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Waters
Waters (WAT) investor relations material
Waters Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Feb, 2026
Executive summary
Achieved strong Q4 and FY 2025 financial performance, with reported revenue up 7% and non-GAAP EPS up 10% in Q4 and 11% for the year, both at the high end of guidance.
Completed acquisition of BD's Biosciences and Diagnostic Solutions, positioning for accelerated value creation, expanded capabilities, and significant synergy realization.
Innovation and commercial execution, including new product launches and high-growth adjacencies, drove above-market growth.
Integration planning is complete, with execution of synergy initiatives underway to support sustainable, industry-leading growth.
Financial highlights
Q4 2025 sales reached $932M, up 7% reported (6% constant currency); non-GAAP EPS was $4.53 (up 10%), GAAP EPS $3.77.
Full-year 2025 sales were $3.165B, up 7% reported and constant currency; non-GAAP EPS $13.13 (up 11%), GAAP EPS $10.76.
Recurring revenue grew 9% in Q4 and 8% for the year; chemistry product line up 12% for the year.
Gross margin was 61.1% for Q4 and 59.3% for the year; adjusted operating margin 35.2% for Q4, 30.5% for the year.
Free cash flow was $125M in Q4 and $677M for the year; cash and cash equivalents at year-end were $588M.
Outlook and guidance
2026 organic constant currency revenue growth expected at 5.5%-7%; total reported revenue (including acquired business) guided to $6.405B-$6.455B.
2026 non-GAAP EPS guidance: $14.30-$14.50, up 8.9%-10.4%; adjusted operating margin expected at 28.1%.
Q1 2026 revenue guidance: $1.198B-$1.211B; non-GAAP EPS: $2.25-$2.35.
Net interest expense for 2026 expected at $179M; tax rate at 16.6%; average diluted shares 94.3M.
Detail 2026 revenue synergy drivers
Assess Empower subscription model transition impact
Progress of multi-year instrument replacement cycle
BD Q4 headwinds impact on 2026 outlook?
Empower subscription model's 2026 P&L impact?
BD revenue synergy drivers and 2026 contribution?
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Next Waters earnings date
Q1 20265 May, 2026
Waters
Next Waters earnings date
Q1 20265 May, 2026
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Frequently asked questions
Waters Corporation is a pioneer in analytical instrumentation, with over 100 years of experience in product innovation, process development, and concept-to-commercialization capabilities. Their specialty measurement company provides innovative solutions for customers who analyze the key ingredients for life. As the world leader in chromatography, mass spectrometry, flow cytometry, and thermal analysis methods and instruments, they are committed to helping researchers solve their biggest breakthrough challenges. Waters Corporation is based in Milford, Massachusetts.
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