Here are the 10-K annual reports from Waters Corp (WAT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow WAT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WAT filings page.
Waters Corporation filed its annual report describing a major expansion and evolving risk profile. The company remains a global leader in liquid chromatography, mass spectrometry and thermal analysis, serving pharmaceutical, industrial, academic and government customers, with 59% of 2025 net sales from pharmaceutical accounts and 69% of sales generated outside the U.S.
The centerpiece is the $16.8 billion acquisition of BD’s Biosciences and Diagnostic Solutions businesses, structured as a Reverse Morris Trust. BD shareholders now own about 39.2% of the combined company and Waters shareholders 60.8%. Management projects approximately $200 million in cost synergies within three years and $290 million in revenue synergies within five years, alongside restructuring of manufacturing, supply chain and commercial infrastructure.
Waters assumed $4.0 billion of new debt through SpinCo, on top of $1.4 billion outstanding as of December 31, 2025, and plans to refinance a $3.5 billion tranche in early 2026. The report highlights integration challenges, higher leverage, restrictions under a Tax Matters Agreement, macroeconomic and China-related demand risks, competitive pressures, product quality and AI-related risks, but underscores continued investment in R&D, new instruments and software, and a broad, diversified customer base.