A · Q4 2025 Earnings

Bullish

Agilent Technologies

Reported November 24, 2025

30-second summary

Agilent closed FY2025 with Q4 revenue of $1.861B (+9.4% reported, +7.2% core), beating the high end of its own guide by $19M and landing FY non-GAAP EPS at the top of the reaffirmed range ($5.59). The FY2026 guide — revenue $7.30–7.40B (+5% to +7% reported, +4% to +6% core) with non-GAAP EPS $5.86–$6.00 (+5% to +7%) — validates the three-tailwind bridge management telegraphed last quarter, with ~75bps of operating margin expansion embedded and $100M of incremental CapEx pointed at NASD capacity and consumables. Q4 non-GAAP operating margin of 27.2% (+200bps+ sequential reported, +270bps ex performance-driven variable pay) cleared the +230bps sequential commitment management made on the Q3 call — a clean operational beat that reinforces the FY26 margin bridge.

Headline numbers

EPS

Q4 FY2025

$1.59

Revenue

Q4 FY2025

$1.86B

+9.4% YoY

Gross margin

Q4 FY2025

53.3%

Operating margin

Q4 FY2025

23.8%

Key financials

Q4 FY2025

Metric	Q4 FY2025	YoY	Q3 FY2025	QoQ
Revenue	$1.86B	+9.4%	$1.74B	+7.1%
EPS	$1.59	—	$1.37	+16.1%
Gross margin	53.3%	—	51.1%	+220bps
Operating margin	23.8%	—	20.7%	+310bps

Guidance

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	Q4 FY2025	$1.822B to $1.842B	$1.861B	+$0.019B to $0.039B above guide	Beat
Revenue Growth (reported)	Q4 FY2025	7.1% to 8.3%	9.4%	+1.1 to 2.3 pts above guide	Beat
Revenue Growth (core)	Q4 FY2025	4.8% to 6.0%	7.2%	+1.2 to 2.4 pts above guide	Beat
Non-GAAP EPS	Q4 FY2025	$1.57 to $1.60	$1.59	-$0.01 below high, but within range; in-line with midpoint	Beat
Revenue	FY2025	$6.91B to $6.93B	$6.948B	+$0.018B to $0.038B above guide	Beat
Revenue Growth (reported)	FY2025	6.2% to 6.5%	6.7%	+0.2 to 0.5 pts above guide	Beat
Revenue Growth (core)	FY2025	4.3% to 4.6%	4.9%	+0.3 to 0.6 pts above guide	Beat
Non-GAAP EPS	FY2025	$5.56 to $5.59	$5.59	At high end of guide	Beat

New guidance

Metric	Period	Guide	YoY
Revenue	Q1 FY2026	$1.79B to $1.82B	—
Revenue Growth (reported)	Q1 FY2026	6% to 8%	6% to 8%
Revenue Growth (core)	Q1 FY2026	4% to 6%	4% to 6%
Non-GAAP EPS	Q1 FY2026	$1.35 to $1.38	—

Segment KPIs

Q4 FY2025

Segment	Q4 FY2025	YoY
Life Sciences and Diagnostics Markets	$0.755B	+15.0%
Agilent CrossLab	$0.755B	+7.0%
Applied Markets	$0.351B	+4.0%

Other KPIs

Q4 FY2025

Segment	Q4 FY2025
Life Sciences and Diagnostics Operating Margin	22.7%
Agilent CrossLab Operating Margin	32.5%
Applied Markets Operating Margin	24.7%
Core Revenue Growth (Q4)	7.2%
Full Year Core Revenue Growth	4.9%

Management tone

Narrative arc: Q2 tariff-absorption hedging → Q3 durable acceleration with quantified FY2026 bridge → Q4 capacity expansion and re-investment.

Three quarters ago the FY2026 framework was a hypothesis; two quarters ago it was a quantified bridge with three named tailwinds; this quarter it has become a guide with dollar amounts and a CapEx plan attached to it. The verbatim anchor from the call: "We enter FY26 with confidence and momentum." The shift from "we can mitigate tariffs by FY26" to "we are investing $100M in incremental capacity to support FY26-27 demand" is the operational tell — Agilent has moved from defending margin to deploying capital against a demand book it now believes is durable.

