Exhibit 99.1 For Immediate Release Contact: Caspar Tudor, Head of Investor
Exhibit 99.1 For Immediate Release Contact: Caspar Tudor, Head of Investor Relations – (508) 482-3448 Waters Corporation (NYSE: WAT) Reports Third Quarter 2026 Financial Results Company to Provide Starting 2027 Growth Framework on Earnings Conference Call Third Quarter 2026 Highlights
Total reported revenue of $1.767 billion exceeded guidance midpoint by • $14 million, led by organic revenue growth of 9% as reported and 10% in constant currency, with acquired business revenue landing slightly ahead of guidance.
Analytical Sciences Division (ASD) grew 8% as reported and 9% in • constant currency, led by double-digit instrument and chemistry growth from strong execution, new product innovation, and rising customer testing volume.
In the Biosciences Division (WBD), reagents grew high single-digits on a prior year comparable basis, • reflecting a 400bps acceleration in year-over-year growth, as research and clinical reagents both grew high single-digits; In the Advanced Diagnostics Division (ADx), microbiology grew mid-single-digits on a prior year comparable basis.
The Company is raising every component of its full-year 2026 guidance, • including a $43 million increase to total reported revenue at the midpoint, as new growth vectors layer onto a strong foundation of existing demand.
MILFORD, Mass., November 3, 2026 - Waters Corporation (NYSE: WAT)today announced its financial results for the third quarter of 2026. Overall Financial Results The Company’s reported revenue for the third quarter of 2026 was $1.767 billion, reflecting $871million of organic revenue and $896million of revenue from the acquired Biosciences and Diagnostic Solutions businesses. Organic revenue for the third quarter of 2026 was $871 million, compared to $800million for the third quarter of 2025, representing an increase of 9% as reported and 10% in constant currency. Revenue from Biosciences and Diagnostic Solutions was $896 million for the third quarter of 2026, compared to $885million on a prior year comparable basis. On a GAAP basis, the Company reported a diluted earnings per share of $0.82 for the third quarter of 2026, compared to diluted EPS of $2.50 for the third quarter of 2025, reflecting acquisition-related purchase accounting charges, acquisition-related costs, and restructuring costs. Adjusted EPS for the third quarter of 2026 grew 21% to $4.10, compared to $3.40 for the third quarter of 2025. “Our team delivered exceptional results led by best-in- class consumables growth across both our Analytical Sciences and Biosciences divisions, as strong execution, new product innovation, and rising customer testing volume accelerated growth,” said Dr. Udit Batra, President & Chief Executive Officer, Waters Corporation. “LC-MS instrument growth also strengthened, growing double-digits in constant currency, driven by robust instrument replacement trends, idiosyncratic growth drivers across GLP-1s, PFAS and India generics, and we continued to outperform the market with our leading solutions for complex biologics.”
Dr. Batra continued, “Thanks to the hard work of our teams, we are delivering ahead of schedule on our synergy and integration commitments for our acquired businesses. With improving end market conditions and momentum accelerating across the combined company, we are raising our full year 2026 revenue guidance by $43 million at the midpoint and our fourth quarter guidance calls for double digit growth in both our organic and acquired businesses on a days adjusted basis.”
The Analytical Sciences Division – the former Waters Division, excluding the Clinical Business Unit – delivered reported revenue of $703 million in the quarter, compared to $649 million for the third quarter of 2025.
The Biosciences Division – formerly known as BD Biosciences – delivered reported revenue of $396 million in the quarter, compared to $387 million for the prior year comparable period.
The Advanced Diagnostics Division comprises the former BD Diagnostic Solutions business and the Clinical Business Unit previously reported within Waters Division.
The Diagnostic Solutions business delivered reported revenue of $500 million in the quarter, compared to $498 million for the prior year comparable period. The Clinical Business Unit delivered reported revenue of $75 million in the quarter, compared to $64 million for the third quarter of 2025.
The Materials Sciences Division – formerly known as TA Division – delivered reported revenue of $93 million in the quarter, compared to $87 million for the third quarter of 2025.
A description and reconciliation of GAAP to non-GAAPresults appear in the tables below and can be found on the Company’s website www.waters.com in the Investor Relations section.
The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 9.1% to 9.7%. Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.429 billion to $3.447 billion.
The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.050 billion on an owned-period basis.
Total Company reported revenue for full-year 2026 is expected to be in the range of $6.479 billion to $6.497 billion.
The Company is updating its full-year 2026 adjusted EPS guidance to the range of $14.60 to $14.70, which represents 11% to 12% year-over-year adjusted EPS growth and is 13% to 14% on a constant currency basis.
The Company expects fourth quarter 2026 organic constant currency revenue growth to be in the range of 7.0% to 9.0%. Including the effect of currency translation, fourth quarter 2026 organic reported revenue is expected to be in the range of $984 million to $1.002 billion.
The Company expects acquired business reported revenue for the fourth quarter of 2026 to be approximately $817 million.
Total Company reported revenue for the fourth quarter of 2026 is expected to be in the range of $1.801 billion to $1.819 billion.
The Company expects fourth quarter 2026 adjusted EPS to be in the range of $4.58 to $4.68, which represents 1% to 3% year-over-year adjusted EPS growth.
Management will provide the Company’s 2027 starting growth framework during its scheduled earnings conference call today at 8:00 a.m. ET, outlining how reshoring, synergies and AI-related demand drivers are expected to shape next year’s growth.
The Company also announced today that it has acquired MOBILion Systems, Inc.. MOBILion is the pioneer of SLIM high-resolution ion mobility separation technology for complex molecular analysis, which separates molecules by size, shape and charge in milliseconds. The acquisition complements Waters’ industry- leading mass spectrometry portfolio and is expected to broaden the Company’s entry into the proteomics market. Additional details are available in a separate release issued earlier today.
Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAPfinancial outlook for the full-year and fourth quarter. The Company is unable to provide reconciliations of forward-looking presentations of adjusted EPS guidance measures to the most directly comparable GAAP measures. Such reconciliations cannot be prepared without unreasonable efforts due to the inherent difficulty and unpredictability in forecasting and quantifying certain amounts that would be necessary for such reconciliations, including acquisition- related amortization, acquisition and restructuring costs, as well as certain legal, advisory and tax costs, or other costs that may arise, which amounts could be significant and could have a material impact on the Company’s future GAAP financial results. All amounts, other than percentages and per share data, are presented in millions of dollars. Certain totals and percentages may not recalculate due to rounding.
