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WAT · Waters Corp /De/ · Financials

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$447.57 +13.30 (+3.06%)
Market Cap
$43.40B
Shares
98.25M
Volume · Oct 20 403.77K Avg daily vol (3M) 808.64K

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Revenue
$3.17B +7%
FY2025 Revenue FY2007–FY2025
Net Income
$642.63M +0.8%
FY2025 Net Income FY2007–FY2025
Gross Margin
58.74% +0.2pp
FY2015 Gross Margin FY2007–FY2015
Operating Margin
25.36% -2.6pp
FY2025 Operating Margin FY2007–FY2025
Diluted EPS
$10.76 +0.5%
FY2025 Diluted EPS FY2007–FY2025
Operating Cash Flow
$652.56M -14.4%
FY2025 Operating Cash Flow FY2007–FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item FY2026 (G) TTM FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007
$6.42B – $6.48B $4.64B $3.17B $2.96B $2.96B $2.97B $2.79B $2.37B $2.41B $2.42B $2.31B $2.17B $2.04B $1.99B $1.9B $1.84B $1.85B $1.64B $1.5B $1.58B $1.47B
— — -$47.71M -$71.49M -$81.43M -$35.55M — — — — — — — — — — — — — — —
— — $1.29B $1.2B $1.2B $1.25B $1.16B $1.01B $1.01B $992.56M $947.07M $891.45M $842.67M $824.91M $783.46M $737.61M $730.49M $653.3M $594.88M $661.27M $631.12M
— $1.23B — — — — — — — — — — $1.2B $1.16B $1.12B $1.11B $1.12B $990.07M $903.82M $913.86M $841.93M
— — — — — — — — — — — — 58.74% 58.53% 58.86% 59.99% 60.54% 60.25% 60.31% 58.02% 57.16%
— $318.54M $195.71M $183.03M $174.95M $176.19M $168.36M $140.78M $142.96M $143.4M $132.59M $125.19M $118.55M $107.73M $100.54M $96M $92.35M $84.27M $77.15M $81.59M $80.65M
— $1.25B $830.37M $690.15M $736.01M $658.03M $626.97M $553.7M $534.79M $536.9M $544.36M $512.33M $495.75M $512.71M $492.97M $477.27M $490.01M $445.46M $421.4M $426.7M $403.7M
— $498M $118M $105M $81M $58M $60M $57M — — — — — $47.84M $41.53M $31.41M $29.86M $28.14M $25.47M $36.2M $25.85M
— — — — $8M — — — — — — — — — — — — — — — —
— — — — — — — — — — — — — $5M — — — — — — —
— $4.31B $2.36B $2.13B $2.14B $2.1B $1.96B $1.72B $1.7B $1.68B $1.65B $1.54B $1.47B $1.47B — — — — — — —
— $329.63M $802.59M $826.35M $817.68M $873.4M $821.71M $645.49M $708.46M $739.77M $662.2M $625.04M $567.45M $517.91M $517.34M $511.49M $528.6M $449.93M $394.6M $389.75M $348.88M
— — 25.36% 27.93% 27.66% 29.39% 29.5% 27.29% 29.44% 30.57% 28.68% 28.84% 27.78% 26.03% 27.17% 27.74% 28.55% 27.38% 26.33% 24.74% 23.68%
— $148.92M $69.55M $89.68M $98.86M $48.8M $44.94M $49.07M $48.69M $48.64M $56.84M $44.91M $36.24M $34.19M $30.05M $28.07M $21.97M $13.92M $10.99M $38.52M -$56.52M
— $21.38M $18.78M $17.42M $16.62M $11.02M $12.22M $16.27M $22.06M $38.81M $36.08M $20.69M $10.71M $7.02M $4.39M $4.21M $2.62M $1.86M $3.04M $20.96M $30.83M
— $3.21M $3.06M $776K $807K $2.23M $17.2M -$1.78M -$3.59M -$47.79M -$340K -$700K — — — — — — — — —
— — — — — — — — — — — — — — -$1.58M — — — — — —
— $205.3M $754.88M $754.87M $736.24M $837.85M $806.19M $610.91M $678.24M $682.15M $641.1M $600.11M $541.92M $490.74M $490.11M $487.63M $509.25M $437.86M $386.65M $372.19M $323.19M
— $39.16M $112.25M $117.03M $94.01M $130.09M $113.35M $89.34M $86.04M $88.35M $620.79M $78.61M $72.87M $59.12M $40.1M $26.18M $76.28M $56.1M $63.34M $49.71M $55.12M
— $166.63M $642.63M $637.83M $642.23M $707.76M $692.84M $521.57M $592.2M $593.79M $20.31M $521.5M — — — — — — $323.31M $322.48M $268.07M
— — 20.3% 21.56% 21.72% 23.81% 24.87% 22.05% 24.61% 24.54% 0.88% 24.06% — — — — — — 21.57% 20.47% 18.2%
— — $642.63M $637.83M $642.23M $707.76M $692.84M $521.57M $592.2M $593.79M $20.31M $521.5M $469.05M $431.62M $450M $461.44M — — — — —
— $116.46M $672.46M $616.67M $649.69M $678.05M $698.92M $523.1M $590.7M $585.89M $126.52M $451.95M — — — — — — — — —
USD/shares — $4.02 $10.80 $10.75 $10.87 $11.80 $11.25 $8.40 $8.76 $7.71 $0.25 $6.46 $5.70 $5.12 $5.27 — — — $3.37 $3.25 $2.67
USD/shares $14.45 – $14.65* $4.01 $10.76G $10.71G $10.84G $11.73G $11.17G $8.36 $8.69 $7.65 $0.25 $6.41 $5.65 $5.07 $5.20 — — — $3.34 $3.21 $2.62
shares — — 59.51M 59.33M 59.08M 59.99M 61.58M 62.09M 67.63M 76.99M 79.79M 80.79M 82.34M 84.36M 85.43M 87.84M 90.83M 92.39M 95.8M 99.2M 100.5M
shares — — 59.71M 59.55M 59.27M 60.33M 62.03M 62.41M 68.17M 77.62M 80.6M 81.42M 83.09M 85.15M 86.55M 88.98M 92.33M 94.06M 96.86M 100.56M 102.51M
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2007–FY2025: $8.6B in buybacks.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Debt and lease obligations 2026-07-04 USD 5,086,000,000 10-Q filed 2026-08-11
Related accounting measures — not additional borrowing

Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.

Current portion of notes payable
USD 200,000,000
Noncurrent debt carrying amount
USD 4,886,000,000
Operating lease liabilities 2026-07-04 USD 368,000,000 10-Q filed 2026-08-11
Related accounting measures — not additional borrowing

Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.

Current operating lease liabilities
USD 51,000,000
Noncurrent operating lease liabilities
USD 317,000,000
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Some sections could not be verified in 1 agreement document. Other restrictions or tests may apply.

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

4.321% Senior Notes due 2027

Note · Augusta SpinCo Corporation

Reference: 4.321% Senior Notes due 2027

Active
Original principal
USD 650,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Sep 23, 2027

Last reported interest terms: 4.321% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 650,000,000 Exact source document Parent 8-K filing · 2026-03-23
    (a) The Company hereby establishes five series of Securities designated the “4.321% Senior Notes due 2027,” the “4.398% Senior Notes due 2029,” the “4.656% Senior Notes due 2031,” the “4.945% Senior Notes due 2033” and the “5.245% Senior Notes due 2036,” respectively, for issuance under the Indenture. Each series of Notes may be authenticated and delivered under the Indenture in an unlimited aggregate principal amount. The 2027 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $650,000,000. The 2029 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $600,000,000. The 2031 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2033 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2036 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The Notes are unsecured and shall rank equally with the Company’s other unsecured and unsubordinated Indebtedness.
    Issuer evidence: **FIRST SUPPLEMENTAL INDENTURE**, dated as of March 23, 2026 (this “First Supplemental Indenture”), among Augusta SpinCo Corporation, a Delaware corporation, as issuer (the “Company”), Waters Corporation, a Delaware corporation (the “Parent Guarantor”), Waters Technologies Corporation, a Delaware corporation (“WTC”), TA Instruments – Waters L.L.C., a Delaware limited liability company (“TA”), Waters Asia Limited, a Delaware corporation (“Waters Asia”), Wyatt Technology, LLC, a California limited liability company (“Wyatt”), Accuri Cytometers, Inc., a Delaware corporation (“Accuri”), Augusta Life Sciences US OpCo I LLC, a Delaware limited liability company (“ALS OpCo I”), Augusta Life Sciences US OpCo II LLC, a Delaware limited liability company (“ALS OpCo II”), Augusta Life Sciences US SpinCo LLC, a Delaware limited liability company (“ALS SpinCo”), Cellular Research, Inc., a Delaware corporation (“Cellular”), HandyLab, Inc., a Delaware corporation (“HandyLab”), and PharMingen, a California corporation (“PharMingen” and collectively with WTC, TA, Waters Asia, Wyatt, Accuri, ALS OpCo I, ALS OpCo II, ALS SpinCo, Cellular and HandyLab, the “Subsidiary Guarantors” and each individually, a “Subsidiary Guarantor”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to the Base Indenture (as defined below).
    Supporting evidence: 2.02 Maturity. Unless an earlier redemption has occurred, the principal amount of the 2027 Notes shall mature and be due and payable on September 23, 2027 (the “2027 Notes Maturity Date”), the principal amount of the 2029 Notes shall mature and be due and payable on March 23, 2029 (the “2029 Notes Maturity Date”), the principal amount of the 2031 Notes shall mature and be due and payable on March 23, 2031 (the “2031 Notes Maturity Date”), the principal amount of the 2033 Notes shall mature and be due and payable on March 23, 2033 (the “2033 Notes Maturity Date”) and the principal amount of the 2036 Notes shall mature and be due and payable on March 23, 2036 (the “2036 Notes Maturity Date” and collectively with the 2027 Notes Maturity Date, the 2029 Notes Maturity Date, the 2031 Notes Maturity Date and the 2033 Notes Maturity Date, the “Maturity Dates” and each individually, a “Maturity Date”).
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;

4.398% Senior Notes due 2029

Note · Augusta SpinCo Corporation

Reference: 4.398% Senior Notes due 2029

Active
Original principal
USD 600,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Mar 23, 2029

