Q2 FY26 · Ended Jul 4, 2026 · View SEC filing
Deal accounting, not the business, made the loss
The $244 million charge for acquired intangibles costs no cash, and every segment still earned an operating profit.
For investorsWhat has to go right for the BD deal to pay off
For foundersBuying a carve-out without its back office
Free cash flow reached 9.3% of revenue in a quarter that closed with a $136 million net loss.
Advanced Diagnostics keeps 22.8% of its sales as segment profit, against 35.2% in legacy Analytical & Materials Sciences.
Consumables bring in 46.5% of revenue against 27.7% for instruments, and labs validated on one system are slow to switch.
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Business Lens describes Waters Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
