Key insights
- Waters Corporation (WAT) reported strong Q1 earnings and revenue, exceeding analyst expectations. The company's shares rose 5% pre-market. Organic revenue grew 13%. Waters raised its full-year 2026 EPS guidance above consensus. This positive performance in the life sciences sector could signal broader strength in related industries.
MILFORD, Mass. - Waters Corporation (NYSE:WAT) reported first quarter results that exceeded analyst expectations on Tuesday.
The company’s shares were up 5.2% in pre-market trading following the release as the company demonstrated strong performance following its recent acquisition.
The life sciences company posted adjusted earnings per share of $2.70, beating the analyst consensus of $2.31 by $0.39. Revenue reached $1.27 billion, surpassing the $1.2 billion estimate.
The quarter marked the first reporting period including results from the Biosciences and Diagnostic Solutions businesses acquired from Becton, Dickinson and Company on February 9, 2026.
Organic revenue grew 13% as reported and 11% in constant currency, exceeding the high end of the company’s guidance range by 200 basis points.
The acquired Biosciences and Diagnostic Solutions businesses generated $520 million in revenue, $40 million above guidance. Compared to the first quarter of 2025, when Waters reported $662 million in revenue, the company’s organic business grew 13% YoY.
"Thanks to the hard work of our teams, we delivered an excellent first quarter as a combined company," said Udit Batra, President and CEO. "Our Biosciences and Advanced Diagnostics Divisions are off to a strong start with a significant improvement in growth rates versus pre-close trends, due to increased execution discipline, a sharper focus on upcoming new product launches, and superb collaboration with our Analytical Sciences Division."
For the second quarter of 2026, Waters expects adjusted EPS of $2.95 to $3.05, with a midpoint of $3.00 matching the analyst consensus. The company projects organic revenue of $814 million to $829 million for the quarter.
Waters raised its full-year 2026 guidance, now expecting adjusted EPS of $14.40 to $14.60, with the midpoint of $14.50 slightly above the $14.38 consensus.
The company increased its organic constant currency revenue growth guidance to 6.5% to 8.0% and expects total revenue of $6.405 billion to $6.455 billion for the year.
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