Last reported interest terms: 4.398% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 600,000,000 Exact source document Parent 8-K filing · 2026-03-23
    (a) The Company hereby establishes five series of Securities designated the “4.321% Senior Notes due 2027,” the “4.398% Senior Notes due 2029,” the “4.656% Senior Notes due 2031,” the “4.945% Senior Notes due 2033” and the “5.245% Senior Notes due 2036,” respectively, for issuance under the Indenture. Each series of Notes may be authenticated and delivered under the Indenture in an unlimited aggregate principal amount. The 2027 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $650,000,000. The 2029 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $600,000,000. The 2031 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2033 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2036 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The Notes are unsecured and shall rank equally with the Company’s other unsecured and unsubordinated Indebtedness.
    Issuer evidence: **FIRST SUPPLEMENTAL INDENTURE**, dated as of March 23, 2026 (this “First Supplemental Indenture”), among Augusta SpinCo Corporation, a Delaware corporation, as issuer (the “Company”), Waters Corporation, a Delaware corporation (the “Parent Guarantor”), Waters Technologies Corporation, a Delaware corporation (“WTC”), TA Instruments – Waters L.L.C., a Delaware limited liability company (“TA”), Waters Asia Limited, a Delaware corporation (“Waters Asia”), Wyatt Technology, LLC, a California limited liability company (“Wyatt”), Accuri Cytometers, Inc., a Delaware corporation (“Accuri”), Augusta Life Sciences US OpCo I LLC, a Delaware limited liability company (“ALS OpCo I”), Augusta Life Sciences US OpCo II LLC, a Delaware limited liability company (“ALS OpCo II”), Augusta Life Sciences US SpinCo LLC, a Delaware limited liability company (“ALS SpinCo”), Cellular Research, Inc., a Delaware corporation (“Cellular”), HandyLab, Inc., a Delaware corporation (“HandyLab”), and PharMingen, a California corporation (“PharMingen” and collectively with WTC, TA, Waters Asia, Wyatt, Accuri, ALS OpCo I, ALS OpCo II, ALS SpinCo, Cellular and HandyLab, the “Subsidiary Guarantors” and each individually, a “Subsidiary Guarantor”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to the Base Indenture (as defined below).
    Supporting evidence: 2.02 Maturity. Unless an earlier redemption has occurred, the principal amount of the 2027 Notes shall mature and be due and payable on September 23, 2027 (the “2027 Notes Maturity Date”), the principal amount of the 2029 Notes shall mature and be due and payable on March 23, 2029 (the “2029 Notes Maturity Date”), the principal amount of the 2031 Notes shall mature and be due and payable on March 23, 2031 (the “2031 Notes Maturity Date”), the principal amount of the 2033 Notes shall mature and be due and payable on March 23, 2033 (the “2033 Notes Maturity Date”) and the principal amount of the 2036 Notes shall mature and be due and payable on March 23, 2036 (the “2036 Notes Maturity Date” and collectively with the 2027 Notes Maturity Date, the 2029 Notes Maturity Date, the 2031 Notes Maturity Date and the 2033 Notes Maturity Date, the “Maturity Dates” and each individually, a “Maturity Date”).
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;

4.656% Senior Notes due 2031

Note · Augusta SpinCo Corporation

Reference: 4.656% Senior Notes due 2031

Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Mar 23, 2031

Last reported interest terms: 4.656% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 750,000,000 Exact source document Parent 8-K filing · 2026-03-23
    (a) The Company hereby establishes five series of Securities designated the “4.321% Senior Notes due 2027,” the “4.398% Senior Notes due 2029,” the “4.656% Senior Notes due 2031,” the “4.945% Senior Notes due 2033” and the “5.245% Senior Notes due 2036,” respectively, for issuance under the Indenture. Each series of Notes may be authenticated and delivered under the Indenture in an unlimited aggregate principal amount. The 2027 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $650,000,000. The 2029 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $600,000,000. The 2031 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2033 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2036 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The Notes are unsecured and shall rank equally with the Company’s other unsecured and unsubordinated Indebtedness.
    Issuer evidence: **FIRST SUPPLEMENTAL INDENTURE**, dated as of March 23, 2026 (this “First Supplemental Indenture”), among Augusta SpinCo Corporation, a Delaware corporation, as issuer (the “Company”), Waters Corporation, a Delaware corporation (the “Parent Guarantor”), Waters Technologies Corporation, a Delaware corporation (“WTC”), TA Instruments – Waters L.L.C., a Delaware limited liability company (“TA”), Waters Asia Limited, a Delaware corporation (“Waters Asia”), Wyatt Technology, LLC, a California limited liability company (“Wyatt”), Accuri Cytometers, Inc., a Delaware corporation (“Accuri”), Augusta Life Sciences US OpCo I LLC, a Delaware limited liability company (“ALS OpCo I”), Augusta Life Sciences US OpCo II LLC, a Delaware limited liability company (“ALS OpCo II”), Augusta Life Sciences US SpinCo LLC, a Delaware limited liability company (“ALS SpinCo”), Cellular Research, Inc., a Delaware corporation (“Cellular”), HandyLab, Inc., a Delaware corporation (“HandyLab”), and PharMingen, a California corporation (“PharMingen” and collectively with WTC, TA, Waters Asia, Wyatt, Accuri, ALS OpCo I, ALS OpCo II, ALS SpinCo, Cellular and HandyLab, the “Subsidiary Guarantors” and each individually, a “Subsidiary Guarantor”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to the Base Indenture (as defined below).
    Supporting evidence: 2.02 Maturity. Unless an earlier redemption has occurred, the principal amount of the 2027 Notes shall mature and be due and payable on September 23, 2027 (the “2027 Notes Maturity Date”), the principal amount of the 2029 Notes shall mature and be due and payable on March 23, 2029 (the “2029 Notes Maturity Date”), the principal amount of the 2031 Notes shall mature and be due and payable on March 23, 2031 (the “2031 Notes Maturity Date”), the principal amount of the 2033 Notes shall mature and be due and payable on March 23, 2033 (the “2033 Notes Maturity Date”) and the principal amount of the 2036 Notes shall mature and be due and payable on March 23, 2036 (the “2036 Notes Maturity Date” and collectively with the 2027 Notes Maturity Date, the 2029 Notes Maturity Date, the 2031 Notes Maturity Date and the 2033 Notes Maturity Date, the “Maturity Dates” and each individually, a “Maturity Date”).
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;

4.945% Senior Notes due 2033

Note · Augusta SpinCo Corporation

Reference: 4.945% Senior Notes due 2033

Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Mar 23, 2033

Last reported interest terms: 4.945% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 750,000,000 Exact source document Parent 8-K filing · 2026-03-23
    (a) The Company hereby establishes five series of Securities designated the “4.321% Senior Notes due 2027,” the “4.398% Senior Notes due 2029,” the “4.656% Senior Notes due 2031,” the “4.945% Senior Notes due 2033” and the “5.245% Senior Notes due 2036,” respectively, for issuance under the Indenture. Each series of Notes may be authenticated and delivered under the Indenture in an unlimited aggregate principal amount. The 2027 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $650,000,000. The 2029 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $600,000,000. The 2031 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2033 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2036 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The Notes are unsecured and shall rank equally with the Company’s other unsecured and unsubordinated Indebtedness.
    Issuer evidence: **FIRST SUPPLEMENTAL INDENTURE**, dated as of March 23, 2026 (this “First Supplemental Indenture”), among Augusta SpinCo Corporation, a Delaware corporation, as issuer (the “Company”), Waters Corporation, a Delaware corporation (the “Parent Guarantor”), Waters Technologies Corporation, a Delaware corporation (“WTC”), TA Instruments – Waters L.L.C., a Delaware limited liability company (“TA”), Waters Asia Limited, a Delaware corporation (“Waters Asia”), Wyatt Technology, LLC, a California limited liability company (“Wyatt”), Accuri Cytometers, Inc., a Delaware corporation (“Accuri”), Augusta Life Sciences US OpCo I LLC, a Delaware limited liability company (“ALS OpCo I”), Augusta Life Sciences US OpCo II LLC, a Delaware limited liability company (“ALS OpCo II”), Augusta Life Sciences US SpinCo LLC, a Delaware limited liability company (“ALS SpinCo”), Cellular Research, Inc., a Delaware corporation (“Cellular”), HandyLab, Inc., a Delaware corporation (“HandyLab”), and PharMingen, a California corporation (“PharMingen” and collectively with WTC, TA, Waters Asia, Wyatt, Accuri, ALS OpCo I, ALS OpCo II, ALS SpinCo, Cellular and HandyLab, the “Subsidiary Guarantors” and each individually, a “Subsidiary Guarantor”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to the Base Indenture (as defined below).
    Supporting evidence: 2.02 Maturity. Unless an earlier redemption has occurred, the principal amount of the 2027 Notes shall mature and be due and payable on September 23, 2027 (the “2027 Notes Maturity Date”), the principal amount of the 2029 Notes shall mature and be due and payable on March 23, 2029 (the “2029 Notes Maturity Date”), the principal amount of the 2031 Notes shall mature and be due and payable on March 23, 2031 (the “2031 Notes Maturity Date”), the principal amount of the 2033 Notes shall mature and be due and payable on March 23, 2033 (the “2033 Notes Maturity Date”) and the principal amount of the 2036 Notes shall mature and be due and payable on March 23, 2036 (the “2036 Notes Maturity Date” and collectively with the 2027 Notes Maturity Date, the 2029 Notes Maturity Date, the 2031 Notes Maturity Date and the 2033 Notes Maturity Date, the “Maturity Dates” and each individually, a “Maturity Date”).
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;

