Waters Corporation: Beat — EPS $4.10, Revenue $1.77B
Earnings BeatQ3 2026 · Pre-market
Did Waters Corporation (WAT) beat earnings today?
Yes, Waters Corporation (WAT) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+2.50% surprise
$4.10Actual
Expected: $4.00
vs. year ago +21.0%
Total Revenue+0.97% surprise
$1.77BActual
Expected: $1.75B
vs. year ago +121.0%
Released Nov 03 · 6:00 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $1.77B | $800.00M | +121.0% |
| Revenue detail — reported lines | |||
| └─Analytical Sciences Division | $703.00M | $649.00M | +8.0% |
| └─Biosciences Division | $396.00M | $387.00M | +2.3% |
| └─Advanced Diagnostics Division | $575.00M | $64.00M | +797.0% |
| └─Materials Sciences Division | $93.00M | $87.00M | +7.0% |
| └─Product | $1.33B | $500.00M | +167.0% |
| └─Service | $433.00M | $300.00M | +44.0% |
| └─Asia | $495.00M | $270.00M | +83.0% |
| └─Americas | $749.00M | $293.00M | +156.0% |
| └─Europe | $523.00M | $237.00M | +120.0% |
| └─Organic Revenue | $871.00M | $800.00M | +9.0% |
| └─Acquired Business Contribution | $896.00M | $885.00M | +1.0% |
| GAAP Basic EPS | $0.83 | $2.50 | -66.8% |
| GAAP Diluted EPS | $0.82 | $2.50 | -67.2% |
| Adjusted EPS | $4.10 | $3.40 | +21.0% |
| Net Income | $81.00M | $149.00M | -45.6% |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | FY2026 Outlook |
|---|---|---|
| Reported Revenue | $1.801B-$1.819B | $6.479B-$6.497B (+$43M midpoint) |
| Acquired Business Contribution | $817M | ~$3.050B |
| Organic Reported Revenue | $984M-$1.002B | $3.429B-$3.447B |
| Organic Reported Revenue Growth | 5.5%-7.5% | 8.4%-8.9% |
| Currency Translation Impact | (1.5%) | (0.7%) |
| Organic Constant Currency Revenue Growth | 7.0%-9.0% | 9.1%-9.7% |
| Adjusted EPS | $4.58-$4.68 (+1-3% YoY) | $14.60-$14.70 (+11-12% YoY, +13-14% constant currency) |
Business Highlights
- ➤Acquired MOBILion Systems, Inc., pioneer of SLIM high-resolution ion mobility separation technology.
- ➤MOBILion technology separates molecules by size, shape and charge in milliseconds.
- ➤MOBILion acquisition complements Waters’ mass spectrometry portfolio.
- ➤Acquisition is expected to broaden Waters’ entry into the proteomics market.
- ➤ASD benefited from new product innovation and rising customer testing volume.
- ➤LC-MS demand reflected robust instrument replacement trends.
- ➤LC-MS applications included GLP-1s, PFAS and India generics.
- ➤Waters continued advancing solutions for complex biologics.
- ➤Integration teams are ahead of schedule on synergy and integration commitments.
- ➤Management’s 2027 framework will address reshoring, synergies and AI-related demand drivers.
Management Commentary
Dr. Udit Batra, President & Chief Executive Officer, Waters Corporation
“Our team delivered exceptional results led by best-in-class consumables growth across both our Analytical Sciences and Biosciences divisions, as strong execution, new product innovation, and rising customer testing volume accelerated growth.”
Dr. Udit Batra, President & Chief Executive Officer, Waters Corporation
“LC-MS instrument growth also strengthened, growing double-digits in constant currency, driven by robust instrument replacement trends, idiosyncratic growth drivers across GLP-1s, PFAS and India generics, and we continued to outperform the market with our leading solutions for complex biologics.”
Dr. Udit Batra, President & Chief Executive Officer, Waters Corporation
“Thanks to the hard work of our teams, we are delivering ahead of schedule on our synergy and integration commitments for our acquired businesses. With improving end market conditions and momentum accelerating across the combined company, we are raising our full year 2026 revenue guidance by $43 million at the midpoint and our fourth quarter guidance calls for double digit growth in both our organic and acquired businesses on a days adjusted basis.”