Waters Corporation · Earnings release · 8-K Exhibit 99

For Immediate Release

Contact: Caspar Tudor, Head of Investor

Waters Corporation (NYSE: WAT) Reports Fourth Quarter

and Full-Year 2025 Financial Results

Highlights

•

Sales of $932 million landed at the high-endof reported sales growth guidance range; grew 7% as reported and 6% in constant currency

•

Growth led by high single-digit constant currency growth in Pharma and Industrial end-markets, with broad-based growth across all regions

•

T1Chemistry grew 12% in constant currency as new bioseparations products continued to experience significant

customer demand

•

Instruments grew 3% in constant currency, with high single-digit LC-MSgrowth partially offset by TA and transition to subscription model for Empower

•

GAAP EPS of $3.77; non-GAAP EPS of $4.53 grew double digits

•

Sales of $3,165 million grew 7% as reported and 7% in constant currency

•

Instruments grew 5% in constant currency, led by strong LC-MS growth

•

Recurring Revenue grew 8% in constant currency, led by 12% Chemistry growth

•

GAAP EPS of $10.76; non-GAAP EPS of $13.13 grew double digits

MILFORD, Mass., February 9, 2026 - Waters Corporation (NYSE: WAT), today announced its financial results for the

fourth quarter and full year 2025.

Sales for the fourth quarter of 2025 were $932 million, an increase of 7% as reported and 6% in constant

currency, compared to sales of $873 million for the fourth quarter of 2024.

On a GAAP basis, diluted earnings per share (EPS) for the fourth quarter

of 2025 were $3.77, compared to $3.88 for the fourth quarter of 2024. Non-GAAP EPS for the fourth quarter of 2025 grew 10% to $4.53, compared to $4.10 for the fourth quarter of 2024.

“Our team delivered industry-leading results in 2025, achieving high single-digit revenue growth and double-digit adjusted EPS growth. We expect this

momentum to continue into 2026, T2driven by strong execution of the multi-year instrument replacement cycle, continued contribution from pioneering innovation, and our Waters-specific idiosyncratic growth drivers,” said Udit Batra, Ph.D.,

President & Chief Executive Officer, Waters Corporation.

“As we enter 2026, T3the addition of BD Biosciences and Diagnostic Solutions marks a transformative step

forward for Waters. Today, we will close the transaction and are T4launching commercial excellence initiatives tied to instrument replacement, e-commerce, and service attachment that will build momentum and

drive the first phase of our stated revenue synergies. Within the P&L, we also expect to make decisive progress towards realizing our stated cost synergies in the months ahead. Our starting 2026 guidance calls for an attractive 5.3% combined

company sales growth at mid-point, with opportunity for outperformance as the year progresses.”

Fourth

During the fourth quarter of 2025, sales into the pharmaceutical market increased 8% as reported and 7% in constant currency. Sales into

the industrial market increased 8% as reported and in constant currency. Sales into the academic and government market decreased 2% as reported and 3% in constant currency.

During the quarter, instrument system sales increased 3% as reported and in constant currency. Recurring revenues, which represent the combination of service

and precision chemistries, increased 10% as reported and 9% in constant currency.

Geographically, sales in Asia during the quarter increased 4% as

reported and 11% in constant currency. Sales in the Americas increased 4% as reported and in constant currency. Sales in Europe increased 13% as reported and 4% in constant currency.

Sales for the fiscal year 2025 were

$3,165 million, an increase of 7% as reported and in constant currency, compared to sales of $2,958 million for fiscal year 2024.

On a GAAP

basis, EPS for fiscal year 2025 was $10.76 compared to $10.71 for fiscal year 2024. On a non-GAAP basis, EPS increased by 11% to $13.13 compared to $11.86 for fiscal year 2024.

During the fiscal year 2025, sales into the pharmaceutical market increased 9% as reported and in constant currency. Sales into the industrial market

increased 6% as reported and in constant currency. Sales into the academic and government market were flat as reported and decreased 1% in constant currency.

