Agilent Reports Second-Quarter Fiscal Year 2026 Financial Results

5/27/26 4:05:00 PM ET

Biotechnology: Laboratory Analytical Instruments

Industrials

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Delivers strong Q2 results and raises FY26 revenue growth, margin expansion, and non-GAAP EPS⁽⁴⁾ guidance on continued operational momentum

Second-quarter fiscal year 2026

Revenue of $1.83 billion for the second quarter ended April 30, 2026, representing growth of 10.0% reported and up 6.3% core⁽¹⁾ compared with the second quarter of 2025.
GAAP operating margin of 21.7%; non-GAAP operating margin⁽²⁾ of 26.4% expanded by 130 basis points year-over-year and 180 basis points sequentially.
GAAP net income of $339 million; earnings per share (EPS) of $1.20, an increase of 60% from the second quarter of 2025.
Non-GAAP net income⁽³⁾ of $423 million; non-GAAP EPS⁽³⁾ of $1.49, an increase of 14% from the second quarter of 2025.

Fiscal year 2026 improved outlook and third-quarter guidance

Fiscal year 2026 revenue is now expected in the range of $7.39 billion to $7.49 billion, representing a range of up 6.3% to 7.8% reported and up 4.5% to 6.0% core,⁽¹⁾⁽⁵⁾ an increase of 30 basis points at the midpoint. Non-GAAP fiscal year 2026 operating margin expansion⁽²⁾ at the midpoint of core revenue growth guidance is now expected to be 85 basis points, an increase of 10 basis points. Non-GAAP EPS⁽⁴⁾ is now expected in the range of $6.00 to $6.10, an increase of 8 cents at the midpoint.
Fiscal third-quarter 2026 revenue is expected in the range of $1.83 billion to $1.85 billion, growth of 5.0% to 6.5% reported and up 4.4% to 5.9% core⁽¹⁾⁽⁵⁾. Non-GAAP EPS⁽⁴⁾ is expected in the range of $1.48 to $1.50 per share.

Agilent Technologies Inc. (NYSE:A) today reported revenue of $1.83 billion for the second quarter ended April 30, 2026, representing growth of 10.0% reported and up 6.3% core⁽¹⁾ compared with the second quarter of 2025.

Second-quarter GAAP net income was $339 million, or $1.20 per share. This compares with $215 million, or $0.75 per share, in the second quarter of 2025. Non-GAAP net income⁽³⁾ was $423 million, or $1.49 per share, during the quarter, compared with $373 million, or $1.31 per share, during the year-ago quarter.

"It was an excellent second quarter for Agilent, with broad-based strength across key end markets, exceptional operational execution and strong margin performance," said Padraig McDonnell, president and CEO of Agilent Technologies. "The continued momentum we are seeing across the business reflects the strength of our customer-focused strategy, healthy underlying demand, and the increasing impact of the Ignite Operating System across the organization, supported by the resilience of our diversified portfolio. Innovation remains a key driver of our long-term growth. The introduction of solutions such as our new 9500 ICP-MS platform demonstrates our ability to anticipate evolving customer needs and translate those insights into differentiated technologies that improve laboratory productivity and performance. Combined with the continued progress of Ignite, replacement-cycle momentum, and a strong innovation pipeline, we remain well positioned to deliver sustainable growth and long-term value for our customers and shareholders."

Financial Highlights

Life Sciences and Diagnostics Markets Group

The Life Sciences and Diagnostics Markets Group (LDG) reported second-quarter revenue of $732 million, growth of 12% reported and 9% core⁽¹⁾ year-over-year. LDG's operating margin for the quarter was 22.0%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported second-quarter revenue of $759 million, growth of 6% reported and 2% core⁽¹⁾ year-over-year. ACG's operating margin for the quarter was 32.0%.

Applied Markets Group

The Applied Markets Group (AMG) reported second-quarter revenue of $344 million, growth of 14% reported and 11% core⁽¹⁾ year-over-year. AMG's operating margin for the quarter was 23.3%.

Conference Call

Agilent's management will present additional details regarding the company's second-quarter 2026 financial results on a conference call with investors today at 1:30 p.m. PT. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the "Q2 2026 Agilent Technologies, Inc. Earnings Conference Call" link on the Agilent Investor Relations website. The replay of the call will remain on the company website for 90 days.

About Agilent Technologies

Agilent Technologies, Inc. (NYSE:A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent's full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.95 billion in fiscal year 2025 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn and Facebook.

