WAT at a glance
Waters Corporation (WAT, SEC CIK 1000697) filed its latest 10-K annual report on February 23, 2026, a 10-Q quarterly report on August 11, 2026, an 8-K current report on August 21, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Waters Corporation (WAT) reported revenue of $3.2 billion (up 7.0% from FY2024) and net income of $642.6 million. Diluted EPS was $10.76.
- As of June 30, 2026, 44 institutional investment managers tracked by SignalX reported holding Waters Corporation (WAT) shares worth $16.6 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by KUEBLER CHRISTOPHER A on August 6, 2026 of 3,626 shares at $397.94 per share.
- In the last 90 days, WAT insiders reported 0 open-market purchases ($0) and 1 open-market sale ($1.4M) on Form 4, a net sale of $1.4M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $3.2B
- +7.0% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$1.4M
- 13F holders
- 44 funds
- $16.6B · +0 vs prior quarter
- Latest 8-K
- Aug 21, 2026
- Item 5.02 · Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- $4.0B debt assumed via BDS Business Acquisition ($3.5B tranche due Feb 2027, $500M due Feb 2028); planned refinancing creates near-term capital market dependency
- ~69% of net sales outside U.S.; U.S. Supreme Court Feb 2026 ruling invalidated IEEPA tariffs, creating cost structure and supply chain planning uncertainty
- LC/MS instrument manufacturing concentrated in Singapore via third-party contractors; single-source disruption risk with limited ability to qualify replacements quickly
- ~59% of net sales to pharmaceutical accounts; competitor consolidation in highly competitive HPLC/UPLC/LC-MS market could intensify pricing pressure and reduce share
- Singapore tax incentive (5% rate through March 2026) at risk: non-compliance retroactively triggers full 17% statutory rate on all income back to April 2021
Management Discussion & Analysis
- Revenue $3.17B, up 7% YoY; Waters segment $2.81B (+8%), TA segment $352M (-1%)
- Operating margin 25.4% vs 27.9% in 2024; $82M BDS acquisition costs and $20M ERP expenses weighed on 2025
- Operating cash flow $653M vs $762M in 2024; capex $113M; $1.0B buyback authorization remaining, no open-market repurchases in 2025
- Key risk: $4.0B debt assumed post-BDS acquisition (Feb 2026); $3.5B tranche requires near-term refinancing; tariff policy uncertainty post-Supreme Court IEEPA ruling adds supply chain and cost risk
Business Overview
- Core business: Designs, manufactures, sells, and services LC, MS, and thermal analysis instruments, consumables, and software for life, materials, and food sciences
- Transformative acquisition: Completed $16.8B BDS Business (BD Biosciences & Diagnostic Solutions) acquisition Feb 2026 via Reverse Morris Trust; BD shareholders received ~39.2% of combined company; reorganized into four segments
- R&D spend rose to $196M in 2025 vs. $183M in 2024 and $175M in 2023; R&D headcount ~1,200, recovering from 2024 dip to ~1,100
- Service revenue exceeded 35% of Waters sales and 25% of TA sales in 2025; ~4,300 field representatives across 82 global sales offices
- 2025 product launches notably included first-ever Waters affinity chromatography columns (BioResolve Protein A) and Xevo CDMS for mega-mass biomolecule analysis using 100-fold less sample volume
AI summary of the WAT 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jul 4, 2026
Management Discussion & Analysis
- Q2 revenue $1,645M, up 113% YoY from $771M, including $817M from BDS Business
- Operating margin (5.2%) vs 24.4% YoY; net loss $136M vs $147M net income
- Best segment Analytical & Materials Sciences revenue $756M, up 7%; margin 35.2% vs 39.4%
- Worst segment Advanced Diagnostics margin 22.8% on $521M revenue; down from 35.2% YoY
- First-half operating cash flow $198M vs $301M; cash decreased $49M; $87M capital expenditures and $3.5B debt repayment
Risk Factors
- No material risk-factor changes as of July 4, 2026 versus December 31, 2025 10-K
- Forward-looking statement risks reiterated in Part I, Item 2
- Additional unknown or currently immaterial risks could materially affect results
- Share-repurchase liquidity exposure: $1.0 billion authorized through January 21, 2028
AI summary of the WAT 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Robert L. Carpio III resigned as Senior Vice President, Waters Analytical Sciences Division
- Departure effective August 20, 2026 to pursue other opportunities
Item 8.01: Other Events
- Tina Wu appointed Senior Vice President, Waters Analytical Sciences Division
- Leadership transition from Materials Sciences Division and China presidency
Item 2.02: Results of Operations and Financial Condition
- Investor-relevant results require review of the referenced Exhibit 99.1 for fiscal-year 2026 financial details
Item EX-99.1: Item EX-99.1
- Q2 revenue $1.645B, up 113%, boosted by $817M from acquired Biosciences and Diagnostic Solutions businesses
- Organic revenue $828M, up 7% reported and 9% constant currency, signaling broader recovery across end markets
Item 5.07: Submission of Matters to a Vote of Security Holders
- 90,729,508 shares represented, equal to approximately 92.4% voting participation
- All 11 director nominees re-elected, with strongest support for Claire Fraser at 87,199,890 votes
AI summaries of WAT 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for WAT
Don't miss the next WAT filing
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- Fund moves. Which tracked funds opened, added or cut WAT, by share count.
