Jun 2026 (Q2 FY26) — Aug 4, 2026
Waters Corporation Q2 FY26 — Strong Organic Growth and Acquired Business Acceleration
Read the full callWaters (WAT) earnings
- Jul 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Waters earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,645 | +113.3% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | -5.2 | −29.6 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | -136 | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
49 of 53 judged targets kept · 46 open · verdicts reflect calls analysed to Dec 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second quarter 2026 adjusted earnings per diluted share | $2.95 to $3.05 | Sep 2025 | Adjusted EPS grew 3% to $3.05, landing at the high end of our guidance range. | Achieved |
| Full-year 2026 adjusted earnings per diluted share | $14.30 to $14.50 | Jun 2025 | full year 2026 adjusted earnings per fully diluted share is now expected to be $14.45 to $14.65 | Revised Up |
| Full-year 2026 adjusted EBIT margin | approximately 28.1% | Jun 2025 | Our full year adjusted EBIT margin is expected to be 28.2% in 2026, consistent with our prior expectations as foreign exchange translation is offset by the $20 million of overachievement from our 2026 cost actions. | On Track |
4 of WATERS CORP /DE/'s 99 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 96 more targets are in the full ledger.
Claimed
- Total company as reported revenue was $1.645 billion, exceeding guidance.
- Organic revenue grew 9% in constant currency, exceeding the high end of guidance by 100 basis points.
- Bioscience and Diagnostic Solutions revenue grew 4% on a reported basis, accelerating 400 basis points from the prior quarter.
- Adjusted EPS grew 3% to $3.05, landing at the high end of guidance.
- GLP-1 testing revenue grew over 40% this quarter, with broad-based geographic strength.
Qualified
- China Flow Clinical declined 20% due to DRG constraints and lack of localized product portfolio.
- China Diagnostic Solutions microbiology declined 13% due to ongoing DRG headwinds.
- A stronger U.S. dollar resulted in a 150 basis point headwind to organic revenue guidance and offset $0.25 of EPS.
Price
$434.27 −0.61% · −$2.68
Performance +29.8% 1Y
1Y: $334.59 on 17 Oct 2025 → $434.27. High $444.15 (15 Oct 2026), low $283.32 (12 Mar 2026).
- Previous close
- $436.95
- 52-week range
- $283.32 – $444.15
- One year
- +26.54%
Overview
- Symbol
- WAT
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
49 of 53 judged targets kept · 46 open · verdicts reflect calls analysed to Dec 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second quarter 2026 adjusted earnings per diluted share | $2.95 to $3.05 | Sep 2025 | Adjusted EPS grew 3% to $3.05, landing at the high end of our guidance range. | Achieved |
| Full-year 2026 adjusted earnings per diluted share | $14.30 to $14.50 | Jun 2025 | full year 2026 adjusted earnings per fully diluted share is now expected to be $14.45 to $14.65 | Revised Up |
| Full-year 2026 adjusted EBIT margin | approximately 28.1% | Jun 2025 | Our full year adjusted EBIT margin is expected to be 28.2% in 2026, consistent with our prior expectations as foreign exchange translation is offset by the $20 million of overachievement from our 2026 cost actions. | On Track |
Claimed
- Total company as reported revenue was $1.645 billion, exceeding guidance.
- Organic revenue grew 9% in constant currency, exceeding the high end of guidance by 100 basis points.
- Bioscience and Diagnostic Solutions revenue grew 4% on a reported basis, accelerating 400 basis points from the prior quarter.
- Adjusted EPS grew 3% to $3.05, landing at the high end of guidance.
- GLP-1 testing revenue grew over 40% this quarter, with broad-based geographic strength.
Qualified
- China Flow Clinical declined 20% due to DRG constraints and lack of localized product portfolio.
- China Diagnostic Solutions microbiology declined 13% due to ongoing DRG headwinds.
- A stronger U.S. dollar resulted in a 150 basis point headwind to organic revenue guidance and offset $0.25 of EPS.
