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Waters Corporation

WAT · Health Care

Last earnings Aug 4, 2026

Key results

Recurring revenuequarter

11%

Recurring revenue grew 11% in constant currency, with 9% service growth and double-digit chemistry growth In constant currency, Pharma grew 11% and Industrial grew 6%, while Academic & Government declined 3%

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

EPSquarter

$2.47

On a GAAP basis, diluted earnings per share (EPS) for the second quarter of 2025 was $2.47, compared to $2.40 for the second quarter of 2024.

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Revenuequarter

$771,332 thousand

Net sales $ 771,332 $ 708,529 $ 1,433,037 $ 1,345,368

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Net incomequarter

$147,111 thousand

Net income $ 147,111 $ 142,737 $ 268,492 $ 244,933

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

AI analysis

Q2 2025 · reported Aug 4, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q2 2025
$771,332 thousand
EX-99 · Aug 4, 2025
EPS · Q2 2025
$2.47
+2.9% vs year ago computed from stated figures
EX-99 · Aug 4, 2025
Net income · Q2 2025
$147,111 thousand
EX-99 · Aug 4, 2025

The quarter in charts

Diluted EPS — GAAP

Per diluted share, as stated

0123$2.40Same quarter last year$2.47Q2 2025 (quarter)

EX-99 · Aug 4, 2025 EPS values as stated in the release.

Headline figures

MetricQ2 2025Prior qtrYear ago
Recurring revenue11%——
EPS$2.47—$2.40
Revenue$771,332 thousand——
Net income$147,111 thousand——

EX-99 · Aug 4, 2025

Guidance · company-stated

Direction: Raised

Revenue

“Full-Year and Third Quarter 2025 Financial Guidance Full-Year 2025 Financial Guidance The Company is raising its full-year 2025 constant currency sales growth guidance to the range of +5.5% to +7.5%.”

EPS

“The Company is raising its full-year 2025 non-GAAP EPS guidance to the range of $12.95 to $13.05.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument and diagnostics industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with new tariff rules and regulations of the U.

The carrying value of the Company s variable interest rate debt approximates fair value due to the variable nature of the interest rate.

Company-stated claims

Jan 12, 2026

Historical · grew 270% · revenue

“Waters Alliance iS sales grew 270% in constant currency for the first 9 months of 2025 compared to the equivalent time-period in 2024.”

EX-99 · Jan 12, 2026
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

On a GAAP basis, diluted earnings per share (EPS) for the second quarter of 2025 was $2.47, compared to $2.40 for the second quarter of 2024

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

Revenue: “Full-Year and Third Quarter 2025 Financial Guidance Full-Year 2025 Financial Guidance The Company is raising its full-year 2025 constant currency sales growth guidance to the range of +5.5% to +7.5%.”

EPS: “The Company is raising its full-year 2025 non-GAAP EPS guidance to the range of $12.95 to $13.05.”

Revenue — Raised (“raising”)
“As a result, we are raising our full-year sales and earnings guidance.”

Revenue — Raised (“raising”)
“Full-Year and Third Quarter 2025 Financial Guidance Full-Year 2025 Financial Guidance The Company is raising its full-year 2025 constant currency sales growth guidance to the range of +5.5% to +7.5%.”

EPS — Raised (“raising”)
“The Company is raising its full-year 2025 non-GAAP EPS guidance to the range of $12.95 to $13.05.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument and diagnostics industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with new tariff rules and regulations of the U.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

The carrying value of the Company s variable interest rate debt approximates fair value due to the variable nature of the interest rate.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

The carrying value of the Company s fixed interest rate debt was $ 4.4 billion and $ 1.3 billion at July 4, 2026 and December 31, 2025, respectively.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

The fair value of the Company s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

The fair value of the Company s fixed interest rate debt was estimated to be $ 4.3 billion and $ 1.2 billion at July 4, 2026 and December 31, 2025, respectively, using Level 2 inputs.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

Refer to Note 6 Debt for further information.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

Strategy & priorities

Our performance reflects strong execution against our commercial growth initiatives, rapid uptake of our new products, and contribution from incremental growth vectors such as GLP-1s, PFAS and generics.

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

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.

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

(d) ERP implementation and transformation costs represent costs related to the Company s initiative to transition from its legacy enterprise resource planning (ERP) system to a new global ERP solution with a cloud-based infrastructure.

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

The Company s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and yen-denominated net asset investments.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

Risks & headwinds

(f) Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

SEC original ↗Waters Corporation — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Legal Proceedings 55 Item 1A.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument and diagnostics industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with new tariff rules and regulations of the U.

SEC original ↗Waters Corporation — 10-Q Quarterly report10-QAug 11, 2026

Documents

Earnings deck slides

0 decks with slide view

Waters Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Waters Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Waters Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Waters Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Waters Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Gilead Sciences (GILD) Health CareGenmab (GMAB) Health CareAlcon (ALC) Health CareArgenx (ARGX) Health CareSanofi (SNY) Health CareMerck & Co. (MRK) Health CareXencor Inc (XNCR) Health CareIllumina, Inc. (ILMN) Health Care

Filings

66 documents

Earnings releases

25 documents

Presentations

5 documents

Transcripts

0 documents

No transcripts for Waters Corporation are held in this edition of the library.

Mentioned by

2 companies

Other tracked companies whose held documents mention Waters Corporation by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.