Waters Corporation Earnings Recaps
Q1 2026
May 8, 2026
Waters Corporation’s shares gained 15.8% as the company delivered better-than-expected organic growth, strong revenue from newly acquired businesses, and a significant 20% increase in adjusted EPS, reassuring investors on the successful integration and growth prospects.
Key takeaways
- Total revenue reached $1.267 billion, with $747 million organic and $520 million from the Biosciences and Diagnostic Solutions acquisition.
- Organic revenue grew 13% reported (11% constant currency), surpassing the high end of guidance by ~200 basis points.
- Biosciences and Diagnostic Solutions combined revenue outperformed guidance by $40 million, with reported growth of 7% since acquisition close.
- Adjusted EPS rose 20% year-over-year to $2.70, beating the high end of guidance by $0.35.
- Analytical Sciences delivered 12% organic growth (constant currency), while Advanced Diagnostics and Material Sciences showed mid-single to low-double digit gains despite macro challenges and China-related constraints.
Q3 2025
Nov 4, 2025
Waters Corporation posted robust third quarter results with sales and earnings exceeding expectations, driven by innovative product growth and strategic advancements in high-demand areas.
Key takeaways
- Q3 sales increased 8% year-over-year, with instruments growing 6%, particularly in the LC-MS portfolio.
- Non-GAAP EPS rose 16% to $3.40, surpassing the guidance midpoint by $0.20.
- GLP-1 testing revenue more than doubled, showing strong traction in development and manufacturing sectors.
- Instrument sales recorded their largest non-COVID third quarter ramp, driven by significant customer adoption and replacement cycles.
- Continued strength in international markets, particularly in Japan and India, contributed to overall sales and service growth.