The full ledger
Open WATERS CORP /DE/’s full ledger
A free account opens 5 company ledgers a month. All 99 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Waters Corporation Q1 FY26 — Strong Organic Growth and Biosciences Integration
Read the full callSep 2025 (Q3 FY25) — Nov 4, 2025
Waters Corporation Q3 FY25 — Strong Growth Across Segments Driven by Innovation and Strategic Expansion
Read the full callEvery analysed call
Waters earnings calls (WAT)
Financials
What the filings say
Net profit, year on year: −193% (quarter to jul 2026 against jun 2025).
| Line item | Mar 2025 | Jun 2025 | Jun 2025 | Sep 2025 | Sep 2025 | Dec 2025 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 662 | 771 | 771 | 800 | 800 | 932 | 1,267 | 1,645 |
| Expenses | 510 | 583 | 583 | 608 | 608 | 662 | 1,314 | 1,731 |
| Operating profit | 152 | 188 | 188 | 192 | 192 | 271 | -47 | -86 |
| Operating margin | 22.9% | 24.4% | 24.4% | 24.0% | 24.0% | 29.0% | −3.7% | −5.2% |
| Other income | 2 | — | -1 | — | -0 | 2 | — | — |
| Interest | 14 | 15 | 14 | 27 | 27 | 14 | 48 | 60 |
| Profit before tax | 143 | 178 | 178 | 170 | 170 | 264 | -88 | -141 |
| Tax rate | 15.1% | 17.4% | 17.2% | 12.5% | 12.5% | 14.8% | 18.2% | 3.5% |
| Net profit | — | 147 | — | 149 | — | 225 | -72 | -136 |
| EPS ($ per share) | 2.04 | 2.47 | 2.47 | 2.50 | 2.50 | 3.78 | -0.87 | -1.39 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 5,995 | 6,587 | 7,108 | 7,801 | 8,509 | 9,151 | 9,789 | 10,431 |
| Total liabilities | 2,160 | 2,773 | 2,608 | 2,727 | 2,777 | 3,477 | 2,725 | 2,515 |
| Fixed assets | 343 | 417 | 494 | 548 | 582 | 639 | 651 | 642 |
| Investments | 939 | 1 | 6 | 68 | 1 | 1 | 1 | — |
| Total assets | 3,727 | 2,557 | 2,840 | 3,095 | 3,281 | 4,627 | 4,554 | 5,077 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 604 | 643 | 791 | 747 | 612 | 603 | 762 | 653 |
| Cash from investing | 1,683 | 769 | -264 | -232 | -108 | -1,442 | -143 | -152 |
| Cash from financing | -2,120 | -1,873 | -441 | -438 | -510 | 755 | -697 | -237 |
| Net cash flow | 154 | -461 | 101 | 65 | -21 | -85 | -70 | 262 |
| Capital expenditure | — | — | — | — | — | -161 | -142 | -113 |
| Free cash flow | — | — | — | — | — | 442 | 620 | 540 |
WAT revenue by segment
Waters Analytical and Materials Sciences shrank from 54% to 46% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Waters Analytical and Materials Sciences | — | — | — | — | — | — | 54% | 46% | — |
| Waters Advanced Diagnostics | — | — | — | — | — | — | 28% | 32% | — |
| Waters Biosciences | — | — | — | — | — | — | 18% | 22% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- Americas 42% ↑ 4 pt
- US 35% ↑ 3 pt
- European Union 31%
- Asia Pacific 27% ↓ 7 pt
- Asia Other 15%
- CN 13% ↓ 1 pt
- Americas Other 7% ↑ 1 pt
As WAT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
50 filings between Nov 5, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$451.1K
2 purchases by 2 insiders
Sales
$1.44M
1 sale by 1 insider
Compensation
not trading decisions- 34
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KUEBLER CHRISTOPHER A | — | $1.44M | Aug 6, 2026 |
| FEARON RICHARD H | $306.3K | — | Mar 6, 2026 |
| Jiang Wei | $144.7K | — | Mar 16, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Knight Heather Director | Award | 57 | $0 |
| Sep 30, 2026 | Jiang Wei Director | Award | 57 | $0 |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A Director | Sale | 3,626 | $1.44M |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A Director | Option exercise | 3,626 | $494.7K |
