The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q and our Annual Report on Form 10-K. This report contains forward-looking statements including, without limitation, statements regarding growth opportunities, including for and in our end markets, new product and service introductions, the position and strength of our businesses, products and services, market demand for and adoption of our products and solutions, the ability of our products and solutions to address customer needs and meet industry requirements, our focus on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements, leveraging our product platforms to maximize growth, our investments, including in manufacturing infrastructure, research and development and expanding and improving our applications and solutions portfolios, expanding our position in developing countries and emerging markets, our contributions to our defined benefit plans, our hedging programs and other actions to offset the effects of foreign currency and interest rate movements, our future effective tax rate, unrecognized tax benefits, reimbursement incentives, our ability to satisfy our liquidity requirements, including through cash generated from operations, the potential impact of adopting new accounting pronouncements, indemnification obligations, our sales, our purchase commitments, our capital expenditures, the integration, effects and timing of our acquisitions and other transactions, expense reduction and other results from our restructuring programs and other cost saving initiatives, our stock repurchase program and dividends, the effects of geopolitical tensions, macroeconomic and market conditions, including relating to or arising from changes to tariffs, import/export or trade policies, the recovery and health of our end markets, seasonality, mix, future financial results, our operating margin, our geographical diversification, interest rates, inflationary pressures and local regulations and restrictions, that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including those discussed in Part II Item 1A and elsewhere in this Form 10-Q. Basis of Presentation The financial information presented in this Form 10-Q is not audited and is not necessarily indicative of our future consolidated financial position, results of operations, comprehensive income (loss) or cash flows. Our fiscal year-end is October 31, and our fiscal quarters end on January 31, April 30 and July 31. Unless otherwise stated, these dates refer to our fiscal year and fiscal periods. Executive Summary Agilent Technologies, Inc. ("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow. Pending Acquisition. On March 6, 2026, we entered into a definitive agreement to acquire 100 percent of the outstanding capital stock of BC Midco I, Inc. (“Biocare”) for an aggregate purchase price of approximately $950 million in cash. Biocare is a leading provider of clinical and research solutions, and will be included within our Life Sciences and Diagnostics Markets segment. The acquisition is subject to legal and regulatory approvals and customary closing conditions. The financial results of Biocare will be included within our financial results from the date of close, which may occur in our third quarter or no later than the end of fiscal year 2026. Global Tariffs. On February 20, 2026, the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), and the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to refund such tariffs, subject to potential appeal. On April 20, 2026, CBP launched an online portal for submitting IEEPA tariff refund requests. While we have submitted claims for refunds related to certain eligible tariffs paid, the timing and approval of any refunds are uncertain and contingent upon further legal, regulatory, and administrative developments. We will assess the recoverability of these tariffs and will account for any such refunds by applying the gain contingency model. As of April 30, 2026, no refund receivable has been recorded. While tariffs remain dynamic, we have mitigated the adverse impact related to our cost of revenue during the three and six months ended April 30, 2026 through our continued mitigation strategies such as supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. We will continue to monitor judicial rulings and evolving trade dynamics closely, as they may influence future revenue and operational efficiency. 35 Table of Contents Middle East Conflict. The recent escalation of geopolitical tensions in the Middle East and surrounding regions has increased global economic uncertainty and disruptions to global energy supply chains resulting in inflationary pressures. The Middle East conflict did not have a material impact on our results of operations through the second quarter of fiscal year 2026 as a result of leveraging a series of mitigation strategies developed in response to the ongoing tariff pressures. As the situation is rapidly changing, we will continue to monitor the potential impact that this conflict may have on our business. Actual Results Net revenue of $1,835 million and $3,633 million for the three and six months ended April 30, 2026 increased 10 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point and a 3 percentage point favorable impact, respectively, when compared to the same periods last year. For the three and six months ended April 30, 2026, revenue growth came from all of our segments, all geographic regions and most of our key end markets we serve when compared to the same periods last year. Revenue generated by our Life Sciences and Diagnostics Markets segment for the three and six months ended April 30, 2026 increased 12 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 3 percentage point and a 2 percentage point favorable impact, respectively, when compared to the same periods last year. Revenue generated by our Agilent CrossLab segment for the three and six months ended April 30, 2026 increased 6 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point favorable impact in both periods when compared to the same periods last year. Revenue generated by our Applied Markets segment for the three and six months ended April 30, 2026 increased 14 percent and 10 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026, had a 3 percentage point favorable impact in both periods when compared to the same periods last year. Net income for the three and six months ended April 30, 2026 was $339 million and $644 million, respectively, compared to net income of $215 million and $533 million for the corresponding periods last year. In the six months ended April 30, 2026, cash provided by operations was $545 million compared to cash provided by operations of $652 million in the same period last year. Dividends. During the three and six months ended April 30, 2026, we paid cash dividends of $0.255 per common share or $72 million and $0.510 per common share or $144 million, respectively, on the company's common stock. During the three and six months ended April 30, 2025, we paid cash dividends of $0.248 per common share or $70 million and $0.496 per common share or $141 million, respectively, on the company's common stock. On May 20, 2026, our board of directors declared a quarterly dividend of $0.255 per share of common stock or approximately $72 million which will be paid on July 22, 2026, to shareholders of record as of the close of business on June 30, 2026. The timing and amounts of any future dividends are subject to determination and approval by our board of directors. 2023 Repurchase Program. In September of 2025, we completed the 2023 repurchase program. During the three and six months ended April 30, 2025, we repurchased and retired 1.347 million shares for $165 million, excluding applicable excise taxes and 1.997 million shares for $255 million, excluding applicable excise taxes, respectively, under this authorization. 