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• tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods, including the tariffs enacted by the U.S. government on various imports from China and by the Chinese government on certain U.S. goods;
Read in the filing ↗ Also in 10-Q of Aug 29, 2025
• tariffs imposed by the United States on goods from other countries and tariffs imposed by other countries on U.S. goods, including tariffs and trade policies by the U.S. government on various imports from China and by the Chinese government on certain U.S. goods;
Read in the filing ↗ Also in 10-Q of Mar 3, 2026, 10-Q of Jun 1, 2026, 10-Q of Sep 1, 2026
Global Tariffs. Recent changes to tariffs and trade policies by the U.S. and other countries have increased risk and uncertainty surrounding our future results of operations. In the first half of fiscal year 2025, changes to tariffs and trade policies did not have a material impact on our results of operations. In the second half of fiscal year 2025, the U.S. government introduced additional measures related to tariffs, including certain increases, exemptions and pauses, and other countries have responded with preliminary agreements and retaliatory actions. The ultimate impact of changes to tariffs and trade policies will depend on various factors, including the timing, amount, scope, and nature of any tariffs or trade policies implemented and our ability to respond to mitigate the impact of such tariffs and trade policies. We continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.
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Global Tariffs. On February 20, 2026, the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), and the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to refund such tariffs, subject to potential appeal. On April 20, 2026, CBP launched an online portal for submitting IEEPA tariff refund requests. While we have submitted claims for refunds related to certain eligible tariffs paid, the timing and approval of any refunds are uncertain and contingent upon further legal, regulatory, and administrative developments. We will assess the recoverability of these tariffs and will account for any such refunds by applying the gain contingency model. As of April 30, 2026, no refund receivable has been recorded.
Read in the filing ↗ Also in 10-Q of Sep 1, 2026
Recent changes to tariffs and trade policies by the U.S. and other countries have increased risk and uncertainty surrounding our future results of operations. In the first half of fiscal year 2025, changes to tariffs and trade policies did not have a material impact on our results of operations; however, the tariff changes adversely impacted our costs of revenue beginning in the second half of fiscal year 2025. In the second half of fiscal year 2025, the U.S. government introduced additional measures related to tariffs, including certain increases, exemptions and pauses, and other countries have responded with preliminary agreements and retaliatory actions. The ultimate impact of changes to tariffs and trade policies will depend on various factors, including the timing, amount, scope, and nature of any tariffs or trade policies implemented and our ability to respond to and mitigate the impact of such tariffs and trade policies. We continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025, 10-K of Dec 22, 2025
Global Tariffs. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. Although the tariff situation is still evolving, we expect to pursue mitigation strategies through supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. Additionally, recent judicial rulings in the U.S. on the legality of certain tariffs imposed and potential future U.S. governmental responses further increase the uncertainty as to the impact of tariffs on our future results of operations. We will continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.
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On February 20, 2026, the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), and the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to refund such tariffs, subject to potential appeal. On April 20, 2026, CBP launched an online portal for submitting IEEPA tariff refund requests. While we have submitted additional claims for refunds related to certain eligible tariffs paid, the timing and approval of any remaining refunds are uncertain and contingent upon further legal, regulatory, and administrative developments. Management continues to assess the recoverability of tariffs paid and will continue to recognize any recoveries in accordance with the gain contingency model when it is realized or realizable upon formal acceptance of refund claims submitted.
Read in the filing ↗ Also in 10-Q of Jun 1, 2026
(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.
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• 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.
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(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.
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While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. Although the tariff situation is still evolving, we expect to pursue mitigation strategies through supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. Additionally, recent judicial rulings in the U.S. on the legality of certain tariffs imposed and potential future U.S. governmental responses further increase the uncertainty as to the impact of tariffs on our future results of operations. We will continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.
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business mix, lower corporate infrastructure expenses and savings from restructuring programs partially offset by higher tariffs and wage increases.
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We sell many of our products internationally. Furthermore, we source many components and materials for our products from and have manufacturing operations in several countries. Future tariffs and tariffs already implemented could have a negative impact on our business, results of operations and financial condition. It may be time-consuming and expensive for us to alter our business operations in order to adapt to any such change. Further, additional tariffs, the scope and duration of which, if implemented, remain uncertain, and the potential commencement and escalation of a trade war and retaliatory measures could have a material adverse effect on our business, results of operations and financial condition.
