Waters Corporation Reports Strong Q4 and Full-Year 2024 Results, Raises 2025 Guidance Despite Q1 EPS Outlook Miss

WAT
October 04, 2025

Waters Corporation announced its financial results for the fourth quarter and full-year 2024 on February 12, 2025. For Q4 2024, sales reached $873 million, a 6% increase as reported, with non-GAAP diluted EPS growing 13% to $4.10, surpassing analyst estimates.

Full-year 2024 sales were $2,958 million, flat as reported, while non-GAAP EPS increased 1% to $11.86. The fourth quarter saw strong performance in the pharmaceutical market, with sales up 8% reported and 10% in constant currency, and instrument system sales increasing 6% reported and 8% in constant currency.

Waters provided full-year 2025 constant currency sales growth guidance in the range of +4.5% to +7.0%, and non-GAAP EPS guidance of $12.70 to $13.00. However, the company's first-quarter 2025 non-GAAP EPS guidance of $2.17 to $2.25 fell below analysts' average estimate of $2.42 per share, primarily due to an estimated 7% headwind from unfavorable foreign exchange.

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