Filing Flows › Waters (WAT) › Q3 2025
Waters (WAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Waters (WAT) reported revenue of $800M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +4% from the quarter before. Operating margin was 24.0%, net earnings $149M (18.7% of revenue).
Waters, Q3 2025: revenue $800M (+8% year over year), operating margin 24.0%, net earnings $149M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $800M | +4% | +8% |
| Operating profit | $192M | +2% | -9% |
| Net earnings | $149M | +2% | -7% |
| Operating cash flow | $187M | +356% | -9% |
What changed
Revenue was $799.9M in Q3 2025, up 8% year over year and up 4% from the previous quarter. Waters Instrument Systems was the largest line at 35% of revenue. Waters Service added $21.5M year over year (up 9%), 36% of the total change.
Operating profit was $192.1M, a 24.0% margin (down 4.5 points year over year). Operating profit fell $19.0M even though revenue rose $59.6M versus a year earlier, so costs grew faster than sales. Total costs grew 15% against revenue growth of 8%. The fastest-growing cost line was SG&A (+27%). Net earnings were $148.9M, down 8% year over year. The effective tax rate was 12.5%.
Operating cash flow was $187.0M (down 9% year over year), 125% of net earnings. Non-cash charges added back $52.2M of depreciation and amortization and $13.6M of share-based compensation. Working capital and other items used $28.2M.
Questions
What was Waters' revenue in the third quarter 2025?
Waters (WAT) reported revenue of $800M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +4% from the quarter before.
Was Waters profitable in the third quarter 2025?
Operating profit was $192M (24.0% of revenue) and net earnings $149M.
Source: Waters 10-Q on SEC EDGAR.