# AGILENT TECHNOLOGIES, INC. (A)

Informational only - not investment advice.

CIK: 0001090872
SIC: 3826 Laboratory Analytical Instruments
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3826 Laboratory Analytical Instruments](/industry/3826/)
Latest 10-K filed: 2025-12-22
SEC page: https://www.sec.gov/edgar/browse/?CIK=1090872
Filing source: https://www.sec.gov/Archives/edgar/data/1090872/000109087225000087/a-20251031.htm

## At a glance

FY2025 · period end 2025-10-31 · filed 2025-12-22 · accession 0001090872-25-000087 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001090872.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,948,000,000 USD | 2025 | verified |
| Net income | 1,303,000,000 USD | 2025 | verified |
| Assets | 12,727,000,000 USD | 2025 | verified |
| Free cash flow | 1,152,000,000 USD | 2025 | computed |
| Net margin | 18.75% | 2025 | computed |
| Operating margin | 21.29% | 2025 | computed |
| Revenue YoY | +6.73% | 2025 | computed |
| ROE | 19.33% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | A | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.8% | 4.1% | 62 | 14 |
| Operating margin | 21.3% | -3.8% | 92 | 13 |
| Revenue growth | 6.7% | 2.9% | 85 | 14 |
| FCF margin | 16.6% | 11.0% | 62 | 14 |
| ROE | 19.3% | -0.4% | 83 | 13 |
| ROA | 10.2% | 0.9% | 69 | 14 |
| Liabilities / equity | 0.89 | 0.68 | 58 | 13 |
| Current ratio | 1.96 | 2.46 | 38 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3826 Laboratory Analytical Instruments, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6948000000 | USD | 2025 | 2025-12-22 |
| Net income | 1303000000 | USD | 2025 | 2025-12-22 |
| Assets | 12727000000 | USD | 2025 | 2025-12-22 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-12-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001090872.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,202,000,000 | 4,472,000,000 | 4,914,000,000 | 5,163,000,000 | 5,339,000,000 | 6,319,000,000 | 6,848,000,000 | 6,833,000,000 | 6,510,000,000 | 6,948,000,000 |
| Net income |  |  |  |  | 719,000,000 | 1,210,000,000 | 1,254,000,000 | 1,240,000,000 | 1,289,000,000 | 1,303,000,000 |
| Operating income | 615,000,000 | 807,000,000 | 904,000,000 | 941,000,000 | 846,000,000 | 1,347,000,000 | 1,618,000,000 | 1,350,000,000 | 1,488,000,000 | 1,479,000,000 |
| Diluted EPS | 1.40 | 2.10 | 0.97 | 3.37 | 2.30 | 3.94 | 4.18 | 4.19 | 4.43 | 4.57 |
| Operating cash flow | 793,000,000 | 889,000,000 | 1,087,000,000 | 1,021,000,000 | 921,000,000 | 1,485,000,000 | 1,312,000,000 | 1,772,000,000 | 1,751,000,000 | 1,559,000,000 |
| Capital expenditures | 139,000,000 | 176,000,000 | 177,000,000 | 155,000,000 | 119,000,000 | 188,000,000 | 291,000,000 | 298,000,000 | 378,000,000 | 407,000,000 |
| Dividends paid | 150,000,000 | 170,000,000 | 191,000,000 | 206,000,000 | 222,000,000 | 236,000,000 | 250,000,000 | 265,000,000 | 274,000,000 | 282,000,000 |
| Share buybacks | 434,000,000 | 194,000,000 | 422,000,000 | 723,000,000 | 469,000,000 | 788,000,000 | 1,139,000,000 | 575,000,000 | 1,150,000,000 | 425,000,000 |
| Assets | 7,794,000,000 | 8,426,000,000 | 8,558,000,000 | 9,452,000,000 | 9,627,000,000 | 10,705,000,000 | 10,532,000,000 | 10,763,000,000 | 11,846,000,000 | 12,727,000,000 |
| Liabilities | 3,548,000,000 | 3,591,000,000 | 3,961,000,000 | 4,704,000,000 | 4,754,000,000 | 5,316,000,000 | 5,227,000,000 | 4,918,000,000 | 5,948,000,000 | 5,986,000,000 |
| Stockholders' equity | 4,243,000,000 | 4,831,000,000 | 4,593,000,000 | 4,748,000,000 | 4,873,000,000 | 5,389,000,000 | 5,305,000,000 | 5,845,000,000 | 5,898,000,000 | 6,741,000,000 |
| Cash and cash equivalents | 2,289,000,000 | 2,678,000,000 | 2,247,000,000 | 1,382,000,000 | 1,441,000,000 | 1,484,000,000 | 1,053,000,000 | 1,590,000,000 | 1,329,000,000 | 1,789,000,000 |
| Free cash flow | 654,000,000 | 713,000,000 | 910,000,000 | 866,000,000 | 802,000,000 | 1,297,000,000 | 1,021,000,000 | 1,474,000,000 | 1,373,000,000 | 1,152,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 13.47% | 19.15% | 18.31% | 18.15% | 19.80% | 18.75% |
| Operating margin | 14.64% | 18.05% | 18.40% | 18.23% | 15.85% | 21.32% | 23.63% | 19.76% | 22.86% | 21.29% |