5.245% Senior Notes due 2036

Note · Augusta SpinCo Corporation

Reference: 5.245% Senior Notes due 2036

Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Mar 23, 2036

Last reported interest terms: 5.245% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 750,000,000 Exact source document Parent 8-K filing · 2026-03-23
    (a) The Company hereby establishes five series of Securities designated the “4.321% Senior Notes due 2027,” the “4.398% Senior Notes due 2029,” the “4.656% Senior Notes due 2031,” the “4.945% Senior Notes due 2033” and the “5.245% Senior Notes due 2036,” respectively, for issuance under the Indenture. Each series of Notes may be authenticated and delivered under the Indenture in an unlimited aggregate principal amount. The 2027 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $650,000,000. The 2029 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $600,000,000. The 2031 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2033 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The 2036 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an initial aggregate principal amount of $750,000,000. The Notes are unsecured and shall rank equally with the Company’s other unsecured and unsubordinated Indebtedness.
    Issuer evidence: **FIRST SUPPLEMENTAL INDENTURE**, dated as of March 23, 2026 (this “First Supplemental Indenture”), among Augusta SpinCo Corporation, a Delaware corporation, as issuer (the “Company”), Waters Corporation, a Delaware corporation (the “Parent Guarantor”), Waters Technologies Corporation, a Delaware corporation (“WTC”), TA Instruments – Waters L.L.C., a Delaware limited liability company (“TA”), Waters Asia Limited, a Delaware corporation (“Waters Asia”), Wyatt Technology, LLC, a California limited liability company (“Wyatt”), Accuri Cytometers, Inc., a Delaware corporation (“Accuri”), Augusta Life Sciences US OpCo I LLC, a Delaware limited liability company (“ALS OpCo I”), Augusta Life Sciences US OpCo II LLC, a Delaware limited liability company (“ALS OpCo II”), Augusta Life Sciences US SpinCo LLC, a Delaware limited liability company (“ALS SpinCo”), Cellular Research, Inc., a Delaware corporation (“Cellular”), HandyLab, Inc., a Delaware corporation (“HandyLab”), and PharMingen, a California corporation (“PharMingen” and collectively with WTC, TA, Waters Asia, Wyatt, Accuri, ALS OpCo I, ALS OpCo II, ALS SpinCo, Cellular and HandyLab, the “Subsidiary Guarantors” and each individually, a “Subsidiary Guarantor”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to the Base Indenture (as defined below).
    Supporting evidence: 2.02 Maturity. Unless an earlier redemption has occurred, the principal amount of the 2027 Notes shall mature and be due and payable on September 23, 2027 (the “2027 Notes Maturity Date”), the principal amount of the 2029 Notes shall mature and be due and payable on March 23, 2029 (the “2029 Notes Maturity Date”), the principal amount of the 2031 Notes shall mature and be due and payable on March 23, 2031 (the “2031 Notes Maturity Date”), the principal amount of the 2033 Notes shall mature and be due and payable on March 23, 2033 (the “2033 Notes Maturity Date”) and the principal amount of the 2036 Notes shall mature and be due and payable on March 23, 2036 (the “2036 Notes Maturity Date” and collectively with the 2027 Notes Maturity Date, the 2029 Notes Maturity Date, the 2031 Notes Maturity Date and the 2033 Notes Maturity Date, the “Maturity Dates” and each individually, a “Maturity Date”).
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;
    Supporting evidence: **WHEREAS**, pursuant to the terms of the Base Indenture, on the date hereof, the Company desires to provide for the establishment of five new series of notes to be known as its 4.321% Senior Notes due 2027 (the “2027 Notes”), 4.398% Senior Notes due 2029 (the “2029 Notes”), 4.656% Senior Notes due 2031 (the “2031 Notes”), 4.945% Senior Notes due 2033 (the “2033 Notes”) and 5.245% Senior Notes due 2036 (the “2036 Notes” and collectively with the 2027 Notes, the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”), the form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and herein;

4.321% Senior Notes due 2027

Note · Augusta SpinCo Corporation

Reference: 4.321% Senior Notes due 2027

Active
Original principal
USD 650,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 4.321% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 650,000,000 Exact source document Parent 8-K filing · 2026-03-23
    On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Issuer evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Supporting evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Supporting evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).

