Waters (NYSE:WAT) Releases Q2 2026 Earnings Guidance

Waters (NYSE:WAT) updated its second quarter 2026 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.950-3.050 for the period, compared to the consensus earnings per share estimate of 3.030. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Waters also updated its FY 2026 guidance to 14.400-14.600 EPS.

Waters Trading Up 1.7%

Shares of NYSE WAT traded up $5.91 during trading on Wednesday, reaching $348.66. The stock had a trading volume of 734,980 shares, compared to its average volume of 1,054,797. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.27 and a current ratio of 1.73. The company has a market cap of $34.23 billion, a P/E ratio of 32.42, a PEG ratio of 1.96 and a beta of 1.14. The business’s 50-day moving average price is $309.94 and its 200-day moving average price is $352.05. Waters has a fifty-two week low of $275.05 and a fifty-two week high of $414.15.

Waters (NYSE:WAT) last posted its quarterly earnings data on Tuesday, May 5th. The medical instruments supplier reported $2.70 EPS for the quarter, beating the consensus estimate of $2.31 by $0.39. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.20 billion. Waters had a net margin of 20.30% and a return on equity of 34.79%. The business’s revenue for the quarter was up 91.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.25 earnings per share. Waters has set its Q2 2026 guidance at 2.950-3.050 EPS and its FY 2026 guidance at 14.400-14.600 EPS. On average, equities research analysts predict that Waters will post 14.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WAT. Weiss Ratings restated a “hold (c)” rating on shares of Waters in a report on Monday, April 20th. Citigroup began coverage on shares of Waters in a research note on Tuesday, February 10th. They issued a “buy” rating and a $425.00 price target for the company. UBS Group reissued a “neutral” rating and issued a $375.00 price objective on shares of Waters in a research report on Wednesday. Wells Fargo & Company decreased their price objective on shares of Waters from $415.00 to $355.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 11th. Finally, TD Cowen reissued a “hold” rating on shares of Waters in a report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $391.59.

Insider Activity

In related news, Director Wei Jiang bought 500 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were purchased at an average cost of $289.46 per share, with a total value of $144,730.00. Following the transaction, the director directly owned 3,441 shares of the company’s stock, valued at approximately $996,031.86. This represents a 17.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.31% of the company’s stock.

Key Stories Impacting Waters

Here are the key news stories impacting Waters this week:

• Positive Sentiment: Q1 beat and raised FY guidance — Waters reported Q1 revenue of $1.267B and adjusted EPS of $2.70, topping estimates, and raised its full?year 2026 adjusted EPS outlook to $14.40–$14.60. Waters Corporation (NYSE: WAT) Reports First Quarter 2026 Financial Results
• Positive Sentiment: Acquisition adds material revenue and early synergies — Management said the recently closed Biosciences & Diagnostic Solutions business contributed roughly $520M in the quarter, boosting reported revenue and helping deliver 91% y/y reported revenue growth. That suggests the BD deal is accelerating top?line and margin impact. Waters jumps 11.4% after Q1 earnings beat and higher 2026 guidance
• Positive Sentiment: Product exposure to GLP?1 supply chain — CEO noted Waters’ separation columns are used by the large GLP?1 distributors, highlighting direct product demand from a rapidly expanding drug class. That exposure supports recurring instrument/consumables demand. Our separation columns are used for both of the large GLP-1 distributors, says Waters Corp. CEO
• Positive Sentiment: Management sees China as an innovation hub — CEO remarks pointing to China-driven biopharma innovation suggest additional long?term end?market opportunity outside the U.S./EU. Waters CEO highlights China as key innovation source in the biopharma market
• Positive Sentiment: Analyst backing — William Blair reiterated a Buy, citing strong pharma demand, BD synergies and the earnings outlook, which supports continued analyst confidence. Analyst Reiterates Buy on Waters
• Neutral Sentiment: Full earnings call transcript and materials are available for detail review — useful for modeling segment/organic trends and transaction-related margins. Waters Q1 2026 Earnings Call Transcript
• Negative Sentiment: Near?term EPS guide slightly conservative vs. the street — Q2 adjusted EPS guidance of $2.95–$3.05 has a midpoint a touch below consensus (around $3.03), which could temper expectations for the next quarter despite the strong full?year lift. Waters raises annual profit forecast as biosciences unit drives growth

Institutional Trading of Waters

Large investors have recently made changes to their positions in the company. Zions Bancorporation National Association UT lifted its stake in Waters by 121.2% in the fourth quarter. Zions Bancorporation National Association UT now owns 73 shares of the medical instruments supplier’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. DV Equities LLC purchased a new position in shares of Waters during the fourth quarter worth approximately $32,000. Itau Unibanco Holding S.A. increased its holdings in shares of Waters by 39.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 155 shares of the medical instruments supplier’s stock valued at $59,000 after acquiring an additional 44 shares during the period. MUFG Securities EMEA plc purchased a new stake in Waters in the 2nd quarter valued at $61,000. Finally, State of Wyoming purchased a new stake in Waters in the 2nd quarter valued at $75,000. 94.01% of the stock is owned by institutional investors and hedge funds.

Waters Company Profile

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.