On June 24, 2026, Agilent completed the acquisition of Biocare (BC Midco I, Inc.) for $950 million net cash consideration, adding a clinical and research pathology portfolio to its Life Sciences and Diagnostics Markets segment. The purchase price allocation included $549 million of goodwill and $520 million of identifiable intangible assets (customer relationships $372M, developed technology $145M, trade names $3M). Management expects revenue synergies, expanded sales-channel reach, and workforce benefits; the acquisition is not tax-deductible as it was structured as a stock purchase.
In Q3 FY2026, Agilent implemented a new restructuring plan (FY26 Plan) to optimize its management structure across all three segments, recording $15 million in workforce-reduction expense (severance and personnel costs). The plan is expected to deliver $30–$35 million in annual cost-of-revenue and operating-expense savings and is projected to be substantially complete by Q1 FY2027. The prior FY25 Plan (announced Q2 FY2025, targeting $90–$95 million in annual savings) recorded no incremental expense in Q3 FY2026 and is expected to be substantially complete by the end of FY2026.
Q3 FY2026 net revenue was $1,878 million, up 8% year-over-year, with growth across all three segments (Life Sciences and Diagnostics Markets +11% to $746M, Agilent CrossLab +6% to $786M, Applied Markets +7% to $346M) and all geographic regions. Operating margin expanded 3 percentage points to 23.6% (operating income $444M, +23% YoY). Headcount rose to approximately 18,200 from 18,000 a year earlier, primarily due to the Biocare acquisition.
The net benefit from IEEPA tariff refunds contributed approximately 1 percentage point to the Q3 FY2026 operating-margin improvement. Following the U.S. Supreme Court's February 20, 2026 invalidation of certain IEEPA tariffs and CBP's April 20 launch of a refund portal, Agilent submitted additional refund claims; timing and approval of remaining refunds are uncertain. Management stated the Middle East conflict had no material impact on results through Q3 FY2026 due to mitigation strategies including supply-chain optimization and targeted pricing.
Agilent expects total FY2026 capital expenditures of approximately $450 million (vs. $249 million spent in the first nine months), primarily driven by the planned expansion of advanced therapeutics manufacturing capacity in Frederick, Colorado. The filing notes rising demand for Agilent Advanced Therapeutics modalities and positions the company to serve expanding customer demand in oligonucleotide and nucleic-acid biomanufacturing.
Inventory days on hand increased to 120 days at July 31, 2026 from 107 days a year earlier, which management attributed to strategic inventory purchases to mitigate tariff-related risks, enhance supply assurance, and support supply-chain management. Purchase commitments to contract manufacturers and suppliers increased by $274 million from the prior year-end, primarily related to the Biocare acquisition.
(Filed on June 1, 2026)
+10.0%
54.0%
$1.8B
On March 6, 2026, Agilent entered a definitive agreement to acquire 100% of Biocare for approximately $950 million in cash. Biocare, a provider of clinical and research solutions, will be integrated into the Life Sciences and Diagnostics Markets segment. The transaction is subject to regulatory approvals and customary closing conditions, with close expected in Q3 fiscal 2026 or no later than fiscal year-end.
Q2 net revenue of $1,835 million grew 10% year over year, with increases across all three segments (Life Sciences +12%, CrossLab +6%, Applied Markets +14%), all geographic regions, and most end markets. Foreign currency contributed a 4 percentage point favorable impact. Operating margin expanded to 21.7% (up 4 ppts YoY), attributed to higher sales volume, targeted price increases, lower restructuring expense, and lower intangible amortization, partially offset by wage increases and higher variable pay.
The FY2025 management-structure restructuring plan recorded $8 million in expense in Q2 and $28 million for the six months, reducing the remaining liability to $5 million. Agilent expects to substantially complete the plan by end of fiscal 2026, targeting $90-95 million in annual cost savings across all three segments.
Following the U.S. Supreme Court's February 20, 2026 invalidation of certain IEEPA tariffs, Agilent submitted refund claims via the CBP portal (opened April 20, 2026) but recorded no refund receivable as of April 30, applying the gain contingency model. Agilent mitigated ongoing tariff and Middle East conflict impacts through supply chain optimization, targeted pricing actions, and cost-efficiency initiatives; the Middle East conflict did not have a material operational impact through Q2 fiscal 2026.
Capital expenditures of $169 million for the six months are primarily driven by the planned expansion of Agilent Advanced Therapeutics manufacturing capacity in Frederick, Colorado, with total fiscal 2026 capEx expected at approximately $450 million. Some investments may qualify for government reimbursement incentives.
Unallocated transformational initiative costs rose to $39 million in Q2 (from $24 million in the prior-year quarter) and $58 million for the six months (from $30 million prior year), encompassing manufacturing transfers, site consolidations, legal entity reorganizations, and transformations of the product lifecycle management system and HR/financial systems.