Results for the acquired Biosciences and Diagnostic Solutions businesses (the “BDS Businesses”) for the prior year comparable period are the quarterly results for the Biosciences and Diagnostic Solutions business units for the three months ended September 30, 2025, as reported in Exhibit 99.1 of the current report on Form 8-Kfiled by Becton, Dickinson and Company (“BDX”) with the Securities and Exchange Commission (“SEC”) on November6, 2025. This historical financial information reflects the results of operations of these businesses as they were historically managed by BDX in conformity with U.S. GAAP. Therefore, such historical financial information does not necessarily reflect what these businesses’ results of operations would have been had they operated as a part of Waters during the period presented, and does not reflect changes that have occurred since the consummation of the acquisition of these businesses by Waters, including, among other things, changes in the financing, cash management, operations, cost structure and personnel needs or differences in accounting policies. For example, BDX provided certain services, such as legal, finance, information technology, human resources, and other infrastructure support to the BDS Businesses prior to their acquisition by Waters. Costs of these services were included in the BDS Businesses’ results of operations through allocations based upon a proportion of revenue or headcount as determined by BDX in conformity with GAAP. Such allocated costs may not be indicative or necessary if the BDS Businesses operated as a part of Waters during the period presented, nor are they necessarily representative of the costs that may be incurred in the future.
Waters Corporation will webcast its third quarter 2026 financial results conference call today, November 3, 2026, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit , select “Investor Relations” under the “About Waters” section, navigate to “Events & Presentations,” and click on the “Webcast.” A replay will be available through at least December 1, 2026.
Waters Corporation (NYSE: WAT) is a global leader in life sciences and diagnostics, dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service. With a focus on regulated, high-volume testing environments, our innovative portfolio harnesses deep scientific expertise across chemistry, physics, and biology. We collaborate with customers around the world to advance the release of effective, high-quality medicines, ensure the safety of food and water, and drive better patient outcomes by detecting diseases earlier, managing routine infections, and combating antibiotic resistance. Through a shared culture of relentless innovation, our passionate team of ~15,000 colleagues turn scientific challenges into breakthroughs that improve lives worldwide.
This release contains financial measures, such as organic constant currency growth rates, constant currency growth rates, prior year comparable revenue, and adjusted earnings per diluted share, among others, which are considered “non- GAAP” financial measures under applicable SEC rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Definitions of the non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “feels,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “suggests,” “appears,” “estimates,” “projects,” and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. Our actual results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, risks or uncertainties related to our acquisition of the Biosciences and Diagnostic Solutions businesses from BDX, including failure to realize the anticipated benefits of this acquisition, including as a result of delay in integrating the BDS Businesses with the Company on the expected timeframe or at all, and the ability of the Company to implement its business strategy and achieve revenue and cost synergies, the anticipated benefits of the MOBILion Systems, Inc. acquisition, anticipated progress on Waters’ research programs, development of new analytical instruments and associated software or consumables, manufacturing development and capabilities, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic initiatives, including our instrument replacement initiatives, our ability to respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in
various geographies and market segments, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management, and other risk factors detailed from time to time in Waters’ reports filed with the SEC. Such factors and others are discussed more fully in the sections entitled “Forward-Looking Statements” and “Risk Factors” of the Company’s annual report on Form 10-K for the year ended December 31, 2025, as filed with the SEC, which discussions are incorporated by reference in this release, as updated by the Company’s subsequent filings with the SEC. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.
Waters Corporation and Subsidiaries Consolidated Statements of Operations (In millions, except per share data) (Unaudited)
Cost of revenue for the three months and nine months ended October 3, 2026 includes $80 million and (a) $333 million, respectively, of purchase accounting adjustments related to the fair value inventory and fixed asset step up related to the BDS acquisition.
Purchased intangibles amortization for the three and nine months ended October 3, 2026 includes (b) $232 million and $603 million, respectively, of purchase accounting adjustments related to the amortization of the BDS acquisition purchased intangibles.
Waters Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP Revenue by Operating Segment, Product & Service, and Geography Three Months Ended October 3, 2026 and September 27, 2025 (In millions)
Three Months October 3, September Reported Ended 2026 27, 2025 Growth ────────────────────────────────────────────────────────────────────────────── REVENUE - OPERATING SEGMENT Analytic… Sciences $ 703 $ 649 8 % Division (ASD) Bioscien… Division 396 — * * (WBD) Advanced Diagnost… 575 64 797 % Division (ADx) Materials Sciences 93 87 7 % Division (MSD) Total $ 1,767 $ 800 121 % Revenue REVENUE - PRODUCT & SERVICE Product $ 1,334 $ 500 167 % Service 433 300 44 % Total $ 1,767 $ 800 121 % Revenue REVENUE - GEOGRAPHY Asia $ 495 $ 270 83 % Americas 749 293 156 % Europe 523 237 120 % Total $ 1,767 $ 800 121 % Revenue Reconcil… of Organic Revenue Growth Total Reported $ 1,767 $ 800 121 % Revenue (GAAP) Acquired Business 896 Contribu… Total Organic $ 871 Reported Revenue Organic Reported 9 % Revenue Growth Currency Translat… (1 %) Impact Organic Constant Currency 10 % Revenue Growth (a) Reconcil… of Reported Revenue to Prior Year Comparab… Revenue (b) Acquired Business $ 896 $ 885 1 % Contribu… Reconcil… of Analytic… Sciences Division Revenue ASD Instrume… $ 282 $ 257 9 % Revenue Currency Translat… (1 %) Impact Constant Currency ASD 10 % Instrume… Revenue Growth ASD Chemistry $ 157 $ 143 10 % Consumab… Revenue Currency Translat… (2 %) Impact Constant Currency ASD Chemistry 12 % Consumab… Revenue Growth ASD $ 703 $ 649 8 % Revenue Currency Translat… (1 %) Impact Constant Currency ASD 9 % Revenue Growth
