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Waters Corp. (WAT)
NYSE:WAT
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.33Last Year’s EPS
2.25Same Quarter Last Year
Moderate Buy
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational execution, continued product-led growth (especially LC‑MS and chemistry), improved commercial KPIs, robust free cash flow and a completed acquisition with defined synergy targets and industry‑leading combined guidance. Near‑term challenges center on underperformance in the acquired BD franchises (China/POC/export timing), TA weakness, short‑term timing effects from the Empower subscription transition, and higher pro forma leverage and dilution. Management has laid out conservative baselines and actionable synergy and commercial plans, suggesting upside if execution is successful.Company Guidance
Strong Q4 Revenue and EPS
Q4 sales of $932 million, up 7% reported and 6% constant currency; adjusted EPS $4.53 (GAAP EPS $3.77). Recurring revenue grew 9% in the quarter, supporting margin strength.
Full-Year Growth and Profitability
Full-year revenue grew 7% (reported and constant currency). Adjusted EPS grew 11% to $13.13 (GAAP EPS $10.76). Full-year gross margin 59.3% and adjusted operating margin 30.5%. Full-year free cash flow $677 million.
Recurring Revenue and LC‑MS Momentum
Full-year recurring revenue grew 8% (service +7%, chemistry +12%). Instrument revenue grew 5% for the year with LC‑MS delivering high single-digit growth or better every quarter.
Commercial KPI Improvements & E‑commerce
Service plan attachment rose to 54% (≈ +400 basis points YoY). Instrument replacement tracking at ~2.5% CAGR vs 2019 (≈ +100 bps since cycle start). E‑commerce penetration reached ~45% of consumables revenue. Contract organizations represent 27% of pharma sales (up from 15% five years ago).
Product Innovation Driving Growth
Multiple new-product successes: Alliance iS HPLC sales more than doubled; Xevo TQ Absolute platforms grew >30%; MaxPeak Premier chemistry grew >35%; chemistry/bioseparations expanded with double-digit growth in 2025 (SEC columns, slalom chromatography, affinity separations).
Acquisition Closed with Clear Synergy Targets and Solid Combined Guidance
Closed BD Biosciences & Diagnostic Solutions acquisition. Acquired business expected to contribute ~$3.0 billion revenue in 2026. Combined 2026 reported revenue guidance ~$6.405B–$6.455B (blended ~5.3% YoY at midpoint). Expect ~$55M of cost synergies and ~$50M of revenue synergies in 2026 (with ~$25M adjusted EBIT from revenue synergies). Combined adjusted operating margin ~28.1% and adjusted EPS guidance $14.30–$14.50 (8.9%–10.4% growth, includes ~$0.10 accretion).
Healthy Cash Generation and Defined Deleveraging Path
Q4 free cash flow $125M after $39M capex; full-year free cash flow $677M after $113M capex. Pro forma net debt expected ~$4.6–$4.7B (≈2.4x net debt/EBITDA) with plan to reduce to below 2x within ~18 months.
WAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WAT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | $381.29 | $328.14 | -13.94% |
Nov 04, 2025 | $345.59 | $367.34 | +6.29% |
Aug 04, 2025 | $290.31 | $285.59 | -1.63% |
May 06, 2025 | $348.38 | $339.02 | -2.69% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Waters Corp. (WAT) report earnings?
Waters Corp. (WAT) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Waters Corp. (WAT) earnings time?
Waters Corp. (WAT) earnings time is at May 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WAT EPS forecast?
WAT EPS forecast for the fiscal quarter 2026 (Q1) is 2.33.