Company to Provide Starting 2027 Growth Framework on Earnings Conference Call

Third Quarter 2026 Highlights

- Total reported revenue of $1.767 billion exceeded guidance midpoint by $14 million, led by organic revenue growth of 9% as reported and 10% in constant currency, with acquired business revenue landing slightly ahead of guidance.

- GAAP EPS of $0.82; Adjusted EPS of $4.10 grew 21% and exceeded guidance.

- Analytical Sciences Division (ASD) grew 8% as reported and 9% in constant currency, led by double-digit instrument and chemistry growth from strong execution, new product innovation, and rising customer testing volume.

- In the Biosciences Division (WBD), reagents grew high single-digits on a prior year comparable basis, reflecting a 400bps acceleration in year-over-year growth, as research and clinical reagents both grew high single-digits; In the Advanced Diagnostics Division (ADx), microbiology grew mid-single-digits on a prior year comparable basis.

- The Company is raising every component of its full-year 2026 guidance, including a $43 million increase to total reported revenue at the midpoint, as new growth vectors layer onto a strong foundation of existing demand.

MILFORD, Mass., Nov. 3, 2026 /PRNewswire/ -- Waters Corporation (NYSE: WAT) today announced its financial results for the third quarter of 2026.

Overall Financial Results

The Company's reported revenue for the third quarter of 2026 was $1.767 billion, reflecting $871 million of organic revenue and $896 million of revenue from the acquired Biosciences and Diagnostic Solutions businesses.

Organic revenue for the third quarter of 2026 was $871 million, compared to $800 million for the third quarter of 2025, representing an increase of 9% as reported and 10% in constant currency.

Revenue from Biosciences and Diagnostic Solutions was $896 million for the third quarter of 2026, compared to $885 million on a prior year comparable basis.

On a GAAP basis, the Company reported a diluted earnings per share of $0.82 for the third quarter of 2026, compared to diluted EPS of $2.50 for the third quarter of 2025, reflecting acquisition-related purchase accounting charges, acquisition-related costs, and restructuring costs.

Adjusted EPS for the third quarter of 2026 grew 21% to $4.10, compared to $3.40 for the third quarter of 2025.

"Our team delivered exceptional results led by best-in-class consumables growth across both our Analytical Sciences and Biosciences divisions, as strong execution, new product innovation, and rising customer testing volume accelerated growth," said Dr. Udit Batra, President & Chief Executive Officer, Waters Corporation. "LC-MS instrument growth also strengthened, growing double-digits in constant currency, driven by robust instrument replacement trends, idiosyncratic growth drivers across GLP-1s, PFAS and India generics, and we continued to outperform the market with our leading solutions for complex biologics."

Dr. Batra continued, "Thanks to the hard work of our teams, we are delivering ahead of schedule on our synergy and integration commitments for our acquired businesses. With improving end market conditions and momentum accelerating across the combined company, we are raising our full year 2026 revenue guidance by $43 million at the midpoint and our fourth quarter guidance calls for double digit growth in both our organic and acquired businesses on a days adjusted basis."

Analytical Sciences Division (ASD)

The Analytical Sciences Division â the former Waters Division, excluding the Clinical Business Unit â delivered reported revenue of $703 million in the quarter, compared to $649 million for the third quarter of 2025.

Biosciences Division (WBD)

The Biosciences Division â formerly known as BD Biosciences â delivered reported revenue of $396 million in the quarter, compared to $387 million for the prior year comparable period.

Advanced Diagnostics Division (ADx)

The Advanced Diagnostics Division comprises the former BD Diagnostic Solutions business and the Clinical Business Unit previously reported within Waters Division.

The Diagnostic Solutions business delivered reported revenue of $500 million in the quarter, compared to $498 million for the prior year comparable period. The Clinical Business Unit delivered reported revenue of $75 million in the quarter, compared to $64 million for the third quarter of 2025.

Materials Sciences Division (MSD)

The Materials Sciences Division â formerly known as TA Division â delivered reported revenue of $93 million in the quarter, compared to $87 million for the third quarter of 2025.

