Earnings Call
May 5, 2026
Q1 FY2026
EPS Estimate
2.31
EPS Actual
2.70
Post-Earnings Close
$342.53
Earnings Reaction
+13.5%
Waters Corporation's first quarter 2026 marks a genuine inflection point, not just a strong organic quarter, but the opening act of a fundamentally transformed company following the February 9 close of the Becton Dickinson Biosciences and Diagnostic Solutions acquisition. Total reported revenue of $1.267 billion comprised $747 million of organic revenue (growing 11% in constant currency, 200 basis points above the top of guidance) and $520 million from the newly acquired businesses, which themselves beat guidance by $40 million. Adjusted EPS of $2.70 grew 20% year-over-year and exceeded the high end of guidance by $0.35. The breadth of the beat, top line, gross margin, and operating margin each running approximately 200 basis points ahead of expectations, signals execution discipline rather than a one-time windfall.
Report generated on May 6, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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