Waters Raises 2026 Guidance as Q3 Adjusted EPS Jumps 20.6% to $4.10
Waters raised every component of its full-year 2026 guidance after third-quarter adjusted earnings per share grew 20.6% to $4.10 and organic revenue rose 8.9%, its first full results season with the former BD Biosciences and Diagnostic Solutions businesses on board.
Total reported revenue reached $1.767 billion, up 120.9% from $800 million a year earlier, according to the earnings release Waters filed with an 8-K on Tuesday. That figure includes $896 million from the acquired Biosciences and Diagnostic Solutions businesses and $871 million of organic revenue, which grew 10% in constant currency. The company said revenue beat the midpoint of its guidance by $14 million.
GAAP diluted EPS fell to $0.82 from $2.50, reflecting acquisition-related purchase accounting charges, acquisition-related costs and restructuring costs. Net income was $81 million, down from $149 million, while the diluted share count rose to 98.7 million from 59.6 million.
"Our team delivered exceptional results led by best-in-class consumables growth across both our Analytical Sciences and Biosciences divisions," CEO Udit Batra said in the release. He added that liquid chromatography-mass spectrometry instrument sales grew double digits in constant currency, driven by replacement demand and drivers including GLP-1s, PFAS testing and India generics.
Division scorecard
- Analytical Sciences: $703 million, up 8.3% from $649 million, with double-digit instrument and chemistry growth
- Biosciences: $396 million, up 2.3% from $387 million on a prior-year comparable basis, as reagents grew high single digits
- Diagnostic Solutions: $500 million, versus $498 million on a comparable basis
- Clinical Business Unit: $75 million, up 17.2% from $64 million
- Materials Sciences: $93 million, up 6.9% from $87 million
Batra said Waters is ahead of schedule on synergy and integration commitments for the acquired businesses.
Guidance raised
Waters now expects full-year 2026 total reported revenue of $6.479 billion to $6.497 billion, a $43 million increase at the midpoint. It lifted organic constant-currency growth guidance to 9.1% to 9.7%, with organic reported revenue of $3.429 billion to $3.447 billion, and expects acquired business revenue of an estimated $3.050 billion on an owned-period basis, the company said.
Full-year adjusted EPS guidance is now $14.60 to $14.70, which the company said represents 11% to 12% growth.
For the fourth quarter, Waters guided to total revenue of $1.801 billion to $1.819 billion, organic constant-currency growth of 7.0% to 9.0% and adjusted EPS of $4.58 to $4.68. Management planned to lay out a starting 2027 growth framework on its Tuesday conference call.
MOBILion deal
Waters also said it acquired MOBILion Systems, a developer of high-resolution ion mobility separation technology. The company said the deal complements its mass spectrometry portfolio and is expected to broaden its entry into proteomics. The release did not disclose terms.
By the numbers
- Total revenue: $1.767 billion, up 120.9%
- Organic revenue: $871 million, up 8.9%
- GAAP diluted EPS: $0.82, down from $2.50
- Adjusted EPS: $4.10, up 20.6%
- 2026 adjusted EPS outlook: $14.60 to $14.70
Sources
- Waters Corporation Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0001193125-26-444400)
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