Waters raises 2026 revenue outlook $43M at midpoint

The updated 2026 outlook raises the revenue midpoint by $43 million and sets full-year adjusted EPS guidance at $14.60–$14.70.

Available on EDGAR 11/03/2026 - 08:11 AM EST Accepted by SEC EDGAR 11/03/2026 - 08:11 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Waters Corporation (WAT) reported third-quarter 2026 revenue of $1.767 billion, including $871 million of organic revenue and $896 million from acquired Biosciences and Diagnostic Solutions. Organic revenue increased 9% as reported (10% in constant currency) from $800 million. GAAP diluted EPS was $0.82 versus $2.50, reflecting acquisition-related purchase accounting charges, acquisition-related costs and restructuring costs; adjusted EPS rose 21% to $4.10 from $3.40. Operating cash flow was $98 million versus $187 million.

The company raised full-year 2026 revenue guidance by $43 million at the midpoint, to $6.479 billion–$6.497 billion, with organic constant-currency growth of 9.1%–9.7% and adjusted EPS of $14.60–$14.70. Fourth-quarter reported revenue is expected at $1.801 billion–$1.819 billion and adjusted EPS at $4.58–$4.68.

Waters also announced it acquired MOBILion Systems, whose SLIM high-resolution ion mobility technology separates molecules by size, shape and charge; the acquisition is expected to broaden Waters’ entry into proteomics. Management said it would provide its 2027 starting growth framework on the November 3, 2026 earnings call.

1 point · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

• Moderate pointOrganic revenue grew 9%; adjusted EPS increased 21% year over year.

Negative

• Moderate pointGAAP diluted EPS was $0.82, versus $2.50 in third-quarter 2025.
• Moderate pointQuarterly operating cash flow was $98 million, versus $187 million in the prior-year quarter.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Reported revenue: $1.767 billion Organic revenue: $871 million GAAP diluted EPS: $0.82 per diluted share +5 more

8 metrics

Reported revenue $1.767 billion Third quarter 2026

Organic revenue $871 million Third quarter 2026; up 9% as reported and 10% in constant currency from $800 million in third quarter 2025

GAAP diluted EPS $0.82 per diluted share Third quarter 2026, compared with $2.50 in third quarter 2025

Adjusted EPS $4.10 per diluted share Third quarter 2026, up 21% from $3.40 in third quarter 2025

Operating cash flow $98 million Three months ended October 3, 2026, compared with $187 million for the three months ended September 27, 2025

Full-year reported revenue guidance $6.479 billion–$6.497 billion Full-year 2026; guidance raised by $43 million at the midpoint

Full-year adjusted EPS guidance $14.60–$14.70 per diluted share Full-year 2026 guidance

Fourth-quarter reported revenue guidance $1.801 billion–$1.819 billion Fourth quarter 2026 guidance

Key Terms

Organic constant currency revenue growth, Adjusted EPS, purchase accounting charges, SLIM high-resolution ion mobility separation technology, +1 more

5 terms

Organic constant currency revenue growth financial

"Organic constant currency revenue growth guidance"

Organic constant currency revenue growth is the percentage change in a company’s sales that strips out the effects of currency swings and any revenue added or lost from buying or selling businesses, so it shows how the core business itself is performing. Investors care because it’s like comparing the same store’s sales over time without the noise of exchange-rate changes or growth from acquisitions, making it easier to judge true operational momentum.

Adjusted EPS financial

"Adjusted EPS for the third quarter of 2026 grew 21%"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

purchase accounting charges financial

"acquisition-related purchase accounting charges"

SLIM high-resolution ion mobility separation technology technical

"SLIM high-resolution ion mobility separation technology"

owned-period basis financial

"approximately $3.050 billion on an owned-period basis"

Owned-period basis is a way of reporting production, revenue or expenses that counts only the time a company actually owned an asset. Think of it like reporting how much rent you earned only for the months you owned a rental property, not before you bought it or after you sold it. For investors, it clarifies how much value came from assets while under the company’s control, making comparisons across companies and time more accurate.

Earnings Snapshot

Reported revenue: $1.767 billion · Guidance included

Third quarter 2026

Reported revenue $1.767 billion Organic revenue was $871 million, up 9% as reported and 10% in constant currency from $800 million.

