Waters (NYSE:WAT) Announces Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Waters (NYSE:WAT) posted its earnings results on Tuesday. The medical instruments supplier reported $2.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.39, FiscalAI reports. Waters had a net margin of 20.30% and a return on equity of 34.79%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the business posted $2.25 EPS. Waters’s revenue was up 91.4% on a year-over-year basis. Waters updated its Q2 2026 guidance to 2.950-3.050 EPS and its FY 2026 guidance to 14.400-14.600 EPS.

Here are the key takeaways from Waters’ conference call:

• Waters delivered a strong start to 2026 with $1.267 billion in Q1 revenue, organic growth of ~11% constant currency, and adjusted EPS up 20% to $2.70, materially beating guidance.
• The BD Biosciences and Diagnostic Solutions acquisition is gaining traction (owned-period revenue of $520M, roughly +7% as-reported) and management raised full-year organic growth guidance to 6.5%–8% and adjusted EPS to $14.40–$14.60.
• Integration actions (a 180-day plan) are already producing early revenue upside via tighter forecast/funnel discipline, new deal desks/pricing reviews, and identified contract compliance opportunities (management flagged ~700 of 1,600 U.S. contracts out of compliance).
• Management highlighted multiple product and regulatory wins that should support future growth, including CE-marked BACTEC FXi launches in Europe/Japan, FDA-cleared BD Onclarity HPV self-collection, and new chemistry/light-scattering products (MaxPeak Premier, omniDAWN).
• Certain near-term headwinds remain, including a ~$20M respiratory/weak-flu-season impact, China DRG and export constraints that pressured instrument sales, and pockets of softness in Asia that could weigh on short-term results.

Waters Stock Up 0.3%

Shares of Waters stock opened at $343.82 on Wednesday. Waters has a 12-month low of $275.05 and a 12-month high of $414.15. The firm has a market capitalization of $33.75 billion, a PE ratio of 32.00, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The company has a quick ratio of 1.27, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average is $309.94 and its 200-day moving average is $352.05.

More Waters News

Here are the key news stories impacting Waters this week:

• Positive Sentiment: Q1 beat and upgraded full‑year outlook — Waters beat EPS and revenue estimates and raised FY 2026 profit targets, citing strong demand and contribution from the acquired biosciences unit. Waters Corporation (NYSE: WAT) Reports First Quarter 2026 Financial Results
• Positive Sentiment: Company raises annual profit forecast — Reuters highlights the raised profit outlook and attributes the beat to robust drug‑development tools demand and the strong performance of the biosciences & diagnostics unit. Waters raises annual profit forecast as biosciences unit drives growth
• Positive Sentiment: BD acquisition already contributing — Company disclosures and market commentary note ~$520M of revenue from the acquired Biosciences & Diagnostic Solutions businesses in Q1, supporting faster top‑line expansion and early synergy realization. Waters jumps 11.4% after Q1 earnings beat and higher 2026 guidance
• Positive Sentiment: Product demand tailwinds — Waters’ CEO said the company’s separation columns are used by major GLP‑1 distributors, signaling durable demand from a fast‑growing therapeutic area. Our separation columns are used for both of the large GLP-1 distributors, says Waters Corp. CEO
• Positive Sentiment: Management cites China as innovation source — CEO remarks emphasize biopharma innovation in China, suggesting geographic diversification of R&D demand. Waters CEO highlights China as key innovation source in the biopharma market
• Positive Sentiment: Analyst backing — William Blair reiterated a Buy, citing pharma demand, BD synergies and an improved earnings outlook, which supports positive investor sentiment. Analyst Reiterates Buy on Waters as Pharma Demand, BD Synergies and Earnings Outlook Drive Positive Risk-Reward
• Neutral Sentiment: Earnings call transcript and recaps are available — Useful for detail on instrument vs. chemistry growth, margin outlook and integration plans; primarily informational. Waters Corporation (WAT) Q1 2026 Earnings Call Transcript
• Neutral Sentiment: Market coverage & summaries — Multiple outlets (Zacks, Yahoo Finance) confirm the beat and detail segment performance; helpful for modeling but not new catalysts. Waters (WAT) Beats Q1 Earnings and Revenue Estimates
• Neutral Sentiment: Irrelevant industry piece — A Seeking Alpha article on Conrad Industries is not material to Waters’ fundamentals. Conrad Industries Is Worth The Volatile Waters The Industry Faces
• Negative Sentiment: Q2 EPS range slightly cautious — Waters issued Q2 adjusted EPS guidance of $2.95–$3.05 (consensus ~ $3.03); while FY guidance was raised, the Q2 range may be seen as near‑term conservative by some traders. Waters: Q1 Earnings Snapshot

Insider Buying and Selling at Waters

In related news, Director Wei Jiang purchased 500 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were purchased at an average price of $289.46 per share, with a total value of $144,730.00. Following the purchase, the director owned 3,441 shares of the company’s stock, valued at $996,031.86. This trade represents a 17.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Zions Bancorporation National Association UT raised its holdings in shares of Waters by 121.2% during the fourth quarter. Zions Bancorporation National Association UT now owns 73 shares of the medical instruments supplier’s stock valued at $28,000 after acquiring an additional 40 shares during the period. DV Equities LLC purchased a new position in Waters during the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. grew its position in Waters by 39.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 155 shares of the medical instruments supplier’s stock worth $59,000 after purchasing an additional 44 shares in the last quarter. MUFG Securities EMEA plc acquired a new stake in Waters during the 2nd quarter valued at $61,000. Finally, State of Wyoming acquired a new stake in Waters during the 2nd quarter valued at $75,000. 94.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WAT has been the subject of a number of recent analyst reports. UBS Group decreased their price objective on Waters from $370.00 to $330.00 and set a “neutral” rating for the company in a report on Monday, April 13th. Morgan Stanley decreased their price target on Waters from $423.00 to $350.00 and set an “equal weight” rating for the company in a research note on Sunday, February 22nd. The Goldman Sachs Group raised Waters to a “strong-buy” rating in a report on Wednesday, April 1st. Bank of America reduced their price objective on shares of Waters from $410.00 to $350.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Finally, Citigroup assumed coverage on shares of Waters in a research report on Tuesday, February 10th. They issued a “buy” rating and a $425.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $388.94.

About Waters

Waters Corporation is a global provider of analytical instruments, software and services for laboratory and research applications. The company designs, manufactures and sells technologies centered on liquid chromatography, mass spectrometry, separation science, and related sample preparation and detection systems. Its product portfolio includes chromatographs, mass spectrometers, columns and consumables, laboratory informatics and workflow software, as well as technical support and training services that help customers run and interpret complex analyses.

Waters serves a wide range of end markets that include pharmaceutical and biotechnology companies, contract research and testing laboratories, academic and government research institutions, clinical diagnostics, food and environmental testing, and industrial and chemical manufacturers.