Forward-Looking Statements

This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Agilent's growth prospects, business, financial results, revenue, non-GAAP earnings guidance for fiscal year and third-quarter 2026, and the effects of its operational transformation and customer and market-focused strategy. These forward-looking statements involve risks and uncertainties that could cause Agilent's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of Agilent's customers' businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing; and the risk that Agilent is not able to realize the savings expected from integration and restructuring activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its operational transformation, customer and market-focused strategy and cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that its cost-cutting initiatives will impair its ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on its operations, its markets and its ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the impact relating to or arising from changes to tariffs, import/export or trade policies; the ability of its supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent's filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the fiscal quarter ended January 31, 2026. Forward-looking statements are based on the beliefs and assumptions of Agilent's management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.

(1) Core or organic constant currency revenue growth excludes the impact of currency and acquisitions and divestitures within the past 12 months. Core or organic constant currency revenue is a non-GAAP measure. Reconciliations between GAAP revenue and core or organic constant currency revenue for second quarter 2026 are set forth on page 7 of the attached tables along with additional information regarding the use of this non-GAAP measure. Core or organic constant currency revenue growth rate as projected for third quarter 2026 and full fiscal year 2026 excludes the impact of currency and acquisitions and divestitures within the past 12 months. Most of the excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided for the projection.

(2) Non-GAAP operating margin excludes the impacts of restructuring and other related costs, intangibles amortization, transformation initiatives, acquisition and integration costs and net (gain) loss on equity securities. A reconciliation between non-GAAP operating margin and GAAP operating margin is set forth on page 5 of the attached tables along with additional information regarding the use of this non-GAAP measure. Non-GAAP operating margin as projected for full fiscal year 2026 excludes primarily the impacts of restructuring and other related costs, intangible amortization, transformation initiatives and acquisition and integration costs. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided.

(3) Non-GAAP net income and non-GAAP EPS exclude the impacts of restructuring and other related costs, intangibles amortization, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations, and which are either isolated or are not expected to occur again with any regularity or predictability. A reconciliation between non-GAAP net income and GAAP net income and a reconciliation between non-GAAP EPS and GAAP EPS is set forth on page 4 of the attached tables along with additional information regarding the use of this non-GAAP measure.

(4) Non-GAAP EPS as projected for third quarter 2026 and full fiscal year 2026 exclude primarily the estimated impacts of non-cash intangibles amortization, transformational initiatives, and acquisition and integration costs. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations, and which are either isolated or are not expected to occur again with any regularity or predictability. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided. Future amortization of intangibles is expected to be approximately $18 million per quarter.

(5) Core or organic constant currency revenue growth outlook is based on forecasted currency exchange rates.

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY

	Three Months Ended						Six Months Ended
	April 30,						April 30,
	2026			2025			2026			2025

Net revenue	$	1,835		$	1,668		$	3,633		$	3,349

Costs and expenses:
Cost of products and services		845			802			1,697			1,584
Research and development		126			112			243			225
Selling, general and administrative		465			454			941			864
Total costs and expenses		1,436			1,368			2,881			2,673

Income from operations		399			300			752			676

Interest income		13			14			28			29
Interest expense		(25	)		(29	)		(50	)		(57	)
Other income (expense), net		21			(25	)		42			(21	)

Income before taxes		408			260			772			627

Provision for income taxes		69			45			128			94

Net income	$	339		$	215		$	644		$	533



Net income per share:
Basic	$	1.20		$	0.75		$	2.28		$	1.87
Diluted	$	1.20		$	0.75		$	2.27		$	1.86

Weighted average shares used in computing net income per share:
Basic		282			285			283			285
Diluted		283			285			284			286

The preliminary income statement is estimated based on our current information.