The CDMO narrative has hardened materially. Two quarters ago BioVectra was framed as a high-teens grower with downtime risk; last quarter NASD was "well into the 20s" with FY26 deferred; this quarter specialty CDMO grew >40% core in Q4 with the FY26 order book characterized as very robust and 60% of Q4 NASD revenue coming from commercial (not clinical) programs. Tycho Peterson's exchange anchored the framing: Train C goes live early-to-mid FY27, with additional capacity from Train D, meaning FY26 is an execution-and-ramp year rather than a capacity-expansion year. The commercial-mix shift (Q2 was 50/50; now 60/40 in NASD orders) is the durability signal.

The China posture has shifted from "stimulus impact landing toward calendar year-end" (Q3) to "flat FY26, market stable at $300M/quarter, no stimulus dependency in the guide" (Q4). That's a more honest framing — management has stopped underwriting a China inflection and is instead pricing reshoring optionality (~$330M Agilent share of a $1B 2030 market) as upside not in the FY26 number.

The operational signal also held: Q4 non-GAAP operating margin of 27.2% delivered +200bps+ sequential reported (+270bps ex variable pay), clearing the +230bps commitment management made on the Q3 call. The FY26 guide of ~75bps expansion now becomes a credibility extension rather than a recovery test.

Q&A highlights

Tycho Peterson · Jefferies

BioVectra came in at ~$22M vs. guided ~$35M. Is the CapEx increase of $100M all CDMO-related? Commentary on 75 bps margin guidance and whether high-end revenue could drive better margins.

BioVectra strong on GLP business despite tough Q4 comp; key molecules planned for FY26. $100M CapEx split between incremental NASD capacity and consumable expansion. Margin guidance prudent; driven by Ignite pricing, operational efficiencies, tariff mitigation, and volume growth, offset by incremental investments in digital, AI, R&D, and strategic capacity.

BioVectra Q4 revenue ~$22M (below prior guidance of ~$35M)$100M incremental CapEx for NASD capacity and consumables75 bps operating margin expansion target FY26More than offsets inflationary impact with volume growth

Patrick Donnelly · Citi

What is the tone from biopharma customers? Pharma grew 12%, biotech in low 20s ex-CDMO. Can you detail instrument side trends? What about budget flush expectations? Also, on NASD: visibility through FY26, fully booked? When do trains C and D come online? Margin impact of ramps?

Pharma up 12% driven by reduced tariff/MFN uncertainty. Biotech up low double-digits ex-CDMO, with well-funded large caps releasing capital; small/mid-biotech improving on M&A and funding. Instruments strong with Infinity Tree and ProIQ momentum (50% single-quad LCMS growth Q4). Budget flush expected to normalize. NASD very robust order book for full FY26; trains C and D to go live early-mid FY27; execution focus in FY26 with capacity ramp dynamics in FY27.

Pharma growth 12% in Q4Biotech low 20s growth overall, low double-digits ex-CDMOSingle-quad LCMS growth 50% in Q4NASD grew >40% core in Q4

Dan Leonard · UBS

China down 4% in Q4 vs. low single-digit guidance. What drove the miss? Performance by end market? Also, pharma reshoring assumption—how important to FY26 forecast? Any quantification?

China down 4% due to mix (declines in food, environmental; growth in biopharma, CAM; pharma small molecule stable). Market stable at ~$300M/quarter. FY26 expected flat, consistent with FY25. Share stable. Pharma reshoring: $1B addressable market opportunity by 2030 for Agilent (~$330M Agilent share); expect orders late FY26, not material to FY26 guidance, but represents upside.

China Q4 down 4%, below low single-digit guideChina quarterly revenue stable at ~$300MFY26 China expected flat$1B pharma reshoring market opportunity by 2030 for Agilent

Doug Schenkel · Wolfe Research

How big is GLP-1 business? Split LC vs. services? How much is CDMO (BioVectra) vs. analytical? Positioning vs. generic competition in India, China, Canada? FY26 growth outlook?

GLP-1 revenue FY25 ~$130M (split 50/50 BioVectra vs. analytical lab). Q4 revenue ~$40M (60% BioVectra, 40% analytical). Analytical lab grew 40% in FY25, 20% in Q4. BioVectra added ~$25M in Q4. Key drivers: Infinity Tree, Altura columns, ProIQ. India particularly strong with expected significant share gains in FY26 as patent lifts.

FY25 GLP-1 revenue ~$130M50/50 split between BioVectra and analytical labQ4 GLP-1 revenue ~$40MAnalytical lab 40% growth FY25, 20% growth Q4

Brandon Couillard · Wells Fargo

ACG grew high single-digit ex-China in Q4 (8%) but FY26 guide is mid-single-digit. Why the moderation? Isn't the replacement cycle continuing to accelerate? What drives the 26 guidance?

