Waters Corporation (WAT) official guidance

The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.045 billion on an owned-period basis.

For the acquired businesses, we now expect Biosciences and Diagnostic Solutions to generate approximately $3.035 billion of reported revenue in 2026, which includes $35 million of expected revenue synergy contribution tied to the vectors I just covered, including instrument replacement, service plan attachment, and e-commerce.

The Company now expects full-year 2026 acquired business reported revenue of approximately $3.035 billion on an owned-period basis, which includes $35 million of expected revenue synergies.

Turning to the acquired business contribution, following today's expected close of the transaction, we expect the biosciences and diagnostic solutions businesses to contribute $3 billion of revenue in 2026.

The Company expects an acquired business contribution in full-year 2026 of approximately $3.000 billion to reported revenue on an owned-period basis.

The Company expects acquired business reported revenue for the third quarter of 2026 to be approximately $895 million.

On cost synergies, we remain firmly on track to deliver our $55 million target for 2026, driven by organizational optimization, procurement savings, and network optimization with a clear line of sight to delivery.

Given diligent work by our tax team, our full year tax rate is now expected to be approximately 16%, which we expect to persist in future years.

Below the line, net interest expense is expected to be approximately $179 million, and our full year tax rate is expected to be approximately 16.6%.

The Company is raising its full-year 2026 adjusted EPS guidance to the range of $14.45 to $14.65, which represents 10% to 12% year-over-year adjusted EPS growth and is 12% to 14% on a constant currency basis.

This translates to a full year 2026 adjusted earnings per fully diluted share of $14.40-$14.60, which is a $0.10 raise in our guidance range, reflecting our strong first quarter results, partially offset by incremental prudence embedded in our second half assumptions and updated FX rates.

The Company is raising its full-year 2026 adjusted EPS guidance to $14.40 to $14.60. This represents year-over-year adjusted EPS growth of 10% to 11%.

This translates to full-year 2026 adjusted EPS of $14.30-$14.50, which is also an attractive starting point reflecting 8.9%-10.4% growth.

The Company expects full-year 2026 non-GAAP EPS to be in the range of $14.30 to $14.50, which includes $0.10 cents of accretion versus the Company’s standalone non-GAAP EPS profile due to our combination with the Biosciences and Diagnostic Solutions business of Becton, Dickinson & Company. This represents year-over-year non-GAAP EPS growth of approximately +8.9% to +10.4% for full-year 2026.

The Company expects third quarter 2026 adjusted EPS to be in the range of $3.95 to $4.05, which represents 16% to 19% year-over-year adjusted EPS growth.

Below the line net interest expense is now expected to be approximately $186 million.

Below the line, net interest expense is expected to be approximately $179 million, and our full year tax rate is expected to be approximately 16.6%.

Together with our strong first quarter results, we now expect our full year adjusted EBIT margin to be 28.2% in 2026.

From a profitability perspective, we expect to deliver a 2026 adjusted operating margin percentage of approximately 28.1%, which is already more than 100 basis points of margin expansion compared with our deal model in 2025.

Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.370 billion to $3.431 billion.

We now expect foreign exchange translation to have neutral effect on organic sales, which translates to organic reported revenue of $3.37 billion-$3.42 billion in 2026.

Including the impact of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.370 billion to $3.420 billion.

We expect favorable foreign exchange translation to provide 0.5% tailwind to organic sales, which translates to organic reported revenue of $3.355 billion-$3.405 billion in 2026.

Including the positive impact of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.355 billion to $3.405 billion.

Including the effect of currency translation, third quarter 2026 organic reported revenue is expected to be in the range of $850 million to $867 million.

The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 7.0% to 9.0%.

As a result, we are raising our full year 2026 organic constant currency revenue guidance to 6.5%-8%, reflecting our strong first quarter performance and embedding $15 million of expected revenue synergies from cross-selling of Mass Spec.

The Company is raising its full-year 2026 organic, constant currency revenue growth guidance to the range of 6.5% to 8.0%.

The Company expects full-year 2026 organic constant currency revenue growth to be in the range of +5.5% to +7.0%.

The Company expects third quarter 2026 organic constant currency revenue growth to be in the range of 8% to 10%.

Total Company reported revenue for full-year 2026 is expected to be in the range of $6.415 billion to $6.476 billion.

Together, total 2026 reported revenue is expected to be approximately $6.405 billion-$6.455 billion based on latest FX rates.

Total Company reported revenue for full-year 2026 is expected to be in the range of $6.405 billion to $6.455 billion.

Taken together with revenue synergies I just mentioned, this results in total 2026 reported revenue of approximately $6.405 billion-$6.455 billion.

Including the positive impact of expected revenue synergies, total Company revenue for full-year 2026 is expected to be in the range of $6.405 billion to $6.455 billion on a reported basis.

Total Company reported revenue for the third quarter of 2026 is expected to be in the range of $1.745 billion to $1.762 billion.

In total, we remain well on track to deliver $50 million of expected revenue synergies this year.

As a prudent starting assumption, we expect to realize approximately $50 million in revenue and $25 million in corresponding adjusted EBIT from revenue synergies in 2026.