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Jun 28
Waters Q2 2025 Earnings Report
Waters Corporation reported its second quarter 2025 financial results, exceeding sales guidance and delivering strong EPS growth.
Key Takeaways
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.
Sales of $771 million exceeded guidance, growing 9% as reported and 8% in constant currency.
GAAP EPS was $2.47 and non-GAAP EPS was $2.95, both above the mid-point of guidance.
Recurring revenue increased by 11% in constant currency, with service growth at 9% and chemistry growth in double-digits.
The company raised its full-year 2025 constant currency sales growth guidance to +5.5% to +7.5% and non-GAAP EPS guidance to $12.95 to $13.05.
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 Corporation is raising its full-year 2025 constant currency sales growth guidance to +5.5% to +7.5% and its non-GAAP EPS guidance to $12.95 to $13.05, reflecting strong performance and confidence in future growth.
Positive Outlook
- Raising full-year 2025 constant currency sales growth guidance to +5.5% to +7.5%.
- Raising full-year 2025 non-GAAP EPS guidance to $12.95 to $13.05.
- Full-year non-GAAP EPS growth expected to be approximately +9% to +10% year-over-year.
- Third quarter 2025 constant currency sales growth expected in the range of +5.0% to +7.0%.
- Third quarter 2025 non-GAAP EPS expected to be in the range of $3.15 to $3.25, reflecting +8% to +11% year-over-year growth.
Challenges Ahead
- No specific negative forward guidance points were highlighted in the provided text.
- The company's guidance is subject to various risks and uncertainties, including economic and market conditions.
- Currency translation impact is expected to be a negative 0.5% for both full-year and third quarter reported sales growth.
- Integration costs related to the BD Biosciences & Diagnostic Solutions combination could impact short-term financials.
- The forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict.