Agilent Technologies (A) Q3 2026 earnings summary

Executive summary

• Q3 FY26 revenue reached $1.88B, up 8.1% reported and 7.3% core year-over-year, exceeding guidance by 140 bps.

• Operating margin was 28.3% (27.2% ex-tariff refunds), up 320 bps year-over-year, driven by Ignite Operating System and innovation initiatives.

• EPS was $1.62 (including $0.06 tariff refund), up 18% year-over-year; $1.56 ex-refund, up 14% year-over-year.

• Growth was driven by strong performance in Pharma (+12%), Advanced Therapeutics (+30%), and China (+9%).

• Sustainability efforts were recognized with multiple awards and an MSCI ESG upgrade to AAA.

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% (27.2% ex-tariff refunds), up 320 bps YoY; EPS: $1.62 (incl. $0.06 tariff refund), $1.56 ex-refund.

• Operating cash flow: $519M; free cash flow: $439M (96% conversion).

• Book-to-bill above 1 for 10th consecutive quarter.

• Recurring revenue accounted for 66% of total revenue; robust instrument sales made up 34%.

Outlook and guidance

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

• FY26 operating margin expected to expand by over 130 bps YoY; tax rate projected at 14.5%.

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

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