Waters Earnings Reports

Waters Corporation delivered strong third-quarter 2025 results, with sales reaching $800 million, an 8% increase year-over-year, and non-GAAP EPS growing by 16% to $3.40. The growth was primarily driven by double-digit expansion in the pharmaceutical market, robust recurring revenue, and positive performance across instrument and chemistry portfolios. The company also raised its full-year 2025 sales and non-GAAP EPS guidance.

Waters Corporation delivered excellent results in the second quarter of 2025, with sales of $771 million, a 9% increase year-over-year, and non-GAAP EPS growing 12% to $2.95. This performance was driven by robust instrument replacement trends, particularly among large pharma and CDMO customers, and strong execution against commercial growth initiatives.

Waters delivered a solid Q1 2025, driven by double-digit instrument growth and strength in Pharma and Industrial markets. Sales hit $662M, and adjusted EPS reached $2.25. The company raised its full-year sales and EPS guidance.

Waters Corporation reported Q4 2024 sales of $873 million, reflecting a 6% increase year-over-year. GAAP EPS was $3.88, while non-GAAP EPS rose to $4.10, up 13%. Operating income stood at $292.26 million, and net income reached $231.40 million. Pharmaceutical market sales grew 10% in constant currency, with overall recurring revenue up 9%.

Waters Corporation reported a 4% increase in sales to $740 million for Q3 2024, surpassing expectations. GAAP EPS reached $2.71, while non-GAAP EPS was $2.93, both exceeding guidance. The company raised its full-year sales and EPS guidance, anticipating 5% to 7% constant currency growth in Q4.

Waters Corporation reported Q2 2024 sales of $709 million, a 4% decrease compared to Q2 2023. GAAP EPS was $2.40, while non-GAAP EPS was $2.63. The company's performance exceeded guidance due to better-than-expected results in China and contributions from the Wyatt acquisition. Waters expects to return to growth in the second half of the year.

Waters Corporation reported Q1 2024 sales of $637 million, a 7% decrease compared to Q1 2023. GAAP EPS was $1.72, and non-GAAP EPS was $2.21. The company maintained its full-year guidance.

Waters Corporation reported Q4 2023 sales of $819 million, a 4.5% decrease as reported. However, the company's operational excellence led to gross margin and adjusted operating margin expansion. Non-GAAP EPS was $3.62, at the high end of guidance, while GAAP EPS was $3.65.

Waters Corporation reported third-quarter sales of $712 million, a slight increase of less than 1% as reported, but a decline of 4% in organic constant currency. The Wyatt acquisition contributed 4% to sales growth. GAAP EPS was $2.27, while non-GAAP EPS grew 8% to $2.84, driven by gross margin expansion.

Waters Corporation reported a 4% increase in sales, reaching $741 million in Q2 2023. GAAP EPS was $2.55, while non-GAAP EPS reached $2.80. The company experienced double-digit growth in the Industrial and Academic & Government markets, offset by pharmaceutical market weakness in China.

Waters Corporation reported first quarter 2023 sales of $685 million, a 1% decrease as reported but a 3% increase in constant currency. GAAP EPS decreased to $2.38, while non-GAAP EPS was $2.49, which includes an approximate 8% headwind due to unfavorable foreign exchange. The company's performance reflects a healthy two-year stacked growth rate of 9.4%.

Waters Corporation reported a 3% increase in sales to $859 million for Q4 2022. The company's EPS increased to $3.81 on a GAAP basis and $3.84 on a non-GAAP basis. Waters also announced the acquisition of Wyatt Technology, signaling the next phase of its growth strategy.

Waters Corporation reported Q3 2022 sales of $709 million, a 7% increase as reported and a 15% increase in constant currency. GAAP EPS was $2.60, while non-GAAP EPS was $2.64. The company is raising its full-year 2022 sales guidance and updating its full-year 2022 non-GAAP EPS guidance.

Waters Corporation reported a 5% increase in sales to $714 million for the second quarter of 2022. Instrument sales grew by 12% in constant currency, and non-GAAP EPS increased by 6% to $2.75.

Waters Corporation reported a strong first quarter in 2022, with sales reaching $691 million, a 13% increase as reported and 16% in constant currency. Instrument sales grew by 26% in constant currency, and non-GAAP EPS increased by 22% to $2.80. The company is raising its full-year 2022 guidance for constant currency sales growth and non-GAAP EPS.

Waters Corporation reported a 6% increase in sales to $836 million for Q4 2021 compared to $787 million in Q4 2020. GAAP EPS increased to $3.52 from $3.49, and non-GAAP EPS increased to $3.67 from $3.65. The company saw strong momentum in revenue growth, particularly in biopharma, industrial, and China.

Waters Corporation reported Q3 2021 sales of $659 million, an 11% increase compared to Q3 2020. GAAP EPS increased to $2.60, and non-GAAP EPS increased to $2.66. The company saw strong growth in pharmaceutical and industrial end markets and balanced customer demand across the Americas, Europe, and Asia.

Waters Corporation reported a 31% increase in sales to $682 million in Q2 2021 compared to $520 million in Q2 2020. GAAP EPS increased to $2.69 from $1.98, while non-GAAP EPS increased to $2.60 from $2.10. The company saw strong growth in the pharmaceutical and industrial markets, with sales increasing across all regions.

Waters Corporation reported a strong first quarter in 2021, with sales increasing by 31% to $609 million. GAAP EPS reached $2.37, and non-GAAP EPS was $2.29, a 99% increase year-over-year. The company saw double-digit sales growth across all end markets and geographies, with particularly strong growth in China.

Waters Corporation reported Q4 2020 sales of $787 million, a 10% increase as reported. GAAP EPS increased to $3.49, and non-GAAP EPS increased to $3.65. Adjusted free cash flow was strong at $240 million, a 52% increase from the prior year. Growth was led by strong performance in pharmaceutical and industrial end markets, with continued broad-based sales growth across all major geographies.

Waters Corporation reported Q3 2020 sales of $594 million, a 3% increase compared to Q3 2019. GAAP EPS decreased to $2.03, while non-GAAP EPS increased to $2.16. Adjusted free cash flow was strong at $190 million, a 53% increase from the prior year.

Waters Corporation reported Q2 2020 sales of $520 million, a 13% decrease compared to Q2 2019. GAAP EPS decreased to $1.98, while non-GAAP EPS decreased to $2.10. Strong free cash flow of $175 million was reported for the quarter.

Waters Corporation reported a 10% decrease in sales to $465 million for Q1 2020, with GAAP EPS decreasing to $0.86 and non-GAAP EPS decreasing to $1.15. The company implemented cost reduction plans and revised capital deployment plans in response to COVID-19 uncertainties.

Waters Corporation reported Q4 2019 sales of $716 million, which were flat as reported compared to Q4 2018. GAAP EPS increased to $3.12, while non-GAAP EPS increased to $3.20.