Read in the filing ↗ Also in 10-K of Dec 22, 2025, 10-Q of Mar 3, 2026, 10-Q of Jun 1, 2026, 10-Q of Sep 1, 2026
We sell our products into many countries and we also source many components and materials for our products from and manufacture our products in various countries. Future tariffs and tariffs already implemented could have negative impact on our business, results of operations and financial condition. It may be time-consuming and expensive for us to alter our business operations in order to adapt to any such change. Further, additional tariffs, the scope and duration of which, if implemented, remains uncertain, which have been proposed or threatened and the potential escalation of a trade war and retaliatory measures could have a material adverse effect on our business, results of operations and financial condition.
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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.
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Looking Forward. Our primary focus remains on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements. After an extended period of constrained capital spending, many customers' ability to spend capital budgets has begun to normalize, with the exception of customers receiving funding from the U.S. federal government. We remain optimistic about the long-term health of our key end markets. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. Although the tariff situation is still evolving, we expect to pursue mitigation strategies through supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. Additionally, recent judicial rulings in the U.S. on the legality of certain tariffs imposed and potential future U.S. governmental responses further increase the uncertainty as to the impact of tariffs on our future results of operations. We will continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025, 10-K of Dec 22, 2025
• changes in diplomatic and trade relationships, as well as new tariffs, trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade barriers;
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• 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.
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• changes in diplomatic and trade relationships, as well as changes to tariffs, trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade barriers;
Read in the filing ↗ Also in 10-K of Dec 22, 2025, 10-Q of Mar 3, 2026, 10-Q of Jun 1, 2026, 10-Q of Sep 1, 2026
In addition, geopolitical instability, including conflicts in the Middle East, and evolving trade regulations, including tariffs, sanctions, and export controls, may restrict our ability to ship products globally or source critical components. These
Read in the filing ↗ Also in 10-Q of Sep 1, 2026
Total operating margin for the three and nine months ended July 31, 2026 increased 3 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Operating margin for the three months ended July 31, 2026 was favorably impacted primarily by higher sales volume, a net benefit from tariff refunds, and lower restructuring expenses partially offset by higher wages, variable pay and higher costs from transformational initiatives. Operating margin for the nine months ended July 31, 2026 was impacted primarily by higher sales volume, a net benefit from tariff refunds and lower restructuring expenses partially offset by higher wages, variable pay and corporate costs. For the three and nine months ended July 31, 2026, the net impact of tariff refunds imposed under the International Emergency Economic Powers Act contributed approximately 1 percentage point and less than 1 percentage point, respectively, to operating margin improvement.
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Gross margin for the three and nine months ended July 31, 2025 decreased 3 percentage points and 2 percentage points, respectively, when compared to the same periods last year. Gross margin for the three months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher wages, variable pay and the unfavorable impact of currency movements partially offset by higher sales volume. Gross margin for the nine months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher wages and variable pay partially offset by higher sales volume.
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Gross margin for products and services for the three and nine months ended July 31, 2025, decreased 4 percentage points and 3 percentage points, respectively, when compared to the same periods last year. Gross margin for the three months ended July 31, 2025 was impacted mainly by increased tariffs and shipping costs, unfavorable business mix, increased warranty costs, increased variable pay and the unfavorable impact of currency movements. Gross margin for the nine months ended July 31, 2025 was impacted mainly by increased tariffs and shipping costs, unfavorable business mix and increased variable pay which was partially offset by lower warranty expenses.
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Operating margin for products and services for the three and nine months ended July 31, 2026 increased 1 percentage point and was relatively flat, respectively, when compared to the same periods last year. Operating margin for the three months ended July 31, 2026 was impacted primarily by higher sales volume and a net benefit from tariff refunds partially offset by wage increases, higher variable pay and unfavorable impact of currency movements. Operating margin for the nine months ended July 31, 2026 was impacted primarily by higher sales volume and a net benefit from tariff refunds offset by wage increases and higher variable pay.
Read in the filing ↗ Also in 10-Q of Sep 1, 2026
• 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).
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• 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.
