Waters Reports Q3 2026 Revenue of $1.767 Billion, Adjusted EPS of $4.10

What happened

Waters reported third-quarter 2026 revenue of $1.767 billion, including $871 million in organic revenue, and adjusted diluted EPS of $4.10. GAAP net income was $81 million and GAAP diluted EPS was $0.82, reflecting acquisition-related and restructuring costs. The company raised its full-year 2026 revenue and adjusted EPS outlook.

Confirmed

Global impact / market context

Higher revenue and a raised outlook suggest demand for Waters' laboratory equipment is holding up, which supports future sales and profit. The gap between $0.82 GAAP EPS and $4.10 adjusted EPS shows acquisition and restructuring costs are weighing on reported profit, which means investors should track whether those costs fade.

Analyst inference

Organic revenue rose 9% as reported and 10% in constant currency, while acquired businesses contributed $896 million. That mix means growth depends partly on purchases rather than existing operations. Weak operating income of $128 million versus $192 million a year earlier signals cost pressure even as adjusted profit rose 21%.

Analyst inference

What to watch

1. Full-year 2026 guidance calls for reported revenue of $6.479 billion to $6.497 billion and adjusted EPS of $14.60 to $14.70, so watch whether actual results land within this raised range. Confirmed
2. Watch whether acquisition-related and restructuring costs shrink in coming quarters, because the gap between GAAP diluted EPS of $0.82 and adjusted diluted EPS of $4.10 is wide. Proposed
3. Track organic revenue growth and operating income together, since 9% organic growth alongside lower operating income of $128 million suggests costs are rising faster than sales. Analyst inference

Evidence

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