Waters Corporation reported third‑quarter 2025 revenue of $800 million, an 8 % year‑over‑year increase, and GAAP earnings per share of $2.50. Non‑GAAP earnings per share rose to $3.40, up 16 % from the same quarter a year earlier, and exceeded analyst expectations of $3.06–$3.21.
In comparison, the company’s second‑quarter 2025 GAAP EPS was $2.47 and non‑GAAP EPS was $2.95, while the same quarter in 2024 produced GAAP EPS of $2.71 and non‑GAAP EPS of $2.93. These sequential and annual comparisons illustrate a steady earnings trajectory.
Waters lifted its full‑year 2025 guidance to constant‑currency sales growth of 6.7 %–7.3 % and reported sales growth of 6.5 %–7.1 %. Non‑GAAP earnings per share for the year are now projected at $13.05 – $13.15. For the fourth quarter, the company forecasts constant‑currency sales growth of 5.0 %–7.0 % and reported sales growth of 5.2 %–7.2 %, with non‑GAAP EPS of $4.45 – $4.55.
The guidance upgrade reflects robust demand from biotech and pharmaceutical clients, particularly for instruments used in drug development and research. The company attributes the upside to a strong instrument replacement cycle, high‑volume testing for GLP‑1 drugs and PFAS, and double‑digit growth in its pharma segment. Segment revenue composition was approximately 55 % from Instruments, 20 % from Recurring Revenue, 10 % from Chemistry, 8 % from Pharma, 5 % from Industrial, and 2 % from Academic/Government, with each segment showing year‑over‑year growth ranging from 6 % to 12 %.
Waters is also preparing for a strategic combination with BD Biosciences & Diagnostic Solutions, expected to complete in early 2026. The merger is projected to shift the company’s focus toward diagnostics and generate significant cost and revenue synergies, enhancing long‑term growth prospects.
Financially, Waters maintains a strong balance sheet with a market capitalization of $20.57 billion as of November 4 2025, cash and equivalents of $459.1 million, and total debt of $1.41 billion as of October 31 2025.
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