Waters(NYSE) WAT

Waters helps scientists test the safety of medicine and food. Its tools measure the chemical makeup of liquids and solids. Hospitals and drug makers use these machines to find diseases.

Science in the Lab

• Analytical and Materials Sciences: Liquid chromatography and mass spectrometry systems used to analyze the chemical and biological composition of materials; earned $1,442 million in revenue during the first half of 2026.
• Advanced Diagnostics: Clinical instrumentation and assays that help healthcare providers identify and monitor infectious diseases; generated $870 million in revenue during the first half of 2026.
• Biosciences: Special software and reagents used to research cell populations for oncology and immunology; contributed $600 million in revenue during the first half of 2026.
• Precision Chemistry Consumables: Disposable testing items such as chromatography columns used to separate chemical mixtures; legacy chemistry revenue increased 13% in the first half of 2026.

Growing Through Acquisitions

• Completed the acquisition of the Biosciences and Diagnostic Solutions business from Becton, Dickinson and Company on Feb. 9, 2026.
• Acquired Halo Labs in 2025 to increase its capabilities in the analytical science and research markets.
• Reorganized the company into three reportable segments to better reflect its expanded operations in diagnostics and life sciences.
• Implemented a workforce reduction impacting 3% of employees in 2026 to achieve annual cost savings of approximately $120 million.

Global Manufacturing Reach

Waters Corporation maintains major manufacturing plants in the U.S., Ireland, and Singapore to support its customers in more than 35 countries. The company relies on a mix of large equipment sales and recurring revenue from service contracts to maintain its global operations.

By the Numbers

• Total net revenues were $2.9 billion in the first half of 2026, up 103% year over year.
• Operating income decreased 139% to a loss of $134 million in the first half of 2026.
• Research and development expenses were $218 million in the first half of 2026, up 129% year over year.
• Total outstanding debt grew to $5.1 billion as of July 4, 2026, following the financing of its recent acquisition.
• Market capitalization for the company reached $31.0 billion according to recent market data.

Bottom Line

Waters has transformed from a niche scientific instrument maker into a broad provider of medical diagnostics and research solutions. This evolution, driven by large acquisitions and new segment structures, allows the company to serve diverse sectors from pharmaceutical research to clinical disease testing.