Waters Corporation (WAT) FY2025 10-K Annual Report
Waters Corporation (WAT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Waters Corporation FY2025 10-K Analysis
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
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
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
Waters Corporation FY2025 Key Financial MetricsXBRL
Revenue
$3.2B
▲ +7.0% YoY
Net Income
$643M
▲ +0.8% YoY
Operating Margin
25.4%
▼ -258bp YoY
Net Margin
20.3%
▼ -126bp YoY
ROE
25.1%
▼ -979bp YoY
Total Assets
$5.1B
▲ +11.5% YoY
EPS (Diluted)
$10.76
▲ +0.5% YoY
Operating Cash Flow
$653M
▼ -14.4% YoY
Source: XBRL data from Waters Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
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