Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through ...
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Est. EPS $4.00 · Revenue $1.75B · 14 analysts
Est. EPS $14.57 · Revenue $6.46B · 12 analysts
Est. EPS $4.67 · Revenue $1.79B · 14 analysts
Est. EPS $3.29 · Revenue $1.61B · 12 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $3.2B | +7.0% | +29.8% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $642.6M | +0.8% | -88.9% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +57.8% | -2.8% | -5.0% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +28.2% | +1.0% | -40.9% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +20.3% | -5.8% | -45.5% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $539.8M | -12.9% | +464.3% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +17.1% | -18.6% | +380.6% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 58.2% | -37.5% | -5.1% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.73x | -18.0% | +4.1% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $5.1B | +11.5% | +0.9% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 10.76 vs 13.11 | -17.9% | -1.39 vs 4.00 | -134.8% |
| Revenue Surprise | $3.2B vs $3.2B | +0.1% | $1.6B vs $1.8B | -6.2% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Wu Tong (NMN) | officer | — | — | 0 | — |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A | director | Common Stock | A | 3,626 | $136.43 |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A | director | Common Stock | D | 3,626 | $397.94 |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A | director | Stock Option (Right to Buy) | D | 3,626 | $136.43 |
| Jun 30, 2026 | Knight Heather | director | Common Stock | A | 63 | — |
Operator: Welcome to the Waters Corporation Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] This call is being recorded. If anyone has objections, please disconnect at this time. It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir. Caspar Tudor: Thank you, Leila, and good morning, everyone. Welcome to Waters Corporation's Second Quarter Earnings Call. Joining me today are Dr. Udit Batra, our President and Chief Executive Officer; and Amol Chaubal, our Senior Vice President and Chief Financial Officer. Before we begin, I will cover the cautionary language. In this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company, including the financial and operational impact of Waters Biosciences and Diagnostic Solutions businesses acquired from Becton, Dickinson & Company, or BD. We'll provide guidance regarding possible future results and commentary on potential market and business conditions that may impact Waters Corporation over the third quarter of 2026 and full year 2026. These statements are only our present expectations and are subject to risks and uncertainties. Please see the risk factors included within our Form 10-K, our Form 10-Qs, our other SEC filings and the cautionary language included in this morning's earnings release. During today's call, we will refer to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are attached to our earnings release and in the appendix of the slide presentation accompanying today's call. Unless stated otherwise, all organic revenue growth rates are presented on a constant currency basis and are in comparison to the second quarter of 2025. For acquired business revenue, unless stated otherwise, all growth rates are presented on an as-reported basis, covering the current period in comparison to the revenue as reported by BD for the prior year comparable period that predates Waters ownership. Finally, we do not intend to update our guidance, predictions or projections, except as part of a regularly scheduled earnings release or as otherwise required by law. On today's call, Udit will begin with our key messages and business highlights. Amol will then review our financial results and updated guidance. After that, we will open up the lines for questions. I will now turn the call over to Udit. Udit Batra: Thank you, Caspar, and good morning, everyone. We delivered an excellent second quarter, executing ahead of guidance across all 4 divisions as a powerful new era of growth extends across Waters. We sustained industry-leading results at our legacy businesses, fueled by strong commercial performance and pioneering innovation in our product portfolio. While recovery in our end markets broadened into previously lagging customer segments, and further augmented our growth. We built outstanding momentum …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Udit Batra | President, Chief Executive Officer & Director | USD 3,542,875 | — | 1971 | Active |
Amol Chaubal | Senior Vice President & Chief Financial Officer | USD 1,421,750 | Male | 1977 | Active |
Robert L. Carpio | Senior Vice President of Waters Analytical Sciences | USD 1,239,750 | Male | 1983 | Active |
Jianqing Y. Bennett | Senior Vice President of Waters Advanced Diagnostics | USD 1,176,225 | Female | 1970 | Active |
Keeley A. Aleman | Senior VP, General Counsel & Head of Global Human Resources | USD 897,333 | Female | 1977 | Active |
Daniel Rush | Senior Vice President of Global Research & Strategy | — | — | — | Active |
Brook Colangelo | Senior VP & Chief Information Officer | — | Male | 1978 | Active |
Kristen Garvey | Senior Vice President of Global Communications | — | Female | — | Active |
Christos Ross | Senior Vice President of Global Operations | — | Male | — | Active |
Caspar Tudor | Head of Investor Relations | — | Male | — | Active |
Allan Jaenicke | Senior Vice President of Transformation | — | Male | — | Active |
Assetmark Inc. lowered its holdings in Waters Corporation (NYSE: WAT) by 56.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,196 shares of the medical instruments supplier's stock after selling 5,449 shares during the period. Assetmark Inc.'s holdings in Waters were
Dudley and Shanley Inc. raised its holdings in Waters Corporation (NYSE: WAT) by 101.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,590 shares of the medical instruments supplier's stock after purchasing an additional 11,870 shares during the period. Waters makes
Waters Corporation (NYSE: WAT - Get Free Report) Director Christopher Kuebler sold 3,626 shares of Waters stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $397.94, for a total value of $1,442,930.44. Following the completion of the transaction, the director directly owned 17,808 shares in the company, valued
Waters NYSE: WAT reported second-quarter 2026 revenue of $1.645 billion, driven by 9% organic constant-currency growth and a 4% increase in revenue from its acquired Biosciences and Diagnostic Solutions businesses. The company raised its full-year outlook for organic revenue, acquired-business revenue and adjusted earnings per share after results exceeded its prior guidance.
Empowered Funds LLC lifted its stake in Waters Corporation (NYSE: WAT) by 431.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,954 shares of the medical instruments supplier's stock after purchasing an additional 6,456 shares during the period. Empowered