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Gross margin for the three and nine months ended July 31, 2026 increased 2 percentage points and was relatively flat, respectively, when compared to the same periods last year. Gross margin for the three months ended July 31, 2026 was impacted by higher sales volume, price increases, a net benefit from tariff refunds and lower corporate costs partially offset by wage increases, higher variable pay and higher period cost. Gross margin for the nine months ended July 31, 2026 was impacted by higher sales volume, price increases, a net benefit from tariff refunds and lower corporate costs offset by wage increases, higher variable pay and higher period cost.
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Gross margin for the three and six months ended April 30, 2026 was flat and decreased approximately 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three months ended April 30, 2026 was impacted by higher sales volume, price increases, lower corporate infrastructure expenses and savings from restructuring programs offset by wage increases, higher variable pay and higher tariffs and shipping costs. Gross margin for the six months ended April 30, 2026 was impacted by wage increases, higher variable pay, higher tariffs and shipping costs partially offset by higher sales volume, price increases, lower corporate infrastructure expenses and savings from restructuring programs.
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includes certain legal costs and settlements, consulting costs, special compliance costs, acceleration of stock-based compensation expense, impact of the difference between current and inflated tariff rates between USA and China for the first two weeks of May 2025 and other miscellaneous adjustments.
Read in the filing ↗ Also in 8-K of Nov 24, 2025
The rapid increase in new government regulations, including tariffs and proposed tariffs in the geographies and markets in which we operate, could result in significant costs and require modifications in the way we and our customers conduct business. As we and our customers respond to newly enacted rules and legislation, effects on purchasing behavior and global trade relationships could affect our revenue. Increases in our costs and expenses related to our compliance activities and those of our customers and suppliers could have a negative effect on our operating margin. If we are unable to respond to changing regulations in a timely and effective manner, our results of operations could be adversely affected.
Read in the filing ↗ Also in 10-K of Dec 22, 2025, 10-Q of Mar 3, 2026
Operating margin for products and services for the three and nine months ended July 31, 2025 decreased 3 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Operating margin for the three months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher wages, variable pay, higher corporate infrastructure expenses and the unfavorable impact of currency movements partially offset by higher revenue when compared to the same period last year. Operating margin for the nine months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher wages, variable pay and higher corporate infrastructure expenses partially offset by higher revenue when compared to the same period last year.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025
Total operating margin for the three months ended January 31, 2026 decreased 3 percentage points when compared to the same period last year. Operating margin for the three months ended January 31, 2026 was impacted primarily by higher tariffs, corporate infrastructure expenses, restructuring costs and transformational initiative expenses.
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Operating margin for the three months ended January 31, 2026 increased 1 percentage point when compared to the same period last year. Operating margin for the three months ended January 31, 2026 was impacted primarily by higher sales volume and favorable business mix partially offset by higher tariffs and variable pay.
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The rapid increase or change in government regulations, including tariffs and proposed tariffs in the geographies and markets in which we operate, could result in significant costs and require modifications in the way we and our customers conduct business. As we and our customers respond to newly enacted rules and legislation and judicial rulings on the legality of such rules and legislations, effects on purchasing behavior and global trade relationships could affect our revenue. Increases in our costs and expenses related to our compliance or mitigation activities and those of our customers and suppliers could have a negative effect on our operating margin. If we are unable to respond to changing regulations in a timely and effective manner, our results of operations could be adversely affected.
Read in the filing ↗ Also in 10-Q of Sep 1, 2026
Total gross margin for the year ended October 31, 2025 decreased 2 percentage points when compared to 2024. Total gross margin was unfavorably impacted by higher tariffs and shipping costs, unfavorable business mix (including lower gross margin from our specialty CDMO business), higher wages, restructuring expenses and variable pay partially offset by higher
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In addition, geopolitical instability and evolving trade regulations, including tariffs, sanctions, and export controls, may restrict our ability to ship products globally or source critical components. These developments can increase costs, disrupt supply chains, and require operational adjustments. Failure to comply with these regulations could result in penalties, loss of export privileges, and reputational harm.
Read in the filing ↗ Also in 10-Q of Mar 3, 2026
Operating margin for products and services for the three months ended January 31, 2026 was flat when compared to the same period last year. Operating margin for the three months ended January 31, 2026 was impacted primarily by higher tariffs and the unfavorable impact of currency movements offset by higher sales volume and price increases.
