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Mar 29
Waters Q1 2025 Earnings Report
Waters Corporation reported a strong first quarter with sales and EPS reaching the high end of guidance.
Key Takeaways
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.
Sales increased to $662 million, up 4% YoY and 7% in constant currency.
GAAP EPS was $2.03 and non-GAAP EPS was $2.25.
Net income rose to $121 million from $102 million a year ago.
Raised full-year 2025 guidance for both revenue and non-GAAP EPS.
Waters
Waters
Waters Revenue by Segment
Waters Revenue by Geographic Location
Revenue by Segment
Waters Instrument Systems Revenue
CapyFin.comTA Instrument Systems Revenue
CapyFin.comRevenue by Geographic Location
Asia Revenue
CapyFin.comAmericas Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
Waters raised its full-year 2025 guidance, reflecting operational strength and FX improvements.
Positive Outlook
- Full-year constant currency sales growth raised to 5.0%–7.0%.
- Full-year non-GAAP EPS guidance raised to $12.75–$13.05.
- Expect Q2 2025 non-GAAP EPS of $2.88–$2.98.
- Strong momentum in instrument sales, particularly in pharma.
- Operational actions and FX improvements mitigating tariff impacts.
Challenges Ahead
- Foreign exchange remains a headwind, reducing EPS by ~5 percentage points.
- Modest sales decline in Europe.
- Flat service revenue YoY.
- TA division revenue slightly declined YoY.
- Ongoing ERP implementation and transformation costs.