Filing Flows › Waters (WAT) › Q1 2026
Waters (WAT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 12, 2026
Waters (WAT) reported revenue of $1.3B for the first quarter 2026 (Q1 2026), +91% from a year earlier and +36% from the quarter before. Operating margin was -3.7%, net loss $72.0M (5.7% of revenue).
Waters, Q1 2026: revenue $1.3B (+92% year over year), operating margin -3.7%, net loss $72.0M, operating cash flow −$3.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +36% | +91% |
| Operating profit | −$47.0M | -117% | -131% |
| Net earnings | −$72.0M | -132% | -160% |
| Operating cash flow | −$3.0M | -102% | -101% |
What changed
Revenue was $1.3B in Q1 2026, up 91% year over year and up 36% from the previous quarter. Consumables was the largest line at 43% of revenue.
Operating costs exceeded revenue by $0.05B, an operating margin of -3.7%. Total costs grew 158% against revenue growth of 91%. The fastest-growing cost line was Other operating costs (+6995%). The quarter ended with a net loss of $0.07B, after a profit of $0.23B the previous quarter. Net interest and other expense of $0.04B was the main reason.
Operating cash flow was −$3.0M. Non-cash charges added back $0.21B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.04B exceeded it, leaving free cash flow of −$0.04B.
Questions
What was Waters' revenue in the first quarter 2026?
Waters (WAT) reported revenue of $1.3B for the first quarter 2026 (Q1 2026), +91% from a year earlier and +36% from the quarter before.
Was Waters profitable in the first quarter 2026?
Operating loss was $47.0M (-3.7% of revenue) and net loss $72.0M.
Source: Waters 10-Q on SEC EDGAR.