Waters Corporation Q3 2025 Earnings Recap

Waters Corporation posted robust third quarter results with sales and earnings exceeding expectations, driven by innovative product growth and strategic advancements in high-demand areas.

Key Takeaways

• Q3 sales increased 8% year-over-year, with instruments growing 6%, particularly in the LC-MS portfolio.
• Non-GAAP EPS rose 16% to $3.40, surpassing the guidance midpoint by $0.20.
• GLP-1 testing revenue more than doubled, showing strong traction in development and manufacturing sectors.
• Instrument sales recorded their largest non-COVID third quarter ramp, driven by significant customer adoption and replacement cycles.
• Continued strength in international markets, particularly in Japan and India, contributed to overall sales and service growth.