Full Press Release Details
Contact: Caspar Tudor, Head of Investor
Relations - (508) 482-3448
Waters Corporation (NYSE: WAT) Reports Fourth Quarter
and Full-Year 2025 Financial Results
MILFORD, Mass., February 9, 2026 - Waters Corporation (NYSE: WAT), today announced its financial results for the
fourth quarter and full year 2025.
Sales for the fourth quarter of 2025 were $932 million, an increase of 7% as reported and 6% in constant
currency, compared to sales of $873 million for the fourth quarter of 2024.
On a GAAP basis, diluted earnings per share (EPS) for the fourth quarter
of 2025 were $3.77, compared to $3.88 for the fourth quarter of 2024. Non-GAAP EPS for the fourth quarter of 2025 grew 10% to $4.53, compared to $4.10 for the fourth quarter of 2024.
"Our team delivered industry-leading results in 2025, achieving high single-digit revenue growth and double-digit adjusted EPS growth. We expect this
momentum to continue into 2026, driven by strong execution of the multi-year instrument replacement cycle, continued contribution from pioneering innovation, and our Waters-specific idiosyncratic growth drivers," said Udit Batra, Ph.D.,
President & Chief Executive Officer, Waters Corporation.
"As we enter 2026, the addition of BD Biosciences and Diagnostic Solutions marks a transformative step
forward for Waters. Today, we will close the transaction and are launching commercial excellence initiatives tied to instrument replacement, e-commerce, and service attachment that will build momentum and
drive the first phase of our stated revenue synergies. Within the P&L, we also expect to make decisive progress towards realizing our stated cost synergies in the months ahead. Our starting 2026 guidance calls for an attractive 5.3% combined
company sales growth at mid-point, with opportunity for outperformance as the year progresses."
During the fourth quarter of 2025, sales into the pharmaceutical market increased 8% as reported and 7% in constant currency. Sales into
the industrial market increased 8% as reported and in constant currency. Sales into the academic and government market decreased 2% as reported and 3% in constant currency.
During the quarter, instrument system sales increased 3% as reported and in constant currency. Recurring revenues, which represent the combination of service
and precision chemistries, increased 10% as reported and 9% in constant currency.
Geographically, sales in Asia during the quarter increased 4% as
reported and 11% in constant currency. Sales in the Americas increased 4% as reported and in constant currency. Sales in Europe increased 13% as reported and 4% in constant currency.
Sales for the fiscal year 2025 were
$3,165 million, an increase of 7% as reported and in constant currency, compared to sales of $2,958 million for fiscal year 2024.
basis, EPS for fiscal year 2025 was $10.76 compared to $10.71 for fiscal year 2024. On a non-GAAP basis, EPS increased by 11% to $13.13 compared to $11.86 for fiscal year 2024.
During the fiscal year 2025, sales into the pharmaceutical market increased 9% as reported and in constant currency. Sales into the industrial market
increased 6% as reported and in constant currency. Sales into the academic and government market were flat as reported and decreased 1% in constant currency.
During the year, instrument system sales increased 5% as reported and in constant currency. Recurring revenues, which represent the combination of service and
precision chemistries, increased 8% as reported and in constant currency.
Geographically, sales in Asia during the year increased 7% as reported and 13%
in constant currency. Sales in the Americas increased 4% as reported and in constant currency. Sales in Europe increased 10% as reported and 5% in constant currency.
Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis. A description and
reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company's website www.waters.com in the Investor Relations section.
Full-Year and First Quarter 2026 Financial Guidance
Full-Year 2026 Financial Guidance
full-year 2026 organic constant currency revenue growth to be in the range of +5.5% to +7.0%. Including the positive impact of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.355 billion to
The Company expects an acquired business contribution in full-year 2026 of approximately $3.000 billion to reported revenue on
an owned-period basis.
Including the positive impact of expected revenue synergies, total Company revenue for full-year 2026 is expected to be in the
range of $6.405 billion to $6.455 billion on a reported basis.
The Company expects full-year 2026
non-GAAP EPS to be in the range of $14.30 to $14.50, which includes $0.10 cents of accretion versus the Company's standalone non-GAAP EPS profile due to our combination with the Biosciences and
Diagnostic Solutions business of Becton, Dickinson & Company. This represents year-over-year non-GAAP EPS growth of approximately +8.9% to +10.4% for full-year 2026.
First Quarter 2026 Financial Guidance
expects first quarter 2026 organic constant currency revenue growth to be in the range of +7.0% to +9.0%. Including the positive impact of currency translation, first quarter 2026 organic reported revenue is expected to be in the range of
$718 million to $731 million.
The Company expects an acquired business contribution in the first quarter of 2026 of approximately
$480 million to reported revenue on an owned-period basis.
Total Company revenue for the first quarter of 2026 is expected to be in the range of
$1.198 billion to $1.211 billion on a reported basis.
The Company expects first quarter 2026 non-GAAP
EPS to be in the range of $2.25 to $2.35, which reflects year-over-year growth of approximately +0.0% to +4.4%.
Please refer to the tables below for a
reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and first quarter.
Conference Call Details
Waters Corporation will webcast
its fourth quarter 2025 financial results conference call today, February 9, 2026, at 8:30 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select "Investor
Relations" under the "About Waters" section, navigate to "Events & Presentations," and click on the "Webcast." A replay will be available through at least March 9, 2026.
About Waters Corporation
Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and
environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,900+ passionate
employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science.
