A earnings analysis
What we found in A's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.62
- Operating margin
- 23.6%
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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