Filing Flows › Waters (WAT) › Q3 2026 › vs Q3 2025
Waters (WAT) Q3 2026 vs Q3 2025 (year over year)
Waters's revenue rose $967M (+121%) from $800M in Q3 2025 to $1.8B in Q3 2026. The biggest changes: Product +$834M (+167%); Service +$133M (+44%). Operating margin 7.2% against 24.0% (-16.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | 24.0% | -16.8 pts |
| Net margin | 4.6% | 18.6% | -14.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Product | $1.3B | $500M | $834M | +167% |
| Service | $433M | $300M | $133M | +44% |
| Revenue | $1.8B | $800M | $967M | +121% |
| Operating profit | $128M | $192M | −$64.1M | -33% |
| Costs & expenses | $1.6B | $608M | $1.0B | +170% |
| Pre-tax earnings | $81.0M | $170M | −$89.1M | -52% |
| Other expense, net | $47.0M | $22.0M | $25.0M | +114% |
| Cost of revenue | $879M | $328M | $551M | +168% |
| Research & development | $106M | $53.6M | $52.4M | +98% |
| Other operating costs | $654M | $12.1M | $642M | 54× |
| Net earnings | $81.0M | $149M | −$67.9M | -46% |
| Operating cash sources | $403M | $149M | $254M | +171% |
| Depreciation & amortization | $300M | $0 | $300M | — |
| Share-based compensation | $22.0M | $0 | $22.0M | — |
Questions
How much did Waters's revenue grow year over year in Q3 2026?
Waters's revenue rose $967M (+121%) from $800M in Q3 2025 to $1.8B in Q3 2026.
What drove Waters's revenue change in Q3 2026?
Product +$834M (+167%); Service +$133M (+44%).