Agilent Reports Third-Quarter Fiscal Year 2026 Financial Results
Delivers strong Q3 results and raises FY26 revenue growth, margin expansion, and non-GAAP EPS (4) guidance on continued operational momentum
• Revenue of $1.88 billion for the third quarter ended July 31, 2026, representing growth of 8.1% reported and up 7.3% core (1) compared with the third quarter of fiscal year 2025.
• GAAP operating margin of 23.6%, expanded by 290 basis points year-over-year and 190 basis points sequentially.
• Non-GAAP operating margin (2) of 28.3% (including an approximately 110 basis point net benefit from tariff refunds), expanded by 320 basis points year-over- year and 190 basis points sequentially.
• GAAP net income of $362 million; earnings per share (EPS) of $1.28, an increase of 8% from the third quarter of fiscal year 2025.
• Non-GAAP net income (3) of $459 million (including a $17 million net benefit from tariff refunds); non-GAAP EPS (3) of $1.62 (including a $0.06 net benefit from tariff refunds), an increase of 18% from the third quarter of fiscal year 2025.
• Fiscal year 2026 revenue is now expected in the range of $7.49 billion to $7.51 billion, representing a range of up 7.8% to 8.1% reported and up 5.8% to 6.0% core, (1)(5) an increase of 65 basis points at the midpoint.
• Non-GAAP fiscal year 2026 operating margin expansion (2) at the midpoint of core revenue growth guidance is now expected to be over 130 basis points (including approximately 30 basis points in net benefit from tariff refunds in the third quarter).
• Non-GAAP fiscal year 2026 EPS (4) is now expected in the range of $6.18 to $6.21, an increase of 15 cents at the midpoint (including $0.06 net benefit from tariff refunds in the third quarter) versus our prior guide. 1 • Fourth-quarter 2026 revenue is expected in the range of $1.98 billion to $2.0 billion, growth of 6.4% to 7.4% reported and up 5.2% to 6.2% core (1)(5) . Non- GAAP EPS (4) is expected in the range of $1.71 to $1.74 per share. This guidance does not include any future benefit from tariff refunds.
— Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.88 billion for the third quarter ended July 31, 2026, representing growth of 8.1% reported and up 7.3% core (1) compared with the third quarter of fiscal year 2025.
Third-quarter GAAP net income was $362 million, or $1.28 per share. This compares with $336 million, or $1.18 per share, in the third quarter of fiscal year 2025. Non-GAAP net income (3) was $459 million (including a $17 million net benefit from tariff refunds), or $1.62 per share (including a $0.06 net benefit from tariff refunds), during the quarter, compared with $390 million, or $1.37 per share, during the year-ago quarter.
“Agilent’s exceptional third-quarter performance reflects the sustained momentum created by our strategy, our execution discipline, and the compounding impact of the Ignite Operating System,” said Agilent CEO Padraig McDonnell. “We are seeing improving end markets, stronger demand in key regions, and excellent customer response to our innovative product launches. All of this gives us confidence in our increased outlook and our ability to sustainably outperform our end markets.”
The Life Sciences and Diagnostics Markets Group (LDG) reported third-quarter revenue of $746 million, growth of 11% reported and 10% core (1) year-over-year. LDG’s operating margin for the quarter was 23.5%.
The Agilent CrossLab Group (ACG) reported third-quarter revenue of $786 million, growth of 6% reported and 5% core (1) year-over-year. ACG’s operating margin for the quarter was 34.3%.
2 The Applied Markets Group (AMG) reported third-quarter revenue of $346 million, growth of 7% reported and 7% core (1) year-over-year. AMG’s operating margin for the quarter was 24.9%.
Agilent’s management will present additional details regarding the company’s third-quarter 2026 financial results on a conference call with investors today at 1:30 p.m. PT. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the “Q3 2026 Agilent Technologies, Inc. Earnings Conference Call” link on the Agilent Investor Relations website. The replay of the call will remain on the company website for 90 days.
Agilent Technologies, Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.95 billion in fiscal year 2025 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn and Facebook.
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Agilent’s growth prospects, business, financial results, revenue, non-GAAP earnings guidance for fiscal year and fourth-quarter 2026, and the effects of its operational transformation and customer and market-focused strategy. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of Agilent’s customers’ businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing; and the risk that Agilent is not able to realize the savings expected from integration and restructuring activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its operational transformation, customer and market-focused strategy and cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that its cost-cutting initiatives will impair its ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on its operations, its markets and its ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the impact relating to or arising from changes 3 to tariffs, import/export or trade policies; the ability of its supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2026. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
(1) Core or organic constant currency revenue growth excludes the impact of currency and acquisitions and divestitures within the past 12 months. Core or organic constant currency revenue is a non-GAAP measure. Reconciliations between GAAP revenue and core or organic constant currency revenue for third quarter 2026 are set forth on page 7 of the attached tables along with additional information regarding the use of this non-GAAP measure. Core or organic constant currency revenue growth rate as projected for fourth quarter 2026 and full fiscal year 2026 excludes the impact of currency and acquisitions and divestitures within the past 12 months. Most of the excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided for the projection.
