EarningsQ2 2026 Earnings Report
MX:WAT Q2 2026 EPS Results
Actual EPS$55.39
Consensus EPS$54.67
Beat/MissBeat by +$0.73
One Year Ago EPS$53.58
MX:WAT Q2 2026 Revenue Results
Actual Revenue$29.88B
Expected Revenue$29.46B
Beat/MissBeat by +$412.21M
YoY Revenue Growth+113.27%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:WAT Upcoming Earnings
Waters's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WAT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a strongly positive operational and financial momentum: revenue beats, multiple high-impact product launches, accelerating performance in the acquired BD businesses (mid-single-digit growth and improving quarter-to-quarter), completed cost actions with significant run-rate savings, and raised full-year guidance. Offsetting risks are notable but manageable in the near term — acquisition accounting produced a GAAP loss, FX and China/DRG-related headwinds pressured some reported results, and integration-related cash outflows and contract remediation remain work in progress. Taken together, the highlights (organic growth outperformance, raised guidance, product-driven replacement opportunities, and meaningful cost synergies) materially outweigh the lowlights, though execution in China, reagent contract remediation and FX remain watch points.Company Guidance
Total Company Revenue and Organic Growth
Q2 reported revenue $1.645B; organic revenue $828M. Organic revenue grew 7% as reported and 9% in constant currency versus Q2 2025, exceeding the high end of currency guidance by ~100 bps.
Acquired Businesses Performance
Waters Biosciences & Diagnostic Solutions generated $817M in Q2, growing 4% reported versus the prior-year comparable period, beating guidance by $15M and showing a 400 bps improvement in reported growth versus last quarter.
Adjusted EPS and Profitability
Adjusted EPS grew 3% to $3.05 in Q2, landing at the high end of guidance. Full-year adjusted EPS guidance raised to $14.45–$14.65, representing 10%–12% y/y growth (12%–14% constant currency).
Analytical Sciences Strength
Analytical Sciences grew 7% as reported (9% constant currency). Instruments +8%, chemistry +10%, service +9%; pharma end market grew 11% and academic & government grew double digits.
Biosciences and Advanced Diagnostics Momentum
Biosciences grew 3% as reported (5% ex-China); Flow Clinical +8%; Advanced Diagnostics +7% reported; Diagnostic Solutions +5%; Clinical Business Unit +15% (14% cc).
Product and Technology Launches
Multiple launches: Cyclic IMS P20, Xevo MRT P10, BioResolve Peptide, GTxResolve Lipid, Xevo TQ Absolute XR IVD, and BACTEC FXI (FDA 510(k) cleared) — positioned to drive instrument replacement and share gains.
GLP-1 and Other Idiosyncratic Drivers
GLP-1 testing grew over 40% in the quarter, broad-based across geographies (Americas +30%+, Europe +36%+, India ~2x), and contributed meaningfully to idiosyncratic growth drivers.
Cost Actions and Run-Rate Savings
Completed planned 2026 cost actions: $75M cumulative expected savings in 2026 supporting H2 margin progression and ~ $200M expected annual run-rate savings; incremental cost actions ahead of schedule.
Raised Full-Year Organic Revenue Guidance
Full-year 2026 organic constant-currency revenue growth guidance raised to 7%–9%; total reported revenue guidance raised to ~$6.415B–$6.476B; Biosciences & Diagnostic Solutions now expected ~ $3.045B.
Near-Term Revenue Synergies and Q3 Guidance
Company remains on track for $50M of revenue synergies in 2026. Q3 organic constant-currency growth guidance 8%–10%; total Q3 reported revenue $1.745B–$1.762B; Q3 adjusted EPS $3.95–$4.05 (16%–19% growth).
MX:WAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed