WATERS CORP /DE/ (WAT) Company Report

On February 9, 2026, Waters finalized the reverse Morris Trust transaction combining with Becton, Dickinson’s Biosciences & Diagnostic Solutions unit to form a global life sciences and diagnostics leader.
Claire M. Fraser, Ph.D., joined the Waters Board of Directors, increasing the board size to 11 members.
The combined company is structured into four divisions: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences.
BD shareholders received 38,541,851 shares of Waters common stock (0.1353431484 shares per BD share), representing 39.2% of the combined company on a fully diluted basis; former Waters shareholders hold 60.8%.

Feb 9, 2026, 9:16 PM

8-K

Waters completes combination with BD’s Biosciences & Diagnostic Solutions businesses

WAT

M&A

Board Change

Waters has closed its Reverse Morris Trust transaction to combine with BD’s Biosciences & Diagnostic Solutions businesses, creating a global life sciences and diagnostics leader with Waters shareholders owning 60.8% and BD shareholders owning 39.2% of the combined company on a fully diluted basis.
BD shareholders will receive 0.135 shares of Waters common stock for each BD share held as of the February 5, 2026 record date, with cash paid for fractional shares.
The transaction establishes four strategic divisions—Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences—to drive growth in regulated high-volume testing and adjacent markets.
Claire M. Fraser, Ph.D., has been appointed to the Waters Board, expanding it to 11 members, bringing extensive genomics and molecular diagnostics expertise.

Feb 9, 2026, 1:40 PM

Press Release

Waters reports Q4 2025 results and completes BD acquisition

WAT

Earnings

Guidance Update

M&A

Q4 2025 revenue up 7% reported (6% constant currency) and adjusted EPS of $4.53 (GAAP EPS $3.77); full year sales +7%, adjusted EPS $13.13 (+11%)
Acquisition of BD’s Biosciences and Diagnostic Solutions business closed, adding $3 billion expected revenue in 2026 and targeting >5% of combined cost base in synergies
2026 guidance: combined company revenue of $6.405–$6.455 billion, adjusted EPS of $14.30–$14.50; standalone Q1 revenue $1.198–$1.211 billion, EPS $2.25–$2.35
Restructuring into four divisions (Analytical Sciences, Biosciences, Advanced Diagnostics, Material Sciences) to drive $50 M revenue and $55 M cost synergies

Feb 9, 2026, 1:30 PM

Transcript

Waters Corp reports Q4 2025 results and outlines 2026 guidance post-BD acquisition

WAT

Earnings

M&A

Guidance Update

Waters delivered $932 million in Q4 sales, up 7% year-over-year, with adjusted EPS of $4.53.
Completed the acquisition of BD’s Biosciences and Diagnostic Solutions business, obtaining full operational control and initiating integration plans.
For FY 2025, sales grew 7%, recurring revenue rose 8%, and adjusted EPS increased 11% to $13.13.
2026 combined guidance calls for reported revenue of $6.405–6.455 billion (≈5.3% growth) and adjusted EPS of $14.30–14.50, underpinned by $55 million of cost synergies and $50 million of revenue synergies.

Feb 9, 2026, 1:30 PM

Transcript

Waters Corp reports Q4 2025 results

WAT

Earnings

Guidance Update

Q4 2025 revenue was $932 M, up 7% reported and 6% constant currency year-over-year.
Q4 2025 non-GAAP EPS was $4.53.
FY 2025 revenue reached $3,165 M, up 7% reported and 7% constant currency, with non-GAAP EPS of $13.13.
FY 2026 guidance includes organic constant currency revenue growth of 5.5%–7.0%, total reported revenue of $6.405 B–$6.455 B, and non-GAAP EPS of $14.30–$14.50.

Feb 9, 2026, 1:30 PM

Presentation

Waters reports Q4 2025 earnings and closes BD Biosciences acquisition

WAT

Earnings

M&A

Guidance Update

Waters delivered 7% reported sales growth (6% constant currency) and $4.53 adjusted EPS in Q4 2025, with recurring revenue up 9%.
Completed acquisition of BD’s Biosciences & Diagnostic Solutions business and expects $55 M cost and $50 M revenue synergies in 2026.
Fiscal 2025 sales rose 7% (reported & constant currency) and adjusted EPS increased 11% to $13.13, driven by chemistry growth and high single-digit LCMS instrument growth.
2026 guidance calls for $6.405 B–$6.455 B combined revenue (+5.3% midpoint) and $14.30–$14.50 adjusted EPS, with an adjusted operating margin of 28.1%.
Expanding idiosyncratic growth drivers to include biologics and informatics, targeting informatics revenue growth from ~$300 M to ~$500 M by 2030.

Feb 9, 2026, 1:30 PM

Transcript

Waters Corporation reports Q4 2025 results

WAT

Earnings

Guidance Update

M&A

Q4 sales of $932 million grew 7% as reported (6% constant currency); GAAP EPS was $3.77 and non-GAAP EPS was $4.53, up 10% year-over-year.
Full-year 2025 sales of $3.165 billion grew 7%; GAAP EPS was $10.76, non-GAAP EPS was $13.13, up 11%.
2026 guidance calls for total reported revenue of $6.405–$6.455 billion (including ~$3 billion from the BD Biosciences acquisition and synergies), organic constant currency growth of 5.5%–7.0%, and non-GAAP EPS of $14.30–$14.50.

Feb 9, 2026, 12:00 PM

8-K

Waters Corporation reports fourth quarter and full-year 2025 results

WAT

Earnings

Guidance Update

In Q4 2025, sales were $932 million, up 7% year-over-year (6% constant currency), led by Pharma and Industrial end-markets, Chemistry (+12%), and Instruments (+3%).
Q4 GAAP EPS was $3.77, with non-GAAP EPS of $4.53, a 10% increase versus Q4 2024.
For FY 2025, revenue reached $3,165 million (7% growth), GAAP EPS was $10.76, and non-GAAP EPS was $13.13, both up double digits.
The company expects 2026 reported revenue of $6.405 billion to $6.455 billion (including BD acquisition synergies) and non-GAAP EPS of $14.30 to $14.50.

Feb 9, 2026, 11:30 AM

Press Release

Waters approves combination with BD’s Biosciences & Diagnostic Solutions business

WAT

M&A

Proxy Vote Outcomes

Waters shareholders overwhelmingly approved the issuance of common stock to Becton, Dickinson and Company (BD) shareholders to combine BD’s Biosciences & Diagnostic Solutions business with Waters, with approximately 99% of votes in favor.
The special meeting on January 27, 2026, had 54,072,110 shares (90.8% of outstanding) present or represented; votes were 53,910,265 for, 136,468 against, and 25,377 abstentions.
BD received a favorable IRS Private Letter Ruling and, together with Waters, secured all required regulatory approvals; the transaction is expected to close on February 9, 2026, subject to customary closing conditions.
Waters will release its Q4 2025 financial results and host a conference call on February 9, 2026 at 8:30 a.m. ET to coincide with the expected close of the transaction.

Jan 27, 2026, 9:15 PM

8-K

Battalion Oil reports termination of gas treating agreement and midstream processing ramp-up

WAT

New Projects/Investments

Termination of Gas Treating Agreement (GTA) with Wink Amine Treater LLC following cessation of operations at the WAT AGI facility on or about August 11, 2025.
Entry into a gas treating agreement with a large-cap midstream provider to process Battalion’s gas since the AGI Facility went offline.
Post-Q4 2025 facility expansion, the new provider is processing over 30 MMcf/d of gas, up from ~17.4 MMcf/d in December.
Operational reliability gains have driven an increase of ~1,200 net barrels of oil per day in January versus December averages.