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Dec 31, 2025
Waters Q4 2025 Earnings Report
Reported strong fourth-quarter results with solid revenue growth and double-digit non-GAAP EPS expansion.
Key Takeaways
Waters delivered strong Q4 performance with revenue growth at the high end of guidance, broad-based end-market strength, and double-digit growth in non-GAAP EPS driven by chemistry and recurring revenue momentum.
Q4 revenue reached $932.36 million, growing year over year.
Non-GAAP EPS increased double digits to $4.53.
Chemistry and recurring revenues showed strong growth.
All geographic regions delivered year-over-year growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects continued growth into 2026 driven by instrument replacement cycles, innovation, and contributions from recent acquisitions.
Positive Outlook
- Expected organic revenue growth in 2026.
- Strong instrument replacement cycle underway.
- Recurring revenue expected to remain a key growth driver.
- Chemistry portfolio continues to gain traction.
- Planned revenue and cost synergies from acquisitions.
Challenges Ahead
- Integration risks related to recent acquisitions.
- Foreign currency volatility may impact reported results.
- Macroeconomic uncertainty could affect end-market demand.
- Execution risk on large-scale ERP transformation.
- Increased leverage following acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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