How did Waters perform in the second quarter of 2025?

Net sales were $771 million, up 9% as reported and 8% in constant currency from $709 million. GAAP diluted EPS was $2.47, and non-GAAP EPS grew 12% to $2.95. The company attributed the results to strong instrument replacement, particularly among large pharma and CDMO customers.

Did Waters change its guidance?

Yes. For full-year 2025, Waters raised constant currency sales growth guidance to +5.5% to +7.5% (reported +5.0% to +7.0%) and raised non-GAAP EPS guidance to $12.95 to $13.05. It also guided third-quarter constant currency sales growth to +5.0% to +7.0% and non-GAAP EPS to $3.15 to $3.25.

What is the proposed transaction with BD?

The filing describes a proposed transaction among Waters, Augusta SpinCo Corporation and Becton, Dickinson and Company, which involves the spin-off of SpinCo from BD. Waters would file a Form S-4 and SpinCo a Form 10. Completion depends on conditions including certain regulatory approvals and the required approval of Waters stockholders, and the filing notes the transaction may not be completed on the expected terms or timeline.

Which business segments drove growth?

In constant currency, Pharma grew 11% and Industrial grew 6%, while Academic & Government declined 3%. By segment, Waters grew 10% in constant currency and TA declined 6%. By product, Chemistry grew 16% and Service grew 9% in constant currency.

What was Waters' balance sheet position at quarter end?

As of June 28, 2025, total assets were $4.72 billion, cash and cash equivalents were $367 million, and notes payable and debt were $1.46 billion, down from $1.63 billion at December 31, 2024. Total stockholders' equity was $2.16 billion.

WAT 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Waters Corporation (NYSE: WAT) furnished a Form 8-K on August 4, 2025 reporting its results for the quarter ended June 28, 2025 (Exhibit 99.1 press release).

Net sales were $771 million^a, up 9% as reported and 8% in constant currency, compared with $709 million a year earlier. GAAP diluted EPS was $2.47 versus $2.40, and non-GAAP EPS grew 12% to $2.95 from $2.63. Management cited robust instrument replacement among large pharma and CDMO customers, and recurring revenue grew 11% in constant currency.

By segment, Pharma grew 11% and Industrial grew 6% in constant currency, while Academic & Government declined 3%. Waters raised its full-year 2025 guidance, now calling for constant currency sales growth of +5.5% to +7.5% (reported +5.0% to +7.0%) and non-GAAP EPS of $12.95 to $13.05^b. For the third quarter, it expects constant currency sales growth of +5.0% to +7.0% and non-GAAP EPS of $3.15 to $3.25.

The filing also discloses a proposed transaction involving Augusta SpinCo Corporation and Becton, Dickinson and Company (BD). Waters plans to file a Form S-4 and SpinCo a Form 10 in connection with the spin-off of SpinCo from BD, and the filing lists closing conditions and risks, including regulatory approvals and required Waters stockholder approval. Balance sheet data show total assets of $4.72 billion^c and notes payable and debt of $1.46 billion as of June 28, 2025.

02—Key points

Key Highlights

Q2 2025 net sales of $771 million, up 9% as reported and 8% in constant currency, exceeding the guidance range
GAAP diluted EPS of $2.47 versus $2.40 a year earlier; non-GAAP EPS of $2.95, up 12% from $2.63
Instruments grew mid-single-digits in constant currency, with recurring revenue up 11% in constant currency (service up 9%, chemistry up 16%)
Pharmaceutical sales rose 11% and Industrial rose 6% in constant currency, while Academic & Government declined 3%
Full-year 2025 guidance raised: constant currency sales growth of +5.5% to +7.5% and non-GAAP EPS of $12.95 to $13.05
Third-quarter 2025 guidance: constant currency sales growth of +5.0% to +7.0% and non-GAAP EPS of $3.15 to $3.25
Proposed transaction with Augusta SpinCo Corporation and Becton, Dickinson and Company, subject to regulatory approvals and Waters stockholder approval

03—Questions

Frequently Asked Questions

How did Waters perform in the second quarter of 2025?
Net sales were $771 million, up 9% as reported and 8% in constant currency from $709 million. GAAP diluted EPS was $2.47, and non-GAAP EPS grew 12% to $2.95. The company attributed the results to strong instrument replacement, particularly among large pharma and CDMO customers.
Did Waters change its guidance?
Yes. For full-year 2025, Waters raised constant currency sales growth guidance to +5.5% to +7.5% (reported +5.0% to +7.0%) and raised non-GAAP EPS guidance to $12.95 to $13.05. It also guided third-quarter constant currency sales growth to +5.0% to +7.0% and non-GAAP EPS to $3.15 to $3.25.
What is the proposed transaction with BD?
The filing describes a proposed transaction among Waters, Augusta SpinCo Corporation and Becton, Dickinson and Company, which involves the spin-off of SpinCo from BD. Waters would file a Form S-4 and SpinCo a Form 10. Completion depends on conditions including certain regulatory approvals and the required approval of Waters stockholders, and the filing notes the transaction may not be completed on the expected terms or timeline.
Which business segments drove growth?
In constant currency, Pharma grew 11% and Industrial grew 6%, while Academic & Government declined 3%. By segment, Waters grew 10% in constant currency and TA declined 6%. By product, Chemistry grew 16% and Service grew 9% in constant currency.
What was Waters' balance sheet position at quarter end?
As of June 28, 2025, total assets were $4.72 billion, cash and cash equivalents were $367 million, and notes payable and debt were $1.46 billion, down from $1.63 billion at December 31, 2024. Total stockholders' equity was $2.16 billion.

04—Continue

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