During the year, instrument system sales increased 5% as reported and in constant currency. Recurring revenues, which represent the combination of service and

precision chemistries, increased 8% as reported and in constant currency.

Geographically, sales in Asia during the year increased 7% as reported and 13%

in constant currency. Sales in the Americas increased 4% as reported and in constant currency. Sales in Europe increased 10% as reported and 5% in constant currency.

Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis. A description and

reconciliation of GAAP to non-GAAP results 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 First Quarter 2026 Financial Guidance

Full-Year 2026 Financial Guidance

G1The Company expects

full-year 2026 organic constant currency revenue growth to be in the range of +5.5% to +7.0%. G2Including the positive impact of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.355 billion to

G3The Company expects an acquired business contribution in full-year 2026 of approximately $3.000 billion to reported revenue on

an owned-period basis.

G4Including the positive impact of expected revenue synergies, total Company revenue for full-year 2026 is expected to be in the

range of $6.405 billion to $6.455 billion on a reported basis.

G5The Company expects full-year 2026non-GAAP EPS to be in the range of $14.30 to $14.50, which includes $0.10 cents of accretion versus the Company’s standalone non-GAAP EPS profile due to our combination with the Biosciences and

Diagnostic Solutions business of Becton, Dickinson & Company. This represents year-over-year non-GAAP EPS growth of approximately +8.9% to +10.4% for full-year 2026.

First Quarter 2026 Financial Guidance

G6The Company

expects first quarter 2026 organic constant currency revenue growth to be in the range of +7.0% to +9.0%. Including the positive impact of currency translation, G7first quarter 2026 organic reported revenue is expected to be in the range of

G8The Company expects an acquired business contribution in the first quarter of 2026 of approximately

$480 million to reported revenue on an owned-period basis.

G9Total Company revenue for the first quarter of 2026 is expected to be in the range of

G10The Company expects first quarter 2026 non-GAAPEPS to be in the range of $2.25 to $2.35, which reflects year-over-year growth of approximately +0.0% to +4.4%.

Please refer to the tables below for a

reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and first quarter.

Conference Call Details

Waters Corporation will webcast

its fourth quarter 2025 financial results conference call today, February 9, 2026, at 8:30 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, 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 March 9, 2026.

About Waters Corporation

Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and

environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,900+ passionate

employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science.

Non-GAAP Financial Measures

This release contains financial measures, such as organic constant currency growth

rates, constant currency growth rates and adjusted earnings per diluted share, among others, which are considered “non-GAAP” financial measures under applicable U.S. Securities and Exchange

Commission 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 thenon-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 Becton, Dickinson and Company’s Biosciences and Diagnostic Solutions business, the impact of this acquisition on the Company’s business and

future results, including unexpected costs, charges or expenses resulting from this acquisition as well as difficulties and delays in achieving expected revenue and cost synergies related to this acquisition, the increased indebtedness of the

Company as a result of this acquisition, 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, T5respond 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 Securities and Exchange Commission (“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, 2024, 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 thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

Net sales

$

$

$

$

Costs and operating expenses:

Cost of sales

Selling and administrative expenses

Research and development expenses

Purchased intangibles amortization

Litigation provision

—

—

—

Operating income

Other income (expense), net

)

Interest expense, net

)

)

)

)

Income from operations before income taxes

Provision for income taxes

Net income

$

$

$

$

Net income per basic common share

$

$

$

$

Weighted-average number of basic common shares

Net income per diluted common share

$

$

$

$

Weighted-average number of diluted common shares and equivalents

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

(In thousands)

Three Months Ended

Percent

Change

Impact of

Currency

Constant

Currency

Growth Rate (a)

NET SALES - OPERATING SEGMENTS

Waters

$

$

8

%

1

%

7

%

TA

0

%

0

%

0

%

Total

$

$

7

%

1

%

6

%

NET SALES - PRODUCTS & SERVICES

Instruments

$

$

3

%

1

%

3

%

Service

9

%

1

%

8

%

Chemistry

%

1

%

%

Total Recurring

%

1

%

9

%

Total

$

$

7

%

1

%

6

%

NET SALES - GEOGRAPHY

Asia

$

$

4

%

(7

%)

