Waters Corporation (WAT) Q4 2025 Financial Results Summary
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Waters Corporation (WAT) Q4 2025 Financial Results Summary
Release Date: February 9, 2026
Waters Corporation (NYSE: WAT) reported its financial results for the fourth quarter and full year of 2025, showcasing notable growth across its operations, particularly in the pharmaceutical and industrial markets. Below is a summary of the key financial metrics from the report:
Fourth Quarter 2025 Highlights
- Sales reached $932 million, up 7% from $873 million in Q4 2024 (6% growth in constant currency).
- Pharmaceutical market sales up 8% as reported, 7% in constant currency.
- Industrial market sales also grew by 8% as reported and in constant currency.
- Academic and government market sales decreased by 2% as reported and 3% in constant currency.
- Chemistry sales grew 12% in constant currency, supported by strong demand for bioseparations products.
- Instruments sales increased by 3% as reported and in constant currency, predominantly driven by high single-digit growth in LC-MS.
- Recurring revenue rose by 10% as reported and 9% in constant currency.
- GAAP EPS for the quarter was $3.77, a slight decrease from $3.88 in Q4 2024.
- Non-GAAP EPS reached $4.53, up 10% from $4.10 year-over-year.
Full-Year 2025 Highlights
- Total sales for 2025 amounted to $3,165 million, a 7% increase compared to $2,958 million in 2024 (7% growth in constant currency).
- Pharmaceutical market sales increased by 9% as reported and in constant currency.
- Industrial market sales rose by 6% as reported and in constant currency.
- Academic and government sales were flat as reported and decreased by 1% in constant currency.
- Instruments sales for the year grew 5% in constant currency, with strong performance in LC-MS.
- Recurring revenues grew 8% in constant currency.
- GAAP EPS for 2025 was $10.76, slightly up from $10.71 in 2024.
- Non-GAAP EPS rose by 11% to $13.13, compared to $11.86 in 2024.
Geographic Performance
- Asia:
- Q4 sales increased by 4% as reported and 11% in constant currency.
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Full-year sales grew 7% as reported and 13% in constant currency.
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Americas:
- Q4 sales up 4% as reported and in constant currency.
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Full-year sales increased 4% as reported and in constant currency.
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Europe:
- Q4 sales grew 13% as reported and 4% in constant currency.
- Full-year sales rose 10% as reported and 5% in constant currency.
Dividend and Share Repurchase
- The report did not indicate any declaration of a quarterly dividend.
- There was a mention of purchases of treasury shares amounting to $144,000 in Q4 and $14.667 million for the full year.
Future Guidance
- The company anticipates a full-year 2026 organic constant currency revenue growth between 5.5% and 7.0%.
- Projected 2026 total Company revenue is expected to fall between $6.405 billion and $6.455 billion on a reported basis.
- Expected non-GAAP EPS for 2026 is projected to be between $14.30 and $14.50, indicating year-over-year growth of approximately 8.9% to 10.4%.
Conclusion
Waters Corporation’s performance in Q4 and full-year 2025 reflects a robust trajectory of growth across key end-markets, robust demand for innovative products in chemistry and instruments, and a stable outlook for 2026, setting the stage for continued expansion and potential operational synergies from recent acquisitions.
Here are the requested financial tables extracted from the press release:
Waters Corporation and Subsidiaries Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)
| Three Months Ended | Twelve Months Ended | |||
|---|---|---|---|---|
| December 31, 2025 | 2024 | December 31, 2025 | 2024 | |
| Net sales | $932,362 | $872,714 | $3,165,286 | $2,958,387 |
| Costs and operating expenses: | ||||
| Cost of sales | $362,864 | $348,516 | $1,288,822 | $1,200,201 |
| Selling and administrative expenses | $240,007 | $173,268 | $830,374 | $690,148 |
| Research and development expenses | $46,898 | $46,914 | $195,711 | $183,027 |
| Purchased intangibles amortization | $12,077 | $11,753 | $47,791 | $47,090 |
| Litigation provision | $— | $— | $— | $11,568 |
| Operating income | $270,516 | $292,263 | $802,588 | $826,353 |
| Other income (expense), net | $2,283 | $(843) | $3,061 | $776 |
| Interest expense, net | $(8,618) | $(14,437) | $(50,771) | $(72,261) |
| Income from operations before income taxes | $264,181 | $276,983 | $754,878 | $754,868 |
| Provision for income taxes | $38,967 | $45,585 | $112,249 | $117,034 |
| Net income | $225,214 | $231,398 | $642,629 | $637,834 |
| Net income per basic common share | $3.78 | $3.90 | $10.80 | $10.75 |
| Weighted-average number of basic common shares | 59,546 | 59,386 | 59,509 | 59,333 |
| Net income per diluted common share | $3.77 | $3.88 | $10.76 | $10.71 |
| Weighted-average number of diluted common shares | 59,763 | 59,645 | 59,706 | 59,552 |
Waters Corporation and Subsidiaries Preliminary Condensed Unclassified Consolidated Balance Sheets (In thousands and unaudited)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $587,831 | $325,355 |
| Accounts receivable | $828,844 | $733,365 |
| Inventories | $572,371 | $477,261 |
| Property, plant and equipment, net | $642,046 | $651,200 |
| Intangible assets, net | $558,179 | $567,906 |
| Goodwill | $1,340,081 | $1,295,720 |
| Other assets | $554,625 | $502,988 |
| Total assets | $5,083,977 | $4,553,795 |
| Notes payable and debt | $1,407,445 | $1,626,488 |
| Other liabilities | $1,115,290 | $1,098,800 |
| Total liabilities | $2,522,735 | $2,725,288 |
| Total stockholders’ equity | $2,561,242 | $1,828,507 |
| Total liabilities and stockholders’ equity | $5,083,977 | $4,553,795 |