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How Waters Corporation (WAT) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 113.4% y/y to $1.65B, operating margin −5.2% vs 24.4%, net loss $136M (vs net income $147M a year earlier).
Key growth driver: Advanced Diagnostics Division (ADx) — the fastest-growing revenue line: $521, +740% y/y. · by the Q2 2026 report
Net revenue
$1,645M
up 113% y/y
Next report
not announced yet
How does Waters make money?
Waters brought in $1.65 billion of revenue in Q2 2026, up 113% year over year. The largest source was Analytical Sciences Division (ASD): $669 million, or 41% of the total, followed by Advanced Diagnostics Division (ADx) ($521M, 32%) and Biosciences Division (WBD) ($368M, 22%); other lines add the remaining 5%.
Revenue by source, Q2 2026
- Analytical Sciences Division (ASD)$669M · 41% · +6.7%
- Advanced Diagnostics Division (ADx)$521M · 32% · +740%
- Biosciences Division (WBD)$368M · 22%
- Materials Sciences Division (MSD)$87.0M · 5% · +6.1%
Shares of $1.65B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Analytical Sciences Division (ASD) | $669 · +6.7% |
| Advanced Diagnostics Division (ADx) | $521 · +740% |
| Biosciences Division (WBD) | $368 · vs $0 |
| Materials Sciences Division (MSD) | $87 · +6.1% |
| Net revenue | $1,645 · +113% |
| Income Tax Benefit | $5 · vs −$31 |
| Net (loss) income | $136 · vs $147 |
| Cost of revenue | $911 · +184% |
| Selling and administrative expenses | $405 · +105% |
| Purchased intangibles amortization | $244 · ×20 |
| Research and development expenses | $122 · +149% |
| Restructuring charges | $49 · +1533% |
| Interest expense, net | $55 · +450% |
Verdict: revenue grew 113.4% y/y to $1.65B, operating margin −5.2% vs 24.4%, net loss $136M (vs net income $147M a year earlier).
GAAP EPS of ($1.39) vs $2.47 a year earlier; adjusted EPS $3.05 (non-GAAP); full-year 2026 guidance raised, including adjusted EPS of $14.45 to $14.65.
Source and notation
Source: Waters earnings release, 8-K EX-99 of 08/04/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Revenue rose 113% to $1.645 billion: $828 million of organic revenue (up 7%) plus $817 million from the acquired Biosciences and Diagnostic Solutions businesses.
- The quarter turned to a loss because of acquisition accounting: cost of revenue included $155 million of inventory and fixed asset step-up, and intangibles amortization included $232 million related to the BDS acquisition.
- Operating loss was $86M, a −5.2% margin vs 24.4% a year earlier.
- The effective tax rate was 3.5% vs 17.4% a year earlier.
- Diluted EPS was −$1.39 vs $2.47 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-08-11 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-08-11 · SEC EDGAR · 10/20/2026
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries. · Text: Wikipedia, CC BY-SA 4.0, abridged
Heads-up
- a net loss in Q2 2026 ($136 · vs $147)
Most likely because the quarter turned to a loss because of acquisition accounting: cost of revenue included $155 million of inventory and fixed asset step-up; the effective tax rate was 3.5% vs 17.4% a year earlier; operating loss was $86M, a −5.2% margin vs 24.4% a year earlier. Based on the Q2 2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $800M, EPS (GAAP) $2.50
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
WAT earnings history: past report dates
| Aug 4, 2026 Tue | 6:10 ambefore market open | Jul 4, 2026 | $1.6B+113% y/y | −$1.39 |
| May 5, 2026 Tue | 6:10 ambefore market open | Apr 4, 2026 | $1.3B+91% y/y | −$0.87 |
| Feb 9, 2026 Mon | 7:00 ambefore market open | Dec 31, 2025 | $932M+7% y/y | $3.77−3% y/y |
| Nov 4, 2025 Tue | 7:00 ambefore market open | Sep 30, 2025 | $800M+8% y/y | $2.50−8% y/y |
