Waters (WAT) Gross Margin (2009 - 2026)

Waters' Gross Margin history runs 18 years deep, the most recent figure standing at 87.77% for Q2 2026.

• In Q2 2026, Gross Margin rose 1330.0% year-over-year to 87.77%; the TTM figure through Apr 2026 stood at 77.84% (up 258.0% YoY), while the FY2025 annual figure was 59.28%, down 15.0% from the prior year.
• Gross Margin was 87.77% for Q2 2026 at Waters, up from 61.08% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 87.77% in Q2 2026 to a low of 56.66% in Q3 2022.
• Historically, Gross Margin has averaged 68.11% across 5 years, with a median of 61.08% in 2025.
• The sharpest annual moves came in 2024 and 2025: Gross Margin jumped 2632 bps in 2024, then sank 1013 bps in 2025.
• A 5-year view of Gross Margin shows it stood at 59.44% in 2022, then gained by 3 bps to 61.15% in 2023, then declined by 2 bps to 60.07% in 2024, then advanced by 2 bps to 61.08% in 2025, then soared by 44 bps to 87.77% in 2026.
• The last three Gross Margin figures came in at 87.77% (Q2 2026), 61.08% (Q4 2025), and 85.35% (Q3 2025), per Business Quant data.