Q3 2025 Performance Highlights - Waters Corporation reported Q3 2025 revenue of $800 million, with constant currency (CC) revenue growth of 8%[10] - CC recurring revenue growth was 9%[10] - CC instrument growth was 6%[10] - Q3 2025 Non-GAAP EPS grew by 16% to $3.40[10] - High single-digit (HSD) LC-MS growth and 17% CC growth were achieved[10] Growth Drivers and Innovation - BioAnalytical Characterization new products saw an 11% sequential growth in instrument sales from Q2 2025 to Q3 2025[13, 14] - Chemistry growth was 11% year-to-date in constant currency, driven by new BioSeparations products[16, 17] - Waters Alliance iS sales grew +300% in constant currency in 3Q25 compared to 3Q24[14] - Waters Xevo TQ Absolute sales grew +30% in constant currency in 3Q25 compared to 3Q24[14] Geographic and Market Performance - Pharma sales growth in Q3 2025 in constant currency was 11% overall, with strong performance across Americas, Europe, and Asia ex-China[19, 20] - Asia experienced 13% growth, Americas and Europe both saw 5% growth[34, 35] Guidance - The company projects FY 2025 constant currency revenue growth between 6.5% and 7.1%[37] - The company projects Q4 2025 constant currency revenue growth between 5.2% and 7.2%[37] - Non-GAAP EPS for FY 2025 is projected to be between $13.05 and $13.15[37] - Non-GAAP EPS for Q4 2025 is projected to be between $4.45 and $4.55[37]

Q2 2025 Financial Performance - Q2 2025 revenue reached $771 million, reflecting a 9% increase as reported and an 8% increase in constant currency[11] - Constant currency recurring revenue grew by 11%[11] - Constant currency instrument revenue grew by 4%[11] - Q2 2025 Non-GAAP EPS was $2.95, a 12% increase[11] - Waters division revenue grew by 10% in constant currency, while TA division revenue decreased by 6% in constant currency[33] Regional Performance (Constant Currency) - Asia experienced a 14% revenue growth, with China also at 14%[13] - Americas saw a 2% revenue growth[13] - Europe showed an 8% revenue growth[13] Full Year and Q3 2025 Guidance - The company projects full-year 2025 constant currency revenue growth between 5% and 7%[20] - The company projects Q3 2025 constant currency revenue growth between 4% and 7%[20] - Full-year 2025 Non-GAAP EPS is projected to be between $12.95 and $13.05[20] - Q3 2025 Non-GAAP EPS is projected to be between $3.15 and $3.25[20] Biosciences & Diagnostic Solutions Synergies - The company anticipates $200 million in cost synergies by year 3[26] - The company anticipates $290 million in revenue synergies by year 5[26]