Waters Corporation (WAT), a global leader in life sciences and diagnostics, reported third-quarter 2026 revenue of $1.767 billion, $14 million above the midpoint of its guidance. Organic revenue was $871 million, up 9% as reported and 10% in constant currency from $800 million a year earlier.

That organic pace reaccelerated from the second quarter, when organic sales of $828 million rose 7% as reported and 9% in constant currency. Acquired Biosciences and Diagnostic Solutions revenue was $896 million, compared with $885 million on a prior-year comparable basis, and the company said acquired-business revenue landed slightly ahead of guidance.

GAAP diluted earnings were $0.82 a share, versus $2.50 a year earlier, reflecting acquisition-related purchase accounting charges, acquisition-related costs, and restructuring costs. Adjusted EPS grew 21% to $4.10 from $3.40. Adjusted operating income was $532 million, with an adjusted operating margin of 30.1%. GAAP operating income was $128 million, or a 7.2% margin.

President and Chief Executive Officer Dr. Udit Batra said the team delivered results led by consumables growth across Analytical Sciences and Biosciences, with strong execution, new product innovation, and rising customer testing volume. He said LC-MS instrument growth strengthened, growing double digits in constant currency, driven by instrument replacement and idiosyncratic demand across GLP-1s, PFAS, and India generics.

The Analytical Sciences Division, the former Waters division excluding the Clinical Business Unit, delivered $703 million of reported revenue, up 8% as reported and 9% in constant currency from $649 million a year earlier. The company said ASD was led by double-digit instrument and chemistry growth. ASD instrument revenue was $282 million, up 9% as reported and 10% in constant currency from $257 million. ASD chemistry consumables were $157 million, up 10% as reported and 12% in constant currency from $143 million.

The Biosciences Division, formerly BD Biosciences, delivered $396 million of reported revenue versus $387 million on a prior-year comparable basis. The company said reagents grew high single digits on a prior-year comparable basis, a 400-basis-point acceleration in year-over-year growth, with research and clinical reagents both growing high single digits.

The Advanced Diagnostics Division, comprising former BD Diagnostic Solutions and the Clinical Business Unit, delivered $575 million of reported revenue. Diagnostic Solutions was $500 million versus $498 million on a prior-year comparable basis; the Clinical Business Unit was $75 million versus $64 million a year earlier. The company said microbiology grew mid-single digits on a prior-year comparable basis. Materials Sciences Division revenue was $93 million, up 7% from $87 million.

Waters is raising every component of its full-year 2026 guidance, including a $43 million increase to total reported revenue at the midpoint. Full-year organic constant currency revenue growth is now expected at 9.1% to 9.7%, up from 7% to 9% after the second quarter. Full-year organic reported revenue is expected at $3.429 billion to $3.447 billion. Acquired-business reported revenue is now expected at approximately $3.050 billion on an owned-period basis. Total company reported revenue for 2026 is expected at $6.479 billion to $6.497 billion. Adjusted EPS guidance is $14.60 to $14.70, which the company said represents 11% to 12% year-over-year adjusted EPS growth.

For the fourth quarter, Waters expects organic constant currency revenue growth of 7.0% to 9.0%, organic reported revenue of $984 million to $1.002 billion, acquired-business reported revenue of approximately $817 million, and total reported revenue of $1.801 billion to $1.819 billion. Fourth-quarter adjusted EPS is expected at $4.58 to $4.68, or 1% to 3% year-over-year growth. Batra said fourth-quarter guidance calls for double-digit growth in both organic and acquired businesses on a days-adjusted basis.

The company said it will provide a starting 2027 growth framework on its earnings call, outlining how reshoring, synergies, and AI-related demand drivers are expected to shape next year’s growth. Waters also announced it has acquired MOBILion Systems, Inc., described as the pioneer of SLIM high-resolution ion mobility separation technology, expected to broaden the company’s entry into the proteomics market.