Analyst Consensus ?
ConsensusHold37 ratings
Bullish1951.4%
Neutral1643.2%
Bearish25.4%
Waters Corporation · WAT · FY2026 Q3 · Calendar Q4 2026
Waters Raises FY2026 Revenue Outlook as Organic Growth Accelerates
The supplied Q3 analysis supports a constructive but conditional view: broad organic growth, China’s return to growth, and the guidance increase indicate resilient demand. Whether that momentum supports the business over the next year depends on converting AI and product initiatives into measurable revenue while managing China reimbursement, inventory and integration pressures.
Reported Before market openNYSEHealthcare
$44.12B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $4.00
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.75B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.8%
Event window
SPY move
+0.4%
Same window
Abnormal move
+3.4%
Stock minus SPY
Volume
0.8×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
WATSPY benchmark
Ask FN2 about WAT FY2026 Q3
Transcript, numbers and history already loaded
What drove WAT's +3.8% move after FY2026 Q3 earnings?What changed in WAT's guidance and outlook in FY2026 Q3?Give me the bull and bear case for WAT after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied Q3 analysis describes double-digit organic growth, versus 7% organic growth (9% constant currency) in Q2, and reports a $43 million increase to full-year revenue guidance. It also identifies a return to growth in China after ten quarters of decline.
Guidance delta
Management raised full-year 2026 revenue guidance by $43 million. The analysis describes management’s 2027 outlook as high-single-digit combined growth with margin expansion.
Key takeaways
- Organic growth accelerated from the prior quarter, according to the supplied analysis.
- The guidance increase and renewed growth in China support the demand case, though durability is not yet established.
- AI features, new instruments and acquisition synergies are positioned as growth drivers; their revenue contribution remains an execution question.
- Elevated inventory, China reimbursement headwinds and integration costs temper the positive outlook.
Management priorities
- Develop AI-enabled Empower features and expand its premium subscription tier.
- Advance flow-cytometry, mass-spectrometry and diagnostic product rollouts.
- Continue China localization and microbiology portfolio development.
- Realize BD acquisition synergies and execute MOBILion integration.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$466.42Current
$315Low
$427.12Average
$515High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 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 |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Oct 13, 2026 |
| 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 |
| 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 $466.42. 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 | +7.2% | Oct 7, 2026 |
| Guggenheim | Subbu Nambi | $490 | $436.32 | +5.1% | Oct 1, 2026 |
| Goldman Sachs | Evie Koslosky | $515 | $421.63 | +10.4% | Sep 21, 2026 |
| UBS | Doug Schenkel | $490 | $402.91 | +5.1% | Sep 9, 2026 |
| Piper Sandler | Analyst unavailable | $480 | $414.17 | +2.9% | Aug 27, 2026 |
| Morgan Stanley | Analyst unavailable | $430 | $400.03 | -7.8% | Aug 5, 2026 |
| Deutsche Bank | Analyst unavailable | $400 | $398.48 | -14.2% | Aug 5, 2026 |
| Evercore ISI | Vijay Kumar | $420 | $394.18 | -10.0% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $475 | $394.58 | +1.8% | Aug 5, 2026 |
| Stifel Nicolaus | Daniel Arias | $420 | $396.08 | -10.0% | Aug 5, 2026 |
| Barclays | Luke Sergott | $460 | $396.08 | -1.4% | Aug 5, 2026 |
| Goldman Sachs | Evie Koslosky | $425 | $373.22 | -8.9% | Jul 14, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $390 | $368.13 | -16.4% | Jul 9, 2026 |
