The earnings call presented a strong quarter with significant growth in sales and recurring revenue, particularly in the pharma segment and China market. The company also raised its full-year guidance. However, challenges were noted in the TA division and the academic and government segments. Overall, the highlights outweigh the lowlights.

Company Guidance -

Q3 2025

In the second quarter of fiscal year 2025, Waters Corporation delivered robust financial performance, surpassing the high end of its sales guidance with a reported sales growth of 9%, or 8% on a constant currency basis. The company's instruments sales saw mid-single-digit growth, driven by high single-digit growth in the LC and mass spec portfolio. Recurring revenue increased by 11%, bolstered by 9% service growth and double-digit chemistry growth. Non-GAAP earnings per share were reported at $2.95, reflecting a 12% year-over-year increase, while GAAP EPS stood at $2.47. The Waters Division led sales growth across the Americas, Europe, and Asia. By the end market, pharma sales grew in the low double digits, while the industrial segment rose by 6%, and academic and government markets experienced a slight decline. The company also revised its full-year 2025 guidance, raising its constant currency sales growth projection to 5.5%-7.5% and increasing its non-GAAP EPS guidance to a range of $12.95 to $13.05.

Strong Overall Sales Growth

Sales grew 9% as reported and 8% in constant currency. Instruments grew mid-single digits, with high single-digit growth in LC and mass spec portfolio.

Significant Growth in Recurring Revenue

Recurring revenue grew 11%, driven by 9% service growth and double-digit chemistry growth.

Pharma Segment Growth

Pharma grew low double digits, led by strong instrument replacement activity and new product adoption, particularly among large pharma and CDMO customers.

Positive Performance in China

China grew double digits with strength across all end markets, driven by CDMOs and battery testing in the industrial segment.

Raising Full-Year Guidance

Full year 2025 constant currency sales growth guidance raised to 5.5% to 7.5% and non-GAAP EPS guidance to $12.95 to $13.05.

Waters (WAT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

WAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	3.21 / -	2.93	―	―	―
Aug 04, 2025	2025 (Q2)	2.94 / 2.95	2.63	12.17% (+0.32)
May 06, 2025	2025 (Q1)	2.22 / 2.25	2.21	1.81% (+0.04)
Feb 12, 2025	2024 (Q4)	4.03 / 4.10	3.62	13.26% (+0.48)
Nov 01, 2024	2024 (Q3)	2.68 / 2.93	2.84	3.17% (+0.09)
Jul 31, 2024	2024 (Q2)	2.57 / 2.63	2.8	-6.07% (-0.17)
May 07, 2024	2024 (Q1)	2.09 / 2.21	2.49	-11.24% (-0.28)
Feb 06, 2024	2023 (Q4)	3.55 / 3.62	3.84	-5.73% (-0.22)
Nov 07, 2023	2023 (Q3)	2.55 / 2.84	2.64	7.58% (+0.20)
Aug 02, 2023	2023 (Q2)	2.59 / 2.80	2.75	1.82% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WAT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 04, 2025	$290.31	$285.59	-1.63%
May 06, 2025	$348.38	$339.02	-2.69%
Feb 12, 2025	$405.29	$381.91	-5.77%
Nov 01, 2024	$323.11	$387.21	+19.84%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Waters Corp (WAT) report earnings?

Waters Corp (WAT) is schdueled to report earning on Nov 04, 2025, Before Open (Confirmed).

What is Waters Corp (WAT) earnings time?

Waters Corp (WAT) earnings time is at Nov 04, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is WAT EPS forecast?

WAT EPS forecast for the fiscal quarter 2025 (Q3) is 3.21.

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