Waters Corp.

Strong Q2 performance + organic momentum ahead of guidance - Total company revenue $1.645B; organic $828M (+7% reported / +9% constant currency), about ~100 bps above the high end of currency guidance; orders outpaced sales. - Adjusted EPS $3.05 (+3%) landed at the high end of guidance. - Biosciences & Diagnostic Solutions (acquired) revenue $817M, +4% reported YoY, ahead of guidance by $15M and showing a 400 bps improvement vs Q1 (i.e., acquisition normalized and improving). - FX was a headwind: translation ~150 bps adverse in Q2; offset by growth + cost discipline.

Full-year 2026 guidance raised across the board; expects continued margin + EPS growth - Organic constant-currency revenue growth raised to 7%–9% (reported organic revenue $3.37B–$3.431B), with FX translation expected to be about ~60 bps headwind. - Acquired businesses (Biosciences + Diagnostic Solutions) raised to ~$3.045B reported revenue in 2026 (+$10M vs prior guide; FX offset ~$15M; underlying improvement ~$25M). - Total 2026 reported revenue: ~$6.415B–$6.476B. - Adjusted EBIT margin: expected 28.2% (unchanged), reflecting cost actions offsetting FX. - Adjusted EPS (fully diluted): $14.45–$14.65, implying +10% to +12% YoY (and 12%–14% constant currency).

Q3 2026 outlook: solid growth + sequential step-up; continued cost benefit - Q3 organic constant-currency revenue growth expected 8%–10%; organic reported revenue $850M–$867M. - Acquired revenue expected ~$895M (noted as typical sequential seasonality). - Total reported Q3 revenue: $1.745B–$1.762B. - Adjusted EPS: $3.95–$4.05 (+16% to +19%). - Cost actions benefit expected: ~$25M adjusted operating income in Q3 and ~$50M in Q4 (~$75M total for 2H).