Filing Flows › Waters (WAT) › Q2 2025
Waters (WAT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Waters (WAT) reported revenue of $771M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +16% from the quarter before. Operating margin was 24.4%, net earnings $147M (19.1% of revenue).
Waters, Q2 2025: revenue $771M (+9% year over year), operating margin 24.4%, net earnings $147M, operating cash flow $41.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $771M | +16% | +9% |
| Operating profit | $188M | +24% | -0.6% |
| Net earnings | $147M | +21% | +3% |
| Operating cash flow | $41.0M | -84% | -25% |
| Free cash flow | $18.0M | -92% | — |
What changed
Revenue was $771.0M in Q2 2025, up 9% year over year and up 16% from the previous quarter. Waters Service was the largest line at 35% of revenue. Waters Service added $24.8M year over year (up 10%), 40% of the total change. Ta Instrument Systems declined 5%.
Operating profit was $188.0M, a 24.4% margin (down 2.3 points year over year). Operating profit fell $1.1M even though revenue rose $62.5M versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 9%. The fastest-growing cost line was SG&A (+14%). Net earnings were $147.0M, up 3% year over year. The effective tax rate was 17.4%.
Operating cash flow was $41.0M (down 25% year over year), 28% of net earnings. Non-cash charges added back $51.0M of depreciation and amortization and $13.0M of share-based compensation. Working capital and other items used $170.0M. Capital expenditures of $23.0M left free cash flow of $18.0M.
Questions
What was Waters' revenue in the second quarter 2025?
Waters (WAT) reported revenue of $771M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +16% from the quarter before.
Was Waters profitable in the second quarter 2025?
Operating profit was $188M (24.4% of revenue) and net earnings $147M.
Source: Waters 10-Q on SEC EDGAR.