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Gross margin for the three months ended January 31, 2026 decreased 1 percentage point when compared to the same period last year. Gross margin for the three months ended January 31, 2026 was impacted by wage increases, higher variable pay and higher tariffs partially offset by higher sales volume, price increases and savings from restructuring programs.
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Total gross margin for the three and nine months ended July 31, 2025 decreased 3 percentage points and 2 percentage points, respectively, when compared to the same periods last year. Gross margin for the three months ended July 31, 2025 was unfavorably impacted by higher tariffs and shipping costs, unfavorable product mix, higher wages, variable pay and the
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Gross margin for products and services for the three and six months ended April 30, 2026, increased 1 percentage point and decreased approximately 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three months ended April 30, 2026 was impacted mainly by higher sales volume, price increases, decreased tariffs, favorable business mix (net of lower gross margin from our Agilent Advanced Therapeutics business) and savings from restructuring programs partially offset by increased warranty expenses, wage increases and higher variable pay. Gross margin for the six months ended April 30, 2026 was impacted mainly by higher tariffs, unfavorable business mix (including lower gross margin from our Agilent Advanced Therapeutics business), increased warranty expenses, wage increases and higher variable pay which was partially offset by higher sales volume, price increases and savings from restructuring programs.
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Operating margin for products and services for the three and six months ended April 30, 2026 increased 2 percentage points and was relatively flat, respectively, when compared to the same periods last year. Operating margin for products and services for the three months ended April 30, 2026, was impacted mainly by higher sales volume, price increases, decreased tariffs, favorable business mix (net of lower gross margin from our Agilent Advanced Therapeutics business) partially offset by increased warranty expenses, wage increases and higher variable pay. Operating margin for products and services for the six months ended April 30, 2026, was impacted mainly by higher sales volume, price increases and savings from restructuring programs offset by increased tariffs, unfavorable business mix (including lower gross margin from our Agilent Advanced Therapeutics business), increased warranty expenses, wage increases and higher variable pay and higher commissions.
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Looking Forward. While tariffs and the Middle East conflict remain dynamic, we have mitigated the adverse impact related to our costs of revenue during the three and six months ended April 30, 2026. We remain optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer
Read in the filing ↗ Also in 10-Q of Sep 1, 2026
Operating margin for the three and six months ended April 30, 2026 increased 4 percentage points and 2 percentage points, respectively, when compared to the same periods last year. Operating margin for the three and six months ended April 30, 2026 was impacted primarily by higher sales volume partially offset by wage increases, higher variable pay, tariffs and shipping costs.
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Operating margin for products and services for the three and six months ended April 30, 2026 was relatively flat in both periods when compared to the same periods last year. Operating margin for the three and six months ended April 30, 2026 was impacted primarily by higher sales volume, price increases offset by wage increases, higher variable pay, tariffs and shipping costs.
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Gross margin for the three and six months ended April 30, 2026, increased 2 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three and six months ended April 30, 2026 increased due to higher sales volume, favorable business mix, lower corporate infrastructure costs, and savings from restructuring programs partially offset by higher tariffs, shipping costs and wage increases.
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Gross margin decreased 1 percentage point in 2025 when compared to 2024. Gross margin was impacted by higher tariffs and shipping costs, higher wages and variable pay partially offset by higher sales volume and targeted price increases. Gross margin increased 2 percentage points in 2024 when compared to 2023. Gross margin was impacted by targeted price increases, well-controlled variable costs, and lower salary expense related to workforce reduction activities.
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Operating margin for the three and nine months ended July 31, 2026 increased 3 percentage points in both periods when compared to the same periods last year. Operating margin for the three and nine months ended July 31, 2026 higher sales volume, a net benefit from tariff refunds, lower corporate costs partially offset by higher variable pay and unfavorable impact of currency when compared to the same period last year.
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unfavorable impact of currency movements partially offset by higher sales volume, lower warranty and restructuring expenses when compared to the same period last year. Gross margin for the nine months ended July 31, 2025 was unfavorably impacted by higher tariffs and shipping costs, unfavorable product mix, higher wages, restructuring expenses and variable pay partially offset by higher sales volume and lower warranty costs when compared to the same period last year.
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While tariffs remain dynamic, we have mitigated the adverse impact related to our cost of revenue during the three and nine months ended July 31, 2026 through our continued strategies such as supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. We will continue to monitor judicial rulings and evolving trade dynamics closely, as they may influence future revenue and operational efficiency.
