$WAT · WATERS CORP /DE/
Waters Corporation reported Q3 2026 results with total revenue of $1.767 billion, beating the guidance midpoint by $14 million. Organic revenue grew 9% as reported (10% constant currency) to $871 million, while acquired BDS businesses contributed $896 million. Adjusted EPS of $4.10 grew 21% YoY and exceeded guidance; GAAP EPS was $0.82, reflecting $323 million in acquisition-related purchase accounting charges. The company raised full-year 2026 guidance across all components, including a $43 million revenue midpoint increase, and announced the acquisition of MOBILion Systems.
- Q3 total reported revenue of $1.767 billion exceeded guidance midpoint by $14 million, with organic revenue up 9% as reported (10% constant currency).
- Adjusted EPS of $4.10 grew 21% year-over-year, exceeding guidance; GAAP EPS was $0.82, weighed down by $323 million in BDS acquisition-related purchase accounting charges.
- Full-year 2026 revenue guidance raised by $43 million at the midpoint to $6.479–$6.497 billion; adjusted EPS guidance raised to $14.60–$14.70.
- Q4 2026 guidance calls for double-digit organic and acquired business growth on a days-adjusted basis, with adjusted EPS of $4.58–$4.68.
- Waters also announced the acquisition of MOBILion Systems, Inc., adding SLIM high-resolution ion mobility separation technology to its mass spectrometry portfolio.
Extended-hours trading shows WAT at $460.99, up 2.60% from the regular close of $449.32, indicating a positive initial reaction to the beat-and-raise quarter. The $44.12B market cap company delivered organic growth acceleration and a $43M guidance raise, reinforcing bullish sentiment.
A beat-and-raise quarter with 21% adjusted EPS growth, a $43M guidance lift, and a bolt-on proteomics acquisition signals accelerating momentum across Waters' combined analytical and biosciences portfolio.
Waters' 9–10% organic constant currency growth and double-digit LC-MS instrument growth signal strong life-sciences tools demand, particularly in GLP-1, PFAS, and India generics end markets. The MOBILion acquisition extends Waters into the proteomics space, competing with Bruker and Thermo Fisher in high-resolution mass spectrometry.
GAAP net income was just $81 million for Q3 and negative $127 million for the nine-month period due to $973 million in cumulative BDS acquisition purchase accounting charges (inventory step-ups, intangibles amortization). The acquired business prior-year comparables are based on BDX's historical carve-out financials, which may not reflect standalone economics under Waters.