Page 1

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)
(Unaudited)
PRELIMINARY

	April 30,			October 31,
	2026			2025
ASSETS

Current assets:
Cash and cash equivalents	$	1,807		$	1,789
Accounts receivable, net		1,498			1,487
Inventory		1,089			1,025
Other current assets		369			293
Total current assets		4,763			4,594

Property, plant and equipment, net		2,099			2,023
Goodwill		4,484			4,473
Other intangible assets, net		407			445
Long-term investments		136			133
Other assets		1,176			1,059
Total assets	$	13,065		$	12,727

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable	$	615		$	570
Employee compensation and benefits		387			443
Deferred revenue		665			624
Short-term debt		304			304
Other accrued liabilities		298			406
Total current liabilities		2,269			2,347

Long-term debt		3,051			3,050
Retirement and post-retirement benefits		127			126
Other long-term liabilities		496			463
Total liabilities		5,943			5,986

Total Equity:
Stockholders' equity:
Preferred stock; $0.01 par value; 125,000,000 shares authorized; none issued and outstanding		—			—
Common stock; $0.01 par value, 2,000,000,000 shares authorized; 282,218,158 shares at April 30, 2026 and 283,054,377 shares at October 31, 2025, issued and outstanding		3			3
Additional paid-in-capital		5,629			5,575
Retained earnings		1,692			1,389
Accumulated other comprehensive loss		(202	)		(226	)
Total stockholders' equity		7,122			6,741
Total liabilities and stockholders' equity	$	13,065		$	12,727

The preliminary balance sheet is estimated based on our current information.

Page 2

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY

	Six Months Ended
	April 30,			April 30,
	2026			2025
Cash flows from operating activities:
Net income	$	644		$	533

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		134			145
Share-based compensation		73			70
Deferred taxes expense (benefit)		57			(28	)
Excess and obsolete inventory related charges		25			22
Net (gain) loss on equity securities		(1	)		27
Asset impairment charges		—			15
Other non-cash (income) expense, net		4			2
Changes in assets and liabilities:
Accounts receivable, net		(6	)		(27	)
Inventory		(85	)		(41	)
Accounts payable		54			(27	)
Employee compensation and benefits		(59	)		(25	)
Other assets and liabilities		(295	)		(14	)
Net cash provided by operating activities ^(a)		545			652

Cash flows from investing activities:
Payments to acquire property, plant and equipment		(169	)		(211	)
Payments in exchange for convertible note		(1	)		(1	)
Payments to acquire businesses and intangible assets, net of cash acquired		—			4
Net cash used in investing activities		(170	)		(208	)

Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans		32			31
Payment of taxes related to net share settlement of equity awards		(29	)		(24	)
Payments for repurchase of common stock		(217	)		(255	)
Payment of excise taxes related to repurchases of common stock		(3	)		(10	)
Payments of dividends		(144	)		(141	)
Proceeds from issuance of long-term debt		—			4
Repayments of long-term debt		(3	)		(1	)
Net proceeds from (repayment of) short-term debt		—			100
Payments of finance lease		(2	)		—
Net cash used in financing activities		(366	)		(296	)

Effect of exchange rate movements		9			9

Net increase (decrease) in cash, cash equivalents and restricted cash		18			157

Cash, cash equivalents and restricted cash at beginning of period		1,791			1,332

Cash, cash equivalents and restricted cash at end of period	$	1,809		$	1,489

Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:

Cash and cash equivalents	$	1,807		$	1,486
Restricted cash, included in other assets		2			3
Total cash, cash equivalents and restricted cash	$	1,809		$	1,489


^(a) Cash payments included in operating activities:

Income tax payments, net of refunds received	$	320		$	248
Interest payments, net of capitalized interest	$	45		$	51
Net change in property, plant and equipment included in accounts payable and accrued liabilities-increase (decrease)	$	(11	)		—
Excise tax on share repurchases, accrued but not paid	$	1		$	2

The preliminary cash flow is estimated based on our current information.

Page 3

AGILENT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY

	Three Months Ended												Six Months Ended
	April 30,												April 30,
	2026						2025						2026						2025
	Net Income			Diluted EPS			Net Income			Diluted EPS			Net Income			Diluted EPS			Net Income			Diluted EPS

GAAP net income	$	339		$	1.20		$	215		$	0.75		$	644		$	2.27		$	533		$	1.86
Non-GAAP adjustments:
Restructuring and other related costs		8			0.03			56			0.20			28			0.10			57			0.20
Asset impairments		—			—			15			0.05			—			—			15			0.05
Intangible amortization		19			0.07			27			0.10			38			0.13			55			0.19
Transformational initiatives		39			0.14			24			0.08			58			0.21			30			0.10
Acquisition and integration costs		12			0.04			3			0.01			15			0.05			12			0.04
Net (gain) loss on equity securities		1			—			27			0.10			1			—			27			0.10
Pension settlement loss		—			—			—			—			—			—			14			0.05
Other		7			0.02			9			0.03			34			0.12			15			0.05
Adjustment for taxes ^(a)		(2	)		(0.01	)		(3	)		(0.01	)		(9	)		(0.03	)		(8	)		(0.02	)
Non-GAAP net income	$	423		$	1.49		$	373		$	1.31		$	809		$	2.85		$	750		$	2.62

