Waters Corporation Reports 8.8% Revenue Growth in Q2 2025, Announces Major Acquisitions

Waters Corporation reported its financial results for the second quarter of 2025, revealing a total net sales of $771.3 million, a 8.8% increase from $708.5 million in the same period last year. The company's product sales rose to $473.4 million, up from $435.1 million, while service sales also saw an increase to $297.9 million from $273.4 million. Despite a slight decline in operating income, which fell to $188.2 million from $189.1 million, net income for the quarter increased to $147.1 million, compared to $142.7 million in the prior year, resulting in a net income per diluted share of $2.47, up from $2.40.

In terms of operational metrics, Waters Corporation's total assets grew to $4.72 billion as of June 28, 2025, compared to $4.55 billion at the end of 2024. The company reported a significant increase in inventories, which rose to $540.8 million from $477.3 million, indicating a strategic move to bolster product availability. Additionally, the company’s cash and cash equivalents increased to $367.2 million from $325.4 million, reflecting improved liquidity. The total liabilities decreased to $2.56 billion from $2.73 billion, primarily due to a reduction in long-term debt, which fell to $1.20 billion from $1.63 billion.

Waters Corporation has also made strategic moves, including the acquisition of Optofluidics, Inc. for $35 million, which is expected to enhance its capabilities in biopharmaceutical formulation and quality control. Furthermore, the company announced a definitive agreement to acquire Becton, Dickinson and Company’s Biosciences & Diagnostic Solutions business for approximately $17.5 billion, a transaction anticipated to close in early 2026, subject to regulatory approvals. This acquisition is expected to significantly expand Waters' market presence and product offerings.

Geographically, Waters Corporation reported strong sales growth in Asia, with total sales reaching $265.9 million, up from $237.4 million, driven by increased demand in China. The Americas also contributed positively, with sales of $280.7 million compared to $274.5 million, while Europe saw an increase to $224.7 million from $196.6 million. The company’s customer base remains diverse, with pharmaceutical customers generating $462.0 million in sales, up from $415.7 million, indicating a solid demand in the life sciences sector.

Looking ahead, Waters Corporation expressed optimism about its growth trajectory, bolstered by the upcoming acquisition of Becton Dickinson's business and ongoing investments in product development and market expansion. The company anticipates continued revenue growth driven by strong demand across its product lines and strategic initiatives aimed at enhancing operational efficiency and customer engagement.