27.06% | −0.94 pp |
| Q2 2012 | 2012-06-30 | 26.61% | −0.33 pp |
| Q1 2012 | 2012-03-31 | 26.21% | −0.89 pp |
| Q4 2011 | 2011-12-31 | 31.62% | +0.98 pp |
| Q3 2011 | 2011-10-01 | 28.00% | +2.11 pp |
| Q2 2011 | 2011-07-02 | 26.93% | −0.07 pp |
| Q1 2011 | 2011-04-02 | 27.10% | +1.99 pp |
| Q4 2010 | 2010-12-31 | 30.64% | +1.19 pp |
| Q3 2010 | 2010-10-02 | 25.89% | +0.19 pp |
| Q2 2010 | 2010-07-03 | 27.00% | +3.11 pp |
| Q1 2010 | 2010-04-03 | 25.12% | −0.55 pp |
| Q4 2009 | 2009-12-31 | 29.45% | +4.08 pp |
| Q3 2009 | 2009-10-03 | 25.70% | +3.88 pp |
| Q2 2009 | 2009-07-04 | 23.89% | — |
| Q1 2009 | 2009-04-04 | 25.67% | — |
| Q3 2008 | 2008-09-27 | 25.38% | — |
| Q2 2008 | 2008-06-28 | 21.82% | — |
Waters operating margin trends
Over the last five reported fiscal years, Waters's operating margin decreased from 27.29% to 25.36%, a change of −1.93 percentage points. The latest reported quarter, Q2 2026, shows −5.23%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Waters filings at SEC.gov ↗