Every material Form 8-K Waters has filed with the SEC since July 31, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Waters Corporation reported third-quarter 2026 total revenue of $1.767 billion and adjusted EPS of $4.10, driven by 9% organic revenue growth. Supported by strong operational momentum and integration progress, the company raised its full-year 2026 reported revenue and adjusted EPS guidance, while also announcing the acquisition of MOBILion Systems, Inc.
Total reported revenue for the third quarter ended October 3, 2026, reached $1.767 billion, with GAAP EPS of $0.82 and adjusted EPS of $4.10.
Organic revenue grew 9% as reported and 10% in constant currency during the third quarter.
The company raised its full-year 2026 reported revenue guidance by $43 million at the midpoint to a range of $6.479 billion to $6.497 billion.
Full-year 2026 adjusted EPS guidance was updated to a range of $14.60 to $14.70.
Waters disclosed that Robert L. Carpio III resigned as Senior Vice President of its Analytical Sciences Division to pursue other opportunities, relinquishing his duties on August 20, 2026. Tina Wu, currently SVP of Materials Sciences and President, China, will take over the Analytical Sciences role, a leadership change in a business unit.
Robert L. Carpio III notified Waters on August 17, 2026 of his resignation as SVP, Waters Analytical Sciences Division.
Carpio relinquished his duties effective August 20, 2026.
Tina Wu, SVP, Waters Materials Sciences Division and President, China, will assume the Analytical Sciences SVP role.
Wu joined Waters in June 2026 after more than 20 years at DuPont, most recently as Global Vice President and President of DuPont Mobility & Materials since 2021.
Waters reported second-quarter 2026 results on August 4, 2026, with reported revenue of $1.645 billion, up from $771 million a year earlier. The acquired Biosciences and Diagnostic Solutions businesses contributed $817 million of that revenue. The company posted a GAAP net loss of $136 million, or $1.39 per diluted share, reflecting acquisition-related purchase accounting charges, while adjusted EPS rose 3% to $3.05 and Waters raised all components of its full-year 2026 guidance.
Organic revenue of $828 million grew 7% as reported and 9% in constant currency.
GAAP diluted loss of $1.39 per share, compared with diluted EPS of $2.47 in the second quarter of 2025.
Adjusted EPS of $3.05, compared with $2.95 a year earlier.
Full-year 2026 adjusted EPS guidance raised to $14.45 to $14.65; total reported revenue expected at $6.415 billion to $6.476 billion.
Waters reported first-quarter 2026 revenue of $1.267 billion, $56 million above the high end of its guidance range, and adjusted EPS of $2.70, up 20% from $2.25 a year earlier. The company raised its full-year 2026 adjusted EPS guidance to $14.40 to $14.60 and its organic constant currency revenue growth guidance to 6.5% to 8.0%. GAAP results were a loss of $0.87 per diluted share, reflecting acquisition-related purchase accounting charges from the Becton, Dickinson biosciences and diagnostics business acquired February 9, 2026.
Revenue was $1.267 billion versus $662 million a year earlier, including $520 million from the acquired Biosciences and Diagnostic Solutions businesses.
Organic revenue grew 13% as reported and 11% in constant currency, to $747 million.
GAAP diluted loss of $0.87 per share compared with diluted EPS of $2.03 a year earlier; purchased intangibles amortization was $152 million.
Second-quarter 2026 adjusted EPS guidance is $2.95 to $3.05; full-year 2026 reported revenue is expected at $6.405 billion to $6.455 billion.
Waters Corporation's subsidiary Augusta SpinCo Corporation completed a $3.5 billion offering of senior notes in five tranches maturing from 2027 to 2036. The company plans to use the proceeds, together with cash on hand, to repay $3.5 billion of debt under a delayed draw term loan incurred in February 2026, replacing short-term borrowing with longer-dated notes.
Five tranches totaling $3.5 billion, with coupons from 4.321% (due 2027) to 5.245% (due 2036)
Net proceeds plus cash on hand to repay $3.5 billion under the delayed draw term loan incurred in February 2026
Notes are fully and unconditionally guaranteed on a senior unsecured basis by Waters and certain subsidiaries
Underwriting agreement dated March 17, 2026, led by Barclays, Citigroup, J.P. Morgan, BofA Securities and HSBC
Waters Corporation closed its combination with the Biosciences and Diagnostic Solutions businesses of Becton, Dickinson and Company (BD) on February 9, 2026, through a Reverse Morris Trust transaction. The filing says Waters shareholders will own 60.8% of the combined company on a fully diluted basis and BD shareholders 39.2%, and that the deal added $4.0 billion of new term debt at the SpinCo level, which Waters guarantees.
