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Waters helps laboratories determine what samples contain and assess materials’ properties and stability. Its liquid chromatography systems separate sample components, while mass spectrometry systems help identify and measure them. Customers buy the instruments, software and consumables, then pay for maintenance, repairs and support plans. Instruments already in use also generate demand for replacement chromatography columns; ACQUITY UPLC systems primarily use Waters’ own ACQUITY UPLC columns. Through TA, Waters sells equipment and services for testing how materials respond to heat and deformation.
The acquisition of BD’s Biosciences and Diagnostic Solutions businesses in February 2026 expanded Waters into specimen collection, disease testing and biological research. These businesses supply collection and transport products, diagnostic instruments and reagents, and tools for studying cells. Waters also relies on BD for transitional support services and manufacturing of certain products while replacing the acquired businesses’ former support infrastructure.
Before the acquisition, pharmaceutical customers supplied most sales, and analytical instruments, consumables and servicing accounted for the bulk of the business. Consumables and service bring continued sales after an instrument purchase, while new instrument orders depend partly on customers’ capital budgets and research funding.
Some operations are subject to FDA and equivalent overseas regulation, and products requiring clearance cannot reach the market without it. Acquisition-related tax agreements also temporarily restrict certain share transactions and business combinations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Waters’ results hinge on pharmaceutical laboratory spending and its expanded bioscience and diagnostics business, where Shimadzu and bioMérieux are important competitors to watch beyond this list.
Agilent competes with Waters for pharmaceutical and other analytical laboratories’ spending on instruments that separate and identify sample components—liquid chromatography and LC-MS—as well as consumables and maintenance. Watch its CrossLab consumables and services: Agilent can supply labs regardless of instrument brand and provide some services on Waters instruments.
Thermo Fisher competes with Waters for pharmaceutical and research laboratories’ purchases of analytical instruments, chromatography consumables and instrument services. Its ability to service some Waters instruments makes its service business worth watching, since instrument service and support accounted for over 35% of Waters’ sales in 2025.
Danaher challenges Waters in analytical instruments and chromatography consumables, and now also in the bioscience and diagnostics markets Waters entered through its acquisition of BD businesses. Watch Danaher’s Life Sciences and Diagnostics results for a view of competition in the research and testing products that now form part of Waters’ business.
Bruker competes with Waters for life-science, biopharmaceutical and industrial laboratories’ purchases of instruments that detect and measure samples. Watch Bruker’s new instruments and their performance and cost-effectiveness, which it identifies as key to winning those customers.
Revvity competes with Waters in instrument services and, following Waters’ acquisition of BD businesses, in products sold to research and diagnostic laboratories. Watch Revvity’s instruments and reagents for infectious-disease testing, an area also added to Waters by the acquisition.
Cytek Biosciences, Inc. competes with Waters’ newly acquired instruments and reagents for analyzing cells, known as flow cytometry, selling to drug companies, research institutions and clinical laboratories. Watch its recurring consumables revenue as its installed instrument base grows: the rivalry extends beyond equipment purchases to the supplies used with it.
Bio-Rad and Waters both depend on biological research and clinical diagnostics laboratories buying instruments and recurring reagents or consumables, with Waters’ exposure expanded by its acquisition of BD businesses. Bio-Rad’s Clinical Diagnostics sales offer a useful view of that customer spending; the segment accounted for approximately 60% of its consolidated net sales in 2025.
Mettler-Toledo and Waters both depend on laboratory equipment spending by pharmaceutical, chemical and food customers, selling instruments and related services for research, quality control and manufacturing. Watch Mettler-Toledo’s laboratory instruments and services sales, approximately 56% of its net sales in 2025, for a view of spending across these shared customer groups.
Danaher Corporation earningsDHR
Danaher's Life Sciences and Diagnostics results will show how strong a competitor it is in research and testing markets Waters entered through the BD acquisition.
Look at sales in Danaher's Life Sciences and Diagnostics businesses, alongside results for the related products Waters acquired if Waters reports them separately. Strong Danaher results would show demand in these markets and a capable competitor, but would not by themselves prove that it took Waters customers. Weak results would soften that competitive signal, but could also reflect weaker market demand.
Thermo Fisher Scientific, Inc. earningsTMO
Thermo Fisher's service results will show how laboratories are spending on instrument support and how its ability to service some Waters instruments adds competition.
Read Thermo Fisher's service revenue and note whether it says which instruments or customers drove the change. Strong growth would show laboratories are still paying for support and that Thermo Fisher can compete for that spending. Weak growth would point to pressure on service spending. Unless the report specifically links results to Waters instruments, its overall service trend is not a direct measure of Waters' service revenue.
Fed Interest Rate Decision
The Fed’s decision on its benchmark interest rate matters to Waters because higher borrowing rates could make refinancing its assumed $3.5 billion debt tranche more costly, increasing interest expense and reducing earnings and cash available for its instrument and service business.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed’s rate is above expectations, refinancing could cost Waters more, leaving less earnings and cash for its instrument and service operations.
If it comes in below expectations
If the Fed’s rate is below expectations, refinancing could cost Waters less, leaving more earnings and cash for its instrument and service operations.
Waters Corp earningsThis company
Waters' report will show whether recurring revenue from chromatography consumables and instrument services keeps growing, and whether its operating margin holds.
Read precision-chemistry consumables and service revenue together, then check operating margin. Growth in both with a steady margin would show customers continuing to use Waters instruments and buy the supplies and support that go with them, without obvious pressure on profitability. Slower recurring sales or a falling margin would leave two questions: whether customer demand has softened, or whether costs such as acquisition integration are weighing on the business.
Bio-Rad Laboratories, Inc. earningsBIO
Bio-Rad's Clinical Diagnostics sales will offer a read on clinical-lab spending in a market relevant to Waters' expanded business.
Use the trend in Bio-Rad's Clinical Diagnostics sales as a clue to demand from relevant laboratories, not as a substitute for Waters' own sales. Growth would suggest firmer spending in this part of the diagnostics market, a supportive demand signal for Waters' expanded business. A decline would raise concern about lab purchasing, but could also reflect Bio-Rad's own product mix or competitive position.
Agilent Technologies Inc. earningsA
Agilent's CrossLab consumables and services sales will show how laboratories are spending on support across instrument brands, and how Agilent competes with Waters for that business.
Compare Agilent's CrossLab consumables and services with Waters' own chemistry-consumables and service revenue. Growth at both would point more to broadly healthy laboratory spending. If Agilent grows while Waters weakens, ask whether Agilent is winning supplies or maintenance business from Waters. If both weaken, softer laboratory spending is a stronger explanation than a win for either company.
