Results
Second Quarter 2026 Highlights
Total reported revenue of $1.645 billion surpassed the high end of the guidance range, driven by broad-based outperformance across both organic revenue and the acquired businesses.
Organic revenue of $828 million grew 7% as reported and 9% in constant currency; the Analytical Sciences Division (ASD) delivered 8% instrument growth and double-digit chemistry consumables growth, led by low-double-digit growth in both Pharma and A&G end markets, in constant currency, as the market recovery has entered a broader phase, expanding across additional customer segments.
5Biosciences and Diagnostic Solutions revenue of $817 million exceeded guidance by $15 million and grew 4% on a prior year comparable basis, reflecting strong traction from commercial execution and operational improvements under the Company’s 180-day growth revitalization plan that drove a faster-than-expected acceleration to mid-single-digit growth.
GAAP EPS of ($1.39); Adjusted EPS of $3.05 landed at the high end of the guidance range, as early cost actions offset unfavorable foreign exchange translation.
Outlook
1The Company is raising all components of its full-year 2026 guidance, given better-than-expected results and broad strengthening in end-market conditions.Guidance raised
8It now expects full-year 2026 organic constant currency revenue growth of 7% to 9%, acquired business reported revenue of $3.045 billion, and adjusted EPS of $14.45 to $14.65, reflecting 10-12% growth.
Results
Overall Financial Results
The Company’s reported revenue for the second quarter of 2026 was $1.645 billion, reflecting $828 million of organic revenue and $817 million of revenue from the recently acquired Biosciences and Diagnostic Solutions businesses.
Organic revenue for the second quarter of 2026 was $828 million, compared to $771 million for the second quarter of 2025, representing an increase of 7% as reported and 9% in constant currency.
Revenue from Biosciences and Diagnostic Solutions was $817 million for the second quarter of 2026, compared to $783 million on a prior year comparable basis.
On a GAAP basis, the Company reported a diluted loss per share of $1.39 for the second quarter of 2026, compared to diluted EPS of $2.47 for the second quarter of 2025, reflecting acquisition-related purchase accounting charges, including amortization of acquired intangibles and inventory step-up.
Adjusted EPS for the second quarter of 2026 grew 3% to $3.05, compared to $2.95 for the second quarter of 2025.
Management commentary
“Thanks to the hard work of our teams, we delivered industry-leading growth again this quarter, executing ahead of guidance across all four divisions,” said Udit Batra, Ph.D., President & Chief Executive Officer, Waters Corporation.
6“Organic revenue grew 9% in constant currency, and our newly acquired businesses grew mid-single-digits in their first full quarter under Waters ownership.
This performance reflects strong execution across the combined Company as our integration continues to gain momentum, while the recovery across our end markets has broadened with previously lagging customer segments now returning to growth.”
Outlook
2Dr. Batra continued, “With momentum building across our portfolio, end markets, and synergies, we are raising every component of our full-year 2026 guidance.Guidance raised
Looking ahead, as end market conditions continue to strengthen and our growth strategy compounds, Waters is better positioned today than at any point in our recent history, with a broader portfolio, a larger installed base, and the clearest set of growth catalysts we have ever had.”
Results
Analytical Sciences Division (ASD)
The Analytical Sciences Division – the former Waters Division, excluding the Clinical Business Unit – delivered reported revenue of $669 million in the quarter, compared to $627 million for the second quarter of 2025.
The Biosciences Division – formerly known as BD Biosciences – delivered reported revenue of $368 million in the quarter, compared to $358 million for the prior year comparable period.
Corporate events
The Advanced Diagnostics Division comprises the former BD Diagnostic Solutions business and the Clinical Business Unit previously reported within Waters Division.
Results
The Diagnostic Solutions business delivered reported revenue of $449 million in the quarter, compared to $425 million for the prior year comparable period.
The Clinical Business Unit delivered reported revenue of $72 million in the quarter, compared to $62 million for the second quarter of 2025.
The Materials Sciences Division – formerly known as TA Division – delivered reported revenue of $87 million in the quarter, compared to $82 million for the second quarter of 2025.
Outlook
Full-Year and Third Quarter 2026 Financial Guidance
Full-Year 2026 Financial Guidance
7The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 7.0% to 9.0%.Guidance raised
Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.370 billion to $3.431 billion.
3The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.045 billion on an owned-period basis.Guidance raised
Total Company reported revenue for full-year 2026 is expected to be in the range of $6.415 billion to $6.476 billion.
4The Company is raising its full-year 2026 adjusted EPS guidance to the range of $14.45 to $14.65, which represents 10% to 12% year-over-year adjusted EPS growth and is 12% to 14% on a constant currency basis.Guidance raised
Third Quarter 2026 Financial Guidance
The Company expects third quarter 2026 organic constant currency revenue growth to be in the range of 8% to 10%.
Including the effect of currency translation, third quarter 2026 organic reported revenue is expected to be in the range of $850 million to $867 million.
The Company expects acquired business reported revenue for the third quarter of 2026 to be approximately $895 million.
Total Company reported revenue for the third quarter of 2026 is expected to be in the range of $1.745 billion to $1.762 billion.
The Company expects third quarter 2026 adjusted EPS to be in the range of $3.95 to $4.05, which represents 16% to 19% year-over-year adjusted EPS growth.
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