United States was Waters’s largest region in fiscal 2025, bringing in $965.78M of $3.17B (31%).
| Geography | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Asia | — | — | $969.22M | — | |||||||||
| Europe | $784.58M | $840.02M | $873.39M | $963.38M | |||||||||
| Salesrevenuenet | — | — | — | — | |||||||||
| United States | $886.14M | $927.98M | — | $965.78M | |||||||||
| China | $565.14M | $440.71M | $396.60M | $437.47M | |||||||||
| Asia Other | $399.38M | $567.12M | $572.62M | $602.93M | |||||||||
| Japan | $167.22M | — | — | — | |||||||||
| Americas Other | $169.50M | $180.59M | $181.85M | $195.73M | |||||||||
| Total | $2.97B | $2.96B | $2.99B | $3.17B |
Waters brought in $3.17B from its five regions in fiscal 2025, the year ended December 31, 2025. Waters regrouped these regions after fiscal 2024, so the total does not compare directly with that year's $2.99B. United States was the largest at $965.78M (30.5%), ahead of Europe at $963.38M (30.4%) and Asia Other at $602.93M (19.0%). The other two regions brought in $633.20M combined.
Compared with fiscal 2024, China grew fastest, up 10.3% to $437.47M. Every region above 2% of revenue grew.
Waters stopped reporting Total Asia ($969.22M in fiscal 2024) and Japan ($167.22M in fiscal 2022) as separate regions.
Waters Instrument Systems was Waters’s largest product and service line in fiscal 2025, bringing in $1.10B of $2.78B (40%).
| Product and Service | FY 2008 | FY 2009 | FY 2010 | FY 2012 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Service | — | $1.73B | $1.86B | $800.50M | ||||||||||
| Waters Instrument Systems | $1.21B | — | — | $1.10B | ||||||||||
| Salesrevenuegoodsnet | — | — | — | — | ||||||||||
| Waters Service | $890.61M | — | — | — | ||||||||||
| Salesrevenueservicesnet | — | — | — | — | ||||||||||
| Chemistry Consumables | $525.40M | $541.47M | $565.48M | $631.46M | ||||||||||
| Ta Instrument Systems | $252.31M | $252.88M | $246.20M | $243.82M | ||||||||||
| Ta Service | $93.18M | $101.95M | $107.76M | — | ||||||||||
| Total | $2.97B | $2.63B | $2.78B | $2.78B |
Waters brought in $2.78B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $3.17B it reports by geography, so these lines do not cover all of its revenue. Waters Instrument Systems was the largest at $1.10B (39.7%), ahead of Service at $800.50M (28.8%) and Chemistry Consumables at $631.46M (22.7%). The remaining line, Ta Instrument Systems, brought in $243.82M.
Compared with fiscal 2024, Chemistry Consumables grew fastest, up 11.7% to $631.46M, while Service fell the most, down 56.9% to $800.50M. Some of that change comes from Waters regrouping its lines.
Waters stopped reporting Waters Service ($890.61M in fiscal 2022) and Ta Service ($107.76M in fiscal 2024) as separate lines.
Pharmaceutical was Waters’s largest revenue line in fiscal 2025, bringing in $1.87B of $3.17B (59%).
| Customer | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Pharmaceutical | $1.75B | $1.70B | $1.72B | $1.87B | ||||||
| Industrial | $909.81M | $909.00M | $908.49M | $961.15M | ||||||
| Academic & Government | $310.49M | $350.54M | $331.00M | $330.77M | ||||||
| Academic & Governmental | — | — | — | — | ||||||
| Governmental & Academic | — | — | — | — | ||||||
| Total | $2.97B | $2.96B | $2.96B | $3.17B |
Waters brought in $3.17B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 7.0% from $2.96B in fiscal 2024. Pharmaceutical was the largest at $1.87B (59.2%), ahead of Industrial at $961.15M (30.4%) and Academic & Government at $330.77M (10.4%).
Compared with fiscal 2024, Pharmaceutical grew fastest, up 9.0% to $1.87B, while Academic & Government fell the most, down 0.1% to $330.77M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $2.97B to $3.17B, a compound annual growth rate of 2.1%. Pharmaceutical's share held steady at about 59.2%.
Waters (WAT) reports its revenue by geography, by product and service and by customer. In fiscal 2025, United States was its largest region, bringing in $965.78M (30.5% of the total), followed by Europe at $963.38M (30.4%).
United States was Waters' largest region in fiscal 2025, bringing in $965.78M, or 30.5% of the $3.17B total across its five regions.
Waters Instrument Systems was Waters' largest product and service line in fiscal 2025, bringing in $1.10B, or 39.7% of the $2.78B total across its four product and service lines.
Pharmaceutical was Waters' largest revenue line in fiscal 2025, bringing in $1.87B, or 59.2% of the $3.17B total across its three revenue lines.
Among Waters' revenue lines that make up at least 2% of revenue, Pharmaceutical grew fastest in fiscal 2025, up 9.0% from $1.72B to $1.87B.
Every figure comes from Waters' annual financial filings, as reported. Each line keeps the name Waters gives it, and years follow its fiscal calendar.
Waters' revenue by geography goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.