- Ask anything. An AI agent that reads every WAT filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Knight Heather | A | Sep 30, 2026 | 57.41 | - |
| Jiang Wei | A | Sep 30, 2026 | 57.41 | - |
| KUEBLER CHRISTOPHER A | M | Aug 6, 2026 | 3,626 | $136.43 |
| KUEBLER CHRISTOPHER A | M | Aug 6, 2026 | 3,626 | - |
| KUEBLER CHRISTOPHER A | Sell | Aug 6, 2026 | 3,626 | $397.94 |
| Carpio Robert L III | F | Jun 24, 2026 | 189 | $369.18 |
| Bennett Jianqing | F | Apr 6, 2026 | 302 | $304.09 |
| Knight Heather | A | Mar 31, 2026 | 68.44 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $3.0B | $3.0B | $3.2B |
| Operating Income | $817.7M | $826.4M | $802.6M |
| Net Income | $642.2M | $637.8M | $642.6M |
| Op. Margin | 27.7% | 27.9% | 25.4% |
| Net Margin | 21.7% | 21.6% | 20.3% |
| Balance Sheet | |||
| Total Assets | $4.6B | $4.6B | $5.1B |
| Equity | $1.2B | $1.8B | $2.6B |
| ROE | 55.8% | 34.9% | 25.1% |
| Per Share | |||
| EPS | $10.84 | $10.71 | $10.76 |
| Cash Flow | |||
| Operating CF | - | $762.1M | $652.6M |
Source: XBRL data in Waters Corporation (WAT)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate WAT share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 44 | $16.61B |
| Q1 2026 | 44 | $12.09B |
| Q4 2025 | 35 | $9.02B |
| Q3 2025 | 34 | $7.06B |
| Q2 2025 | 31 | $8.49B |
| Q1 2025 | 29 | $6.34B |
| Q4 2024 | 25 | $5.73B |
| Q3 2024 | 20 | $2.80B |
- Invesco Ltd+1.33M (+61%)
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- Millennium Management+709.5K (+383%)
- FMR LLC (Fidelity)+421.9K (+84%)
- Viking Global Investors+405.7K (+32%)
- Ameriprise Financial−259.3K (-37%)
- Morgan Stanley−124.6K (-10%)
- D.E. Shaw & Co−76.6K (-7%)
- Citadel Advisors LLC−72.8K (-35%)
- BlackRock−58.1K (-1%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 262 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
WAT filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 8-K | Aug 21, 2026 | - | Analysis | - |
| 10-Q | Aug 11, 2026 | Jul 4, 2026 | Analysis | |
| 4 | Aug 7, 2026 | - | - | - |
| 8-K | Aug 4, 2026 | - | Analysis | - |
| 4 | Jun 25, 2026 | - | - | - |
| 8-K | May 22, 2026 | - | Analysis | |
| 10-Q | May 12, 2026 | Apr 4, 2026 | Analysis | |
| 8-K | May 5, 2026 | - | Analysis | - |
| SC 13G | Apr 30, 2026 | - | - | |
| 4 | Apr 7, 2026 | - | - | - |
| 4 | Apr 2, 2026 | - | - | - |
| 4 | Apr 2, 2026 | - | - | - |
| 8-K | Mar 23, 2026 | - | - | - |
| 4 | Mar 18, 2026 | - | - | - |
| 8-K | Mar 16, 2026 | - | Analysis | - |
| 4 | Mar 10, 2026 | - | - | - |
| 4 | Mar 3, 2026 | - | - | - |
| 4 | Mar 3, 2026 | - | - | - |
| 4 | Mar 3, 2026 | - | - | - |
| 4 | Feb 27, 2026 | - | - | - |
| 4 | Feb 27, 2026 | - | - | - |
| 4 | Feb 27, 2026 | - | - | - |
| 4 | Feb 27, 2026 | - | - | - |
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WAT SEC filings: frequently asked questions
Are WAT insiders buying or selling?
In the last 90 days, Waters Corporation (WAT) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $1.4 million by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold WAT stock?
As of June 30, 2026, the largest Waters Corporation (WAT) holders among the 13F filers tracked by SignalX were BlackRock ($3.2 billion), Vanguard Capital Management LLC ($2.4 billion), Vanguard Portfolio Management LLC ($1.8 billion), State Street Corp ($1.6 billion), Invesco Ltd ($1.3 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was WAT's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Waters Corporation (WAT) reported revenue of $3.2 billion (up 7.0% from FY2024) and net income of $642.6 million. Diluted EPS was $10.76. The figures come from the XBRL data in the 10-K.
What are the main risks in WAT's latest 10-K?
In the 10-K filed February 23, 2026, Waters Corporation (WAT) flagged: $4.0B debt assumed via BDS Business Acquisition ($3.5B tranche due Feb 2027, $500M due Feb 2028); planned refinancing creates near-term capital market dependency. ~69% of net sales outside U.S.; U.S. Supreme Court Feb 2026 ruling invalidated IEEPA tariffs, creating cost structure and supply chain planning uncertainty. (AI summary of the Risk Factors section.)
What did WAT report in its latest 8-K?
Waters Corporation (WAT) filed an 8-K on August 21, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers) and Item 8.01 (Other Events). Robert L. Carpio III resigned as Senior Vice President, Waters Analytical Sciences Division.
What are the latest WAT SEC filings?
Waters Corporation (WAT) filed its latest 10-K annual report on February 23, 2026, a 10-Q quarterly report on August 11, 2026, an 8-K current report on August 21, 2026 and a Form 4 insider filing on October 2, 2026.
What is WAT's SEC CIK number?
Waters Corporation (WAT)'s SEC Central Index Key (CIK) is 1000697. EDGAR lists every WAT filing under that number.
Ask anything about WAT
The research agent reads WAT's filings, financials, insider trades and 13F holders, then answers with sources.