| Aug 4, 2025 Mon | 6:08 ambefore market open | Jun 28, 2025 | $771M+9% y/y | $2.47+3% y/y |
| May 6, 2025 Tue | 6:05 ambefore market open | Mar 29, 2025 | $662M+4% y/y | $2.03+18% y/y |
| Feb 12, 2025 Wed | 6:03 ambefore market open | Dec 31, 2024 | $873M+6% y/y | $3.88+6% y/y |
| Nov 1, 2024 Fri | 6:04 ambefore market open | Sep 30, 2024 | $740M+4% y/y | $2.71+19% y/y |
| Jul 31, 2024 Wed | 7:03 ambefore market open | Jun 30, 2024 | $709M−4% y/y | $2.40−6% y/y |
| May 7, 2024 Tue | 7:01 ambefore market open | Mar 31, 2024 | $637M−7% y/y | $1.72−28% y/y |
| Feb 6, 2024 Tue | 7:00 ambefore market open | Dec 31, 2023 | $819M−5% y/y | $3.65−4% y/y |
| Nov 7, 2023 Tue | 6:59 ambefore market open | Sep 30, 2023 | $712M+0% y/y | $2.27−13% y/y |
| Aug 2, 2023 Wed | 7:00 ambefore market open | Jun 30, 2023 | $741M+4% y/y | $2.55−6% y/y |
| May 9, 2023 Tue | 7:00 ambefore market open | Mar 31, 2023 | $685M−1% y/y | $2.38−9% y/y |
| Feb 15, 2023 Wed | 7:16 ambefore market open | Dec 31, 2022 | $859M+3% y/y | $3.81+8% y/y |
| Nov 1, 2022 Tue | 7:00 ambefore market open | Sep 30, 2022 | $709M+7% y/y | $2.60+0% y/y |
| Aug 2, 2022 Tue | 7:00 ambefore market open | Jun 30, 2022 | $714M+5% y/y | $2.72+1% y/y |
| May 3, 2022 Tue | 7:00 ambefore market open | Mar 31, 2022 | $691M+13% y/y | $2.62+11% y/y |
| Feb 1, 2022 Tue | 7:01 ambefore market open | Dec 31, 2021 | $836M+6% y/y | $3.52+1% y/y |
| Nov 2, 2021 Tue | 7:00 ambefore market open | Sep 30, 2021 | $659M+11% y/y | $2.60+28% y/y |
| Aug 3, 2021 Tue | 7:01 ambefore market open | Jun 30, 2021 | $682M+31% y/y | $2.69+36% y/y |
| May 5, 2021 Wed | 7:00 ambefore market open | Mar 31, 2021 | $609M+31% y/y | $2.37+176% y/y |
| Feb 2, 2021 Tue | 6:50 ambefore market open | Dec 31, 2020 | $787M+10% y/y | $3.49+12% y/y |
| Oct 27, 2020 Tue | 6:50 ambefore market open | Sep 30, 2020 | $594M+3% y/y | $2.03−2% y/y |
| Jul 15, 2020 Wed | 12:05 pmduring market hours | Jun 30, 2020 | $520M−13% y/y | $1.98−5% y/y |
| Apr 28, 2020 Tue | 7:00 ambefore market open | Mar 31, 2020 | $465M−10% y/y | $0.86−43% y/y |
| Feb 4, 2020 Tue | 7:00 ambefore market open | Dec 31, 2019 | $716M+0% y/y | $3.12+27% y/y |
| Oct 29, 2019 Tue | 7:01 ambefore market open | Sep 30, 2019 | $577M−0% y/y | $2.07+13% y/y |
| Jul 30, 2019 Tue | 7:00 ambefore market open | Jun 30, 2019 | $599M+0% y/y | $2.08+5% y/y |
| Apr 23, 2019 Tue | 7:00 ambefore market open | Mar 31, 2019 | $514M−3% y/y | $1.51+8% y/y |
| Jan 23, 2019 Wed | 7:00 ambefore market open | Dec 31, 2018 | $715M+4% y/y | $2.46 |
| Oct 23, 2018 Tue | 7:00 ambefore market open | Sep 30, 2018 | $578M+2% y/y | $1.83+8% y/y |
| Jul 24, 2018 Tue | 7:00 ambefore market open | Jun 30, 2018 | $596M+7% y/y | $1.98+21% y/y |
| Apr 24, 2018 Tue | 7:01 ambefore market open | Mar 31, 2018 | $531M+7% y/y | $1.40+7% y/y |
| Jan 23, 2018 Tue | 7:01 ambefore market open | Dec 31, 2017 | $687M+9% y/y | −$4.44 |
| Oct 24, 2017 Tue | 7:01 ambefore market open | Sep 30, 2017 | $566M+7% y/y | $1.69+10% y/y |
| Jul 25, 2017 Tue | 7:00 ambefore market open | Jun 30, 2017 | $558M+4% y/y | $1.63+4% y/y |
| Apr 25, 2017 Tue | 7:00 ambefore market open | Mar 31, 2017 | $498M+5% y/y | $1.31+14% y/y |
| Jan 24, 2017 Tue | 7:00 ambefore market open | Dec 31, 2016 | $629M+7% y/y | $2.15+17% y/y |
| Oct 25, 2016 Tue | 7:00 ambefore market open | Oct 1, 2016 | $527M+5% y/y | $1.53+9% y/y |
| Jul 26, 2016 Tue | 7:00 ambefore market open | Jul 2, 2016 | $537M+8% y/y | $1.57+24% y/y |
| Apr 26, 2016 Tue | 7:15 ambefore market open | Apr 2, 2016 | $475M+3% y/y | $1.15+0% y/y |
| Jan 26, 2016 Tue | 7:15 ambefore market open | Dec 31, 2015 | $587M+0% y/y | $1.84+2% y/y |
