Waters Corporation (NYSE: WAT) shares fell in Thursday trading after the life-science instruments maker reported fourth-quarter 2025 results and issued revenue and earnings guidance for the first quarter of 2026. At the close, the stock was trading around $306.54, down modestly intraday, reflecting continued volatility in the shares. The intraday move represented a notable decline from recent levels. [Market close data]
Market Capitalization
Waters Corporation’s market capitalization was approximately ₹2.906 trillion (about $19.5–$22.7 billion), based on its U.S. stock price and outstanding shares.
Quarterly Results
For the fourth quarter ended December 31, 2025, Waters Corporation reported consolidated revenue of $932 million, an increase of 7% as reported and 6% in constant currency compared to $873 million in the prior-year period. Net profit on a GAAP basis was $225 million, or $3.77 per diluted share. On a non-GAAP basis, net income reached $270 million, with earnings per share (EPS) of $4.53, reflecting 10% growth year-over-year.
Segment Performance
Pharmaceutical: Sales increased 8% as reported (7% constant currency), driven by demand in GLP-1 therapeutics and generics.
Industrial: Revenue rose 8% on both a reported and constant currency basis.
Academic and Government: Sales declined 2% as reported and 3% in constant currency.
Recurring Revenue: Comprising service and precision chemistry, this segment grew 10% as reported and 9% in constant currency.
Full Year 2025
For the full fiscal year 2025, revenue totaled $3.165 billion, representing a 7% increase on both a reported and constant currency basis. Full-year GAAP net income was $641 million, or $10.76 per share, compared to $10.71 in 2024. Non-GAAP EPS for the year grew 11% to $13.13. The results indicate a trend of growth in recurring revenue and instrumentation sales following a stable performance in 2024.
Business & Operations Update
The company recently completed the $18.8 billion acquisition of Becton Dickinson’s (BD) Biosciences & Diagnostic Solutions business. Operations have been restructured into four divisions: Analytical Sciences, Biosciences, Advanced Diagnostics, and Material Sciences. Verification of strategic targets shows eCommerce adoption reached 45% in 2025, up from 20% in 2019, while service plan attachment rates rose to 54%. The company identified idiosyncratic growth drivers, including $40 million in revenue from Indian generics manufacturing and $23 million from PFAS testing.
Waters identified several operational drivers: broad adoption of new chromatography and mass spectrometry products; double-digit chemistry consumables growth; and recurring revenue growth. The company reported net debt of about $820 million at year-end 2025 and outlined structural changes associated with its acquisition to support long-term synergies.
Equity Analyst Commentary
Institutional research updates in recent months have reflected diverse views on Waters shares. UBS maintained a neutral stance on the stock in early February 2026, noting changes in analyst price targets following recent results and strategic developments. Other brokerage coverage has varied, with some firms initiating or maintaining coverage as the company integrates the BD unit.
Guidance & Regulatory Context
Waters Corporation issued full-year 2026 revenue guidance of $6.41 billion to $6.46 billion, reflecting approximately 5.3% growth at the midpoint. This includes approximately $3 billion in projected revenue from the acquired BD businesses. For the first quarter of 2026, the company expects non-GAAP EPS in the range of $2.25 to $2.35. Management cited the transition of the Empower informatics platform to a subscription model as a temporary headwind to near-term growth.
Performance Summary
Waters shares declined in Thursday trading after reporting Q4 revenue growth of 7% and non-GAAP EPS growth of 10%. Full-year 2025 revenue and earnings rose on a year-over-year basis. Segment revenue trends showed continued recurring revenue and consumables growth. Investors are focused on 2026 guidance and integration of acquired businesses.