Operational discipline is highlighted by $137 million in combined dividends and share repurchases in 2026Q2, even as working capital outflows of $211 million temporarily pressured cash conversion.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 |
|---|
| Cash from Operations | 1.45B | 1.56B | 1.75B | 1.77B | 1.31B | 1.49B | 921M | 1.02B | 1.09B | 889M | 793M | 1.32B | 713M | 1.15B | 1.23B | 1.26B | 712M | 408M | 756M | 969M | 634M | 899M | 670M | -144M | -498M | 1.5B | 838M | 461M | 751M |
| Operating CF Margin % | - | 22.44% | 26.9% | 25.93% | 19.16% | 23.5% | 17.25% | 19.78% | 22.12% | 19.88% | 18.87% | 32.74% | 17.61% | 29.58% | 17.91% | 19.05% | 13.08% | 9.11% | 13.09% | 17.88% | 12.75% | 17.49% | 9.33% | -3.22% | -8.29% | 17.89% | 8.95% | 6.75% | 9.44% |
| Operating CF Growth % | -19.09% | -10.97% | -1.19% | 35.06% | -11.65% | 61.24% | -9.79% | -6.07% | 22.27% | 12.11% | -40.02% | 85.41% | -38.11% | -6.19% | -2.54% | 76.97% | 74.51% | -46.03% | -21.98% | 52.84% | -29.48% | 34.18% | 565.28% | 71.08% | -133.16% | 79.24% | 81.78% | -38.62% | - |
| Net Income | 1.41B | 434M | 1.29B | 1.24B | 1.25B | 1.21B | 719M | 1.07B | 316M | 684M | 460M | 398M | 497M | 724M | 1.15B | 1.01B | 624M | -31M | 693M | 638M | 3.31B | 141M | 349M | -2.06B | -235M | -478M | 757M | 512M | 257M |
| Depreciation & Amortization | 210M | 288M | 257M | 271M | 317M | 321M | 308M | 238M | 210M | 212M | 246M | 253M | 383M | 372M | 301M | 253M | 202M | 162M | 201M | 191M | 170M | 186M | 292M | 362M | 735M | 734M | 495M | 475M | 477M |
| Stock-Based Compensation | 99M | 128M | 129M | 111M | 125M | 110M | 83M | 72M | 70M | 60M | 58M | 54M | 96M | 84M | 74M | 72M | 66M | 71M | 82M | 94M | 94M | 9M | 0 | 0 | -145M | -145M | 0 | 0 | 0 |
| Deferred Taxes | -45M | -130M | -64M | -56M | 8M | 14M | 29M | -255M | -16M | 102M | 3M | 70M | -132M | 31M | -158M | 38M | -109M | 28M | -53M | -134M | -19M | -12M | -33M | 1.07B | -664M | -94M | -59M | -12M | -140M |
| Other Non-Cash Items | 162M | 897M | 57M | 322M | 86M | -68M | 78M | 283M | 36M | -71M | 66M | 802M | 210M | 30M | 192M | 7M | -19M | 73M | 12M | 60M | -2.63B | 306M | -47M | 370M | -348M | 1.98B | -144M | -3M | 122M |
| Working Capital Changes | -388M | -58M | 83M | -116M | -478M | -102M | -296M | -388M | 471M | -98M | -40M | -255M | -341M | -89M | -334M | -122M | -52M | 105M | -179M | 120M | -285M | 269M | 109M | 111M | 159M | -490M | -211M | -511M | 35M |
| Change in Receivables | -128M | -149M | 7M | 132M | -321M | -128M | -107M | -106M | -65M | -81M | -33M | -24M | -119M | 14M | 19M | 11M | -166M | 193M | -44M | 22M | 8M | 29M | 117M | 55M | -139M | 933M | 0 | 0 | 18M |
| Change in Inventory | -141M | 45M | 34M | -33M | -248M | -136M | -68M | -36M | -83M | -61M | -7M | -24M | -99M | -100M | -52M | -208M | -51M | 47M | -14M | -21M | -55M | 2M | -10M | 169M | 278M | -373M | -345M | -40M | -67M |
| Change in Payables | 97M | 16M | 103M | -171M | 121M | 64M | 2M | 30M | 40M | 2M | -15M | -26M | 50M | -27M | -31M | -35M | 113M | -7M | -21M | -13M | 56M | 21M | 47M | 74M | -89M | -480M | 0 | 0 | 0 |
| Cash from Investing | -356M | -394M | -1.26B | -310M | -338M | -749M | -147M | -1.59B | -704M | -305M | -238M | -400M | -232M | -248M | -2.37B | 1.29B | -1.17B | -14M | -399M | -456M | 1.8B | -200M | -114M | -203M | -71M | -1.36B | -1.12B | -309M | -272M |
| Capital Expenditures | -196M | -207M | -378M | -298M | -291M | -189M | -119M | -156M | -177M | -176M | -139M | -98M | -207M | -195M | -193M | -188M | -119M | -128M | -154M | -154M | -185M | -139M | -118M | -205M | -301M | -881M | -824M | -434M | -410M |
