Waters closed Q4 with sales of $932 million, up 7%, and adjusted EPS of $4.53, up 10%. Full-year 2025 revenue rose 7% with adjusted EPS of $13.13. The company completed the BD acquisition, reorganized, and targets $55 million in cost synergies for 2026.

Waters reported strong Q4 sales of $932 million, up 7%, with recurring revenues growing 9%. Sales for full-year 2025 increased 7% on both reported and constant currency basis. Adjusted EPS rose 11% to $13.13, and free cash flow for the year was $677 million.

Management highlighted growth drivers like GLP-1 testing, PFAS testing, and India generics in 2025. Waters is expanding its framework to include biologics and informatics, aiming to grow informatics revenue to $500 million by 2030. The company outlined a new four-division operating structure post-BD acquisition.

For 2026, Waters expects $6.405–$6.455 billion in revenue, reflecting 5.5% to 7% organic growth and $3.0 billion from BD businesses. Adjusted EBIT margin is projected at 28.1%, with adjusted EPS of $14.30–$14.50. Pro forma net debt is expected to be around $4.6–$4.7 billion.

Read more at Yahoo Finance: Waters Q4 Earnings Call Highlights