Waters (NYSE:WAT) Posts Earnings Results, Beats Expectations By $0.39 EPS

Waters (NYSE:WAT) issued its quarterly earnings data on Tuesday. The medical instruments supplier reported $2.70 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.39, FiscalAI reports. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Waters had a return on equity of 15.60% and a net margin of 11.91%.The firm’s quarterly revenue was up 91.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.25 EPS. Waters updated its Q2 2026 guidance to 2.950-3.050 EPS and its FY 2026 guidance to 14.400-14.600 EPS.

Here are the key takeaways from Waters’ conference call:

• Waters delivered a strong start to 2026 with $1.267 billion in Q1 revenue, organic growth of ~11% constant currency, and adjusted EPS up 20% to $2.70, materially beating guidance.
• The BD Biosciences and Diagnostic Solutions acquisition is gaining traction (owned-period revenue of $520M, roughly +7% as-reported) and management raised full-year organic growth guidance to 6.5%–8% and adjusted EPS to $14.40–$14.60.
• Integration actions (a 180-day plan) are already producing early revenue upside via tighter forecast/funnel discipline, new deal desks/pricing reviews, and identified contract compliance opportunities (management flagged ~700 of 1,600 U.S. contracts out of compliance).
• Management highlighted multiple product and regulatory wins that should support future growth, including CE-marked BACTEC FXi launches in Europe/Japan, FDA-cleared BD Onclarity HPV self-collection, and new chemistry/light-scattering products (MaxPeak Premier, omniDAWN).
• Certain near-term headwinds remain, including a ~$20M respiratory/weak-flu-season impact, China DRG and export constraints that pressured instrument sales, and pockets of softness in Asia that could weigh on short-term results.

Waters Stock Performance

WAT traded down $7.00 during trading on Thursday, reaching $342.53. 621,190 shares of the company’s stock were exchanged, compared to its average volume of 1,062,489. Waters has a 1 year low of $275.05 and a 1 year high of $414.15. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.71 and a quick ratio of 1.27. The stock has a market capitalization of $33.62 billion, a P/E ratio of 43.51, a price-to-earnings-growth ratio of 2.22 and a beta of 1.14. The company’s fifty day simple moving average is $310.37 and its 200-day simple moving average is $352.16.

Insider Transactions at Waters

In other Waters news, Director Wei Jiang purchased 500 shares of Waters stock in a transaction on Monday, March 16th. The stock was bought at an average cost of $289.46 per share, with a total value of $144,730.00. Following the transaction, the director owned 3,441 shares of the company’s stock, valued at $996,031.86. This represents a 17.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Waters

A number of institutional investors have recently bought and sold shares of WAT. Zions Bancorporation National Association UT raised its position in Waters by 121.2% during the fourth quarter. Zions Bancorporation National Association UT now owns 73 shares of the medical instruments supplier’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. DV Equities LLC purchased a new position in Waters during the fourth quarter valued at approximately $32,000. Itau Unibanco Holding S.A. raised its position in Waters by 39.6% during the fourth 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 in the last quarter. MUFG Securities EMEA plc purchased a new position in Waters during the second quarter valued at approximately $61,000. Finally, State of Wyoming purchased a new position in Waters during the second quarter valued at approximately $75,000. 94.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WAT shares. Robert W. Baird set a $387.00 price target on Waters in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $350.00 price target on shares of Waters in a research note on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Waters in a research note on Monday, April 20th. Morgan Stanley decreased their price target on Waters from $423.00 to $350.00 and set an “equal weight” rating for the company in a research note on Sunday, February 22nd. Finally, Barclays reiterated an “overweight” rating and issued a $425.00 price target on shares of Waters in a research note on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $395.12.

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.