Waters Corporation supplies analytical instruments, laboratory software, consumables and services for pharmaceutical, industrial, research and clinical testing. Its February 9, 2026 acquisition of BD’s Biosciences and Diagnostic Solutions businesses added flow cytometry, infectious-disease diagnostics and laboratory automation.
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A snapshot of what WATERS CORP /DE/ owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001193125-24-047491 | Feb 27, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001193125-25-034579 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-062604 | Feb 23, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Waters entered its major 2026 acquisition with recovering demand but limited earnings growth. In 2025, revenue rose 7% to $3.165 billion, while acquisition preparation, ERP spending and compensation costs reduced operating income. The completed BDS combination then substantially enlarged the business, its debt and its share count. Through July 4, 2026, legacy demand continued growing, but acquisition accounting, integration and financing costs produced GAAP losses despite positive adjusted earnings. Cash conversion also weakened, partly because BD collects customer payments under transition arrangements. March refinancing was completed, but debt remained $5.086 billion against $539 million of cash at July 4. The central question is therefore whether stronger commercial performance and integration savings can translate into durable margins and cash generation; disclosed targets and raised guidance do not yet establish that outcome.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-04 · EX-99.1 · 2026-08-04
Waters sells instruments that identify, separate and characterize substances, then earns additional revenue from consumables, maintenance and software. Its legacy strengths include liquid chromatography, mass spectrometry and materials testing. Pharmaceutical customers represented 59% of 2025 revenue, although no individual customer exceeded 2%. Consumables and services provide repeat purchasing, but the company’s recurring-revenue category is not entirely contracted: it includes replacement columns and service calls as well as maintenance agreements.
Following BDS, four operating divisions form three reportable segments: Analytical & Materials Sciences, Biosciences and Advanced Diagnostics. Legacy Waters Clinical moved into Advanced Diagnostics. This changed boundary matters: that segment’s prior-year Waters revenue contained Clinical alone, not the subsequently acquired diagnostic operations. BDS adds clinical-regulatory exposure and dependence on BD during separation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-04 · EX-99.1 · 2026-02-09
Waters’ 2025 results exclude BDS, which closed before the February 23, 2026 annual filing but after fiscal year-end. Revenue rose to $3.165 billion from $2.958 billion. Instruments recovered, while chemistry consumables and services grew 12% and 7%, respectively. Management attributed growth to broader customer demand, especially pharmaceutical applications. TA remained weaker, and China’s recovery did not erase earlier contraction.
Operating income nevertheless fell to $802.588 million from $826.353 million, and operating margin declined to 25.4% from 27.9%. Payroll, approximately $82 million of BDS-related operating costs and $20 million of ERP expense offset higher sales. The separately disclosed $97 million total BDS transaction-related cost overlaps operating and financing amounts. Net income edged up to $642.629 million because lower interest and taxes offset operating weakness; it was not a comparable improvement in underlying operating profit.
Sources: 10-K · 2025-12-31
For the quarter ended July 4, 2026, revenue reached $1.645 billion, including $817 million from BDS. Legacy revenue grew 7% reported; the earnings release reported 9% organic constant-currency growth. First-half revenue was $2.912 billion, but the period included six more calendar days than its comparator and BDS only from February 9. Neither headline acquisition-driven growth nor the longer reporting period represents organic unit growth.
The quarter produced a $136 million GAAP net loss, versus $147 million profit, while adjusted net income was $301 million. Purchase-accounting amortization and step-ups explain much of the gap, alongside restructuring, acquisition and ERP costs. Adjusted operating margin still declined to 25.0% from 29.1%. Adjusted EPS rose only 3%, reflecting higher financing costs and substantially more shares. Acquisition amortization continues beyond the initial integration period.
Sources: 10-Q · 2026-07-04 · EX-99.1 · 2026-08-04
First-half 2026 operating cash flow fell to $198 million from $301 million. Acquisition and integration payments, working capital and BD settlements absorbed cash despite large noncash expense add-backs. BD collected customer receivables and paid suppliers for Waters; $673 million due from BD and $516 million due to BD represented one $157 million net receivable. Waters reported no collection issues to date, but these balances were not cash. Adjusted free cash flow of $161 million also included $51 million of investing-classified deferred-close deposit receipts, so it was not simply operating cash flow less capital expenditure.
Sources: 10-Q · 2026-07-04 · EX-99.1 · 2026-08-04
The March 23 issuance of $3.5 billion of notes replaced the acquisition’s large short-term loan; the later quarterly report confirms repayment, whereas the March filing described intended use. July 4 debt carrying value was $5.086 billion and cash was $539 million. Approximately $1.5 billion of available revolving capacity was separate borrowing capacity, not cash. Waters reported covenant compliance at July 4 without actual ratios or quantified headroom. It made no open-market repurchases during the reported first half and had no dividend plans.
Sources: 8-K · 2026-03-23 · 10-Q · 2026-07-04
Management reported $14 million of salary savings achieved through the second quarter, but larger savings and revenue-synergy targets remain conditional. BD transition services, continuing manufacturing arrangements, deferred local transfers and ERP implementation create execution dependencies. Tariffs, research funding, China procurement restrictions and clinical regulation can affect demand and costs. August 4 guidance raised adjusted EPS to $14.45–$14.65, but no GAAP EPS reconciliation was available because potentially material acquisition and other costs could not be reliably forecast.
Sources: 10-Q · 2026-07-04 · EX-99.1 · 2026-08-04 · EX-99.3 · 2026-03-16
USD 3.165286 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.165286 bn | — |
Consolidated product and service revenue; excludes BDS acquired in February 2026.
Sources: 10-K · 2025-12-31
USD 2.958387 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 2.958387 bn | — |
Consolidated product and service revenue.
Sources: 10-K · 2025-12-31
USD 2.956416 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 2.956416 bn | — |
Consolidated product and service revenue; includes Wyatt from May 16, 2023.
Sources: 10-K · 2025-12-31
USD 642.629 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 642.629 m | 0.8% |
| 2024 | USD 637.834 m | — |
Consolidated GAAP net income attributable to Waters shareholders.
Sources: 10-K · 2025-12-31
USD 642.234 m
FY2023 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 642.234 m | — |
Consolidated GAAP net income attributable to Waters shareholders; actual, not Wyatt pro forma.
Sources: 10-K · 2025-12-31
USD 652.555 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 652.555 m | — |
GAAP operating cash flow, including cash taxes and ERP implementation cash flows classified as operating.
Sources: 10-K · 2025-12-31
USD 762.123 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 762.123 m | 26.4% |
| 2023 | USD 602.809 m | — |
GAAP net cash generated by operating activities.
Sources: 10-K · 2025-12-31
USD 3.296 bn
FY2025 · GAAP · BDS Business historical combined carve-out · Attribution: BDS Business · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.296 bn | — |
Historical combined carve-out net product and service sales, including unallocated revenue adjustments.
Sources: EX-99.2 · 2026-02-09
USD 3.343 bn
FY2024 · GAAP · BDS Business historical combined carve-out · Attribution: BDS Business · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 3.343 bn | — |
Historical combined carve-out net sales, including the unallocated Italian payback accrual.
Sources: EX-99.2 · 2026-02-09
USD 3.394 bn
FY2023 · GAAP · BDS Business historical combined carve-out · Attribution: BDS Business · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 3.394 bn | — |
Historical combined carve-out net product and service sales.
Sources: EX-99.2 · 2026-02-09
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