| RBC Capital | Analyst unavailable | $435 | $368.13 | -6.7% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $410 | $375.38 | -12.1% | Jul 6, 2026 |
| Piper Sandler | Analyst unavailable | $400 | $363.18 | -14.2% | Jun 11, 2026 |
| HSBC | Analyst unavailable | $435 | $371.93 | -6.7% | Jun 3, 2026 |
| Deutsche Bank | Analyst unavailable | $350 | $351.33 | -25.0% | May 7, 2026 |
| Barclays | Analyst unavailable | $425 | $349.53 | -8.9% | May 7, 2026 |
| UBS | Analyst unavailable | $375 | $352.64 | -19.6% | May 6, 2026 |
| Robert W. Baird | Analyst unavailable | $387 | $342.75 | -17.0% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $350 | $333.33 | -25.0% | Feb 22, 2026 |
| UBS | Analyst unavailable | $370 | $327.59 | -20.7% | Feb 10, 2026 |
| Robert W. Baird | Analyst unavailable | $363 | $326.16 | -22.2% | Feb 10, 2026 |
| Barclays | Analyst unavailable | $400 | $328.14 | -14.2% | Feb 10, 2026 |
| Guggenheim | Subbu Nambi | $440 | $394.97 | -5.7% | Jan 6, 2026 |
| Wells Fargo | Brandon Couillard | $415 | $385.33 | -11.0% | Dec 15, 2025 |
| Wolfe Research | Doug Schenkel | $480 | $386.16 | +2.9% | Dec 10, 2025 |
| Morgan Stanley | Analyst unavailable | $423 | $397.79 | -9.3% | Dec 1, 2025 |
| Redburn Partners | Natalya Davies | $390 | $318.35 | -16.4% | Oct 8, 2025 |
| Deutsche Bank | Analyst unavailable | $315 | $281.19 | -32.5% | Aug 5, 2025 |
| Jefferies | Analyst unavailable | $385 | $285.59 | -17.5% | Aug 4, 2025 |
| Scotiabank | Sung Ji Nam | $465 | $352.7 | -0.3% | Jul 11, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $374 | $339.02 | -19.8% | May 7, 2025 |
| Bernstein | Eve Burstein | $400 | $321.1 | -14.2% | Apr 16, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $407 | $367.79 | -12.7% | Mar 26, 2025 |
| CFRA | Jonathan Sakraida | $389 | $347.31 | -16.6% | Oct 17, 2024 |
| Jefferies | Tycho Peterson | $415 | $349.92 | -11.0% | Oct 8, 2024 |
| Wells Fargo | Brandon Couillard | $380 | $336.77 | -18.5% | Aug 27, 2024 |
| Barclays | Luke Sergott | $300 | $352.53 | -35.7% | Aug 1, 2024 |
| Evercore ISI | Vijay Kumar | $300 | $282.7 | -35.7% | Jul 2, 2024 |
| Jefferies | Tycho Peterson | $320 | $308.9 | -31.4% | Jun 3, 2024 |
| Evercore ISI | Vijay Kumar | $320 | $326.06 | -31.4% | May 7, 2024 |
| Evercore ISI | Vijay Kumar | $365 | $341.41 | -21.7% | Jul 12, 2022 |
| Wells Fargo | Analyst unavailable | $315 | $296.44 | -32.5% | 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 |
|---|---|---|---|---|
| FMS Fresenius Medical Care AG & Co. KGaA | FY2026 Q3 · Calendar Q4 2026 | — | -3.6% | Fresenius Medical Care cuts 2026 outlook as cost and reimbursement pressure persist |
| RVTY Revvity, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +10.8% | Revvity Raises FY2026 Outlook After 7% Q3 Organic Growth |
| HSIC Henry Schein, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +0.0% | Henry Schein raises 2026 EPS outlook as U.S. dental sales grow |
| PHG Koninklijke Philips N.V. | FY2026 Q3 · Calendar Q4 2026 | — | +4.8% | Philips Q3: order momentum and margins improve; outlook held |
| VRTX Vertex Pharmaceuticals Incorporated | FY2026 Q3 · Calendar Q4 2026 | -1.2% | -1.0% | Vertex lifts 2026 outlook as CF franchise and newer products support growth |
| JAZZ Jazz Pharmaceuticals plc | FY2026 Q3 · Calendar Q4 2026 | +4.2% | -0.7% | Jazz lifts 2026 revenue outlook as Ziihera launch adds momentum |
Latest beats and misses
Who reports nextBeat on EPS
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
Missed on EPS
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% 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 · 2026-11-03T17:05:23.262088+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T17:30:47.088155+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T17:30:47.085416+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 2026-11-03. For educational purposes only; not investment advice.