The Company believes that referring to comparable organic constant currency growth is a useful measure for evaluating the underlying performance of revenue. Organic constant currency revenue growth, a non-GAAP financial measure, measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rate changes during the current period and excluding the impact of acquisitions completed within twelve months of the acquisition date. See description of non-GAAP (a) financial measures contained in this release. ──────────────────────────────────────────────────────────────────────────────
The Company believes that referring to comparable revenue is a useful measure for evaluating the underlying performance of the business following the acquisition of Biosciences & Diagnostic Solutions (“BDS”). Comparable revenue includes BDS revenue in both the current and prior year comparison periods. Current period revenue includes BDS revenue for the full quarter and prior year comparable revenue includes an estimate of BDS revenue for the equivalent prior year (b) period. Growth rates are calculated using these comparable revenues. ──────────────────────────────────────────────────────────────────────────────
Waters Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP Revenue by Operating Segment, Product & Service, and Geography Nine Months Ended October 3, 2026 and September 27, 2025 (In millions)
Nine Months October 3, September Reported Ended 2026 (b) 27, 2025 Growth ────────────────────────────────────────────────────────────────────────────── REVENUE - OPERATING SEGMENT Analytic… Sciences $ 1,979 $ 1,810 9 % Division (ASD) Bioscien… Division 996 - * * (WBD) Advanced Diagnost… 1,445 180 705 % Division (ADx) Materials Sciences 258 243 6 % Division (MSD) Total $ 4,678 $ 2,233 110 % Revenue REVENUE - PRODUCT & SERVICE Product $ 3,473 $ 1,374 153 % Service 1,205 859 40 % Total $ 4,678 $ 2,233 110 % Revenue REVENUE - GEOGRAPHY Asia $ 1,294 $ 757 71 % Americas 1,945 829 135 % Europe 1,439 647 122 % Total $ 4,678 $ 2,233 110 % Revenue Reconcil… of Organic Revenue Growth Total Reported $ 4,678 $ 2,233 110 % Revenue (GAAP) Acquired Business 2,233 Contribu… Total Organic $ 2,445 Reported Revenue Organic Reported 10 % Revenue Growth Currency Translat… (0 %) Impact Organic Constant Currency 10 % Revenue Growth (a) Reconcil… of Acquired Company Prior Year Comparab… Revenue for Period Owned (c) Prior Year Full $ 2,460 Year-To-… Revenue Less: Revenue Adjustme… 307 for Pre-Owned Period Current and Prior Year $ 2,233 $ 2,153 4 % Comparab… Revenue
The Company believes that referring to comparable organic constant currency growth is a useful measure for evaluating the underlying performance of revenue. Organic constant currency revenue growth, a non-GAAP financial measure, measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rate changes during the current period and excluding the impact of acquisitions completed within twelve months of the acquisition date. See description of non-GAAP (a) financial measures contained in this release. ──────────────────────────────────────────────────────────────────────────────
Waters Corporation revenue for the nine months ended October 3, 2026 includes the results of the BDS Business acquisition from date of acquisition February 9, 2026 through (b) October 3, 2026. ──────────────────────────────────────────────────────────────────────────────
The Company believes that referring to comparable revenue is a useful measure for evaluating the underlying performance of the business following the acquisition of Biosciences & Diagnostic Solutions (“BDS”). Comparable revenue includes BDS revenue in both the current and prior year comparison periods. Current period revenue includes BDS revenue from February 9, 2026, the acquisition date, through quarter-end. Prior year comparable revenue includes an estimate of BDS revenue for the equivalent prior year period. Growth rates are (c) calculated using these comparable revenues. ──────────────────────────────────────────────────────────────────────────────
Waters Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non- GAAPFinancials Three and Nine Months Ended October 3, 2026 and September 27, 2025 (In millions, except per share data)
Selling & administrative expenses include purchased intangibles (a) amortization and restructuring and other charges.
The purchased intangibles amortization and acquisition-related inventory and fixed asset fair value step-ups, which are non-cash (b) expenses, were excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.
Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate (c) operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.
ERP implementation and transformation costs represent costs related to the Company’s initiative to transition from its legacy enterprise resource planning (ERP) system to a new global ERP solution with a cloud-based infrastructure. These (d) costs, which do not represent normal or future ongoing business expenses, are one-time, non-recurring costs related to the establishment of our new global ERP solution that were determined to be non-capitalizable in accordance with accounting standards.
Acquisition related costs include all incremental costs incurred to effect the business combination, such as (e) advisory, legal, accounting, tax, valuation, other professional fees, and integration costs. The Company believes that these costs are not normal and do not represent future ongoing business expenses.
In connection with the Wyatt acquisition, the Company recognized a two-year retention bonus obligation that is contingent upon the (f) employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.
Financing costs relate to certain financing fees incurred by the Company to secure access to certain debt facilities in connection with the agreement Waters entered into to (g) acquire the Biosciences and Diagnostics Solutions business of Becton, Dickinson & Company. The Company believes that these costs are not normal and do not represent future ongoing business expenses.
Adjusted diluted earnings per share is calculated using diluted weighted-average shares outstanding of 93.1 million for the nine months ended October 3, 2026. While the Company reported a GAAP net loss for the period and therefore excluded potentially dilutive securities from its GAAP diluted earnings per share calculation, adjusted net income was positive for the period. Accordingly, potentially dilutive securities were included in the calculation of (h) adjusted diluted earnings per share. ──────────────────────────────────────────────────────────────────────────────
Waters Corporation and Subsidiaries Preliminary Condensed Unclassified Consolidated Balance Sheets (In millions and unaudited) October 3, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 593 $ 588 Accounts receivable 1,464 829 Inventories 1,324 572 Property, plant and equipment, 1,458 642 net Intangible assets, net 8,275 558 Goodwill 9,369 1,340 Other assets 1,632 548 Total assets $ 24,115 $ 5,077 Notes payable and debt $ 5,133 $ 1,407 Other liabilities 3,691 1,108 Total liabilities 8,824 2,515 Total stockholders’ equity 15,291 2,562 Total liabilities and stockholders’ $ 24,115 $ 5,077 equity
The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital (a) expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.
Includes an increase in net receivables of $17 million and $174 million for the three and nine months (b) ended October 3, 2026, respectively, due from the BDS acquisition TSA provider related to the initial net cash settlement for activities occurring since the acquisition date.
