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Waters Corp
XMUN:WAZ

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Waters Corp
XMUN:WAZ
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Price: 378.2 EUR -3.47% Market Closed
Market Cap: €22.4B

Waters Corp
Investor Relations

Waters Corporation makes scientific instruments and lab software that help customers identify, measure, and separate chemicals in complex samples. Its main products are liquid chromatography systems, mass spectrometry systems, and the columns, spare parts, and software that go with them. These tools are used when labs need precise answers about what is in a drug, food, chemical, or biological sample. Its main customers are pharmaceutical and biotech companies, contract research labs, universities, government labs, and some industrial testing labs. Waters sells instruments upfront and then earns repeat business from consumable products like columns and from service, maintenance, and software. That mix gives the company both equipment sales and a steadier follow-on revenue stream tied to how much customers use the instruments. Waters sits in an important spot in the scientific testing chain: it helps labs move from raw samples to reliable data they can use for research, quality control, and regulatory work. It is not selling the drug or chemical itself; it sells the measurement tools that prove what that product contains and whether it meets standards. That makes the business closely linked to long-term spending on drug development, lab testing, and regulated manufacturing.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Aug 4, 2026
AI Summary
Q2 2026

Beat and raise: Waters said second-quarter revenue and EPS came in above guidance, and management raised full-year 2026 guidance across organic growth, acquired-business revenue, and EPS.

Strong momentum: Organic revenue grew 9% in constant currency, with orders outpacing sales and broad-based strength across pharma, academic/government, and industrial end markets.

BD integration ahead: The acquired Biosciences and Diagnostic Solutions businesses accelerated to 4% reported growth in the quarter, helped by pricing actions, better commercial execution, and early product launches.

Margins and cost actions: Waters completed its planned 2026 cost actions and now expects about $75 million of cumulative savings this year, supporting margin progression in the second half.

New products: Management highlighted launches including Cyclic IMS P20, Xevo MRT P10, FACSDiscover A7, and BACTEC FXI as key growth drivers.

China and reshoring: China improved in several areas, especially flow research and diagnostics, while management also pointed to U.S. pharma reshoring as a multi-year instrument opportunity.

Key Financials
Total revenue
$1.645 billion
Organic revenue
$828 million
Biosciences and Diagnostic Solutions revenue
$817 million
Adjusted EPS
$3.05
Adjusted gross margin
54%
Adjusted operating margin
25%
Tax rate
15.6%
Net interest expense
$55 million
Free cash flow
$202 million
Net cash settlement due to orders from BD
$157 million
Analytical Sciences revenue
$669 million
Biosciences revenue
$368 million
Advanced Diagnostics revenue
$521 million
Material Sciences revenue
$87 million
Full-year reported revenue
$6.415 billion to $6.476 billion
Full-year adjusted EPS
$14.45 to $14.65
Q3 organic constant currency growth
8% to 10%
Q3 adjusted EPS
$3.95 to $4.05
Cost savings
$75 million
Net price realization in acquired businesses
90 basis points
Earnings Call Recording
Other Earnings Calls

Management

Dr. Udit Batra Ph.D.
President, CEO & Director
No Bio Available
Ms. Jianqing Y. Bennett
Senior Vice President of TA Instruments Division & Waters Clinical Business Unit
No Bio Available
Mr. Christos Ross
Senior Vice President of Global Operations
No Bio Available
Ms. Kristen Garvey
Vice President of Corporate Communications
No Bio Available
Mr. Patrick Conway
Interim Vice President of Human Resources
No Bio Available
Dr. Daniel Rush Ph.D.
Senior Vice President of Strategy & Transformation
No Bio Available
Mr. Robert L. Carpio III
Senior Vice President of Waters Division
No Bio Available
Mr. John Lynch
Treasurer
No Bio Available

Contacts

Address
MASSACHUSETTS
Milford
34 Maple St
Contacts
+13026587581
www.waters.com