WAT · Industrials

WATERS CORP /DE/

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-08

• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Waters completed the combination with Becton Dickinson’s former Biosciences and Diagnostic Solutions businesses during 2026. The transaction added significant revenue and produced stronger-than-expected growth in the…

News · 2026-08-06

• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Waters completed the combination with Becton Dickinson’s former Biosciences and Diagnostic Solutions businesses during 2026. The transaction added significant revenue and produced stronger-than-expected growth in the…
• Market Demand TrendsImportance 30 · Surprise 40
  Waters reported that its laboratory-equipment market recovery broadened across additional customer segments in the second quarter. Analytical Sciences Division instrument demand grew 8%, while chemistry consumables…

News · 2026-08-05

• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Waters completed the combination with Becton Dickinson’s former Biosciences and Diagnostic Solutions businesses during 2026. The transaction added significant revenue and produced stronger-than-expected growth in the…
• Operating Margin DriversImportance 65 · Surprise 82
  Waters posted a GAAP net loss of $136 million in the second quarter of 2026 despite revenue of $1.645 billion. GAAP EPS declined to a loss of $1.39 from acquisition-related accounting adjustments associated with the…
• Market Demand TrendsImportance 30 · Surprise 40
  Waters reported that its laboratory-equipment market recovery broadened across additional customer segments in the second quarter. Analytical Sciences Division instrument demand grew 8%, while chemistry consumables…
• FX / Currency HeadwindsImportance 25 · Surprise 32
  Management identified foreign-exchange movements as a headwind to Waters' reported results and forward outlook. Second-quarter organic revenue grew 7% as reported versus 9% in constant currency, indicating a…
• Geographic Market CommentaryImportance 17 · Surprise 24
  Waters reported continued challenges in China affecting the acquired Biosciences and Diagnostic Solutions businesses. The China weakness contrasted with broad-based organic growth and stronger performance in other…

