Waters Corporation (WAT) Earnings Call Transcripts

Waters Corporation's Latest Earnings Call - June 3, 2026

In the second quarter of fiscal year 2026, Waters Corporation (WAT:US) reported strong financial results, with revenue surpassing guidance by approximately $60 million and achieving double-digit growth in its legacy business. The company posted earnings per share (EPS) growth of nearly 20%. Management maintained a cautious outlook for the second half of the year, opting to derisk guidance despite robust performance, indicating a potential slowdown in growth expectations. The company emphasized continued strength in the biopharma sector, particularly in China, which saw over 50% growth driven by local biotech advancements.

Reported metrics

Guidance from management

Management maintained a cautious outlook for the second half of the year, indicating potential headwinds despite strong performance in Q2. They emphasized a focus on operational improvements and pricing strategies to drive future growth.

What management said

It's a tough question, especially if you come of the back of an 18%, 20% growth quarter, right? We have still modeled mid-single digits in our guidance. But to fast pass the red face test everywhere you look especially where we are exposed and the choices we've made to be in pharma to support the biotech industry, to support the academic institution and to support microbiology, I see no reason why shouldn't to traver...

I mean we've incorporated 50 basis points in the guide. You should see something better than that. It's -- over the long term, we've with Waters had roughly 200 basis points of pricing over the last few years. At the Investor Day, we said, look, 100 basis points above the 50 basis points that we've seen historically. So for the new businesses also you should have expectation. 50 basis points is what's been there hist...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of growth rates, particularly in China, and the potential impact of maintaining conservative guidance on investor sentiment. There were questions about the execution risks associated with new product launches and pricing strategies.

Main topics on the call

• Strong Biopharma Growth — Waters reported mid-teens growth in the pharma sector, with China leading at over 50%. Udit Batra noted, 'Pharma was a standout, mid-teens growth, high single-digit growth in U.S. and Europe.'
• China Market Dynamics — Management highlighted structural advantages in China's biotech sector, stating, 'This is not a one-time impact. Don't expect pharma to grow over 50% every year in China for us.'
• Guidance Prudence — Despite strong Q2 results, management chose to maintain a cautious outlook for the second half, indicating a desire to 'derisk the second half of the year.'
• Microbiology Segment Performance — The microbiology segment showed low double-digit growth, with management stating, 'Microbiology as a whole grew for the full quarter roughly 5% for the stub period a bit faster than that.'

Read the full Waters Corporation transcript (June 3, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 59 Waters Corporation earnings call transcripts on record, spanning January 13, 2020 to June 3, 2026. Based on this history, Waters Corporation reports quarterly. The most recent call on file is dated June 3, 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

59

First call

January 13, 2020

Most recent

June 3, 2026

Reporting cadence

quarterly