Waters Corp Beats Q2 Guidance and Lifts Full-Year Outlook on Broad-Based Strength
WAT sits 33% above its 52-week low of $275.05.
Summary
Waters Corp reported Q2 2026 revenue of $1.645B, beating the high end of guidance, with organic constant currency growth of 9%. Full-year 2026 guidance was raised to 7–9% organic revenue growth and adjusted EPS of $14.45–$14.65.
Key Events · Earnings and Guidance · WAT
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Q2 Revenue Beat
Total revenue of $1.645B surpassed the high end of guidance, with organic revenue of $828M growing 9% in constant currency.
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Broad-Based Outperformance
The Analytical Sciences Division delivered 8% instrument growth and double-digit chemistry consumables growth; the acquired BDS business grew 4% on a comparable basis, exceeding expectations.
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Adjusted EPS at High End
Adjusted EPS of $3.05 landed at the high end of the guidance range, as early cost actions offset unfavorable FX translation.
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Full-Year Guidance Raised
Full-year 2026 organic constant currency revenue growth guidance was raised to 7–9%, with adjusted EPS now expected at $14.45–$14.65, representing 10–12% growth.
Analysis · WAT · Industrial Applications And Services
A strong second quarter saw Waters deliver total revenue of $1.645 billion, surpassing the high end of its guidance range. Organic revenue grew 9% in constant currency, fueled by an 8% instrument gain in the Analytical Sciences Division and double-digit growth in chemistry consumables. The recently acquired Biosciences and Diagnostic Solutions business also exceeded expectations, posting 4% growth on a comparable basis—an early payoff from the 180-day revitalization plan. Adjusted EPS of $3.05 landed at the high end of guidance. Management raised full-year 2026 guidance across all metrics, now projecting 7–9% organic constant currency revenue growth and adjusted EPS of $14.45–$14.65, which represents 10–12% growth. The third-quarter outlook was equally robust, calling for 8–10% organic constant currency revenue growth and adjusted EPS of $3.95–$4.05. This broad-based outperformance and the raised guidance point to accelerating momentum in the core business and a successful integration of the BDS acquisition, despite GAAP losses from purchase accounting charges.
At the time of this filing, WAT was trading at $364.69 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $36.8B. The 52-week trading range was $275.05 to $414.15. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.