^(a) The adjustment for taxes excludes tax expense (benefits) that management believes are not directly related to on-going operations and which are either isolated, temporary or cannot be expected to occur again with any regularity or predictability such as the realized gain/loss due to sale of a business, windfall benefits on stock compensation, and the impact of R&D capitalization under section 174 of the Tax Cuts and Jobs Act of 2017 which does not apply for fiscal year 2026 due to the enactment of the One Big Beautiful Bill Act (OBBBA). For the three and six months ended April 30, 2026, management used a non-GAAP effective tax rate of 14.50%. For the three months ended April 30, 2025, management used a non-GAAP effective tax rate of 11.50%. For the six months ended April 30, 2025, management used a non-GAAP effective tax rate of 12.00%.

We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, net (gain) loss on equity securities and pension settlement loss.

	Restructuring and other related costs include incremental expenses incurred in the period associated with restructuring programs, usually aimed at changes in business and/or cost structure. Such costs may include one-time termination benefits including acceleration of stock-based compensation expense, facility-related costs and contract termination fees.
	Asset impairments include assets that have been written down to their fair value.
	Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers including costs to move manufacturing, site consolidations, legal entity and other business reorganizations, insourcing or outsourcing of activities. Such costs may include move and relocation costs, one-time termination benefits and other one-time reorganization costs. Included in this category are also expenses associated with company programs to transform our product lifecycle management (PLM) system and human resources and financial systems.
	Acquisition and integration costs include all incremental expenses incurred to effect a business combination. Such acquisition costs may include advisory, legal, tax, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, the transfer of assets and intellectual property, information technology systems and infrastructure and other employee-related costs.
	Net (gain) loss on equity securities relates to the realized and unrealized mark-to-market adjustments for our marketable and non-marketable equity securities.
	Pension settlement loss resulted from the transfer of the Netherlands defined benefit plan to an unaffiliated insurance company.
	Other includes certain legal costs and settlements, consulting costs, special compliance costs, acceleration of stock-based compensation expense and other miscellaneous adjustments.

Our management uses non-GAAP measures to evaluate the performance of our core businesses, to estimate future core performance and to compensate employees. Since management finds this measure to be useful, we believe that our investors benefit from seeing our results "through the eyes" of management in addition to seeing our GAAP results. This information facilitates our management's internal comparisons to our historical operating results as well as to the operating results of our competitors.

Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company's profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company's performance.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary non-GAAP net income and diluted EPS reconciliation is estimated based on our current information.

Page 4

AGILENT TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP INCOME FROM OPERATIONS AND OPERATING MARGIN
(In millions, except margin data)
(Unaudited)
PRELIMINARY

									Year Over Year
			Operating				Operating		Percent Pts
	Q2'26		Margin %		Q2'25		Margin %		Inc/(Dec)

GAAP revenue:	$	1,835			$	1,668

Income from operations:
GAAP Income from operations	$	399	21.7	%	$	300	18.0	%
Non-GAAP adjustments:
Restructuring and other related costs		8				56
Intangible amortization		19				27
Transformational initiatives		39				24
Acquisition and integration costs		12				3
Net (gain) loss on equity securities		—				1
Other		6				8
Non-GAAP income from operations	$	483	26.4	%	$	419	25.1	%	1.3	%

We provide non-GAAP income from operations and non-GAAP operating margin amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to restructuring and other related costs, amortization of intangibles, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities.

Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company's profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company's performance.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary reconciliation of income from operations and operating margins is estimated based on our current information.

Page 5

AGILENT TECHNOLOGIES, INC.
SEGMENT INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY

Quarter-over-Quarter

Life Sciences and Diagnostics Markets Segment
	Q2'26			Q2'25
Revenue	$	732		$	654
Gross Margin, %		54.1	%		52.8	%
Income from Operations	$	161		$	129
Operating margin, %		22.0	%		19.7	%


Agilent CrossLab Segment
	Q2'26			Q2'25
Revenue	$	759		$	713
Gross Margin, %		55.5	%		55.5	%
Income from Operations	$	242		$	231
Operating margin, %		32.0	%		32.4	%


Applied Markets Segment
	Q2'26			Q2'25
Revenue	$	344		$	301
Gross Margin, %		55.8	%		53.5	%
Income from Operations	$	80		$	59
Operating margin, %		23.3	%		19.5	%

Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, charges related to restructuring and other related costs, amortization of intangibles, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary segment information is estimated based on our current information.

Page 6

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY SEGMENT
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(In millions)
(Unaudited)
PRELIMINARY

	Year-over-Year

	GAAP
					Year-over-Year
GAAP Revenue by Segment	Q2'26		Q2'25		% Change

Life Sciences and Diagnostics Markets Segment	$	732	$	654	12%
Agilent CrossLab Segment		759		713	6%
Applied Markets Segment		344		301	14%
Agilent	$	1,835	$	1,668	10%


	Non-GAAP (excluding Acquisitions & Divestitures)					Year-over-Year at Constant Currency ^(a)
					Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact^(b)
Non-GAAP Revenue by Segment	Q2'26		Q2'25		% Change	% Change	Percentage Point Impact from Currency	Current Quarter Currency Impact^(b)

Life Sciences and Diagnostics Markets Segment	$	732	$	654	12%	9%	3 ppts	$	22
Agilent CrossLab Segment		759		713	6%	2%	4 ppts		29
Applied Markets Segment		344		301	14%	11%	3 ppts		10
Agilent (Core)	$	1,835	$	1,668	10%	6%	4 ppts	$	61

We compare the year-over-year change in revenue excluding the effect of recent acquisitions and divestitures and foreign currency rate fluctuations to assess the performance of our underlying business.

^(a) The constant currency year-over-year growth percentage is calculated by recalculating all periods in the comparison period at the foreign currency exchange rates used for accounting during the last month of the current quarter and then using those revised values to calculate the year-over-year percentage change.

^(b) The dollar impact from the current quarter currency impact is equal to the total year-over-year dollar change less the constant currency year-over-year change.

The preliminary reconciliation of GAAP revenue adjusted for recent acquisitions and divestitures and impact of currency is estimated based on our current information.

Page 7

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INVESTOR CONTACT:

Tejas Savant

+1 917-574-4018

tejas.savant@agilent.com

MEDIA CONTACT:

Kate Coyle

+1 302-633-7490

kate.coyle@agilent.com

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Agilent Reports Second-Quarter Fiscal Year 2026 Financial Results

5/27/26 4:05:00 PM ET

Biotechnology: Laboratory Analytical Instruments

Industrials

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Delivers strong Q2 results and raises FY26 revenue growth, margin expansion, and non-GAAP EPS⁽⁴⁾ guidance on continued operational momentum

Second-quarter fiscal year 2026

Revenue of $1.83 billion for the second quarter ended April 30, 2026, representing growth of 10.0% reported and up 6.3% core⁽¹⁾ compared with the second quarter of 2025.
GAAP operating margin of 21.7%; non-GAAP operating margin⁽²⁾ of 26.4% expanded by 130 basis points year-over-year and 180 basis points sequentially.
GAAP net income of $339 million; earnings per share (EPS) of $1.20, an increase of 60% from the second quarter of 2025.
Non-GAAP net income⁽³⁾ of $423 million; non-GAAP EPS⁽³⁾ of $1.49, an increase of 14% from the second quarter of 2025.

Fiscal year 2026 improved outlook and third-quarter guidance

Fiscal year 2026 revenue is now expected in the range of $7.39 billion to $7.49 billion, representing a range of up 6.3% to 7.8% reported and up 4.5% to 6.0% core,⁽¹⁾⁽⁵⁾ an increase of 30 basis points at the midpoint. Non-GAAP fiscal year 2026 operating margin expansion⁽²⁾ at the midpoint of core revenue growth guidance is now expected to be 85 basis points, an increase of 10 basis points. Non-GAAP EPS⁽⁴⁾ is now expected in the range of $6.00 to $6.10, an increase of 8 cents at the midpoint.
Fiscal third-quarter 2026 revenue is expected in the range of $1.83 billion to $1.85 billion, growth of 5.0% to 6.5% reported and up 4.4% to 5.9% core⁽¹⁾⁽⁵⁾. Non-GAAP EPS⁽⁴⁾ is expected in the range of $1.48 to $1.50 per share.

Financial Highlights

Life Sciences and Diagnostics Markets Group

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported second-quarter revenue of $759 million, growth of 6% reported and 2% core⁽¹⁾ year-over-year. ACG's operating margin for the quarter was 32.0%.

