Analyst Consensus ?
ConsensusHold37 ratings
Bullish1951.4%
Neutral1643.2%
Bearish25.4%
Waters Corporation · WAT · FY2025 Q2 · Calendar Q3 2025
Waters raises guidance as LCMS demand and BD synergies shape the outlook
The supplied analysis supports a constructive operating thesis for Waters: resilient LCMS and recurring chemistry demand, raised guidance, and potential BD synergies outweigh near-term pressure from TA weakness, tariffs, funding, and integration risk. The relative event-session decline shows that strong fundamentals did not translate into an immediately positive market reaction.
Reported Before market openNYSEHealthcare
$42.13B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.95
Consensus $2.94
EPS surprise
+0.3%
Reported versus consensus
Reported revenue
$771.3M
Consensus $748.7M
Revenue surprise
+3.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.6%
Event window
SPY move
+1.5%
Same window
Abnormal move
-3.1%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
WATSPY benchmark
Ask FN2 about WAT FY2025 Q2
Transcript, numbers and history already loaded
Why did WAT fall 1.6% after beating EPS estimates in FY2025 Q2?What changed in WAT's guidance and outlook in FY2025 Q2?Give me the bull and bear case for WAT after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported stronger Q2 revenue performance, raised full-year sales and EPS guidance, and emphasized the pending BD combination, e-commerce expansion, recurring chemistry growth, and new product launches. Compared with the prior quarter, the growth case broadened from Waters' instrument and testing demand to include the prospective BD portfolio and its expected synergies.
Guidance delta
Management raised full-year sales and EPS guidance, extending the positive guidance direction from the prior quarter.
Key takeaways
- Q2 revenue growth exceeded the high end of internal guidance, supported by LCMS and mass spectrometry demand.
- Recurring chemistry revenue grew double-digit, with e-commerce adoption contributing to momentum.
- The pending BD Biosciences and Diagnostic Solutions combination adds cost, revenue, and product-growth opportunities.
- TA weakness, tariff effects, funding pressure, and acquisition execution remain important offsets.
- The shares underperformed SPY in the event-session reaction, then showed positive subsequent drift.
Management priorities
- Sustain LCMS replacement-cycle demand and mass-spectrometer adoption.
- Expand e-commerce and service attachment.
- Integrate the BD operations and pursue identified cost and revenue synergies.
- Advance next-generation BACTEC and flow-cytometry products.
- Build growth in PFAS testing, CDMO markets, China, India, and other Asian markets.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$434.09Current
$315Low
$427.12Average
$515High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 9, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Guggenheim | Buy | Buy | Maintain | Oct 1, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 21, 2026 |
| UBS | Buy | Neutral | Upgrade | Sep 9, 2026 |
| Piper Sandler | Overweight | Neutral | Upgrade | Aug 27, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 10, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 5, 2026 |
| TD Cowen | Buy | Hold | Upgrade | Aug 5, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 9, 2026 |
| HSBC | Buy | Buy | Maintain | Jun 3, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 2, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 6, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 25, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Dec 10, 2025 |
| Jefferies | Buy | Buy | Maintain | Aug 4, 2025 |
| Baird | Outperform | Outperform | Maintain | Jul 16, 2025 |
| Keybanc | Overweight | Sector Weight | Upgrade | Mar 31, 2025 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Feb 13, 2025 |
| Stifel | Hold | Hold | Maintain | Nov 4, 2024 |
| Bernstein | Market Perform | Market Perform | Maintain | Nov 4, 2024 |
| Leerink Partners | Outperform | Market Perform | Upgrade | Aug 1, 2024 |
| SVB Leerink | Perform | Market Perform | Maintain | Jul 20, 2023 |
| Needham | Underperform | Hold | Downgrade | Jan 8, 2020 |
| BTIG Research | Neutral | Buy | Downgrade | Dec 5, 2019 |
| BTIG | Neutral | Buy | Downgrade | Dec 5, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Jul 16, 2019 |
| Leerink Swann | Market Perform | Outperform | Downgrade | Oct 8, 2018 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Jul 17, 2018 |
| Janney Capital | Neutral | Buy | Downgrade | Jul 17, 2018 |
| William Blair | Outperform | Market Perform | Upgrade | Jan 6, 2017 |
| Cantor Fitzgerald | Buy | Buy | Maintain | Apr 28, 2015 |
| Mizuho | Neutral | Buy | Downgrade | Oct 14, 2013 |
| ISI Group | Neutral | Neutral | Maintain | Apr 23, 2013 |
| Gabelli & Co. | Hold | Buy | Downgrade | Jan 23, 2013 |
| Bank oferica | Buy | Buy | Maintain | Apr 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $434.09. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $500 | $436.45 | +15.2% | Oct 7, 2026 |
| Guggenheim | Subbu Nambi | $490 | $436.32 | +12.9% | Oct 1, 2026 |
| Goldman Sachs | Evie Koslosky | $515 | $421.63 | +18.6% | Sep 21, 2026 |
| UBS | Doug Schenkel | $490 | $402.91 | +12.9% | Sep 9, 2026 |
| Piper Sandler | Analyst unavailable | $480 | $414.17 | +10.6% | Aug 27, 2026 |
| Morgan Stanley | Analyst unavailable | $430 | $400.03 | -0.9% | Aug 5, 2026 |
| Deutsche Bank | Analyst unavailable | $400 | $398.48 | -7.9% | Aug 5, 2026 |
| Evercore ISI | Vijay Kumar | $420 | $394.18 | -3.2% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $475 | $394.58 | +9.4% | Aug 5, 2026 |
| Stifel Nicolaus | Daniel Arias | $420 | $396.08 | -3.2% | Aug 5, 2026 |
| Barclays | Luke Sergott | $460 | $396.08 | +6.0% | Aug 5, 2026 |
| Goldman Sachs | Evie Koslosky | $425 | $373.22 | -2.1% | Jul 14, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $390 | $368.13 | -10.2% | Jul 9, 2026 |
| RBC Capital | Analyst unavailable | $435 | $368.13 | +0.2% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $410 | $375.38 | -5.5% | Jul 6, 2026 |
| Piper Sandler | Analyst unavailable | $400 | $363.18 | -7.9% | Jun 11, 2026 |
| HSBC | Analyst unavailable | $435 | $371.93 | +0.2% | Jun 3, 2026 |
| Deutsche Bank | Analyst unavailable | $350 | $351.33 | -19.4% | May 7, 2026 |
| Barclays | Analyst unavailable | $425 | $349.53 | -2.1% | May 7, 2026 |
| UBS | Analyst unavailable | $375 | $352.64 | -13.6% | May 6, 2026 |
| Robert W. Baird | Analyst unavailable | $387 | $342.75 | -10.8% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $350 | $333.33 | -19.4% | Feb 22, 2026 |
| UBS | Analyst unavailable | $370 | $327.59 | -14.8% | Feb 10, 2026 |
| Robert W. Baird | Analyst unavailable | $363 | $326.16 | -16.4% | Feb 10, 2026 |
| Barclays | Analyst unavailable | $400 | $328.14 | -7.9% | Feb 10, 2026 |
| Guggenheim | Subbu Nambi | $440 | $394.97 | +1.4% | Jan 6, 2026 |
| Wells Fargo | Brandon Couillard | $415 | $385.33 | -4.4% | Dec 15, 2025 |
| Wolfe Research | Doug Schenkel | $480 | $386.16 | +10.6% | Dec 10, 2025 |
| Morgan Stanley | Analyst unavailable | $423 | $397.79 | -2.6% | Dec 1, 2025 |
| Redburn Partners | Natalya Davies | $390 | $318.35 | -10.2% | Oct 8, 2025 |
| Deutsche Bank | Analyst unavailable | $315 | $281.19 | -27.4% | Aug 5, 2025 |
| Jefferies | Analyst unavailable | $385 | $285.59 | -11.3% | Aug 4, 2025 |
| Scotiabank | Sung Ji Nam | $465 | $352.7 | +7.1% | Jul 11, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $374 | $339.02 | -13.8% | May 7, 2025 |
| Bernstein | Eve Burstein | $400 | $321.1 | -7.9% | Apr 16, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $407 | $367.79 | -6.2% | Mar 26, 2025 |
| CFRA | Jonathan Sakraida | $389 | $347.31 | -10.4% | Oct 17, 2024 |
| Jefferies | Tycho Peterson | $415 | $349.92 | -4.4% | Oct 8, 2024 |
| Wells Fargo | Brandon Couillard | $380 | $336.77 | -12.5% | Aug 27, 2024 |
| Barclays | Luke Sergott | $300 | $352.53 | -30.9% | Aug 1, 2024 |
| Evercore ISI | Vijay Kumar | $300 | $282.7 | -30.9% | Jul 2, 2024 |
| Jefferies | Tycho Peterson | $320 | $308.9 | -26.3% | Jun 3, 2024 |
| Evercore ISI | Vijay Kumar | $320 | $326.06 | -26.3% | May 7, 2024 |
| Evercore ISI | Vijay Kumar | $365 | $341.41 | -15.9% | Jul 12, 2022 |
| Wells Fargo | Analyst unavailable | $315 | $296.44 | -27.4% | Apr 25, 2022 |
Track every rating change on WAT the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWaters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems. This includes essential consumables like chromatography columns and comprehensive post-warranty service plans. The TA segment focuses on designing, producing, selling, and servicing instruments for thermal analysis, rheometry, and calorimetry. Additionally, Waters develops and supplies sophisticated software that integrates with both its own instruments and those from other manufacturers.…
Historical context
All WAT earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-09T16:45:58.605084+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T16:45:58.602365+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-09. For educational purposes only; not investment advice.