| Return on equity |  |  |  |  | 14.75% | 22.45% | 23.64% | 21.21% | 21.85% | 19.33% |
| Return on assets |  |  |  |  | 7.47% | 11.30% | 11.91% | 11.52% | 10.88% | 10.24% |
| Liabilities / equity | 0.84 | 0.74 | 0.86 | 0.99 | 0.98 | 0.99 | 0.99 | 0.84 | 1.01 | 0.89 |
| Current ratio | 3.85 | 3.30 | 3.33 | 1.53 | 2.33 | 2.22 | 2.03 | 2.61 | 2.09 | 1.96 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/A/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001090872.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-07-31 |  |  | 1.10 | reported discrete quarter |
| 2023-Q1 | 2023-01-31 |  |  | 1.19 | reported discrete quarter |
| 2023-Q2 | 2023-04-30 |  |  | 1.02 | reported discrete quarter |
| 2023-Q3 | 2023-07-31 | 1,672,000,000 | 111,000,000 | 0.38 | reported discrete quarter |
| 2023-Q4 | 2023-10-31 | 1,688,000,000 | 475,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-01-31 | 1,658,000,000 | 348,000,000 | 1.18 | reported discrete quarter |
| 2024-Q2 | 2024-04-30 | 1,573,000,000 | 308,000,000 | 1.05 | reported discrete quarter |
| 2024-Q3 | 2024-07-31 | 1,578,000,000 | 282,000,000 | 0.97 | reported discrete quarter |
| 2024-Q4 | 2024-10-31 | 1,701,000,000 | 351,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-01-31 | 1,681,000,000 | 318,000,000 | 1.11 | reported discrete quarter |
| 2025-Q2 | 2025-04-30 | 1,668,000,000 | 215,000,000 | 0.75 | reported discrete quarter |
| 2025-Q3 | 2025-07-31 | 1,738,000,000 | 336,000,000 | 1.18 | reported discrete quarter |
| 2025-Q4 | 2025-10-31 | 1,861,000,000 | 434,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-01-31 | 1,798,000,000 | 305,000,000 | 1.07 | reported discrete quarter |
| 2026-Q2 | 2026-04-30 | 1,835,000,000 | 339,000,000 | 1.20 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from A's latest 10-K: [/company/A/business/](/company/A/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from A's latest 10-K: [/company/A/risk-factors/](/company/A/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1090872/000109087226000055/a-20260430.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-06-01
Report date: 2026-04-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q and our Annual Report on Form 10-K. This report contains forward-looking statements including, without limitation, statements regarding growth opportunities, including for and in our end markets, new product and service introductions, the position and strength of our businesses, products and services, market demand for and adoption of our products and solutions, the ability of our products and solutions to address customer needs and meet industry requirements, our focus on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements, leveraging our product platforms to maximize growth, our investments, including in manufacturing infrastructure, research and development and expanding and improving our applications and solutions portfolios, expanding our position in developing countries and emerging markets, our contributions to our defined benefit plans, our hedging programs and other actions to offset the effects of foreign currency and interest rate movements, our future effective tax rate, unrecognized tax benefits, reimbursement incentives, our ability to satisfy our liquidity requirements, including through cash generated from operations, the potential impact of adopting new accounting pronouncements, indemnification obligations, our sales, our purchase commitments, our capital expenditures, the integration, effects and timing of our acquisitions and other transactions, expense reduction and other results from our restructuring programs and other cost saving initiatives, our stock repurchase program and dividends, the effects of geopolitical tensions, macroeconomic and market conditions, including relating to or arising from changes to tariffs, import/export or trade policies, the recovery and health of our end markets, seasonality, mix, future financial results, our operating margin, our geographical diversification, interest rates, inflationary pressures and local regulations and restrictions, that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including those discussed in Part II Item 1A and elsewhere in this Form 10-Q.

