Waters Corporation reported a total net sales of $3.165 billion for the fiscal year ending December 31, 2025, marking a 7% increase from $2.958 billion in 2024. This growth was driven by a 7% rise in both product sales, totaling $1.977 billion, and service sales, which reached $1.188 billion. The company's operating income for 2025 was $803 million, a slight decrease from $826 million in 2024, primarily due to increased costs associated with the BDS Business Acquisition and the implementation of a new ERP system. Net income for the year was $643 million, translating to a diluted earnings per share of $10.76, up from $10.71 in the previous year.
The company experienced significant changes in its operational structure following the acquisition of BD Biosciences and Diagnostic Solutions businesses, completed on February 9, 2026, for a total purchase price of $16.8 billion. This acquisition, structured as a Reverse Morris Trust transaction, is expected to enhance Waters' capabilities and expand its market presence. Following the acquisition, Waters reorganized its business into four segments: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences. The integration of the BDS business is anticipated to generate approximately $200 million in cost synergies within three years and $290 million in revenue synergies over five years.
In terms of operational metrics, Waters reported a total employee headcount of approximately 7,900 as of December 31, 2025, reflecting a slight increase from 7,600 in 2024. The company serves a diverse customer base, with 59% of net sales attributed to pharmaceutical accounts, 30% to industrial customers, and 11% to academic and government institutions. The company also noted a 10% increase in sales from China, recovering from a 10% decline in 2024, which was attributed to improved customer demand and market conditions.
Looking ahead, Waters Corporation remains focused on leveraging its expanded product portfolio and enhanced capabilities to drive growth. The company plans to continue investing in research and development, with expenditures of $196 million in 2025, up from $183 million in 2024. The management expressed confidence in the company's ability to navigate potential challenges, including macroeconomic conditions and competitive pressures, while capitalizing on new market opportunities. The company anticipates that the integration of the BDS business will further strengthen its position in the life sciences and diagnostics markets, contributing to long-term growth and profitability.
About WATERS CORP /DE/
Waters Corporation is a global leader in analytical instruments and software, specializing in chromatography, mass spectrometry, thermal analysis, rheometry, and calorimetry. Its products serve life sciences, materials, and food industries for research, quality control, and development. With a broad customer base including pharmaceutical, industrial, academic, and government sectors, Waters offers high-performance systems, consumables, and support services to enable precise scientific analysis and innovation.
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