Waters (NYSE:WAT) Updates FY 2026 Earnings Guidance

Waters (NYSE:WAT) issued an update on its FY 2026 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 14.450-14.650 for the period, compared to the consensus estimate of 14.510. The company issued revenue guidance of $6.4 billion-$6.5 billion, compared to the consensus revenue estimate of $6.4 billion. Waters also updated its Q3 2026 guidance to 3.950-4.050 EPS.

Waters Price Performance

NYSE WAT traded up $24.10 during trading hours on Tuesday, reaching $398.84. The company’s stock had a trading volume of 1,059,530 shares, compared to its average volume of 1,027,492. The firm has a market capitalization of $39.16 billion, a price-to-earnings ratio of 50.69, a P/E/G ratio of 2.28 and a beta of 1.20. The company’s 50-day moving average is $369.92 and its two-hundred day moving average is $344.99. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.79 and a quick ratio of 1.13. Waters has a 1-year low of $275.05 and a 1-year high of $414.15.

Waters (NYSE:WAT) last posted its quarterly earnings data on Tuesday, August 4th. The medical instruments supplier reported $3.05 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.04. Waters had a return on equity of 15.60% and a net margin of 11.91%.During the same period in the previous year, the firm earned $2.95 earnings per share. Waters’s revenue for the quarter was up 113.3% compared to the same quarter last year. Waters has set its Q3 2026 guidance at 3.950-4.050 EPS and its FY 2026 guidance at 14.450-14.650 EPS. On average, equities analysts predict that Waters will post 14.51 EPS for the current year.

Analyst Upgrades and Downgrades

WAT has been the topic of several research analyst reports. Morgan Stanley lifted their target price on shares of Waters from $350.00 to $390.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Waters from $330.00 to $345.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Wolfe Research began coverage on Waters in a report on Tuesday, June 2nd. They issued an “outperform” rating and a $425.00 price objective on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Waters in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded Waters from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $402.47.

Waters News Roundup

Here are the key news stories impacting Waters this week:

• Positive Sentiment: Waters reported second-quarter adjusted EPS of $3.05, exceeding the $3.01 consensus estimate and improving from $2.95 a year earlier. Revenue reached $1.645 billion, above the high end of management’s guidance, supported by organic growth and contributions from the acquired Biosciences and Diagnostic Solutions businesses. Waters Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Organic revenue increased 7% as reported and 9% in constant currency. Analytical Sciences instrument revenue rose 8%, while chemistry consumables grew at a double-digit rate, with particularly strong demand from pharmaceutical and industrial end markets. Management said the market recovery is broadening across customer segments. Waters Reports Second Quarter 2026 Financial Results
• Positive Sentiment: Waters raised its full-year 2026 outlook to reported revenue of approximately $6.415 billion to $6.476 billion and adjusted EPS of $14.45 to $14.65. The company cited operating momentum, end-market recovery, and acquisition-related synergies. William Blair also maintained a Buy rating, pointing to a stronger growth outlook. Analyst Maintains Buy on Waters
• Neutral Sentiment: Third-quarter adjusted EPS guidance of $3.95 to $4.05 is close to the $4.01 consensus, but the $1.7 billion to $1.8 billion revenue range leaves the midpoint slightly below expectations. This may limit near-term upside despite the stronger full-year outlook.
• Negative Sentiment: Waters posted a GAAP net loss of $136 million, or $1.39 per diluted share, largely reflecting acquisition-related effects. Investors are therefore relying more heavily on adjusted results, while the stock’s elevated valuation increases sensitivity to any slowdown in growth.

Institutional Investors Weigh In On Waters

Several hedge funds and other institutional investors have recently bought and sold shares of WAT. Veritas Asset Management LLP boosted its holdings in Waters by 112.3% in the fourth quarter. Veritas Asset Management LLP now owns 1,241,206 shares of the medical instruments supplier’s stock valued at $471,447,000 after purchasing an additional 656,436 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Waters by 509.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 671,103 shares of the medical instruments supplier’s stock worth $254,906,000 after purchasing an additional 561,047 shares during the period. Marshall Wace LLP raised its position in Waters by 1,611.3% in the 4th quarter. Marshall Wace LLP now owns 581,063 shares of the medical instruments supplier’s stock valued at $220,705,000 after purchasing an additional 547,109 shares in the last quarter. Invesco Ltd. raised its position in Waters by 32.3% in the 3rd quarter. Invesco Ltd. now owns 1,472,419 shares of the medical instruments supplier’s stock valued at $441,446,000 after purchasing an additional 359,596 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Waters in the 4th quarter valued at about $70,316,000. 94.01% of the stock is currently 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.