Basis of Presentation

The financial information presented in this Form 10-Q is not audited and is not necessarily indicative of our future consolidated financial position, results of operations, comprehensive income (loss) or cash flows. Our fiscal year-end is October 31, and our fiscal quarters end on January 31, April 30 and July 31. Unless otherwise stated, these dates refer to our fiscal year and fiscal periods.

Executive Summary

Agilent Technologies, Inc. ("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

Pending Acquisition. On March 6, 2026, we entered into a definitive agreement to acquire 100 percent of the outstanding capital stock of BC Midco I, Inc. (“Biocare”) for an aggregate purchase price of approximately $950 million in cash. Biocare is a leading provider of clinical and research solutions, and will be included within our Life Sciences and Diagnostics Markets segment. The acquisition is subject to legal and regulatory approvals and customary closing conditions. The financial results of Biocare will be included within our financial results from the date of close, which may occur in our third quarter or no later than the end of fiscal year 2026.

Global Tariffs. On February 20, 2026, the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), and the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to refund such tariffs, subject to potential appeal. On April 20, 2026, CBP launched an online portal for submitting IEEPA tariff refund requests. While we have submitted claims for refunds related to certain eligible tariffs paid, the timing and approval of any refunds are uncertain and contingent upon further legal, regulatory, and administrative developments. We will assess the recoverability of these tariffs and will account for any such refunds by applying the gain contingency model. As of April 30, 2026, no refund receivable has been recorded.

While tariffs remain dynamic, we have mitigated the adverse impact related to our cost of revenue during the three and six months ended April 30, 2026 through our continued mitigation strategies such as supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. We will continue to monitor judicial rulings and evolving trade dynamics closely, as they may influence future revenue and operational efficiency.

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Middle East Conflict. The recent escalation of geopolitical tensions in the Middle East and surrounding regions has increased global economic uncertainty and disruptions to global energy supply chains resulting in inflationary pressures. The Middle East conflict did not have a material impact on our results of operations through the second quarter of fiscal year 2026 as a result of leveraging a series of mitigation strategies developed in response to the ongoing tariff pressures. As the situation is rapidly changing, we will continue to monitor the potential impact that this conflict may have on our business.

Actual Results

Net revenue of $1,835 million and $3,633 million for the three and six months ended April 30, 2026 increased 10 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point and a 3 percentage point favorable impact, respectively, when compared to the same periods last year. For the three and six months ended April 30, 2026, revenue growth came from all of our segments, all geographic regions and most of our key end markets we serve when compared to the same periods last year.

Revenue generated by our Life Sciences and Diagnostics Markets segment for the three and six months ended April 30, 2026 increased 12 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 3 percentage point and a 2 percentage point favorable impact, respectively, when compared to the same periods last year.

Revenue generated by our Agilent CrossLab segment for the three and six months ended April 30, 2026 increased 6 percent and 8 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026 had a 4 percentage point favorable impact in both periods when compared to the same periods last year.

Revenue generated by our Applied Markets segment for the three and six months ended April 30, 2026 increased 14 percent and 10 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and six months ended April 30, 2026, had a 3 percentage point favorable impact in both periods when compared to the same periods last year.