During the nine months ended September 27, 2025, the Company made retention payments under the Wyatt retention bonus program. The Company believes that these payments are (c) not normal and do not represent future ongoing business expenses. ──────────────────────────────────────────────────────────────────────────────
As part of the BDS acquisition, a portion of the total consideration paid was reflected as a deposit asset on the opening balance sheet, which is attributable to the Company’s present right to the future economic benefits of the business in those foreign jurisdictions where legal and beneficial title had not transferred to the Company as of February 9, 2026. Changes in the deposit asset are driven by changes in the underlying assets and liabilities in those foreign jurisdictions, which represent productive assets and therefore the cash payments (or cash receipts) resulting from the changes in these productive assets are classified as investing cash flows. The change in the deposit asset is primarily related to the collection of third party customer receivables that existed as of February 9, 2026. The Company considers cash collected from customers as a component of free cash flow as it (d) represents amounts collected from its core operations. ──────────────────────────────────────────────────────────────────────────────
Organic constant currency revenue growth, a non-GAAP financial measure, measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical revenue in local currency, as well as an assessment of market conditions as of the date of this press release, and may differ (a) significantly from actual results. ──────────────────────────────────────────────────────────────────────────────
These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.
Full text with the tables
Exhibit 99.1 For Immediate Release Contact: Caspar Tudor, Head of Investor
Relations – (508) 482-3448 Waters Corporation (NYSE: WAT) Reports Third Quarter
2026 Financial Results Company to Provide Starting 2027 Growth Framework on
Earnings Conference Call Third Quarter 2026 Highlights
Total reported revenue of $1.767 billion exceeded guidance midpoint by
• $14 million, led by organic
revenue growth of 9% as reported and 10% in constant currency, with
acquired business revenue landing slightly ahead of guidance.
• GAAP EPS of $0.82; Adjusted EPS of $4.10 grew 21% and exceeded
guidance.
Analytical Sciences Division (ASD) grew 8% as reported and 9% in
• constant currency, led by double-digit
instrument and chemistry growth from strong execution, new product
innovation, and rising customer testing volume.
In the Biosciences Division (WBD), reagents grew high single-digits on
a prior year comparable basis,
• reflecting a 400bps acceleration in year-over-year growth, as research
and clinical reagents both grew high single-digits; In the Advanced
Diagnostics Division (ADx), microbiology grew mid-single-digits on a
prior year comparable basis.
The Company is raising every component of its full-year 2026 guidance,
• including a $43 million increase
to total reported revenue at the midpoint, as new growth vectors layer
onto a strong foundation of existing demand.
MILFORD, Mass., November 3, 2026 - Waters Corporation (NYSE: WAT)today announced
its financial results for the third quarter of 2026. Overall Financial Results
The Company’s reported revenue for the third quarter of 2026 was $1.767 billion,
reflecting $871million of organic revenue and $896million of revenue from the
acquired Biosciences and Diagnostic Solutions businesses. Organic revenue for
the third quarter of 2026 was $871 million, compared to $800million for the
third quarter of 2025, representing an increase of 9% as reported and 10% in
constant currency. Revenue from Biosciences and Diagnostic Solutions was $896
million for the third quarter of 2026, compared to $885million on a prior year
comparable basis. On a GAAP basis, the Company reported a diluted earnings per
share of $0.82 for the third quarter of 2026, compared to diluted EPS of $2.50
for the third quarter of 2025, reflecting acquisition-related purchase
accounting charges, acquisition-related costs, and restructuring costs. Adjusted
EPS for the third quarter of 2026 grew 21% to $4.10, compared to $3.40 for the
third quarter of 2025. “Our team delivered exceptional results led by best-in-
class consumables growth across both our Analytical Sciences and Biosciences
divisions, as strong execution, new product innovation, and rising customer
testing volume accelerated growth,” said Dr. Udit Batra, President & Chief
Executive Officer, Waters Corporation. “LC-MS instrument growth also
strengthened, growing double-digits in constant currency, driven by robust
instrument replacement trends, idiosyncratic growth drivers across GLP-1s, PFAS
and India generics, and we continued to outperform the market with our leading
solutions for complex biologics.”
Dr. Batra continued, “Thanks to the hard work of our teams, we are delivering
ahead of schedule on our
synergy and integration commitments for our acquired businesses. With improving
end market conditions and momentum accelerating across the combined company, we
are raising our full year 2026 revenue guidance by $43 million at the midpoint
and
our fourth quarter guidance calls for double digit growth in both our organic
and acquired businesses on a days adjusted basis.”
Analytical Sciences Division (ASD)
The Analytical Sciences Division – the former Waters Division, excluding the
Clinical Business Unit –
delivered reported revenue of $703 million in the quarter, compared to $649
million for the third quarter of 2025.
Biosciences Division (WBD)
The Biosciences Division – formerly known as BD Biosciences – delivered reported
revenue of $396 million in the quarter,
compared to $387 million for the prior year comparable period.
Advanced Diagnostics Division (ADx)
The Advanced Diagnostics Division comprises the former BD Diagnostic Solutions
business and the Clinical Business Unit previously reported within Waters
Division.
The Diagnostic Solutions business delivered reported revenue of $500 million in
the quarter, compared to $498 million for the prior
year comparable period. The Clinical Business Unit delivered reported revenue of
$75 million in the quarter, compared to $64 million for the third quarter of
2025.
Materials Sciences Division (MSD)
The Materials
Sciences Division – formerly known as TA Division – delivered reported revenue
of $93 million in the quarter, compared to $87 million for the third quarter of
2025.
A description and reconciliation of GAAP to non-GAAPresults appear in the tables
below and can be found on the Company’s website www.waters.com in the Investor
Relations section.
Full-Year and Fourth Quarter 2026 Financial Guidance
Full-Year 2026 Financial Guidance
The Company is raising
its full-year 2026 organic constant currency revenue growth guidance to the
range of 9.1% to 9.7%. Including the effect of currency translation, full-year
2026 organic reported revenue is expected to be in the range of $3.429 billion
to
$3.447 billion.
The Company is raising its acquired business revenue expectation and now expects
full-year 2026 acquired business reported
revenue of approximately $3.050 billion on an owned-period basis.
Total Company reported revenue for full-year 2026 is expected to be in the range
of $6.479 billion to $6.497 billion.
The Company is updating its full-year 2026 adjusted EPS guidance to the range of
$14.60 to $14.70,
which represents 11% to 12% year-over-year adjusted EPS growth and is 13% to 14%
on a constant currency basis.
Fourth Quarter 2026 Financial Guidance
The Company expects fourth quarter 2026 organic constant currency revenue growth
to be in the range of 7.0% to 9.0%. Including the effect of currency
translation, fourth quarter 2026 organic reported revenue is expected to be in
the range of $984 million to $1.002 billion.
The Company expects acquired business reported revenue for the fourth quarter of
2026 to be approximately
$817 million.
Total Company reported revenue for the fourth quarter of 2026 is expected to be
in the range of $1.801 billion to
$1.819 billion.
The Company expects fourth quarter 2026 adjusted EPS to be in the range of $4.58
to $4.68, which represents 1% to 3%
year-over-year adjusted EPS growth.
Starting 2027 Growth Framework
Management will provide the Company’s 2027 starting growth framework during its
scheduled earnings conference call today at 8:00 a.m. ET, outlining how
reshoring, synergies and AI-related demand drivers are expected to shape next
year’s growth.
Announcing Acquisition of MOBILion Systems, Inc.
The Company also announced today that it has acquired MOBILion Systems, Inc..
MOBILion is the pioneer of SLIM high-resolution ion mobility separation
technology for complex molecular analysis, which separates molecules by size,
shape and charge in milliseconds. The acquisition complements Waters’ industry-
leading mass spectrometry portfolio and is expected to broaden the Company’s
entry into the proteomics market. Additional details are available in a separate
release issued earlier today.
Please refer to the tables below for a reconciliation of the projected GAAP to
non-GAAPfinancial outlook for the full-year and fourth quarter. The Company is
unable to provide reconciliations of forward-looking presentations of adjusted
EPS guidance measures to the most directly comparable GAAP measures. Such
reconciliations cannot be prepared without unreasonable efforts due to the
inherent difficulty and unpredictability in forecasting and quantifying certain
amounts that would be necessary for such reconciliations, including acquisition-
related amortization, acquisition and restructuring costs, as well as certain
legal, advisory and tax costs, or other costs that may arise, which amounts
could be significant and could have a material impact on the Company’s future
GAAP financial results. All amounts, other than percentages and per share data,
are presented in millions of dollars. Certain totals and percentages may not
recalculate due to rounding.
Results for the acquired Biosciences and Diagnostic Solutions businesses (the
“BDS Businesses”) for the prior year comparable period are the quarterly results
for the Biosciences and Diagnostic Solutions business units for the three months
ended September 30, 2025, as reported in Exhibit 99.1 of the current report on
Form 8-Kfiled by Becton, Dickinson and Company (“BDX”) with the Securities and
Exchange Commission (“SEC”) on November6, 2025. This historical financial
information reflects the results of operations of these businesses as they were
historically managed by BDX in conformity with U.S. GAAP. Therefore, such
historical financial information does not necessarily reflect what these
businesses’ results of operations would have been had they operated as a part of
Waters during the period presented, and does not reflect changes that have
occurred since the consummation of the acquisition of these businesses by
Waters, including, among other things, changes in the financing, cash
management, operations, cost structure and personnel needs or differences in
accounting policies. For example, BDX provided certain services, such as legal,
finance, information technology, human resources, and other infrastructure
support to the BDS Businesses prior to their acquisition by Waters. Costs of
these services were included in the BDS Businesses’ results of operations
through allocations based upon a proportion of revenue or headcount as
determined by BDX in conformity with GAAP. Such allocated costs may not be
indicative or necessary if the BDS Businesses operated as a part of Waters
during the period presented, nor are they necessarily representative of the
costs that may be incurred in the future.
Conference Call Details
Waters Corporation will webcast its third quarter 2026 financial results
conference call today, November 3, 2026, at 8:00 a.m. Eastern Time. To listen to
the call and see the accompanying slide presentation, please visit , select
“Investor Relations” under the “About Waters” section, navigate to “Events &
Presentations,” and click on
the “Webcast.” A replay will be available through at least December 1, 2026.
About Waters Corporation
Waters Corporation (NYSE: WAT) is a global leader in life sciences and
diagnostics, dedicated to accelerating the benefits of pioneering science
through
analytical technologies, informatics, and service. With a focus on regulated,
high-volume testing environments, our innovative portfolio harnesses deep
scientific expertise across chemistry, physics, and biology. We collaborate with
customers around
the world to advance the release of effective, high-quality medicines, ensure
the safety of food and water, and drive better patient outcomes by detecting
diseases earlier, managing routine infections, and combating antibiotic
resistance. Through a
shared culture of relentless innovation, our passionate team of ~15,000
colleagues turn scientific challenges into breakthroughs that improve lives
worldwide.
Non-GAAPFinancial Measures
This release contains financial measures, such as organic constant currency
growth rates, constant currency growth rates, prior year comparable revenue, and
adjusted earnings per diluted share, among others, which are considered “non-
GAAP” financial measures under applicable SEC rules and regulations. These
non-GAAP financial measures should be considered supplemental to, and not a
substitute for, financial information prepared in accordance with U.S. generally
accepted accounting principles (GAAP). The
Company’s definitions of these non-GAAP measures may differ from similarly
titled measures used by others. The non-GAAP financial measures used in this
release
adjust for specified items that can be highly variable or difficult to predict.
The Company generally uses these non-GAAP financial measures to facilitate
management’s financial and operational
decision-making, including evaluation of the Company’s historical operating
results, comparison to competitors’ operating results and determination of
management incentive compensation. These
non-GAAP financial measures reflect an additional way of viewing aspects of the
Company’s operations that, when viewed with GAAP results and the reconciliations
to corresponding GAAP financial measures,
may provide a more complete understanding of factors and trends affecting the
Company’s business. Because non-GAAP financial measures exclude the effect of
items that will increase or decrease the
Company’s reported results of operations, management strongly encourages
investors to review the Company’s consolidated financial statements and publicly
filed reports in their entirety. Definitions of the
non-GAAP financial measures and reconciliations to the most directly comparable
GAAP financial measures are included in the tables accompanying this release.