36 Table of Contents 2024 Repurchase Program. On May 29, 2024, we announced that our board of directors had approved a share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2024 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2024 repurchase program became effective on August 1, 2024 and commenced in September 2025 upon the completion of our 2023 repurchase program. During the three and six months ended April 30, 2026, we repurchased and retired 550,000 shares for $65 million, excluding excise taxes and 1.600 million shares for $217 million excluding excise taxes, respectively, under this authorization. As of April 30, 2026, we had remaining authorization to repurchase up to approximately $1,732 million of our common stock under the 2024 repurchase program. Excise Taxes on Shares Repurchased. During the six months ended April 30, 2026, we recorded the applicable excise taxes payable of approximately $1 million and paid excise taxes of approximately $3 million related to the shares repurchased in fiscal year 2025. During the six months ended April 30, 2025, we recorded the applicable excise taxes payable of approximately $2 million and paid excise taxes of approximately $10 million related to the shares repurchased in fiscal year 2024. Looking Forward. Our primary focus remains on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements. After an extended period of constrained capital spending, many customers' ability to spend capital budgets has begun to normalize, with the exception of customers receiving funding from the U.S. federal government. We remain optimistic about the long-term health of our key end markets. While tariffs and the Middle East conflict remain dynamic, we have mitigated the adverse impact related to our costs of revenue during the three and six months ended April 30, 2026 through our continued mitigation strategies such as supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. We will continue to monitor judicial rulings and evolving trade dynamics closely, as they may influence future revenue and operational efficiency. Critical Accounting Policies and Estimates Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. The preparation of condensed consolidated financial statements in conformity with GAAP in the U.S. requires management to make estimates, judgments and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are revenue recognition, inventory valuation, retirement and post-retirement benefit plan assumptions, valuation of goodwill and purchased intangible assets and accounting for income taxes. There have been no significant changes to our critical accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates. An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made and if different estimates that reasonably could have been used or changes in the accounting estimate that are reasonably likely to occur could materially change the financial statements. Adoption of New Pronouncements See Note 2, "New Accounting Pronouncements," to the condensed consolidated financial statements for a description of new accounting pronouncements. Restructuring and Other Related costs Fiscal Year 2025 Plan ("FY25 Plan") 37 Table of Contents In the second quarter of fiscal year 2025, we announced a restructuring plan designed to optimize our management structure to better serve our customers. The expense associated with this workforce reduction includes severance and other personnel-related costs. These actions impact all three of our business segments. The costs associated with this restructuring plan were not allocated to our business segments' results; however, each business segment will benefit from the future cost savings from these actions. When completed, the restructuring program is estimated to result in the reduction of approximately $90 million to $95 million in annual cost of revenue and operating expenses over our three business segments. A summary of our aggregate liability relating to the fiscal year 2025 restructuring plan and the total restructuring expense since inception of the plan are shown in the table below: Workforce Reduction Total (in millions) Balance at October 31, 2025 $ 18 Income statement expense 20 Non-cash settlement (accelerated share-based compensation expense) (3) Cash payments (19) Balance at January 31, 2026 $ 16 Income statement expense 8 Non-cash settlement (accelerated share-based compensation expense) (3) Cash payments (16) Balance at April 30, 2026 $ 5 Total restructuring expense since inception of FY25 Plan $ 109 In connection with the FY25 Plan, we have recorded approximately $8 million and $28 million, respectively, in restructuring and other related costs in the three and six months ended April 30, 2026. The restructuring liability of $5 million at April 30, 2026, is recorded in other accrued liabilities on the condensed consolidated balance sheet and reflects estimated future cash outlays. We expect to substantially complete these restructuring activities by the end of fiscal year 2026. A summary of the charges in the condensed consolidated statement of operations resulting from restructuring activity is shown below: Three Months Ended Six Months Ended April 30, April 30, 2026 2025 2026 2025 (in millions) Cost of products and services $ 3 $ 15 $ 8 $ 15 Research and development — 3 — 3 Selling, general and administrative(1) 5 38 20 39 Total restructuring expense $ 8 $ 56 $ 28 $ 57 ___________________________________________________________________________________________________ (1) For the six months ended April 30, 2025, selling, general and administrative expense includes restructuring expense of $1 million related to the fiscal year 2024 restructuring plan that was completed in fiscal year 2025. Foreign Currency Our revenue, costs and expenses, and monetary assets and liabilities and equity are exposed to changes in foreign currency exchange rates as a result of our global operating and financing activities. The overall effect of changes in foreign currency exchange rates had a 3 percentage point favorable impact on revenue growth for the six months ended April 30, 2026 when compared to the same period last year. Typically, when movements in foreign currency exchange rates have a positive impact on revenue, they will also have a negative impact by increasing our costs and expenses or vice versa. We calculate the impact of movements in foreign currency exchange rates by applying the actual foreign currency exchange rates in effect during the last month of each quarter of the current year to both the applicable current and prior year periods. We hedge revenue, expenses and balance sheet exposures that are not denominated in the functional currencies of our subsidiaries on a short term 38 Table of Contents and anticipated basis. We do experience some fluctuations within individual lines of the condensed consolidated statement of operations and balance sheet because our hedging program is not designed to offset the currency movements in each category of revenue, expenses, monetary assets and liabilities. Our hedging program is designed to hedge currency movements on a relatively short-term basis (up to a rolling twelve-month period). We may also hedge equity balances denominated in foreign currency on a long-term basis. To the extent that we are required to pay for all, or portions, of an acquisition price in foreign currencies, we may enter into foreign exchange contracts to reduce the risk that currency movements will impact the U.S. dollar cost of the transaction. Results from Operations Net Revenue Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions) Net revenue: Products $ 1,305 $ 1,186 $ 2,578 $ 2,386 10% 8% Services and other 530 482 1,055 963 10% 10% Total net revenue $ 1,835 $ 1,668 $ 3,633 $ 3,349 10% 8% Net revenue for the three and six months ended April 30, 2026 increased 10 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point and a 3 percentage point favorable impact, respectively, when compared to the same periods last year. For the three and six months ended April 30, 2026, revenue growth came from all of our segments, all geographic regions and most of our key end markets we serve when compared to the same periods last year. Revenue from products for the three and six months ended April 30, 2026 increased 10 percent and 8 percent, respectively, when compared to the same periods last year. In the three months ended April 30, 2026, product revenue increased in most of our businesses led by strong revenue growth from