(2) Non-GAAP operating margin excludes the impacts of restructuring and other related costs, intangibles amortization, transformation initiatives and acquisition and integration costs. A reconciliation between non-GAAP operating margin and GAAP operating margin is set forth on page 5 of the attached tables along with additional information regarding the use of this non-GAAP measure. Non-GAAP operating margin as projected for full fiscal year 2026 excludes primarily the impacts of restructuring and other related costs, intangible amortization, transformation initiatives and acquisition and integration costs. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided.
(3) Non-GAAP net income and non-GAAP EPS exclude the impacts of restructuring and other related costs, intangibles amortization, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations, and which are either isolated or are not expected to occur again with any regularity or predictability. A reconciliation between non- GAAP net income and GAAP net income and a reconciliation between non-GAAP EPS and GAAP EPS is set forth on page 4 of the attached tables along with additional information regarding the use of this non-GAAP measure.
(4) Non-GAAP EPS as projected for fourth quarter 2026 and full fiscal year 2026 exclude primarily the estimated impacts of non-cash intangibles amortization, transformational initiatives, and acquisition and integration costs. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations, and which are either isolated or are not expected to occur again with any regularity or predictability. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided. Future amortization of intangibles is expected to be approximately $27 million per quarter.
(5) Core or organic constant currency revenue growth outlook is based on forecasted currency exchange rates. 4
July 31, October 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 1,758 $ 1,789 Accounts receivable, net 1,478 1,487 Inventory 1,117 1,025 Other current assets 340 293 Total current assets 4,693 4,594 Property, plant and equipment, net 2,134 2,023 Goodwill 5,030 4,473 Other intangible assets, net 906 445 Long-term investments 130 133 Other assets 1,074 1,059 Total assets $ 13,967 $ 12,727 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 608 $ 570 Employee compensation and benefits 423 443 Deferred revenue 640 624 Short-term debt 304 304 Other accrued liabilities 314 406 Total current liabilities 2,289 2,347 Long-term debt 3,645 3,050 Retirement and post-retirement 128 126 benefits Other long-term liabilities 542 463 Total liabilities 6,604 5,986 Total Equity: Stockholders' equity: Preferred stock; $0.01 par value; 125,000,000 shares authorized; none 3 — — issued and outstanding Common stock; $0.01 par value; 2,000,000,000 shares authorized; 281,965,813 shares at July 31, 2026 and 3 3 283,054,377 shares at October 31, 2025, issued and outstanding Additional paid-in-capital 5,681 5,575 Retained earnings 1,912 1,389 Accumulated other comprehensive loss -233 -226 Total stockholders' equity 7,363 6,741 Total liabilities and stockholders' $ 13,967 $ 12,727 equity
Nine Months Ended Cash flows from operating July 31, July 31, activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,006 $ 869 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and 200 217 amortization Share-based compensation 105 102 Deferred taxes expense 77 -35 (benefit) Excess and obsolete inventory related 35 30 charges Net (gain) loss on equity 2 28 securities Asset impairment charges — 15 Other non-cash (income) 12 4 expense, net Changes in assets and liabilities: Accounts receivable, net 16 -44 Inventory -110 -72 Accounts payable 41 -13 Employee compensation and -25 -26 benefits Other assets and liabilities -295 -61 Net cash provided by operating 1,064 1,014 activities(a) Cash flows from investing activities: Payments to acquire property, plant and -249 -314 equipment Proceeds from sale of equity — 5 securities Proceeds from convertible — 2 note Payments in exchange for convertible -3 -1 note Payments to acquire businesses and -950 4 intangible assets, net of cash acquired Net cash used in investing -1,202 -304 activities Cash flows from financing activities: Proceeds from issuance of common stock 63 60 under employee stock plans Payment of taxes related to net share -31 -28 settlement of equity awards Payments for repurchase of -295 -340 common stock Payment of excise taxes related to -3 -10 repurchases of common stock Payments of dividends -216 -212 Proceeds from issuance of 600 4 long-term debt Repayments of long-term debt -4 -2 Payments of debt issuance -5 — costs Net proceeds from (repayment of) — 13 short-term debt Payments of finance lease -4 — Net cash provided by (used in) financing 105 -515 activities Effect of exchange rate 2 10 movements Net increase (decrease) in cash, cash -31 205 equivalents and restricted cash Cash, cash equivalents and restricted 1,791 1,332 cash at beginning of period Cash, cash equivalents and restricted $ 1,760 $ 1,537 cash at end of period Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents $ 1,758 $ 1,535 Restricted cash, included in other 2 2 assets Total cash, cash equivalents and $ 1,760 $ 1,537 restricted cash (a)Cash payments included in operating activities: Income tax payments, net of refunds $ 376 $ 304 received Interest payments, net of capitalized $ 47 $ 55 interest Net change in property, plant and equipment included in accounts payable $ -9 $ — and accrued liabilities-increase (decrease) Excise tax on share repurchases, accrued $ 2 $ 2 but not paid
(a) The adjustment for taxes excludes tax expense (benefits) that management believes are not directly related to on-going operations and which are either isolated, temporary or cannot be expected to occur again with any regularity or predictability such as the realized gain/loss due to sale of a business, windfall benefits on stock compensation, and the impact of R&D capitalization under section 174 of the Tax Cuts and Jobs Act of 2017 which does not apply for fiscal year 2026 due to the enactment of the One Big Beautiful Bill Act (OBBBA). For the three and nine months ended July 31, 2026, management used a non-GAAP effective tax rate of 14.50%. For the three and nine months ended July 31, 2025, management used a non-GAAP effective tax rate of 12.00%.
(b) GAAP and Non-GAAP net income of $362 million and $459 million, respectively, includes a $17 million net benefit from tariff refunds. GAAP and Non-GAAP EPS of $1.28 and $1.62, respectively, includes a $0.06 net benefit from tariff refunds.
(c) GAAP and Non-GAAP net income of $1,006 million and $1,268 million, respectively, includes a $17 million net benefit from tariff refunds. GAAP and Non-GAAP EPS of $3.55 and $4.48, respectively, includes a $0.06 net benefit from tariff refunds.
We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, net (gain) loss on equity securities and pension settlement loss.
include incremental expenses incurred in the period associated with restructuring programs, usually aimed at changes in business and/or cost structure. Such costs may include one-time termination benefits including acceleration of stock-based compensation expense, facility-related costs and contract termination fees.
refers to the systematic expensing of the cost of finite‑lived intangible assets over their estimated useful lives. Such assets, which include acquired patents, trademarks, customer lists, and other identifiable intangibles, are amortized to match the pattern in which their economic benefits are consumed. If the useful life is not reliably determinable, amortization is calculated on a straight‑line basis over the best estimate of that life.
include expenses associated with targeted cost reduction activities such as manufacturing transfers including costs to move manufacturing, site consolidations, legal entity and other business reorganizations, insourcing or outsourcing of activities. Such costs may include move and relocation costs, one-time termination benefits and other one-time reorganization costs. Included in this category are also expenses associated with company programs to transform our product lifecycle management (PLM) system and human resources and financial systems.
include all incremental expenses incurred to effect a business combination. Such acquisition costs may include advisory, legal, tax, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, the transfer of assets and intellectual property, information technology systems and infrastructure and other employee-related costs.
relates to the realized and unrealized mark-to-market adjustments for our marketable and non-marketable equity securities.
resulted from the transfer of the Netherlands defined benefit plan to an unaffiliated insurance company.
includes certain legal costs and settlements, consulting costs, special compliance costs, acceleration of stock-based compensation expense and other miscellaneous adjustments.
Our management uses non-GAAP measures to evaluate the performance of our core businesses, to estimate future core performance and to compensate employees. Since management finds this measure to be useful, we believe that our investors benefit from seeing our results “through the eyes” of management in addition to seeing our GAAP results. This information facilitates our management’s internal comparisons to our historical operating results as well as to the operating results of our competitors.
Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company’s profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company’s performance.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
The preliminary non-GAAP net income and diluted EPS reconciliation is estimated based on our current information. 4
Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, charges related to restructuring and other related costs, amortization of intangibles, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. The preliminary segment information is estimated based on our current information. 6
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
We compare the year-over-year change in revenue excluding the effect of recent acquisitions and divestitures and foreign currency rate fluctuations to assess the performance of our underlying business.
(a) The constant currency year-over-year growth percentage is calculated by recalculating all periods in the comparison period at the foreign currency exchange rates used for accounting during the last month of the current quarter and then using those revised values to calculate the year-over-year percentage change.
(b) The dollar impact from the current quarter currency impact is equal to the total year-over-year dollar change less the constant currency year-over-year change.
The preliminary reconciliation of GAAP revenue adjusted for recent acquisitions and divestitures and impact of currency is estimated based on our current information. 7
Full text with the tables
Exhibit 99.1
Agilent Reports Third-Quarter Fiscal Year 2026 Financial Results
Delivers strong Q3 results and raises FY26 revenue growth, margin expansion, and
non-GAAP EPS (4) guidance on continued operational momentum
Third-quarter fiscal year 2026
• Revenue of $1.88 billion for the third quarter ended July 31, 2026,
representing growth of 8.1% reported and up 7.3% core (1) compared with the
third quarter of fiscal year 2025.
• GAAP operating margin of 23.6%, expanded by 290 basis points year-over-year
and 190 basis points sequentially.
• Non-GAAP operating margin (2) of 28.3% (including an approximately 110 basis
point net benefit from tariff refunds), expanded by 320 basis points year-over-
year and 190 basis points sequentially.
• GAAP net income of $362 million; earnings per share (EPS) of $1.28, an
increase of 8% from the third quarter of fiscal year 2025.
• Non-GAAP net income (3) of $459 million (including a $17 million net benefit
from tariff refunds); non-GAAP EPS (3) of $1.62 (including a $0.06 net benefit
from tariff refunds), an increase of 18% from the third quarter of fiscal year
2025.
Fiscal year 2026 improved outlook and fourth-quarter guidance
• Fiscal year 2026 revenue is now expected in the range of $7.49 billion to
$7.51 billion, representing a range of up 7.8% to 8.1% reported and up 5.8% to
6.0% core, (1)(5) an increase of 65 basis points at the midpoint.
• Non-GAAP fiscal year 2026 operating margin expansion (2) at the midpoint of
core revenue growth guidance is now expected to be over 130 basis points
(including approximately 30 basis points in net benefit from tariff refunds in
the third quarter).
• Non-GAAP fiscal year 2026 EPS (4) is now expected in the range of $6.18 to
$6.21, an increase of 15 cents at the midpoint (including $0.06 net benefit from
tariff refunds in the third quarter) versus our prior guide.
1
• Fourth-quarter 2026 revenue is expected in the range of $1.98 billion to $2.0
billion, growth of 6.4% to 7.4% reported and up 5.2% to 6.2% core (1)(5) . Non-
GAAP EPS (4) is expected in the range of $1.71 to $1.74 per share. This guidance
does not include any future benefit from tariff refunds.
SANTA CLARA, California, August 26, 2026
— Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.88 billion
for the third quarter ended July 31, 2026, representing growth of 8.1% reported
and up 7.3% core (1) compared with the third quarter of fiscal year 2025.
Third-quarter GAAP net income was $362 million, or $1.28 per share. This
compares with $336 million, or $1.18 per share, in the third quarter of fiscal
year 2025. Non-GAAP net income (3) was $459 million (including a $17 million net
benefit from tariff refunds), or $1.62 per share (including a $0.06 net benefit
from tariff refunds), during the quarter, compared with $390 million, or $1.37
per share, during the year-ago quarter.
“Agilent’s exceptional third-quarter performance reflects the sustained momentum
created by our strategy, our execution discipline, and the compounding impact of
the Ignite Operating System,” said Agilent CEO Padraig McDonnell. “We are seeing
improving end markets, stronger demand in key regions, and excellent customer
response to our innovative product launches. All of this gives us confidence in
our increased outlook and our ability to sustainably outperform our end
markets.”
Financial Highlights
Life Sciences and Diagnostics Markets Group
The Life Sciences and Diagnostics Markets Group (LDG) reported third-quarter
revenue of $746 million, growth of 11% reported and 10% core (1) year-over-year.
LDG’s operating margin for the quarter was 23.5%.
Agilent CrossLab Group
The Agilent CrossLab Group (ACG) reported third-quarter revenue of $786 million,
growth of 6% reported and 5% core (1) year-over-year. ACG’s operating margin for
the quarter was 34.3%.
Applied Markets Group
2
The Applied Markets Group (AMG) reported third-quarter revenue of $346 million,
growth of 7% reported and 7% core (1) year-over-year. AMG’s operating margin for
the quarter was 24.9%.
Conference Call
Agilent’s management will present additional details regarding the company’s
third-quarter 2026 financial results on a conference call with investors today
at 1:30 p.m. PT. This event will be broadcast live online in listen-only mode.
To listen to the webcast, select the “Q3 2026 Agilent Technologies, Inc.
Earnings Conference Call” link on the Agilent Investor Relations website. The
replay of the call will remain on the company website for 90 days.
About Agilent Technologies
Agilent Technologies, Inc. (NYSE: A) is a global leader in analytical and
clinical laboratory technologies, delivering insights and innovation that help
our customers bring great science to life. Agilent’s full range of solutions
includes instruments, software, services, and expertise that provide trusted
answers to our customers' most challenging questions. The company generated
revenue of $6.95 billion in fiscal year 2025 and employs approximately 18,000
people worldwide. Information about Agilent is available at www.agilent.com. To
receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow
Agilent on LinkedIn and Facebook.
Forward-Looking Statements
This news release contains forward-looking statements as defined in the
Securities Exchange Act of 1934 and is subject to the safe harbors created
therein. The forward-looking statements contained herein include, but are not
limited to, information regarding Agilent’s growth prospects, business,
financial results, revenue, non-GAAP earnings guidance for fiscal year and
fourth-quarter 2026, and the effects of its operational transformation and
customer and market-focused strategy. These forward-looking statements involve
risks and uncertainties that could cause Agilent’s results to differ materially
from management’s current expectations. Such risks and uncertainties include,
but are not limited to, unforeseen changes in the strength of Agilent’s
customers’ businesses; unforeseen changes in the demand for current and new
products, technologies, and services; unforeseen changes in the currency
markets; customer purchasing decisions and timing; and the risk that Agilent is
not able to realize the savings expected from integration and restructuring
activities. In addition, other risks that Agilent faces in running its
operations include the ability to execute successfully through business cycles;
the ability to meet and achieve the benefits of its operational transformation,
customer and market-focused strategy and cost-reduction goals and otherwise
successfully adapt its cost structures to continuing changes in business
conditions; ongoing competitive, pricing and gross-margin pressures; the risk
that its cost-cutting initiatives will impair its ability to develop products
and remain competitive and to operate effectively; the impact of geopolitical
uncertainties and global economic conditions on its operations, its markets and
its ability to conduct business; the ability to improve asset performance to
adapt to changes in demand; the impact relating to or arising from changes
3
to tariffs, import/export or trade policies; the ability of its supply chain to
adapt to changes in demand; the ability to successfully introduce new products
at the right time, price and mix; the ability of Agilent to successfully
integrate recent acquisitions; the ability of Agilent to successfully comply
with certain complex regulations; and other risks detailed in Agilent’s filings
with the Securities and Exchange Commission, including its quarterly report on
Form 10-Q for the fiscal quarter ended April 30, 2026. Forward-looking
statements are based on the beliefs and assumptions of Agilent’s management and
on currently available information. Agilent undertakes no responsibility to
publicly update or revise any forward-looking statement.
(1) Core or organic constant currency revenue growth excludes the impact of
currency and acquisitions and divestitures within the past 12 months. Core or
organic constant currency revenue is a non-GAAP measure. Reconciliations between
GAAP revenue and core or organic constant currency revenue for third quarter
2026 are set forth on page 7 of the attached tables along with additional
information regarding the use of this non-GAAP measure. Core or organic constant
currency revenue growth rate as projected for fourth quarter 2026 and full
fiscal year 2026 excludes the impact of currency and acquisitions and
divestitures within the past 12 months. Most of the excluded amounts pertain to
events that have not yet occurred and are not currently possible to estimate
with a reasonable degree of accuracy and could differ materially. Therefore, no
reconciliation to GAAP amounts has been provided for the projection.
(2) Non-GAAP operating margin excludes the impacts of restructuring and other
related costs, intangibles amortization, transformation initiatives and
acquisition and integration costs. A reconciliation between non-GAAP operating
margin and GAAP operating margin is set forth on page 5 of the attached tables
along with additional information regarding the use of this non-GAAP measure.
Non-GAAP operating margin as projected for full fiscal year 2026 excludes
primarily the impacts of restructuring and other related costs, intangible
amortization, transformation initiatives and acquisition and integration costs.
Most of these excluded amounts pertain to events that have not yet occurred and
are not currently possible to estimate with a reasonable degree of accuracy and
could differ materially. Therefore, no reconciliation to GAAP amounts has been
provided.
(3) Non-GAAP net income and non-GAAP EPS exclude the impacts of restructuring
and other related costs, intangibles amortization, transformational initiatives,
acquisition and integration costs and net (gain) loss on equity securities.
Agilent also excludes any tax benefits or expenses that are not directly related
to ongoing operations, and which are either isolated or are not expected to
occur again with any regularity or predictability. A reconciliation between non-
GAAP net income and GAAP net income and a reconciliation between non-GAAP EPS
and GAAP EPS is set forth on page 4 of the attached tables along with additional
information regarding the use of this non-GAAP measure.
(4) Non-GAAP EPS as projected for fourth quarter 2026 and full fiscal year 2026
exclude primarily the estimated impacts of non-cash intangibles amortization,
transformational initiatives, and acquisition and integration costs. Agilent
also excludes any tax benefits or expenses that are not directly related to
ongoing operations, and which are either isolated or are not expected to occur
again with any regularity or predictability. Most of these excluded amounts
pertain to events that have not yet occurred and are not currently possible to
estimate with a reasonable degree of accuracy and could differ materially.
Therefore, no reconciliation to GAAP amounts has been provided. Future
amortization of intangibles is expected to be approximately $27 million per
quarter.
(5) Core or organic constant currency revenue growth outlook is based on
forecasted currency exchange rates.
4
# # #
INVESTOR CONTACT:
Tejas Savant
+1 917-574-4018
tejas.savant@agilent.com
Media Contact:
Andréa Topper
408-709-0060
andrea.topper@agilent.com
5
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY
Three Nine
Mont… Mont…
Ended July Ended July
2026 31, 2025 2026 31, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,878 $ 1,738 $ 5,511 $ 5,087
rev…
Cos…
and
exp…
Cost
of
pro… 836 850 2,533 2,434
and
ser…
Res…
and 123 111 366 336
dev…
Sel…
gen… 475 417 1,416 1,281
and
adm…
Tot…
cos… 1,434 1,378 4,315 4,051
and
exp…
Inc…
from 444 360 1,196 1,036
ope…
Int… 15 16 43 45
inc…
Int… -29 -28 -79 -85
exp…
Oth…
inc… 14 18 56 -3
(ex…
net
Inc…
bef… 444 366 1,216 993
tax…
Pro…
for 82 30 210 124
inc…
tax…
Net $ 362 $ 336 $ 1,006 $ 869
inc…
Net
inc…
per
sha…
Bas… $ 1.28 $ 1.18 $ 3.55 $ 3.05
Dil… $ 1.28 $ 1.18 $ 3.55 $ 3.05
Wei…
ave…
sha…
used
in
com…
net
inc…
per
sha…
Bas… 282 284 283 285
Dil… 283 285 283 285
The preliminary income statement is estimated based on our current information.
