Waters Q4 Earnings Call Highlights

3 weeks ago 12

MarketBeat

Mon, February 9, 2026 astatine 10:19 AM CST 8 min read

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Waters closed Q4 with income of $932 cardinal (up 7%) and adjusted EPS of $4.53 (up 10%); full-year 2025 gross roseate 7% with adjusted EPS $13.13, recurring gross grew ~8%, and full-year escaped currency travel was $677 million.
The institution completed the BD acquisition, reorganized into 4 divisions and expects astir $55 cardinal of 2026 outgo synergies positive $50 cardinal of gross synergies (≈$25 cardinal EBIT); absorption includes astir $3.0 cardinal of BD gross successful its 2026 guidance of $6.405–$6.455 cardinal and targets pro forma nett indebtedness of ~2.4x EBITDA (below 2x wrong ~18 months).
Key maturation drivers—GLP-1 investigating (revenue >2x), PFAS investigating (+40%+), and India generics (low-teens)—added implicit 300 ground points successful 2025, and Waters is expanding its model to see biologics and informatics with a extremity to turn informatics to astir $500 cardinal by 2030.
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Waters (NYSE:WAT) executives said the institution closed retired 2025 with a “strong finish” and entered 2026 with a large portfolio enlargement pursuing the completion of its acquisition of Becton, Dickinson and Company’s Biosciences and Diagnostic Solutions business.

On the company’s 4th fourth net call, President and CEO Dr. Udit Batra said Waters delivered precocious single-digit reported gross maturation and debased double-digit adjusted EPS maturation successful the quarter, portion besides completing what helium called a “transformative measurement forward” with the BD transaction. Senior Vice President and CFO Amol Chaubal added that fourth-quarter orders maturation outpaced income growth.

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Waters reported fourth-quarter income of $932 million, up 7% connected a reported ground and 6% successful changeless currency. Adjusted EPS roseate 10% to $4.53, portion GAAP EPS was $3.77.

By extremity marketplace successful the quarter, Chaubal said pharma gross accrued 7% and concern gross roseate 8%, portion world and authorities declined 3%. Pharma maturation was led by mid-teens show successful Asia, precocious single-digit maturation successful Europe, and debased single-digit maturation successful the Americas.

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Recurring revenues accrued 9% successful the quarter, driven by 8% maturation successful work and 12% maturation successful chemistry. Instrument income grew 3%, with precocious single-digit LCMS maturation partially offset by a debased single-digit diminution successful TA strategy sales. Executives besides cited a debased single-digit headwind to instrumentality maturation from ample pharma customers migrating to Empower subscription agreements, which displacement gross designation from upfront licenses to recurring gross implicit time.