Every 10-Q that Waters Corp (WAT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 reported sharply higher scale in 2026 following completion of the $12.96 billion acquisition of BD’s Biosciences and Diagnostic Solutions business. For the quarter ended July 4, 2026, total net revenues were $1.65 billion, up from $771 million a year earlier, driven by adding Biosciences and Advanced Diagnostics alongside the legacy analytical instruments business.
Profitability deteriorated as integration-related costs and amortization flowed through. The quarter showed an operating loss of $86 million versus $188 million of operating income a year earlier, with purchased intangibles amortization of $244 million and restructuring charges of $49 million. Net loss was $136 million for the quarter and $208 million for the first half, compared with net income of $147 million and $268 million in the prior-year periods.
The balance sheet expanded significantly: total assets rose to $24.75 billion, including $9.42 billion of goodwill and $8.52 billion of intangible assets. Debt increased to $5.09 billion, mainly from new Senior Notes and a SpinCo term loan used in the transaction, while cash and cash equivalents stood at $539 million. Waters also implemented a workforce reduction affecting about 3% of employees, recording $52 million of severance-related restructuring costs.
Waters Corporation reports Q1 2026 results that fully reflect its acquisition of BD’s Biosciences & Diagnostic Solutions business. Revenue rose to $1,267 million from $662 million a year earlier, but Waters posted a net loss of $72 million versus prior net income of $121 million, driven by much higher costs and amortization.
The BDS Business Acquisition, structured as a Reverse Morris Trust, carried total consideration of about $12.96 billion, including 38,542 thousand new Waters shares and $4,000 million of assumed debt, and added $7,993 million of goodwill and $8,384 million of identifiable intangibles. Total assets increased to $24,531 million, while total debt rose to $5,215 million, including $3,500 million of new Senior Notes and a $500 million SpinCo Term Loan, materially increasing leverage as Waters integrates its expanded Biosciences and Advanced Diagnostics operations.
Waters Corporation reported Q3 results and detailed a pending combination with BD’s Biosciences & Diagnostic Solutions business. Q3 net sales were $799.9 million (up from $740.3 million), with net income of $148.9 million and diluted EPS of $2.50. For the nine months, net sales reached $2.233 billion and net income was $417.4 million.
The company agreed to a Reverse Morris Trust valued at $17.5 billion, where BD shareholders are expected to own 39.2% of the combined company and Waters shareholders 60.8%. SpinCo will make a $4 billion cash distribution to BD funded by new debt to be assumed by Waters; a $1.8 billion 364‑day bridge facility has been committed to support fees and dividends. A $733 million termination fee applies in specified cases, and closing is targeted around the end of Q1 2026, subject to approvals.
Liquidity and leverage remain central: cash and equivalents were $459.1 million, total debt $1.41 billion, and operating cash flow for the nine months was $488.0 million. Shares outstanding were 59,534,740 as of October 31, 2025.
Waters Corp. (WAT) Q2 2025 10-Q highlights
- Net sales: $771.3 m, up 8.9 % YoY; YTD $1.43 bn, +6.5 %.
- Mix: Product $473.4 m (+8.8 %), Service $297.9 m (+9.0 %).
- Profitability: Q2 operating income $188.2 m (24.4 % margin vs 26.7 %), essentially flat YoY. Net income $147.1 m (+3 %); diluted EPS $2.47 (vs $2.40). YTD EPS $4.50 (+9.2 %).
- Cash & debt: Cash $367 m (↑$42 m YTD); total debt $1.46 bn (↓$169 m). Current $260 m of notes re-classified as short-term; amended credit facility now $1.8 bn maturing 2030.
- Working capital: Inventories $541 m (+13 % since FY-end); A/R flat; deferred revenue up $113 m to $420 m.
- Cash flow: Operating cash flow $300.7 m (-5 % YoY); capex & software $48 m; free cash flow ~$253 m. Share buybacks limited to $14 m for RSU tax withholding.
- Acquisitions & strategy: Closed May 2025 purchase of Halo Labs for $35 m (adds particle-analysis tech). Subsequent event: definitive agreement (13 Jul 25) to acquire BD Biosciences & Diagnostic Solutions for ~$17.5 bn cash/stock—transformative if completed.
- Guidance: none provided; management notes FX headwinds, ERP roll-out ($130 m over 3 yrs) and higher tax rate (17.2 % vs 15.7 %).
- Balance-sheet strength: Equity $2.16 bn vs $1.83 bn FY-end; leverage (net debt/EBITDA) falls to ~2.7× pre-BD deal.
Overall, Waters delivered mid-single-digit growth and steady EPS, while preparing for a large, leverage-adding acquisition that could significantly reshape its scale and risk profile.