GAAP diluted EPS $0.82 per diluted share Compared with $2.50 in third quarter 2025.

Adjusted EPS $4.10 per diluted share Up 21% from $3.40 in third quarter 2025.

Operating cash flow $98 million Compared with $187 million in the prior-year quarter.

Guidance

Full-year 2026 reported revenue of $6.479 billion–$6.497 billion and adjusted EPS of $14.60–$14.70; fourth-quarter reported revenue of $1.801 billion–$1.819 billion and adjusted EPS of $4.58–$4.68.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Waters (WAT)'s third-quarter 2026 revenue and EPS?

Waters reported $1.767 billion in revenue, including $871 million of organic revenue and $896 million from acquired businesses. Adjusted EPS was $4.10, up 21% from $3.40; GAAP diluted EPS was $0.82, compared with $2.50.

What is Waters (WAT)'s full-year 2026 revenue and adjusted EPS guidance?

Waters expects full-year 2026 reported revenue of $6.479 billion to $6.497 billion, organic constant-currency revenue growth of 9.1% to 9.7%, and adjusted EPS of $14.60 to $14.70. The company said revenue guidance increased by $43 million at the midpoint.

What did Waters (WAT) acquire with MOBILion Systems?

Waters acquired MOBILion Systems, Inc., which developed SLIM high-resolution ion mobility separation technology that separates molecules by size, shape and charge in milliseconds. Waters said the acquisition is expected to broaden its entry into proteomics.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

WATERS CORP /DE/ NYSE false 0001000697 0001000697 2026-11-03 2026-11-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2026

Waters Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-14010		13-3668640
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

34 Maple Street

Milford, Massachusetts 01757

(Address of Principal Executive Offices) (Zip Code)

(508) 478-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.01 per share		WAT		New York Stock Exchange, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On November 3, 2026, Waters Corporation announced its results of operations for the quarter ended October 3, 2026. A copy of the related press release is furnished as Exhibit 99.1 to this Form 8-K.

The information contained in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

Exhibits
99.1		Waters Corporation press release dated November 3, 2026, for the quarter ended October 3, 2026.
104		Cover page Interactive Data File (embedded within the Inline XBRL document).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				WATERS CORPORATION
Dated: November 3, 2026				By:		/s/ Amol Chaubal
				Name:		Amol Chaubal
				Title:		Senior Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Exhibit 99.1

For Immediate Release

Contact: Caspar Tudor, Head of Investor Relations – (508) 482-3448

Waters Corporation (NYSE: WAT) Reports Third Quarter 2026 Financial Results

Company to Provide Starting 2027 Growth Framework on Earnings Conference Call

Third Quarter 2026 Highlights

• Total reported revenue of $1.767 billion exceeded guidance midpoint by $14 million, led by organic revenue growth of 9% as reported and 10% in constant currency, with acquired business revenue landing slightly ahead of guidance.

• GAAP EPS of $0.82; Adjusted EPS of $4.10 grew 21% and exceeded guidance.

• Analytical Sciences Division (ASD) grew 8% as reported and 9% in constant currency, led by double-digit instrument and chemistry growth from strong execution, new product innovation, and rising customer testing volume.

• In the Biosciences Division (WBD), reagents grew high single-digits on a prior year comparable basis, reflecting a 400bps acceleration in year-over-year growth, as research and clinical reagents both grew high single-digits; In the Advanced Diagnostics Division (ADx), microbiology grew mid-single-digits on a prior year comparable basis.

• The Company is raising every component of its full-year 2026 guidance, including a $43 million increase to total reported revenue at the midpoint, as new growth vectors layer onto a strong foundation of existing demand.

MILFORD, Mass., November 3, 2026 - Waters Corporation (NYSE: WAT) today announced its financial results for the third quarter of 2026.

Overall Financial Results

The Company’s reported revenue for the third quarter of 2026 was $1.767 billion, reflecting $871 million of organic revenue and $896 million of revenue from the acquired Biosciences and Diagnostic Solutions businesses.

Organic revenue for the third quarter of 2026 was $871 million, compared to $800 million for the third quarter of 2025, representing an increase of 9% as reported and 10% in constant currency.

Revenue from Biosciences and Diagnostic Solutions was $896 million for the third quarter of 2026, compared to $885 million on a prior year comparable basis.