Applied Markets Group

The Applied Markets Group (AMG) reported second-quarter revenue of $344 million, growth of 14% reported and 11% core⁽¹⁾ year-over-year. AMG's operating margin for the quarter was 23.3%.

Conference Call

About Agilent Technologies

Forward-Looking Statements

(5) Core or organic constant currency revenue growth outlook is based on forecasted currency exchange rates.

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY

	Three Months Ended						Six Months Ended
	April 30,						April 30,
	2026			2025			2026			2025

Net revenue	$	1,835		$	1,668		$	3,633		$	3,349

Costs and expenses:
Cost of products and services		845			802			1,697			1,584
Research and development		126			112			243			225
Selling, general and administrative		465			454			941			864
Total costs and expenses		1,436			1,368			2,881			2,673

Income from operations		399			300			752			676

Interest income		13			14			28			29
Interest expense		(25	)		(29	)		(50	)		(57	)
Other income (expense), net		21			(25	)		42			(21	)

Income before taxes		408			260			772			627

Provision for income taxes		69			45			128			94

Net income	$	339		$	215		$	644		$	533



Net income per share:
Basic	$	1.20		$	0.75		$	2.28		$	1.87
Diluted	$	1.20		$	0.75		$	2.27		$	1.86

Weighted average shares used in computing net income per share:
Basic		282			285			283			285
Diluted		283			285			284			286

The preliminary income statement is estimated based on our current information.

Page 1

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)
(Unaudited)
PRELIMINARY

	April 30,			October 31,
	2026			2025
ASSETS

Current assets:
Cash and cash equivalents	$	1,807		$	1,789
Accounts receivable, net		1,498			1,487
Inventory		1,089			1,025
Other current assets		369			293
Total current assets		4,763			4,594

Property, plant and equipment, net		2,099			2,023
Goodwill		4,484			4,473
Other intangible assets, net		407			445
Long-term investments		136			133
Other assets		1,176			1,059
Total assets	$	13,065		$	12,727

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable	$	615		$	570
Employee compensation and benefits		387			443
Deferred revenue		665			624
Short-term debt		304			304
Other accrued liabilities		298			406
Total current liabilities		2,269			2,347

Long-term debt		3,051			3,050
Retirement and post-retirement benefits		127			126
Other long-term liabilities		496			463
Total liabilities		5,943			5,986

Total Equity:
Stockholders' equity:
Preferred stock; $0.01 par value; 125,000,000 shares authorized; none issued and outstanding		—			—
Common stock; $0.01 par value, 2,000,000,000 shares authorized; 282,218,158 shares at April 30, 2026 and 283,054,377 shares at October 31, 2025, issued and outstanding		3			3
Additional paid-in-capital		5,629			5,575
Retained earnings		1,692			1,389
Accumulated other comprehensive loss		(202	)		(226	)
Total stockholders' equity		7,122			6,741
Total liabilities and stockholders' equity	$	13,065		$	12,727

The preliminary balance sheet is estimated based on our current information.

Page 2

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY

	Six Months Ended
	April 30,			April 30,
	2026			2025
Cash flows from operating activities:
Net income	$	644		$	533

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		134			145
Share-based compensation		73			70
Deferred taxes expense (benefit)		57			(28	)
Excess and obsolete inventory related charges		25			22
Net (gain) loss on equity securities		(1	)		27
Asset impairment charges		—			15
Other non-cash (income) expense, net		4			2
Changes in assets and liabilities:
Accounts receivable, net		(6	)		(27	)
Inventory		(85	)		(41	)
Accounts payable		54			(27	)
Employee compensation and benefits		(59	)		(25	)
Other assets and liabilities		(295	)		(14	)
Net cash provided by operating activities ^(a)		545			652

Cash flows from investing activities:
Payments to acquire property, plant and equipment		(169	)		(211	)
Payments in exchange for convertible note		(1	)		(1	)
Payments to acquire businesses and intangible assets, net of cash acquired		—			4
Net cash used in investing activities		(170	)		(208	)

Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans		32			31
Payment of taxes related to net share settlement of equity awards		(29	)		(24	)
Payments for repurchase of common stock		(217	)		(255	)
Payment of excise taxes related to repurchases of common stock		(3	)		(10	)
Payments of dividends		(144	)		(141	)
Proceeds from issuance of long-term debt		—			4
Repayments of long-term debt		(3	)		(1	)
Net proceeds from (repayment of) short-term debt		—			100
Payments of finance lease		(2	)		—
Net cash used in financing activities		(366	)		(296	)

