Waters Corporation Reports Strong Q2 2025 Financial Results, Raises Full-Year Guidance
Waters Corporation , a global leader in analytical instruments and laboratory solutions, announced its financial results for the second quarter of 2025, demonstrating solid revenue growth and improved earnings performance. The company also raised its full-year guidance, citing continued commercial momentum and the impact of its strategic initiatives.
Second Quarter Financial Highlights
For the second quarter ending June 30, 2025, Waters reported net sales of $771 million. This represents a 9% year-over-year increase on a reported basis, and 8% growth in constant currency, compared to $709 million in revenue reported during the same period in 2024.
On a GAAP basis, diluted earnings per share (EPS) came in at $2.47, up slightly from $2.40 in Q2 2024. On a non-GAAP basis, the company delivered EPS of $2.95, marking a 12% increase from $2.63 reported in the prior-year quarter. These earnings reflect robust operational execution and strength in key customer segments, particularly in large pharmaceutical companies and contract development and manufacturing organizations (CDMOs).
CEO Commentary on Performance and Growth Strategy
Dr. Udit Batra, President and CEO of Waters Corporation, emphasized the significance of the results, stating, “Our team continues to execute extremely well and we delivered excellent results again this quarter, driven by robust instrument replacement trends—particularly among large pharma and CDMO customers.”
He highlighted the company’s successful implementation of commercial growth strategies and strong market uptake of newly launched products. Waters has also seen incremental growth from high-demand areas such as GLP-1 therapeutics, PFAS (per- and polyfluoroalkyl substances) analysis, and the generic pharmaceutical segment.
Batra added, “The strength of our core business provides the foundation for our next phase of growth. Our combination with BD Biosciences & Diagnostic Solutions accelerates our strategy into multiple high-growth adjacencies while extending the reach of our proven execution model into resilient, high-volume end markets. We are well positioned to drive substantial value creation for shareholders.”
He also announced that Chris Ross, SVP of Global Operations, will lead the integration efforts with BD. Batra noted their prior successful partnership during the integration of EMD Millipore and Sigma-Aldrich, reinforcing confidence in the success of this new strategic move.
Updated Guidance for Full-Year and Q3 2025
Based on strong second-quarter results and favorable market conditions, Waters has raised its financial outlook for the full year of 2025.
- Full-Year 2025 Sales Guidance: The company now expects constant currency sales growth in the range of 5.5% to 7.5%, with reported sales growth (factoring in currency exchange effects) forecasted between 5.0% and 7.0%.
- Full-Year 2025 Non-GAAP EPS Guidance: Waters raised its non-GAAP EPS forecast to a range of $12.95 to $13.05. This translates to approximately 9% to 10% growth year-over-year, or 10% to 11% on a constant currency basis.
For the third quarter of 2025, Waters projects:
- Q3 2025 Sales Growth: Constant currency sales growth is anticipated between 5.0% and 7.0%, while reported sales growth is expected between 4.5% and 6.5%.
- Q3 2025 Non-GAAP EPS: The company expects earnings per share in the range of $3.15 to $3.25, indicating a strong 8% to 11% growth compared to the third quarter of 2024.
Strategic Transaction with BD and SpinCo
Waters also provided updates on its strategic transaction with Becton, Dickinson and Company (BD) and Augusta SpinCo Corporation (“SpinCo”). The company noted that this combination is a crucial part of its long-term growth plan, aimed at expanding Waters’ presence in adjacent markets and delivering immediate value through operational synergies.
Filings related to the proposed transaction will be submitted to the U.S. Securities and Exchange Commission (SEC), including registration statements and proxy materials. Shareholders and investors are encouraged to review these documents when they become available, as they will contain key details about the deal.
Conference Call and Webcast Details
Waters Corporation will host its Q2 2025 earnings conference call on August 4, 2025, at 8:00 a.m. Eastern Time. A live webcast and accompanying presentation slides are accessible through the Investor Relations section on the company’s official website (www.waters.com). A replay of the event will be available through at least September 2, 2025.
About Waters Corporation
Waters Corporation has been a prominent player in the field of analytical instruments and laboratory technologies for over 65 years. Serving industries ranging from life sciences and pharmaceuticals to food safety and environmental testing, the company operates in more than 100 countries with a workforce of over 7,600 employees. Waters’ mission is to enhance global well-being by ensuring the safety and efficacy of medicines, the purity of water, and the integrity of consumer products.
