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Waters (WAT) investor relations material
Waters Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 sales reached $800 million, up 8% year-over-year, surpassing guidance and driven by strong performance in pharma, chemistry, and instruments, with notable product launches and robust demand across geographies.
Non-GAAP EPS grew 16% to $3.40, exceeding guidance, while GAAP EPS was $2.50, down from $2.71 in the prior year; net income for Q3 2025 was $148.9 million.
Integration planning for the $17.5 billion acquisition of BD's Biosciences & Diagnostic Solutions business is progressing, targeting completion by end of Q1 2026, with synergy delivery action plans in place.
Operating income declined 9% in Q3 2025 due to higher selling and administrative expenses, including merger and ERP costs.
The company is raising both full-year 2025 constant currency sales growth and non-GAAP EPS guidance, reflecting continued innovation and execution.
Financial highlights
Q3 2025 sales: $800 million (+8% as reported and in constant currency); recurring revenue up 9%, instrument sales up 6%, chemistry up 13%.
Q3 2025 operating income: $192.1 million (24.0% margin); net income: $148.9 million; GAAP EPS: $2.50; non-GAAP EPS: $3.40 (+16% to +17%).
Gross margin: 59% (up 70 bps sequentially); adjusted operating margin: 30.3%.
Free cash flow: $160 million in Q3; $552.1 million for nine months; cash and cash equivalents at quarter end: $459.1 million.
Net debt: $948 million at quarter end; outstanding debt: $1.4 billion including bridge facility for merger.
Outlook and guidance
Full-year 2025 constant currency sales growth guidance raised to 6.7%–7.3%; reported sales growth to 6.5%–7.1%.
Full-year 2025 non-GAAP EPS guidance raised to $13.05–$13.15 (10%–12% growth); Q4 2025 non-GAAP EPS guidance: $4.45–$4.55 (+9%–11%).
The BD Biosciences & Diagnostic Solutions acquisition is expected to close by end of Q1 2026, subject to regulatory and shareholder approvals.
FY 2025 net interest expense expected at $36 million; tax rate at 16.5%.
ERP system implementation is expected to cost $130 million over three years.
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Q4 202510 Feb, 2026
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Frequently asked questions
Waters Corporation is a pioneer in analytical instrumentation, with over 100 years of experience in product innovation, process development, and concept-to-commercialization capabilities. Their specialty measurement company provides innovative solutions for customers who analyze the key ingredients for life. As the world leader in chromatography, mass spectrometry, flow cytometry, and thermal analysis methods and instruments, they are committed to helping researchers solve their biggest breakthrough challenges. Waters Corporation is based in Milford, Massachusetts.
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