WATERS CORP /DE/ is expected to release its Q3 2026 10-Q filing in the upcoming earnings season. Last quarter: WAT (Waters Corporation) reported a dramatic revenue surge of +91.4% YoY to $1.267B in Q2 2026, driven largely by a major acquisition that also inflated costs, flipping operating income to a -$47M loss and net income to -$72M compared to strong profitability in the prior year period.
Drawn from management commentary in the Q2 2026 10-Q:
Revenue jumped 91.4% year-over-year from $662M to $1.267B in Q2 2026, a scale of growth that strongly suggests a transformative acquisition rather than organic expansion, as organic growth at this magnitude would be extraordinary for an analytical instruments company.
Operating income swung from a positive $152M in Q2 2025 to a loss of -$47M in Q2 2026 (a -130.9% decline), while net income fell from $121M to -$72M (-159.5%), indicating that acquisition-related costs, amortization, and integration expenses are significantly weighing on earnings.
SG&A expenses rose 122.4% YoY to $387M and R&D expenses increased 104.3% to $96M, both growing faster than revenue, reflecting the cost structure absorbed from an acquired business and elevated integration spending that compressed margins.
Revenue
$1.27B
++91.39% YoY
EPS (Basic)
$-0.87
-142.65% YoY
Operating Income
$-47M
-130.92% YoY
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