Net income for the three and six months ended April 30, 2026 was $339 million and $644 million, respectively, compared to net income of $215 million and $533 million for the corresponding periods last year. In the six months ended April 30, 2026, cash provided by operations was $545 million compared to cash provided by operations of $652 million in the same period last year.

Dividends. During the three and six months ended April 30, 2026, we paid cash dividends of $0.255 per common share or $72 million and $0.510 per common share or $144 million, respectively, on the company's common stock. During the three and six months ended April 30, 2025, we paid cash dividends of $0.248 per common share or $70 million and $0.496 per common share or $141 million, respectively, on the company's common stock.

On May 20, 2026, our board of directors declared a quarterly dividend of $0.255 per share of common stock or approximately $72 million which will be paid on July 22, 2026, to shareholders of record as of the close of business on June 30, 2026. The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

2023 Repurchase Program. In September of 2025, we completed the 2023 repurchase program. During the three and six months ended April 30, 2025, we repurchased and retired 1.347 million shares for $165 million, excluding applicable excise taxes and 1.997 million shares for $255 million, excluding applicable excise taxes, respectively, under this authorization.

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2024 Repurchase Program. On May 29, 2024, we announced that our board of directors had approved a share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2024 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2024 repurchase program became effective on August 1, 2024 and commenced in September 2025 upon the completion of our 2023 repurchase program. During the three and six months ended April 30, 2026, we repurchased and retired 550,000 shares for $65 million, excluding excise taxes and 1.600 million shares for $217 million excluding excise taxes, respectively, under this authorization. As of April 30, 2026, we had remaining authorization to repurchase up to approximately $1,732 million of our common stock under the 2024 repurchase program.

Excise Taxes on Shares Repurchased. During the six months ended April 30, 2026, we recorded the applicable excise taxes payable of approximately $1 million and paid excise taxes of approximately $3 million related to the shares repurchased in fiscal year 2025. During the six months ended April 30, 2025, we recorded the applicable excise taxes payable of approximately $2 million and paid excise taxes of approximately $10 million related to the shares repurchased in fiscal year 2024.

Looking Forward. Our primary focus remains on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements. After an extended period of constrained capital spending, many customers' ability to spend capital budgets has begun to normalize, with the exception of customers receiving funding from the U.S. federal government. We remain optimistic about the long-term health of our key end markets. While tariffs and the Middle East conflict remain dynamic, we have mitigated the adverse impact related to our costs of revenue during the three and six months ended April 30, 2026 through our continued mitigation strategies such as supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. We will continue to monitor judicial rulings and evolving trade dynamics closely, as they may influence future revenue

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1090872/000109087225000087/a-20251031.htm
Complete FY 2025 MD&A: /company/A/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-12-22
Report date: 2025-10-31

Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This report contains forward-looking statements including, without limitation, statements regarding growth opportunities, including for and in our end markets, new product and service introductions, the position and strength of our businesses, products and services, market demand for and adoption of our products and solutions, the ability of our products and solutions to address customer needs and meet industry requirements, our focus on enhancing our customers' experience, delivering differentiated product solutions and driving productivity improvements, leveraging our product platforms to maximize growth, our investments, including in manufacturing infrastructure, research and development and expanding and improving our applications and solutions portfolios, expanding our

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position in developing countries and emerging markets, our contributions to our defined benefit plans, our hedging programs and other actions to offset the effects of foreign currency and interest rate movements, our future effective tax rate, unrecognized tax benefits, reimbursement incentives, our ability to satisfy our liquidity requirements, including through cash generated from operations, the potential impact of adopting new accounting pronouncements, indemnification obligations, our sales, our purchase commitments, our capital expenditures, the integration, effects and timing of our acquisitions and other transactions, expense reduction and other results from our restructuring programs and other cost saving initiatives, our stock repurchase program and dividends, macroeconomic and market conditions, including relating to or arising from changes to tariffs, import/export or trade policies, the recovery and health of our end markets, seasonality, mix, future financial results, our operating margin, our geographical diversification, interest rates, inflationary pressures and local regulations and restrictions, that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including those discussed in Part I Item 1A and elsewhere in this Annual Report on Form 10-K.

