Global Finance News
09 Feb 2026, 16:34
Waters Corporation reported solid fourth-quarter and full-year 2025 results, supported by broad-based end-market demand and strong momentum in its chemistry portfolio.
In the fourth quarter, sales reached $932 million, up 7% year over year as reported and 6% in constant currency, landing at the high end of guidance. Growth was driven by high single-digit constant-currency gains in pharmaceutical and industrial markets, while chemistry revenue rose 12% on strong demand for new bioseparations products. GAAP EPS was $3.77, while non-GAAP EPS increased 10% to $4.53.
For full-year 2025, Waters generated $3.17 billion in revenue, up 7% both as reported and in constant currency. Instrument sales grew 5%, led by LC-MS, while recurring revenue increased 8%, supported by 12% chemistry growth. Full-year GAAP EPS was $10.76, and non-GAAP EPS rose 11% to $13.13.
Looking ahead, Waters guided for 2026 organic constant-currency revenue growth of 5.5% to 7.0% and total reported revenue of $6.41–$6.46 billion, reflecting the addition of BD’s Biosciences and Diagnostic Solutions business. The company expects 2026 non-GAAP EPS of $14.30–$14.50, implying high-single-digit to low-double-digit earnings growth year over year.
In the fourth quarter, sales reached $932 million, up 7% year over year as reported and 6% in constant currency, landing at the high end of guidance. Growth was driven by high single-digit constant-currency gains in pharmaceutical and industrial markets, while chemistry revenue rose 12% on strong demand for new bioseparations products. GAAP EPS was $3.77, while non-GAAP EPS increased 10% to $4.53.
For full-year 2025, Waters generated $3.17 billion in revenue, up 7% both as reported and in constant currency. Instrument sales grew 5%, led by LC-MS, while recurring revenue increased 8%, supported by 12% chemistry growth. Full-year GAAP EPS was $10.76, and non-GAAP EPS rose 11% to $13.13.
Looking ahead, Waters guided for 2026 organic constant-currency revenue growth of 5.5% to 7.0% and total reported revenue of $6.41–$6.46 billion, reflecting the addition of BD’s Biosciences and Diagnostic Solutions business. The company expects 2026 non-GAAP EPS of $14.30–$14.50, implying high-single-digit to low-double-digit earnings growth year over year.