On a GAAP basis, the Company reported a diluted earnings per share of $0.82 for the third quarter of 2026, compared to diluted EPS of $2.50 for the third quarter of 2025, reflecting acquisition-related purchase accounting charges, acquisition-related costs, and restructuring costs.

Adjusted EPS for the third quarter of 2026 grew 21% to $4.10, compared to $3.40 for the third quarter of 2025.

“Our team delivered exceptional results led by best-in-class consumables growth across both our Analytical Sciences and Biosciences divisions, as strong execution, new product innovation, and rising customer testing volume accelerated growth,” said Dr. Udit Batra, President & Chief Executive Officer, Waters Corporation. “LC-MS instrument growth also strengthened, growing double-digits in constant currency, driven by robust instrument replacement trends, idiosyncratic growth drivers across GLP-1s, PFAS and India generics, and we continued to outperform the market with our leading solutions for complex biologics.”

Dr. Batra continued, “Thanks to the hard work of our teams, we are delivering ahead of schedule on our synergy and integration commitments for our acquired businesses. With improving end market conditions and momentum accelerating across the combined company, we are raising our full year 2026 revenue guidance by $43 million at the midpoint and our fourth quarter guidance calls for double digit growth in both our organic and acquired businesses on a days adjusted basis.”

Analytical Sciences Division (ASD)

The Analytical Sciences Division – the former Waters Division, excluding the Clinical Business Unit – delivered reported revenue of $703 million in the quarter, compared to $649 million for the third quarter of 2025.

Biosciences Division (WBD)

The Biosciences Division – formerly known as BD Biosciences – delivered reported revenue of $396 million in the quarter, compared to $387 million for the prior year comparable period.

Advanced Diagnostics Division (ADx)

The Advanced Diagnostics Division comprises the former BD Diagnostic Solutions business and the Clinical Business Unit previously reported within Waters Division.

The Diagnostic Solutions business delivered reported revenue of $500 million in the quarter, compared to $498 million for the prior year comparable period. The Clinical Business Unit delivered reported revenue of $75 million in the quarter, compared to $64 million for the third quarter of 2025.

Materials Sciences Division (MSD)

The Materials Sciences Division – formerly known as TA Division – delivered reported revenue of $93 million in the quarter, compared to $87 million for the third quarter of 2025.

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 Fourth Quarter 2026 Financial Guidance

Full-Year 2026 Financial Guidance

The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 9.1% to 9.7%. Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.429 billion to $3.447 billion.

The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.050 billion on an owned-period basis.

Total Company reported revenue for full-year 2026 is expected to be in the range of $6.479 billion to $6.497 billion.

The Company is updating its full-year 2026 adjusted EPS guidance to the range of $14.60 to $14.70, which represents 11% to 12% year-over-year adjusted EPS growth and is 13% to 14% on a constant currency basis.

Fourth Quarter 2026 Financial Guidance

The Company expects fourth quarter 2026 organic constant currency revenue growth to be in the range of 7.0% to 9.0%. Including the effect of currency translation, fourth quarter 2026 organic reported revenue is expected to be in the range of $984 million to $1.002 billion.

The Company expects acquired business reported revenue for the fourth quarter of 2026 to be approximately $817 million.

Total Company reported revenue for the fourth quarter of 2026 is expected to be in the range of $1.801 billion to $1.819 billion.

The Company expects fourth quarter 2026 adjusted EPS to be in the range of $4.58 to $4.68, which represents 1% to 3% year-over-year adjusted EPS growth.

Starting 2027 Growth Framework

Management will provide the Company’s 2027 starting growth framework during its scheduled earnings conference call today at 8:00 a.m. ET, outlining how reshoring, synergies and AI-related demand drivers are expected to shape next year’s growth.

Announcing Acquisition of MOBILion Systems, Inc.

The Company also announced today that it has acquired MOBILion Systems, Inc.. MOBILion is the pioneer of SLIM high-resolution ion mobility separation technology for complex molecular analysis, which separates molecules by size, shape and charge in milliseconds. The acquisition complements Waters’ industry-leading mass spectrometry portfolio and is expected to broaden the Company’s entry into the proteomics market. Additional details are available in a separate release issued earlier today.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and fourth quarter. The Company is unable to provide reconciliations of forward-looking presentations of adjusted EPS guidance measures to the most directly comparable GAAP measures. Such reconciliations cannot be prepared without unreasonable efforts due to the inherent difficulty and unpredictability in forecasting and quantifying certain amounts that would be necessary for such reconciliations, including acquisition-related amortization, acquisition and restructuring costs, as well as certain legal, advisory and tax costs, or other costs that may arise, which amounts could be significant and could have a material impact on the Company’s future GAAP financial results. All amounts, other than percentages and per share data, are presented in millions of dollars. Certain totals and percentages may not recalculate due to rounding.