1
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)
(Unaudited)
PRELIMINARY
July 31, October 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 1,758 $ 1,789
Accounts receivable, net 1,478 1,487
Inventory 1,117 1,025
Other current assets 340 293
Total current assets 4,693 4,594
Property, plant and equipment, net 2,134 2,023
Goodwill 5,030 4,473
Other intangible assets, net 906 445
Long-term investments 130 133
Other assets 1,074 1,059
Total assets $ 13,967 $ 12,727
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 608 $ 570
Employee compensation and benefits 423 443
Deferred revenue 640 624
Short-term debt 304 304
Other accrued liabilities 314 406
Total current liabilities 2,289 2,347
Long-term debt 3,645 3,050
Retirement and post-retirement 128 126
benefits
Other long-term liabilities 542 463
Total liabilities 6,604 5,986
Total Equity:
Stockholders' equity:
Preferred stock; $0.01 par value;
125,000,000 shares authorized; none 3 — —
issued and outstanding
Common stock; $0.01 par value;
2,000,000,000 shares authorized;
281,965,813 shares at July 31, 2026
and 3 3
283,054,377 shares at October 31,
2025,
issued and outstanding
Additional paid-in-capital 5,681 5,575
Retained earnings 1,912 1,389
Accumulated other comprehensive loss -233 -226
Total stockholders' equity 7,363 6,741
Total liabilities and stockholders' $ 13,967 $ 12,727
equity
The preliminary balance sheet is estimated based on our current information.
2
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY
Nine Months Ended
Cash flows from operating July 31, July 31,
activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,006 $ 869
Adjustments to reconcile net
income to
net cash provided by
operating
activities:
Depreciation and 200 217
amortization
Share-based compensation 105 102
Deferred taxes expense 77 -35
(benefit)
Excess and obsolete
inventory related 35 30
charges
Net (gain) loss on equity 2 28
securities
Asset impairment charges — 15
Other non-cash (income) 12 4
expense, net
Changes in assets and
liabilities:
Accounts receivable, net 16 -44
Inventory -110 -72
Accounts payable 41 -13
Employee compensation and -25 -26
benefits
Other assets and liabilities -295 -61
Net cash provided by
operating 1,064 1,014
activities(a)
Cash flows from investing
activities:
Payments to acquire
property, plant and -249 -314
equipment
Proceeds from sale of equity — 5
securities
Proceeds from convertible — 2
note
Payments in exchange for
convertible -3 -1
note
Payments to acquire
businesses and -950 4
intangible assets, net of
cash acquired
Net cash used in investing -1,202 -304
activities
Cash flows from financing
activities:
Proceeds from issuance of
common stock 63 60
under employee stock plans
Payment of taxes related to
net share -31 -28
settlement of equity awards
Payments for repurchase of -295 -340
common stock
Payment of excise taxes
related to -3 -10
repurchases of common stock
Payments of dividends -216 -212
Proceeds from issuance of 600 4
long-term debt
Repayments of long-term debt -4 -2
Payments of debt issuance -5 —
costs
Net proceeds from (repayment
of) — 13
short-term debt
Payments of finance lease -4 —
Net cash provided by (used
in) financing 105 -515
activities
Effect of exchange rate 2 10
movements
Net increase (decrease) in
cash, cash -31 205
equivalents and restricted
cash
Cash, cash equivalents and
restricted 1,791 1,332
cash at beginning of period
Cash, cash equivalents and
restricted $ 1,760 $ 1,537
cash at end of period
Reconciliation of cash, cash
equivalents
and restricted cash to the
condensed
consolidated balance sheets:
Cash and cash equivalents $ 1,758 $ 1,535
Restricted cash, included in
other 2 2
assets
Total cash, cash equivalents
and $ 1,760 $ 1,537
restricted cash
(a)Cash payments included in
operating
activities:
Income tax payments, net of
refunds $ 376 $ 304
received
Interest payments, net of
capitalized $ 47 $ 55
interest
Net change in property,
plant and
equipment included in
accounts payable $ -9 $ —
and accrued
liabilities-increase
(decrease)
Excise tax on share
repurchases, accrued $ 2 $ 2
but not paid
The preliminary cash flow is estimated based on our current information.
3
AGILENT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY
… …
… …
… …
… …
… …
… … … 2…
… … … … … … N… D…
… … … … … … I… E…
──────────────────────────────────────────────────────────────────────────────
$ … $ … … $ … $ … $ … $ … … $ … $ …
… … … … … … … …
— — — — — — … …
… … … … … … … …
… … … … … … … …
7 … 3 … … … … …
5 … 1 — 6 … … …
— — — — — — … …
8 … … … … … … …
4 … … … … … … …
$ … $ … … $ … $ … $ … $ … … $ … $ …
(a) The adjustment for taxes excludes tax expense (benefits) that management
believes are not directly related to on-going operations and which are either
isolated, temporary or cannot be expected to occur again with any regularity or
predictability such as the realized gain/loss due to sale of a business,
windfall benefits on stock compensation, and the impact of R&D capitalization
under section 174 of the Tax Cuts and Jobs Act of 2017 which does not apply for
fiscal year 2026 due to the enactment of the One Big Beautiful Bill Act (OBBBA).
For the three and nine months ended July 31, 2026, management used a non-GAAP
effective tax rate of 14.50%. For the three and nine months ended July 31, 2025,
management used a non-GAAP effective tax rate of 12.00%.
