WATERS CORP /DE/ (WAT) closed fiscal year 2025 with a gross margin of 59.3 % and a net margin of 20.3 %.
WATERS CORP /DE/ (WAT) closed fiscal year 2025 with a gross margin of 59.3 % and a net margin of 20.3 %. The same year shows an EBITDA margin of 31.9 % and an EBIT margin of 25.4 %. The free cash flow margin was 17.1 %. Against the previous year the gross margin moved −0.1 pp and the net margin −1.3 pp. Across the period the gross margin ranges between 57.2 % in 2007 and 60.5 % in 2011. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 57.16 % | 58.02 % | 60.31 % | 60.25 % | 60.54 % | 59.99 % | 58.86 % | 58.53 % | 58.74 % | 58.87 % | 58.99 % | 58.98 % | 58.00 % | 57.44 % | 58.49 % | 58.00 % | 59.57 % | 59.43 % | 59.28 % |
| EBITDA margin (%) | 27.30 % | 28.89 % | 30.15 % | 31.19 % | 32.14 % | 31.48 % | 31.35 % | 30.77 % | 32.19 % | 33.29 % | 33.27 % | 35.05 % | 33.81 % | 32.60 % | 34.22 % | 33.78 % | 33.27 % | 34.42 % | 31.87 % |
| EBIT margin (%) | 23.68 % | 24.74 % | 26.33 % | 27.38 % | 28.55 % | 27.74 % | 27.17 % | 26.03 % | 27.78 % | 28.84 % | 28.68 % | 30.57 % | 29.44 % | 27.29 % | 29.50 % | 29.39 % | 27.66 % | 27.93 % | 25.36 % |
| Net margin (%) | 18.20 % | 20.47 % | 21.57 % | — | — | 25.03 % | 23.63 % | 21.70 % | 22.97 % | 24.06 % | 0.88 % | 24.54 % | 24.61 % | 22.05 % | 24.87 % | 23.81 % | 21.72 % | 21.56 % | 20.30 % |
| FCF margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 14.41 % | 14.96 % | 20.95 % | 17.05 % |
