Waters (WAT) Operating Margin (2009 - 2026)

Waters' Operating Margin history runs 18 years deep, the most recent figure standing at 3.71% for Q2 2026.

• In Q2 2026, Operating Margin fell 2667.0% year-over-year to 3.71%; the TTM figure through Apr 2026 stood at 16.01% (down 1229.0% YoY), while the FY2025 annual figure was 25.36%, down 258.0% from the prior year.
• Operating Margin was 3.71% for Q2 2026 at Waters, down from 29.01% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 33.49% in Q4 2024 to a low of 3.71% in Q2 2026.
• Historically, Operating Margin has averaged 25.47% across 5 years, with a median of 26.99% in 2023.
• The sharpest annual moves came in 2024 and 2026: Operating Margin soared 331 bps in 2024, then plunged 2667 bps in 2026.
• A 5-year view of Operating Margin shows it stood at 33.35% in 2022, then slipped by 3 bps to 32.24% in 2023, then rose by 4 bps to 33.49% in 2024, then slipped by 13 bps to 29.01% in 2025, then sank by 113 bps to 3.71% in 2026.
• The last three Operating Margin figures came in at 3.71% (Q2 2026), 29.01% (Q4 2025), and 24.02% (Q3 2025), per Business Quant data.