10-Q · June 1, 2026
Agilent Technologies reported strong Q2 2026 results with revenue of $1.835 billion, 10% higher than the prior year, and an EPS of $1.49, beating estimates. Key growth segments included Life Sciences and Diagnostics,…
Earnings analysis · 10-Q
A earnings analysis
Filed September 1, 2026 · Our reading of the company's report
The latest report
Agilent delivered strong Q3 momentum, with revenue of $1.878 billion and diluted EPS of $1.62, while operating margin reached 23.6%. Revenue and EPS increased both sequentially and year over year, and the company’s FY26…
Read full summary
Agilent delivered strong Q3 momentum, with revenue of $1.878 billion and diluted EPS of $1.62, while operating margin reached 23.6%. Revenue and EPS increased both sequentially and year over year, and the company’s FY26 outlook was raised to $7.49 billion-$7.51 billion of revenue and $6.18-$6.21 of non-GAAP EPS. The principal offsets are international and geopolitical exposure, approximately $3.9 billion of debt, and evolving AI, privacy and trade-regulation risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.62
- Operating margin
- 23.6%
What stood out
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Revenue accelerated sequentially and year over year
Q3 revenue was $1.878 billion, up approximately 2.6% from $1.83 billion in Q2 and 7.9% from $1.74 billion in the prior-year quarter.
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EPS growth outpaced revenue growth
Diluted EPS was $1.62 versus $1.20 in Q2 and $1.18 in the prior-year quarter, increases of approximately 35% and 37%, respectively.
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Operating leverage remained strong
GAAP operating margin expanded to 23.6%, up from 21.7% in Q2 and 20.7% in the prior-year quarter, a 1.9-point sequential and 2.9-point year-over-year improvement.
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Currency translation supported reported growth
Foreign-exchange movements provided a 2-percentage-point favorable impact on nine-month revenue growth; U.S. dollars represented 48% of revenue versus 47% a year earlier.
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Share repurchases continued
The company repurchased 612,270 shares during the quarter at a weighted-average price of $127.24, leaving $1.654 billion available under the repurchase program as of July 31, 2026.
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No material control deficiencies reported
Management concluded that disclosure controls were effective as of quarter-end and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, reporting.
What to watch
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Elevated leverage limits financial flexibility
The filing reports approximately $3.9 billion of outstanding indebtedness, including $3.9 billion of unsecured senior notes. Debt service could reduce cash available for capital expenditures, acquisitions, repurchases and dividends; the company may issue up to $1.5 billion of commercial paper and has a $1.5 billion credit facility.
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Geopolitical and trade disruption risk
International and geopolitical exposure remains material: 48% of nine-month revenue was generated in U.S. dollars, while the filing identifies Middle East conflicts, tariffs, sanctions and export controls as potential sources of supply-chain disruption and higher costs.
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AI and privacy compliance exposure
The filing adds or expands risks around artificial intelligence, including potential regulatory scrutiny, data-protection liability and intellectual-property exposure. Separately, noncompliance with GDPR can result in fines of up to 4% of total company revenue.
Management's outlook
FY26 revenue outlook was raised to $7.49 billion-$7.51 billion from $7.2 billion-$7.4 billion; FY26 non-GAAP EPS midpoint increased by $0.15. Q4 outlook is revenue of $1.98 billion-$2.00 billion and non-GAAP EPS of $1.71-$1.74.
Earlier filings 4
10-Q · March 3, 2026
Agilent reported Q1 net revenue of $1,798,000,000 (up $117,000,000 or ~7.0% YoY, down $62,000,000 vs prior quarter) and GAAP diluted EPS of $1.07. Gross margin contracted to 52.6% and operating margin to 19.6%, while…
10-Q · August 29, 2025
Agilent reported Q3 net revenue of $1,738 million (vs $1,578M a year ago), beating consensus and rising ~10% year-over-year, while GAAP diluted EPS was $1.18 (vs $0.97 a year ago). Gross margin compressed to 51.1% (from…
10-Q · March 3, 2025
Agilent reported Q1 net revenue of $1,681 million, up $23 million (+1.4%) versus the prior-year quarter, while income from operations declined to $376 million and diluted EPS fell to $1.11. Cash and cash equivalents…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.