Effect of exchange rate movements		9			9

Net increase (decrease) in cash, cash equivalents and restricted cash		18			157

Cash, cash equivalents and restricted cash at beginning of period		1,791			1,332

Cash, cash equivalents and restricted cash at end of period	$	1,809		$	1,489

Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:

Cash and cash equivalents	$	1,807		$	1,486
Restricted cash, included in other assets		2			3
Total cash, cash equivalents and restricted cash	$	1,809		$	1,489


^(a) Cash payments included in operating activities:

Income tax payments, net of refunds received	$	320		$	248
Interest payments, net of capitalized interest	$	45		$	51
Net change in property, plant and equipment included in accounts payable and accrued liabilities-increase (decrease)	$	(11	)		—
Excise tax on share repurchases, accrued but not paid	$	1		$	2

The preliminary cash flow is estimated based on our current information.

Page 3

AGILENT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY

	Three Months Ended												Six Months Ended
	April 30,												April 30,
	2026						2025						2026						2025
	Net Income			Diluted EPS			Net Income			Diluted EPS			Net Income			Diluted EPS			Net Income			Diluted EPS

GAAP net income	$	339		$	1.20		$	215		$	0.75		$	644		$	2.27		$	533		$	1.86
Non-GAAP adjustments:
Restructuring and other related costs		8			0.03			56			0.20			28			0.10			57			0.20
Asset impairments		—			—			15			0.05			—			—			15			0.05
Intangible amortization		19			0.07			27			0.10			38			0.13			55			0.19
Transformational initiatives		39			0.14			24			0.08			58			0.21			30			0.10
Acquisition and integration costs		12			0.04			3			0.01			15			0.05			12			0.04
Net (gain) loss on equity securities		1			—			27			0.10			1			—			27			0.10
Pension settlement loss		—			—			—			—			—			—			14			0.05
Other		7			0.02			9			0.03			34			0.12			15			0.05
Adjustment for taxes ^(a)		(2	)		(0.01	)		(3	)		(0.01	)		(9	)		(0.03	)		(8	)		(0.02	)
Non-GAAP net income	$	423		$	1.49		$	373		$	1.31		$	809		$	2.85		$	750		$	2.62

^(a) The adjustment for taxes excludes tax expense (benefits) that management believes are not directly related to on-going operations and which are either isolated, temporary or cannot be expected to occur again with any regularity or predictability such as the realized gain/loss due to sale of a business, windfall benefits on stock compensation, and the impact of R&D capitalization under section 174 of the Tax Cuts and Jobs Act of 2017 which does not apply for fiscal year 2026 due to the enactment of the One Big Beautiful Bill Act (OBBBA). For the three and six months ended April 30, 2026, management used a non-GAAP effective tax rate of 14.50%. For the three months ended April 30, 2025, management used a non-GAAP effective tax rate of 11.50%. For the six months ended April 30, 2025, management used a non-GAAP effective tax rate of 12.00%.

We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, net (gain) loss on equity securities and pension settlement loss.

	Restructuring and other related costs include incremental expenses incurred in the period associated with restructuring programs, usually aimed at changes in business and/or cost structure. Such costs may include one-time termination benefits including acceleration of stock-based compensation expense, facility-related costs and contract termination fees.
	Asset impairments include assets that have been written down to their fair value.
	Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers including costs to move manufacturing, site consolidations, legal entity and other business reorganizations, insourcing or outsourcing of activities. Such costs may include move and relocation costs, one-time termination benefits and other one-time reorganization costs. Included in this category are also expenses associated with company programs to transform our product lifecycle management (PLM) system and human resources and financial systems.
	Acquisition and integration costs include all incremental expenses incurred to effect a business combination. Such acquisition costs may include advisory, legal, tax, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, the transfer of assets and intellectual property, information technology systems and infrastructure and other employee-related costs.
	Net (gain) loss on equity securities relates to the realized and unrealized mark-to-market adjustments for our marketable and non-marketable equity securities.
	Pension settlement loss resulted from the transfer of the Netherlands defined benefit plan to an unaffiliated insurance company.
	Other includes certain legal costs and settlements, consulting costs, special compliance costs, acceleration of stock-based compensation expense and other miscellaneous adjustments.