Waters pre-closing shareholders own 60.8% and BD shareholders 39.2% of the combined company, on a fully diluted basis.
SpinCo borrowed $4.0 billion of unsecured term loans on February 6, 2026: $3.5 billion due 364 days after funding and $500.0 million due on the second anniversary.
Claire M. Fraser, Ph.D., joined the Waters board effective February 9, 2026, increasing its size from 10 to 11 members.
Waters reported fourth-quarter 2025 sales of $932 million, up 7% as reported, and non-GAAP EPS of $4.53, up 10%. GAAP diluted EPS fell to $3.77 from $3.88, and the company said it would close its acquisition of Becton, Dickinson's Biosciences and Diagnostic Solutions business on the release date and guided 2026 reported revenue to $6.405 billion to $6.455 billion.
Q4 2025 sales $932 million, up 7% as reported and 6% in constant currency
Q4 GAAP diluted EPS $3.77 vs $3.88 a year earlier; non-GAAP EPS $4.53 vs $4.10
2026 guidance: non-GAAP EPS $14.30 to $14.50 and reported revenue $6.405 billion to $6.455 billion, including about $3.000 billion from the acquired business
Waters reported third-quarter 2025 sales of $800 million, up 8% from $740 million a year earlier, and non-GAAP EPS of $3.40, up 16% from $2.93. GAAP diluted EPS was $2.50, down from $2.71. The company raised its full-year 2025 non-GAAP EPS guidance to $13.05 to $13.15, which matters to shareholders because it reflects higher expected earnings for the year, though GAAP EPS declined.
Q3 2025 sales of $800 million, up 8% as reported and 8% in constant currency; Pharmaceutical sales rose 12% as reported
GAAP diluted EPS of $2.50 versus $2.71 a year earlier; non-GAAP EPS of $3.40 versus $2.93, up 16%
Full-year 2025 non-GAAP EPS guidance raised to $13.05 to $13.15; constant currency sales growth guidance raised to +6.7% to +7.3%
Fourth quarter 2025 non-GAAP EPS expected in the range of $4.45 to $4.55
Waters reported second-quarter 2025 sales of $771 million, up 9% as reported and 8% in constant currency, and non-GAAP EPS of $2.95, up 12% from $2.63 a year earlier. The company raised its full-year 2025 non-GAAP EPS guidance to $12.95 to $13.05 and its constant currency sales growth guidance to +5.5% to +7.5%, which points to stronger expected results for shareholders. The release also says the company is integrating a proposed combination with BD Biosciences & Diagnostic Solutions.
Q2 2025 sales were $771 million, up 9% as reported and 8% in constant currency, versus $709 million in Q2 2024.
GAAP diluted EPS was $2.47, compared with $2.40 a year earlier; non-GAAP EPS was $2.95, compared with $2.63.
Full-year 2025 non-GAAP EPS guidance was raised to $12.95 to $13.05, and constant currency sales growth guidance to +5.5% to +7.5%.
Third-quarter 2025 non-GAAP EPS is expected to be $3.15 to $3.25.
On July 13, 2025, Waters signed definitive agreements with Becton, Dickinson and Company (BD) and its spin-off subsidiary SpinCo to combine Waters with BD's Biosciences and Diagnostic Solutions business in a Reverse Morris Trust transaction. After closing, Waters shareholders would own about 60.8% of the combined company and former SpinCo shareholders about 39.2%, and the deal is subject to shareholder approval and regulatory approvals.
Waters shareholders would own approximately 60.8% and former SpinCo shareholders approximately 39.2% of Waters common stock on a fully diluted basis after the merger.
SpinCo will make a $4.0 billion cash payment to BD before the distribution, subject to adjustment.
Waters has a 364-day bridge loan commitment of $1.8 billion to fund part of a possible special dividend and transaction fees and expenses.
Closing requires Waters shareholder approval of the share issuance, effective registration statements, and certain U.S. and international regulatory approvals.
Waters Corporation amended and restated its credit agreement on May 22, 2025, removing a $200 million term loan and keeping its $1.8 billion senior unsecured revolving credit facility. The revolver now matures on May 22, 2030, with an accordion feature that could lift total commitments to $2.55 billion, which gives the company flexibility for acquisitions, debt repayment and share repurchases.