Cautionary Statement
This release contains
“forward-looking” statements regarding future results and events. For this
purpose, any statements that are not statements of historical fact may be deemed
forward-looking statements. Without limiting the foregoing, the words
“feels,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “suggests,”
“appears,” “estimates,” “projects,” and similar
expressions, whether in the negative or affirmative, are intended to identify
forward-looking statements. Our actual results may differ significantly from the
results discussed in the forward-looking statements within this release for a
variety of
reasons, including and without limitation, risks or uncertainties related to our
acquisition of the Biosciences and Diagnostic Solutions businesses from BDX,
including failure to realize the anticipated benefits of this acquisition,
including as a
result of delay in integrating the BDS Businesses with the Company on the
expected timeframe or at all, and the ability of the Company to implement its
business strategy and achieve revenue and cost synergies, the anticipated
benefits of the
MOBILion Systems, Inc. acquisition, anticipated progress on Waters’ research
programs, development of new analytical instruments and associated software or
consumables, manufacturing development and capabilities, our future financial
and
operational performance, future economic and market conditions, including our
expectations about the growth rates of certain markets, our strategic
initiatives, including our instrument replacement initiatives, our ability to
respond and adapt to
changing global dynamics, including the potential impacts of tariffs and supply
chain challenges, our ability to retain and attract customers in
various geographies and market segments, our market size and growth
opportunities, our competitive positioning, projected costs, technological
capabilities and plans, and objectives of
management, and other risk factors detailed from time to time in Waters’ reports
filed with the SEC. Such factors and others are discussed more fully in the
sections entitled “Forward-Looking Statements” and “Risk
Factors” of the Company’s annual report on Form 10-K for the year ended December
31, 2025, as filed with the SEC, which discussions are incorporated by reference
in this release, as updated by
the Company’s subsequent filings with the SEC. The forward-looking statements
included in this release represent the Company’s estimates or views as of the
date of this release and should not be relied upon as representing the
Company’s estimates or views as of any date subsequent to the date of this
release. Except as required by law, the Company does not assume any obligation
to update any forward-looking statements.
Waters Corporation and Subsidiaries Consolidated Statements of Operations (In
millions, except per share data) (Unaudited)
Three Octob… Sept… Nine Octo… Septe…
Mont… 3, 27, Months 3, 27,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,767 $ 800 $ 4,678 $ 2,233
reve…
Costs
and
oper…
expe…
Cost
of 879 328 2,470 926
reve…
(a)
Sell…
and 398 214 1,187 586
admi…
expe…
Rese…
and 106 54 324 149
deve…
expe…
Purc…
inta… 244 12 640 36
amor…
(b)
Rest… 12 — 64 4
char…
Oper…
inco… 128 192 (6 ) 532
(los…
Other
inco… — — 1 1
net
Inte…
expe… (53 ) (22 ) (150 ) (42 )
net
Inco…
(los…
from
oper… 74 170 (155 ) 491
befo…
inco…
taxes
Bene…
(pro…
for 7 (21 ) 28 (73 )
inco…
taxes
Net
inco… $ 81 $ 149 $ (127 ) $ 417
(los…
Net
inco…
(los…
per $ 0.83 $ 2.50 $ (1.37 ) $ 7.02
basic
comm…
share
Weig…
numb…
of 98,255 59,5… 92,7… 59,496
basic
comm…
shar…
Net
inco…
(los…
per $ 0.82 $ 2.50 $ (1.37 ) $ 7.00
dilu…
comm…
share
Weig…
numb…
of
dilu… 98,653 59,6… 92,7… 59,656
comm…
shar…
and
equi…
Cost of revenue for the three months and nine months ended October 3,
2026 includes $80 million and
(a) $333 million, respectively, of purchase accounting adjustments related
to the fair value inventory and fixed asset step up related to the BDS
acquisition.
Purchased intangibles amortization for the three and nine months ended
October 3, 2026 includes
(b) $232 million and $603 million, respectively, of purchase accounting
adjustments related to the amortization of the BDS acquisition
purchased intangibles.
Waters Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP
Revenue by Operating Segment, Product & Service, and Geography Three Months
Ended October 3, 2026 and September 27, 2025 (In millions)
Three
Months October 3, September Reported
Ended 2026 27, 2025 Growth
──────────────────────────────────────────────────────────────────────────────
REVENUE -
OPERATING
SEGMENT
Analytic…
Sciences $ 703 $ 649 8 %
Division
(ASD)
Bioscien…
Division 396 — * *
(WBD)
Advanced
Diagnost… 575 64 797 %
Division
(ADx)
Materials
Sciences 93 87 7 %
Division
(MSD)
Total $ 1,767 $ 800 121 %
Revenue
REVENUE -
PRODUCT &
SERVICE
Product $ 1,334 $ 500 167 %
Service 433 300 44 %
Total $ 1,767 $ 800 121 %
Revenue
REVENUE -
GEOGRAPHY
Asia $ 495 $ 270 83 %
Americas 749 293 156 %
Europe 523 237 120 %
Total $ 1,767 $ 800 121 %
Revenue
Reconcil…
of
Organic
Revenue
Growth
Total
Reported $ 1,767 $ 800 121 %
Revenue
(GAAP)
Acquired
Business 896
Contribu…
Total
Organic $ 871
Reported
Revenue
Organic
Reported 9 %
Revenue
Growth
Currency
Translat… (1 %)
Impact
Organic
Constant
Currency 10 %
Revenue
Growth
(a)
Reconcil…
of
Reported
Revenue
to
Prior
Year
Comparab…
Revenue
(b)
Acquired
Business $ 896 $ 885 1 %
Contribu…
Reconcil…
of
Analytic…
Sciences
Division
Revenue
ASD
Instrume… $ 282 $ 257 9 %
Revenue
Currency
Translat… (1 %)
Impact
Constant
Currency
ASD 10 %
Instrume…
Revenue
Growth
ASD
Chemistry $ 157 $ 143 10 %
Consumab…
Revenue
Currency
Translat… (2 %)
Impact
Constant
Currency
ASD
Chemistry 12 %
Consumab…
Revenue
Growth
ASD $ 703 $ 649 8 %
Revenue
Currency
Translat… (1 %)
Impact
Constant
Currency
ASD 9 %
Revenue
Growth
** Percentage not meaningful
The Company believes that referring to comparable organic constant
currency growth is a useful measure for
evaluating the underlying performance of revenue. Organic constant
currency revenue growth, a non-GAAP financial measure, measures the
change in net revenue between current and prior year periods, excluding
the impact of foreign currency exchange rate changes during the current
period and excluding the impact of acquisitions completed within twelve
months of the acquisition date. See description of non-GAAP
(a) financial measures contained in this release.
──────────────────────────────────────────────────────────────────────────────
The Company believes that referring to comparable revenue is a useful
measure for evaluating the underlying
performance of the business following the acquisition of Biosciences &
Diagnostic Solutions (“BDS”). Comparable revenue includes BDS revenue
in both the current and prior year comparison periods. Current period
revenue includes
BDS revenue for the full quarter and prior year comparable revenue
includes an estimate of BDS revenue for the equivalent prior year
(b) period. Growth rates are calculated using these comparable revenues.
