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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Waters
Waters (WAT) investor relations material
Waters 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary12 Jan, 2026
Transformation and Business Model Evolution
Five-year transformation increased commercial strength, innovation, and entry into high-growth adjacencies, enabling the acquisition of BD's Bioscience and Diagnostics business.
Business model centers on complex instrumentation, regulated software, chemistry/consumables, and a high-performing service team, applied in volume-driven, regulated markets.
Outlined a simple, repeatable business model focused on chromatography, mass spectrometry, and informatics, with a strong installed base and high customer satisfaction.
Five execution initiatives (instrument replacement, service attach, e-commerce, contract orgs, R&D) drove commercial momentum and innovation, with significant annual improvements.
Innovation highlights include Alliance iS (LC), Xevo TQ Absolute (mass spec), and MaxPeak Premier columns, all showing strong growth and industry leadership.
Market Positioning and Growth Opportunities
Expansion from core markets (pharma QAQC, food/environmental safety) into biologics, specialty diagnostics, and battery testing, growing total addressable market to $19–$20 billion.
Built new vectors of core growth accretion, with organic expansion into bioanalytical characterization and bioseparations, and strong contributions from GLP-1s, PFAS, and generics.
Commercial execution KPIs show rising instrument replacement, service plan attachment, and eCommerce adoption, with robust product launch momentum.
New growth vectors include bioanalytical characterization, bioseparations, and LC-MS in diagnostics, with strong organic and inorganic portfolio expansion.
Acquisitions (Halo Labs, Wyatt Labs) and idiosyncratic drivers (GLP-1, PFAS, generics in India) add over 250 basis points to growth, exceeding prior targets.
Financial Performance and Outlook
Achieved best-in-class financials: $3.1B TTM revenue, 8% organic constant-currency growth, 30.4% adjusted operating margin, and 12% adjusted EPS growth.
Industry-leading financial profile: 8% growth (vs. 5% peer), 180 bps higher operating margin, and double-digit EPS growth.
Five-year guidance: 7% revenue CAGR, 500 bps margin expansion, and mid-teen EPS growth, outpacing peers.
Expects continued strong instrument replacement and incremental growth from idiosyncratic drivers (GLP-1s, PFAS, generics, biologics, informatics) contributing 200bps+ annual core growth from 2026–2030.
Maintains a high proportion of recurring revenue and industry-leading gross and operating margins.
Reshoring's impact on instrument growth cycle
Sustainable chemistry growth drivers long-term?
Microbiology: unquantified upside drivers?
Partial view of Summaries dataset, powered by Quartr API
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Next Waters earnings date
Q4 20259 Feb, 2026
Waters
Next Waters earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
Waters Corporation is a pioneer in analytical instrumentation, with over 100 years of experience in product innovation, process development, and concept-to-commercialization capabilities. Their specialty measurement company provides innovative solutions for customers who analyze the key ingredients for life. As the world leader in chromatography, mass spectrometry, flow cytometry, and thermal analysis methods and instruments, they are committed to helping researchers solve their biggest breakthrough challenges. Waters Corporation is based in Milford, Massachusetts.
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