A · Q1 2026 Earnings

Bullish

Agilent Technologies

Reported February 25, 2026

30-second summary

Agilent delivered Q1 FY2026 revenue of $1.798B (+7% reported, +4.4% core) and non-GAAP EPS of $1.36, landing in the top half of the $1.35–$1.38 EPS guide and in the upper half of the revenue range — despite a $10M weather hit in the final three days of the quarter. Management raised FY2026 revenue to $7.30B–$7.50B (high end +$100M) and non-GAAP EPS to $5.90–$6.04 (+$0.04 at both ends), while holding the core growth guide flat at 4%–6%. The hidden tell: holding core growth flat against a Q1 print of 4.4% core (with weather drag) signals management is banking the Q1 beat rather than flowing it into the FY core algorithm, leaving the 75bps margin expansion target as the gating metric.

Headline numbers

EPS

Q1 FY2026

$1.36

Revenue

Q1 FY2026

$1.80B

+7.0% YoY

Free cash flow

Q1 FY2026

$0.17B

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$1.80B	+7.0%	$1.86B	-3.4%
EPS	$1.36	—	$1.59	-14.5%
Free cash flow	$0.17B	—	—	—

Guidance

Agilent raised full-year FY2026 revenue and EPS guidance on better-than-expected Q1 execution, with revenue now $7.3B–$7.5B (up from $7.3B–$7.4B) and non-GAAP EPS raised to $5.90–$6.04 (from $5.86–$6.00), while maintaining core growth guidance of 4%–6% for the full year.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q1 FY2026	$1.79B to $1.82B	$1.798B	in-line (within range)	Met
EPS (non-GAAP)	Q1 FY2026	$1.35 to $1.38	$1.36	+$0.02 above guide	Beat
Core Revenue Growth	Q1 FY2026	4% to 6%	4.4%	in-line at lower end of range	Beat

New guidance

Metric	Period	Guide	YoY
EPS Growth	FY2026	5.5% to 8%	—
Operating Margin Expansion	FY2026	75 basis points at midpoint	—
Revenue	Q2 FY2026	$1.79B to $1.82B	+7.2% to +8.9% YoY
EPS (non-GAAP)	Q2 FY2026	$1.39 to $1.42	—
Core Revenue Growth	Q2 FY2026	4% to 5.5%	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Revenue	FY2026	$7.3B to $7.4B	$7.3B to $7.5B	+$0.1B at high end	Raised
EPS (non-GAAP)	FY2026	$5.86 to $6.00	$5.90 to $6.04	+$0.04 at high end, +$0.04 at low end	Raised

Segment KPIs

Q1 FY2026

Segment	Q1 FY2026	YoY
Life Sciences and Diagnostics Markets	$0.679B	+5.0%
Agilent CrossLab Group	$0.758B	+9.0%
Applied Markets Group	$0.361B	+7.0%

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Core Revenue Growth	4.4%
Life Sciences and Diagnostics Operating Margin	16.0%
Agilent CrossLab Operating Margin	31.6%
Applied Markets Operating Margin	25.8%
Life Sciences and Diagnostics Gross Margin	50.5%
Agilent CrossLab Gross Margin	55.2%
Applied Markets Gross Margin	56.5%

Management tone

Three quarters ago Ignite was an execution efficiency program; two quarters ago it was the tariff response that delivered the H2 margin recovery; last quarter it was the framework behind incremental CapEx; this quarter it has been reframed as the enterprise operating system. The verbatim anchor from the call: "Over the past year, Ignite has evolved into our enterprise operating system, a core differentiator that aligns strategy, resources, and accountability to drive sustainable growth, margin expansion, and long-term shareholder value." The shift from a program to an operating model matters because management is now using Ignite as the M&A integration justification — meaning future capital allocation will be defended on Ignite-execution grounds rather than deal-specific synergies.

Reshoring framing this quarter is meaningfully more committed on timing: "first orders from Reshoring to book late this year and the revenue impact from those orders to bolster top-line growth in FY27 and beyond." "Late this year" now means late FY26, and "bolster top-line growth in FY27" is now an explicit statement rather than optionality. Investors should price the first booked order as the credibility test on the call between this print and Q2.

The Altura/biocolumn narrative compounded to a financial-impact anchor: "Altura has more than doubled our biocolumn growth to over 30%." 50% of the top 20 biopharma companies have ordered Altura columns since the October launch. The shift from launch metrics to growth-acceleration metrics is the validation signal — this is no longer pipeline commentary.

