Agilent Reports Fourth-Quarter Fiscal Year 2025 Financial Results

SANTA CLARA, Calif.--( BUSINESS WIRE)--Agilent Technologies, Inc. (NYSE: A) today reported revenue of $1.86 billion for the fourth quarter ended October 31, 2025, exceeding revenue guidance and representing growth of 9.4% reported and up 7.2% core (1) compared with the fourth quarter of 2024.

“We enter FY26 with confidence and momentum. Agilent is uniquely positioned to lead in life-sciences and diagnostics for years to come,” said Agilent President and CEO Padraig McDonnell.

Fourth-quarter GAAP net income was $434 million, or $1.53 per share. This compares with $351 million, or $1.22 per share, in the fourth quarter of 2024. Non-GAAP (2) net income was $452 million, or $1.59 per share during the quarter, compared with $418 million or $1.46 per share during the year-ago quarter.

“We enter FY26 with confidence and momentum. Agilent is uniquely positioned to lead in life-sciences and diagnostics for years to come,” said Agilent President and CEO Padraig McDonnell. "Our progress this year reflects innovation built on a customer-focused approach that creates real value and extraordinary customer intimacy through a unified commercial organization that delivers a seamless end-to-end experience. Powered by our expanded Ignite Operating System, these strengths continue to unlock operating efficiencies, fuel innovation, enhance commercial execution, and create long-term value for customers and shareholders.”

Financial Highlights

In the first quarter of 2025, Agilent implemented certain changes to its segment reporting structure. Prior-period segment information has been recast to reflect these changes. These changes have no impact on Agilent’s consolidated financial statements.

Life Sciences and Diagnostics Markets Group

The Life Sciences and Diagnostics Markets Group (LDG) reported fourth-quarter revenue of $755 million, an increase of 15% reported and 11% core (1) year-over-year. LDG’s operating margin for the quarter was 22.7%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported fourth-quarter revenue of $755 million, an increase of 7% reported and 6% core (1) year-over-year. ACG’s operating margin for the quarter was 32.5%.

Applied Markets Group

The Applied Markets Group (AMG) reported fourth-quarter revenue of $351 million, an increase of 4% reported and 3% core (1) year-over-year. AMG’s operating margin for the quarter was 24.7%.

Full Year 2026 and First-Quarter Outlook

Full-year 2026 revenue outlook is expected in the range of $7.3 billion to $7.4 billion, representing growth of 5% to 7% reported and up 4% to 6% core (1). Non-GAAP EPS (3) is expected in the range of $5.86 to $6.00 per share.

The outlook for first-quarter 2026 revenue is expected to be in the range of $1.79 billion to $1.82 billion, representing growth of 6% to 8% reported and up 4% to 6% core (1). Non-GAAP EPS (3) is expected in the range of $1.35 to $1.38 per share.

The outlook is based on forecasted currency exchange rates.

Conference Call

Agilent’s management will present additional details regarding the company’s fourth-quarter 2025 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 “Q4 2025 Agilent Technologies, Inc. Earnings Conference Call” link on the Agilent Investor Relations website. The replay of the call will remain on the company site 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 Q1 and fiscal year 2026, and the effects of its new organizational structure, operational transformation 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, 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 July 31, 2025. 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 revenue growth excludes the impact of currency and acquisitions and divestitures within the past 12 months. Core revenue is a non-GAAP measure. Reconciliations between GAAP revenue and core revenue for Q4 fiscal year 2025 and full fiscal year 2025 are set forth on page 6 and 7 of the attached tables along with additional information regarding the use of this non-GAAP measure. Core revenue growth rate as projected for Q1 fiscal year 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 net income and non-GAAP earnings per share primarily exclude the impacts of restructuring and other related costs, asset impairments, intangibles amortization, transformational initiatives, acquisition and integration costs, net (gain) loss on equity securities and pension settlement loss. 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 is set forth on page 4 of the attached tables along with additional information regarding the use of this non-GAAP measure.

(3) Non-GAAP earnings per share as projected for Q1 fiscal year 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 $19 million per quarter.

