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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $873M | +6.5% | $3.88 | +6.3% | 60.1% | 33.5% | 26.5% | $188M |
| FY2025 Q1 | $662M | +3.9% | $2.03 | +18.0% | 58.2% | 22.9% | 18.3% | $234M |
| FY2025 Q2 | $771M | +8.9% | $2.47 | +2.9% | 58.3% | 24.4% | 19.1% | $19M |
| FY2025 Q3 | $800M | +8.0% | $2.50 | -7.7% | 59.0% | 24.0% | 18.6% | $162M |
| FY2025 Q4 | $932M | +6.8% | $3.77 | -2.8% | 59.8% | 33.3% | 24.2% | $126M |
| FY2026 Q1 | $1.27B | +91.5% | $-0.87 | -142.9% | 47.0% | -3.7% | -5.7% | $-42M |
| FY2026 Q2 | $1.65B | +113.3% | $-1.39 | -156.3% | 44.6% | -5.2% | -8.3% | $151M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Puneet Souda | Leerink Partners | 14 (7%) |
| Tycho Peterson | Jefferies | 14 (21%) |
| Catherine Schulte | Robert W. Baird |
| Jack Meehan | Operon Research | 10 (0%) |
| Vijay Kumar | Evercore ISI | 8 (0%) |
| Dan Arias | Stifel | 6 (17%) |
| Dan Brennan | TD Cowen | 5 (0%) |
| Brandon Couillard | Wells Fargo | 5 (0%) |
| Evie Koslosky | Goldman Sachs | 4 (0%) |
| Matt Sykes | Goldman Sachs | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Leerink Partners | 1 | 14 (7%) |
| Jefferies | 1 | 14 (21%) |
| Robert W. Baird | 1 | 10 (40%) |
| Operon Research | 1 | 10 (0%) |
| Evercore ISI | 1 | 8 (0%) |
| Goldman Sachs | 2 | 8 (0%) |
| Stifel | 1 | 6 (17%) |
| Wells Fargo | 1 | 5 (0%) |
Waters delivered exceptional Q1 with total company revenue of $1.267B as organic revenue grew 13% reported and 11% in constant currency, driven by the BD acquisition integration exceeding expectations. Adjusted EPS grew 20% to $2.70 while management raised full-year guidance by $0.10 to EPS $14.40-$14.60 and organic constant currency growth to 6.5-8%. Chemistry and bioseparations product leadership continued with cross-selling momentum from the acquisition, though China market constraints partially offset by localization efforts and respiratory testing created a headwind in diagnostics.
Demand | M&A | Guidance Reliability | Revenue Growth | Geographic Expansion | Trade Tariffs | Competitive Dynamics | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 12 | 1 | 3 | 2 | 2 | 2 | 3 | |
| 2025Q1 | 11 | 2 | 2 | 1 | 2 | 6 | 1 | 2 |
| 2025Q2 | 7 | 4 | 2 | 3 | 3 | 3 | 2 | 1 |
| 2025Q3 | 7 | 2 | 5 | 3 | 2 | 1 | ||
| 2025Q4 | 2 | 8 | 4 | 2 | ||||
| 2026Q1 | 3 | 4 | 1 | 5 | 1 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 12 | 11 | 7 | 7 | 2 | 3 |
| M&A | 1 | 2 | 4 | 2 | 8 | 4 |
| Guidance Reliability | 3 | 2 | 2 | 5 | 4 | 1 |
| Revenue Growth | 2 | 1 | 3 | 3 | 2 | 5 |
| Geographic Expansion | 2 | 2 | 3 | 2 | 1 | |
| Trade Tariffs | 6 | 3 | ||||
| Competitive Dynamics | 2 | 1 | 2 | 3 | ||
| Macroeconomic | 3 | 2 | 1 | 1 |
What WAT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the spin-off of our Life Sciences business in combination with Waters, which is now accounted for as discontinued operations.”
BD spun off its Life Sciences business to combine with Waters (closed ahead of schedule), adding those assets to Waters — a completed M&A read-through for Waters.
“The Biosciences division, which represents the former BD Biosciences business delivered as reported revenue of $232 million”
Waters' newly acquired former BD Biosciences business generated $232 million in the quarter; Waters carved out BD's Biosciences and Diagnostic Solutions units and reports early performance improvement under its ownership.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
WAT Waters Corporation | 9 | +91.5% | |
| A Agilent Technologies | 6 | +7.0% | |
| CRL Charles River Laboratories | 4 | +1.2% | |
| DGX Quest Diagnostics | 9 | +9.2% | |
| DHR Danaher Corporation | 7 | +3.7% | |
| IDXX Idexx Laboratories | 8 | +14.3% | |
| IQV IQVIA | 7 | +8.4% | |
| LH LabCorp | 8 | +5.8% | |
| MTD Mettler Toledo | 7 | +7.2% | |
| RVTY Revvity | 5 | +7.0% | |
| TMO Thermo Fisher Scientific | 7 | +6.2% |