Waters Corporation (WAT) Earnings Call Transcripts
Waters Corporation's Latest Earnings Call - September 23, 2026
In the third quarter of fiscal 2026, Waters Corporation (WAT:US) reported strong organic growth of 9%, surpassing its guidance of 6% to 8%. Revenue growth was driven by robust performance across various segments, particularly in pharmaceuticals and chemistry, with management highlighting a 16% growth in chemistry when accounting for prior year pull-forwards. The company raised its full-year organic growth guidance, indicating confidence in sustained momentum into 2027, supported by favorable market conditions and successful integration of Becton Dickinson businesses.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $X million (beat) |
| Organic Growth | 9% (beat) |
| Pharmaceutical Growth in China | 24% (positive) |
| Cost Synergies Run Rate | $200 million (positive) |
| Q4 Growth Guidance | 4% (neutral) |
| Instrument Growth Rate | 2.5% (negative) |
Guidance from management
Management raised the organic growth guidance for the year, indicating confidence in continued momentum, particularly in Q4 with expected growth of around 4%. They emphasized that the base business is now positioned for high single-digit growth moving into 2027.
What analysts pressed on
Analysts expressed concerns regarding the elongated instrument replacement cycle and the complexities of integrating the Becton Dickinson business. There was apprehension about whether growth could be sustained given the challenges in certain customer segments and the overall market dynamics.
Main topics on the call
- Strong Revenue Growth — Waters reported a 9% organic growth in Q3, exceeding the guidance range of 6% to 8%. Management noted, 'the base business is now a sustainably high single-digit grower,' indicating strong underlying performance.
- Pharmaceutical Segment Recovery — The pharmaceutical segment demonstrated significant recovery, with growth exceeding 24% in China. Udit Batra stated, 'Pharma grew in excess of 24%, 25%,' reflecting strong demand in this critical market.
- Cost Synergies from Becton Dickinson Integration — Waters achieved a run rate of $200 million in cost synergies from the Becton Dickinson acquisition within just nine months, ahead of the three-year target. Batra emphasized, 'We're already there,' indicating effective in...
- AI and Reagent Demand — Management highlighted increasing demand for consumables tied to AI-driven workflows, particularly in quality control. Batra noted, 'We are seeing early signals already in discovery,' suggesting a growing trend.
Read the full Waters Corporation transcript (September 23, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Waters Corporation
Waters Corporation (WAT) is a publicly listed company in the Life Sciences Tools and Services industry, within the Health Care sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 62 calls on record spanning January 13, 2020 to September 23, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 62 Waters Corporation earnings call transcripts on record, spanning January 13, 2020 to September 23, 2026. Based on this history, Waters Corporation reports quarterly. The most recent call on file is dated September 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- WAT
- Exchange
- NYSE
- Country
- US
- Sector
- Health Care
- Industry
- Life Sciences Tools and Services
- Calls on record
- 62
- First call
- January 13, 2020
- Most recent
- September 23, 2026
- Reporting cadence
- quarterly