AGILENT TECHNOLOGIES, INC.A

AGILENT TECHNOLOGIES, INC. Financial Overview 2021–2025

Updated Aug 15, 2026

Rebounding from a 5% revenue contraction in the prior year, Agilent Technologies pushed its top line up 7% to $6.95 billion in FY2025. This sudden acceleration reveals the company's central investment narrative: when organic equipment demand stalls under broader capital expenditure pressures, Agilent aggressively uses its balance sheet to buy growth. The $915 million BIOVECTRA acquisition served as the primary catalyst for the life sciences segment's 11% revenue surge last year. Stepping back to view the full arc, total revenue grew from $6.32 billion in FY2021 to $6.95 billion in FY2025, heavily supported by a resilient services portfolio that consistently offset hardware volatility.

Despite this top-line expansion, the company's operational profitability is showing signs of strain. While Agilent once posted an operating margin of 24.3% in Q3 2023, rising tariffs and shipping costs squeezed gross margins throughout FY2025. Management effectively masked these structural pressures via tax benefits and capital allocation, keeping net income remarkably stable at $1.30 billion while completing $425 million in share repurchases. The market rewarded this steady bottom-line engineering despite the margin headwinds. At the close of FY2025, Agilent commanded a $41.4 billion market cap, with shares priced at $146.36 and trading at a premium 32.0x P/E ratio.

Recent Developments (Q1 and Q2 2026)

Agilent accelerated its M&A strategy in Q2 2026 by agreeing to purchase Biocare for $950 million in cash to bolster its Life Sciences and Diagnostics segment. Total net revenue grew 10% year-over-year in the second quarter. Net income grew to $339 million, up from $305 million in Q1 2026. Operating margin rebounded to 21.7% after dropping to 19.7% in the first quarter due to restructuring costs and tariffs. To support its capital structure, the company issued $600 million in 4.900% senior notes due 2032 and overhauled leadership by appointing a new Chief Accounting Officer and Chief Legal Officer.

Bulls can point to the sequential margin recovery and $644 million year-to-date net income as proof that tariff mitigation strategies are working. Conversely, bears will argue the stock remains richly valued at 29.8x earnings as of June 1, 2026, leaving minimal margin of safety if the new acquisition faces integration hurdles.

What to watch: closure of the Biocare acquisition by the end of FY 2026; ongoing execution of tariff mitigation strategies.

Rev

$6.95B

+6.7% YoY

FY2025

NI

$1.30B

+1.1% YoY

FY2025

EPS

$4.59

+3.4% YoY

FY2025

OCF

$1.56B

-11.0% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All A Financial Metrics(62)

Recent SEC Filings

AGILENT TECHNOLOGIES, INC. 8-K Report, Financial Results (Aug 26, 2026)

Agilent Technologies, Inc. has filed an 8-K report on August 26, 2026, to announce its financial results for the third fiscal quarter ended July 31, 2026. The filing primarily consists of a press release (Exhibit 99.1) detailing these results. Investors should note that Agilent provides both GAAP and non-GAAP financial information, emphasizing that the non-GAAP measures are intended to offer supplemental insights into operational performance and are used by management for internal comparisons and decision-making. These non-GAAP figures exclude items like restructuring and amortization, which can materially impact GAAP earnings, and are presented to give investors a view of the company's performance "through the eyes of management." While the specific financial figures are detailed in the attached press release, the core of this 8-K is the disclosure of the company's quarterly performance. Investors are encouraged to review Exhibit 99.1 for the detailed financial metrics, segment performance, and specific non-GAAP reconciliations, as this information is crucial for understanding the company's current operational health and future prospects. The company stresses that its non-GAAP information may differ from that of other companies and is not a substitute for GAAP reporting.

AGILENT TECHNOLOGIES, INC. 8-K Report, Material Agreement (Jun 25, 2026)

Agilent Technologies, Inc. announced on June 25, 2026, the successful closing of a $600 million offering of 4.900% Senior Notes due 2032. These notes were sold in a private placement to qualified institutional buyers and offshore investors. The offering was conducted under Rule 144A and Regulation S, with Citigroup Global Markets Inc., Mizuho Securities USA LLC, and SG Americas Securities, LLC acting as the initial purchasers. The issuance of these notes, governed by an indenture originally dated March 12, 2021, and supplemented by a Fourth Supplemental Indenture dated June 25, 2026, represents a significant debt financing for the company. The notes bear a fixed annual interest rate of 4.900%, payable semi-annually, and mature on January 15, 2032. While these notes are senior unsecured obligations, they are not guaranteed by any subsidiaries. The company has also entered into a registration rights agreement to facilitate an exchange offer for these notes, with provisions for additional interest if certain registration deadlines are not met.

AGILENT TECHNOLOGIES, INC. 8-K Report, Financial Results (May 27, 2026)

Agilent Technologies, Inc. (A) filed an 8-K on May 27, 2026, primarily to disclose financial results for its second fiscal quarter ended April 30, 2026. The filing includes a press release (Exhibit 99.1) detailing these results, alongside an explanation of the company's use of non-GAAP financial measures. Investors should note that the company emphasizes providing these non-GAAP figures to offer a clearer view of operational performance and future prospects, supplementing its GAAP reporting. These non-GAAP measures exclude items such as restructuring and amortization, which management monitors but does not use for ongoing operating performance evaluation. Additionally, the 8-K announces a key leadership change within the finance department. Tim Downs has been appointed as the new Vice President, Chief Accounting Officer, and principal accounting officer, effective after the filing of the Q2 10-Q. This appointment follows the previously announced retirement of Rodney Gonsalves, who will remain with the company in a transitional role until January 2027. Mr. Downs brings extensive experience from Baker Hughes and prior roles at General Electric and Deloitte. His compensation package includes a base salary, bonus eligibility, a sign-on cash bonus, and a significant restricted stock unit grant.

AGILENT TECHNOLOGIES, INC. 8-K Report, Executive Changes (May 4, 2026)

Agilent Technologies, Inc. filed an 8-K report on May 4, 2026, primarily to disclose a significant executive appointment. The company announced the appointment of Michael Buckner as its new Chief Legal Officer (CLO). This appointment marks a key change in the company's senior leadership, filling a critical legal and compliance role. Investors should note that this information is being furnished under Regulation FD and is not considered "filed" for purposes of the Securities Exchange Act of 1934, meaning it does not carry the same legal liabilities as a formally filed document but still provides important operational updates.

AGILENT TECHNOLOGIES, INC. 8-K/A Report, Executive Changes (Apr 6, 2026)

Agilent Technologies, Inc. filed an 8-K on April 6, 2026, primarily to disclose a Transition and General Release Agreement with Bret DiMarco, dated March 31, 2026. While this filing doesn't contain typical financial results or operational updates, the agreement's existence suggests a departure or separation involving Mr. DiMarco, who may be a significant executive or board member. Investors should note that details of this agreement, such as severance packages or ongoing obligations, are not provided in this exhibit list. The filing also includes the standard Cover Page Interactive Data File.

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