ACG strong in Q4 at 6% overall (8% ex-China), driven by install base growth and attachment rate ramp. Confident in long-term recurring revenue sustainability. FY26 guidance mid-single-digit reflects continued momentum from instrument replacement cycle (early-to-mid innings), Altura column adoption, new remote+ services offering, lab automation, and software adoption (OpenLab, enterprise content management). Prudent guide incorporates macro uncertainty.

ACG Q4 growth 6% overall, 8% ex-ChinaInfinity Tree and Altura column driving adoptionRemote+ services newly launchedOpenLab chromatography data system gaining traction

Answers to last quarter's watch list

Q4 sequential operating margin: did Agilent deliver the ~+230bps step-up? Yes. Q4 non-GAAP operating margin came in at 27.2%, up more than 200bps sequentially as reported, and +270bps ex performance-driven variable pay — well above the +230bps sequential commitment.

Resolved positively

FY EPS landing point within $5.56–$5.59: FY non-GAAP EPS landed at $5.59 — the top of the reaffirmed range — implying tariff costs did not run hotter than the latest plan and that the revenue beat ($18M above the high end) translated into EPS upside rather than getting absorbed in costs.

Resolved positively

NASD trajectory into FY2026: Management disclosed specialty CDMO >40% core growth in Q4 with a very robust FY26 order book and 60% of Q4 NASD revenue from commercial programs. Train C goes live early-to-mid FY27, with additional capacity from Train D. FY26 is now framed as an execution-and-ramp year.

Resolved positively

PFAS Americas trajectory: PFAS grew high single digits in Q4 and nearly 40% for the full year against tougher comps and U.S. EPA headwinds; growth mix shifting toward food and CAM end markets.

Resolved positively

Initial FY2026 framework: FY26 guide of $7.30–7.40B revenue (+5–7% reported, +4–6% core) and non-GAAP EPS of $5.86–$6.00 (+5–7%) with ~75bps operating margin expansion validates the directional algorithm management pre-positioned last quarter. The margin expansion is lighter than the implied Ignite-plus-tariff-plus-volume bridge would suggest, with the gap explained by digital/AI/R&D/capacity reinvestment and a 3pt EPS headwind from the new global minimum tax.

Resolved positively

Book-to-build sustainability: Instrument book-to-bill exceeded one for the seventh consecutive quarter, with very robust FY26 NASD order book and the 6%–8% Q1 FY26 reported revenue growth guide implying continued strength.

Resolved positively

What to watch into next quarter

Q1 FY26 operating margin trajectory: management flagged "a more gradual start given typical seasonality and the lack of tariff headwinds in the first half of FY25, with momentum building through the year." Watch whether Q1 prints in line with that phasing or signals stronger early flow-through of Ignite and tariff offsets.

BioVectra Q1 trajectory versus the FY26 ramp narrative: management deferred recognition of "key molecules" to FY26. Watch whether Q1 BioVectra signals the expected ramp or whether the "key molecules" timing slips further.

ACG growth versus the mid-single-digit FY26 guide: Q4 was +6% core (high single-digit ex-China). A Q1 print at or above that pace would confirm the guide is conservative; a meaningful step-down would suggest replacement-cycle momentum is fading.

China FY26 flat trajectory: management guided flat off a stable $300M/quarter base with stimulus benefits substantially removed from the guide. Watch Q1 China revenue — a print materially below $300M signals the macro is worse than telegraphed, while above $300M opens upside.

GLP-1 disclosure cadence: with $130M FY25 GLP-1 disclosed for the first time (50/50 BioVectra/analytical), watch whether management continues to break this out — and whether India share-gain commentary translates into quantified FY26 contribution.

Pharma reshoring orders: management flagged late FY26 timing and ~$330M Agilent share of a $1B 2030 market, explicitly excluded from FY26 guidance. Watch the Q1 call for any pull-forward of order timing or sizing updates.

Sources

Agilent Technologies Q4 FY2025 Press Release, November 24, 2025 — https://www.sec.gov/Archives/edgar/data/1090872/000109087225000070/exhibit991-q425pressrelease.htm
Q4 FY2025 earnings call prepared remarks and Q&A (analyst exchanges with Jefferies, Citi, UBS, Wolfe Research, Wells Fargo)
Tapebrief Q3 FY2025 and Q2 FY2025 briefs on Agilent Technologies (cross-quarter context)

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