(Filed on March 3, 2026)
+7.0%
52.6%
$1.8B
Net revenue rose 7% to $1,798M in Q1 FY26, with growth across all three segments: Life Sciences & Diagnostics +5% (led by CDMO, liquid chromatography, and pathology/companion diagnostics), Agilent CrossLab +9% (strength in repair/maintenance, consumables, and software), and Applied Markets +7% (chemicals/advanced materials strength, food market decline). Foreign currency provided a 3pp favorable impact. Product revenue grew 6% and services revenue grew 9%.
Tariffs adversely impacted cost of revenue during the quarter, contributing to a 1pp gross margin decline (52.6% vs. 53.5%) and a 3pp operating margin decline (19.7% vs. 22.4%). Income from operations fell 6% to $353M despite the revenue increase. Management stated it expects to fully offset the current tariff impact during fiscal 2026 via supply chain optimization, targeted pricing, and cost-efficiency initiatives, while noting recent U.S. judicial rulings on tariff legality add further uncertainty.
The FY25 restructuring plan (management structure optimization across all three segments) generated $20M in Q1 FY26 charges ($5M in cost of products/services, $15M in SG&A) and $101M in cumulative expense since inception. A $16M liability remains, and the company expects to substantially complete the program by the end of fiscal 2026. The plan is estimated to reduce annual cost of sales and operating expenses by $90M–$95M. Additionally, $19M in transformational initiative expenses were recorded (vs. $6M prior year), covering manufacturing transfers, site consolidations, and product lifecycle/HR/financial system transformations.
Capital expenditures were $93M in the quarter, with full-year FY26 capex expected at approximately $500M, driven primarily by the planned expansion of manufacturing capacity for production of nucleic acid-based therapeutics in Frederick, Colorado. Headcount was approximately 18,000 at January 31, 2026, up from 17,900 a year earlier.
Management noted that after an extended period of constrained capital spending, many customers' ability to spend capital budgets has begun to normalize, with the explicit exception of customers receiving funding from the U.S. federal government. The company cited rising demand for several modalities in its specialty CDMO business and continued growth in the OMNIS diagnostic platforms as tailwinds for long-term life sciences opportunities.
Under the 2024 share repurchase program (commenced September 2025 after the 2023 program was completed), the company repurchased 1.05 million shares for $152M at a weighted average price of $144.79 in Q1 FY26, leaving ~$1,797M of remaining authorization. A quarterly dividend of $0.255 per share ($72M) was paid, and an identical dividend was declared on February 11, 2026, payable April 22, 2026.
(Filed on December 22, 2025)
+9.4%
53.2%
$1.8B
Tariffs (annual context, impact began in H2 FY2025): U.S. tariff changes introduced in the second half of fiscal 2025 adversely impacted costs of revenue; the company reports it expects to substantially mitigate the impact during fiscal 2026 through supply chain optimization, targeted pricing actions, and cost-efficiency initiatives. First-half tariff changes were not material to results.
Restructuring (FY25 Plan, announced Q2 FY2025, ongoing through Q4): A workforce-reduction plan designed to optimize management structure incurred $81 million in FY2025 expense (severance, accelerated equity compensation, personnel costs). The company expects to substantially complete activities by Q2 FY2026 and projects a $75–$80 million annual reduction in cost of sales and operating expenses across all three segments upon completion.
U.S. federal government funding and headcount reductions (2025, including Q4): The filing states that in 2025, headcount and funding reductions at the U.S. federal government and its funded customers adversely impacted Agilent's business. Academic-and-government-market revenue declined in every segment for the year; a continuing resolution set to expire January 30, 2026 adds further uncertainty to government-funded customer demand.
BIOVECTRA integration and Frederick, CO manufacturing expansion (annual context): The $915 million BIOVECTRA acquisition (closed September 2024) contributed approximately 2 percentage points to FY2025 total revenue and roughly 5 percentage points to the Life Sciences and Diagnostics Markets segment. FY2025 capital expenditures of $407 million were driven primarily by the planned expansion of manufacturing capacity for nucleic-acid-based therapeutics in Frederick, Colorado; anticipated FY2026 capex is approximately $500 million. The specialty CDMO business is cited as positioned to serve expanding demand for oligonucleotide and advanced-modality therapeutics.
Stock-repurchase program transition (Q4 FY2025): The $2 billion 2023 repurchase program was completed in September 2025, and the successor $2 billion 2024 program commenced in September 2025. During Q4 (August–October 2025), Agilent repurchased 662,951 shares at a weighted-average price of $128.19 (including 381,670 shares under the new 2024 program in October at $142.19). Approximately $1.9 billion of authorization remains under the 2024 program. On November 19, 2025, the board declared a quarterly dividend of $0.255 per share (~$72 million), payable January 28, 2026.