Earnings call · 2026-08-04

• Guidance and OutlookImportance 85 · Surprise 76
  Waters raised full-year 2026 organic constant-currency revenue growth guidance to 7%–9%, implying organic reported revenue of $3.37 billion to $3.431 billion after a 60-basis-point FX headwind. Total reported 2026…
• Guidance / OutlookImportance 74 · Surprise 68
  Waters raised its 2026 organic constant-currency revenue-growth guidance to 7% to 9%, implying organic reported revenue of $3.37 billion to $3.431 billion after a roughly 60-basis-point FX headwind. Biosciences and…
• Acquisition Integration and SynergiesImportance 69 · Surprise 50
  The acquired Waters Biosciences and Diagnostic Solutions businesses generated $817 million of second-quarter revenue, up 4% reported year over year. Management raised 2026 acquired-business revenue guidance by $10…
• Competition and Market ShareImportance 60 · Surprise 74
  Waters is pursuing share recapture in Flow Research, particularly in China, where improved export-license approval speed helped reduce the decline from 30% in the first quarter to a mid-single-digit decline in the…
• Cost Reduction ProgramImportance 56 · Surprise 42
  Waters completed its planned 2026 restructuring actions across procurement, field operations, service, manufacturing, supply chain, and corporate functions. The program is expected to deliver $75 million of cumulative…
• Geographic Revenue PerformanceImportance 54 · Surprise 40
  Second-quarter reported revenue was $690 million in the Americas, $505 million in Europe, and $450 million in Asia. Analytical Sciences growth was led by the U.S., China, and the rest of Asia, each growing double…
• GLP-1 Testing GrowthImportance 54 · Surprise 74
  GLP-1 testing revenue grew more than 40% in the second quarter of 2026. Growth exceeded 30% in the Americas, exceeded 36% in Europe, and nearly doubled in India. GLP-1 testing contributed roughly 30 basis points of the…
• GLP-1 Testing DemandImportance 54 · Surprise 74
  GLP-1 testing grew more than 40% in the quarter, with growth across the Americas, Europe, India and China. Growth exceeded prior expectations, and Waters said its instrument and chemistry pipeline and funnel remain…
• Regulatory Approval MilestonesImportance 53 · Surprise 60
  Waters received U.S. FDA 510(k) clearance for the BACTEC FXI next-generation blood-culture system. The clearance enables U.S. commercialization, while placements had already begun in Japan and Europe. Management…
• Pricing and Contract ComplianceImportance 51 · Surprise 50
  Waters established pricing directors and deal desks across the acquired Biosciences and Diagnostic Solutions businesses to improve discount control and contract compliance. The company achieved 90 basis points of net…
• Operating Margin DriversImportance 50 · Surprise 42
  Second-quarter adjusted operating margin was 25%, consistent with management’s expectations. Full-year 2026 adjusted EBIT margin guidance remained 28.2%, as a $20 million overachievement from cost actions offset…
• Revenue Performance and MixImportance 49 · Surprise 32
  Second-quarter total reported revenue was $1.645 billion, comprising $828 million of organic revenue and $817 million from Biosciences and Diagnostic Solutions. Organic revenue increased 7% reported and 9% in constant…
• Market Demand TrendsImportance 48 · Surprise 40
  Waters reported broadening recovery across previously lagging customer segments, with orders again outpacing sales in the legacy business. Analytical Sciences grew double digits in pharma and academic and government…
• Headcount and RestructuringImportance 46 · Surprise 42
  Waters completed its planned 2026 cost actions through restructuring across the acquired businesses. The program optimized spans and layers, eliminated redundancy, restructured field operations and service, and reduced…
• China Regulatory and Export ConstraintsImportance 46 · Surprise 56
  China remained a material headwind for Biosciences and Diagnostics because of diagnostic-related-group reimbursement constraints and export-license restrictions. Waters said the number of China export-license approvals…
• Pharma Reshoring DemandImportance 44 · Surprise 24
  Waters is tracking 76 U.S. pharmaceutical expansion sites tied to announced investment, with roughly half under active construction and approximately $100 billion of associated capital spending. The company expects…
• Pharma Reshoring OpportunityImportance 44 · Surprise 24
  Waters is tracking 76 expansion sites tied to U.S. pharmaceutical investment announcements, with roughly half under active construction. Those sites represent approximately $100 billion of capital expenditures, and…
• China Market RecoveryImportance 42 · Surprise 40
  Waters’ Chinese pharma customers returned to double-digit growth in the first half, compared with 6% growth in the prior year. The recovery reflects increased biotech, CDMO and CRO activity as Chinese companies attract…
• Trade Policy and TariffsImportance 40 · Surprise 42
  Waters said it neutralized the profit-and-loss impact of tariffs by early October 2025 through customer surcharges. Management does not assume a net benefit from potential tariff refunds because refunds would require…
• FX / Currency HeadwindsImportance 37 · Surprise 32
  A stronger U.S. dollar created a 150-basis-point adverse foreign-exchange translation impact in the second quarter and is now expected to reduce 2026 organic reported revenue growth by approximately 60 basis points.…
• Diagnostics Replacement OpportunityImportance 34 · Surprise 42
  The BACTEC FXI blood culture system received FDA 510(k) clearance and began placements in Japan and Europe, with U.S. commercialization underway. FXI detects bloodstream infections up to three hours faster than…
• Supply Chain LocalizationImportance 34 · Surprise 42
  Waters’ localized manufacturing program for flow instruments in China is underway and is expected to begin contributing to growth in the fourth quarter. The company plans to have its full flow-cytometry portfolio…
• Product Launch and TransitionImportance 31 · Surprise 42
  Waters launched the Cyclic IMS P20 and Xevo MRT P10 high-resolution mass spectrometers, targeting structural and spatial omics, multi-omics, speed and throughput. BioResolve Peptide and GTxResolve Lipid columns were…
• AI-Enabled Precision MedicineImportance 31 · Surprise 42
  Waters sees flow cytometry as an enabling hardware layer for AI-designed antibodies, proteins and genetic constructs because these models require large-scale physical biology testing. The company formed a strategic…
• Acquisition and PartnershipImportance 31 · Surprise 42
  Waters announced a strategic partnership with IMU Biosciences to support immune profiling and AI-enabled precision medicine in clinical diagnostics. IMU has raised more than $50 million and is working to decode the…
• Gross Margin DriversImportance 26 · Surprise 24
  Total-company adjusted gross margin was 54% in the second quarter. Management said the margin was in line with expectations and reflected a sequential step-down as ownership of the acquired businesses normalized from a…
• Liquidity and Cash PositionImportance 20 · Surprise 24
  Second-quarter free cash flow was $202 million after approximately $21 million of severance payments and $27 million of integration-cost payments. Net cash settlement due to BD orders was $157 million at the end of…
• Income Tax Rate ChangesImportance 13 · Surprise 6
  The second-quarter adjusted tax rate was 15.6%. Waters expects the full-year 2026 tax rate to be approximately 15.5%. The tax-rate outlook was included in the raised full-year adjusted EPS guidance of $14.45 to $14.65.…