Results for the acquired Biosciences and Diagnostic Solutions businesses (the “BDS Businesses”) for the prior year comparable period are the quarterly results for the Biosciences and Diagnostic Solutions business units for the three months ended September 30, 2025, as reported in Exhibit 99.1 of the current report on Form 8-K filed by Becton, Dickinson and Company (“BDX”) with the Securities and Exchange Commission (“SEC”) on November 6, 2025. This historical financial information reflects the results of operations of these businesses as they were historically managed by BDX in conformity with U.S. GAAP. Therefore, such historical financial information does not necessarily reflect what these businesses’ results of operations would have been had they operated as a part of Waters during the period presented, and does not reflect changes that have occurred since the consummation of the acquisition of these businesses by Waters, including, among other things, changes in the financing, cash management, operations, cost structure and personnel needs or differences in accounting policies. For example, BDX provided certain services, such as legal, finance, information technology, human resources, and other infrastructure support to the BDS Businesses prior to their acquisition by Waters. Costs of these services were included in the BDS Businesses’ results of operations through allocations based upon a proportion of revenue or headcount as determined by BDX in conformity with GAAP. Such allocated costs may not be indicative or necessary if the BDS Businesses operated as a part of Waters during the period presented, nor are they necessarily representative of the costs that may be incurred in the future.

Conference Call Details

Waters Corporation will webcast its third quarter 2026 financial results conference call today, November 3, 2026, at 8:00 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 December 1, 2026.

About Waters Corporation

Waters Corporation (NYSE: WAT) is a global leader in life sciences and diagnostics, dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service. With a focus on regulated, high-volume testing environments, our innovative portfolio harnesses deep scientific expertise across chemistry, physics, and biology. We collaborate with customers around the world to advance the release of effective, high-quality medicines, ensure the safety of food and water, and drive better patient outcomes by detecting diseases earlier, managing routine infections, and combating antibiotic resistance. Through a shared culture of relentless innovation, our passionate team of ~15,000 colleagues turn scientific challenges into breakthroughs that improve lives worldwide.

Non-GAAP Financial Measures

This release contains financial measures, such as organic constant currency growth rates, constant currency growth rates, prior year comparable revenue, and adjusted earnings per diluted share, among others, which are considered “non-GAAP” financial measures under applicable SEC 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 the Biosciences and Diagnostic Solutions businesses from BDX, including failure to realize the anticipated benefits of this acquisition, including as a result of delay in integrating the BDS Businesses with the Company on the expected timeframe or at all, and the ability of the Company to implement its business strategy and achieve revenue and cost synergies, the anticipated benefits of the MOBILion Systems, Inc. acquisition, anticipated progress on Waters’ research programs, development of new analytical instruments and associated software or consumables, manufacturing development and capabilities, 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, our ability to 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 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, 2025, 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 millions, except per share data)

(Unaudited)

		Three Months Ended								Nine Months Ended
		October 3, 2026				September 27, 2025				October 3, 2026				September 27, 2025
Net revenue		$	1,767			$	800			$	4,678			$	2,233
Costs and operating expenses:
Cost of revenue (a)			879				328				2,470				926
Selling and administrative expenses			398				214				1,187				586
Research and development expenses			106				54				324				149
Purchased intangibles amortization (b)			244				12				640				36
Restructuring charges			12				—				64				4
Operating income (loss)			128				192				(6	)			532
Other income, net			—				—				1				1
Interest expense, net			(53	)			(22	)			(150	)			(42	)
Income (loss) from operations before income taxes			74				170				(155	)			491
Benefit (provision) for income taxes			7				(21	)			28				(73	)
Net income (loss)		$	81			$	149			$	(127	)		$	417
Net income (loss) per basic common share		$	0.83			$	2.50			$	(1.37	)		$	7.02
Weighted-average number of basic common shares			98,255				59,528				92,751				59,496
Net income (loss) per diluted common share		$	0.82			$	2.50			$	(1.37	)		$	7.00
Weighted-average number of diluted common shares and equivalents			98,653				59,622				92,751				59,656

(a) Cost of revenue for the three months and nine months ended October 3, 2026 includes $80 million and $333 million, respectively, of purchase accounting adjustments related to the fair value inventory and fixed asset step up related to the BDS acquisition.

