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Waters 8-K Report, Financial Results (May 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 5, 2026
Period End
May 5, 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. 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—Abstract

Summary

Summary of the 8-K filed May 5, 2026. Cited figures are marked; the original filing is the authoritative source.

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 billiona, 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 $2.70b 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 billionc 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 billiond 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.

02—Key points

Key Highlights

  1. Total reported revenue of $1.267 billion, which exceeded the high end of guidance by $56 million, including $747 million of organic revenue and $520 million from the acquired Biosciences and Diagnostic Solutions businesses.
  2. Organic revenue grew 13% as reported and 11% in constant currency, exceeding the high end of the constant currency guidance range by 200 basis points.
  3. GAAP diluted loss per share of $0.87 versus diluted EPS of $2.03 a year earlier, driven by acquisition-related purchase accounting charges and $152 million of purchased intangibles amortization.
  4. Adjusted EPS of $2.70, up 20% from $2.25 in the first quarter of 2025.
  5. Full-year 2026 guidance raised: organic constant currency growth of 6.5% to 8.0%, reported revenue of $6.405 billion to $6.455 billion, and adjusted EPS of $14.40 to $14.60.
  6. Second-quarter 2026 guidance: reported revenue of $1.616 billion to $1.631 billion and adjusted EPS of $2.95 to $3.05.
  7. Operating cash flow was negative $3 million and free cash flow was negative $42 million (adjusted non-GAAP), with notes payable and debt rising to $5.215 billion from $1.407 billion at year-end 2025.

03—Questions

Frequently Asked Questions

  1. Why was the GAAP result a loss when adjusted EPS grew 20%?

    The company reported a GAAP diluted loss of $0.87 per share, reflecting acquisition-related purchase accounting charges, including $152 million of purchased intangibles amortization and $99 million of fair value adjustments in cost of revenue. The adjusted non-GAAP measure, which excludes these and other items such as $83 million of acquisition-related costs, showed $2.70 per share.

  2. How much did the acquisition contribute to first-quarter revenue?

    The Biosciences and Diagnostic Solutions businesses contributed $520 million of reported revenue from the February 9, 2026 closing date through the end of the quarter. This was $40 million above the company's guidance, according to the release.

  3. Did Waters change its outlook for 2026?

    Yes. Waters raised its full-year 2026 organic constant currency revenue growth guidance to 6.5% to 8.0%, raised adjusted EPS guidance to $14.40 to $14.60, and now expects acquired businesses to generate $3.035 billion of reported revenue in 2026.

  4. How did the company's balance sheet and cash flow change?

    Total assets increased to $24.531 billion from $5.077 billion at December 31, 2025, mainly reflecting the acquisition, and notes payable and debt rose to $5.215 billion from $1.407 billion. Operating cash flow was negative $3 million in the quarter, compared with $260 million a year earlier.

04—Continue

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