| Jun 30, 2026 | Knight Heather Director | Award | 63 | $0 |
| Jun 30, 2026 | Jiang Wei Director | Award | 67 | $0 |
| Jun 24, 2026 | Carpio Robert L III SVP Waters Analytical Sciences | Tax withheld | 189 | $69.8K |
| May 12, 2026 | Chaubal Amol SVP & Chief Financial Officer | Tax withheld | 239 | $84.2K |
| Apr 6, 2026 | Bennett Jianqing SVP Waters Adv. Diagnostics | Tax withheld | 302 | $91.8K |
| Mar 31, 2026 | Jiang Wei Director | Award | 64 | $0 |
| Mar 31, 2026 | Knight Heather Director | Award | 68 | $0 |
| Mar 16, 2026 | Jiang Wei Director | Purchase | 500 | $144.7K |
| Mar 6, 2026 | FEARON RICHARD H Director | Purchase | 1,000 | $306.3K |
| Mar 2, 2026 | Batra Udit President and CEO | Tax withheld | 3,417 | $1.05M |
| Mar 2, 2026 | Bennett Jianqing SVP Waters Adv. Diagnostics | Tax withheld | 410 | $126.0K |
| Mar 2, 2026 | Chaubal Amol SVP & Chief Financial Officer | Tax withheld | 709 | $217.8K |
| Feb 25, 2026 | FEARON RICHARD H Director | Award | 23 | $0 |
| Feb 25, 2026 | Brennan Daniel J. Director | Award | 23 | $0 |
| Feb 25, 2026 | Fraser Claire Director | Award | 358 | $0 |
| Feb 25, 2026 | Huang Pearl S Director | Award | 23 | $0 |
| Feb 25, 2026 | Jiang Wei Director | Award | 23 | $0 |
| Feb 25, 2026 | Knight Heather Director | Award | 23 | $0 |
| Feb 25, 2026 | KUEBLER CHRISTOPHER A Director | Award | 23 | $0 |
| Feb 25, 2026 | VERGNANO MARK P Director | Award | 23 | $0 |
| Feb 25, 2026 | Batra Udit President and CEO | Award | 5,165 | $0 |
| Feb 25, 2026 | Chaubal Amol SVP & Chief Financial Officer | Award | 1,455 | $0 |
| Feb 25, 2026 | Bennett Jianqing SVP Waters Adv. Diagnostics | Award | 986 | $0 |
| Feb 25, 2026 | Carpio Robert L III SVP Waters Analytical Sciences | Award | 997 | $0 |
| Feb 25, 2026 | Ornskov Flemming Director | Award | 336 | $0 |
| Feb 25, 2026 | BADDOUR LINDA Director | Award | 23 | $0 |
| Feb 5, 2026 | Bennett Jianqing SVP TA Instruments Division | Tax withheld | 43 | $16.2K |
| Feb 5, 2026 | Batra Udit President and CEO | Tax withheld | 218 | $82.2K |
| Feb 5, 2026 | Carpio Robert L III SVP, Waters Division | Tax withheld | 38 | $14.3K |
| Feb 5, 2026 | Chaubal Amol SVP & Chief Financial Officer | Tax withheld | 58 | $21.9K |
| Feb 4, 2026 | Chaubal Amol SVP & Chief Financial Officer | Award | 1,884 | $0 |
| Feb 4, 2026 | Bennett Jianqing SVP TA Instruments Division | Award | 1,385 | $0 |
| Feb 4, 2026 | Batra Udit President and CEO | Award | 7,066 | $0 |
| Jan 2, 2026 | FEARON RICHARD H Director | Award | 307 | $0 |
| Jan 2, 2026 | Knight Heather Director | Award | 307 | $0 |
| Jan 2, 2026 | Jiang Wei Director | Award | 307 | $0 |
| Jan 2, 2026 | Ornskov Flemming Director | Award | 307 | $0 |
| Jan 2, 2026 | BADDOUR LINDA Director | Award | 307 | $0 |
| Jan 2, 2026 | Brennan Daniel J. Director | Award | 307 | $0 |
| Jan 2, 2026 | Huang Pearl S Director | Award | 307 | $0 |
| Jan 2, 2026 | KUEBLER CHRISTOPHER A Director | Award | 307 | $0 |
| Jan 2, 2026 | VERGNANO MARK P Director | Award | 307 | $0 |
| Dec 31, 2025 | Knight Heather Director | Award | 60 | $0 |
| Dec 31, 2025 | Jiang Wei Director | Award | 60 | $0 |
| Nov 5, 2025 | KUEBLER CHRISTOPHER A Director | Option exercise | 3,761 | $490.2K |
| Nov 5, 2025 | KUEBLER CHRISTOPHER A Director | Tax withheld | 1,318 | $490.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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