%

Americas

4

%

0

%

4

%

Europe

%

9

%

4

%

Total

$

$

7

%

1

%

6

%

NET SALES - MARKETS

Pharmaceutical

$

$

8

%

1

%

7

%

Industrial

8

%

0

%

8

%

Academic & Government

(2

%)

1

%

(3

%)

Total

$

$

7

%

1

%

6

%

(a)

The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate

the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding

the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

(In thousands)

Twelve Months Ended

Percent

Change

Impact of

Currency

Constant

Currency

Growth Rate (a)

NET SALES - OPERATING SEGMENTS

Waters

$

$

8

%

0

%

8

%

TA

(1

%)

0

%

(1

%)

Total

$

$

7

%

0

%

7

%

NET SALES - PRODUCTS & SERVICES

Instruments

$

$

5

%

0

%

5

%

Service

7

%

0

%

7

%

Chemistry

%

0

%

%

Total Recurring

8

%

0

%

8

%

Total

$

$

7

%

0

%

7

%

NET SALES - GEOGRAPHY

Asia

$

$

7

%

(5

%)

%

Americas

4

%

0

%

4

%

Europe

%

6

%

5

%

Total

$

$

7

%

0

%

7

%

NET SALES - MARKETS

Pharmaceutical

$

$

9

%

0

%

9

%

Industrial

6

%

0

%

6

%

Academic & Government

0

%

1

%

(1

%)

Total

$

$

7

%

0

%

7

%

(a)

The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate

the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding

the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

(In thousands, except per share data)

Selling &

Administrative

Expenses(a)

Research &

Development

Expenses

Operating

Income

Operating

Income

Percentage

Other

Income

(Expense)

Interest

Expense,

Net

Income from

Operations

before

Income

Taxes

Provision for

Income

Taxes

Net

Income

Diluted

Earnings

per Share

GAAP

$

$

$

%

$

$

)

$

$

$

$

Adjustments:

Purchased intangibles amortization(b)

)

—

%

—

—

Restructuring costs and certain other items(c)

)

—

%

)

—

ERP implementation and transformation costs(d)

)

—

%

—

—

Acquisition related costs (e)

)

%

—

—

Financing Costs (h)

—

—

—

—

—

Adjusted Non-GAAP

$

$

$

%

$

)

$

)

$

$

$

$

GAAP

$

$

$

%

$

)

$

)

$

$

$

$

Adjustments:

Purchased intangibles amortization(b)

)

—

%

—

—

Restructuring costs and certain other items(c)

)

—

%

—

—

ERP implementation and transformation costs(d)

)

—

%

—

—

Retention bonus obligation (g)

)

)

%

—

—

Adjusted Non-GAAP

$

$

$

%

$

)

$

)

$

$

$

$

GAAP

$

$

$

%

$

$

)

$

$

$

$

Adjustments:

Purchased intangibles amortization(b)

)

—

%

—

—

Restructuring costs and certain other items(c)

)

—

%

)

—

ERP implementation and transformation costs(d)

)

—

%

—

—

Acquisition related costs (e)

)

)

%

—

—

Retention bonus obligation (g)

)

)

%

—

—

Financing Costs (h)

—

—

—

—

—

Adjusted Non-GAAP

$

$

$

%

$

$

)

$

$

$

$

GAAP

$

$

$

%

$

$

)

$

$

$

$

Adjustments:

Purchased intangibles amortization(b)

)

—

%

—

—

Restructuring costs and certain other items(c)

)

—

%

—

—

ERP implementation and transformation costs(d)

)

—

%

—

—

Litigation provision and settlement(f)

)

—

%

—

—

Retention bonus obligation (g)

)

)

%

—

—

Adjusted Non-GAAP

$

$

$

%

$

$

)

$

$

$

$

(a)

Selling & administrative expenses include purchased intangibles amortization and litigation provisions

and settlements.

