Waters Corporation earnings date and guidance
Waters Corporation's next results are expected on November 3, 2026. Watch whether Waters Corporation turns organic constant-currency growth and promised savings into recurring cash.
What has Waters Corporation guided for 2026?
On August 4, Waters guided to reported revenue of $6,415–$6,476 million. It guided to adjusted earnings per share of $14.45–$14.65. Of the revenue target, $3,045 million comes from acquired businesses, while $3,370–$3,431 million comes from businesses Waters already owned.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Reported revenue | Year to Dec 2026 | 6,415 | 6,476 | Aug 4, 2026 |
| Organic reported revenue | Year to Dec 2026 | 3,370 | 3,431 | Aug 4, 2026 |
| Adjusted earnings per share | Year to Dec 2026 | 14.45 | 14.65 | Aug 4, 2026 |
| Operations | Year to Dec 2026 | 15 | 15 | Aug 4, 2026 |
Did Waters Corporation keep its past promise?
Annual bonuses gave management more discretion. For 2025, a 150% individual modifier lifted Batra’s bonus to 165% of target, partly because of work on the transformational acquisition. That rewards arranging the deal before its long-term benefits are established. Acquired-business revenue exceeded second-quarter guidance, which supports early execution, but early delivery is not the same as successful integration.
How have Waters Corporation's revenue and profit trended?
Revenue recovered in 2025 after nearly flat prior two years, but gross margin held near its prior level while operating and net margins weakened. Diluted EPS was broadly flat across the five-year record, and real free cash flow per share fell in 2025 from 2024. Reported earnings remain distorted by acquisition accounting; the forward multiple depends on adjusted earnings arriving. The company’s own free cash flow must support debt reduction and integration before payouts: dividend and buyback yields are zero.
| Jul 2026 | Apr 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,645 | 1,267 | 932.362 | 799.887 | 771.332 | 661.705 | 872.714 | 740.305 |
| Operating income | -86 | -47 | 270.516 | 192.114 | 188.213 | 151.745 | 292.263 | 211.132 |
| Net income | -136 | -72 | 225.214 | 148.923 | 147.111 | 121.381 | 231.398 | 161.503 |
| EPS, diluted | -1.39 | -0.87 | 3.77 | 2.50 | 2.47 | 2.03 | 3.88 | 2.71 |
What this means. The large jump in sales in July 2026 is partly from buying another business, so it does not mean the existing business grew that much on its own.
What should investors watch in Waters Corporation's next results?
The nearest checkpoint is third-quarter 2026 results, which an earnings calendar estimates for November 3, although Waters had not confirmed that date. Management guided to revenue of $1,745–$1,762 million. It guided to adjusted EPS of $3.95–$4.05. The more revealing measure is organic constant-currency growth of 8.0%–10.0%, because that separates customer demand from acquired revenue.
The fourth quarter is the savings test. Management expects $50 million of savings then, compared with $25 million in the third quarter. If sustained, that pace would equal a $200 million annual run rate. A run rate describes a continuing pace; it does not mean Waters saved that amount during 2026.