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WatersWAT

Legal name
Waters Corporation
Sector
Other
Industry
Laboratory Analytical Instruments
Exchange
NYSE

Stock Price $WAT

Latest filings

You are here#52 of 87 in Industrials by market cap

Filing record · 2016–202610-K1210-Q338-K109

WAT filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 109 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Jul ’25Jul ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $3.17B
YoY changeLargest recent move+17.8%in FY21Latest +7.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WAT Financial Metrics58 metrics

Income Statement16

Balance Sheet26

Cash Flow12

Per Share4

02—Overview

Waters Financial Overview 2021–2025

Updated Nov 4, 2026

Waters agreed to a $16.8 billiona purchase price for BD's Biosciences and Diagnostic Solutions business, more than five times its own FY2025 revenue of $3.17 billion. That is the number that matters. A company that spent years shrinking its share count and defending margins has swapped that playbook for a leveraged bet on scale. The thesis is simple: the standalone business was healthy but stalled on earnings, and the deal is management's answer.

Look at the arc. Revenue grew from $2.79 billion in FY2021 to $3.17 billionb in FY2025, yet diluted EPS slipped from $11.17 to $10.76. Operating margin fell from 29.5% to roughly 25.3%, with FY2025 weighed down by about $82 million of deal costs and $20 million of ERP expense. China explains much of the drag: sales there dropped from $565 million in FY2022 to $397 million in FY2024. Buybacks of $640 million in FY2021 went to zero in FY2024, as debt paydown took priority. Operating cash flow of $653 million in FY2025 was down from $762 million the year before.

The market priced the pivot generously. At the close of FY2025, the stock traded at $379.83c, or 35.3x earnings, for a $22.6 billion market cap. The cost showed up fast: debt rose from $1.4 billion to $5.22 billion by Q1 2026, alongside a $72 million net loss.

Recent Developments (Q2 and Q3 2026)

Waters beat guidance in both quarters and raised its outlook twice. Q2 2026 revenue reached $1.645 billiond, up from $1.267 billion in Q1 2026, with $817 million from the acquired BDS business. Legacy revenue grew 7%, down from 13% in Q1. Adjusted EPS rose 3% to $3.05, while the GAAP loss widened to $1.39 per share on step-up and amortization charges. Full-year adjusted EPS guidance now sits at $14.45 to $14.65. The company also cut about 3% of its workforce, booking $52 million of severance, and Analytical Sciences head Robert Carpio resigned in August 2026. Tina Wu took the role.

Bull case: guidance keeps rising and Q3 2026 adjusted EPS is guided to $3.95 to $4.05e. Bear case: GAAP losses, $5.086 billion of debt and a $673 million receivable from BD strain cash flow, while the stock traded at 34.3x trailing earnings as of the August 10, 2026 report date, not today.

What to watch: Q3 2026 delivery against the $3.95 to $4.05 adjusted EPS guide; collection of the BD receivable and debt paydown

