On this page of StockholderLetter.com we present the latest annual shareholder letter from WATERS CORP /DE/ — ticker symbol WAT. Reading current and past WAT letters to shareholders can bring important insights into the investment thesis.
011234 6789
011232456789 62 28276 7 8224789 172812
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
0 1 234 4 67 0 894 3 $ 0 $ % 1 $ 2 ! # ! 3 3! 4556 7 $ $ + # ! 8%9( :;% ( 7 2 % # # # " # $ % 2 2 # ?@ABCC EFGBHIJCB @EFBKL MAA NJOPHBC QHBCB@FBK MHB MC EN EH NEH FGB RBMH B@KBK SBTBUVBH WXL YZY[\ ]BHFMJ@ UBMCPHBCL CPTG MC HB^B@PB OHEIFG M@K MK_PCFBK EQBHMFJ@O J@TEUB UMHOJ@ QBHTB@FMOBCL MHB QHBCB@FBK E@ M E@abccd VMCJCe FGB bccd FE E@abccd HBTE@TJAJMFJE@C NEH FGBCB UBMCPHBC MHB M^MJAMVAB E@ FGB ]EUQM@RfC IBVCJFB MFg GFFQCghhJH\IMFBHC\TEUh\
12 456 78964 6 8 4 96 69 6 696 6 2 4 6 4 8 48 6 456 2 622 9 6 9 4 8 562 8 5 6 249 8 676 4 9 6 8 25 9 42 4584 778 8 9 6 967 7 6 4 456 9 6 9 6 2 24 7692 764 66 2 9 !!"#$%&' ") *+,- 2.2467 582 8 6 456 8. 9 2789469 7 96 8 8 6 59 784 98 5. 26 8984 4584 7 7 62 269 699 92 /56 1 8 6 0 8 4 4 6 4 2 8 6 459 5 4 456 .689 8 24 4 46 123 9 4567 96 6 6 456 945 89469 /56 8&9:' ;< =>:!?@& 2.2467 9678 6 9 624A26 7822 2 6 49 76469 BC0D 45 42 78964A 68 26 2 4 4. 8 2 248 8 6 62 /56 E6 /F 1 2 46 582 66 8 6. 9 69 456 249 962 42 6 58 6 8 5 6 6 5G10 4624 8 8 8 84 2 9 5G10 96 6 6 96 69 H23 9 456 .689 I 45 9 567 249. 2 78 62 2 622 9 6 69 7 8 562 J 8 76 84 26 8984 8969 7 96 7 6K 7 6 62 6 2 8 6 7 8 4 62 J 4 6 4 69 97 8568 6K 6 484 2 L#M+&#N' +O&P"&O 7 28 62 96 69 H23 9 456 .689 8 896 7 6 6 8 84 2 896 8 9 K 7846 . H23 9 58978 567 249. 96 6 6 8 6 6K 6 4 4584 4 4 6 4 9 9 >&O9"%& @&#P 582 4 6 4 786 249 62 9682 269 6 8 8448 576 4 9 249 76 42 G 9 456 924 4 76 69 023 9 8 4 6 249 76 4 248 826 582 8 269 6 8 8 6 049846 Q 96 4 2 R46984 8 B0Q D 96 6 4 . 96 6 9 269 6 4687 9 6 69 456 5 5624 269 6 284 2 8 4 2 962 87 8 249 76 4 6 92 456 6 2 6 6 4 2 249. 14 456 2876 4 76 9 64 9 7 469 2 962 68 456 249. 8 9 4 456 /6 5 . S 069 62 R 249. 122 84 /56 7 7 8 . 582 2 246 4 . 6 696 4 4 69 8 6 4 258965 692 69 456 4697 0 6 456 6 9 498 2 9784 T . 1212 9 /0U 2 8568 8 4569 78V 9 6 6 0 6 6 / 2 6692 459 5 Q6 67 69 WX 1211 121W 8 121H 6 69 Y23 ZW3 8 X2[3 /0U 962 6 4 6 . R 121H 456 7 8 . 6 696 XW3 /0U 8 \ 4 6 9 76 4 5 5 82 8 8 456 5 5624 87 24 6 6 0 6 6 / 2 6692 0
 • shareholder letter icon 4/9/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/13/2023 WAT Stockholder Letter
 • stockholder letter icon 4/12/2024 WAT Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon WAT Benford's Law Stock Score = 83


WAT Shareholder/Stockholder Letter Transcript:

011234  6789

011232456789    
62  28276        
 7 8224789   172812

PQPR
0123  56231678913    7 13  2 9     87 11

+         %  &    ,     %     ! "       - &   !       ./012   &   ")   '      ' ""  , &        &"%$ %$ &      ! %   '       .'   *  
3' % ,'%         ""  +    &  ' &   % & &    ")   " (       % 4       %  "  &'   '%"          &  53678  $  '     '   " 9   &         %%"&  
&    *  :    '        %9  ;<;=   +    &  367  $ &  >:!?@&  2.2467  9678 6     9  624A26      7822  2 6 49 76469  BC0D    45   42  78964A 68     26 2 4   4.  
8    2 248 8  6   62     /56  E6    /F  1 2   46  582  66   8  6.   9  69      456  249    962  42   6  58 6  8 5 6 6      5G10  
4624    8         8   8     84   2     9  5G10  96 6  6  96     69  H23    9  456  .689 
   I 45     9   567 249.     2 78  62   2 622 
    9  6 69      7    8   562  J  8 76   84  26 8984     8969   7 96    7  6K  
7  6   62    6         2  8      6   7  8  4 62  J     4  6   4    69  97  8568       6K 6 484   2   L#M+&#N'  +O&P"&O      7   
28 62  96     69  H23    9  456  .689  8     896  7  6   6  8     84   2  896      8  9 K 7846 .  H23        9   58978   567 249.  
96 6  6   8     6  6K 6 4  4584  4      4  6  4   9     
     9  >&O9"%&  @&#P  582     4  6   4   786  249  62       9682    269   6    8   8448 576 4    9   249 76 42 
  G 9  456    924  
4 76     69  023        9  8 4  6   249 76 4   248    826  582  8  269   6    8        8 6   049846     Q 96 4   2  R46984   8   
B0Q D  96 6 4 .  96     6     9  269   6  4687    9   6   69    456  5 5624  269   6  284 2 8 4     2  962  87    8     249 76 4  
 6   92     456     6  2  6  6  4   2     249.   14  456  2876  4 76     9  64   9 7 469  2  962   68   456     249.   8   9     4   456  
/6 5     .  S  069   62  R  249.  122   84      
/56  7 7 8 .  582     2 246 4 .   6   696   4    4 69   8  6  4   258965   692    69  456       4697   0  6  456  6             9  
498 2  9784        T  .      1212     9  /0U   2  8568       8     4569  78V 9  6  6  0  6  6  /   2   6692  459   5  Q6 67 69  WX   1211   
121W  8    121H    6   69    Y23   ZW3   8    X2[3  /0U   962 6 4  6 .   R  121H   456    7 8 .   6   696   XW3  /0U     8    \    4  
6   9  76 4    5  5   82  8 8   456  5 5624  87  24  6  6  0  6  6  /   2   6692 
0



shareholder letter icon 4/9/2025 Letter Continued (Full PDF)
 

WAT Stockholder/Shareholder Letter (WATERS CORP /DE/) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.