Waters Corp. tops estimates as strategic acquisitions fuel Q1 surge

Waters Corporation (NYSE:WAT) reported financial results for the first quarter of 2026 that exceeded internal forecasts and market expectations, bolstered by resilient demand in its core analytical instruments market and the successful contribution of recent large-scale acquisitions.

Total revenue for the quarter reached $1.267 billion, surpassing the company’s guidance by $56 million.

The revenue performance was anchored by $747 million in organic revenue—representing a 13% increase as reported and 11% on a constant-currency basis.

The results were further strengthened by $520 million in contributions from the newly acquired Biosciences and Diagnostic Solutions businesses.

While the company reported a GAAP diluted loss per share of $0.87, management noted this figure primarily reflects significant one-time charges related to acquisition accounting and integration costs.

On an adjusted basis, which excludes these non-recurring items, EPS rose 20% year-over-year to $2.70, showcasing the company’s ability to maintain high margins while scaling its operations.

Following the strong Q1 performance, the company now expects these acquired businesses to contribute approximately $3.035 billion in total revenue for the full year 2026.

Additionally, the company anticipates full-year organic revenue growth in the range of 6.5% to 8%.