Non-GAAP Financial Measures
This release contains financial measures, such as organic constant currency growth
rates, constant currency growth rates and adjusted earnings per diluted share, among others, which are considered "non-GAAP" financial measures under applicable U.S. Securities and Exchange
Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted
accounting principles (GAAP). The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial
measures used in this release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's
financial and operational decision-making, including evaluation of the Company's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may
provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the
Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Definitions of the
non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Cautionary Statement
This release contains
"forward-looking" statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words
"feels", "believes", "anticipates", "plans", "expects", "intends", "suggests", "appears", "estimates", "projects" and similar
expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. Our actual results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of
reasons, including and without limitation, risks or uncertainties related to our acquisition of Becton, Dickinson and Company's Biosciences and Diagnostic Solutions business, the impact of this acquisition on the Company's business and
future results, including unexpected costs, charges or expenses resulting from this acquisition as well as difficulties and delays in achieving expected revenue and cost synergies related to this acquisition, the increased indebtedness of the
Company as a result of this acquisition, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic initiatives, including our
instrument replacement initiatives, respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in various geographies and market segments, our
market size and growth opportunities, our competitive
positioning, projected costs, technological capabilities and plans, and objectives of management, and other
risk factors detailed from time to time in Waters' reports filed with the Securities and Exchange Commission ("SEC"). Such factors and others are discussed more fully in the sections entitled "Forward-Looking
Statements" and "Risk Factors" of the Company's annual report on Form 10-K for the year ended December 31, 2024, as filed with the SEC, which discussions are incorporated by
reference in this release, as updated by the Company's subsequent filings with the SEC. The forward-looking statements included in this release represent the Company's estimates or views as of the date of this release and should not be
relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.
Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
| Net sales | $ | 932,362 | $ | 872,714 | $ | 3,165,286 | $ | 2,958,387 | ||||||||
| Costs and operating expenses: | ||||||||||||||||
| Cost of sales | 362,864 | 348,516 | 1,288,822 | 1,200,201 | ||||||||||||
| Selling and administrative expenses | 240,007 | 173,268 | 830,374 | 690,148 | ||||||||||||
| Research and development expenses | 46,898 | 46,914 | 195,711 | 183,027 | ||||||||||||
| Purchased intangibles amortization | 12,077 | 11,753 | 47,791 | 47,090 | ||||||||||||
| Litigation provision | - | - | - | 11,568 | ||||||||||||
| Operating income | 270,516 | 292,263 | 802,588 | 826,353 | ||||||||||||
| Other income (expense), net | 2,283 | (843 | ) | 3,061 | 776 | |||||||||||
| Interest expense, net | (8,618 | ) | (14,437 | ) | (50,771 | ) | (72,261 | ) | ||||||||
| Income from operations before income taxes | 264,181 | 276,983 | 754,878 | 754,868 | ||||||||||||
| Provision for income taxes | 38,967 | 45,585 | 112,249 | 117,034 | ||||||||||||
| Net income | $ | 225,214 | $ | 231,398 | $ | 642,629 | $ | 637,834 | ||||||||
| Net income per basic common share | $ | 3.78 | $ | 3.90 | $ | 10.80 | $ | 10.75 | ||||||||
| Weighted-average number of basic common shares | 59,546 | 59,386 | 59,509 | 59,333 | ||||||||||||
| Net income per diluted common share | $ | 3.77 | $ | 3.88 | $ | 10.76 | $ | 10.71 | ||||||||
| Weighted-average number of diluted common shares and equivalents | 59,763 | 59,645 | 59,706 | 59,552 |
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP
Net Sales by Operating Segments, Products & Services, Geography and Markets
Three Months Ended December 31, 2025 and December 31, 2024
| Three Months Ended | Percent Change | Impact of Currency | Constant Currency Growth Rate (a) | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||
| NET SALES - OPERATING SEGMENTS | ||||||||||||||||||||
| Waters | $ | 823,937 | $ | 764,309 | 8 | % | 1 | % | 7 | % | ||||||||||
| TA | 108,425 | 108,405 | 0 | % | 0 | % | 0 | % | ||||||||||||
| Total | $ | 932,362 | $ | 872,714 | 7 | % | 1 | % | 6 | % | ||||||||||
| NET SALES - PRODUCTS & SERVICES | ||||||||||||||||||||
| Instruments | $ | 432,850 | $ | 419,616 | 3 | % | 1 | % | 3 | % | ||||||||||
| Service | 329,156 | 301,844 | 9 | % | 1 | % | 8 | % | ||||||||||||
| Chemistry | 170,356 | 151,254 | 13 | % | 1 | % | 12 | % | ||||||||||||
| Total Recurring | 499,512 | 453,098 | 10 | % | 1 | % | 9 | % | ||||||||||||
| Total | $ | 932,362 | $ | 872,714 | 7 | % | 1 | % | 6 | % | ||||||||||
| NET SALES - GEOGRAPHY | ||||||||||||||||||||
| Asia | $ | 283,967 | $ | 272,903 | 4 | % | (7 | %) | 11 | % | ||||||||||
| Americas | 332,424 | 321,005 | 4 | % | 0 | % | 4 | % | ||||||||||||
| Europe | 315,971 | 278,806 | 13 | % | 9 | % | 4 | % | ||||||||||||
| Total | $ | 932,362 | $ | 872,714 | 7 | % | 1 | % | 6 | % | ||||||||||
| NET SALES - MARKETS | ||||||||||||||||||||
| Pharmaceutical | $ | 540,567 | $ | 498,807 | 8 | % | 1 | % | 7 | % | ||||||||||
| Industrial | 284,465 | 264,027 | 8 | % | 0 | % | 8 | % | ||||||||||||
| Academic & Government | 107,330 | 109,880 | (2 | %) | 1 | % | (3 | %) | ||||||||||||
| Total | $ | 932,362 | $ | 872,714 | 7 | % | 1 | % | 6 | % |
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP
Net Sales by Operating Segments, Products & Services, Geography and Markets