Existing $200 million term loan facility removed; $1.8 billion revolving facility retained
Revolver matures May 22, 2030, with a possible one-year extension at lender discretion
Incremental commitments up to $750 million allowed, capped at $2.55 billion total
Leverage covenant maximum of 3.50 to 1.00, rising to 4.25 to 1.00 after a material acquisition of $500 million or more in cash
Waters reported first-quarter 2025 sales of $662 million, up 4% as reported and 7% in constant currency, and GAAP diluted EPS of $2.03 versus $1.72 a year earlier. The company raised its full-year 2025 non-GAAP EPS guidance to $12.75 to $13.05 and its constant currency sales growth guidance to 5.0% to 7.0%, which matters to shareholders because it signals higher expected earnings for the year.
Q1 2025 sales were $662 million, compared with $637 million in Q1 2024.
GAAP diluted EPS was $2.03 versus $1.72; non-GAAP EPS was $2.25, up 2% from $2.21.
Full-year 2025 non-GAAP EPS guidance raised to $12.75 to $13.05; reported sales growth guidance raised to 4.0% to 6.0%.
Second-quarter 2025 non-GAAP EPS is expected at $2.88 to $2.98.
Waters reported fourth-quarter 2024 sales of $873 million, up 6% as reported and 8% in constant currency, and non-GAAP EPS of $4.10, up 13%. Full-year 2024 sales were flat at $2,958 million, while GAAP EPS fell to $10.71 from $10.84 and non-GAAP EPS rose 1% to $11.86. The company guided full-year 2025 non-GAAP EPS to $12.70 to $13.00 and reported sales growth of 2.5% to 5.0%, which gives shareholders a range for next year's earnings.
Q4 2024 sales were $873 million, above the high end of the company's guidance range, with Pharma sales up 10% in constant currency.
Q4 2024 GAAP diluted EPS was $3.88 versus $3.65 a year earlier; non-GAAP EPS was $4.10 versus $3.62.
Full-year 2024 sales were $2,958 million, flat versus $2,956 million in 2023; GAAP EPS was $10.71 versus $10.84.
2025 guidance: non-GAAP EPS of $12.70 to $13.00 and reported sales growth of 2.5% to 5.0%, including an expected foreign exchange headwind of about 4% to EPS.
Waters reported third-quarter 2024 sales of $740 million, up 4% from a year earlier, and GAAP diluted EPS of $2.71, up from $2.27. The company said sales and EPS exceeded its guidance and raised its full-year 2024 sales and non-GAAP EPS guidance, which matters to shareholders because it signals stronger expected results for the year.
Q3 2024 sales were $740 million, up 4% as reported from $712 million in Q3 2023.
GAAP diluted EPS was $2.71 vs. $2.27 a year earlier; non-GAAP EPS was $2.93 vs. $2.84.
Full-year 2024 non-GAAP EPS guidance raised to $11.67 to $11.87.
Fourth-quarter 2024 non-GAAP EPS is expected at $3.90 to $4.10.
Waters Corporation increased its board from 9 to 10 members and appointed Heather Knight, Executive Vice President and Group President of Medical Products and Therapies at Baxter International, effective August 14, 2024. Her compensation includes an initial equity grant valued at $91,666 and a prorated cash retainer of $54,130 through the 2025 annual meeting, which shareholders will see in the company's disclosures.
Board expanded from 9 to 10 members on August 13, 2024; Knight's appointment is effective August 14, 2024.
Knight currently serves as Executive Vice President and Group President, Medical Products and Therapies at Baxter International.
Initial equity grant valued at $91,666, split 50% restricted stock and 50% non-qualified stock options, vesting on the first anniversary of grant.
Prorated cash retainer of $54,130 for service until the 2025 annual meeting; the Board determined she is independent under NYSE standards.
Waters reported second quarter 2024 sales of $709 million, down 4% as reported from $741 million a year earlier, with the company saying results exceeded its own reported guidance. Non-GAAP EPS was $2.63 versus $2.80 a year earlier, and GAAP diluted EPS was $2.40 versus $2.55, while the company now expects full-year 2024 non-GAAP EPS of $11.55 to $11.65.
Q2 2024 sales were $709 million, down 4% as reported and 4% in organic constant currency; currency reduced sales 2% and acquisitions added 2%.
Instrument system sales fell 14% as reported, while recurring revenues rose 4%; Academic & Government sales fell 15%.
Full-year 2024 organic constant currency sales growth is now expected at -2.0% to -0.5%, with non-GAAP EPS of $11.55 to $11.65.
Third quarter 2024 non-GAAP EPS is expected at $2.60 to $2.70, and the company cited the potential for a more gradual market improvement in the second half.
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