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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $886.14M | $927.98M | $933.93M | $965.78M | |||||||||
| Europe | $784.58M | $840.02M | $873.39M | $963.38M | |||||||||
| 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 | |||||||||
| Other Geographic Area | — | — | — | — | |||||||||
| Total | $2.97B | $2.96B | $2.96B | $3.17B |
Waters brought in $3.17B from its five regions in fiscal 2025, the year ended December 31, 2025. That was up 7.0% from $2.96B in fiscal 2024. 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 Japan as a separate region after fiscal 2022, when it brought in $167.22M.
Waters Instrument Systems was Waters’s largest product and service line in fiscal 2025, bringing in $1.10B of $3.17B (35%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Waters Instrument Systems | $1.21B | $1.11B | $1.03B | $1.10B | ||||||
| Waters Service | $890.61M | $951.42M | $1.01B | $1.08B | ||||||
| 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 | $108.02M | ||||||
| Total | $2.97B | $2.96B | $2.96B | $3.17B |
Waters brought in $3.17B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 7.0% from $2.96B in fiscal 2024. Waters Instrument Systems was the largest at $1.10B (34.8%), ahead of Waters Service at $1.08B (34.1%) and Chemistry Consumables at $631.46M (19.9%). The other two lines brought in $351.84M combined.
Compared with fiscal 2024, Chemistry Consumables grew fastest, up 11.7% to $631.46M, while Ta Instrument Systems fell the most, down 1.0% to $243.82M. From fiscal 2022 to 2025, combined revenue from these lines grew from $2.97B to $3.17B, a compound annual growth rate of 2.1%. Waters Instrument Systems' share of the total fell from 40.7% to 34.8%.
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 34.8% of the $3.17B total across its five 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' regions that make up at least 2% of revenue, China grew fastest in fiscal 2025, up 10.3% from $396.60M to $437.47M.
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.