GLP-1 disclosure tightened to "50% growth in Q1 with healthy contributions coming from our specialty CDMO as well as our analytical lab business" — and on Q&A management broke that out as 7% in analytical labs and 120% on the CDMO side. The 120% CDMO print is the durability evidence the prior watch list was pressing for; India share-gain commentary did not get a new quantification.

The macro framing turned more defensive at the margin. Management characterized end markets as "broadly consistent with our original expectations" while flagging soft transactional volume in Europe (tariff discussions) and reaffirming low-single-digit FY decline in academia/government. The flat reaffirmation of the 4%–6% FY core guide despite the Q1 beat is the operational tell of that defensiveness.

Recurring themes management leaned on this quarter:

Customer intimacy and enterprise services differentiationIgnite operating system as integrated value creation engineInnovation pipeline resonating with market (Altura, ProIQ LCMS, Omnis, S540MD)Reshoring secular trend driving billion-dollar opportunityGLP-1 and biologics market accelerationTariff mitigation and pricing realization success

Risks management surfaced:

Geopolitical environment and tariff evolution (though mitigated via pricing and procurement savings)Academia and government funding softness in U.S.China stimulus normalization impacting food marketCurrency exchange rate volatilitySoft transactional environment in Europe due to tariff discussions

Q&A highlights

Vijay Kumar · Evercore ISI

Asked about the back-half step-up in guidance (first half ~5% vs back half needed ~5% to hit midpoint) and what drives the acceleration. Also asked about tariff assumptions following Supreme Court ruling on 15% global minimum.

Management cited strong underlying momentum in key markets (pharma GLP-1s, Infinity Tree double-digit growth, CAM advanced materials at 20%), visibility in funnels, and strong win-loss rates. On tariffs, confirmed no-regret supply chain moves, pricing/surcharges, and Ignite resilience would allow them to maintain guidance despite 15% tariff scenario.

First half revenue growth ~4.9%, second half ~5.1%Infinity Tree growing in double digits with outsized share gainsAdvanced materials from CAM grew 20%Made no-regret supply chain moves bringing manufacturing closer to customers

Patrick Donnelly · Citi

Asked about LDG segment softness (3% growth vs mid-to-high single digits expected), specifically on cell analysis and genomics, and what drove profitability softness. Also asked about NASD/BioVectra CDMO growth and visibility for mid-teens guidance.

LDG faced weather impact plus softness in academia/government affecting cell analysis portfolio. Larger end markets (pharma, biotech, diagnostics) grew high single digits. NASD/BioVectra achieved low double-digit growth in Q1 due to batch cadence; management confident in mid-teens full-year based on production schedules. NASD skews 60% toward commercial programs vs BioVectra at ~33%.

LDG grew 3% with weather impact plus academic/government softnessCell analysis has lower recurring revenue mix and more small capital equipment exposurePharma, biotech, diagnostics grew high single digits within LDGSpecialty CDMO low double-digit growth in Q1

Doug Schengel · Wolf Research

Asked about capital equipment demand trends month-by-month (Nov-Dec through early 2025) to distinguish normal seasonality from policy-driven uncertainty. Also asked about M&A environment, readiness, and appetite for multi-billion dollar deals.

Management saw very steady demand with growing funnels; pharma replacement cycle and biotech strong; January disruption in Europe attributable to weather. No deterioration in CapEx demand due to improving conditions (tariff uncertainty reduced by MFN deals). On M&A: no arbitrary size filters but very high bar for transformative deals; prioritize growth investments, M&A, and capacity expansion; don't need transformative deals to achieve ambitions.

Pharma replacement cycle very strong, biotech-ledReasonable budget flush at end of DecemberFunnels continuing to be steady to growingCapEx conditions improving with MFN deals reducing tariff uncertainty

Michael Riskin · Bank of America

Asked about the $10M weather impact and whether slower starts in cell analysis, A&G, and food were offsetting by strength in other areas. Requested clarification on end-market guidance changes vs. prior quarter.

Management clarified there were only minor differences in small markets; key markets (pharma, CAM, diagnostics) performed quite well. Weather hit in last 3 days of quarter (biggest revenue days) but revenue was recognized the following Monday. Maintained full-year end-market guidance expecting them to land in roughly the same place. Academia/government is smallest part of business; key markets momentum is strong.

Minor differences in small markets, key markets performed wellPharma, CAM, diagnostics all performed wellWeather impact in last 3 days of quarter (biggest revenue days)Revenue from weather impact recognized in following Monday

Jack Meehan · Nefron Research

Asked about how Ignite has improved M&A execution capabilities and about diagnostic assets interest, particularly IBD market positioning relative to other acquisition priorities.