(b) Purchased intangibles amortization for the three and nine months ended October 3, 2026 includes $232 million and $603 million, respectively, of purchase accounting adjustments related to the amortization of the BDS acquisition purchased intangibles.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Revenue by Operating Segment, Product & Service, and Geography

Three Months Ended October 3, 2026 and September 27, 2025

(In millions)

		Three Months Ended								Reported Growth
		October 3, 2026				September 27, 2025
REVENUE - OPERATING SEGMENT
Analytical Sciences Division (ASD)		$	703			$	649				8	%
Biosciences Division (WBD)			396				—				*	*
Advanced Diagnostics Division (ADx)			575				64				797	%
Materials Sciences Division (MSD)			93				87				7	%
Total Revenue		$	1,767			$	800				121	%
REVENUE - PRODUCT & SERVICE
Product		$	1,334			$	500				167	%
Service			433				300				44	%
Total Revenue		$	1,767			$	800				121	%
REVENUE - GEOGRAPHY
Asia		$	495			$	270				83	%
Americas			749				293				156	%
Europe			523				237				120	%
Total Revenue		$	1,767			$	800				121	%
Reconciliation of Organic Revenue Growth
Total Reported Revenue (GAAP)		$	1,767			$	800				121	%
Acquired Business Contribution			896
Total Organic Reported Revenue		$	871
Organic Reported Revenue Growth			9	%
Currency Translation Impact			(1	%)
Organic Constant Currency Revenue Growth (a)			10	%
Reconciliation of Reported Revenue to Prior Year Comparable Revenue (b)
Acquired Business Contribution		$	896			$	885				1	%
Reconciliation of Analytical Sciences Division Revenue
ASD Instrument Revenue		$	282			$	257				9	%
Currency Translation Impact			(1	%)
Constant Currency ASD Instrument Revenue Growth			10	%
ASD Chemistry Consumables Revenue		$	157			$	143				10	%
Currency Translation Impact			(2	%)
Constant Currency ASD Chemistry Consumables Revenue Growth			12	%
ASD Revenue		$	703			$	649				8	%
Currency Translation Impact			(1	%)
Constant Currency ASD Revenue Growth			9	%

** Percentage not meaningful

(a) The Company believes that referring to comparable organic constant currency growth is a useful measure for evaluating the underlying performance of revenue. Organic constant currency revenue growth, a non-GAAP financial measure, measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rate changes during the current period and excluding the impact of acquisitions completed within twelve months of the acquisition date. See description of non-GAAP financial measures contained in this release.

(b) The Company believes that referring to comparable revenue is a useful measure for evaluating the underlying performance of the business following the acquisition of Biosciences & Diagnostic Solutions (“BDS”). Comparable revenue includes BDS revenue in both the current and prior year comparison periods. Current period revenue includes BDS revenue for the full quarter and prior year comparable revenue includes an estimate of BDS revenue for the equivalent prior year period. Growth rates are calculated using these comparable revenues.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Revenue by Operating Segment, Product & Service, and Geography

Nine Months Ended October 3, 2026 and September 27, 2025

(In millions)

		Nine Months Ended								Reported Growth
		October 3, 2026 (b)				September 27, 2025
REVENUE - OPERATING SEGMENT
Analytical Sciences Division (ASD)		$	1,979			$	1,810				9	%
Biosciences Division (WBD)			996				-				*	*
Advanced Diagnostics Division (ADx)			1,445				180				705	%
Materials Sciences Division (MSD)			258				243				6	%
Total Revenue		$	4,678			$	2,233				110	%
REVENUE - PRODUCT & SERVICE
Product		$	3,473			$	1,374				153	%
Service			1,205				859				40	%
Total Revenue		$	4,678			$	2,233				110	%
REVENUE - GEOGRAPHY
Asia		$	1,294			$	757				71	%
Americas			1,945				829				135	%
Europe			1,439				647				122	%
Total Revenue		$	4,678			$	2,233				110	%
Reconciliation of Organic Revenue Growth
Total Reported Revenue (GAAP)		$	4,678			$	2,233				110	%
Acquired Business Contribution			2,233
Total Organic Reported Revenue		$	2,445
Organic Reported Revenue Growth			10	%
Currency Translation Impact			(0	%)
Organic Constant Currency Revenue Growth (a)			10	%
Reconciliation of Acquired Company Prior Year Comparable Revenue for Period Owned (c)
Prior Year Full Year-To-Date Revenue						$	2,460
Less: Revenue Adjustments for Pre-Owned Period							307
Current and Prior Year Comparable Revenue		$	2,233			$	2,153				4	%