03—Filings

Recent SEC Filings

  1. 8-KWaters 8-K Report, Financial Results (Nov 3, 2026)
  2. 8-KWaters 8-K Report, Executive Changes (Aug 21, 2026)Waters Corporation filed an Item 5.02 and Item 8.01 Form 8-K disclosing a senior leadership change in its Analytical Sciences Division. Robert L. Carpio III notified the company on August 17, 2026, of his decision to resign as Senior Vice President, Waters Analytical Sciences Division, to pursue other opportunities. He relinquished his duties in that role effective August 20, 2026. Tina Wu, currently Senior Vice President, Waters Materials Sciences Division and President, China, will assume the role of Senior Vice President, Waters Analytical Sciences Division. Ms. Wu joined the company in June 2026 after more than 20 years at DuPont (NYSE: DD), where she held senior leadership positions running businesses with approximately $1 billion to $2.3 billion in annual net sales, most recently as Global Vice President, President of DuPont Mobility & Materials since 2021. The filing does not describe financial results, guidance, compensation terms for either executive, or any effect of the transition on operations. For investors, the key takeaway is an internal leadership transition in a major business unit, with an experienced industrial executive stepping into the role.
  3. 8-KWaters 8-K Report, Financial Results (Aug 4, 2026)Waters Corporation (NYSE: WAT) filed an 8-K under Item 2.02 on August 4, 2026, furnishing its press release (Exhibit 99.1) reporting results for the second quarter ended July 4, 2026. Reported revenue was $1.645 billion, comprising $828 million of organic revenue and $817 million from the acquired Biosciences and Diagnostic Solutions (BDS) businesses. Organic revenue grew 7% as reported and 9% in constant currency. GAAP diluted EPS was a loss of $1.39, reflecting acquisition-related purchase accounting charges including amortization of acquired intangibles and inventory step-up, while adjusted EPS rose 3% to $3.05 from $2.95, at the high end of guidance. The Analytical Sciences Division grew to $669 million from $627 million, and instrument revenue grew 8% in constant currency. Management raised every component of its full-year 2026 guidance. It now expects organic constant currency revenue growth of 7% to 9%, total reported revenue of $6.415 billion to $6.476 billion, acquired business reported revenue of approximately $3.045 billion, and adjusted EPS of $14.45 to $14.65, which the company says represents 10% to 12% year-over-year growth. For the third quarter, the company guides organic constant currency revenue growth of 8% to 10%, total reported revenue of $1.745 billion to $1.762 billion, and adjusted EPS of $3.95 to $4.05. Investors should note the scale of the BDS acquisition on the balance sheet: intangible assets rose to $8.521 billion from $558 million at year-end 2025, goodwill to $9.421 billion from $1.340 billion, and notes payable and debt to $5.086 billion from $1.407 billion. GAAP results for the quarter include $232 million of amortization of BDS acquired intangibles and $155 million of inventory and fixed asset step-ups in cost of revenue, along with $49 million of restructuring charges. Management attributes the results to broad end-market recovery and early cost actions, which offset unfavorable foreign exchange translation.
  4. 8-KWaters 8-K Report, Shareholder Vote Results (May 22, 2026)Waters Corporation held its annual meeting of stockholders on May 21, 2026, according to this Current Report on Form 8-K filed May 22, 2026, under Item 5.07 (Submission of Matters to a Vote of Security Holders). Approximately 90,729,508 shares were present or represented by proxy, representing approximately 92.4% of all shares entitled to vote. The filing reports no financial results, guidance, or strategic announcements. Stockholders re-elected all eleven nominated directors to the Board: Flemming Ornskov, Linda Baddour, Udit Batra, Dan Brennan, Richard Fearon, Claire M. Fraser, Pearl S. Huang, Wei Jiang, Heather Knight, Christopher A. Kuebler, and Mark Vergnano. Among the nominees, Flemming Ornskov received the most votes against (3,955,483) and Christopher A. Kuebler received the second most (3,610,545), while both still carried a clear majority of votes for. Stockholders also ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with 84,825,213 votes for, 4,979,244 against, and 925,052 abstentions. In a non-binding advisory vote, stockholders approved the compensation paid to the named executive officers, with 76,557,521 votes for, 10,653,534 against, and 129,775 abstentions, plus 3,388,679 broker non-votes.
  5. 8-KWaters 8-K Report, Financial Results (May 5, 2026)Waters Corporation (NYSE: WAT) reported first quarter 2026 results for the quarter ended April 4, 2026, the first period including the Biosciences and Diagnostic Solutions businesses of Becton, Dickinson and Company, which Waters acquired on February 9, 2026. Reported revenue was $1.267 billion, including $747 million of organic revenue and $520 million from the acquired businesses. Organic revenue grew 13% as reported and 11% in constant currency, compared with $662 million in the first quarter of 2025. The company posted a GAAP diluted loss per share of $0.87, reflecting acquisition-related purchase accounting charges, including $152 million of purchased intangibles amortization and $99 million of cost of revenue fair value adjustments. Adjusted EPS grew 20% to $2.70 from $2.25. Waters raised its full-year 2026 guidance. Organic constant currency revenue growth is now expected at 6.5% to 8.0%, total reported revenue at $6.405 billion to $6.455 billion, and adjusted EPS at $14.40 to $14.60, which the company describes as 10% to 11% year-over-year growth. The acquired businesses are now expected to contribute $3.035 billion of reported revenue in 2026. For the second quarter, the company guided to organic constant currency growth of 6.0% to 8.0%, total reported revenue of $1.616 billion to $1.631 billion, and adjusted EPS of $2.95 to $3.05. Balance sheet and cash flow changed materially with the acquisition. Total assets rose to $24.531 billion from $5.077 billion at December 31, 2025, and notes payable and debt rose to $5.215 billion from $1.407 billion. Operating cash flow was negative $3 million, and free cash flow on the company's adjusted non-GAAP basis was negative $42 million, compared with $234 million a year earlier. The results were furnished under Item 2.02 and are not deemed filed for Section 18 purposes.
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04—See also

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