| CapEx % of Revenue | 2.71% | 2.98% | 5.81% | 4.36% | 4.25% | 2.99% | 2.23% | 3.02% | 3.6% | 3.94% | 3.31% | 2.43% | 5.11% | 5.01% | 2.81% | 2.84% | 2.19% | 2.86% | 2.67% | 2.84% | 3.72% | 2.7% | 1.64% | 4.59% | 5.01% | 10.49% | 8.8% | 6.35% | 5.16% |
| Acquisitions | 0 | 4M | -862M | -1M | -52M | -546M | 1M | -1.41B | -516M | -126M | -264M | -72M | -36M | -42M | -2.26B | -97M | -1.31B | -2M | -172M | -331M | -50M | -64M | -18M | 0 | -15M | -904M | -691M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -163M | -199M | -13M | -8M | -4M | -4M | -8M | -2M | -1M | -2M | 244M | -230M | -4M | 2M | 80M | 1.56B | 253M | 52M | 33M | -2M | 1.04B | 11M | -14M | 6M | 268M | 373M | 370M | 125M | 138M |
| Cash from Financing | -785M | -715M | -752M | -930M | -1.37B | -696M | -717M | -299M | -797M | -202M | -268M | -1.09B | -97M | -554M | -32M | -1.69B | 604M | 657M | -774M | -980M | -2.41B | -780M | 138M | 110M | 1.24B | 37M | 1.27B | -152M | -479M |
| Debt Issued (Net) | -149M | -41M | 637M | -35M | 26M | 356M | -45M | 600M | -693M | 110M | 262M | 0 | 99M | 347M | 145M | -1.5B | 718M | 748M | 16M | 589M | 1.5B | -688M | 1M | -2M | 1.12B | -113M | 110M | 0 | 0 |
| Equity Issued (Net) | -343M | -353M | -1.15B | -575M | -1.21B | -788M | -469M | -739M | -422M | -194M | -434M | -267M | -219M | -900M | -172M | -497M | -112M | -86M | -790M | -1.57B | -3.69B | -92M | 137M | 112M | 121M | 150M | 84M | 0 | 0 |
| Dividends Paid | -285M | -282M | -274M | -265M | -250M | -236M | -222M | -206M | -191M | -170M | -150M | -133M | -176M | -156M | -104M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -387M | -425M | -1.15B | -575M | -1.14B | -788M | -469M | -723M | -422M | -194M | -434M | -267M | -200M | -900M | -172M | -497M | -411M | -157M | -1B | -1.94B | -4.24B | -290M | 0 | 0 | 0 | 0 | -2.07B | 0 | 0 |
| Other Financing | -8M | -39M | 35M | -55M | 58M | -28M | 19M | 46M | 509M | 52M | 54M | -689M | 199M | 155M | 99M | 304M | -2M | -5M | 0 | 0 | -220M | 0 | 0 | 0 | 0 | 0 | 1.08B | -152M | -479M |
| Net Change in Cash | 320M | 459M | -261M | 537M | -434M | 43M | 59M | -866M | -431M | 389M | 286M | -215M | 353M | 324M | -1.18B | 878M | 170M | 1.07B | -421M | -436M | 36M | -89M | 708M | -237M | 674M | 174M | 996M | 0 | 0 |
| Free Cash Flow | 1.26B | 1.15B | 1.37B | 1.47B | 1.02B | 1.3B | 802M | 865M | 910M | 713M | 654M | 393M | 506M | 957M | 1.03B | 1.07B | 593M | 280M | 602M | 815M | 449M | 760M | 586M | -349M | -799M | 621M | 14M | 27M | 341M |
| FCF Margin % | 17.37% | 16.58% | 21.09% | 21.57% | 14.91% | 20.51% | 15.02% | 16.75% | 18.52% | 15.94% | 15.56% | 9.73% | 12.5% | 24.58% | 15.09% | 16.21% | 10.89% | 6.25% | 10.43% | 15.04% | 9.03% | 14.79% | 8.16% | -7.81% | -13.29% | 7.4% | 0.15% | 0.4% | 4.29% |
| FCF Growth % | 5.63% | -16.1% | -6.85% | 44.37% | -21.22% | 61.6% | -7.28% | -4.95% | 27.63% | 9.02% | 66.41% | -22.33% | -47.13% | -7.54% | -3.45% | 80.78% | 111.79% | -53.49% | -26.14% | 81.51% | -40.92% | 29.69% | 267.91% | 56.32% | -228.66% | 4335.71% | -48.15% | -92.08% | - |
| FCF per Share | 4.42 | 4.06 | 4.72 | 4.98 | 3.40 | 4.22 | 2.57 | 2.72 | 2.80 | 2.19 | 1.99 | 1.17 | 1.50 | 2.77 | 2.93 | 3.02 | 1.68 | 0.81 | 1.62 | 2.01 | 1.02 | 1.52 | 1.20 | -0.74 | -1.72 | 1.36 | 0.03 | 0.06 | 0.74 |
| FCF Conversion (FCF/Net Income) | 0.89x | 1.20x | 1.36x | 1.43x | 1.05x | 1.23x | 1.28x | 0.95x | 3.44x | 1.30x | 1.72x | 3.30x | 1.30x | 1.59x | 1.07x | 1.25x | 1.04x | -13.16x | 1.09x | 1.52x | 0.19x | 6.38x | 1.82x | 0.07x | 0.48x | 8.94x | 1.11x | 0.90x | 2.92x |