Overview and Executive Summary

Agilent Technologies, Inc. ("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

New Segment Structure

In November 2024, we announced a change in our organizational structure to support our market-focused, customer-centric strategy. Our former Diagnostics and Genomics segment combined with our liquid chromatography and liquid chromatography mass spectrometry instrument platforms to form our new Life Sciences and Diagnostics Markets segment. Our chemistries and supplies, laboratory automation, and software and informatics divisions moved from our former Life Sciences and Applied Markets segment to our Agilent CrossLab segment. The remaining divisions in our former Life Sciences and Applied Markets segment which includes our gas chromatography, gas chromatography mass spectrometry, remarketed instruments, spectroscopy and vacuum divisions formed our new Applied Markets segment.

Following this re-organization, we have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment. All historical financial segment information has been recast to conform to this new presentation.

Global Tariffs

Recent changes to tariffs and trade policies by the U.S. and other countries have increased risk and uncertainty surrounding our future results of operations. In the first half of fiscal year 2025, changes to tariffs and trade policies did not have a material impact on our results of operations. In the second half of fiscal year 2025, the U.S. government introduced additional measures related to tariffs, including certain increases, exemptions and pauses, and other countries have responded with preliminary agreements and retaliatory actions. The ultimate impact of changes to tariffs and trade policies will depend on various factors, including the timing, amount, scope, and nature of any tariffs or trade policies implemented and our ability to respond to mitigate the impact of such tariffs and trade policies. While the recent tariff changes adversely impacted our costs of revenue beginning in the second half of fiscal year 2025, we expect to substantially mitigate the impact during our fiscal year 2026. With inflationary and tariff-related pressures remaining fluid, we are actively pursuing mitigation strategies through supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. We continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.

Actual Results

Agilent's net revenue of $6,948 million in 2025 increased 7 percent when compared to 2024. The overall effect of foreign currency movements had no impact on revenue growth in the year ended October 31, 2025 when compared to 2024. For the year ended October 31, 2025, net revenue growth came from all of our segments, all geographic regions we serve and most of our key end markets when compared to the same period last year. Revenue from our BIOVECTRA acquisition contributed approximately 2 percentage points in 2025. Revenue in the Life Sciences and Diagnostics Markets segment increased 11 percent in 2025 when compared to 2024. The overall effect of foreign currency movements had a 1 percentage point favorable impact on revenue growth in 2025 when compared to 2024. Revenue from our BIOVECTRA acquisition contributed approximately 5 percentage points in 2025. Revenue in the Agilent CrossLab business increased 6 percent in 2025

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when compared to 2024. The overall effect of foreign currency movements had no impact on revenue growth in 2025 when compared to 2024. Revenue in the Applied Markets segment increased 1 percent in 2025 when compared to 2024. The overall effect of foreign currency movements had a 1 percentage point unfavorable impact on revenue growth in 2025 when compared to 2024.

Agilent's net revenue of $6,510 million decreased 5 percent in 2024 when compared to 2023. The overall effect of foreign currency movements had no impact on revenue growth in 2024 when compared to 2023. Net revenue declined in our Life Sciences and Diagnostics Markets and Applied Markets segments, mostly in the pharmaceutical market, due primarily to the overall pressures on our customers' capital expenditure spending which continued in 2024. Revenue declines were partially offset by revenue growth in our Agilent CrossLab segment. Revenue in the Life Sciences and Diagnostics Markets segment decreased 11 percent in 2024 when compared to 2023. The overall effect of foreign currency movements had no impact on revenue growth in 2024 when compared to 2023. Revenue in the Agilent CrossLab segment increased 3 percent in 2024 when compared to 2023. The overall effect of foreign currency movements had a 1 percentage point unfavorable impact on revenue growth in 2024 when compared to 2023. Revenue in the Applied Markets segment decreased 7 percent in 2024 when compared to 2023.The overall effect of foreign currency movements had no impact on revenue growth in 2024 when compared to 2023.

