Waters Corporation

Latest Results (26.10.2025):

Waters Corporation reported strong financial results for the second quarter of 2025, demonstrating robust growth across multiple sectors. Sales reached $771 million, surpassing guidance, while both GAAP and non-GAAP earnings per share exceeded expectations. The company also raised its full-year 2025 guidance, reflecting confidence in continued performance and strategic initiatives.

Sales Exceed Guidance

For the second quarter of 2025, Waters Corporation achieved sales of $771 million, representing a 9% increase as reported and an 8% growth in constant currency. These figures exceeded the company's guidance range, up from $709 million in the same quarter last year.

Earnings Beat Expectations

The company reported a GAAP earnings per share (EPS) of $2.47 and a non-GAAP EPS of $2.95 for the second quarter of 2025, both surpassing the mid-point of the guidance range. This reflects strong profitability and effective cost management.

Strong Instrument and Recurring Revenue Growth

Waters Corporation saw mid-single-digit growth in instrument sales on a constant currency basis, driven by high-single-digit growth in LC and MS segments. Additionally, recurring revenue grew by 11% in constant currency, with service revenue increasing by 9% and chemistry revenues achieving double-digit growth.

Sector Performance

The Pharma sector experienced an 11% growth, while the Industrial sector grew by 6% in constant currency. Although the Academic & Government sector saw a 3% decline, overall performance was better than anticipated, highlighting the company's diversified revenue streams.

Raised Full-Year Guidance

Based on the strong second quarter performance, Waters Corporation raised its full-year 2025 constant currency sales growth guidance to a range of +5.5% to +7.5% and increased its non-GAAP EPS guidance to between $12.95 and $13.05. This upward revision underscores the company's confidence in sustaining its growth trajectory.