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Sep 27, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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