Waters Q3 FY2026: 10% organic growth, EPS beat, guidance raised
Waters beat on both the top and bottom line and raised every part of its 2026 outlook — organic revenue rose 10.0% in constant currency and adjusted EPS of $4.10 came in ahead of the $4.0372 consensus. The complication is the GAAP picture: a $127 million nine-month net loss, driven by purchase accounting from the Biosciences and Diagnostics deal, sits alongside the adjusted numbers. Read the adjusted figures for momentum, the GAAP figures for what the deal actually costs.
1 · Expected vs. Actual
Free preview belowAdjusted EPS of $4.10 rose 21.0% from $3.40 and beat the $4.0372 consensus by roughly $0.06. GAAP EPS of $0.82 fell from $2.50 because the quarter absorbed $244 million of purchased intangibles amortization, $80 million of inventory and fixed-asset step-ups inside cost of revenue, and $12 million of restructuring. Same business, two very different numbers — the gap is the acquisition's accounting bill.
Reported revenue of $1.767 billion was up 121.0% from $800 million, but that jump is the acquisition, not growth. Strip out the $896 million of acquired revenue and organic revenue was $871 million, up 9.0% as reported and 10.0% in constant currency. The quarter landed $14 million above the $1.753 billion guidance midpoint.
Management raised every component of 2026 guidance, lifting revenue at the midpoint by $43 million to $6.488 billion and setting adjusted EPS at $14.60 to $14.70, or 11.0% to 12.0% growth. The fourth-quarter guide is $1.801 billion to $1.819 billion of revenue and $4.58 to $4.68 of adjusted EPS. That Q4 EPS range implies only 1.0% to 3.0% growth, so the year's growth is front-loaded.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-11
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