Filing Flows › Waters (WAT) › Q3 2026 › vs Q2 2026
Waters (WAT) Q3 2026 vs Q2 2026 (quarter over quarter)
Waters's revenue rose $122M (+7%) from $1.6B in Q2 2026 to $1.8B in Q3 2026. Operating margin 7.2% against -5.2% (+12.5 pts).
Waters, Q3 2026: revenue $1.8B (+121% year over year), operating margin 7.2%, net earnings $81.0M, operating cash flow $98.0M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | -5.2% | +12.5 pts |
| Net margin | 4.6% | -8.3% | +12.9 pts |
| Free cash flow margin | 3.1% | 9.3% | -6.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $1.8B | $1.6B | $122M | +7% |
| Operating profit | $128M | −$86.0M | $214M | — |
| Costs & expenses | $1.6B | $1.7B | −$92.0M | -5% |
| Pre-tax earnings | $81.0M | −$141M | $222M | — |
| Other expense, net | $47.0M | $55.0M | −$8.0M | -15% |
| Research & development | $106M | $122M | −$16.0M | -13% |
| Other operating costs | $654M | $1.2B | −$550M | -46% |
| Net earnings | $81.0M | −$136M | $217M | — |
| Operating cash sources | $403M | $190M | $213M | +112% |
| Depreciation & amortization | $300M | $301M | −$1.0M | -0.3% |
| Share-based compensation | $22.0M | $25.0M | −$3.0M | -12% |
| Working capital & other | $305M | −$11.0M | $316M | — |
| Operating cash flow | $98.0M | $201M | −$103M | -51% |
| Free cash flow (OCF − capex) | $55.0M | $153M | −$98.0M | -64% |
| Capital expenditures | $43.0M | $48.0M | −$5.0M | -10% |
Questions
How much did Waters's revenue grow quarter over quarter in Q3 2026?
Waters's revenue rose $122M (+7%) from $1.6B in Q2 2026 to $1.8B in Q3 2026. Operating margin 7.2% against -5.2% (+12.5 pts).