Read in the filing ↗ Also in 10-Q of Jun 1, 2026
Gross margin for the three and nine months ended July 31, 2025, decreased 2 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three and nine months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher variable pay and the unfavorable impact of currency movements partially offset by higher sales volume and lower salary expenses related to workforce reduction activities.
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Operating margin for products and services for the three months ended January 31, 2026 decreased 2 percentage points when compared to the same period last year. Operating margin for products and services for the three months ended January 31, 2026, decreased primarily due to increased tariffs, unfavorable business mix (including lower gross margin from our specialty CDMO business), increased warranty expenses and higher variable pay partially offset by increased volume and lower contracted services.
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Gross margin for products and services for the three months ended January 31, 2026, decreased 2 percentage points when compared to the same period last year. Gross margin for the three months ended January 31, 2026 was impacted mainly by increased tariffs, unfavorable business mix (including lower gross margin from our specialty CDMO business), increased warranty expenses, wage increases and higher variable pay which was partially offset by increased volume and savings from restructuring programs.
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Total gross margin for the three months ended January 31, 2026 decreased 1 percentage point when compared to the same period last year. Gross margin for the three months ended January 31, 2026 was unfavorably impacted by higher tariffs, unfavorable business mix (including lower gross margin from our specialty CDMO business), wage increases, higher variable pay and restructuring costs partially offset by higher sales volume, targeted price increases, savings from restructuring programs and lower intangible amortization expense.
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Gross margin for the three and nine months ended July 31, 2026, increased 4 percentage points and 2 percentage points, respectively, when compared to the same periods last year. Gross margin for the three and nine months ended July 31, 2026 increased due to higher sales volume, a net benefit from tariff refunds, lower corporate costs and savings from restructuring programs partially offset by higher variable pay and warranty expenses when compared to the same period last year.
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Operating margin decreased 1 percentage point in 2025 when compared to 2024. Operating margin was impacted by higher tariffs and shipping costs, higher wages, variable pay and higher corporate infrastructure expenses partially offset by higher sales volume and targeted price increases when compared to 2024. Operating margin increased 2 percentage points in 2024 when compared to 2023. Operating margin increased mostly driven by targeted price increases, well controlled variable costs and lower salary expense related to workforce reduction activities.
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Operating margin for the three and nine months ended July 31, 2025 decreased 1 percentage point in both periods when compared to the same periods last year. Operating margin for the three and nine months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher variable pay and the unfavorable impact of currency movements partially offset by higher sales volume and lower salary expenses related to workforce reduction activities when compared to the same periods last year.
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Looking Forward. While the recent tariff changes adversely impacted our costs of revenue in the third quarter, we expect to substantially mitigate the impact during our fiscal year 2026. We also anticipate continued steady market recovery and are optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer needs. We will continue to invest in expanding and improving our application-focused solutions that include instruments and software.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025
Looking Forward. While the recent tariff changes adversely impacted our costs of revenue in the second half of fiscal year 2025, we expect to substantially mitigate the impact during our fiscal year 2026. We also anticipate continued market recovery and are optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer needs. We will continue to invest in expanding and improving our application-focused solutions that include instruments and software.
Read in the filing ↗ Also in 10-K of Dec 22, 2025
Looking Forward. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. We also anticipate continued steady market recovery and are optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer needs. We will continue to invest in expanding and improving our application-focused solutions that include instruments and software.
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Total gross margin for the three and nine months ended July 31, 2026 increased 4 percentage points and 2 percentage points, respectively, when compared to the same periods last year. Gross margin for the three and nine months ended July 31, 2026 was overall favorably impacted by higher sales volume, a net benefit from tariff refunds, targeted price increases, favorable business mix, lower intangible amortization expense and lower restructuring expense partially offset by wage increases and higher variable pay when compared to the same periods last year.
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Operating margin was relatively flat in 2025 when compared to 2024. Operating margin was flat due to lower salary expense related to workforce reduction activities and lower warranty costs offset by increased tariffs and shipping costs, unfavorable business mix and increased variable pay. Operating margin decreased 5 percentage points in 2024 when compared to 2023. Operating margin decreased due to lower revenue, higher infrastructure costs and higher wages partially offset by lower variable pay and salary expense related to workforce reduction activities and expenses attributed to business exit activities.
