Waters Corporation Reports Q3 2025 Financial Results with 8% Revenue Growth

Waters Corporation reported its financial results for the third quarter of 2025, revealing a total net sales of $799.9 million, a 8% increase from $740.3 million in the same period last year. The company's product sales rose to $500.0 million, up from $462.0 million, while service sales also saw an increase to $299.9 million from $278.3 million. Despite the revenue growth, net income for the quarter decreased to $148.9 million, compared to $161.5 million in the prior year, resulting in a net income per diluted share of $2.50, down from $2.71.

In the nine months ending September 27, 2025, Waters Corporation reported total net sales of $2.23 billion, a 7% increase from $2.09 billion in the same period of 2024. Product sales for the nine-month period reached $1.37 billion, while service sales totaled $859.0 million. The company’s net income for the nine months was $417.4 million, slightly up from $406.4 million in the previous year, with net income per diluted share increasing to $7.00 from $6.83.

The company has made significant strategic moves, including the announcement of a merger agreement to acquire Becton, Dickinson and Company’s Biosciences and Diagnostic Solutions business for approximately $17.5 billion. This transaction is structured as a Reverse Morris Trust and is expected to close by the end of the first quarter of 2026, pending regulatory approvals. Additionally, Waters Corporation acquired Optofluidics, Inc. for $35 million in May 2025, enhancing its capabilities in biopharmaceutical formulation and quality control.

Operationally, Waters Corporation reported an increase in cash and cash equivalents to $459.1 million as of September 27, 2025, up from $325.4 million at the end of 2024. The company’s total assets increased to $4.86 billion, compared to $4.55 billion at the end of the previous fiscal year. The company’s employee headcount remained stable, with no significant changes reported. The company also noted a rise in inventories to $572.9 million, reflecting increased production and sales activity.

Looking ahead, Waters Corporation anticipates continued growth driven by its strategic acquisitions and product innovations. The company expects to leverage its expanded capabilities to enhance its market position in the analytical instruments sector. However, it also acknowledges potential risks, including fluctuations in customer demand and global economic conditions, which could impact future performance.