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WAT · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
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 as an image: WAT, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “WAT Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/wat/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/wat/q2-2026"><img src="https://whoreportstoday.com/t/wat/q2-2026/sankey.png" alt="WAT Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/wat/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/wat/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/wat/q2-2026">WAT Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
WAT — Waters is a scientific instruments company making liquid chromatography, mass spectrometry and thermal analysis systems and consumables; in 2026 it combined with Becton Dickinson's Biosciences and Diagnostic Solutions business.
Headquarters: Milford, Massachusetts.
Heads-up
- a net loss in Q2 2026 ($136 · vs $147)
Net loss for Q2 2026: $136M. In the report's figures: costs grew faster than revenue: cost of revenue +184% y/y, restructuring charges +1533% y/y, interest expense, net +450% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: WST · Q3 2026 · ZBH · Q2 2026 · ZTS · Q2 2026 · A · Q3 FY2026 · ABBV · Q3 2026 · ABT · Q3 2026 · ALGN · Q3 2026 · AMGN · Q2 2026 · BAX · Q3 2026 · BDX · Q3 FY2026 · all reports