Waters Corporation Delivers Strong Q1 2025 Results and Raises Full-Year Guidance

Waters Corporation reported first quarter 2025 sales of $662 million, up 4% as reported and 7% in constant currency, reaching the high end of its guidance range. Growth was driven by an 11% increase in instrument sales (constant currency), particularly within pharmaceutical and industrial markets. Recurring revenues rose 4% in constant currency.
GAAP EPS came in at $2.03, while non-GAAP EPS was $2.25, up 2% despite a 5-point FX headwind. Operating income margin rose to 22.9%, and free cash flow remained strong at $234 million.
By region, Asia led with 13% constant currency growth, followed by 6% in the Americas and 1% in Europe. Pharmaceutical market sales grew 8% in constant currency, industrial 6%, and academic & government 3%.
Given the robust start, Waters raised its 2025 full-year constant currency sales growth outlook to 5%–7% and non-GAAP EPS to $12.75–$13.05 (up from previous estimates), reflecting 8%–10% growth year-over-year (10%–12% in constant currency). Q2 non-GAAP EPS is expected to be $2.88–$2.98.
CEO Dr. Udit Batra highlighted operational discipline, strong demand, and successful product innovation as key drivers. The company also noted improved FX conditions and agility in mitigating tariff impacts.