(b) GAAP and Non-GAAP net income of $362 million and $459 million, respectively,
includes a $17 million net benefit from tariff refunds. GAAP and Non-GAAP EPS of
$1.28 and $1.62, respectively, includes a $0.06 net benefit from tariff refunds.
(c) GAAP and Non-GAAP net income of $1,006 million and $1,268 million,
respectively, includes a $17 million net benefit from tariff refunds. GAAP and
Non-GAAP EPS of $3.55 and $4.48, respectively, includes a $0.06 net benefit from
tariff refunds.
We provide non-GAAP net income and non-GAAP net income per share amounts in
order to provide meaningful supplemental information regarding our operational
performance and our prospects for the future. These supplemental measures
exclude, among other things, charges related to restructuring and other related
costs, asset impairments, amortization of intangibles, transformational
initiatives, acquisition and integration costs, net (gain) loss on equity
securities and pension settlement loss.
Restructuring and other related costs
include incremental expenses incurred in the period associated with
restructuring programs, usually aimed at changes in business and/or cost
structure. Such costs may include one-time termination benefits including
acceleration of stock-based compensation expense, facility-related costs and
contract termination fees.
Asset impairments
include assets that have been written down to their fair value.
Intangible amortization
refers to the systematic expensing of the cost of finite‑lived intangible assets
over their estimated useful lives. Such assets, which include acquired patents,
trademarks, customer lists, and other identifiable intangibles, are amortized to
match the pattern in which their economic benefits are consumed. If the useful
life is not reliably determinable, amortization is calculated on a straight‑line
basis over the best estimate of that life.
Transformational initiatives
include expenses associated with targeted cost reduction activities such as
manufacturing transfers including costs to move manufacturing, site
consolidations, legal entity and other business reorganizations, insourcing or
outsourcing of activities. Such costs may include move and relocation costs,
one-time termination benefits and other one-time reorganization costs. Included
in this category are also expenses associated with company programs to transform
our product lifecycle management (PLM) system and human resources and financial
systems.
Acquisition and integration costs
include all incremental expenses incurred to effect a business combination. Such
acquisition costs may include advisory, legal, tax, accounting, valuation, and
other professional or consulting fees. Such integration costs may include
expenses directly related to integration of business and facility operations,
the transfer of assets and intellectual property, information technology systems
and infrastructure and other employee-related costs.
Net (gain) loss on equity securities
relates to the realized and unrealized mark-to-market adjustments for our
marketable and non-marketable equity securities.
Pension settlement loss
resulted from the transfer of the Netherlands defined benefit plan to an
unaffiliated insurance company.
Other
includes certain legal costs and settlements, consulting costs, special
compliance costs, acceleration of stock-based compensation expense and other
miscellaneous adjustments.
Our management uses non-GAAP measures to evaluate the performance of our core
businesses, to estimate future core performance and to compensate employees.
Since management finds this measure to be useful, we believe that our investors
benefit from seeing our results “through the eyes” of management in addition to
seeing our GAAP results. This information facilitates our management’s internal
comparisons to our historical operating results as well as to the operating
results of our competitors.
Our management recognizes that items such as amortization of intangibles can
have a material impact on our cash flows and/or our net income. Our GAAP
financial statements including our statement of cash flows portray those
effects. Although we believe it is useful for investors to see core performance
free of special items, investors should understand that the excluded items are
actual expenses that may impact the cash available to us for other uses. To gain
a complete picture of all effects on the company’s profit and loss from any and
all events, management does (and investors should) rely upon the GAAP income
statement. The non-GAAP numbers focus instead upon the core business of the
company, which is only a subset, albeit a critical one, of the company’s
performance.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a
replacement for, GAAP financial measures. They should be read in conjunction
with the GAAP financial measures. It should be noted as well that our non-GAAP
information may be different from the non-GAAP information provided by other
companies.
The preliminary non-GAAP net income and diluted EPS reconciliation is estimated
based on our current information.
