Waters Corporation 10-Q, filed Aug 11, 2026

Summary

Waters Corporation completed its acquisition of Becton Dickinson's Biosciences and Diagnostic Solutions businesses on February 9, 2026, and reported second-quarter 2026 revenue of $1.645 billion, up 113%, with a net loss of $136 million after acquisition-related amortization and restructuring charges. Waters says it may be eligible for refunds of tariffs invalidated by the U.S. Supreme Court but has recognized no material amounts, citing uncertainty over recoverability and timing.

Key points

• Waters Corporation completed its acquisition of Becton Dickinson's Biosciences and Diagnostic Solutions businesses on February 9, 2026, structured as a Reverse Morris Trust in which the BDS business was spun off to BD shareholders and simultaneously merged with a Waters subsidiary.
• Second-quarter 2026 total net revenues were $1.645 billion, up 113% from $771 million a year earlier, with $817 million contributed by the BDS business; legacy revenue rose 7%.
• Waters reported a second-quarter net loss of $136 million, or $1.39 per diluted share, versus net income of $147 million a year earlier, including $244 million of purchased intangibles amortization and $49 million of restructuring charges.
• A workforce reduction affecting about 3% of employees incurred roughly $49 million in severance costs in the quarter and is expected to yield about $120 million in annual salary-related savings.
• Waters states it may be eligible for refunds of tariffs paid under IEEPA after the U.S. Supreme Court invalidated those tariffs on February 20, 2026, but has recognized no material amounts because recoverability and timing remain uncertain.

Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.