A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company's website www.waters.com in the Investor Relations section.

Full-Year and Fourth Quarter 2026 Financial Guidance

Full-Year 2026 Financial Guidance

The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 9.1% to 9.7%. Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.429 billion to $3.447 billion.

The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.050 billion on an owned-period basis.

Total Company reported revenue for full-year 2026 is expected to be in the range of $6.479 billion to $6.497 billion.

The Company is updating its full-year 2026 adjusted EPS guidance to the range of $14.60 to $14.70, which represents 11% to 12% year-over-year adjusted EPS growth and is 13% to 14% on a constant currency basis.

Fourth Quarter 2026 Financial Guidance

The Company expects fourth quarter 2026 organic constant currency revenue growth to be in the range of 7.0% to 9.0%. Including the effect of currency translation, fourth quarter 2026 organic reported revenue is expected to be in the range of $984 million to $1.002 billion.

The Company expects acquired business reported revenue for the fourth quarter of 2026 to be approximately $817 million.

Total Company reported revenue for the fourth quarter of 2026 is expected to be in the range of $1.801 billion to $1.819 billion.

The Company expects fourth quarter 2026 adjusted EPS to be in the range of $4.58 to $4.68, which represents 1% to 3% year-over-year adjusted EPS growth.

Starting 2027 Growth Framework

Management will provide the Company's 2027 starting growth framework during its scheduled earnings conference call today at 8:00 a.m. ET, outlining how reshoring, synergies and AI-related demand drivers are expected to shape next year's growth.

Announcing Acquisition of MOBILion Systems, Inc.

The Company also announced today that it has acquired MOBILion Systems, Inc. MOBILion is the pioneer of SLIM high-resolution ion mobility separation technology for complex molecular analysis, which separates molecules by size, shape and charge in milliseconds. The acquisition complements Waters' industry-leading mass spectrometry portfolio and is expected to broaden the Company's entry into the proteomics market. Additional details are available in a separate release issued earlier today.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and fourth quarter. The Company is unable to provide reconciliations of forward-looking presentations of adjusted EPS guidance measures to the most directly comparable GAAP measures. Such reconciliations cannot be prepared without unreasonable efforts due to the inherent difficulty and unpredictability in forecasting and quantifying certain amounts that would be necessary for such reconciliations, including acquisition-related amortization, acquisition and restructuring costs, as well as certain legal, advisory and tax costs, or other costs that may arise, which amounts could be significant and could have a material impact on the Company's future GAAP financial results. All amounts, other than percentages and per share data, are presented in millions of dollars. Certain totals and percentages may not recalculate due to rounding.

Results for the acquired Biosciences and Diagnostic Solutions businesses (the "BDS Businesses") for the prior year comparable period are the quarterly results for the Biosciences and Diagnostic Solutions business units for the three months ended September 30, 2025, as reported in Exhibit 99.1 of the current report on Form 8-K filed by Becton, Dickinson and Company ("BDX") with the Securities and Exchange Commission ("SEC") on November 6, 2025.  This historical financial information reflects the results of operations of these businesses as they were historically managed by BDX in conformity with U.S. GAAP.  Therefore, such historical financial information does not necessarily reflect what these businesses' results of operations would have been had they operated as a part of Waters during the period presented, and does not reflect changes that have occurred since the consummation of the acquisition of these businesses by Waters, including, among other things, changes in the financing, cash management, operations, cost structure and personnel needs or differences in accounting policies.  For example, BDX provided certain services, such as legal, finance, information technology, human resources, and other infrastructure support to the BDS Businesses prior to their acquisition by Waters. Costs of these services were included in the BDS Businesses' results of operations through allocations based upon a proportion of revenue or headcount as determined by BDX in conformity with GAAP. Such allocated costs may not be indicative or necessary if the BDS Businesses operated as a part of Waters during the period presented, nor are they necessarily representative of the costs that may be incurred in the future.