our liquid chromatography, pathology, spectroscopy and Agilent Advanced Therapeutics businesses (formerly known as our specialty contract development and manufacturing organization ("CDMO") business) when compared to the same period last year. In the six months ended April 30, 2026, product revenue increased in most of our businesses led by strong revenue growth in our liquid chromatography, spectroscopy, pathology, consumables and Agilent Advanced Therapeutics businesses when compared to the same period last year. Services and other revenue for the three and six months ended April 30, 2026 increased 10 percent in both periods when compared to the same periods last year. Services and other revenue consist of contract repair, preventative maintenance, compliance services, relocation services, installation services and consulting services related to the companion diagnostics and our Agilent Advanced Therapeutics businesses. For the three and six months ended April 30, 2026, service revenue increases reflected strong growth from contract repair, consulting and preventative maintenance services. Net Revenue By Segment Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions) Net revenue by segment: Life Sciences and Diagnostics Markets $ 732 $ 654 $ 1,411 $ 1,301 12% 8% Agilent CrossLab 759 713 1,517 1,409 6% 8% Applied Markets 344 301 705 639 14% 10% Total net revenue $ 1,835 $ 1,668 $ 3,633 $ 3,349 10% 8% 39 Table of Contents Revenue in the Life Sciences and Diagnostics Markets segment for the three and six months ended April 30, 2026 increased 12 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 3 percentage point and a 2 percentage point favorable impact, respectively, when compared to the same periods last year. For the three and six months ended April 30, 2026, revenue growth was strong in the pharmaceutical and the diagnostics and clinical markets partially offset by declines in revenue in the academia and government market when compared to the same periods last year. Within applied markets, we saw strong revenue growth in the chemical and advanced materials market partially offset by moderate declines in the food market when compared to the same periods last year. Revenue in the Agilent CrossLab segment for the three and six months ended April 30, 2026 increased 6 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point favorable impact in both periods when compared to the same periods last year. For the three and six months ended April 30, 2026, we saw revenue growth across all of our end markets led by strong growth in the pharmaceutical and chemical and advanced materials markets when compared to the same periods last year. Revenue in the Applied Markets segment for the three and six months ended April 30, 2026 increased 14 percent and 10 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 3 percentage point favorable impact in both periods when compared to the same periods last year. For the three months ended April 30, 2026, we saw significant revenue growth in the chemical and advanced materials and environmental and forensics markets when compared to the same period last year. Within life sciences markets, we saw strong revenue growth in the pharmaceutical market when compared to the same period last year. For the six months ended April 30, 2026, we saw significant revenue growth in the chemical and advanced materials and environmental and forensics markets partially offset by a decline in the food market when compared to the same period last year. Operating Results Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions, except margin data) Total gross margin 54.0 % 51.9 % 53.3 % 52.7 % 2 ppts 1 ppt Research and development $ 126 $ 112 $ 243 $ 225 13% 8% Selling, general and administrative $ 465 $ 454 $ 941 $ 864 2% 9% Operating margin 21.7 % 18.0 % 20.7 % 20.2 % 4 ppts 1 ppts Income from operations $ 399 $ 300 $ 752 $ 676 33% 11% Total gross margin for the three and six months ended April 30, 2026 increased 2 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three months ended April 30, 2026 was overall favorably impacted by higher sales volume, targeted price increases, lower restructuring expense and lower intangible amortization expense partially offset by wage increases and higher variable pay when compared to the same period last year. Gross margin for the six months ended April 30, 2026 was overall favorably impacted by higher sales volume, targeted price increases, lower restructuring expense and lower intangible amortization expense partially offset by higher tariffs, unfavorable business mix (including lower gross margin from our Agilent Advanced Therapeutics business), wage increases and higher variable pay when compared to the same period last year. Research and development expenses for the three and six months ended April 30, 2026 increased 13 percent and 8 percent, respectively, when compared to the same periods last year. Research and development expenses for the three and six months ended April 30, 2026 increased due to transformational initiatives, wage increases, higher variable pay and the unfavorable impact of currency movements partially offset by lower restructuring expenses and savings from restructuring programs. Selling, general and administrative expenses for the three and six months ended April 30, 2026 increased 2 percent and 9 percent, respectively, when compared to the same periods last year. Selling, general and administrative expenses for the three and six months ended April 30, 2026 increased due to wage increases, higher variable pay, commissions, corporate 40 Table of Contents infrastructure expenses, transformation initiatives, acquisition costs and the unfavorable impact of currency movements partially offset by lower restructuring expenses and savings from restructuring programs when compared to the same periods last year. Total operating margin for the three and six months ended April 30, 2026 increased 4 percentage points and approximately 1 percentage point, respectively, when compared to the same periods last year. Operating margin for the three months ended April 30, 2026 was favorably impacted primarily by higher sales volume and lower restructuring expenses partially offset by higher wages, variable pay and transformational initiatives. Operating margin for the six months ended April 30, 2026 was impacted primarily by higher sales volume and lower restructuring expenses partially offset by higher wages, tariffs and corporate infrastructure costs. Income from operations for the three and six months ended April 30, 2026 increased $99 million or 33 percent and increased $76 million or 11 percent, respectively, on a corresponding revenue increase of $167 million and $284 million, respectively. At April 30, 2026 and 2025 our headcount was approximately 18,000 employees. Other income (expense), net For the three months ended April 30, 2026, other income (expense), net of $21 million income includes income of $16 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $3 million. The costs associated with these services are reported within income from operations. For the six months ended April 30, 2026, other income (expense), net of $42 million income includes income of $32 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $6 million. The costs associated with these services are reported within income from operations. For the three months ended April 30, 2025, other income (expense), net of $25 million expense includes a net loss of $28 million on equity securities, $15 million loss on impairment of investments and income of $13 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $3 million. The costs associated with these services are reported within income from operations. For the six months ended April 30, 2025, other income (expense), net of $21 million expense includes a net loss of $27 million on equity securities, $15 million loss on impairment of investments and income of $26 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $6 million. The costs associated with these services are reported within income from operations. For the six months ended April 30, 2025, other income (expense), net also includes expense of $14 million related to the settlement loss of our Netherlands defined benefit pension plan. Income Taxes For the three and six months ended April 30, 2026, our income tax expense was $69 million with an effective tax rate of 16.9 percent and $128 million with an effective tax rate of 16.6 percent, respectively. For the three and six months ended April 30, 2026, there were no significant discrete items. For the three and six months ended April 30, 2025, our income tax expense was $45 million with an effective tax rate of 17.3 percent and $94 million with an effective tax rate of 15.0 percent, respectively. For the three and six months ended April 30, 2025, there were no significant discrete items. 