Short answer
Waters Corporation (WAT) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 27, 2025. Quarterly revenue was $800M (up 8.0% year over year) with net income of $149M.
Q3 2025 key financials · XBRL
- Revenue
- $800M
- +8.0% YoY · +3.7% QoQ
- Net income
- $149M
- −7.8% YoY · +1.2% QoQ
- Operating margin
- 24.0%
- EPS (diluted)
- $2.50
- −7.7% YoY · +1.2% QoQ
Source: XBRL data from the Waters Corporation (WAT) Q3 2025 10-Q on SEC EDGAR. USD.
Waters Corporation Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $800M for Q3 FY2025, up 8% YoY from $740M; nine months revenue $2.23B, up 7% YoY from $2.09B
- Operating margin 24.0% Q3 FY2025 vs 28.5% YoY; nine months margin 23.8% vs 25.6% YoY, declined due to merger-related costs
- Best segment: Waters products/services +9% Q3 YoY; worst segment: TA products/services +2% Q3 YoY and -1% nine months YoY due to U.S. demand decline
- Operating cash flow $488M nine months FY2025 vs $522M prior year; capital expenditures $74M vs $90M prior year; $35M spent on Halo Labs acquisition
- Near-term headwinds: $31M merger transaction/integration costs, $6M ERP expenses; tariffs, U.S. government shutdown, and regulatory uncertainties remain risks
Risk Factors
- Newly added merger-related risk: consummation contingent on regulatory approvals, IRS ruling, shareholder approval; delay risks due to US government shutdown Oct 2025
- Updated financial risk: $4.0B new SpinCo debt plus potential $1.8B Waters Special Dividend funded by new indebtedness and 364-day bridge loan
- Most impactful legal/compliance risk: uncertainty of IRS private letter ruling critical to tax-free Spin-Off status and share issuance levels
- Operational risk: integration of BD Biosciences & Diagnostic Solutions business may delay synergy realization and impair combined company performance
- Market risk: Company stock price volatile post-Merger announcement with potential dilution from share issuance to BD shareholders
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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