WAT
Waters CorporationPrevious close
462.72
Change
−17.35 / −3.61%
P/E (TTM) ?
278.6
Market Cap
$44.6B
1M
+5.31%
S&P 500 −0.91% over same period
Volume / Avg Volume
1.3M / 871K
1.54× average
Latest earnings analysisFY2026 Q2Reported 2026-08-04
Waters Q2 2026: revenue beat, GAAP loss masks $3.05 adjusted EPS and raised guidance
Waters beat its own second-quarter revenue guide and raised every component of full-year 2026 guidance, on 9% constant-currency organic growth and mid-single-digit growth in the newly acquired businesses. The ugly GAAP numbers — a $1.39 per-share loss and a 44.6% gross margin — are purchase-accounting artifacts: $155 million of inventory step-up in cost of revenue and $244 million of intangible amortization. Read adjusted EPS of $3.05 and the cash flow, not the loss.
Read the full analysis →Revenue$1.65BYoY +113.40%
EPS (non-GAAP)$3.05Beatest. $3.04
Next-quarter revenue guidance$1.75B ±0.5%YoY +6.60%
Next-day move+0.99%
Recent Earnings
Click to read the FinDog analysis| Period | Reported | Revenue | Analysis |
|---|---|---|---|
| FY2026 Q2 Quarter ended 2026-07 | 2026-08-04 | $1.6B | Read analysis → |
| FY2026 Q1 Quarter ended 2026-04 | 2026-05-05 | $1.3B | Pending |
| FY2025 Q4 Quarter ended 2025-12 | 2026-02-09 | $932M | Pending |
| FY2025 Q3 Quarter ended 2025-09 | 2025-11-04 | $800M | Pending |
| FY2025 Q2 Quarter ended 2025-06 | 2025-08-04 | $771M | Pending |
| FY2025 Q1 Quarter ended 2025-03 | 2025-05-06 | $662M | Pending |
Decision Panel
Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market dataValuation
P/E is at percentile 100 of its 5-year rangeExpensive
5-year range 26.3 – 107.8 · Median 33.0
Last 4 quarters: $14.7M in buybacks + $0 in dividends, 0.03% of market cap combined
P/E (TTM)
278.6
P/B
3.1
P/S
10.0
PEG
—
Earnings Reaction
Over the last 6 reports, the stock moved ±1.3% on average on the first trading day after, rising 4 times
Most recent +0.99%
Guidance Credibility
Of the last 2 next-quarter revenue guides, 2 were met; actual results averaged 3.3% above guidance
Volatility & Correlation
1-year beta 0.92 · Correlation with S&P 500 0.33Tracks the market
Annualized volatility 35% vs. 13% for the S&P 500
Insider Trading
View all →Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions
Buy 0 · $0.00MSell 1 · $1.4MNet selling $1.4M
- 08-06KUEBLER CHRISTOPHER ADirectorSell$1.4M3,626 shares · Avg price 397.94
Multi-Quarter Financial Trends
View all quarters →Last 10 quarters · As reported by the company
| Quarter | Revenue ($B) | YoY | Gross Margin | Net Income ($B) | EPS |
|---|---|---|---|---|---|
| FY2026 Q2 | 1.65 | +113.4% | — | -0.14 | -1.39 |
| FY2026 Q1 | 1.27 | +91.4% | — | -0.07 | -0.87 |
| FY2025 Q4 | 0.93 | +6.8% | 61.1% | — | 3.77 |
| FY2025 Q3 | 0.80 | +8.0% | — | 0.15 | 2.50 |
| FY2025 Q2 | 0.77 | +8.8% | — | 0.15 | 2.47 |
| FY2025 Q1 | 0.66 | +4.0% | — | 0.12 | 2.03 |
| FY2024 Q4 | 0.87 | — | 60.1% | — | 3.88 |
| FY2024 Q3 | 0.74 | — | — | 0.16 | 2.71 |
| FY2024 Q2 | 0.71 | — | — | 0.14 | 2.40 |
| FY2024 Q1 | 0.64 | — | — | 0.10 | 1.72 |
| Ticker | P/E | Revenue YoY | Gross Margin | 1M | View |
|---|---|---|---|---|---|
| WAT | 278.6 | +113.4% | — | +5.31% | Bullish |
| LLY | 50.2 | +38.6% | 83.9% | +22.51% | Bullish |
| JNJ | 41.3 | +5.9% | 68.1% | +3.20% | Bullish |
| ABBV | 81.4 | +10.2% | 74.7% | +12.73% | Bullish |
| UNH | 23.0 | +0.4% | 88.1% | +10.87% | Bullish |
| MRK | 117.2 | +5.1% | 73.5% | +2.90% | Neutral |
| TMO | 36.4 | +9.1% | — | +3.25% | Neutral |
| AMGN | 28.5 | +9.5% | 72.0% | +10.56% | Bullish |
| GILD | — | +6.8% | 81.1% | +14.51% | Neutral |