Our management uses non-GAAP measures to evaluate the performance of our core businesses, to estimate future core performance and to compensate employees. Since management finds this measure to be useful, we believe that our investors benefit from seeing our results "through the eyes" of management in addition to seeing our GAAP results. This information facilitates our management's internal comparisons to our historical operating results as well as to the operating results of our competitors.

Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company's profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company's performance.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary non-GAAP net income and diluted EPS reconciliation is estimated based on our current information.

Page 4

AGILENT TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP INCOME FROM OPERATIONS AND OPERATING MARGIN
(In millions, except margin data)
(Unaudited)
PRELIMINARY

									Year Over Year
			Operating				Operating		Percent Pts
	Q2'26		Margin %		Q2'25		Margin %		Inc/(Dec)

GAAP revenue:	$	1,835			$	1,668

Income from operations:
GAAP Income from operations	$	399	21.7	%	$	300	18.0	%
Non-GAAP adjustments:
Restructuring and other related costs		8				56
Intangible amortization		19				27
Transformational initiatives		39				24
Acquisition and integration costs		12				3
Net (gain) loss on equity securities		—				1
Other		6				8
Non-GAAP income from operations	$	483	26.4	%	$	419	25.1	%	1.3	%

We provide non-GAAP income from operations and non-GAAP operating margin amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to restructuring and other related costs, amortization of intangibles, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities.

Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company's profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company's performance.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary reconciliation of income from operations and operating margins is estimated based on our current information.

Page 5

AGILENT TECHNOLOGIES, INC.
SEGMENT INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY

Quarter-over-Quarter

Life Sciences and Diagnostics Markets Segment
	Q2'26			Q2'25
Revenue	$	732		$	654
Gross Margin, %		54.1	%		52.8	%
Income from Operations	$	161		$	129
Operating margin, %		22.0	%		19.7	%


Agilent CrossLab Segment
	Q2'26			Q2'25
Revenue	$	759		$	713
Gross Margin, %		55.5	%		55.5	%
Income from Operations	$	242		$	231
Operating margin, %		32.0	%		32.4	%


Applied Markets Segment
	Q2'26			Q2'25
Revenue	$	344		$	301
Gross Margin, %		55.8	%		53.5	%
Income from Operations	$	80		$	59
Operating margin, %		23.3	%		19.5	%

Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, charges related to restructuring and other related costs, amortization of intangibles, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary segment information is estimated based on our current information.

Page 6

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY SEGMENT
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(In millions)
(Unaudited)
PRELIMINARY

	Year-over-Year

	GAAP
					Year-over-Year
GAAP Revenue by Segment	Q2'26		Q2'25		% Change

Life Sciences and Diagnostics Markets Segment	$	732	$	654	12%
Agilent CrossLab Segment		759		713	6%
Applied Markets Segment		344		301	14%
Agilent	$	1,835	$	1,668	10%


	Non-GAAP (excluding Acquisitions & Divestitures)					Year-over-Year at Constant Currency ^(a)
					Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact^(b)
Non-GAAP Revenue by Segment	Q2'26		Q2'25		% Change	% Change	Percentage Point Impact from Currency	Current Quarter Currency Impact^(b)

Life Sciences and Diagnostics Markets Segment	$	732	$	654	12%	9%	3 ppts	$	22
Agilent CrossLab Segment		759		713	6%	2%	4 ppts		29
Applied Markets Segment		344		301	14%	11%	3 ppts		10
Agilent (Core)	$	1,835	$	1,668	10%	6%	4 ppts	$	61

We compare the year-over-year change in revenue excluding the effect of recent acquisitions and divestitures and foreign currency rate fluctuations to assess the performance of our underlying business.

^(a) The constant currency year-over-year growth percentage is calculated by recalculating all periods in the comparison period at the foreign currency exchange rates used for accounting during the last month of the current quarter and then using those revised values to calculate the year-over-year percentage change.

^(b) The dollar impact from the current quarter currency impact is equal to the total year-over-year dollar change less the constant currency year-over-year change.

The preliminary reconciliation of GAAP revenue adjusted for recent acquisitions and divestitures and impact of currency is estimated based on our current information.

Page 7

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INVESTOR CONTACT:

Tejas Savant

+1 917-574-4018

tejas.savant@agilent.com

MEDIA CONTACT:

Kate Coyle

+1 302-633-7490

kate.coyle@agilent.com

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