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The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. The increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.Unrealized (losses) gains on open contracts from interest rate cross-currency swap agreements fluctuated year over year primarily due to changes in foreign exchange rates, which resulted in period-to-period variability. 0001000697 2025-01-01 2025-12-31 0001000697 2024-12-31 0001000697 2025-12-31 0001000697 2024-01-01 2024-12-31 0001000697 2023-01-01 2023-12-31 0001000697 2025-05-22 0001000697 2025-04-01 2025-06-30 0001000697 2025-07-01 2025-09-30 0001000697 2025-10-01 2025-12-31 0001000697 2025-01-01 2025-03-31 0001000697 2024-10-01 2024-12-31 0001000697 2024-04-01 2024-06-30 0001000697 2024-01-01 2024-03-31 0001000697 2024-07-01 2024-09-30 0001000697 2023-12-31 0001000697 2026-02-19 0001000697 2023-01-01 2023-03-31 0001000697 2026-02-06 2026-02-06 0001000697 2026-01-01 0001000697 2025-05-22 2025-05-22 0001000697 2025-06-28 0001000697 2024-03-01 2024-03-31 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us-gaap:FairValueInputsLevel3Member 2025-12-31 xbrli:pure iso4217:USD xbrli:shares utr:Year utr:Month iso4217:USD xbrli:shares wat:Segment\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-K\n\n \n\n☑\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)\n\n \n\n \n\nOF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nor\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)\n\n \n\n \n\nOF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number:\n001-14010\n\nWaters Corporation\n\n(Exact name of registrant as specified in its charter)\n\n \n\nDelaware\n\n \n\n13-3668640\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n34 Maple Street\n\nMilford, Massachusetts 01757\n\n(Address, including zip code, of principal executive offices)\n\n(508) 478-2000\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, par value $0.01 per share\n\n \n\nWAT\n\n \n\nNew York Stock Exchange, Inc.\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act:\n\n  \nNone\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation\nS-T\n(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a\nnon-accelerated\nfiler, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in\nRule 12b-2\nof the Exchange Act. (Check one):\n\n \n\n Large accelerated filer ☑\n \n Accelerated filer ☐\n  \n\n Non-accelerated\nfiler ☐\n  \n\nSmaller reporting company ☐\n\n \n\n  \n\nEmerging growth company ☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to\n§240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in\nRule 12b-2\nof the Act). Yes ☐ No ☑\n\nState the aggregate market value of the registrant’s common stock held by\nnon-aff\niliat\nes\nof the registrant as of June 28, 2025: $20,973,515,517.\n\nIndicate the number of shares outstanding of the registrant’s common stock as of February \n1\n9, 2026: 98,101,871\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s definitive proxy statement that will be filed for the 2026 Annual Meeting of Stockholders are incorporated by reference in Part III.\n\n##### Table of Contents\n\nWATERS CORPORATION AND SUBSIDIARIES\n\nANNUAL REPORT ON FORM 10-K\n\nINDEX\n\n \n\nItem\nNo.\n\n \n  \n \n  \nPage\n \n\n \n \n  \n[PART I](#toc778470_1)\n  \n \n \n\n \n1.\n \n  \n[Business](#toc778470_2)\n  \n \n1\n \n\n \n1A.\n \n  \n[Risk Factors](#toc778470_3)\n  \n \n16\n \n\n \n1B.\n \n  \n[Unresolved Staff Comments](#toc778470_4)\n  \n \n38\n \n\n \n1C.\n \n  \n[Cybersecurity](#toc778470_5)\n  \n \n38\n \n\n \n2.\n \n  \n[Properties](#toc778470_6)\n  \n \n39\n \n\n \n3.\n \n  \n[Legal Proceedings](#toc778470_7)\n  \n \n40\n \n\n \n4.\n \n  \n[Mine Safety Disclosures](#toc778470_8)\n  \n \n40\n \n\n \n \n  \n[PART II](#toc778470_9)\n  \n \n \n\n \n5.\n \n  \n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#toc778470_10)\n\n  \n \n41\n \n\n \n6.\n \n  \n[Reserved](#toc778470_11)\n  \n \n44\n \n\n \n7.\n \n  \n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#toc778470_12)\n  \n \n44\n \n\n \n7A.\n \n  \n[Quantitative and Qualitative Disclosures About Market Risk](#toc778470_13)\n  \n \n58\n \n\n \n8.\n \n  \n[Financial Statements and Supplementary Data](#toc778470_14)\n  \n \n61\n \n\n  \n[Report of Independent Registered Public Accounting Firm (PCAOB ID 238)](#toc778470_15)\n  \n \n62\n \n\n \n9.\n \n  \n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#toc778470_16)\n  \n \n112\n \n\n \n9A.\n \n  \n[Controls and Procedures](#toc778470_17)\n  \n \n112\n \n\n \n9B.\n \n  \n[Other Information](#toc778470_18)\n  \n \n112\n \n\n \n9C.\n \n  \n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#toc778470_19)\n  \n \n112\n \n\n \n \n  \n[PART III](#toc778470_20)\n  \n \n \n\n \n10.\n \n  \n[Directors, Executive Officers and Corporate Governance](#toc778470_21)\n  \n \n113\n \n\n \n11.\n \n  \n[Executive Compensation](#toc778470_22)\n  \n \n114\n \n\n \n12.\n \n  \n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#toc778470_23)\n  \n \n115\n \n\n \n13.\n \n  \n[Certain Relationships and Related Transactions and Director Independence](#toc778470_24)\n  \n \n115\n \n\n \n14.\n \n  \n[Principal Accountant Fees and Services](#toc778470_25)\n  \n \n115\n \n\n \n \n  \n[PART IV](#toc778470_26)\n  \n \n \n\n \n15.\n \n  \n[Exhibits and Financial Statement Schedules](#toc778470_27)\n  \n \n116\n \n\n \n16.\n \n  \n[Form 10-K Summary](#toc778470_28)\n  \n \n121\n \n\n  \n[Signatures](#toc778470_29)\n  \n \n122\n \n\n##### Table of Contents\n\nPART I"}