Waters Corp Finalizes BD Biosciences Acquisition, Reports Strong Q4/FY25 Results, Issues Combined 2026 Guidance
Summary
Waters Corporation announced the successful closing of its transformative acquisition of BD's Biosciences and Diagnostic Solutions business, alongside reporting strong fourth quarter and full-year 2025 financial results and issuing optimistic combined company guidance for 2026.
Key Events
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Transformative Acquisition Finalized
Waters Corporation officially closed the acquisition of BD's Biosciences and Diagnostic Solutions business on February 9, 2026, marking a significant strategic expansion following shareholder approval on January 27, 2026.
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Strong 2025 Financial Performance
The company reported Q4 2025 sales of $932 million, at the high end of guidance, with non-GAAP EPS growing 10% to $4.53. Full-year 2025 non-GAAP EPS increased 11% to $13.13 on $3.165 billion in sales.
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Optimistic 2026 Combined Guidance Issued
Waters provided full-year 2026 guidance for the combined entity, projecting total reported revenue between $6.405 billion and $6.455 billion and non-GAAP EPS of $14.30 to $14.50, including $0.10 accretion from the acquisition.
Analysis
This 8-K is highly significant as it confirms the completion of Waters Corporation's major acquisition of BD's Biosciences and Diagnostic Solutions business, a transaction previously highlighted as transformative. The formal closing, following shareholder approval on January 27, 2026, fundamentally reshapes the company's operational footprint and growth trajectory. Concurrently, the company reported robust financial performance for Q4 and full-year 2025, exceeding expectations with double-digit non-GAAP EPS growth. The issuance of the first combined financial guidance for 2026, projecting substantial revenue growth and accretive non-GAAP EPS, provides investors with a clear outlook for the newly expanded entity. This combination of strong past performance, a completed strategic acquisition, and positive forward-looking guidance signals a new phase of growth and operational integration for Waters Corporation.
At the time of this filing, WAT was trading at $373.01 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $22.7B. The 52-week trading range was $275.05 to $417.10. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.