8-K · 2026-08-04

• Revenue Performance and MixImportance 88 · Surprise 82
  Second-quarter reported revenue was $1.645 billion, up 113% from $771 million, including $828 million of organic revenue and $817 million from the acquired Biosciences and Diagnostic Solutions businesses. Organic…
• Operating Margin DriversImportance 88 · Surprise 82
  GAAP operating income was a loss of $86 million, compared with income of $188 million in the prior-year quarter, producing a negative 5.2% operating margin versus 24.4%. The primary acquisition-related charges were…
• Liquidity and Debt PositionImportance 88 · Surprise 82
  Cash and cash equivalents were $539 million at July 4, 2026, down from $588 million at December 31, 2025. Notes payable and debt increased to $5.086 billion from $1.407 billion, while total liabilities increased to…
• Guidance and OutlookImportance 85 · Surprise 76
  Waters raised full-year 2026 organic constant-currency revenue growth guidance to 7.0%–9.0% and expects acquired-business reported revenue of approximately $3.045 billion. Full-year reported revenue is now expected to…
• Acquisition / Partnership / DivestitureImportance 80 · Surprise 68
  Waters is integrating the Biosciences and Diagnostic Solutions businesses acquired from Becton, Dickinson and Company on February 9, 2026. The acquired businesses generated $817 million of second-quarter 2026 revenue…
• Operating Expense TrendsImportance 78 · Surprise 64
  Second-quarter selling and administrative expenses were $405 million on the consolidated statement of operations and $698 million in the GAAP-to-adjusted reconciliation, which includes purchased-intangible amortization…
• Headcount / RestructuringImportance 77 · Surprise 82
  Second-quarter restructuring charges were $49 million, compared with $3 million in the prior-year quarter, and six-month charges were $52 million versus $4 million. The company classified $51 million of second-quarter…
• Geographic Revenue ShiftImportance 69 · Surprise 64
  Second-quarter revenue from Asia was $450 million, up 69% from $266 million. Americas revenue was $690 million, up 146% from $280 million, while Europe revenue was $505 million, up 125% from $225 million. For the first…
• Capital Expenditures and Free Cash FlowImportance 57 · Surprise 64
  Second-quarter additions to property, plant, equipment, and software capitalization were $49 million, up from $23 million in the prior-year quarter. Six-month capital expenditures and software capitalization totaled…
• Income Tax Rate ChangesImportance 45 · Surprise 64
  Waters recorded a $5 million income-tax benefit in the second quarter of 2026, compared with a $31 million tax provision in the prior-year quarter. For the first six months, the company recorded a $21 million tax…
• FX / Currency HeadwindsImportance 32 · Surprise 24
  Foreign-currency translation reduced second-quarter 2026 organic reported revenue growth by 2 percentage points, compared with 9% organic constant-currency growth. Management said unfavorable foreign-exchange…
• Market Demand TrendsImportance 31 · Surprise 32
  Waters reported that the analytical-instrument market recovery broadened during the second quarter, with previously lagging customer segments returning to growth. Analytical Sciences Division instrument revenue grew 8%…
• Products and TechnologyImportance 25 · Surprise 32
  ASD instrument revenue increased 8% in constant currency, indicating continued demand for Waters’ analytical instrument portfolio. Chemistry consumables growth was in the double digits, outpacing instrument growth and…

News · 2026-08-04

• Revenue Performance and MixImportance 83 · Surprise 82
  Waters reported second-quarter 2026 revenue of $1.645 billion, up 113% year over year, with growth driven primarily by recently acquired Biosciences and Diagnostic Solutions businesses. Organic revenue was $828…
• Guidance / OutlookImportance 74 · Surprise 68
  Waters raised its 2026 reported-revenue outlook to $6.42 billion-$6.48 billion after second-quarter revenue exceeded the high end of guidance. The company now expects full-year adjusted EPS of $14.45-$14.65. Full-year…
• Operating Margin DriversImportance 65 · Surprise 82
  Waters posted a GAAP net loss of $136 million in the second quarter of 2026 despite revenue of $1.645 billion. GAAP EPS declined to a loss of $1.39 from acquisition-related accounting adjustments associated with the…
• Market Demand TrendsImportance 30 · Surprise 40
  Waters reported that its laboratory-equipment market recovery broadened across additional customer segments in the second quarter. Analytical Sciences Division instrument demand grew 8%, while chemistry consumables…