Waters Corporation (WAT) Q3 2025 10-Q Quarterly Report
Waters Corporation (WAT) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 4, 2025 for the fiscal period ending Sep 27, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Waters Corporation Q3 2025 10-Q Analysis
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
Waters Corporation Q3 2025 Quarterly FinancialsXBRL
Revenue
$800M
▲ +8.0% YoY▲ +3.7% QoQ
Net Income
$149M
▼ -7.8% YoY▲ +1.2% QoQ
Net Margin
18.6%
▼ -320bp YoY▼ -45bp QoQ
Source: XBRL data from Waters Corporation Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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