4.398% Senior Notes due 2029

Note · Augusta SpinCo Corporation

Reference: 4.398% Senior Notes due 2029

Active
Original principal
USD 600,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 4.398% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 600,000,000 Exact source document Parent 8-K filing · 2026-03-23
    On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Issuer evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Supporting evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).

4.656% Senior Notes due 2031

Note · Augusta SpinCo Corporation

Reference: 4.656% Senior Notes due 2031

Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 4.656% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 750,000,000 Exact source document Parent 8-K filing · 2026-03-23
    On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Issuer evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Supporting evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).

4.945% Senior Notes due 2033

Note · Augusta SpinCo Corporation

Reference: 4.945% Senior Notes due 2033

Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 4.945% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 750,000,000 Exact source document Parent 8-K filing · 2026-03-23
    On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Issuer evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Supporting evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).

5.245% Senior Notes due 2036

Note · Augusta SpinCo Corporation

Reference: 5.245% Senior Notes due 2036

Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 5.245% Reported 2026-03-23 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-03-23 Original principal USD 750,000,000 Exact source document Parent 8-K filing · 2026-03-23
    On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Issuer evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).
    Supporting evidence: On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036 (collectively, the “Notes”). The obligations of the Issuer under the Notes are fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees”) by the Company and certain subsidiaries of the Company, which also guarantee the Company’s existing credit facilities (the “Subsidiary Guarantors” and, together with the Company, the “Guarantors”).

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
10.32×
Peer median 6.39×
EV/EBIT
145.46×
Peer median 35.10×
P/E (TTM)
—
Peer median 36.55×

Peer medians compare against the 20 similar-size Diagnostics & Research companies (of 50 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Geography (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
United States $965,782,000 $933,926,000 $927,982,000 $886,140,000 $774,014,000 $678,313,000 $692,277,000 $683,596,000
Europe $963,376,000 $873,385,000 $840,018,000 $784,578,000 $784,889,000 $668,346,000 $637,243,000 $662,461,000
Asia Other $602,929,000 $572,623,000 $567,118,000 $399,380,000 $372,040,000 $315,010,000 $318,848,000 $305,613,000
China $437,468,000 $396,599,000 $440,707,000 $565,143,000 $521,128,000 $404,352,000 $439,557,000 $443,321,000
Americas Other $195,731,000 $181,854,000 $180,591,000 $169,495,000 $151,206,000 $119,529,000 $137,964,000 $151,581,000
Japan — $157,321,000 $167,202,000 $167,220,000 $182,597,000 $179,815,000 $180,707,000 $173,357,000

By Product & Service (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Waters Instrument Systems $1,101,826,000 $1,032,493,000 $1,108,702,000 $1,210,456,000 $1,089,248,000 $890,855,000 $963,871,000 $1,000,625,000
Waters Service $1,080,162,000 $1,006,447,000 $951,419,000 $890,607,000 $876,626,000 $794,189,000 $761,594,000 $738,433,000
Chemistry Consumables $631,458,000 $565,481,000 $541,469,000 $525,399,000 $507,209,000 $432,080,000 $412,018,000 $400,287,000
Ta Instrument Systems $243,816,000 $246,202,000 $252,879,000 $252,314,000 $225,613,000 $174,398,000 $191,300,000 $204,081,000
Ta Service $108,024,000 $107,764,000 $101,947,000 $93,180,000 $87,178,000 $73,843,000 $77,813,000 $76,503,000
Key facts CIK 1000697 CUSIP 941848103 13F (30d) 191 filings 186 filers Visit website Investor relations