- Free cash flow was $159 million after $23 million capital expenditures; net debt was $1.1 billion at quarter end.
- Geographically, Waters Division grew high single digits or better across Americas, Europe, and Asia.
- Gross margin was 58.3%, and adjusted operating margin was 29.1%, impacted by regional sales mix and tariff surcharges.
- Instruments sales grew mid-single digits, led by high single-digit growth in LC and mass spec portfolios.
- Non-GAAP EPS was $2.95, up 12% year-on-year and above the midpoint of guidance; GAAP EPS was $2.47.
- Operating tax rate was 17.9%, creating a $0.05 headwind to adjusted EPS, expected to normalize in the second half.
- Pharma end market grew low double digits, Industrial grew 6%, academic and government declined low single digits.
- Recurring revenue grew 11%, driven by 9% service growth and double-digit chemistry growth.
- Waters Corporation reported second quarter 2025 sales of $771 million, up 9% as reported and 8% in constant currency.
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Dafinchi