NYSE:WAT

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Waters Rises 5% as Organic Growth Accelerates and Full-Year Guidance Increases

Waters Corporation (NYSE: WAT) shares rose about 5% after the company reported stronger-than-expected third-quarter 2026 results, double-digit adjusted earnings growth and higher full-year guidance across revenue and EPS.

Third-quarter reported revenue reached $1.77 billion, exceeding the midpoint of company guidance. Organic revenue increased 9% as reported and 10% in constant currency to $871 million, while acquired businesses contributed $896 million.

Adjusted EPS rose 21% year over year to $4.10 from $3.40 and came in above guidance. GAAP EPS declined to $0.82 from $2.50, largely reflecting acquisition-related purchase accounting, integration and restructuring charges.

The Analytical Sciences division grew 8% as reported and 9% in constant currency, supported by double-digit instrument and chemistry growth. Management also highlighted stronger LC-MS demand, rising testing volumes and growth tied to areas including GLP-1 drugs, PFAS testing and India generics.

Waters raised full-year organic constant-currency revenue growth guidance to 9.1%-9.7% and now expects total reported revenue of $6.479 billion-$6.497 billion. Adjusted EPS guidance increased to $14.60-$14.70, implying 11%-12% annual growth.

For the fourth quarter, the company expects total revenue of $1.801 billion-$1.819 billion and adjusted EPS of $4.58-$4.68. Management also said integration and synergy progress from acquired businesses is running ahead of schedule.

The 5% gain appears to reflect stronger organic growth, better-than-expected earnings, accelerating demand trends and a broad increase in full-year guidance. The combination of improved end-market conditions and faster integration progress also strengthens the outlook heading into 2027.
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Author
The Investor 11-03-26
Waters Corporation reported solid fourth-quarter and full-year 2025 results, supported by broad-based end-market demand and strong momentum in its chemistry portfolio.

In the fourth quarter, sales reached $932 million, up 7% year over year as reported and 6% in constant currency, landing at the high end of guidance. Growth was driven by high single-digit constant-currency gains in pharmaceutical and industrial markets, while chemistry revenue rose 12% on strong demand for new bioseparations products. GAAP EPS was $3.77, while non-GAAP EPS increased 10% to $4.53.

For full-year 2025, Waters generated $3.17 billion in revenue, up 7% both as reported and in constant currency. Instrument sales grew 5%, led by LC-MS, while recurring revenue increased 8%, supported by 12% chemistry growth. Full-year GAAP EPS was $10.76, and non-GAAP EPS rose 11% to $13.13.

Looking ahead, Waters guided for 2026 organic constant-currency revenue growth of 5.5% to 7.0% and total reported revenue of $6.41–$6.46 billion, reflecting the addition of BD’s Biosciences and Diagnostic Solutions business. The company expects 2026 non-GAAP EPS of $14.30–$14.50, implying high-single-digit to low-double-digit earnings growth year over year.
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Author
Global Finance News 02-09-26
Waters Corporation Beats Q2 Estimates, Raises 2025 Guidance

Waters Corporation (NYSE: WAT) reported strong second-quarter 2025 results, with sales rising 9% year-over-year to $771 million, surpassing expectations. Non-GAAP EPS grew 12% to $2.95, topping guidance.

Instrument sales rose mid-single digits, driven by large pharma and CDMO demand, while recurring revenue climbed 11%. Pharma revenue surged 11%, offsetting a 3% drop in Academic & Government sales.
Citing robust demand and operational strength, Waters raised full-year 2025 non-GAAP EPS guidance to $12.95–$13.05 and constant currency sales growth to 5.5%–7.5%.

CEO Udit Batra also highlighted integration plans for BD Biosciences & Diagnostic Solutions, naming Chris Ross to lead the process.
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Author
European Investor 08-05-25
Waters and BD to Merge Diagnostic Solutions in $17.5 Billion Reverse Morris Trust Deal

Waters Corporation (NYSE: WAT) and BD (Becton, Dickinson and Company; NYSE: BDX) announced a definitive agreement to merge BD’s Biosciences & Diagnostic Solutions business with Waters through a Reverse Morris Trust structure valued at approximately $17.5 billion. The combined entity will be a leader in regulated, high-volume life science and diagnostics testing.

Key highlights:
• The merged company will have pro forma 2025 revenue of approximately $6.5 billion and adjusted EBITDA of $2.0 billion.
• Waters' total addressable market will double to roughly $40 billion, growing at 5–7% annually.
• Over 70% of the company’s revenue will be recurring, derived from iconic brands.
• Annualized EBITDA synergies of $345 million are expected by 2030.
• The deal is expected to be accretive to adjusted EPS in the first year.

Waters will retain its name and headquarters in Massachusetts, with BD shareholders owning 39.2% of the new company and receiving a $4 billion cash distribution. Udit Batra will lead the combined entity, which is projected to close by Q1 2026, pending regulatory and shareholder approvals.
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Author
European Investor 07-14-25
Waters Corporation Delivers Strong Q1 2025 Results and Raises Full-Year Guidance

Waters Corporation reported first quarter 2025 sales of $662 million, up 4% as reported and 7% in constant currency, reaching the high end of its guidance range. Growth was driven by an 11% increase in instrument sales (constant currency), particularly within pharmaceutical and industrial markets. Recurring revenues rose 4% in constant currency.
GAAP EPS came in at $2.03, while non-GAAP EPS was $2.25, up 2% despite a 5-point FX headwind. Operating income margin rose to 22.9%, and free cash flow remained strong at $234 million.
By region, Asia led with 13% constant currency growth, followed by 6% in the Americas and 1% in Europe. Pharmaceutical market sales grew 8% in constant currency, industrial 6%, and academic & government 3%.
Given the robust start, Waters raised its 2025 full-year constant currency sales growth outlook to 5%–7% and non-GAAP EPS to $12.75–$13.05 (up from previous estimates), reflecting 8%–10% growth year-over-year (10%–12% in constant currency). Q2 non-GAAP EPS is expected to be $2.88–$2.98.
CEO Dr. Udit Batra highlighted operational discipline, strong demand, and successful product innovation as key drivers. The company also noted improved FX conditions and agility in mitigating tariff impacts.
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Author
WS News 05-06-25