Waters Corporation

Latest Results (29.04.2026):

Waters Corporation's fourth quarter of 2025 results show continued top-line growth and double-digit adjusted EPS expansion: Q4 sales were $932 million (up 7% as reported, 6% constant currency) and full-year 2025 sales were $3,165 million (up 7%). GAAP diluted EPS for the fourth quarter was $3.77 (GAAP full-year $10.76); non‑GAAP diluted EPS for Q4 was $4.53 (full-year non‑GAAP $13.13), reflecting management’s ongoing adjustments for acquisition and transformation-related items.

Q4 2025 — Revenue and EPS

Q4 sales: $932M (+7% reported, +6% constant currency). GAAP diluted EPS: $3.77 (Q4 2024: $3.88). Non‑GAAP diluted EPS: $4.53 (+10% vs. $4.10 in Q4 2024).

Full‑Year 2025 — Summary

FY 2025 sales: $3,165M (+7% reported and constant currency). GAAP diluted EPS: $10.76 (FY 2024: $10.71). Non‑GAAP diluted EPS: $13.13 (+11% vs. $11.86 in FY 2024).

Product / Revenue Mix

Instruments: Q4 instruments sales +3% constant currency (FY +5%). Chemistry (precision chemistries/bioseparations): Q4 +12% constant currency and FY +12%, driving strong demand. Recurring revenue (service + chemistry): Q4 +10% reported / +9% constant currency; FY recurring +8% constant currency.

End‑Markets & Geography

End‑markets Q4: Pharmaceutical +8% (7% cc), Industrial +8% (8% cc), Academic & Government -2% (‑3% cc). Geography Q4: Asia +4% reported (+11% cc), Americas +4%, Europe +13% reported (+4% cc).

Cash Flow & Balance Sheet

Q4 net cash provided by operating activities: $165M; Q4 adjusted free cash flow: $125M. FY 2025 operating cash flow: $653M; adjusted free cash flow: $677M. Cash and cash equivalents at 12/31/2025: $588M; notes payable and debt: $1,407M; total stockholders’ equity: $2,561M.

Acquisition & Strategic Impact

Waters closed the acquisition of Becton, Dickinson & Company's Biosciences and Diagnostic Solutions in early 2026 (announced as closed in the release) and expects an owned‑period contribution of ~ $3.0B to reported revenue in 2026 plus initial revenue synergies and planned cost synergies.

2026 Guidance

Full‑year 2026 (combined company) projected organic constant currency revenue growth: +5.5% to +7.0%; reported total company revenue including the acquired business and synergies: $6,405M to $6,455M. Full‑year 2026 non‑GAAP EPS: $14.30 to $14.50 (approx. +8.9% to +10.4% year‑over‑year). Q1 2026 organic cc revenue growth guide: +7.0% to +9.0%; Q1 non‑GAAP EPS: $2.25 to $2.35.