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WAT · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Waters Corporation (WAT) stock moving?
Waters beat and raised after its Q3 2026 report on Nov 3: revenue of $1.767B, organic growth of 10% in constant currency, and adjusted EPS of $4.10 (up 21%). It lifted FY26 adjusted EPS guidance to $14.60-$14.70 and revenue guidance to $6.479B-$6.497B, and its Q4 guide ($4.58-$4.68 EPS, $1.801B-$1.819B revenue) sits at or above consensus. The MOBILion acquisition and a 2027 framework of low-teens adjusted EPS growth add to the story. On Nov 10 the FDA cleared new flow cytometry tests for leukemia and lymphoma, a product-level win that is smaller than the earnings news. Price action confirms the earnings reaction: the stock closed at $475.52, up about 5.8% from the Nov 2 close of $449.53, and it sits just under the $480-482 zone that capped trading in late October. Volume on Nov 2-3 ran near 1.8-1.9M shares, roughly double the late-October norm, and has since eased to about 0.7-1.1M. Analyst targets were raised across the board, from $470 (JP Morgan, Neutral) to $536 (Citi, Buy), so most of the upside is already priced in. Risks include reported growth that depends on acquired businesses, GAAP EPS of $0.82 against $2.50 a year earlier due to deal charges, and the 2027 outlook being a framework rather than formal guidance.
News behind the analysis
- Waters Corporation Receives FDA 510(k) Clearance for Flow Cytometry Clinical TestsWaters received FDA 510(k) clearance for ready-to-use flow cytometry clinical tests used to detect leukemia and lymphoma.
- Waters Says BD OneFlow LST Test And BD OneFlow B-CLPD T1 Test Receives FDA 510(k) Clearance For Identifying B-Cell Non-Hodgkin LymphomaThe BD OneFlow LST and B-CLPD T1 tests received FDA 510(k) clearance for identifying B-cell non-Hodgkin lymphoma.
- Waters Corporation Reports Third Quarter 2026 Financial ResultsWaters reported $1.767 billion in Q3 revenue, adjusted EPS of $4.10 (up 21%), and raised its full-year 2026 guidance.
- Waters CFO Says Raised FY26 Organic Constant-Currency Revenue Growth Guidance By 140 Basis Points At Midpoint To 9.1% - 9.7%; Expects Full-Year 2026 Adjusted EBIT Margin Of 28.2%The CFO raised FY26 organic constant-currency revenue growth guidance by 140 basis points at the midpoint to 9.1%-9.7% and expects a 28.2% adjusted EBIT margin.
- Waters Sees Q4 Adj EPS $4.58-$4.68 vs $4.67 Est; Sees Sales $1.801B-$1.819B vs $1.789B EstWaters guided Q4 adjusted EPS to $4.58-$4.68 and revenue to $1.801B-$1.819B, both around or above consensus estimates.
- Waters Exec Says Sees High-Single-digit Growth Potential For Combined Company In 2027; Low-Teens Adjusted EPS Growth In 2027 As Starting Point, With Mid-Teens As Upside CaseA Waters executive outlined a 2027 framework for the combined company with high-single-digit growth potential and low-teens adjusted EPS growth as a starting point.
- Waters Corporation Acquires MOBILion SystemsWaters acquired MOBILion Systems to add ion-mobility separation technology to its mass spectrometry portfolio. Terms were not disclosed.
- Citigroup Maintains Buy on Waters, Raises Price Target to $536Citigroup kept its Buy rating and raised its price target to $536 after the Q3 results.
- JP Morgan Maintains Neutral on Waters, Raises Price Target to $470JP Morgan kept its Neutral rating and raised its price target to $470, just below the latest close.
- Barclays Maintains Overweight on Waters, Raises Price Target to $530Barclays kept its Overweight rating and raised its price target to $530 after the quarter.
About Waters Corp
Waters Corporation, based in Milford, Massachusetts, makes analytical instruments, mainly liquid chromatography and mass spectrometry systems, along with the consumables, software and services that go with them. In February 2026 it closed a roughly $17.5 billion deal to combine with BD's Biosciences & Diagnostic Solutions business, which added flow cytometry and microbiology diagnostics; BD shareholders ended up owning about 39% of the combined company.
How it makes money
The company is now organized into four divisions. Analytical Sciences, its legacy core, sells chromatography and mass spectrometry instruments plus columns, chemistry consumables and service contracts. Biosciences (formerly BD Biosciences) sells flow cytometry instruments and reagents. Advanced Diagnostics (formerly BD Diagnostic Solutions plus Waters' clinical business) sells microbiology and clinical testing systems and supplies. Materials Sciences sells TA Instruments thermal analysis tools. A large share of revenue comes from recurring consumables and service rather than one-time instrument sales. The biggest customers are pharmaceutical and biotech companies, followed by industrial, food and environmental testing labs and clinical labs.
What usually moves WAT
- Pharma and biotech spending on lab equipment and instrument replacement cycles
- Progress integrating the BD businesses and achieving cost and revenue synergies
- Demand in China and global academic and government research funding
- Growth in GLP-1 drug testing and regulated testing such as PFAS
- Debt reduction after the BD transaction