WATERS CORP /DE/ (WAT) Company Report

Waters’ LCMS instrument growth remains in the high single-digit range as the replacement cycle is only “probably not even midway through,” with a six-year CAGR still in the low single digits indicating further upside.
Idiosyncratic drivers include GLP-1 testing revenues doubling and PFAS testing with ~30% order growth, alongside India growing in the high teens.
Innovation pipeline features the Alliance iS, TQ Absolute XR and upcoming CDMS platform—addressing a $350 million large-molecule analytical market and targeting majority share over the next 5–10 years.
Informatics growth via Empower (a $300 million business) is being accelerated by adding new instruments and apps and shifting to a per-user subscription model, aiming to double revenue in five years.
BD integration planning is underway across 400 initiatives, with positive surprises in microbiology workflow synergies—targeting a $300 million sterile-testing market and MALDI-TOF replacement.

Nov 18, 2025, 2:30 PM

Transcript

Waters outlines growth drivers at Jefferies London Healthcare Conference 2025

WAT

Product Launch

M&A

Waters’ LCMS instrument growth is in the high single-digit range, with the replacement cycle “not even midway” and additional drivers from GLP-1 testing (revenues doubled) and PFAS testing (30% order growth).
The chemistry segment grew 13% in Q3, driven by bioseparations innovations (MaxPeak Premier, SEC columns, Protein A Columns), and is expected to settle at high single-digit to low-double-digit growth long term.
Pharma sales rose double digits in Q3, propelled by the replacement cycle in the US/Europe, CDMO-driven growth in China, and high-teens growth in India, while CRO demand has stabilized after prior declines.
Waters previewed CDMS, targeting a $350 million market for large-molecule characterization, and highlighted integration planning for the BD acquisition alongside launching new platforms like FACS DiVa S8 and the FXI incubator.

Nov 18, 2025, 2:30 PM

Transcript

Waters outlines growth drivers at Jefferies London Healthcare Conference 2025

WAT

Product Launch

M&A

Waters’ LCMS instrument growth remains in the high single digits, driven by the ongoing replacement cycle, plus idiosyncratic growth in GLP-1 testing (revenues doubled), PFAS testing (30% order growth) and India (high-teens growth) alongside new products such as Alliance iS and TQ Absolute XR.
The chemistry consumables segment grew 13% in 3Q and 11% year-to-date, fueled by a five-year R&D shift toward biologics (MaxPeak Premier, SEC and Protein A columns); long-term chemistry growth is expected to reach high single to low double digits.
Pharma end-markets delivered double-digit growth in the U.S. and Europe (replacement cycle, DMPK, GLP-1) and China (CDMO expansion), while CRO demand has stabilized and early-stage biotech remains flattish.
Waters’ CDMS technology, addressing a $350 million market growing high single to double digits, has begun customer shipments and promises a new category for large-molecule characterization.
Post-BD acquisition integration is underway, focusing on microbiology workflow synergies, launching FACS DiVa S8, FXI incubator and BD Core HPV testing, and expanding Empower software via a subscription model to potentially double its $300 million base.

Nov 18, 2025, 2:30 PM

Transcript

Waters reports Q3 2025 results and raises full-year guidance

WAT

Earnings

Guidance Update

M&A

Sales of $800 million, up 8% YoY; instrument sales +6% and recurring revenues +9%
Non-GAAP EPS of $3.40, up 16% and $0.20 above the midpoint of guidance
Raised full-year 2025 guidance to 6.7%–7.3% constant-currency sales growth (midpoint 7%) and $13.05–$13.15 adjusted EPS
On track to complete combination with BD’s Biosciences and Diagnostic Solutions business by end-Q1 2026, with integration planning well underway

Nov 4, 2025, 1:00 PM

Transcript

Waters Corporation announces Q3 2025 results

WAT

Earnings

Guidance Update

Q3 2025 revenue of $800 million, up 8% reported and constant-currency vs. Q3 2024.
Non-GAAP EPS of $3.40, representing 17% constant-currency growth vs. Q3 2024.
Instrument sales rose 6% CC and recurring revenue grew 9% CC year-over-year.
FY 2025 guidance: constant-currency revenue growth 6.7%–7.3%, non-GAAP EPS $13.05–$13.15; Q4 CC revenue growth 5.0%–7.0%, EPS $4.45–$4.55.

Nov 4, 2025, 1:00 PM

Presentation

Waters reports Q3 2025 results

WAT

Earnings

Guidance Update

M&A

Sales of $800 million, up 8% year-over-year (constant currency), driven by Pharma growth of 11% and broad-based gains across Industrial (+4%) and Academic & Government (+1%).
Recurring revenue strength: Chemistry up 13%, Service up 7%, and instrument sales up 6%, underpinning a gross margin of 59% and adjusted EPS of $3.40.
Raised full-year 2025 guidance to 6.7–7.3% constant currency sales growth and $13.05–$13.15 adjusted EPS; Q4 outlook at 5–7% sales growth and $4.45–$4.55 EPS.
Pending combination with BD’s Bioscience & Diagnostic Solutions remains on track for late Q1 2026 closing, with integration planning progressing through customer-focused synergies.

Nov 4, 2025, 1:00 PM

Transcript

Waters Corporation reports Q3 2025 results

WAT

Earnings

Guidance Update

M&A

Q3 sales of $800 million, up 8% as reported and in constant currency; adjusted EPS of $3.40, a 16% year-over-year increase.
Raised full-year 2025 guidance to 6.7%-7.3% constant currency sales growth (midpoint 7%) and adjusted EPS of $13.05-$13.15.
Instrument revenue grew 6% and recurring revenue grew 9% (service +7%, chemistry +13%); strong momentum in LCMS systems and idiosyncratic drivers—GLP-1 testing, PFAS analysis, and India generics.
Launched the Xevo Charge Detection Mass Spectrometer (Xevo CDMS) and on track to combine with BD’s Biosciences & Diagnostic Solutions business by end of Q1 2026.

Nov 4, 2025, 1:00 PM

Transcript

Waters reports Q3 2025 results

WAT

Earnings

Guidance Update

Waters Corporation delivered Q3 sales of $800 million, up 8% year-over-year both as reported and in constant currency.
GAAP EPS was $2.50, while non-GAAP EPS rose 16% to $3.40.
Instrument revenues grew 6% in constant currency and recurring revenue climbed 9% in constant currency, led by double-digit growth in chemistry products.
The company raised its full-year 2025 guidance to 6.7%–7.3% constant currency sales growth and non-GAAP EPS of $13.05–$13.15; Q4 non-GAAP EPS is expected at $4.45–$4.55.

Nov 4, 2025, 12:00 PM

8-K

Waters reports third-quarter 2025 financial results

WAT

Earnings

Guidance Update

Waters delivered $800 million in sales, up 8% year-over-year on both a reported and constant currency basis.
GAAP diluted EPS was $2.50, while non-GAAP EPS rose 16% to $3.40, exceeding guidance.
Recurring revenue grew 9% in constant currency, with Pharma sales up 11% and Instruments up 6%.
The company raised full-year 2025 constant currency sales growth guidance to 6.7%–7.3% and non-GAAP EPS to $13.05–$13.15, and targets Q4 non-GAAP EPS of $4.45–$4.55.

Nov 4, 2025, 11:00 AM

Press Release

Danone reports strong Q3 2025 sales growth

WAT

Earnings

Guidance Update

M&A

Consolidated Q3 2025 sales of €6,876 million, up +0.7% reported and +4.8% LFL, driven by +3.2% volume/mix and +1.6% price
Regional LFL sales growth led by China, North Asia & Oceania +13.8%, followed by Europe +2.6% and North America +1.5%
Category performance: Specialized Nutrition +8.3%, EDP +3.5%, Waters +2.3% LFL in Q3 2025
2025 guidance confirmed for like-for-like sales growth of +3% to +5% and recurring operating income expected to grow faster than sales
Recent strategic developments include acquisition of The Akkermansia Company and Kate Farms, and a €1.3 billion dual-tranche bond issue

Oct 28, 2025, 6:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for WATERS CORP /DE/.

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