Agilent Technologies, Inc.

What they do

Agilent sells application-focused laboratory solutions including instruments, software, services and consumables, primarily through direct sales, and also uses distributors, resellers, manufacturers' representatives and e-commerce. The Life Sciences and Diagnostics Markets segment covers liquid chromatography and LC mass spectrometry, cell analysis, and a specialty CDMO business (BIOVECTRA and nucleic acid solutions) making oligonucleotides and active pharmaceutical ingredients. Agilent CrossLab spans services, consumables, software and laboratory automation, while Applied Markets covers gas chromatography, GC mass spectrometry, remarketed instruments, spectroscopy and vacuum. The company employed approximately 18,100 people worldwide as of October 31, 2025, and operates through a centralized order fulfillment and supply chain organization.

Revenue drivers

• Life Sciences and Diagnostics Markets (LDG) — Q3 FY2026 revenue of $746 million, up 11% reported and 10% core year-over-year, with a 23.5% operating margin; the segment includes liquid chromatography, LC-MS, cell analysis and the specialty CDMO business.
• Agilent CrossLab (ACG) — Q3 FY2026 revenue of $786 million, up 6% reported and 5% core year-over-year, with the highest segment operating margin at 34.3%; it covers services and consumables across the lab plus software and laboratory automation.
• Applied Markets (AMG) — Q3 FY2026 revenue of $346 million, up 7% reported and 7% core year-over-year, with a 24.9% operating margin; it includes gas chromatography, GC-MS, remarketed instruments, spectroscopy and vacuum.
• BIOVECTRA acquisition — Contributed approximately 2 percentage points of Agilent's FY2025 revenue growth; the CDMO business provides oligonucleotide and related manufacturing services for pharmaceutical customers.

Recent performance

For the third quarter of fiscal year 2026 ended July 31, 2026, Agilent reported revenue of $1.88 billion, up 8.1% reported and 7.3% core year-over-year. GAAP net income was $362 million, or $1.28 per diluted share, versus $336 million, or $1.18 per share, a year earlier; non-GAAP net income was $459 million, or $1.62 per share, including a $17 million net benefit from tariff refunds. GAAP operating margin was 23.6%, up 290 basis points year-over-year, and non-GAAP operating margin was 28.3%, up 320 basis points. All three segments grew year-over-year, led by Life Sciences and Diagnostics Markets at 11% reported growth. Full fiscal year 2025 revenue was $6,948 million, up 7% from 2024, with net income of $1.30 billion and diluted EPS of $4.57.

Strategy

Agilent reorganized in November 2024 into three market-focused segments — Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets — to support a customer-centric strategy, and recast all historical segment information. The company continues to invest in acquisitions, including Biocare (clinical and research pathology solutions) acquired on June 24, 2026 for net consideration of $950 million and included in the Life Sciences and Diagnostics Markets segment. It is pursuing tariff mitigation through supply chain optimization, targeted pricing actions and cost-efficiency initiatives, and management credits the Ignite Operating System for compounding operational improvement. Capital return continues through quarterly dividends, which rose from $0.776 per share in 2021 to $0.992 per share in 2025.

Risks

• Tariffs and trade policy — Changes to tariffs and trade policies adversely impacted Agilent's cost of revenue beginning in the second half of fiscal 2025, and the timing, scope and refund approval of tariffs remain uncertain.
• Geopolitical and macroeconomic uncertainty — Continued geopolitical tensions in the Middle East and surrounding regions have increased global economic uncertainty and disruptions, which could affect Agilent's revenue and operational efficiency.
• Acquisition integration and execution — Agilent is integrating recent acquisitions including BIOVECTRA and Biocare, and the earnings benefit, integration costs and timing are subject to the risks the company lists around the integration and effects of acquisitions.
• End-market recovery and demand — Agilent's results depend on the recovery and health of its life sciences, diagnostics and applied end markets, as well as seasonality, mix and foreign currency movements that the company cites as factors affecting future results.

Outlook

For fiscal year 2026, Agilent expects revenue of $7.49 billion to $7.51 billion, representing 7.8% to 8.1% reported growth and 5.8% to 6.0% core growth, an increase of 65 basis points at the midpoint. Non-GAAP operating margin expansion is expected to exceed 130 basis points at the midpoint of core revenue growth guidance, including approximately 30 basis points of net benefit from tariff refunds in the third quarter. Non-GAAP EPS is guided to $6.18 to $6.21, up 15 cents at the midpoint versus prior guidance. For the fourth quarter of fiscal 2026, revenue is expected at $1.98 billion to $2.0 billion (6.4% to 7.4% reported growth) and non-GAAP EPS at $1.71 to $1.74, excluding any future tariff refund benefit.