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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-07-04 | Q1 FY262026-04-04 | Q4 FY252025-12-31 | Q3 FY252025-09-27 | Q2 FY252025-06-28 | Q1 FY252025-03-29 | Q4 FY242024-12-31 | Q3 FY242024-09-28 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | $1.27B | $932.36M | $799.89M | $771.00M | $662.00M | $872.71M | $740.31M |
| Cost of revenue | $911.00M | $679.00M | $362.86M | $327.81M | $321.00M | $277.00M | $348.52M | $301.66M |
| Gross profit | $734.00M | $588.00M | $569.50M | $472.08M | $450.00M | $385.00M | $524.20M | $438.65M |
| Gross margin | 44.6% | 46.4% | 61.1% | 59.0% | 58.4% | 58.2% | 60.1% | 59.3% |
| Research and development | $122.00M | $96.00M | $46.90M | $53.64M | $49.00M | $47.00M | $46.91M | $45.34M |
| Selling, general and administrative | $405.00M | $387.00M | $240.01M | $214.23M | $198.00M | $174.00M | $173.27M | $169.10M |
| Operating expenses | $820.00M | $635.00M | $298.98M | $279.97M | $262.00M | $233.00M | $231.94M | $227.52M |
| Operating income | −$86.00M | −$47.00M | $270.52M | $192.11M | $188.00M | $152.00M | $292.26M | $211.13M |
| Operating margin | -5.2% | -3.7% | 29.0% | 24.0% | 24.4% | 23.0% | 33.5% | 28.5% |
| EBITDA | −$173.00M | $160.00M | $323.06M | $244.79M | $185.00M | $202.00M | $340.84M | $259.97M |
| Interest income | $5.00M | $6.00M | $5.67M | $4.71M | $5.00M | $4.00M | $4.56M | $4.26M |
| Interest expense | −$60.00M | −$48.00M | −$14.29M | −$26.64M | −$15.00M | −$14.00M | −$19.00M | −$21.44M |
| Income before taxes | −$141.00M | −$88.00M | $264.18M | $170.12M | $178.00M | $143.00M | $276.98M | $193.62M |
| Income taxes | −$5.00M | −$16.00M | $38.97M | $21.20M | $31.00M | $22.00M | $45.59M | $32.11M |
| Net income | −$136.00M | −$72.00M | $225.21M | $148.92M | $147.00M | $121.00M | $231.40M | $161.50M |
| Net margin | -8.3% | -5.7% | 24.2% | 18.6% | 19.1% | 18.3% | 26.5% | 21.8% |
| EPS, basic | −$1.39 | −$0.87 | $3.78 | $2.50 | $2.47 | $2.04 | $3.90 | $2.72 |
| EPS, diluted | −$1.39 | −$0.87 | $3.76 | $2.50 | $2.47 | $2.03 | $3.87 | $2.71 |
| Diluted shares | 98.20M | 82.14M | 59.84M | 59.62M | 59.66M | 59.71M | 59.82M | 59.50M |
Figures describe Waters shares, not any token. As of Aug 11, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.