──────────────────────────────────────────────────────────────────────────────
Waters Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP
Revenue by Operating Segment, Product & Service, and Geography Nine Months Ended
October 3, 2026 and September 27, 2025 (In millions)
Nine
Months October 3, September Reported
Ended 2026 (b) 27, 2025 Growth
──────────────────────────────────────────────────────────────────────────────
REVENUE -
OPERATING
SEGMENT
Analytic…
Sciences $ 1,979 $ 1,810 9 %
Division
(ASD)
Bioscien…
Division 996 - * *
(WBD)
Advanced
Diagnost… 1,445 180 705 %
Division
(ADx)
Materials
Sciences 258 243 6 %
Division
(MSD)
Total $ 4,678 $ 2,233 110 %
Revenue
REVENUE -
PRODUCT &
SERVICE
Product $ 3,473 $ 1,374 153 %
Service 1,205 859 40 %
Total $ 4,678 $ 2,233 110 %
Revenue
REVENUE -
GEOGRAPHY
Asia $ 1,294 $ 757 71 %
Americas 1,945 829 135 %
Europe 1,439 647 122 %
Total $ 4,678 $ 2,233 110 %
Revenue
Reconcil…
of
Organic
Revenue
Growth
Total
Reported $ 4,678 $ 2,233 110 %
Revenue
(GAAP)
Acquired
Business 2,233
Contribu…
Total
Organic $ 2,445
Reported
Revenue
Organic
Reported 10 %
Revenue
Growth
Currency
Translat… (0 %)
Impact
Organic
Constant
Currency 10 %
Revenue
Growth
(a)
Reconcil…
of
Acquired
Company
Prior
Year
Comparab…
Revenue
for
Period
Owned (c)
Prior
Year Full $ 2,460
Year-To-…
Revenue
Less:
Revenue
Adjustme… 307
for
Pre-Owned
Period
Current
and Prior
Year $ 2,233 $ 2,153 4 %
Comparab…
Revenue
** Percentage not meaningful
The Company believes that referring to comparable organic constant
currency growth is a useful measure for
evaluating the underlying performance of revenue. Organic constant
currency revenue growth, a non-GAAP financial measure, measures the
change in net revenue between current and prior year periods, excluding
the impact of foreign currency exchange rate changes during the current
period and excluding the impact of acquisitions completed within twelve
months of the acquisition date. See description of non-GAAP
(a) financial measures contained in this release.
──────────────────────────────────────────────────────────────────────────────
Waters Corporation revenue for the nine months ended October 3, 2026
includes the results of the BDS
Business acquisition from date of acquisition February 9, 2026 through
(b) October 3, 2026.
──────────────────────────────────────────────────────────────────────────────
The Company believes that referring to comparable revenue is a useful
measure for evaluating the underlying
performance of the business following the acquisition of Biosciences &
Diagnostic Solutions (“BDS”). Comparable revenue includes BDS revenue
in both the current and prior year comparison periods. Current period
revenue includes
BDS revenue from February 9, 2026, the acquisition date, through
quarter-end. Prior year comparable revenue includes an estimate of BDS
revenue for the equivalent prior year period. Growth rates are
(c) calculated using these comparable revenues.
──────────────────────────────────────────────────────────────────────────────
Waters Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-
GAAPFinancials Three and Nine Months Ended October 3, 2026 and September 27,
2025 (In millions, except per share data)
──────────────────────────────────────────────────────────────────────────────
Selling & administrative expenses include purchased intangibles
(a) amortization and restructuring and
other charges.
The purchased intangibles amortization and acquisition-related
inventory and fixed asset fair value step-ups, which are non-cash
(b) expenses, were excluded to be consistent with how management evaluates
the performance of its core business against historical operating
results
and the operating results of competitors over periods of time.
Restructuring costs and certain other items were excluded as the
Company believes that the cost to consolidate
(c) operations, reduce overhead, and certain other income or expense items
are not normal and do not represent future ongoing business expenses of
a specific function or geographic location of the Company.
ERP implementation and transformation costs represent costs related to
the Company’s initiative to
transition from its legacy enterprise resource planning (ERP) system to
a new global ERP solution with a cloud-based infrastructure. These
(d) costs, which do not represent normal or future ongoing business
expenses, are
one-time, non-recurring costs related to the establishment of our new
global ERP solution that were determined to be
non-capitalizable in accordance with accounting standards.
Acquisition related costs include all incremental costs incurred to
effect the business combination, such as
(e) advisory, legal, accounting, tax, valuation, other professional fees,
and integration costs. The Company believes that these costs are not
normal and do not represent future ongoing business expenses.
In connection with the Wyatt acquisition, the Company recognized a
two-year retention bonus obligation that is contingent upon the
(f) employee’s providing future service and continued employment with
Waters. The Company believes that these costs are not normal and do not
represent future ongoing business expenses.
Financing costs relate to certain financing fees incurred by the
Company to secure access to certain debt
facilities in connection with the agreement Waters entered into to
(g) acquire the Biosciences and Diagnostics Solutions business of Becton,
Dickinson & Company. The Company believes that these costs are not
normal and do not represent future
ongoing business expenses.
Adjusted diluted earnings per share is calculated using diluted
weighted-average shares outstanding of 93.1 million for the nine months
ended October 3, 2026. While the Company reported a GAAP net loss for
the period and therefore excluded potentially dilutive
securities from its GAAP diluted earnings per share calculation,
adjusted net income was positive for the period. Accordingly,
potentially dilutive securities were included in the calculation of
(h) adjusted diluted earnings per share.
