Every material Form 8-K Waters filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Waters reported third-quarter 2025 sales of $800 million, up 8% from $740 million a year earlier, and non-GAAP EPS of $3.40, up 16% from $2.93. GAAP diluted EPS was $2.50, down from $2.71. The company raised its full-year 2025 non-GAAP EPS guidance to $13.05 to $13.15, which matters to shareholders because it reflects higher expected earnings for the year, though GAAP EPS declined.
Q3 2025 sales of $800 million, up 8% as reported and 8% in constant currency; Pharmaceutical sales rose 12% as reported
GAAP diluted EPS of $2.50 versus $2.71 a year earlier; non-GAAP EPS of $3.40 versus $2.93, up 16%
Full-year 2025 non-GAAP EPS guidance raised to $13.05 to $13.15; constant currency sales growth guidance raised to +6.7% to +7.3%
Fourth quarter 2025 non-GAAP EPS expected in the range of $4.45 to $4.55
Waters reported second-quarter 2025 sales of $771 million, up 9% as reported and 8% in constant currency, and non-GAAP EPS of $2.95, up 12% from $2.63 a year earlier. The company raised its full-year 2025 non-GAAP EPS guidance to $12.95 to $13.05 and its constant currency sales growth guidance to +5.5% to +7.5%, which points to stronger expected results for shareholders. The release also says the company is integrating a proposed combination with BD Biosciences & Diagnostic Solutions.
Q2 2025 sales were $771 million, up 9% as reported and 8% in constant currency, versus $709 million in Q2 2024.
GAAP diluted EPS was $2.47, compared with $2.40 a year earlier; non-GAAP EPS was $2.95, compared with $2.63.
Full-year 2025 non-GAAP EPS guidance was raised to $12.95 to $13.05, and constant currency sales growth guidance to +5.5% to +7.5%.
Third-quarter 2025 non-GAAP EPS is expected to be $3.15 to $3.25.
On July 13, 2025, Waters signed definitive agreements with Becton, Dickinson and Company (BD) and its spin-off subsidiary SpinCo to combine Waters with BD's Biosciences and Diagnostic Solutions business in a Reverse Morris Trust transaction. After closing, Waters shareholders would own about 60.8% of the combined company and former SpinCo shareholders about 39.2%, and the deal is subject to shareholder approval and regulatory approvals.
Waters shareholders would own approximately 60.8% and former SpinCo shareholders approximately 39.2% of Waters common stock on a fully diluted basis after the merger.
SpinCo will make a $4.0 billion cash payment to BD before the distribution, subject to adjustment.
Waters has a 364-day bridge loan commitment of $1.8 billion to fund part of a possible special dividend and transaction fees and expenses.
Closing requires Waters shareholder approval of the share issuance, effective registration statements, and certain U.S. and international regulatory approvals.
Waters Corporation amended and restated its credit agreement on May 22, 2025, removing a $200 million term loan and keeping its $1.8 billion senior unsecured revolving credit facility. The revolver now matures on May 22, 2030, with an accordion feature that could lift total commitments to $2.55 billion, which gives the company flexibility for acquisitions, debt repayment and share repurchases.
Existing $200 million term loan facility removed; $1.8 billion revolving facility retained
Revolver matures May 22, 2030, with a possible one-year extension at lender discretion
Incremental commitments up to $750 million allowed, capped at $2.55 billion total
Leverage covenant maximum of 3.50 to 1.00, rising to 4.25 to 1.00 after a material acquisition of $500 million or more in cash
Waters reported first-quarter 2025 sales of $662 million, up 4% as reported and 7% in constant currency, and GAAP diluted EPS of $2.03 versus $1.72 a year earlier. The company raised its full-year 2025 non-GAAP EPS guidance to $12.75 to $13.05 and its constant currency sales growth guidance to 5.0% to 7.0%, which matters to shareholders because it signals higher expected earnings for the year.
Q1 2025 sales were $662 million, compared with $637 million in Q1 2024.
GAAP diluted EPS was $2.03 versus $1.72; non-GAAP EPS was $2.25, up 2% from $2.21.
Full-year 2025 non-GAAP EPS guidance raised to $12.75 to $13.05; reported sales growth guidance raised to 4.0% to 6.0%.
Second-quarter 2025 non-GAAP EPS is expected at $2.88 to $2.98.
Waters reported fourth-quarter 2024 sales of $873 million, up 6% as reported and 8% in constant currency, and non-GAAP EPS of $4.10, up 13%. Full-year 2024 sales were flat at $2,958 million, while GAAP EPS fell to $10.71 from $10.84 and non-GAAP EPS rose 1% to $11.86. The company guided full-year 2025 non-GAAP EPS to $12.70 to $13.00 and reported sales growth of 2.5% to 5.0%, which gives shareholders a range for next year's earnings.
Q4 2024 sales were $873 million, above the high end of the company's guidance range, with Pharma sales up 10% in constant currency.
Q4 2024 GAAP diluted EPS was $3.88 versus $3.65 a year earlier; non-GAAP EPS was $4.10 versus $3.62.
Full-year 2024 sales were $2,958 million, flat versus $2,956 million in 2023; GAAP EPS was $10.71 versus $10.84.
2025 guidance: non-GAAP EPS of $12.70 to $13.00 and reported sales growth of 2.5% to 5.0%, including an expected foreign exchange headwind of about 4% to EPS.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Waters filing is on SEC EDGAR ↗. 8-K briefs of other companies →