| Interest Paid | 4M | 0 | 80M | 89M | 85M | 76M | 71M | 80M | 80M | 82M | 73M | 71M | -142M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 56M | 0 | 314M | 199M | 279M | 211M | 361M | 159M | 102M | 63M | 67M | 129M | -131M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical instrument demand volatility
According to reported financial statements, Agilent's OCF/NI ratio has fluctuated significantly, reaching a low of 0.82 in 2026Q2, which suggests that while net income remains strong, the underlying cash conversion is periodically pressured by shifts in working capital requirements and timing of revenue recognition.
The divergence between net income and operating cash flow in recent quarters indicates that accounting earnings are occasionally bolstered by non-cash items or timing differences in receivables. Investors should monitor whether this trend of sub-1.0 conversion ratios persists, as it may imply that the company's reported profitability is becoming increasingly sensitive to accrual-based accounting adjustments.
As reported in quarterly filings, Agilent's FCF margin has exhibited notable variance, ranging from a low of 6.4% in 2025Q2 to a peak of 24.3% in 2025Q4, highlighting the inherent lumpiness of cash generation in a business model reliant on large-scale capital equipment sales.
The inconsistency in free cash flow margins suggests that Agilent's ability to convert revenue into cash is highly dependent on the quarterly cadence of instrument shipments and subsequent customer acceptance. This volatility warrants caution, as it complicates the predictability of cash available for shareholder returns and strategic reinvestment.
Based on the provided cash flow data, Agilent experienced a significant working capital outflow of $211 million in 2026Q2, which appears to be a primary driver of the temporary compression in operating cash flow relative to the company's historical performance benchmarks.
The periodic swings in working capital suggest that inventory management and the timing of collections from global customers remain critical levers for cash flow stability. If these outflows continue to accelerate, it may indicate a buildup of inventory or delayed payments that could constrain the company's near-term liquidity position.
Data from recent financial disclosures indicates that Agilent consistently prioritizes shareholder returns, with combined dividend payments and share repurchases totaling $137 million in 2026Q2, demonstrating a commitment to capital discipline even during periods of fluctuating operational cash flow generation.
The company's consistent use of cash for dividends and buybacks suggests a management team focused on maintaining shareholder value despite the cyclical nature of the diagnostics and research industry. However, the reliance on cash for these activities necessitates a sustained level of operational cash flow to avoid depleting the company's cash reserves.
Quick answers to the most common questions about buying A stock.
Agilent Technologies, Inc. (A) generated $1.56B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agilent Technologies, Inc. (A) generated $1.15B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Agilent Technologies, Inc. (A) spent $207.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Agilent Technologies, Inc. (A) returned $282.0M to shareholders via cash dividends and spent $425.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.