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Waters 8-K Report, Financial Results (Feb 9, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 9, 2026
Period End
February 9, 2026
Security
WAT
In the 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. Material agreement8-K · May ’16May ’16
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Nov ’24Nov ’24

01—Abstract

Summary

Summary of the 8-K filed February 9, 2026. Cited figures are marked; the original filing is the authoritative source.

Waters Corporation (NYSE: WAT) reported fourth-quarter and full-year 2025 results in a press release furnished as Exhibit 99.1 to this Form 8-K.

Fourth-quarter 2025 sales were $932 milliona, up 7% as reported and 6% in constant currency, compared with $873 million a year earlier. GAAP diluted EPS was $3.77 versus $3.88 in the prior-year quarter, while non-GAAP EPS grew 10% to $4.53 from $4.10. For full-year 2025, sales were $3,165 million, up 7% as reported and in constant currency, and GAAP diluted EPS was $10.76 versus $10.71, with non-GAAP EPS up 11% to $13.13 from $11.86.

Recurring revenues increased 8% for the year, led by 12% growth in Chemistry, and Instruments grew 5%. Management called 2026 a transformative year following the addition of the Becton, Dickinson and Company Biosciences and Diagnostic Solutions business, which the company stated it was closing on the release date. The company guided full-year 2026 reported total revenue to $6.405 billion to $6.455 billionb, including an acquired business contribution of approximately $3.000 billion and expected revenue synergies, and organic constant currency revenue growth of 5.5% to 7.0%.

Full-year 2026 non-GAAP EPS guidance is $14.30 to $14.50c, which includes $0.10 of accretion from the acquisition. For the first quarter of 2026, the company guided reported revenue of $1.198 billion to $1.211 billion and non-GAAP EPS of $2.25 to $2.35. The balance sheet shows total assets of $5.08 billion and notes payable and debt of $1.41 billion at December 31, 2025, down from $1.63 billion a year earlier.

Free cash flow on an adjusted non-GAAP basis was $677.3 milliond for 2025 versus $744.3 million in 2024, while GAAP net cash provided by operating activities was $652.6 million. The company also reported $35.1 million of business acquisitions, net of cash acquired, during 2025.

02—Key points

Key Highlights

  1. Q4 2025 sales of $932 million grew 7% as reported and 6% in constant currency, with Chemistry up 12% in constant currency and Instruments up 3%.
  2. Full-year 2025 sales of $3,165 million grew 7% as reported and in constant currency; non-GAAP EPS rose 11% to $13.13 and GAAP EPS was $10.76.
  3. Waters stated it would close the acquisition of the Becton, Dickinson Biosciences and Diagnostic Solutions business on February 9, 2026, and expects it to contribute approximately $3.000 billion to 2026 reported revenue.
  4. 2026 guidance: total reported revenue of $6.405 billion to $6.455 billion, organic constant currency growth of 5.5% to 7.0%, and non-GAAP EPS of $14.30 to $14.50.
  5. Q1 2026 guidance: reported revenue of $1.198 billion to $1.211 billion, including approximately $480 million from the acquired business, and non-GAAP EPS of $2.25 to $2.35.
  6. Adjusted free cash flow was $677.3 million for 2025, compared with $744.3 million in 2024.
  7. Total debt declined to $1.41 billion at December 31, 2025, from $1.63 billion a year earlier.

03—Questions

Frequently Asked Questions

  1. How did Waters perform in the fourth quarter of 2025?

    Sales were $932 million, up 7% as reported and 6% in constant currency. Pharmaceutical sales rose 8% as reported, industrial sales rose 8%, and academic and government sales fell 2%. GAAP diluted EPS was $3.77, compared with $3.88 a year earlier, while non-GAAP EPS grew 10% to $4.53.

  2. What does the company expect for 2026?

    Waters guided to total reported revenue of $6.405 billion to $6.455 billion, including an acquired business contribution of approximately $3.000 billion and expected revenue synergies. Organic constant currency revenue growth is expected to be 5.5% to 7.0%, and non-GAAP EPS is expected to be $14.30 to $14.50, including $0.10 of accretion from the acquisition.

  3. What is the significance of the Becton, Dickinson acquisition?

    The release states that the addition of the Biosciences and Diagnostic Solutions business is a transformative step, and that the company would close the transaction on the release date. Management expects to begin revenue synergy initiatives and to make progress on cost synergies in the months ahead. The filing also notes increased indebtedness as a risk resulting from the acquisition.

  4. How did the company's cash generation and balance sheet change in 2025?

    Net cash provided by operating activities was $652.6 million for 2025, compared with $762.1 million in 2024. Adjusted free cash flow was $677.3 million, versus $744.3 million a year earlier. Notes payable and debt declined to $1.41 billion from $1.63 billion, and cash and cash equivalents rose to $587.8 million from $325.4 million.

  5. What is expected for the first quarter of 2026?

    Total reported revenue is expected to be $1.198 billion to $1.211 billion, including an acquired business contribution of approximately $480 million. Organic constant currency revenue growth is expected to be 7.0% to 9.0%, and non-GAAP EPS is expected to be $2.25 to $2.35.

04—Continue

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