Agilent Technologies (A) investor relations material

Executive summary

• Q3 FY26 revenue reached $1.88B, up 8.1% reported and 7.3% core year-over-year, exceeding guidance, with growth across all segments and regions.

• Operating margin expanded to 28.3% (non-GAAP, including tariff refunds), up 320 bps year-over-year; GAAP margin was 23.6%.

• EPS was $1.62 (non-GAAP, including $0.06 tariff refund), up 18% year-over-year; GAAP EPS was $1.28, up 8%.

• Growth was driven by strong performance in Pharma (+12%), Advanced Therapeutics (+30%), and China (+9%), supported by innovation and the Ignite Operating System.

• Biocare acquisition closed, contributing $10M in Q3 and expanding the pathology portfolio.

Financial highlights

• Q3 revenue: $1.88B, core growth 7.3% YoY, reported growth 8.1%; gross margin: 56.4% (54.9% ex-tariff refunds), up 180 bps YoY.

• Operating margin: 28.3% (non-GAAP, incl. tariff refund), 27.2% ex-tariff refund; GAAP margin 23.6%.

• EPS: $1.62 (non-GAAP, incl. $0.06 tariff refund), $1.56 ex-refund, up 14% YoY; GAAP EPS $1.28.

• Operating cash flow: $519M; free cash flow: $439M (96% conversion); cash and equivalents at $1.76B.

• Book-to-bill above 1 for 10th consecutive quarter; recurring revenue 66% of total.

Outlook and guidance

• FY26 revenue guidance raised to $7.49B–$7.51B (5.8%–6% core growth); non-GAAP EPS guidance increased to $6.18–$6.21, ex-tariff refund $6.12–$6.15.

• Q4 revenue expected at $1.98B–$2.0B (5.2%–6.2% core growth); non-GAAP EPS $1.71–$1.74.

• Management remains optimistic about long-term growth in key end markets, supported by normalized customer capital budgets and continued investment in R&D and manufacturing.

• Raised growth expectations for CAM, AMG, LDG, China, and Asia ex-China.