(b)

The purchased intangibles amortization, a non-cash expense, was

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.

(c)

Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate

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.

(d)

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 costs, which do not represent normal or future ongoing business expenses, areone-time, non-recurring costs related to the establishment of our new global ERP solution that were determined to benon-capitalizable in accordance with accounting standards.

(e)

Acquisition related costs include all incremental costs incurred to effect the business combination, such as

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.

(f)

Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not

expected to recur regularly.

(g)

In connection with the Wyatt acquisition, the Company recognized atwo-year retention bonus obligation that is contingent upon the 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.

(h)

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 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.

Waters Corporation and Subsidiaries

Preliminary Condensed Unclassified Consolidated Balance Sheets

(In thousands and unaudited)

Cash and cash equivalents

$

$

Accounts receivable

Inventories

Property, plant and equipment, net

Intangible assets, net

Goodwill

Other assets

Total assets

$

$

Notes payable and debt

$

$

Other liabilities

Total liabilities

Total stockholders’ equity

Total liabilities and stockholders’ equity

$

$

Waters Corporation and Subsidiaries

Preliminary Condensed Consolidated Statements of Cash Flows

(In thousands and unaudited)

Three Months Ended

Twelve Months Ended

Cash flows from operating activities:

Net income

$

$

$

$

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation

Depreciation and amortization

Change in operating assets and liabilities and other, net

)

)

)

)

Net cash provided by operating activities

Cash flows from investing activities:

Additions to property, plant, equipment and software capitalization

)

)

)

)

Business acquisitions, net of cash acquired

—

—

)

—

Investments in unaffiliated companies

)

—

)

)

Net change in investments

—

(9

)

—

)

Other cash flow from investing activities, net

—

Net cash used in investing activities

)

)

)

)

Cash flows from financing activities:

Net change in debt

)

)

)

)

Proceeds from stock plans

T6Purchases of treasury shares

)

)

)

)

Other cash flow from financing activities, net

)

(7

)

Net cash provided by (used in) financing activities

)

)

)

Effect of exchange rate changes on cash and cash equivalents

)

)

Increase (decrease) in cash and cash equivalents

)

)

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

$

$

$

$

Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)

Net cash provided by operating activities - GAAP

$

$

$

$

Adjustments:

Additions to property, plant, equipment and software capitalization

)

)

)

)

Tax reform payments

—

—

Litigation settlements (received) paid, net

)

—

)

Payment of Wyatt retention bonus obligation(b)

—

—

Free Cash Flow - Adjusted Non-GAAP

$

$

$

$

(a)

The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital

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.

(b)

During the twelve months ended December 31, 2025 and 2024, the Company made retention payments under the

Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.

Waters Corporation and Subsidiaries

Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook

(In millions, except per share data)

Twelve Months Ended

Three Months Ended

Range

Range

Projected revenue

Reported revenue

$

-

$

$

-

$

Impact of:

Acquired business contribution

$

-

$

$

-

$

G11Revenue synergies

$

-

$

$

—

-

$

—

Organic reported revenue

$

-

$

$

-

$

Organic reported revenue growth

%

-

%

%

-

%

Currency translation impact

%

-

%

%

-

%

Organic constant currency revenue growth(a)

%

-

%

%

-

%

Range

Range

Projected Earnings Per Diluted Share

G12G13GAAP earnings per diluted share

$

-

$

$

-

$

Adjustments:

Purchased intangibles amortization

$

-

$

$

-

$

ERP implementation and transformation costs

$

-

$

$

-

$

Acquisition related costs

$

-

$

$

-

$

Amortization of acquisition-related inventory fair valuestep-up

$

-

$

$

-

$

Adjusted non-GAAP earnings per diluted share

$

-

$

$

-

$

(a)

Organic constant currency growth rates are a non-GAAP financial measure

that 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 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.