A Filings — Agilent Technologies, Inc. - FilingSpy
A
Agilent Technologies, Inc.
A maker of laboratory instruments, consumables, and services, Agilent helps scientists analyze the chemistry of drugs, food, water, and materials—with brands like Seahorse cell analyzers and OpenLab software used by pharma, clinical labs, and researchers. It began in 1999 when Hewlett-Packard spun off its measurement and chemical-analysis businesses into a new company. The name comes from "agile," meant to signal speed and talent—but HP kept it so secret it never bought Agilent.com before launch.
Q2 FY2026 revenue rose 10% to $1,835M with operating margin up 3.8 points to 21.7%
All three segments grew and margin recovered from the prior-year restructuring low. rose 10% to $1,835M, expanded 2.0 points to 54.0%, and improved to 21.7% as volume and lower offset wage increases. The China-led decline has ended and growth is broad-based again.
Key takeaways
rose 10% to $1,835M in Q2 with a 4-point favorable currency , after Q1 grew 7% and the prior year carried restructuring-driven weakness.
rose 3.8 points to 21.7% from 18.0% a year ago as higher sales volume and lower restructuring expenses offset wage increases.
expanded 2.0 points to 54.0%, benefiting from higher volume, price increases, and lower , partially offset by wage increases.
Section summaries
Management's Discussion and Analysis
Agilent Q2 FY2026 revenue rose 10% to $1,835M with operating margin up 4ppts, driven by broad segment growth and cost mitigation.
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Total net grew 10% to $1,835M in Q2 and 8% to $3,633M in H1, with foreign currency providing a 4ppt and 3ppt , respectively.
Applied Markets rose 14% on chemical/advanced materials and environmental/forensics demand, reversing the 's prior-year declines.
Life Sciences and Diagnostics Markets increased 12%, led by pharma and diagnostics/clinical markets, while Agilent CrossLab rose 6% across all end markets.
The company announced a $950M acquisition of Biocare, a clinical and research solutions provider, expected to close by end of FY2026.
was $545M for the half, down from $652M a year earlier, with higher variable pay and tax payments; FY2026 is expected around $450M.
What changed
Q2 FY2026 rose to 54.0% from 52.4% in FY2025, beginning to reverse the 1.9-point annual drop as tariff and mix pressures eased.
recovered to 21.7% from 19.6% in Q1 FY2026 and 18.0% in Q2 FY2025, as faded from the levels that suppressed prior periods.
Applied Markets rose 14% in Q2 after a 1% FY2025 gain, confirming the did not revert to the declines that ran through FY2024.
No new share- authorization was disclosed after $152M used in Q1 FY2026, with the 2023 program exhausted in FY2025.
Risk factors updated to add AI integration risks and government funding disruptions alongside existing tariff and China exposure flagged in the FY2025 10-K.
What to watch
Q3 FY2026 to see if the 2.0-point Q2 recovery holds toward management's tariff-mitigation target.
Close of the $950M Biocare acquisition and its contribution to Life Sciences and Diagnostics Markets .
Any new share- authorization after the 2023 program was exhausted and $152M was used in Q1 FY2026.
Q3 FY2026 against the $277M Q2 figure to see if tax and variable-pay drag reverses.
Life Sciences and Diagnostics Markets increased 12% in Q2, led by pharma and diagnostics/clinical markets, while academia/government declined.
Agilent CrossLab rose 6% in Q2, with growth across all end markets, particularly pharma and chemical/advanced materials.
Applied Markets jumped 14% in Q2, driven by chemical/advanced materials and environmental/forensics markets.
Total expanded 2ppts to 54.0% in Q2, benefiting from higher volume, price increases, and lower restructuring costs, partially offset by wage increases.
improved to 21.7% in Q2 from 18.0% a year ago, reflecting higher sales volume and lower restructuring expenses.
was $545M in H1, down from $652M a year ago, with higher variable pay and tax payments; the company expects ~$450M in FY2026 .
Agilent announced a $950M acquisition of Biocare, a clinical and research solutions provider, expected to close by end of FY2026.
Quantitative and Qualitative Disclosures About Market Risk
The company manages foreign exchange risk with derivatives and reports immaterial sensitivity to a 10% adverse move in FX or interest rates.
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Approximately 47% of was in U.S. dollars during the six months ended April 30, 2026, with currency movements having a 3 percentage point favorable impact on revenue growth.
Foreign exchange risk is hedged using option and forward contracts based on sales forecasts up to twelve months ahead, and long-term equity balances may also be hedged.
A hypothetical 10% adverse move in foreign exchange rates would not materially affect financial position, results of operations, comprehensive income, or cash flows.
Interest rate risk arises from fixed-rate versus variable-rate cash and investments; a 10% adverse rate move would have an immaterial impact on the fair value of fixed-rate debt.
Derivatives are not used for speculative trading, and foreign exchange contracts may be used to hedge acquisition costs in foreign currencies.
We are involved in lawsuits, claims, investigations and proceedings, including, but not limited to, intellectual property, commercial, real estate, environmental and employment matters, which arise in the ordinary course of business. We regularly evaluate the status of such laws…
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We are involved in lawsuits, claims, investigations and proceedings, including, but not limited to, intellectual property, commercial, real estate, environmental and employment matters, which arise in the ordinary course of business. We regularly evaluate the status of such lawsuits, claims, investigations and proceedings to assess whether a loss is probable and whether there is a reasonable estimate of such loss to determine if an accrual is appropriate. There are no such matters pending that we currently believe are probable and where a loss is reasonably possible of having a material impact to our business, consolidated financial condition, results of operations or cash flows.
Macroeconomic, geopolitical, and regulatory uncertainties threaten demand, supply chains, and costs, while AI, competition, and operational risks persist.
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General economic slowdowns, inflation, and interest rate hikes may reduce demand, lengthen sales cycles, and increase order cancellations.
International (majority of total) faces foreign currency volatility, trade tariffs, and geopolitical instability, including conflicts in Ukraine/Russia, the Middle East, and China tensions.
Rapid technological change and intense competition require timely new product introductions; failure risks obsolescence and loss.
Evolving and diverging global regulations (FDA, EU IVDR, privacy laws, environmental rules) increase compliance costs and operational complexity.
Integration of AI into products and operations poses risks of biased outputs, IP loss, data leakage, and regulatory scrutiny.
Manufacturing consolidation, supply chain outsourcing, and IT system vulnerabilities expose the company to production disruptions and cyberattacks.