WAT Waters Corporation
FY2025 10-K
Waters Corporation (WAT) filed its fiscal year 2025 10-K annual report with the SEC on Feb 23, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$3.2B
Net Income
$643M
Operating Margin
25.4%
Net Margin
20.3%
ROE
25.1%
Total Assets
$5.1B
EPS (Diluted)
$10.76
Operating Cash Flow
$653M
Source: XBRL data from Waters Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Waters Corporation Annual Reports
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