| Oct 27, 2015 Tue | 7:16 ambefore market open | Oct 3, 2015 | $501M+2% y/y | $1.40+4% y/y |
| Jul 28, 2015 Tue | 7:15 ambefore market open | Jul 4, 2015 | $495M+3% y/y | $1.27+12% y/y |
| Apr 28, 2015 Tue | 7:17 ambefore market open | Apr 4, 2015 | $460M+7% y/y | $1.15+40% y/y |
| Jan 26, 2015 Mon | 4:17 pmafter market close | Dec 31, 2014 | $584M+3% y/y | $1.80+9% y/y |
| Oct 21, 2014 Tue | 7:16 ambefore market open | Sep 27, 2014 | $493M+8% y/y | $1.34+18% y/y |
| Jul 22, 2014 Tue | 7:15 ambefore market open | Jun 28, 2014 | $482M+7% y/y | $1.13+10% y/y |
| Apr 29, 2014 Tue | 7:15 ambefore market open | Mar 29, 2014 | $431M+0% y/y | $0.82−41% y/y |
| Jan 28, 2014 Tue | 7:15 ambefore market open | Dec 31, 2013 | $565M+8% y/y | $1.65−18% y/y |
| Oct 22, 2013 Tue | 7:15 ambefore market open | Sep 28, 2013 | $457M+2% y/y | $1.14+2% y/y |
| Jul 23, 2013 Tue | 7:15 ambefore market open | Jun 29, 2013 | $451M−0% y/y | $1.03−6% y/y |
| Apr 23, 2013 Tue | 7:15 ambefore market open | Mar 30, 2013 | $430M+2% y/y | $1.39+42% y/y |
| Jan 22, 2013 Tue | 7:20 ambefore market open | Dec 31, 2012 | $522M+0% y/y | $2.00+32% y/y |
| Oct 23, 2012 Tue | 7:30 ambefore market open | Sep 29, 2012 | $450M−1% y/y | $1.12+2% y/y |
| Jul 24, 2012 Tue | 7:31 ambefore market open | Jun 30, 2012 | $451M+1% y/y | $1.09+2% y/y |
| Apr 24, 2012 Tue | 7:18 ambefore market open | Mar 31, 2012 | $420M−2% y/y | $0.98−3% y/y |
| Jan 24, 2012 Tue | 7:17 ambefore market open | Dec 31, 2011 | $521M | $1.51 |
| Oct 25, 2011 Tue | 7:30 ambefore market open | Oct 1, 2011 | $455M | $1.10 |
| Jul 26, 2011 Tue | 7:15 ambefore market open | Jul 2, 2011 | $448M | $1.07 |
| Apr 26, 2011 Tue | 7:15 ambefore market open | Apr 2, 2011 | $428M | $1.01 |
Show all 62 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Waters Corporation: 15-year financials
| 2025 | 3,165 | 803 | 643 | 540 |
| 2024 | 2,958 | 826 | 638 | 620 |
| 2023 | 2,956 | 818 | 642 | 442 |
| 2022 | 2,972 | 873 | 708 | — |
| 2021 | 2,786 | 822 | 693 | — |
| 2020 | 2,365 | 646 | 522 | — |
| 2019 | 2,407 | 709 | 592 | — |
| 2018 | 2,420 | 740 | 594 | — |
| 2017 | 2,309 | 662 | 20.3 | — |
| 2016 | 2,167 | 625 | 522 | — |
| 2015 | 2,042 | 568 | 469 | — |
| 2014 | 1,989 | 518 | 432 | — |
| 2013 | 1,904 | 517 | 450 | — |
| 2012 | 1,844 | 512 | 461 | — |
| 2011 | 1,851 | 529 | — | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jul 4, 2026: $15.2B (61% of total assets). Compare with other S&P 500 companies →
Waters Corporation (WAT) earnings: FAQ
How does Waters make money?
Waters brought in $1.65 billion of revenue in Q2 2026, up 113% year over year. The largest source was Analytical Sciences Division (ASD): $669 million, or 41% of the total, followed by Advanced Diagnostics Division (ADx) ($521M, 32%) and Biosciences Division (WBD) ($368M, 22%); other lines add the remaining 5%.
When is WAT's next earnings date?
We have not yet seen an announcement of the date from Waters Corporation (WAT). Based on last year's report on Nov 4, 2025, the next report is expected around Nov 3, 2026.
What time does WAT report earnings?
Waters Corporation usually reports before market open: its latest results release was filed with the SEC at 6:10 am ET on Aug 4, 2026.
When did WAT last report earnings?
Waters Corporation reported Q2 2026 results on Aug 4, 2026.
Where can I find Waters Corporation's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to WAT's filings; this page breaks the latest report down in a Sankey chart.
How has Waters Corporation's revenue changed since 2011?
Per its 10-K filings, revenue grew 1.7x: $1,851M in 2011 and $3,165M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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