** Percentage not meaningful

(a) The Company believes that referring to comparable organic constant currency growth is a useful measure for evaluating the underlying performance of revenue. Organic constant currency revenue growth, a non-GAAP financial measure, measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rate changes during the current period and excluding the impact of acquisitions completed within twelve months of the acquisition date. See description of non-GAAP financial measures contained in this release.

(b) Waters Corporation revenue for the nine months ended October 3, 2026 includes the results of the BDS Business acquisition from date of acquisition February 9, 2026 through October 3, 2026.

(c) The Company believes that referring to comparable revenue is a useful measure for evaluating the underlying performance of the business following the acquisition of Biosciences & Diagnostic Solutions (“BDS”). Comparable revenue includes BDS revenue in both the current and prior year comparison periods. Current period revenue includes BDS revenue from February 9, 2026, the acquisition date, through quarter-end. Prior year comparable revenue includes an estimate of BDS revenue for the equivalent prior year period. Growth rates are calculated using these comparable revenues.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

Three and Nine Months Ended October 3, 2026 and September 27, 2025

(In millions, except per share data)

		Cost of Revenue				Selling & Administrative Expenses (a)				Research & Development Expenses				Operating Income (Loss)				Operating Income (Loss) Percentage				Interest Expense, Net				Income (Loss) before Income Taxes				Benefit (Provision) for Income Taxes				Net Income (Loss)				Diluted Earnings (Loss) per Share (h)
Three Months Ended October 3, 2026
GAAP		$	879			$	654			$	106			$	128				7.2	%		$	(53	)		$	74			$	7			$	81			$	0.82
Adjustments:
Purchased intangibles amortization and acquisition-related fair value step-ups (b)			(80	)			(243	)			—				323				18.3	%			—				323				(64	)			259				2.62
Restructuring costs and certain other items (c)			—				(20	)			—				20				1.1	%			—				20				(4	)			16				0.16
ERP implementation and transformation costs (d)			—				(7	)			—				7				0.4	%			—				7				(2	)			5				0.05
Acquisition related costs (e)			(18	)			(35	)			(1	)			54				3.1	%			—				54				(10	)			44				0.44
Adjusted Non-GAAP		$	781			$	349			$	105			$	532				30.1	%		$	(53	)		$	478			$	(74	)		$	404			$	4.10
Three Months Ended September 27, 2025
GAAP		$	328			$	226			$	54			$	192				24.0	%		$	(22	)		$	170			$	(21	)		$	149			$	2.50
Adjustments:
Purchased intangibles amortization (b)			—				(12	)			—				12				1.5	%			—				12				(3	)			9				0.15
Restructuring costs and certain other items (c)			—				(1	)			—				1				0.2	%			—				1				(0	)			1				0.02
ERP implementation and transformation costs (d)			—				(6	)			—				6				0.8	%			—				6				(2	)			5				0.08
Acquisition related costs (e)			—				(27	)			(4	)			31				3.8	%			—				31				(2	)			28				0.47
Financing costs (g)			—				—				—				—				—				14				14				(3	)			11				0.18
Adjusted Non-GAAP		$	328			$	180			$	50			$	242				30.3	%		$	(8	)		$	235			$	(32	)		$	203			$	3.40
Nine Months Ended October 3, 2026
GAAP		$	2,470			$	1,891			$	324			$	(6	)			(0.1	%)		$	(150	)		$	(155	)		$	28			$	(127	)		$	(1.37	)
Adjustments:
Purchased intangibles amortization and acquisition-related fair value step-ups (b)			(333	)			(640	)			—				973				20.8	%			—				973				(154	)			819				8.80
Restructuring costs and certain other items (c)			—				(75	)			—				75				1.6	%			—				75				(11	)			64				0.69
ERP implementation and transformation costs (d)			—				(25	)			—				25				0.5	%			—				25				(4	)			21				0.22
Acquisition related costs (e)			(18	)			(155	)			(3	)			176				3.8	%			—				176				(28	)			147				1.58
Financing costs (g)			—				—				—				—				—				4				4				(1	)			4				0.04
Adjusted Non-GAAP		$	2,118			$	997			$	321			$	1,242				26.5	%		$	(146	)		$	1,097			$	(170	)		$	927			$	9.96
Nine Months Ended September 27, 2025
GAAP		$	926			$	626			$	149			$	532				23.8	%		$	(42	)		$	491			$	(73	)		$	417			$	7.00
Adjustments:
Purchased intangibles amortization (b)			—				(36	)			—				36				1.6	%			—				36				(9	)			27				0.46
Restructuring costs and certain other items (c)			—				(6	)			—				6				0.3	%			—				6				(1	)			4				0.07
ERP implementation and transformation costs (d)			—				(14	)			—				14				0.6	%			—				14				(3	)			10				0.18
Acquisition related costs (e)			—				(41	)			(4	)			45				2.0	%			—				45				(5	)			40				0.67
Retention bonus obligation (f)			—				(3	)			(1	)			4				0.2	%			—				4				(1	)			3				0.05
Financing costs (g)			—				—				—				—				—				14				14				(3	)			11				0.18
Adjusted Non-GAAP		$	926			$	527			$	144			$	636				28.5	%		$	(28	)		$	609			$	(96	)		$	514			$	8.60

