Agilent Technologies, Inc.
A · NYSE
Next quarter
Expected to report Nov 23, 2026 — estimated from last year’s reporting date.
Consensus is $1.72 EPS for Oct 2026 across 5 estimates, ranging $1.72 to $1.73.
A Jul 2026
- 9.46%
- +1.68%
- $1.48
- $1.62
- —
- $1.88B
Reported results
- $1.88B
- 55.48%
- $444.00M
- 23.64%
- $362.00M
- $1.28
Highlights
- Revenue: Q3 FY26 revenue was $1.88 billion, up 8.1% reported and 7.3% core year over year, versus $1.74 billion a year ago and $1.83 billion in Q2.
- Earnings: Non-GAAP EPS was $1.62, beating the $1.48 consensus by $0.14, or 9.5%, and rising 18% from $1.37 a year ago.
- Margins: GAAP operating margin reached 23.6%, up 290 basis points year over year; non-GAAP margin was 28.3%, up 320 basis points and including an approximately 110-basis-point tariff-refund benefit.
- Segment growth: Life Sciences and Diagnostics led with revenue of $746 million, up 11% reported and 10% core; CrossLab rose 6% to $786 million and Applied Markets rose 7% to $346 million.
- Segment profitability: Segment operating margins were 23.5% for Life Sciences and Diagnostics, 34.3% for CrossLab and 24.9% for Applied Markets, with year-over-year expansion in each group.
- Outlook: Agilent raised FY26 revenue guidance to $7.49 billion-$7.51 billion, or 7.8%-8.1% reported growth, and lifted midpoint non-GAAP EPS guidance by $0.15 to $6.18-$6.21.
- Fourth quarter: Q4 revenue is expected at $1.98 billion-$2.00 billion, with non-GAAP EPS of $1.71-$1.74; the guidance excludes any future tariff-refund benefit.
- Cash and investment: Nine-month operating cash flow was $1.06 billion, while Agilent spent $950 million on acquisitions and intangible assets and ended July with $1.76 billion of cash and restricted cash.
Analysis
Agilent’s Q3 FY26 was a clear beat-and-raise quarter, defined by broad-based demand recovery and unusually strong operating leverage. Revenue of $1.88 billion increased 8.1% reported and 7.3% core year over year, accelerating from $1.74 billion in Q3 FY25 and increasing from $1.83 billion in Q2 FY26. Non-GAAP EPS of $1.62 exceeded the $1.48 consensus by 9.5% and rose 18% from $1.37 a year ago. GAAP EPS was $1.28, versus $1.18 last year and $1.20 in the prior quarter.
The main feature of the print was margin expansion: GAAP operating margin rose to 23.6% from 20.7% a year ago, while non-GAAP margin reached 28.3%, up 320 basis points year over year and 190 basis points sequentially. Results included a $17 million net tariff-refund benefit, or $0.06 per non-GAAP share. Life Sciences and Diagnostics was the fastest-growing segment at 11% reported growth, while CrossLab remained the largest and most profitable business. Management raised the full-year revenue outlook by 65 basis points at the midpoint and increased full-year non-GAAP EPS guidance by $0.15, reinforcing its view that operational improvements and recovering end markets can continue to lift results.
Revenue and end markets
Growth was broad-based, with management citing improving end markets, stronger demand in key regions and customer adoption of new product launches. Core growth of 7.3% was only modestly below the 8.1% reported rate, indicating that acquisitions and currency were not the primary drivers of the quarter.
- Life Sciences and Diagnostics: Revenue was $746 million, up 11% reported and 10% core year over year, making LDG the strongest contributor to growth.
- CrossLab: Revenue was $786 million, up 6% reported and 5% core. The segment remained Agilent’s largest revenue stream.
- Applied Markets: Revenue was $346 million, up 7% reported and 7% core, with reported and underlying growth aligned.
Margin expansion
Profitability improved materially across the company and its operating segments. GAAP operating income was $444 million, up from $360 million a year ago and $399 million in Q2 FY26. The 23.6% GAAP margin was 290 basis points higher year over year, while non-GAAP operating income was $532 million at a 28.3% margin.
- Underlying benefit: Non-GAAP margin included an approximately 110-basis-point benefit from tariff refunds; the company’s full-year margin outlook includes approximately 30 basis points of net tariff-refund benefit in Q3.
- Segment margins: LDG’s operating margin rose to 23.5% from 17.6%, CrossLab’s to 34.3% from 33.3%, and AMG’s to 24.9% from 21.8%.
- Earnings quality: Non-GAAP net income was $459 million versus $390 million a year ago, including the $17 million tariff-refund benefit. GAAP net income was $362 million versus $336 million.
Raised fiscal outlook
Agilent increased its FY26 outlook as the quarter’s revenue and margin performance gave management greater confidence in sustained operational momentum. The full-year revenue range moved to $7.49 billion-$7.51 billion, representing 7.8%-8.1% reported growth and 5.8%-6.0% core growth; the midpoint reflects a 65-basis-point improvement from the prior outlook.
- Full-year earnings: Non-GAAP EPS guidance is now $6.18-$6.21, a $0.15 increase at the midpoint versus the prior guide. Non-GAAP operating-margin expansion is expected to exceed 130 basis points.
- Fourth quarter: Revenue guidance is $1.98 billion-$2.00 billion, implying 6.4%-7.4% reported growth and 5.2%-6.2% core growth. Non-GAAP EPS is expected at $1.71-$1.74.
- Guidance adjustment: Q4 guidance does not assume any future tariff-refund benefit, limiting the risk that the raised outlook simply reflects another one-time refund.
Cash flow and acquisitions
Nine-month operating cash flow was $1.06 billion, up from $1.01 billion in the year-ago period, despite a $110 million use of cash for inventory and a $295 million use for other assets and liabilities. Capital expenditures were $249 million, down from $314 million a year earlier.
- M&A spending: Agilent used $950 million for business and intangible-asset acquisitions in the first nine months, compared with $4 million of proceeds net of acquisitions in the prior-year period.
- Balance sheet: Cash and cash equivalents were $1.76 billion at July 31, versus $1.79 billion at October 31, 2025. Long-term debt increased to $3.65 billion from $3.05 billion, consistent with $600 million of long-term debt issuance during the period.
- Shareholder returns: The company repurchased $295 million of stock and paid $216 million in dividends during the first nine months.
