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Waters Corporation WAT Q3 2025 earnings

Reported November 4, 2025 · Before market open

Revenue$799.9MBeat by $18.9MDiluted EPS$3.40Beat by $0.19
Revenue estimate$781.0M
EPS estimate$3.21

Next report

Aug 4, 2026 (In 3 weeks)
Revenue estimate$1.6B
EPS estimate$3.00

Financials

Q3 2025

Income statement

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Revenue$799.9M+8.0%
Gross profit$472.1M+7.6%
Operating income$192.1M-9.0%
Net income$148.9M-7.8%
EPS (diluted)$2.50-7.7%

Balance sheet

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Cash & equivalents$459.1M+38.9%
Total debt$1.0B-46.1%
Total equity$2.3B+45.4%
Total assets$4.9B+7.8%

Cash flow

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Operating cash flow$187.3M-8.4%
CapEx$25.4M-0.7%
Free cash flow$161.9M-9.5%

Valuation & ratios

Valuation

as of 09/27/25
See full
Market cap$17.85B-16.4%
Enterprise value$18.41B-19.7%
P/E27.5×-6.8×
P/S5.7×-1.6×

Profitability

See full
Gross margin59%-0.8pp
Operating margin26.5%-0.9pp
Net margin20.9%-0.6pp
FCF margin19.4%-2.0pp

Returns & leverage

See full
Return on equity33%-16.7pp
Debt / equity0.4×-0.7×
Current ratio1.5×-0.5×

Segments

By geography

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Americas$292.8M+4.9%
Asia Pacific$269.7M+7.3%
Asia Other$156.2M+3.3%
Americas Other$47.6M+10.7%

By product

See full
Service$299.9M+7.8%

Versus estimates

Revenue

Q2 2026$1.3BBeat by $63.8MQ4 2025$932.4MBeat by $4.0M
Q3 2025$799.9MBeat by $18.9M
Q2 2025$771.3MBeat by $22.7MQ1 2025$661.7MBeat by $6.9MQ4 2024$872.7MBeat by $15.7M

Diluted EPS

Q2 2026$2.70Beat by $0.39Q4 2025$4.53Beat by $0.02
Q3 2025$3.40Beat by $0.19
Q2 2025$2.95Beat by $0.01Q1 2025$2.25Beat by $0.03Q4 2024$4.10Beat by $0.07

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Questions, answered.

When did Waters Corporation report Q3 2025 earnings?
Waters Corporation (WAT) reported Q3 2025 earnings on November 4, 2025 before market open.
What were Waters Corporation's Q3 2025 revenue and EPS?
Waters Corporation reported revenue of $799.9M and diluted EPS of $3.40 for Q3 2025.
Did Waters Corporation beat estimates in Q3 2025?
Revenue beat the consensus estimate of $781.0M by $18.9M. EPS beat the consensus estimate of $3.21 by $0.19.
How did Waters Corporation's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 8.0% from $740.3M a year earlier and diluted EPS grew 16.0% from $2.93.
Where can I find Waters Corporation's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001193125-25-263520) and the 10-Q periodic report (0001193125-25-263533) directly on SEC EDGAR. The filing index links above go to sec.gov.