Agilent Technologies (A) Q2 2026 earnings summary

Executive summary

• Q2 FY26 revenue reached $1.83B, up 10% reported and 6.3% core year-over-year, surpassing guidance.

• Non-GAAP EPS rose 14% year-over-year to $1.49; GAAP net income was $339M ($1.20 per share), up 60%.

• Operational improvements from the Ignite Operating System drove significant margin expansion and productivity gains.

• Broad-based strength across major end markets, with notable share gains and innovation-led growth.

• Announced new product launches, including the 9500 ICP-MS, and the acquisition of Biocare to strengthen the portfolio.

Financial highlights

• Q2 non-GAAP operating margin: 26.4%, up 130 bps year-over-year and 180 bps sequentially; GAAP margin: 21.7%.

• Gross margin: 55%, up 90 bps year-over-year; segment gross margins ranged from 54.1% to 55.8%.

• Operating cash flow: $277M; capex: $76M; share repurchases: $65M; dividends paid: $72M in Q2.

• Cash and cash equivalents at quarter-end: $1.81B; total assets: $13.07B; total equity: $7.12B.

• Instruments accounted for 66% of revenue; recurring revenue (consumables, services, informatics) was 34%.

Outlook and guidance

• FY26 revenue guidance raised to $7.39B–$7.49B (4.5%–6% core growth, 6.3%–7.8% reported); 1.8% currency tailwind.

• FY26 non-GAAP EPS guidance increased to $6.00–$6.10, up $0.08 at midpoint, representing 7%–9% growth.

• Q3 FY26 revenue expected at $1.83B–$1.85B (4.4%–5.9% core growth); non-GAAP EPS $1.48–$1.50.

• Raised operating margin expansion target to 85 bps for FY26.

• No Biocare acquisition or tariff refund impact included in guidance.