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Additionally, the continued geopolitical tensions in the Middle East and surrounding regions have increased global economic uncertainty and disruptions to global energy supply chains resulting in inflationary pressures. The Middle East conflict did not have a material impact on our results of operations through the third quarter of fiscal year 2026 as a result of leveraging a series of mitigation strategies developed in response to the ongoing tariff pressures. As the situation remains dynamic, we continue to monitor the potential impact that such geopolitical tensions may have on our business.
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Gross margin for products and services for the three and nine months ended July 31, 2026, increased 5 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three and nine months ended July 31, 2026 was impacted mainly by higher sales volume, price increases, a net benefit from tariff refunds, favorable business mix (net of lower gross margin from our Agilent Advanced Therapeutics business), lower warranty expenses and savings from restructuring programs partially offset by wage increases and higher variable pay.
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Middle East Conflict. The continued geopolitical tensions in the Middle East and surrounding regions have increased global economic uncertainty and disruptions to global energy supply chains resulting in inflationary pressures. The Middle East conflict did not have a material impact on our results of operations through the third quarter of fiscal year 2026 as a result of leveraging a series of mitigation strategies developed in response to the ongoing tariff pressures. As the situation remains dynamic, we continue to monitor the potential impact that such geopolitical tensions may have on our business.
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Additionally, the recent escalation of geopolitical tensions in the Middle East and surrounding regions has increased global economic uncertainty and disruptions to global energy supply chains resulting in inflationary pressures. The Middle East conflict did not have a material impact on our results of operations through the second quarter of fiscal year 2026 as a result of leveraging a series of mitigation strategies developed in response to the ongoing tariff pressures. As the situation is rapidly changing, we will continue to monitor the potential impact that this conflict may have on our business.
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Total operating margin for the three and six months ended April 30, 2026 increased 4 percentage points and approximately 1 percentage point, respectively, when compared to the same periods last year. Operating margin for the three months ended April 30, 2026 was favorably impacted primarily by higher sales volume and lower restructuring expenses partially offset by higher wages, variable pay and transformational initiatives. Operating margin for the six months ended April 30, 2026 was impacted primarily by higher sales volume and lower restructuring expenses partially offset by higher wages, tariffs and corporate infrastructure costs.
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Middle East Conflict. The recent escalation of geopolitical tensions in the Middle East and surrounding regions has increased global economic uncertainty and disruptions to global energy supply chains resulting in inflationary pressures. The Middle East conflict did not have a material impact on our results of operations through the second quarter of fiscal year 2026 as a result of leveraging a series of mitigation strategies developed in response to the ongoing tariff pressures. As the situation is rapidly changing, we will continue to monitor the potential impact that this conflict may have on our business.
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Gross margin decreased 1 percentage point in 2025 compared to 2024. Gross margin was impacted by higher tariffs and shipping costs, higher variable pay, and the unfavorable impact of currency movements partially offset by lower warranty cost and higher sales volume when compared to 2024. Gross margin decreased 1 percentage point in 2024 compared to 2023. Gross margin was impacted by lower sales volume, unfavorable impact of currency movements and higher warranty costs which were partially offset by lower salary expense related to workforce reduction activities, lower material cost and logistics costs when compared to 2023.
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Gross margin decreased 2 percentage points in 2025 when compared to 2024. Gross margin was impacted mainly by increased tariffs and shipping costs, unfavorable business mix (including lower gross margin from our specialty CDMO business) and increased variable pay which was partially offset by targeted pricing increases and lower warranty expenses. Gross margin decreased 2 percentage points in 2024 when compared to 2023. Gross margin was impacted by lower sales volume, product mix and higher infrastructure costs which were partially offset by lower salary expense related to workforce reduction activities and expenses attributed to business exit activities.
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Operating margin decreased 1 percentage point in 2025 compared to 2024. Operating margin was impacted by higher tariffs and shipping costs, higher variable pay and the unfavorable impact of currency movements partially offset by lower warranty cost, lower salary expenses related to workforce reduction activities and higher sales volume when compared to 2024. Operating margin decreased 2 percentage points in 2024 compared to 2023. Operating margin was impacted by lower sales volume and the unfavorable impact of currency movements partially offset by lower salary expense related to workforce reduction activities, lower variable pay and logistics costs when compared to 2023.
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