Filing Flows › Waters (WAT) › Q1 2025
Waters (WAT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Waters (WAT) reported revenue of $662M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -24% from the quarter before. Operating margin was 23.0%, net earnings $121M (18.3% of revenue).
Waters, Q1 2025: revenue $662M (+4% year over year), operating margin 23.0%, net earnings $121M, operating cash flow $260M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $662M | -24% | +4% |
| Operating profit | $152M | -48% | +14% |
| Net earnings | $121M | -48% | +18% |
| Operating cash flow | $260M | +8% | -1% |
| Free cash flow | $234M | — | — |
What changed
Revenue was $662.0M in Q1 2025, up 4% year over year and down 24% from the previous quarter. Waters Service was the largest line at 36% of revenue. Waters Instrument Systems added $21.1M year over year (up 11%), 84% of the total change. TA Service declined 1%.
Operating profit was $152.0M, a 23.0% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 72% reached operating profit, above the 21% margin then. Total costs grew 1% against revenue growth of 4%. Net earnings were $121.0M, up 18% year over year. The effective tax rate was 15.4%.
Operating cash flow was $260.0M (down 1% year over year), 215% of net earnings. Non-cash charges added back $50.0M of depreciation and amortization and $13.0M of share-based compensation. Working capital and other items added $76.0M. Capital expenditures of $26.0M left free cash flow of $234.0M.
Questions
What was Waters' revenue in the first quarter 2025?
Waters (WAT) reported revenue of $662M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -24% from the quarter before.
Was Waters profitable in the first quarter 2025?
Operating profit was $152M (23.0% of revenue) and net earnings $121M.
Source: Waters 10-Q on SEC EDGAR.