(a) Selling & administrative expenses include purchased intangibles amortization and restructuring and other charges.

(b) The purchased intangibles amortization and acquisition-related inventory and fixed asset fair value step-ups, which are non-cash expenses, were excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.

(c) Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.

(d) ERP implementation and transformation costs represent costs related to the Company’s initiative to transition from its legacy enterprise resource planning (ERP) system to a new global ERP solution with a cloud-based infrastructure. These costs, which do not represent normal or future ongoing business expenses, are one-time, non-recurring costs related to the establishment of our new global ERP solution that were determined to be non-capitalizable in accordance with accounting standards.

(e) Acquisition related costs include all incremental costs incurred to effect the business combination, such as advisory, legal, accounting, tax, valuation, other professional fees, and integration costs. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(f) In connection with the Wyatt acquisition, the Company recognized a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(g) Financing costs relate to certain financing fees incurred by the Company to secure access to certain debt facilities in connection with the agreement Waters entered into to acquire the Biosciences and Diagnostics Solutions business of Becton, Dickinson & Company. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(h) Adjusted diluted earnings per share is calculated using diluted weighted-average shares outstanding of 93.1 million for the nine months ended October 3, 2026. While the Company reported a GAAP net loss for the period and therefore excluded potentially dilutive securities from its GAAP diluted earnings per share calculation, adjusted net income was positive for the period. Accordingly, potentially dilutive securities were included in the calculation of adjusted diluted earnings per share.

Waters Corporation and Subsidiaries
Preliminary Condensed Unclassified Consolidated Balance Sheets
(In millions and unaudited)
		October 3, 2026				December 31, 2025
Cash and cash equivalents		$	593			$	588
Accounts receivable			1,464				829
Inventories			1,324				572
Property, plant and equipment, net			1,458				642
Intangible assets, net			8,275				558
Goodwill			9,369				1,340
Other assets			1,632				548
Total assets		$	24,115			$	5,077
Notes payable and debt		$	5,133			$	1,407
Other liabilities			3,691				1,108
Total liabilities			8,824				2,515
Total stockholders’ equity			15,291				2,562
Total liabilities and stockholders’ equity		$	24,115			$	5,077