4
AG…
TE…
IN…
RE…
OF
NO…
IN…
FR…
OP…
AND
OP…
MA…
(In
mi… Ye…
ex… Ov…
ma… Ye…
da… Op… Op… Pe…
(U… Ma… Ma… Pts
PR… Q3… % Q3… % In…
──────────────────────────────────────────────────────────────────────────────
GA… $ 1,8… $ 1,7…
re…
In…
fr…
op…
GA…
In… $ 444 23.6 % -a $ 360 20.7 %
fr…
op…
No…
ad…
Re…
and
ot… 15 17
re…
co…
In… 21 26
am…
Tr… 37 18
in…
Ac…
and 7 3
in…
co…
Ot… 8 13
No…
in… $ 532 28.3 % -a $ 437 25.1 % 3.…
fr…
op…
(a)
GA…
and
no…
in…
fr…
op…
of
$4…
mi…
and
$5…
mi…
re…
in…
a
$20
mi…
net
be…
fr…
ta…
re…
GA…
and
no…
op…
ma…
of
23…
and
28…
re…
in…
a
110
ba…
po…
net
be…
fr…
ta…
re…
We
pr…
no…
in…
fr…
op…
and
no…
op…
ma…
am…
in
or…
to
pr…
me…
su…
in…
re…
our
op…
pe…
and
our
pr…
for
the
fu…
Th…
su…
me…
ex…
am…
ot…
th…
ch…
re…
to
re…
and
ot…
re…
co…
am…
of
in…
tr…
in…
and
ac…
and
in…
co…
Our
ma…
re…
th…
it…
su…
as
am…
of
in…
can
ha…
a
ma…
im…
on
our
ca…
fl…
an…
our
net
in…
Our
GA…
fi…
st…
in…
our
st…
of
ca…
fl…
po…
th…
ef…
Al…
we
be…
it
is
us…
for
in…
to
see
co…
pe…
fr…
of
sp…
it…
in…
sh…
un…
th…
the
ex…
it…
are
ac…
ex…
th…
may
im…
the
ca…
av…
to
us
for
ot…
us…
To
ga…
a
co…
pi…
of
all
ef…
on
the
co…
pr…
and
lo…
fr…
any
and
all
ev…
ma…
do…
(a…
in…
sh…
re…
up…
the
GA…
in…
st…
The
no…
nu…
fo…
in…
up…
the
co…
bu…
of
the
co…
wh…
is
on…
a
su…
al…
a
cr…
on…
of
the
co…
pe…
Re…
are
re…
th…
no…
nu…
are
me…
a
su…
to,
and
not
a
re…
fo…
GA…
fi…
me…
Th…
sh…
be
re…
in
co…
wi…
the
GA…
fi…
me…
It
sh…
be
no…
as
we…
th…
our
no…
in…
may
be
di…
fr…
the
no…
in…
pr…
by
ot…
co…
The
pr…
re…
of
in…
fr…
op…
and
op…
ma…
is
es…
ba…
on
our
cu…
in…
5
AGILENT TECHNOLOGIES, INC.
SEGMENT INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY
Quarter-over-Quarter
Life Sciences and Diagnostics Markets Segment
Q3'26 Q3'25
──────────────────────────────────────────────────────
Revenue $ 746 $ 670
Gross Margin, % 55.5 % 50.5 %
Income from Operations $ 176 $ 118
Operating margin, % 23.5 % 17.6 %
Agilent CrossLab Segment
Q3'26 Q3'25
──────────────────────────────────────────────────────
Revenue $ 786 $ 744
Gross Margin, % 57.0 % 55.1 %
Income from Operations $ 270 $ 248
Operating margin, % 34.3 % 33.3 %
Applied Markets Segment
Q3'26 Q3'25
──────────────────────────────────────────────────────
Revenue $ 346 $ 324
Gross Margin, % 57.3 % 53.6 %
Income from Operations $ 86 $ 71
Operating margin, % 24.9 % 21.8 %
Income from operations reflect the results of our reportable segments under
Agilent's management reporting system which are not necessarily in conformity
with GAAP financial measures. Income from operations of our reporting segments
exclude, among other things, charges related to restructuring and other related
costs, amortization of intangibles, transformational initiatives, acquisition
and integration costs and net (gain) loss on equity securities.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a
replacement for, GAAP financial measures. They should be read in conjunction
with the GAAP financial measures. It should be noted as well that our non-GAAP
information may be different from the non-GAAP information provided by other
companies.
The preliminary segment information is estimated based on our current
information.
6
AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY SEGMENT
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS
(CORE)
(In millions)
(Unaudited)
PRELIMINARY
GAAP
Rev… Year…
by Yea… %
Seg… GAAP Q3'… Q3'… Chan…
──────────────────────────────────────────────────────────────────────────────
Li…
Sc…
and $ 746 $ 670 11%
Di…
Ma…
Se…
Ag…
Cr… 786 744 6%
Se…
Ap…
Ma… 346 324 7%
Se…
Ag… $ 1,8… $ 1,7… 8%
Non… Yea…
(ex… at
Acq… Con…
& Cur…
Div…
No… Perc… Cur…
Re… Yea… Yea… Point Qua…
by Q3'… Q3'… % % Impa… Cur…
Se… Cha… Cha… from Imp…
Curr…
Li…
Sc…
and $ 736 $ 670 10% 10% — $ 1
Di…
Ma…
Se…
Ag…
Cr… 786 744 6% 5% 1 ppt 2
Se…
Ap…
Ma… 346 324 7% 7% — 1
Se…
Ag… $ 1,8… $ 1,7… 8% 7% 1 ppt $ 4
(C…
.
We compare the year-over-year change in revenue excluding the effect of recent
acquisitions and divestitures and foreign currency rate fluctuations to assess
the performance of our underlying business.
(a) The constant currency year-over-year growth percentage is calculated by
recalculating all periods in the comparison period at the foreign currency
exchange rates used for accounting during the last month of the current quarter
and then using those revised values to calculate the year-over-year percentage
change.
(b) The dollar impact from the current quarter currency impact is equal to the
total year-over-year dollar change less the constant currency year-over-year
change.
The preliminary reconciliation of GAAP revenue adjusted for recent acquisitions
and divestitures and impact of currency is estimated based on our current
information.
7