Full Press Release Details
Contact: Caspar Tudor,
Head of Investor Relations - (508) 482-3448
Waters Corporation (NYSE: WAT) Reports First
Quarter 2026 Financial Results
First Quarter 2026 Highlights
MILFORD, Mass., May 5, 2026 - Waters Corporation (NYSE: WAT), today announced its financial results for
the first quarter of 2026, marking the first reporting period that includes financial results for the Biosciences and Diagnostic Solutions businesses of Becton, Dickinson and Company, which was acquired by Waters on February 9, 2026.
Overall Financial Results
Company's reported revenue for the first quarter of 2026 was $1.267 billion, reflecting $747 million of organic revenue and $520 million of revenue from Biosciences and Diagnostic Solutions from the
transaction closing date through to the end of the quarter.
Organic revenue for the first quarter of 2026 was $747 million, compared to
$662 million for the first quarter of 2025, representing an increase of 13% as reported and 11% in constant currency.
Biosciences and Diagnostic Solutions was $520 million on an owned-period basis within the quarter, compared to $485 million on an estimated prior-year equivalent basis.
On a GAAP basis, the Company reported a diluted loss per share of $0.87 for the first quarter of 2026, compared to diluted EPS of $2.03 for the first quarter
of 2025, reflecting acquisition-related purchase accounting charges including amortization of acquired intangibles and inventory step-up.
Adjusted EPS for the first quarter of 2026 grew 20% to $2.70, compared to $2.25 for the first quarter of 2025.
"Thanks to the hard work of our teams, we delivered an excellent first quarter as a combined company," said Udit Batra, Ph.D.,
President & Chief Executive Officer, Waters Corporation. "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 which has already enabled the
realization of revenue synergies. In parallel, the instrument replacement cycle, success of new product launches, and our idiosyncratic growth drivers are continuing to fuel exceptional momentum in our organic revenue growth rates."
Dr. Batra continued: "As we look ahead, we are raising our guidance to reflect the increased momentum
we are seeing across our businesses. Our teams are focused on executing a seamless integration, delivering industry-leading growth, and building a highly differentiated portfolio, positioning Waters for continued success for many years to
Analytical Sciences Division (ASD)
The Analytical Sciences Division - the former Waters Division, excluding the Clinical Business Unit - delivered reported revenue of
$607 million in the quarter, compared to $534 million for the first quarter of 2025.
Biosciences Division (WBD)
The Biosciences Division - formerly known as BD Biosciences - delivered reported revenue of $232 million on an owned-period basis within the
Advanced Diagnostics Division (ADx)
The Advanced Diagnostics Division comprises the former BD Diagnostic Solutions business and the Clinical Business Unit previously reported within Waters
The Diagnostic Solutions business delivered reported revenue of $288 million on an owned-period basis within the quarter. The Clinical
Business Unit delivered reported revenue of $61 million in the quarter, compared to $53 million for the first quarter of 2025.
Sciences Division (MSD)
The Materials Sciences Division - formerly known as TA Division - delivered reported revenue of
$79 million in the quarter, compared to $75 million for the first quarter of 2025.
A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company's website www.waters.com in the Investor Relations section.
Full-Year and Second Quarter 2026 Financial Guidance
Full-Year 2026 Financial Guidance
The Company is raising
its full-year 2026 organic, constant currency revenue growth guidance to the range of 6.5% to 8.0%. Including the impact of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.370 billion to
$3.420 billion. This guidance includes $15 million of expected revenue synergies.
The Company now expects full-year 2026 acquired business
reported revenue of approximately $3.035 billion on an owned-period basis, which includes $35 million of expected revenue synergies.
Company reported revenue for full-year 2026 is expected to be in the range of $6.405 billion to $6.455 billion.
The Company is raising its
full-year 2026 adjusted EPS guidance to $14.40 to $14.60. This represents year-over-year adjusted EPS growth of 10% to 11%.
The Company expects second quarter 2026 organic constant currency revenue growth to be in the range of 6.0% to 8.0%. Including the
impact of currency translation, second quarter 2026 organic reported revenue is expected to be in the range of $814 million to $829 million.
The Company expects acquired business reported revenue for the second quarter 2026 to be approximately $802 million.
Total Company reported revenue for the second quarter of 2026 is expected to be in the range of
$1.616 billion to $1.631 billion.
The Company expects second quarter 2026 adjusted EPS to be in the range of $2.95 to $3.05, which represents
flat to 3.4% year-over-year adjusted EPS growth.
tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and second quarter. The Company is unable to provide reconciliations of
forward-looking presentations of adjusted EPS guidance measures to the most directly comparable GAAP measures. Such reconciliations cannot be prepared without unreasonable efforts due to the inherent difficulty and unpredictability in forecasting
and quantifying certain amounts that would be necessary for such reconciliations, including acquisition-related amortization, acquisition and restructuring costs, as well as certain legal, advisory and tax costs, or other costs that may arise, which
amounts could be significant and could have a material impact on the Company's future GAAP financial results.
Conference Call Details
Waters Corporation will webcast its first quarter 2026 financial results conference call today, May 5, 2026, at 8:30 a.m. Eastern Time. To listen
to the call and see the accompanying slide presentation, please visit www.waters.com, select "Investor Relations" under the "About Waters" section, navigate to "Events & Presentations," and click
on the "Webcast." A replay will be available through at least June 2, 2026.
About Waters Corporation
Waters Corporation (NYSE:WAT) is a global leader in life sciences, dedicated to accelerating the benefits of pioneering science through analytical
technologies, informatics, and service. With a focus on regulated, high-volume testing environments, our innovative portfolio harnesses deep scientific expertise across chemistry, physics, and biology. We collaborate with analytical laboratories
around the world to advance the release of effective, high-quality medicines, assure the safety of food and water, and drive better patient outcomes by detecting diseases earlier, managing routine infections, and combatting growing antibiotic
resistance. Through a shared culture of relentless innovation, our passionate team of approximately 16,000 employees partner with our customers to turn scientific challenges into breakthroughs that improve lives worldwide.