41 Table of Contents In the U.S., tax years remain open back to the year 2022 for federal income tax purposes and 2021 for significant states. In other major jurisdictions where we conduct business, the tax years generally remain open back to the year 2016. With these jurisdictions and the U.S., it is reasonably possible that some tax audits may be completed over the next twelve months. However, management is not able to provide a reasonably reliable estimate of the timing of any other future tax payments or change in unrecognized tax benefits, if any. The Organization for Economic Co-operation and Development ("OECD") has introduced rules to establish a global minimum tax rate of 15 percent, commonly referred to as the Pillar Two rules. We have considered the impact of currently enacted Pillar Two rules, and our income taxes have increased due to top-up taxes. Additionally, the United States enacted the One Big Beautiful Bill Act ("OBBBA") on July 4, 2025, including adjustments to effective tax rates on certain types of income and an elective deduction for domestic Research and Development (R&D), which are applicable to Agilent in fiscal years 2026 and 2027. The OBBBA did not have a material impact on our effective tax rate or cash flow for the three or six months ended April 30, 2026. Segment Overview We have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment. Life Sciences and Diagnostics Markets Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity. We provide active pharmaceutical ingredients for oligo-based therapeutics as well as solutions that include reagents, instruments, software and consumables, which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level. First, our liquid chromatography and liquid chromatography mass spectrometry businesses enable customers in the clinical and life sciences research areas to interrogate samples at the molecular and cellular level. Second, our electrophoresis and cell phenotyping business delivers end-to-end workflow solutions (including instruments, reagents, consumables, and software) for nucleic acid quality control and multiparametric cell analysis. These offerings support next-generation sequencing accuracy and enable live-cell imaging, metabolism analysis, and flow cytometry across clinical and life science research applications. Third, our cell imaging and metabolism business provides integrated instruments, reagents, software, and labware for automated imaging, metabolic analysis, plate reading, and dispensing, supporting applications across immunology, oncology, drug discovery, and translational research. Fourth, our Agilent Advanced Therapeutics business (formerly known as our specialty contract development and manufacturing organization ("CDMO") business) provides good manufacturing practice compliant services and manufacturing of synthesized oligonucleotides used as active pharmaceutical ingredients in nucleic acid-based drugs, alongside capabilities in microbial fermentation, bioreagents, highly potent active pharmaceutical ingredients, peptide purification and broader nucleic acid biomanufacturing. Fifth, our pathology solutions business delivers products for cancer diagnostics and anatomic pathology workflows, including immunohistochemistry, in situ hybridization, hematoxylin and eosin, and special staining. The portfolio also includes clinical flow cytometry reagents and bulk antibodies, as well as assay development services for in vitro diagnostics, biotechnology, and pharmaceutical customers. Sixth, we also collaborate with several major pharmaceutical companies to develop new potential tissue pharmacodiagnostics, also known as companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy. Finally, our genomics business provides reagents for next-generation sequencing and array workflows, along with solutions that enable clinical labs to identify disease-associated DNA variants and inform cancer therapy. Net Revenue Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions) Net revenue $ 732 $ 654 $ 1,411 $ 1,301 12% 8% Life Sciences and Diagnostics Markets segment revenue for the three and six months ended April 30, 2026 increased 12 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency 42 Table of Contents movements on revenue growth for the three and six months ended April 30, 2026 had a 3 percentage point and a 2 percentage point favorable impact, respectively, when compared to the same periods last year. Geographically, revenue for the three months ended April 30, 2026 increased 12 percent in the Americas with a 1 percentage point favorable currency impact, increased 21 percent in Europe with a 10 percentage point favorable currency impact and increased 2 percent in Asia Pacific with a 2 percentage point favorable currency impact compared to the same period last year. For the three months ended April 30, 2026, the revenue increase in the Americas was driven by strong growth across almost all of our businesses with modest revenue growth in our cell imaging and metabolism; and electrophoresis and cell phenotyping businesses. Revenue increased in Europe driven by strong growth from all of our businesses. Revenue increased in Asia Pacific due to strong growth from our liquid chromatography, pathology and genomics businesses, and moderate growth in our electrophoresis and cell phenotyping; and liquid chromatography mass spectrometry businesses, partially offset by declines in our cell imaging and metabolism business. Revenue for the six months ended April 30, 2026 increased 5 percent in the Americas with a 1 percentage point favorable currency impact, increased 14 percent in Europe with a 9 percentage point favorable currency impact and increased 9 percent in Asia Pacific with a 1 percentage point favorable currency impact compared to the same period last year. For the six months ended April 30, 2026, the revenue increase in the Americas was driven by strong growth across most of our businesses partially offset by declines in revenue from our cell imaging and metabolism; electrophoresis and cell phenotyping; and liquid chromatography mass spectrometry businesses. Revenue increased in Europe driven by strong growth from all of our businesses partially offset by declines in revenue from our cell imaging and metabolism business. Revenue increased in Asia Pacific due to strong growth from our liquid chromatography, liquid chromatography mass spectrometry, pathology and electrophoresis and cell phenotyping businesses, partially offset by declines in revenue from our cell imaging and metabolism and genomics businesses. For the three and six months ended April 30, 2026, revenue growth was strong in the pharmaceutical and the diagnostics and clinical markets partially offset by declines in revenue in the academia and government market when compared to the same periods last year. Strong revenue growth in the pharmaceutical market was led by revenue from our liquid chromatography and liquid chromatography mass spectrometry and our Agilent Advanced Therapeutics businesses. Revenue growth was strong in the diagnostics and clinical market led by revenue from our pathology, genomics and companion diagnostics businesses. The decline in revenue in the academia and government market was driven by revenue declines in our cell analysis and liquid chromatography and liquid chromatography mass spectrometry businesses. Within applied markets, we saw strong revenue growth in the chemical and advanced materials market led by revenue from our liquid chromatography and liquid chromatography mass spectrometry businesses when compared to the same periods last year. Looking Forward. While tariffs and the Middle East conflict remain dynamic, we have mitigated the adverse impact related to our costs of revenue during the three and six months ended April 30, 2026. We remain optimistic about long-term growth in our end markets and continue investing to enhance our applications and solutions portfolio. The rising demand for several of the modalities provided by our Agilent Advanced Therapeutics business positions us well to serve expanding customer demand. By leveraging our liquid chromatography and liquid chromatography mass spectrometry platforms, we are driving growth across key markets and remain optimistic about long-term life sciences opportunities. Our diagnostic and clinical markets continue to grow with the OMNIS platforms. We will continue investing in research and development, advancing our applications and solutions portfolio, and expanding our position in developing and emerging markets. Operating Results Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions, except margin data) Gross margin 54.1 % 52.8 % 52.3 % 52.8 % 1 ppt (1) ppt Research and development $ 64 $ 59 $ 129 $ 122 8% 6% Selling, general and administrative $ 170 $ 157 $ 339 $ 319 8% 7% Operating margin 22.0 % 19.7 % 19.1 % 18.9 % 2 ppts — Income from operations $ 161 $ 129 $ 270 $ 246 25% 10% 43 Table of Contents Gross margin for products and services for the three and six months ended April 30, 2026, increased 1 percentage point and decreased approximately 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three months ended April 30, 2026 was impacted mainly by higher sales volume, price increases, decreased tariffs, favorable business mix (net of lower gross margin from our Agilent Advanced Therapeutics business) and savings from restructuring programs partially offset by increased warranty expenses, wage increases and higher variable pay. Gross margin for the six months ended April 30, 2026 was impacted mainly by higher tariffs, unfavorable business mix (including lower gross margin from our Agilent Advanced Therapeutics business), increased warranty expenses, wage increases and higher variable pay which was partially offset by higher sales volume, price increases and savings from restructuring programs. Research and development expenses for the three and six months ended April 30, 2026, increased 8 percent and 6 percent, respectively, when compared to the same periods last year. Research and development expenses for the three and six months ended April 30, 2026 increased primarily due to wage increases, higher variable pay and the unfavorable impact of currency movements, partially offset by savings from restructuring programs. Selling, general and administrative expenses for the three and six months ended April 30, 2026, increased 8 percent and 7 percent, respectively, when compared to the same periods last year. Selling, general and administrative expenses for the three and six months ended April 30, 2026, increased due to wage increases, higher variable pay, higher commissions and the unfavorable impact of currency movements partially offset by savings from restructuring programs. Operating margin for products and services for the three and six months ended April 30, 2026 increased 2 percentage points and was relatively flat, respectively, when compared to the same periods last year. Operating margin for products and services for the three months ended April 30, 2026, was impacted mainly by higher sales volume, price increases, decreased tariffs, favorable business mix (net of lower gross margin from our Agilent Advanced Therapeutics business) partially offset by increased warranty expenses, wage increases and higher variable pay. Operating margin for products and services for the six months ended April 30, 2026, was impacted mainly by higher sales volume, price increases and savings from restructuring programs offset by increased tariffs, unfavorable business mix (including lower gross margin from our Agilent Advanced Therapeutics business), increased warranty expenses, wage increases and higher variable pay and higher commissions. Income from operations for the three and six months ended April 30, 2026 increased $32 million or 25 percent and increased $24 million or 10 percent, respectively, on a corresponding revenue increase of $78 million and $110 million, respectively. Agilent CrossLab Our Agilent CrossLab segment provides an extensive services and consumables portfolio that spans the entire lab, in addition to software and laboratory automation solutions, which are designed to improve customer outcomes and represents a broad range of offerings designed to serve customer needs across end-markets and applications. Our services portfolio includes repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting and various other custom services to support the customers' laboratory operations. Custom services are tailored to meet the specific application needs of various industries and to keep instruments fully operational and compliant with the respective industry requirements. Our consumables portfolio is designed to improve customer outcomes. Most of the portfolio is vendor neutral, meaning we can serve and supply customers regardless of their instrument purchase choices. Solutions range from chemistries to supplies. Key product categories in consumables include gas chromatography and liquid chromatography columns, sample preparation products, custom chemistries, and a large selection of laboratory supplies. Software and informatics solutions include software for instrument control, data acquisition, data analysis, secure storage of results, and laboratory information and workflow management. This software facilitates the compliant use of instruments in pharmaceutical quality assurance and quality control environments. The OpenLab laboratory software suite is a scalable, open software platform that enables customers to capture, analyze, and share scientific data throughout the lab and across the enterprise. Laboratory automation offers automated sample preparation solutions, including liquid handling, plate management, consumables and scheduling software. These solutions range from standalone automation platforms to integrated workflow solutions with seamless integration to our instrumentation. 44 Table of Contents Net Revenue Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions) Net revenue $ 759 $ 713 $ 1,517 $ 1,409 6% 8% Agilent CrossLab segment revenue for the three and six months ended April 30, 2026 increased 6 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point favorable impact in both periods when compared to the same periods last year. Geographically, revenue for the three months ended April 30, 2026 increased 7 percent in the Americas with a 1 percentage point favorable currency impact, increased 15 percent in Europe with an 11 percentage point favorable currency impact and decreased 1 percent in Asia Pacific with a 2 percentage point favorable currency impact compared to the same period last year. For the three months ended April 30, 2026, revenue growth in the Americas was driven by strength in all our businesses compared to the same period last year. Revenue growth in Europe was driven by strength in our repair, maintenance and compliance services and consumables businesses. Revenue decline in Asia Pacific was driven by lower demand in China within consumables business when compared to the increased demand we saw in the prior year primarily in China in response to the tariff announcements. Revenue decline in Asia Pacific was partially offset by growth in repair, maintenance and compliance services when compared to the same period last year. Revenue for the six months ended April 30, 2026 increased 6 percent in the Americas with a 1 percentage point favorable currency impact, increased 15 percent in Europe with a 10 percentage point favorable currency impact and increased 4 percent in Asia Pacific with a 1 percentage point favorable currency impact compared to the same period last year. For the three months ended April 30, 2026, revenue growth in Americas was driven by strength in all our businesses compared to the same period last year. Revenue growth in Europe was driven by strength in our consumables and repair, maintenance and compliance services businesses when compared to the same period last year. Revenue growth in Asia Pacific was driven by repair, maintenance and compliance services, and our automation solutions businesses when compared to the same period last year. For the three months ended April 30, 2026, revenue growth was strong in the pharmaceutical, chemical and advanced materials, environmental and forensics, and diagnostics and clinical markets and modest in the food and academia and government markets. Strong revenue growth in the pharmaceutical market was driven by strength in our repair, maintenance and compliance services. Strong revenue growth in the chemical and advanced materials and environmental and forensics market was driven by our consumables business, and repair, maintenance and compliance services. Strong revenue growth in the diagnostics and clinical markets was driven by strength in all our businesses when compared to the same period last year. Modest revenue growth in the food market was driven by strength in our repair, maintenance and compliance services, partially offset by weakness in our consumables business. Modest revenue growth in the academia and government markets was driven by our software and informatics business when compared to the same period last year. For the six months ended April 30, 2026, revenue growth was strong across all our end markets. Strong revenue growth in the pharmaceutical, chemical and advanced materials, food and environmental and forensics markets was driven by our repair, maintenance and compliance services, and consumables business when compared to the same period last year. Strong revenue growth in the diagnostics and clinical market was driven by strength in all our businesses when compared to the same period last year. Strong revenue growth in the academia and government markets was driven by our software and informatics, and consumables businesses when compared to the same period last year. Looking Forward. While tariffs and the Middle East conflict remain dynamic, we have mitigated the adverse impact related to our costs of revenue during the three and six months ended April 30, 2026. Agilent CrossLab is well positioned to continue its success in our key end markets by supporting a growing installed base of instruments. Digital and remote capabilities will continue to be a key factor in improving the service quality and the customers' experience. Geographically, the business is well diversified across all regions to take advantage of local market opportunities and to hedge against weakness in any one region. 45 Table of Contents Operating Results Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions, except margin data) Gross margin 55.5 % 55.5 % 55.3 % 55.8 % — (1) ppt Research and development $ 28 $ 27 $ 56 $ 53 4% 5% Selling, general and administrative $ 151 $ 138 $ 301 $ 281 9% 7% Operating margin 32.0 % 32.4 % 31.8 % 32.1 % — — Income from operations $ 242 $ 231 $ 482 $ 452 5% 7% Gross margin for the three and six months ended April 30, 2026 was flat and decreased approximately 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three months ended April 30, 2026 was impacted by higher sales volume, price increases, lower corporate infrastructure expenses and savings from restructuring programs offset by wage increases, higher variable pay and higher tariffs and shipping costs. Gross margin for the six months ended April 30, 2026 was impacted by wage increases, higher variable pay, higher tariffs and shipping costs partially offset by higher sales volume, price increases, lower corporate infrastructure expenses and savings from restructuring programs. Research and development expenses for the three and six months ended April 30, 2026 increased 4 percent and 5 percent, respectively, when compared to the same periods last year. Research and development expenses for the three and six months ended April 30, 2026 increased due to wage increases, higher variable pay and the unfavorable impact of currency movements partially offset by savings from restructuring programs. Selling, general and administrative expenses for the three and six months ended April 30, 2026 increased 9 percent and 7 percent, respectively, when compared to the same periods last year. For the three and six months ended April 30, 2026, selling, general and administrative expenses increased due to wage increases, higher variable pay, higher commissions and the unfavorable impact of currency movements partially offset by savings from restructuring programs. Operating margin for products and services for the three and six months ended April 30, 2026 was relatively flat in both periods when compared to the same periods last year. Operating margin for the three and six months ended April 30, 2026 was impacted primarily by higher sales volume, price increases offset by wage increases, higher variable pay, tariffs and shipping costs. Income from operations for the three and six months ended April 30, 2026 increased $11 million or 5 percent and increased $30 million or 7 percent, respectively, on a corresponding revenue increase of $46 million and $108 million, respectively. Applied Markets Our Applied Markets segment provides application-focused solutions that include instruments and software that enable customers to identify, quantify and analyze the physical and biological properties of substances and products. Our gas chromatography and gas chromatography mass spectrometry businesses enable customers to perform a wide variety of testing including measuring volatile and semi-volatile contaminants to assess the safety of our foods, quality of water and consumer products while also enabling testing of fuels and purity of chemicals. Our inductively coupled plasma mass spectrometry, inductively coupled plasma optical emission spectrometry, atomic absorption and microwave plasma-atomic emission spectrometry instruments are vital for our customers to measure metals and elemental signatures in their samples and find uses in the food safety, environmental quality, chemicals manufacture, advanced materials, energy and forensics markets. Our molecular spectroscopy business including the raman, fluorescence and infrared spectroscopy instruments offer both in-field and in-lab testing solutions in a diverse variety of applications including airport security, explosives testing, narcotics, food quality and chemical characterization. Our vacuum business develops cutting edge products and technologies to test vacuum environments and find uses in a diverse variety of industries including semi-conductor, batteries, chemical manufacturing and advanced materials development. Finally, our remarketed instruments business refurbishes and resells certified pre-owned instruments to value-oriented customers who would like Agilent quality and performance at a budget conscious price. 46 Table of Contents Net Revenue Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions) Net revenue $ 344 $ 301 $ 705 $ 639 14% 10% Applied Markets segment revenue for the three and six months ended April 30, 2026 increased 14 percent and 10 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 3 percentage point favorable impact in both periods when compared to the same periods last year. Geographically, revenue for the three months ended April 30, 2026 increased 34 percent in the Americas with a 1 percentage point favorable currency impact, increased 16 percent in Europe with a 9 percentage point favorable currency impact and increased 2 percent in Asia Pacific with a 1 percentage point favorable currency impact when compared to the same period last year. Revenue growth in the Americas was driven by strength in our spectroscopy, gas chromatography and remarketed businesses. Revenue growth in Europe was driven by strength in our spectroscopy, gas chromatography and gas chromatography mass spectrometry businesses. Revenue growth in Asia Pacific was driven by strength in our gas chromatography, remarketed instruments and vacuum businesses partially offset by weakness in our spectroscopy and gas chromatography mass spectrometry businesses. Revenue for the six months ended April 30, 2026 increased 17 percent in the Americas with a 1 percentage point favorable currency impact, increased 16 percent in Europe with an 8 percentage point favorable currency impact and increased 3 percent in Asia Pacific with a 1 percentage point favorable currency impact when compared to the same period last year. Revenue growth in the Americas was driven by strength in our spectroscopy, vacuum and remarketed instruments businesses. Revenue growth in Europe was driven by strength across all our businesses led by our gas chromatography business when compared to the same period last year. Revenue growth in Asia Pacific was driven by strength in our remarketed instruments, gas chromatography and vacuum businesses partially offset by weakness in our gas chromatography mass spectrometry business. For the three months ended April 30, 2026, revenue growth was strong in the chemical and advanced materials market, environmental and forensics and moderate in the food market. Strong revenue growth in the chemical and advanced materials market was driven by strength in all our businesses led by our spectroscopy business when compared to the same period last year. Strong revenue growth in the environmental and forensics market was driven by strength in our spectroscopy and gas chromatography businesses partially offset by weakness in our gas chromatography mass spectrometry business. Moderate revenue growth in the food market was driven by strength in our gas chromatography and remarketed instruments businesses partially offset by weakness in our gas chromatography mass spectrometry business. Within life sciences markets, we saw strong revenue growth in the pharmaceutical market driven by strength in our gas chromatography and remarketed instruments businesses when compared to the same period last year. For the six months ended April 30, 2026, revenue growth was strong in the chemical and advanced materials market, environmental and forensics and declined moderately in the food market. Strong revenue growth in the chemical and advanced materials market was driven by strength in all our businesses when compared to the same period last year. Strong revenue growth in the environmental and forensics market was driven by strength in our spectroscopy, gas chromatography and remarketed instruments businesses partially offset by weakness in our gas chromatography mass spectrometry business. Moderate revenue decline in the food market was driven by weakness in our gas chromatography mass spectrometry business partially offset by strength in remarketed instruments business. Within life sciences markets, we saw strong revenue growth in the pharmaceutical market driven by strength in our gas chromatography and remarketed instruments businesses partially offset by weakness in our spectroscopy business. Moderate revenue growth in the academia and government market was driven by strength in our gas chromatography mass spectrometry, remarketed instruments and gas chromatography businesses when compared to the same period last year. Looking Forward. While tariffs and the Middle East conflict remain dynamic, we have mitigated the adverse impact related to our costs of revenue during the three and six months ended April 30, 2026. We remain optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer 47 Table of Contents needs. We will continue to invest in expanding and improving our application-focused solutions that include instruments and software. Operating Results Three Months Ended Six Months Ended Year over Year Change April 30, April 30, Three Six 2026 2025 2026 2025 Months Months (in millions, except margin data) Gross margin 55.8 % 53.5 % 56.1 % 54.7 % 2 ppts 1 ppt Research and development $ 24 $ 23 $ 48 $ 46 3% 4% Selling, general and administrative $ 88 $ 79 $ 175 $ 160 11% 9% Operating margin 23.3 % 19.5 % 24.6 % 22.4 % 4 ppts 2 ppts Income from operations $ 80 $ 59 $ 173 $ 143 36% 21% Gross margin for the three and six months ended April 30, 2026, increased 2 percentage points and 1 percentage point, respectively, when compared to the same periods last year. Gross margin for the three and six months ended April 30, 2026 increased due to higher sales volume, favorable business mix, lower corporate infrastructure costs, and savings from restructuring programs partially offset by higher tariffs, shipping costs and wage increases. Research and development expenses for the three and six months ended April 30, 2026, increased 3 percent and 4 percent, respectively, when compared to the same periods last year. Research and development expenses for the three and six months ended April 30, 2026 increased due to wage increases, higher variable pay and the unfavorable impact of currency movements, partially offset by savings from restructuring programs. Selling, general and administrative expenses for the three and six months ended April 30, 2026, increased 11 percent and 9 percent, respectively, when compared to the same periods last year. Selling, general and administrative expenses for the three and six months ended April 30, 2026 increased due to wage increases, higher variable pay, higher commissions and the unfavorable impact of currency movements partially offset by savings from restructuring programs. Operating margin for the three and six months ended April 30, 2026 increased 4 percentage points and 2 percentage points, respectively, when compared to the same periods last year. Operating margin for the three and six months ended April 30, 2026 was impacted primarily by higher sales volume partially offset by wage increases, higher variable pay, tariffs and shipping costs. Income from operations for the three and six months ended April 30, 2026, increased $21 million or 36 percent and increased $30 million or 21 percent, respectively, on a corresponding revenue increase of $43 million and $66 million, respectively. FINANCIAL CONDITION Liquidity and Capital Resources We believe our cash and cash equivalents, cash generated from operations, and ability to access capital markets and credit lines will satisfy, for at least the next twelve months and beyond, our liquidity requirements, both globally and domestically, including the following: working capital needs, capital expenditures, business acquisitions, stock repurchases, cash dividends, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations. Our financial position as of April 30, 2026 consisted of cash and cash equivalents of $1,807 million as compared to $1,789 million as of October 31, 2025. We may, from time to time, retire certain outstanding debt of ours through open market cash purchases, privately-negotiated transactions or otherwise. Such transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. 48 Table of Contents Net Cash Provided by Operating Activities Net cash provided by operating activities was $545 million for the six months ended April 30, 2026 compared to net cash provided by operating activities of $652 million for the same period in 2025. In the six months ended April 30, 2026, we paid approximately $150 million under our variable and incentive pay programs as compared to $98 million paid for the same period in 2025. Net cash paid for income taxes in the six months ended April 30, 2026 was $320 million compared to net cash paid for income taxes of $248 million for the same period in 2025. In the six months ended April 30, 2026, accounts receivable used cash of $6 million compared to cash used of $27 million for the same period in 2025. Days’ sales outstanding ("DSO") as of April 30, 2026 was 73 days when compared to 74 days as of April 30, 2025. Cash used by inventory was $85 million for the six months ended April 30, 2026 compared to cash used of $41 million for the same period in 2025. Inventory days on-hand was 116 days as of April 30, 2026 compared to 111 days as of April 30, 2025. In the six months ended April 30, 2026, accounts payable provided cash of $54 million compared to cash used of $27 million for the same period in 2025. We contributed approximately $10 million and $9 million to our defined benefit plans in the six months ended April 30, 2026 and 2025, respectively. Our annual contributions are highly dependent on the relative performance of our assets versus our projected liabilities, among other factors. We expect to contribute approximately $11 million to our defined benefit plans during the remainder of 2026. Net Cash Used in Investing Activities Net cash used in investing activities was $170 million for the six months ended April 30, 2026 as compared to net cash used in investing activities of $208 million in the same period of 2025. Investments in property, plant and equipment were $169 million for the six months ended April 30, 2026 compared to $211 million in the same period of 2025. We expect that total capital expenditures for the current year will be approximately $450 million. These continued investments in property plant and equipment are primarily due to the planned expansion of our advanced therapeutics manufacturing capacity in Frederick, Colorado. Some of our investment may be eligible to qualify for reimbursement incentives, which will not fully be known until the expansion and reimbursement process are complete. Net Cash Used in Financing Activities Net cash used in financing activities for the six months ended April 30, 2026 was $366 million compared to net cash used in financing activities of $296 million for the same period of 2025. Treasury Stock Repurchases. In September of 2025, we completed the 2023 repurchase program. During the six months ended April 30, 2025, we repurchased and retired 1.997 million shares for $255 million, excluding applicable excise taxes under this authorization. On May 29, 2024, we announced that our board of directors had approved a new share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2024 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2024 repurchase program became effective on August 1, 2024 and commenced in September 2025 upon the completion of our 2023 repurchase program. During the six months ended April 30, 2026, we repurchased and retired 1.600 million shares for $217 million excluding excise taxes under this authorization. As of April 30, 2026, we had remaining authorization to repurchase up to approximately $1,732 million of our common stock under the 2024 repurchase program. Excise Taxes on Share Repurchases. During the six months ended April 30, 2026, we recorded the applicable excise taxes payable of approximately $1 million and paid excise taxes of approximately $3 million related to the shares repurchased in fiscal year 2025. During the six months ended April 30, 2025, we paid excise taxes of approximately $10 million related to the shares repurchased in fiscal year 2024. 49 Table of Contents Dividends. During the six months ended April 30, 2026 and 2025, we paid cash dividends of $0.510 per common share or $144 million, and $0.496 per common share or $141 million, respectively, on the company's common stock. On May 20, 2026, our board of directors declared a quarterly dividend of $0.255 per share of common stock or approximately $72 million which will be paid on July 22, 2026, to shareholders of record as of the close of business on June 30, 2026. The timing and amounts of any future dividends are subject to determination and approval by our board of directors. Credit Facilities. On June 7, 2023, we entered into a credit agreement with a group of financial institutions which provides for a $1.5 billion five-year unsecured credit facility that will expire on June 7, 2028 and an incremental revolving credit facility in an aggregate amount of up to $750 million. During the six months ended April 30, 2026 and 2025, we had no borrowings or repayments under these credit facilities. As of April 30, 2026, we had no borrowings outstanding under either the credit facility or the incremental revolving credit facility. On June 2, 2023, we entered into an Uncommitted Money Market Line Credit Agreement with Societe Generale which provides for an aggregate borrowing capacity of $300 million. The credit facility is an uncommitted short-term cash advance facility where each request must be at least $1 million. The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance. During the six months ended April 30, 2026 and 2025, we had no borrowings or repayments under this credit facility. As of April 30, 2026, we had no borrowings outstanding under the credit facility. We were in compliance with the covenants for the credit facilities during the six months ended April 30, 2026. Commercial Paper. Under our U.S. commercial paper program, the company may issue and sell unsecured, short-term promissory notes in the aggregate principal amount not to exceed $1.5 billion with up to 397-day maturities. At any point in time, the company intends to maintain available commitments under its revolving credit facility in an amount at least equal to the amount of the commercial paper notes outstanding. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The proceeds from issuances under the program may be used for general corporate purposes. During the six months ended April 30, 2026, we borrowed and repaid $360 million under our commercial paper program compared to borrowings of $882 million and repayments of $782 million in the same period in 2025. As of April 30, 2026 we had no borrowings outstanding under our U.S. commercial paper program. Other Loans. We have two interest-free loans from the Strategic Innovation Fund ("SIF"). The loans are repayable in quarterly and yearly installments through 2040 at a weighted average imputed interest rate of 4.7 percent. In addition, we have two interest-free loans with the Atlantic Canada Opportunities Agency ("ACOA"). The loans are repayable in monthly installments through 2029 at a weighted average imputed interest rate of 4.5 percent. During the six months ended April 30, 2026, we repaid $3 million of these loans. As of April 30, 2026, the current portion of these loans of $4 million was recorded in short-term debt and the non-current portion of $18 million was recorded in long-term debt. Senior Notes. There have been no changes to the principal, maturity, interest rates and interest payment terms of our outstanding senior notes in the six months ended April 30, 2026 as compared to the senior notes as described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. Other. Our purchase commitments for indirect material and services increased by $13 million from $146 million as reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. These commitments are related to a variety of suppliers including IT support service providers. Our commitments to contract manufacturers and suppliers increased by $21 million from $693 million as reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. These commitments are related to a variety of suppliers, and we use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, we issue purchase orders with estimates of our requirements several months ahead of the delivery dates. These open purchase orders with our suppliers have not yet been received, and our agreements usually provide us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the firm orders being placed. There were no other substantial changes from our Annual Report on Form 10-K for the fiscal year ended October 31, 2025 to our contractual commitments in the first six months of fiscal year 2026. We have no other material non-cancelable guarantees or commitments. Other long-term liabilities as of April 30, 2026 and October 31, 2025 include $54 million and $28 million, respectively, related to long-term income tax liabilities. Of these amounts, $24 million and $28 million related to uncertain tax positions as of April 30, 2026 and October 31, 2025, respectively. We are unable to accurately predict when these amounts will be realized or released. However, it is reasonably possible that there could be significant changes to our unrecognized tax benefits in the next 50 Table of Contents twelve months due to either the expiration of a statute of limitations or a tax audit settlement. As of April 30, 2026, the remaining $30 million in other long-term liabilities relates to top-up taxes which are due within the next three years.