──────────────────────────────────────────────────────────────────────────────
Waters Corporation and
Subsidiaries
Preliminary Condensed
Unclassified Consolidated
Balance Sheets
(In millions and unaudited) October 3, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 593 $ 588
Accounts receivable 1,464 829
Inventories 1,324 572
Property, plant and equipment, 1,458 642
net
Intangible assets, net 8,275 558
Goodwill 9,369 1,340
Other assets 1,632 548
Total assets $ 24,115 $ 5,077
Notes payable and debt $ 5,133 $ 1,407
Other liabilities 3,691 1,108
Total liabilities 8,824 2,515
Total stockholders’ equity 15,291 2,562
Total liabilities and
stockholders’ $ 24,115 $ 5,077
equity
Wat…
Cor…
and
Sub…
Pre…
Con…
Con…
Sta…
of
Cash
Flo…
Thr…
and
Nine
Mon…
End…
Oct…
3,
2026
and
Sep…
27,
2025
──────────────────────────────────────────────────────────────────────────────
(In
mil…
and
una…
Three Nine
Mont… Mont…
Ended Ended
Octo… Sept… Octo… Sept…
3, 27, 3, 27,
2026 2025 2026 2025
Cash
flo…
from
ope…
act…
Net
inc… $ 81 $ 149 $ (127 ) $ 417
(lo…
Adj…
to
rec…
net
inc…
(lo…
to
net
cash
pro…
by
ope…
act…
Sto… 22 14 67 40
com…
Dep…
and 300 53 808 154
amo…
Acq…
inv…
and
fix…
ass… 79 — 333 —
fair
val…
ste…
rec…
Cha…
in
ope…
ass…
and (384 ) (28 ) (785 ) (123 )
lia…
and
oth…
net
(b)
Net
cash
pro… 98 187 296 488
by
ope…
act…
Cash
flo…
from
inv…
act…
Add…
to
pro…
pla… (43 ) (25 ) (131 ) (74 )
equ…
and
sof…
cap…
Cash
(pa…
acq…
in
bus… (59 ) (1 ) 85 (35 )
acq…
net
of
cash
rec…
Inv…
in — — (10 ) (1 )
una…
com…
Cha…
in 8 — 59 —
dep…
ass…
Net
cash
(us…
in) (94 ) (26 ) 3 (110 )
pro…
by
inv…
act…
Cash
flo…
from
fin…
act…
Pro…
from 320 — 4,062 70
debt
iss…
Pay…
on (275 ) (50 ) (4,3… ) (290 )
debt
Pay…
of
debt — (18 ) (28 ) (23 )
iss…
cos…
Pro…
from 10 3 26 16
sto…
pla…
Pur…
of (1 ) 0 (15 ) (15 )
tre…
sha…
Oth…
cash
flow
from 3 0 (9 ) 1
fin…
act…
net
Net
cash
pro…
by 57 (66 ) (279 ) (241 )
(us…
in)
fin…
act…
Eff…
of
exc…
rate
cha… (7 ) (4 ) (15 ) (4 )
on
cash
and
cash
equ…
Inc…
in
cash 54 92 5 134
and
cash
equ…
Cash
and
cash
equ… 539 367 588 325
at
beg…
of
per…
Cash
and
cash
equ… $ 593 $ 459 $ 593 $ 459
at
end
of
per…
Rec…
of
Free
Cash
Flow
-
Adj…
Non…
(a)
Net
cash
pro…
by $ 98 $ 187 $ 296 $ 488
ope…
act…
-
GAAP
Adj…
Add…
to
pro…
pla… (43 ) (25 ) (131 ) (74 )
equ…
and
sof…
cap…
Tax
ref… — — — 120
pay…
Lit…
set… 5 (2 ) 4 (2 )
pai…
net
Pay…
of
Wya…
ret… — — — 20
bon…
obl…
(c)
Cha…
in
dep… 8 — 59 —
ass…
(d)
Free
Cash
Flow $ 68 $ 160 $ 228 $ 552
-
Adj…
Non…
The Company defines free cash flow as net cash flow from operations
accounted for under GAAP less capital
(a) expenditures and software capitalizations plus or minus any unusual and
non recurring items. Free cash flow is not a GAAP measurement and may
not be comparable to free cash flow reported by other companies.
Includes an increase in net receivables of $17 million and $174 million
for the three and nine months
(b) ended October 3, 2026, respectively, due from the BDS acquisition TSA
provider related to the initial net cash settlement for activities
occurring since the acquisition date.
During the nine months ended September 27, 2025, the Company made
retention payments under the Wyatt
retention bonus program. The Company believes that these payments are
(c) not normal and do not represent future ongoing business expenses.
──────────────────────────────────────────────────────────────────────────────
As part of the BDS acquisition, a portion of the total consideration
paid was reflected as a deposit asset on
the opening balance sheet, which is attributable to the Company’s
present right to the future economic benefits of the business in those
foreign jurisdictions where legal and beneficial title had not
transferred to the Company as of
February 9, 2026. Changes in the deposit asset are driven by changes in
the underlying assets and liabilities in those foreign jurisdictions,
which represent productive assets and therefore the cash payments (or
cash receipts) resulting from
the changes in these productive assets are classified as investing cash
flows. The change in the deposit asset is primarily related to the
collection of third party customer receivables that existed as of
February 9, 2026. The Company considers
cash collected from customers as a component of free cash flow as it
(d) represents amounts collected from its core operations.
──────────────────────────────────────────────────────────────────────────────
Wa…
Co…
and
Su…
Re…
of
Pr…
GA…
to
Ad…
No…
Fi…
Ou…
(In
mi… Tw… Thr…
ex… Mo… Mon…
per En… End…
sh… De… Dec…
da… 31, 31,
Pr… 20… 2026
Re… Ra… Ran…
──────────────────────────────────────────────────────────────────────────────
Re… $ 6,4… – $ 6,… $ 1,… – $ 1,8…
re…
Ac…
bu… $ 3,0… – $ 3,… $ 817 – $ 817
co…
Or…
re… $ 3,4… – $ 3,… $ 984 – $ 1,0…
re…
Or…
re… 8.4 % – 8.9 % 5.5 % – 7.5 %
re…
gr…
Cu…
tr… (0.7 %) – (0… %) (1… %) – (1.5 %)
im…
Or…
co…
cu… 9.1 % – 9.7 % 7.0 % – 9.0 %
re…
gr…
(a)
Ra… Ran…
Pr…
Ea…
Per
Di…
Sh…
Ad…
ea… $ 14.… – $ 14… $ 4.… – $ 4.68
per
sh…
Organic constant currency revenue growth, a non-GAAP financial measure,
measures the change in net revenue between current and prior year
periods, excluding the impact of foreign currency exchange rates during
the current period and excluding the impact of acquisitions made within
twelve months of the acquisition close
date. These amounts are estimated at the current foreign currency
exchange rates and based on the forecasted geographical revenue in
local currency, as well as an assessment of market conditions as of the
date of this press release, and may differ
(a) significantly from actual results.
──────────────────────────────────────────────────────────────────────────────
These forward-looking adjustment estimates do not reflect future gains and
charges that are inherently difficult to predict and estimate due to their
unknown timing, effect and/or significance.