Non-GAAP Financial Measures
This release contains financial measures, such as organic constant currency growth rates, constant currency growth rates, pro forma comparable revenue, and
adjusted earnings per diluted share, among others, which are considered "non-GAAP" financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company's
definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this release adjust for
specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making,
including evaluation of the Company's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial
measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and
trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management
strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Definitions of the non-GAAP financial measures and reconciliations to
the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Cautionary Statement
This release contains "forward-looking" statements regarding future results and events. For this purpose, any statements that are not statements of
historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "feels," "believes," "anticipates," "plans," "expects," "intends,"
"suggests," "appears," "estimates," "projects," and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. Our actual results may differ
significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, risks or uncertainties related to our acquisition of Becton, Dickinson and Company's
Biosciences and Diagnostic Solutions business (the "BDS Business"), including failure to realize the anticipated benefits of this acquisition, including as a result of delay in integrating the BDS Business with the Company on the
expected timeframe or at all, and the ability of the Company to implement its business strategy and achieve revenue and cost synergies, anticipated progress on Waters' research programs, development of new analytical instruments and associated
software or consumables, manufacturing development and capabilities, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic
initiatives, including our instrument replacement initiatives, respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in various geographies
and market segments, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management, and other risk factors detailed from time to time in Waters'
reports filed with the Securities and Exchange Commission ("SEC"). Such factors and others are discussed more fully in the sections entitled "Forward-Looking Statements" and "Risk Factors" of the Company's
annual report on Form 10-K for the year ended December 31, 2025, as filed with the SEC, which discussions are incorporated by reference in this release, as updated by the Company's subsequent
filings with the SEC. The forward-looking statements included in this release represent the Company's estimates or views as of the date of this release and should not be relied upon as representing the Company's estimates or views as of
any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.
Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share data)
| Three Months Ended | ||||||||
| April 4, 2026 | March 29, 2025 | |||||||
| Net revenue | $ | 1,267 | $ | 662 | ||||
| Costs and operating expenses: | ||||||||
| Cost of revenue (includes $99 million of fair value adjustments) (a) | 672 | 277 | ||||||
| Selling and administrative expenses | 394 | 175 | ||||||
| Research and development expenses | 96 | 47 | ||||||
| Purchased intangibles amortization (b) | 152 | 12 | ||||||
| Operating (loss) income | (47 | ) | 151 | |||||
| Other income, net | 1 | 2 | ||||||
| Interest expense, net | (42 | ) | (10 | ) | ||||
| (Loss) income from operations before income taxes | (88 | ) | 143 | |||||
| (Benefit) provision for income taxes | (16 | ) | 22 | |||||
| Net (loss) income | $ | (72 | ) | $ | 121 | |||
| Net (loss) income per basic common share | $ | (0.87 | ) | $ | 2.04 | |||
| Weighted-average number of basic common shares | 82,139 | 59,439 | ||||||
| Net (loss) income per diluted common share | $ | (0.87 | ) | $ | 2.03 | |||
| Weighted-average number of diluted common shares and equivalents | 82,139 | 59,711 |
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP
Revenue by Operating Segment, Product & Service, and Geography
Three Months Ended April 4, 2026 and March 29, 2025
| Three Months Ended | Reported | |||||||||||
| April 4, 2026 (b) | March 29, 2025 | Growth | ||||||||||
| REVENUE - OPERATING SEGMENT | ||||||||||||
| Analytical Sciences Division (ASD) | $ | 607 | $ | 534 | 14 | % | ||||||
| Biosciences Division (WBD) | 232 | - | * | * | ||||||||
| Advanced Diagnostics Division (ADx) | 349 | 53 | 560 | % | ||||||||
| Materials Sciences Division (MSD) | 79 | 75 | 6 | % | ||||||||
| Total Revenue | $ | 1,267 | $ | 662 | 91 | % | ||||||
| REVENUE - PRODUCT & SERVICE | ||||||||||||
| Product | $ | 919 | $ | 401 | 129 | % | ||||||
| Service | 348 | 261 | 33 | % | ||||||||
| Total Revenue | $ | 1,267 | $ | 662 | 91 | % | ||||||
| REVENUE - GEOGRAPHY | ||||||||||||
| Asia | $ | 350 | $ | 221 | 58 | % | ||||||
| Americas | 505 | 256 | 98 | % | ||||||||
| Europe | 412 | 185 | 122 | % | ||||||||
| Total Revenue | $ | 1,267 | $ | 662 | 91 | % | ||||||
| Reconciliation of Organic Revenue Growth | ||||||||||||
| Total Reported Revenue (GAAP) | $ | 1,267 | $ | 662 | 91 | % | ||||||
| Acquired Business Contribution | 520 | |||||||||||
| Total Organic Reported Revenue | $ | 747 | ||||||||||
| Organic Reported Revenue Growth | 13 | % | ||||||||||
| Currency Translation Impact | 2 | % | ||||||||||
| Organic Constant Currency Revenue Growth (a) | 11 | % | ||||||||||
| Reconciliation of Pro Forma Acquired Company Revenue for Period Owned (c) | ||||||||||||
| Prior Year Full Quarter Revenue | $ | 792 | ||||||||||
| Less: Revenue Adjustments for Pre-Owned Period | 307 | |||||||||||
| Pro Forma Comparable Revenue | $ | 520 | $ | 485 | 7 | % |
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP Financials