Waters (NYSE:WAT) Issues FY 2026 Earnings Guidance

Waters (NYSE:WAT) updated its FY 2026 earnings guidance on Monday. The company provided earnings per share guidance of 14.300-14.500 for the period, compared to the consensus earnings per share estimate of 14.290. The company issued revenue guidance of $6.4 billion-$6.5 billion, compared to the consensus revenue estimate of $3.4 billion. Waters also updated its Q1 2026 guidance to 2.250-2.350 EPS.

Waters Trading Down 0.4%

Shares of WAT opened at $326.82 on Wednesday. The firm has a market capitalization of $19.46 billion, a price-to-earnings ratio of 30.35, a PEG ratio of 2.72 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.53 and a quick ratio of 1.08. Waters has a 1-year low of $275.05 and a 1-year high of $414.15. The company has a 50-day moving average of $385.01 and a 200 day moving average of $347.69.

Waters (NYSE:WAT) last issued its earnings results on Monday, February 9th. The medical instruments supplier reported $4.53 EPS for the quarter, topping analysts’ consensus estimates of $4.50 by $0.03. Waters had a net margin of 20.30% and a return on equity of 36.45%. The business had revenue of $932.36 million for the quarter, compared to analyst estimates of $928.17 million. During the same period last year, the company posted $4.10 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Waters has set its FY 2026 guidance at 14.300-14.500 EPS and its Q1 2026 guidance at 2.250-2.350 EPS. On average, research analysts expect that Waters will post 12.86 EPS for the current year.

Analysts Set New Price Targets

WAT has been the topic of a number of recent research reports. Guggenheim reissued a “buy” rating and set a $440.00 price target on shares of Waters in a research report on Tuesday. HSBC started coverage on shares of Waters in a report on Tuesday, January 27th. They set a “buy” rating and a $460.00 target price on the stock. Morgan Stanley began coverage on shares of Waters in a report on Monday, December 1st. They issued an “equal weight” rating and a $423.00 price target for the company. TD Cowen reiterated a “hold” rating on shares of Waters in a research note on Wednesday, November 5th. Finally, William Blair started coverage on shares of Waters in a research note on Monday, January 5th. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Waters has an average rating of “Moderate Buy” and an average target price of $400.84.

Key Waters News

Here are the key news stories impacting Waters this week:

• Positive Sentiment: Closed the Reverse Morris Trust combination with BD’s Biosciences & Diagnostic Solutions, creating a larger life?sciences company and adding scale and product breadth; management named Claire M. Fraser, Ph.D. to the leadership team. Waters Completes Combination with BD’s Biosciences & Diagnostic Solutions Businesses
• Positive Sentiment: Q4 results beat consensus: $4.53 EPS vs. $4.50 expected and revenue roughly in line, demonstrating underlying profitability and margin strength ahead of integration synergies. Waters (WAT) Beats Q4 Earnings and Revenue Estimates
• Positive Sentiment: Some analysts reaffirmed bullish views and initiated coverage with high targets (Guggenheim $440 PT; Citigroup $425 PT), indicating conviction on longer?term upside from the BD deal and margin improvement. Analyst Coverage Notes
• Neutral Sentiment: Full?year 2026 EPS guidance was set at $14.30–$14.50, roughly in line with consensus—suggests management expects the BD integration to support margins over the year, but it doesn’t alleviate near?term concerns. Waters forecasts first-quarter profit below Wall Street estimates, shares slide
• Negative Sentiment: Q1 2026 EPS guidance (2.25–2.35) came in below the street (~2.52), triggering an immediate sell?off as investors price in weaker near?term earnings while integration costs and seasonality play out. Waters forecasts weak first-quarter profit, shares slide
• Negative Sentiment: Several firms trimmed targets or reiterated caution (Bank of America cut its PT to $350, TD Cowen lowered its PT and kept a Hold), reflecting concerns about BD Life Sciences weakness and a reduced premium valuation near?term. TD Cowen Hold / PT Cut
• Negative Sentiment: Market commentary highlights the stock underperforming peers amid the guidance reset and integration uncertainty, contributing to the downward pressure on the share price today. Waters Corp. stock underperforms Monday when compared to competitors

Institutional Trading of Waters

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. raised its position in Waters by 32.3% during the third quarter. Invesco Ltd. now owns 1,472,419 shares of the medical instruments supplier’s stock valued at $441,446,000 after acquiring an additional 359,596 shares in the last quarter. Bank of America Corp DE boosted its position in Waters by 4.3% during the third quarter. Bank of America Corp DE now owns 543,149 shares of the medical instruments supplier’s stock worth $162,842,000 after acquiring an additional 22,586 shares during the last quarter. Legal & General Group Plc grew its holdings in Waters by 5.4% in the 3rd quarter. Legal & General Group Plc now owns 438,706 shares of the medical instruments supplier’s stock valued at $131,528,000 after buying an additional 22,289 shares in the last quarter. Amundi increased its holdings in shares of Waters by 22.3% during the 3rd quarter. Amundi now owns 417,739 shares of the medical instruments supplier’s stock worth $136,860,000 after buying an additional 76,068 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Waters by 182.2% in the 3rd quarter. Qube Research & Technologies Ltd now owns 258,489 shares of the medical instruments supplier’s stock valued at $77,498,000 after purchasing an additional 166,888 shares during the last quarter. Hedge funds and other institutional investors own 94.01% of the company’s stock.

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.