Net income was $1,303 million in 2025 compared to net income of $1,289 million and $1,240 million in 2024 and 2023, respectively. Net income in 2025 was favorably impacted by several tax benefits that reduced our overall tax provision. Net income in 2024 was impacted by cost-saving initiatives and higher interest income. Net income in 2023 was impacted by the asset impairment charges primarily related to the exit of our Resolution Bioscience business and lower tax expense. As of October 31, 2025 and 2024, we had cash and cash equivalents balances of $1,789 million and $1,329 million, respectively.

2021 Repurchase Program. During the year ended October 31, 2023, we repurchased and retired 661,739 shares for $99 million, excluding excise taxes, under this authorization. On March 1, 2023, the 2021 repurchase program was terminated and the remaining authorization of $339 million expired.

2023 Repurchase Program. The 2023 repurchase program commenced on March 1, 2023, and was completed in September 2025. During the year ended October 31, 2023, we repurchased and retired 3.9 million shares for $476 million, excluding excise taxes, under this authorization. During the year ended October 31, 2024, we repurchased and retired 8.4 million shares for $1,150 million, excluding excise taxes, under this authorization. During the year ended October 31, 2025 we repurchased and retired 3.0 million shares for $374 million, excluding excise taxes, under this authorization. As of October 31, 2025, we had no remaining authorization to repurchase our common stock under the 2023 repurchase program.

2024 Repurchase Program. On May 29, 2024, we announced that our board of directors had approved a new share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2024 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2024 repurchase program became effective on August 1, 2024 and commenced upon completion of our 2023 repurchase program in September 2025. During the year ended October 31, 2025 we repurchased and retired 381,670 shares for $51 million excluding excise taxes, under this authorization. As of October 31, 2025, we had remaining authorization to repurchase up to approximately $1.9 billion of our common stock under the 2024 repurchase program.

Excise Taxes. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. We record the applicable excise taxes payable related to repurchases of our common stock as an incremental cost of the shares repurchased and a corresponding liability for the excise tax payable in other accrued liabilities on our consolidated balance sheet. For share repurchases made during the year ended October 31, 2025, we recorded the applicable excise taxes payable of approximately $3 million. During fiscal year 2024 and 2023, we recorded the applicable excise taxes payable of approximately $10 million and $3 million, respectively, which were paid in the fiscal year following the repurchases.

Dividends. During the year ended October 31, 2025, cash dividends of $0.992 per share, or $282 million were declared and paid on the company's outstanding common stock. During the year ended October 31, 2024, cash dividends of $0.944 per share, or $274 million were declared and paid on the company's outstanding common stock. During the year ended October 31, 2023, cash dividends of $0.900 per share, or $265 million were declared and paid on the company's outstanding common stock.

36

Table of Contents            

On November 19, 2025, we declared a quarterly dividend of $0

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/A/mda/fy2025/
All MD&A years: /company/A/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/A/mda/fy2024/): filed 2024-12-20; accession 0001090872-24-000049 (https://www.sec.gov/Archives/edgar/data/1090872/000109087224000049/a-20241031.htm)
- [FY 2023 MD&A](/company/A/mda/fy2023/): filed 2023-12-20; accession 0001090872-23-000020 (https://www.sec.gov/Archives/edgar/data/1090872/000109087223000020/a-20231031.htm)
- [FY 2022 MD&A](/company/A/mda/fy2022/): filed 2022-12-21; accession 0001090872-22-000026 (https://www.sec.gov/Archives/edgar/data/1090872/000109087222000026/a-20221031.htm)
- [FY 2021 MD&A](/company/A/mda/fy2021/): filed 2021-12-17; accession 0001090872-21-000027 (https://www.sec.gov/Archives/edgar/data/1090872/000109087221000027/a-20211031.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3826 Laboratory Analytical Instruments) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/A.md · JSON record: /company/A.json · verified financials: /company/A/financials.json / /company/A/financials.csv · machine TOC for the whole site: /llms.txt