Filing Flows › Waters (WAT) › Q2 2026 › vs Q1 2026
Waters (WAT) Q2 2026 vs Q1 2026 (quarter over quarter)
Waters's revenue rose $378M (+30%) from $1.3B in Q1 2026 to $1.6B in Q2 2026. The biggest changes: Product +$301M (+33%); Service +$77.0M (+22%).
Waters, Q2 2026: revenue $1.6B (+113% year over year), operating margin -5.2%, net loss $136M, operating cash flow $201M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 9.3% | -3.3% | +12.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Consumables | $765M | $543M | $222M | +41% |
| Instrument Systems | $455M | $376M | $79.0M | +21% |
| Product | $1.2B | $919M | $301M | +33% |
| Service | $425M | $348M | $77.0M | +22% |
| Revenue | $1.6B | $1.3B | $378M | +30% |
| Income tax benefit | $5.0M | $16.0M | −$11.0M | -69% |
| Net loss | $136M | $72.0M | $64.0M | +89% |
| Costs & expenses | $1.8B | $1.4B | $431M | +32% |
| Operating costs | $1.7B | $1.3B | $417M | +32% |
| Interest & other, net | $55.0M | $41.0M | $14.0M | +34% |
| Research & development | $122M | $96.0M | $26.0M | +27% |
| SG&A | $405M | $387M | $18.0M | +5% |
| Other operating costs | $1.2B | $831M | $373M | +45% |
| Operating cash sources | $337M | $69.0M | $268M | +388% |
| Depreciation & amortization | $301M | $207M | $94.0M | +45% |
| Share-based compensation | $25.0M | $20.0M | $5.0M | +25% |
| Working capital & other | $11.0M | −$158M | $169M | — |
| Net loss absorbed | $136M | $72.0M | $64.0M | +89% |
| Operating cash flow | $201M | −$3.0M | $204M | — |
| Free cash flow (OCF − capex) | $153M | −$42.0M | $195M | — |
| Capital expenditures | $48.0M | $39.0M | $9.0M | +23% |
Questions
How much did Waters's revenue grow quarter over quarter in Q2 2026?
Waters's revenue rose $378M (+30%) from $1.3B in Q1 2026 to $1.6B in Q2 2026.
What drove Waters's revenue change in Q2 2026?
Product +$301M (+33%); Service +$77.0M (+22%).