NYSE: WAT
WATERS CORP /DE/CIK 0001000697 · SIC 3826 · Lab Analytical Instruments
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revenue $1.65B, net income -$136.0M. Waters swings to operating loss as BDS acquisition closes; 113.4% workforce cut underway
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Waters Corp holds routine annual meeting; all directors re-elected, auditor ratified
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revenue $1.27B, net income -$72.0M. Waters completes BD Biosciences acquisition, swings to Q1 loss on integration costs
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Waters Corporation reports Q1 2026 earnings for quarter ended April 4, 2026
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Waters completes $3.5B bond offering to refinance term loan taken out one month earlier
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Waters completes acquisition of BD's Biosciences unit, files S-3 for potential securities offering
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Latest financial statements
From 10-Q filed Aug 11, 2026 (period ending Jul 4, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(In millions , except per share data)
| Description | Three months ended July 4, 2026 | Three months ended June 28, 2025 |
|---|---|---|
| Revenues: | ||
| Product revenue | 1,220 | 473 |
| Service revenue | 425 | 298 |
| Total net revenues | 1,645 | 771 |
| Costs and operating expenses: | ||
| Cost of product revenue | 700 | 200 |
| Cost of service revenue | 211 | 121 |
| Selling and administrative expenses | 405 | 198 |
| Research and development expenses | 122 | 49 |
| Purchased intangibles amortization | 244 | 12 |
| Restructuring charges | 49 | 3 |
| Total costs and operating expenses | 1,731 | 583 |
| Operating (loss) income | (86) | 188 |
| Other expense, net | — | (1) |
| Interest expense | (60) | (15) |
| Interest income | 5 | 5 |
| (Loss) income before income taxes | (141) | 178 |
| Benefit (provision) for income taxes | 5 | (31) |
| Net (loss) income | (136) | 147 |
| Net (loss) income per basic common share | (1.39) | 2.47 |
| Weighted-average number of basic common shares | 98,204 | 59,515 |
| Net (loss) income per diluted common share | (1.39) | 2.47 |
| Weighted-average number of diluted common shares and equivalents | 98,204 | 59,656 |
Consolidated Balance Sheets (Unaudited)
(In millions, except share data)
| Description | July 4, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 539 | 588 |
| Accounts receivable, net | 1,987 | 829 |
| Inventories | 1,377 | 572 |
| Other current assets | 562 | 159 |
| Total current assets | 4,465 | 2,148 |
| Property, plant and equipment, net | 1,489 | 642 |
| Intangible assets, net | 8,521 | 558 |
| Goodwill | 9,421 | 1,340 |
| Operating lease assets | 366 | 81 |
| Other assets | 489 | 308 |
| Total assets | 24,751 | 5,077 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Notes payable | 200 | 460 |
| Accounts payable | 863 | 104 |
| Accrued employee compensation | 214 | 100 |
| Deferred revenue and customer advances | 495 | 267 |
| Current operating lease liabilities | 51 | 31 |
| Accrued income taxes | 10 | 36 |
| Accrued warranty | 21 | 12 |
| Other current liabilities | 545 | 230 |
| Total current liabilities | 2,399 | 1,239 |
| Long-term liabilities: | ||
| Long-term debt | 4,886 | 947 |
| Long-term deferred tax liabilities | 1,705 | 37 |
| Long-term operating lease liabilities | 317 | 53 |
| Long-term portion of retirement benefits | 59 | 44 |
| Long-term income tax liabilities | 32 | 34 |
| Other long-term liabilities | 158 | 161 |
| Total long-term liabilities | 7,157 | 1,276 |
| Total liabilities | 9,556 | 2,515 |
| Commitments and contingencies (Notes 6, 7 and 10) | ||
| Stockholders’ equity: | ||
| Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at July 4, 2026 and December 31, 2025 | — | — |
| Common stock, par value $0.01 per share, 400,000 shares authorized, 201,881 and 163,162 shares issued, 98,225 and 59,549 shares outstanding at July 4, 2026 and December 31, 2025, respectively | 2 | 2 |
| Additional paid-in capital | 15,312 | 2,416 |
| Retained earnings | 10,223 | 10,431 |
| Treasury stock, at cost, 103,656 and 103,613 shares at July 4, 2026 and December 31, 2025, respectively | (10,176) | (10,162) |
| Accumulated other comprehensive loss | (166) | (125) |
| Total stockholders’ equity | 15,195 | 2,562 |
| Total liabilities and stockholders’ equity | 24,751 | 5,077 |
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended July 4, 2026 | Six months ended June 28, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net (loss) income | (208) | 268 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Stock-based compensation | 45 | 26 |
| Deferred income taxes | 114 | 2 |
| Depreciation | 71 | 44 |
| Amortization of intangibles | 437 | 57 |
| Amortization of acquisition-related inventory and fixed assets step-up recognized | 253 | — |
| Change in operating assets and liabilities: | ||
| (Increase) decrease in accounts receivable | (782) | 43 |
| Increase in inventories | (68) | (36) |
| Increase in other current assets | (354) | (12) |
| Decrease in other assets | 17 | 14 |
| Increase (decrease) in accounts payable and other current liabilities | 557 | (164) |
| Increase in deferred revenue and customer advances | 116 | 64 |
| Decrease in other liabilities | — | (5) |
| Net cash provided by operating activities | 198 | 301 |
| Cash flows from investing activities: | ||
| Additions to property, plant, equipment and software capitalization | (87) | (49) |
| Cash acquired in business acquisition | 144 | (35) |
| Investments in unaffiliated companies, net | (10) | (1) |
| Change in deposit asset, related to deferred close entities | 51 | — |
| Net cash provided by (used in) investing activities | 97 | (85) |
| Cash flows from financing activities: | ||
| Proceeds from debt issuances | 3,742 | 70 |
| Payments on debt | (4,040) | (240) |
| Payments of debt issuance costs | (28) | (5) |
| Proceeds from stock plans | 15 | 13 |
| Purchases of treasury shares | (14) | (14) |
| (Payments for) proceeds from derivative contracts | (12) | 2 |
| Net cash used in financing activities | (337) | (174) |
| Effect of exchange rate changes on cash and cash equivalents | (7) | — |
| (Decrease) increase in cash and cash equivalents | (49) | 42 |
| Cash and cash equivalents at beginning of period | 588 | 325 |
| Cash and cash equivalents at end of period | 539 | 367 |
| Non-cash investing activities related to the BDS Business Acquisition: | ||
| Fair value of Waters common stock issued | 12,835 | |
| Notes payable and debt assumed | 4,000 | |
| Estimated net working capital adjustment | 121 | |
Amounts as printed on the EDGAR/iXBRL face — (In millions , except per share data); (In millions, except share data); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