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Sep 27
Waters Q3 2025 Earnings Report
Waters Corporation reported its financial results for the third quarter of 2025, exceeding sales and non-GAAP EPS guidance.
Key Takeaways
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.
Sales for Q3 2025 reached $800 million, an 8% increase both as reported and in constant currency, surpassing guidance.
Non-GAAP diluted EPS grew by 16% to $3.40, exceeding guidance, while GAAP diluted EPS was $2.50.
Pharmaceutical market sales increased by 11% in constant currency, with strong growth across all regions, particularly the Americas.
Recurring revenue, including service and chemistry, grew by 9% in constant currency, with chemistry revenue showing double-digit growth.
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 +6.7% to +7.3% and its non-GAAP EPS guidance to $13.05 to $13.15. For the fourth quarter of 2025, the company expects constant currency sales growth of +5.0% to +7.0% and non-GAAP EPS in the range of $4.45 to $4.55.
Positive Outlook
- Raising full-year 2025 constant currency sales growth guidance to +6.7% to +7.3%.
- Raising full-year 2025 reported sales growth guidance to +6.5% to +7.1%.
- Raising full-year 2025 non-GAAP EPS guidance to $13.05 to $13.15, reflecting 10% to 11% year-over-year growth.
- Fourth quarter 2025 constant currency sales growth expected between +5.0% and +7.0%.
- Fourth quarter 2025 non-GAAP EPS expected between $4.45 and $4.55, representing 9% to 11% year-over-year growth.
Challenges Ahead
- Currency translation impact is expected to be negative 0.2% for full-year 2025 reported sales growth.
- No specific negative guidance points were highlighted in the provided text, only positive revisions and expectations.