Three Months Ended

Years Ended

October 31,

2025

2024

2025

2024

1,861

1,701

6,948

6,510

871

785

3,305

2,975

119

111

455

479

428

397

1,709

1,568

1,418

1,293

5,469

5,022

443

408

1,479

1,488

(27

)

(32

)

(112

)

(96

)

442

401

1,435

1,521

132

232

434

351

1,303

1,289

1.53

1.23

4.59

4.44

1.53

1.22

4.57

4.43

283

286

284

290

284

287

285

291

Page 1

October 31,

2025

2024

1,789

1,329

1,487

1,324

1,025

972

293

334

4,594

3,959

2,023

1,778

4,473

4,477

445

547

133

175

1,059

910

12,727

11,846

570

540

443

368

624

544

304

406

398

2,347

1,895

3,050

3,345

126

130

463

578

5,986

5,948

—

5,575

5,450

1,389

750

(226

)

(305

)

6,741

5,898

12,727

11,846

Page 2

Years Ended

October 31,

2025

2024

1,303

1,289

288

257

128

129

(130

)

(64

)

(149

)

(97

)

103

(12

)

(49

)

1,559

1,751

(407

)

(378

)

—

)

—

)

(13

)

(862

)

(394

)

(1,258

)

(29

)

(30

)

(425

)

(1,150

)

(10

)

(282

)

(274

)

1,197

)

(600

)

—

)

(42

)

(715

)

(752

)

459

(261

)

1,332

1,593

1,791

1,332

1,789

1,329

1,791

1,332

318

314

101

Page 3

Three Months Ended

Years Ended

October 31,

2025

2024

2025

2024

Net Income

Diluted EPS

Net Income

Diluted EPS

Net Income

Diluted EPS

Net Income

Diluted EPS

434

1.53

351

1.22

1,303

4.57

1,289

4.43

0.03

0.02

0.29

0.26

—

0.04

0.05

0.06

0.08

0.09

104

0.36

102

0.35

0.07

0.02

0.24

0.04

0.01

0.02

0.07

0.04

—

0.14

)

—

0.01

0.05

0.01

0.02

0.05

0.12

0.06

(55

)

(0.19

)

(0.01

)

(86

)

(0.30

)

0.04

452

1.59

418

1.46

1,592

5.59

1,539

5.29

(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. During the fiscal year ended October 31, 2025, an intra-entity transfer of assets along with the release of tax reserves resulted in a tax benefit for GAAP purposes. This tax benefit is excluded from our non-GAAP results since it is not related to on-going business operations. For the three months and fiscal year ended October 31 2025, management used a non-GAAP effective tax rate of 12.00%. For the three months ended October 31, 2024, management used a non-GAAP effective tax rate of 11.25%. For the fiscal year ended October 31, 2024, management used a non-GAAP effective tax rate of 12.50%.

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 the Ignite transformation and 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 relates to the relief of the US Retirement Plan pension obligation due to increased lump sum payouts over a specified accounting threshold. For the fiscal year ended October 31, 2025, it also relates to the settlement loss that 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, impact of the difference between current and inflated tariff rates between USA and China for the first two weeks of May 2025 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

755

657

52.9

53.8

172

141

Operating margin, %

22.7

21.5

755

706

54.9

56.3

246

239

32.5

33.8

351

338

54.6

55.0

24.7

25.3

2,726

2,466

52.3

54.5

536

484

19.7

19.6

2,908

2,747

55.4

56.9

946

925

32.5

33.7

1,314

1,297

54.4

55.2

301

312

22.9

24.0

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, asset impairments, amortization of intangibles, transformational initiatives and acquisition and integration costs.

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

Page 5

755

657

15%

755

706

351

338

1,861

1,701

733

657

12%

11%

755

706

351

338

1,839

1,701

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 6

2,726

2,466

2,908

2,747

1,314

1,297

6,948

6,510

2,612

2,466

—

2,908

2,747

—

)

1,314

1,297

)

6,834

6,510

—

(b) The dollar impact from the current year 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