Analyst Consensus ?
ConsensusHold37 ratings
Bullish1951.4%
Neutral1643.2%
Bearish25.4%
Waters Corporation · WAT · FY2025 Q4 · Calendar Q1 2026
Waters: Strong Q4, with BD integration now the key test
The quarter supports a constructive operating case based on resilient demand and recurring-revenue initiatives, but the next phase depends on executing the BD integration and managing the Empower transition without undermining instrument sales.
Reported Before market openNYSEHealthcare
$43.49B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.53
Consensus $4.51
EPS surprise
+0.4%
Reported versus consensus
Reported revenue
$932.4M
Consensus $928.3M
Revenue surprise
+0.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-13.9%
Event window
SPY move
+0.5%
Same window
Abnormal move
-14.4%
Stock minus SPY
Volume
4.5×
Versus trailing sessions
Subsequent drift
-8.7%
Up to 20 sessions
WATSPY benchmark
Ask FN2 about WAT FY2025 Q4
Transcript, numbers and history already loaded
Why did WAT fall 13.9% after beating EPS estimates in FY2025 Q4?What changed in WAT's guidance and outlook in FY2025 Q4?Give me the bull and bear case for WAT after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Waters moved from announcing the BD transaction and transition plans to operating with the acquired business under full control. The company also emphasized recurring-revenue expansion, pricing discipline, and a broader set of product and testing demand drivers.
Guidance delta
Management maintained its 2026 outlook; the key debate is execution against the planned integration, synergy, and subscription transition.
Key takeaways
- Q4 performance was led by chemistry, LC-MS, and recurring-revenue growth.
- The completed BD acquisition broadens the business but adds integration and recovery risk.
- Empower's move to subscriptions may pressure instruments in the near term while supporting recurring revenue over time.
- Management identified GLP-1, PFAS, India generics, bioseparations, and informatics as important demand drivers.
Management priorities
- Integrate the BD Biosciences and Diagnostic Solutions business.
- Execute pricing discipline through a centralized deal desk.
- Advance new instrument and chemistry product launches.
- Expand recurring revenue through Empower subscriptions, e-commerce, and service plans.
- Deliver planned cost and revenue synergies.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$442.94Previous close
$315Low
$422.31Average
$515High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 29, 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 |
|---|---|---|---|---|
| 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 |
| Barclays | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 9, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 8, 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 previous close $442.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Evie Koslosky | $515 | $421.63 | +16.3% | Sep 21, 2026 |
| UBS | Doug Schenkel | $490 | $402.91 | +10.6% | Sep 9, 2026 |
| Piper Sandler | Analyst unavailable | $480 | $414.17 | +8.4% | Aug 27, 2026 |
| Morgan Stanley | Analyst unavailable | $430 | $400.03 | -2.9% | Aug 5, 2026 |
| Deutsche Bank | Analyst unavailable | $400 | $398.48 | -9.7% | Aug 5, 2026 |
| Evercore ISI | Vijay Kumar | $420 | $394.18 | -5.2% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $475 | $394.58 | +7.2% | Aug 5, 2026 |
| Stifel Nicolaus | Daniel Arias | $420 | $396.08 | -5.2% | Aug 5, 2026 |
| Barclays | Luke Sergott | $460 | $396.08 | +3.9% | Aug 5, 2026 |
| Goldman Sachs | Evie Koslosky | $425 | $373.22 | -4.1% | Jul 14, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $390 | $368.13 | -12.0% | Jul 9, 2026 |
| RBC Capital | Analyst unavailable | $435 | $368.13 | -1.8% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $410 | $375.38 | -7.4% | Jul 6, 2026 |
| Piper Sandler | Analyst unavailable | $400 | $363.18 | -9.7% | Jun 11, 2026 |
| HSBC | Analyst unavailable | $435 | $371.93 | -1.8% | Jun 3, 2026 |
| Deutsche Bank | Analyst unavailable | $350 | $351.33 | -21.0% | May 7, 2026 |
| Barclays | Analyst unavailable | $425 | $349.53 | -4.1% | May 7, 2026 |
| UBS | Analyst unavailable | $375 | $352.64 | -15.3% | May 6, 2026 |
| Robert W. Baird | Analyst unavailable | $387 | $342.75 | -12.6% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $350 | $333.33 | -21.0% | Feb 22, 2026 |
| UBS | Analyst unavailable | $370 | $327.59 | -16.5% | Feb 10, 2026 |
| Robert W. Baird | Analyst unavailable | $363 | $326.16 | -18.0% | Feb 10, 2026 |
| Barclays | Analyst unavailable | $400 | $328.14 | -9.7% | Feb 10, 2026 |
| Guggenheim | Subbu Nambi | $440 | $394.97 | -0.7% | Jan 6, 2026 |
| Wells Fargo | Brandon Couillard | $415 | $385.33 | -6.3% | Dec 15, 2025 |
| Wolfe Research | Doug Schenkel | $480 | $386.16 | +8.4% | Dec 10, 2025 |
| Morgan Stanley | Analyst unavailable | $423 | $397.79 | -4.5% | Dec 1, 2025 |
| Redburn Partners | Natalya Davies | $390 | $318.35 | -12.0% | Oct 8, 2025 |
| Deutsche Bank | Analyst unavailable | $315 | $281.19 | -28.9% | Aug 5, 2025 |
| Jefferies | Analyst unavailable | $385 | $285.59 | -13.1% | Aug 4, 2025 |
| Scotiabank | Sung Ji Nam | $465 | $352.7 | +5.0% | Jul 11, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $374 | $339.02 | -15.6% | May 7, 2025 |
| Bernstein | Eve Burstein | $400 | $321.1 | -9.7% | Apr 16, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $407 | $367.79 | -8.1% | Mar 26, 2025 |
| CFRA | Jonathan Sakraida | $389 | $347.31 | -12.2% | Oct 17, 2024 |
| Jefferies | Tycho Peterson | $415 | $349.92 | -6.3% | Oct 8, 2024 |
| Wells Fargo | Brandon Couillard | $380 | $336.77 | -14.2% | Aug 27, 2024 |
| Barclays | Luke Sergott | $300 | $352.53 | -32.3% | Aug 1, 2024 |
| Evercore ISI | Vijay Kumar | $300 | $282.7 | -32.3% | Jul 2, 2024 |
| Jefferies | Tycho Peterson | $320 | $308.9 | -27.8% | Jun 3, 2024 |
| Evercore ISI | Vijay Kumar | $320 | $326.06 | -27.8% | May 7, 2024 |
| Evercore ISI | Vijay Kumar | $365 | $341.41 | -17.6% | Jul 12, 2022 |
| Wells Fargo | Analyst unavailable | $315 | $296.44 | -28.9% | 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
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
Get the WAT recap when the next report posts
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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T09:40:59.975625+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T09:40:59.972572+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 2026-09-29. For educational purposes only; not investment advice.