Ignite provides confidence in integration capability by functioning as a management system for cross-functional execution (example: tariff management proves they can handle complex integrations). BioVectra integration was a proof point. On diagnostics: not excluded, durable 7% growth market with mid-single-digit pathology growth; focused on increasing recurring revenue, software, automation, and content; evaluated against right-to-win filter and Ignite integration capability.

Ignite operates as cross-functional management system enabling effective M&A integrationBioVectra integration demonstrates integration capabilityDiagnostics business 7% growth in Q1Pathologies mid-single-digit grower historically

Answers to last quarter's watch list

Q1 FY26 operating margin trajectory — Q1 non-GAAP operating margin came in at 24.6%, in line with management's expectations and down 50bps YoY on tariff headwinds and normalized performance-based pay. The Q1 EPS print of $1.36 (top half of the $1.35–$1.38 guide) suggests Ignite and tariff offsets are flowing through at least in line with plan. The FY 75bps midpoint expansion guide was reaffirmed unchanged, with Q2 expected up ~100bps sequentially and acceleration in H2 as tariffs are fully mitigated.

Continue monitoring

BioVectra Q1 trajectory versus the FY26 ramp narrative — Specialty CDMO grew low double digits in Q1 due to batch cadence, with management reiterating mid-teens full-year confidence based on production schedules. NASD is now characterized as 60% commercial vs BioVectra at ~33%, and revenue ramp is expected in H2. Order intake was characterized as strong year-over-year — the ramp narrative is intact but Q1 is the lower-bound of the year.

Continue monitoring

ACG growth versus the mid-single-digit FY26 guide — ACG delivered +9% in Q1 with Infinity Tree growing nearly 2x peers. This is materially above the FY mid-single-digit guide and confirms the read that the FY ACG guide is conservative versus current momentum.

Resolved positively

China FY26 flat trajectory — China grew 6% in Q1, ahead of expectations, with a small GACC stimulus contribution (Agilent won ~30% of that round). Management continues to expect a $300M/quarter run rate for the year. A larger stimulus later in the year is a potential upside not in the guide. Status: Resolved positively for Q1; monitor cadence

GLP-1 disclosure cadence — Management disclosed 50% GLP-1 growth in Q1, with 7% in analytical labs and 120% on the CDMO side. No dollar figure was attached to Q1, and India share-gain commentary was not quantified.

Continue monitoring

Pharma reshoring orders — Management reiterated the $1B addressable market through 2030 framing and stated first orders are expected to book "late this year" with revenue impact in FY27 and beyond.

Continue monitoring

What to watch into next quarter

Q2 core growth landing within the 4%–5.5% guide: the guide includes "the majority" of the $10M Q1 storm impact catch-up. A print below 4% would signal the underlying demand is softer than the held-flat FY core guide implies; a print above 5.5% would force a mid-year FY core raise.

First reshoring order booking in late FY26: management has now committed to "late this year" for first orders. Watch the Q2 and Q3 calls for any pull-forward or sizing update — a slip pushes the FY27 top-line bolster into FY28.

LDG operating margin recovery off the 16.0% Q1 base: watch whether LDG margin rebuilds as weather effects fade and NASD batch cadence normalizes, or whether the cell analysis/A&G drag is more structural.

BioVectra H2 ramp delivering mid-teens FY CDMO growth: Q1 low-double-digit was below the mid-teens FY pace. Watch Q2 for an acceleration signal — if Q2 also prints low-double-digit, the H2 ramp has to be high-teens+ to hit the FY commitment.

FY core revenue guide revision in Q2: holding 4%–6% flat despite a Q1 beat is the squeeze point. A Q2 raise to 4.5%–6% would confirm management was banking the Q1 beat conservatively; a hold or trim signals underlying moderation.

China revenue versus the $300M/quarter baseline: Q1 came in at 6% growth with a small stimulus boost. Watch for a larger SAMR stimulus later in the year — management flagged it as upside not in the guide.

Sources

Agilent Technologies Q1 FY2026 Press Release, February 25, 2026 — https://www.sec.gov/Archives/edgar/data/1090872/000109087226000015/exhibit991-q126pressrelease.htm
Q1 FY2026 earnings call prepared remarks and Q&A (analyst exchanges with Jefferies, Evercore ISI, Wolfe Research, Citi, Bank of America, Nephron Research)
Tapebrief prior-quarter briefs on Agilent Technologies (cross-quarter context)

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