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We examine the impact of water (160 ± 41 ppm of reference) on the anode, cathode, separator and electrolyte in two aging scenarios: calendric aging (60 °C, 80 days, charged state), resulting in a triggered current interrupt device (CID), and cycling 1680 times (charge/discharge with 1C, 2.75–4.2 V, 20 ± 2 °C), resulting in 24.5% residual capacity. We applied computer tomography (CT), scanning electron microscopy (SEM), energy dispersive spectroscopy (EDS) and secondary ion mass spectrometry (SIMS) to understand the capacity loss. The aged NMC/LCO–graphite cells were compared to a reference cell in pristine state. Both aging scenarios showed (a) thick depositions on the anode and cathode consisting mainly of oxygen, fluorine and phosphorous, (b) reduced separator pore sizes, (c) the deposition of Mn, Co and Ni on top of the anode and (d) the decomposition of the conductive salt LiPF6 accompanied by HF formation and a loss of active lithium. Calendric aging consumes the water content and additionally leads to (e) the decomposition of the organic solvent followed by CO2 gas formation. Cyclic aging increases the water content and additionally results in (f) the consumption of the additive fluoroethylene carbonate (FEC). These findings show how water affects aging phenomena and results in a capacity decrease in the cell.