Waters Corporation Reports Q3 2026 Results, Beats Guidance & Raises Full-Year Outlook

Waters Corporation (NYSE: WAT) Q3 2026 Earnings Report Summary

Key Financial Highlights

• Total Reported Revenue: Reached $1.767 billion, an increase of 121% year-over-year, beating the midpoint of company guidance by $14 million.
  • Organic Revenue: $871 million, representing 9% growth as reported and 10% in constant currency compared to $800 million in Q3 2025.
  • Acquired Business Contribution: $896 million from the acquired Biosciences and Diagnostic Solutions (BDS) businesses.
• Earnings Per Share:
  • GAAP Diluted EPS: $0.82, down from $2.50 in Q3 2025, primarily due to $80 million in fair value inventory step-up and $232 million of purchased intangibles amortization associated with the BDS acquisition.
  • Non-GAAP Adjusted EPS: $4.10, up 21% from $3.40 in Q3 2025, exceeding guidance.

Divisional Performance

• Analytical Sciences Division (ASD): $703 million (+8% reported, +9% constant currency), driven by double-digit instrument and chemistry consumable demand.
• Biosciences Division (WBD): $396 million, with high single-digit reagent growth.
• Advanced Diagnostics Division (ADx): $575 million ($500M from Diagnostic Solutions and $75M from the Clinical Business Unit).
• Materials Sciences Division (MSD): $93 million, up 7% reported.

Guidance Updates

• Full-Year 2026:
  • Organic Constant Currency Revenue Growth: Raised to 9.1%–9.7% (organic reported revenue of $3.429B–$3.447B).
  • Total Company Reported Revenue: Expected between $6.479 billion and $6.497 billion.
  • Adjusted EPS: Raised to $14.60–$14.70, reflecting 11%–12% reported growth and 13%–14% constant currency growth.
• Fourth Quarter 2026:
  • Organic Constant Currency Revenue Growth: 7.0%–9.0% ($984M–$1.002B organic revenue).
  • Total Reported Revenue: $1.801B–$1.819B.
  • Adjusted EPS: $4.58–$4.68.

Additional Corporate Developments

• Acquisition of MOBILion Systems, Inc.: Broadens Waters' mass spectrometry offerings into high-resolution SLIM ion mobility separation and proteomics analysis.