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Waters 8-K Report, Financial Results (Nov 4, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 4, 2025
Period End
November 4, 2025
Security
WAT
In the record · 2016–202610-K1210-Q338-K109

WAT filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 109 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’16May ’16
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

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

Waters Corporation (NYSE: WAT) reported third-quarter 2025 results for the quarter ended September 27, 2025, per Exhibit 99.1 press release furnished with this Form 8-K dated November 4, 2025.

Net sales were $799.9 milliona, up 8% as reported and 8% in constant currency, compared with $740.3 million a year earlier. GAAP diluted EPS was $2.50, versus $2.71 in the prior-year quarter, while non-GAAP EPS grew 16% to $3.40 from $2.93. Pharmaceutical sales rose 12% as reported and 11% in constant currency, and recurring revenue grew 10% as reported and 9% in constant currency.

Net income was $148.9 millionb for the quarter, compared with $161.5 million a year earlier. The company raised its full-year 2025 constant currency sales growth guidance to +6.7% to +7.3% and its full-year non-GAAP EPS guidance to $13.05 to $13.15. For the fourth quarter, it expects constant currency sales growth of +5.0% to +7.0% and non-GAAP EPS of $4.45 to $4.55.

The release also states that integration planning for the proposed transaction with Becton, Dickinson and Company (BD) and Augusta SpinCo Corporation is progressing as expected, and management said it remains highly confident in the achievability of the cost and revenue synergies identified. The filing notes that the transaction involves a Form S-4 and a Form 10 registration statement and is subject to closing conditions, including regulatory approvals and Waters stockholder approval.

At September 27, 2025, cash and cash equivalents were $459.1 millionc and notes payable and debt totaled $1.41 billion, down from $1.63 billion at December 31, 2024. Nine-month net cash provided by operating activities was $488.0 million, and nine-month non-GAAP free cash flow was $552.1 million.

02—Key points

Key Highlights

  1. Q3 2025 net sales of $799.9 million, up 8% as reported and 8% in constant currency, versus $740.3 million in Q3 2024
  2. GAAP diluted EPS of $2.50 (vs. $2.71 in Q3 2024); non-GAAP EPS of $3.40, up 16% from $2.93
  3. Pharmaceutical sales grew 12% as reported and 11% in constant currency; Chemistry sales rose 14% as reported and 13% in constant currency
  4. Full-year 2025 constant currency sales growth guidance raised to +6.7% to +7.3%; non-GAAP EPS guidance raised to $13.05 to $13.15
  5. Q4 2025 guidance: constant currency sales growth of +5.0% to +7.0% and non-GAAP EPS of $4.45 to $4.55
  6. Debt reduced to $1.41 billion at September 27, 2025 from $1.63 billion at December 31, 2024; cash and equivalents of $459.1 million
  7. Management reiterated confidence in achieving the cost and revenue synergies tied to the pending BD transaction, with integration planning progressing as expected

03—Questions

Frequently Asked Questions

  1. How did Waters perform in the third quarter of 2025?

    Net sales were $799.9 million, up 8% as reported and in constant currency from $740.3 million a year earlier. Non-GAAP EPS grew 16% to $3.40, while GAAP diluted EPS was $2.50 compared with $2.71 in the prior-year quarter.

  2. Did Waters change its 2025 guidance?

    Yes. The company raised its full-year 2025 constant currency sales growth guidance to +6.7% to +7.3% (reported growth of +6.5% to +7.1%) and raised its full-year non-GAAP EPS guidance to $13.05 to $13.15.

  3. What is the outlook for the fourth quarter of 2025?

    Waters expects fourth-quarter constant currency sales growth of +5.0% to +7.0%, reported sales growth of +5.2% to +7.2%, and non-GAAP EPS of $4.45 to $4.55.

  4. What does the filing say about the proposed transaction with BD?

    The filing describes a proposed transaction between Waters, Augusta SpinCo Corporation and Becton, Dickinson and Company involving the spin-off of SpinCo from BD. Waters plans to file a Form S-4 and SpinCo a Form 10, and the release states that integration planning is progressing as expected. The transaction is subject to closing conditions, including regulatory approvals and Waters stockholder approval.

  5. How is Waters' balance sheet and cash generation trending?

    Notes payable and debt fell to $1.41 billion at September 27, 2025 from $1.63 billion at December 31, 2024, and cash rose to $459.1 million from $325.4 million. Nine-month net cash from operations was $488.0 million and non-GAAP free cash flow was $552.1 million.

04—Continue

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