Milford, Mass. – November 03, 2026 -- Waters Corporation raised every component of its full-year 2026 guidance after third-quarter revenue of $1.767 billion beat the guidance midpoint by $14 million and adjusted EPS rose 21% to $4.10. The company lifted its total reported revenue outlook by $43 million at the midpoint.
Organic revenue climbs 9% as acquired businesses add $896 million
Organic revenue reached $871 million, up from $800 million a year earlier. That is 9% growth as reported and 10% in constant currency. The acquired Biosciences and Diagnostic Solutions businesses contributed $896 million, compared with $885 million on a prior-year comparable basis.
GAAP diluted EPS fell to $0.82 from $2.50 a year earlier. Waters attributed the drop to acquisition-related purchase accounting charges, acquisition-related costs and restructuring costs. Adjusted EPS rose from $3.40 to $4.10.
Analytical Sciences revenue rises to $703 million on instrument and chemistry demand
The Analytical Sciences Division grew 8% as reported and 9% in constant currency, from $649 million to $703 million. Double-digit instrument and chemistry growth drove the result. CEO Udit Batra cited LC-MS instrument replacement trends and growth drivers tied to GLP-1s, PFAS and India generics.
The Materials Sciences Division, formerly the TA Division, posted $93 million against $87 million a year earlier.
Biosciences reagent growth accelerates 400 basis points; diagnostics stay flat
The Biosciences Division generated $396 million, up from $387 million. Reagents grew high single digits on a prior-year comparable basis, a 400 bps acceleration in year-over-year growth. Research and clinical reagents both grew high single digits.
In the Advanced Diagnostics Division, Diagnostic Solutions revenue was nearly flat at $500 million versus $498 million. Microbiology grew mid-single digits on a comparable basis. The Clinical Business Unit rose to $75 million from $64 million.
Batra said Waters is delivering ahead of schedule on synergy and integration commitments for the acquired businesses.
Full-year revenue outlook rises to $6.479 billion-$6.497 billion
Waters now expects full-year organic constant-currency growth of 9.1% to 9.7%. Organic reported revenue is projected at $3.429 billion to $3.447 billion. Acquired business revenue is expected at about $3.050 billion on an owned-period basis.
Full-year adjusted EPS guidance is $14.60 to $14.70, implying 11% to 12% growth, or 13% to 14% in constant currency.
Fourth-quarter guidance calls for $1.801 billion-$1.819 billion in revenue
Waters expects fourth-quarter organic constant-currency growth of 7.0% to 9.0%. Organic reported revenue is projected at $984 million to $1.002 billion. Acquired business revenue is expected at about $817 million. Adjusted EPS is guided to $4.58 to $4.68, up 1% to 3% year over year.
Management said the fourth-quarter outlook implies double-digit growth in both organic and acquired businesses on a days-adjusted basis.
Waters acquires MOBILion Systems to broaden entry into proteomics
Waters announced it has acquired MOBILion Systems, Inc., the developer of SLIM high-resolution ion mobility separation technology. The technology separates molecules by size, shape and charge in milliseconds. Waters said the deal complements its mass spectrometry portfolio and is expected to broaden its entry into the proteomics market.
Management planned to present its starting 2027 growth framework on the 8:00 a.m. ET earnings call. It was to outline how reshoring, synergies and AI-related demand drivers are expected to shape next year's growth.