Waters Q4 adjusted EPS beats estimates on pharma, industrial markets growth

Waters

09/02/2026 11:38

Overview

Analytical instruments firm's Q4 sales slightly beat analyst expectations, growing 7% yr/yr

Adjusted EPS for Q4 beat analyst expectations, growing by double digits

Company completed acquisition of BD Biosciences and Diagnostic Solutions

Outlook

Waters expects full-year 2026 revenue between $6.405 bln and $6.455 bln

Company anticipates full-year 2026 non-GAAP EPS of $14.30 to $14.50

Waters sees Q1 2026 revenue between $1.198 bln and $1.211 bln and non-GAAP EPS of $2.25 to $2.35

Result Drivers

PHARMA AND INDUSTRIAL MARKETS - Growth in these markets led Q4 results, with high single-digit constant currency growth

CHEMISTRY DEMAND - Chemistry sales grew 12% in constant currency, driven by demand for new bioseparations products

INSTRUMENT SALES - Instruments grew 3% in constant currency, with LC-MS growth partially offset by transition to subscription model

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Sales
Slight Beat*
$932.4 mln
$928.10 mln (16 Analysts)
Q4 Adjusted EPS
Beat
$4.53
$4.51 (18 Analysts)
Q4 EPS
$3.77


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

Wall Street's median 12-month price target for Waters Corp is $412.50, about 8.2% above its February 6 closing price of $381.29

The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 25 three months ago

Press Release: ID:nPnbKDxKBa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)