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 and driven by broad-based strength across all segments and regions.

• GAAP net income was $339M ($1.20 per share), up 60% year-over-year; non-GAAP net income was $423M ($1.49 per share), up 14%.

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

• Announced a pending $950M acquisition of Biocare, expected to close by fiscal year-end 2026, to expand clinical and research solutions.

• Tariff refunds are pending following a Supreme Court ruling; no receivable recorded yet.

Financial highlights

• Q2 revenue: $1.83B, up 6.3% core and 10% reported year-over-year; currency tailwind of 3.7%.

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

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

• EPS: $1.49 non-GAAP (up 14%), $1.20 GAAP (up 60%), both exceeding guidance.

• Operating cash flow: $277M in Q2; $545M for six months; capex $76M in Q2, $169M for six months; share repurchases $65M in Q2, $217M for six months; dividends paid $72M in Q2, $144M for six months.

Outlook and guidance

• FY26 revenue guidance raised to $7.39B–$7.49B (4.5%–6% core growth), with a 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.