Waters Corporation and Subsidiaries
Preliminary Condensed Consolidated Statements of Cash Flows
Three and Nine Months Ended October 3, 2026 and September 27, 2025
(In millions and unaudited)
		Three Months Ended								Nine Months Ended
		October 3, 2026				September 27, 2025				October 3, 2026				September 27, 2025
Cash flows from operating activities:
Net income (loss)		$	81			$	149			$	(127	)		$	417
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation			22				14				67				40
Depreciation and amortization			300				53				808				154
Acquisition-related inventory and fixed assets fair value step-ups recognized			79				—				333				—
Change in operating assets and liabilities and other, net (b)			(384	)			(28	)			(785	)			(123	)
Net cash provided by operating activities			98				187				296				488
Cash flows from investing activities:
Additions to property, plant, equipment, and software capitalization			(43	)			(25	)			(131	)			(74	)
Cash (paid) acquired in business acquisition, net of cash received			(59	)			(1	)			85				(35	)
Investments in unaffiliated companies			—				—				(10	)			(1	)
Change in deposit asset			8				—				59				—
Net cash (used in) provided by investing activities			(94	)			(26	)			3				(110	)
Cash flows from financing activities:
Proceeds from debt issuances			320				—				4,062				70
Payments on debt			(275	)			(50	)			(4,315	)			(290	)
Payments of debt issuance costs			—				(18	)			(28	)			(23	)
Proceeds from stock plans			10				3				26				16
Purchases of treasury shares			(1	)			0				(15	)			(15	)
Other cash flow from financing activities, net			3				0				(9	)			1
Net cash provided by (used in) financing activities			57				(66	)			(279	)			(241	)
Effect of exchange rate changes on cash and cash equivalents			(7	)			(4	)			(15	)			(4	)
Increase in cash and cash equivalents			54				92				5				134
Cash and cash equivalents at beginning of period			539				367				588				325
Cash and cash equivalents at end of period		$	593			$	459			$	593			$	459
Reconciliation of Free Cash Flow - Adjusted Non-GAAP (a)
Net cash provided by operating activities - GAAP		$	98			$	187			$	296			$	488
Adjustments:
Additions to property, plant, equipment, and software capitalization			(43	)			(25	)			(131	)			(74	)
Tax reform payments			—				—				—				120
Litigation settlements paid, net			5				(2	)			4				(2	)
Payment of Wyatt retention bonus obligation (c)			—				—				—				20
Change in deposit asset (d)			8				—				59				—
Free Cash Flow - Adjusted Non-GAAP		$	68			$	160			$	228			$	552

(a) The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.

(b) Includes an increase in net receivables of $17 million and $174 million for the three and nine months ended October 3, 2026, respectively, due from the BDS acquisition TSA provider related to the initial net cash settlement for activities occurring since the acquisition date.

(c) During the nine months ended September 27, 2025, the Company made retention payments under the Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.

(d) As part of the BDS acquisition, a portion of the total consideration paid was reflected as a deposit asset on the opening balance sheet, which is attributable to the Company’s present right to the future economic benefits of the business in those foreign jurisdictions where legal and beneficial title had not transferred to the Company as of February 9, 2026. Changes in the deposit asset are driven by changes in the underlying assets and liabilities in those foreign jurisdictions, which represent productive assets and therefore the cash payments (or cash receipts) resulting from the changes in these productive assets are classified as investing cash flows. The change in the deposit asset is primarily related to the collection of third party customer receivables that existed as of February 9, 2026. The Company considers cash collected from customers as a component of free cash flow as it represents amounts collected from its core operations.

Waters Corporation and Subsidiaries
Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook
(In millions, except per share data)
		Twelve Months Ended												Three Months Ended
		December 31, 2026												December 31, 2026
		Range												Range
Projected Revenue
Reported revenue		$	6,479				–			$	6,497			$	1,801				–			$	1,819
Acquired business contribution		$	3,050				–			$	3,050			$	817				–			$	817
Organic reported revenue		$	3,429				–			$	3,447			$	984				–			$	1,002
Organic reported revenue growth			8.4	%			–				8.9	%			5.5	%			–				7.5	%
Currency translation impact			(0.7	%)			–				(0.7	%)			(1.5	%)			–				(1.5	%)
Organic constant currency revenue growth (a)			9.1	%			–				9.7	%			7.0	%			–				9.0	%
		Range												Range
Projected Earnings Per Diluted Share
Adjusted earnings per share		$	14.60				–			$	14.70			$	4.58				–			$	4.68

(a) Organic constant currency revenue growth, a non-GAAP financial measure, measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical revenue in local currency, as well as an assessment of market conditions as of the date of this press release, and may differ significantly from actual results.

These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 297.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB