Revenue growth has reaccelerated from 0.8% in 2024Q4 to 10.0% in 2026Q2, while gross margins have expanded by over 300 basis points to 55.5% in 2026Q3, indicating strong pricing power and a favorable mix shift.
Agilent Technologies, Inc. (A) annual income statement — 28-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 7.37B | 6.95B | 6.51B | 6.83B | 6.85B | 6.32B | 5.34B | 5.16B | 4.91B | 4.47B | 4.2B | 4.04B | 4.05B | 3.89B | 6.86B | 6.62B | 5.44B | 4.48B | 5.77B | 5.42B | 4.97B | 5.14B | 7.18B | 4.47B | 6.01B | 8.4B | 9.36B | 6.83B | 7.95B |
| Revenue Growth % | 8.6% | 6.73% | -4.73% | -0.22% | 8.37% | 18.36% | 3.41% | 5.07% | 9.88% | 6.43% | 4.06% | -0.25% | 3.95% | -43.22% | 3.67% | 21.51% | 21.49% | -22.39% | 6.53% | 8.99% | -3.23% | -28.44% | 60.72% | -25.66% | -28.42% | -10.31% | 37.06% | -14.11% | - |
| Cost of Goods Sold | 3.41B | 3.31B | 2.98B | 3.37B | 3.13B | 2.91B | 2.5B | 2.36B | 2.23B | 2.06B | 2B | 2B | 2.07B | 1.99B | 3.25B | 3.09B | 2.51B | 2.19B | 2.58B | 2.45B | 2.31B | 2.62B | 4.06B | 61M | 3.69B | 5.17B | 4.59B | 3.63B | 4.04B |
| COGS % of Revenue | - | 47.57% | 45.7% | 49.29% | 45.65% | 46.08% | 46.86% | 45.67% | 45.32% | 46.13% | 47.72% | 49.46% | 51.19% | 51.03% | 47.45% | 46.65% | 46.18% | 48.85% | 44.65% | 45.22% | 46.55% | 50.92% | 56.51% | 1.37% | 61.46% | 61.53% | 48.99% | 53.1% | 50.74% |
| Gross Profit | 3.96B | 3.64B | 3.54B | 3.46B | 3.72B | 3.41B | 2.84B | 2.81B | 2.69B | 2.41B | 2.2B | 2.04B | 1.98B | 1.91B | 3.6B | 3.53B | 2.93B | 2.29B | 3.2B | 2.97B | 2.66B | 2.52B | 3.12B | 1.94B | 2.32B | 3.23B | 4.78B | 3.2B | 3.92B |
| Gross Margin % | 53.73% | 52.43% | 54.3% | 50.71% | 54.35% | 53.92% | 53.14% | 54.33% | 54.68% | 53.87% | 52.28% | 50.54% | 48.81% | 48.97% | 52.55% | 53.35% | 53.82% | 51.15% | 55.35% | 54.78% | 53.45% | 49.08% | 43.49% | 43.46% | 38.54% | 38.47% | 51.01% | 46.9% | 49.26% |
| Gross Profit Growth % | - | 3.06% | 2.02% | -6.9% | 9.25% | 20.09% | 1.14% | 4.39% | 11.54% | 9.65% | 7.64% | 3.29% | 3.62% | -47.09% | 2.13% | 20.44% | 27.84% | -28.29% | 7.65% | 11.7% | 5.39% | -19.24% | 60.81% | -16.15% | -28.3% | -32.36% | 49.08% | -18.23% | - |
| Operating Expenses | 2.32B | 2.16B | 2.05B | 2.12B | 2.1B | 2.06B | 1.99B | 1.86B | 1.78B | 1.57B | 1.58B | 1.52B | 1.56B | 1.52B | 2.48B | 2.46B | 2.36B | 2.25B | 2.4B | 2.38B | 2.19B | 2.34B | 2.74B | 49M | 3.92B | 4.01B | 3.85B | 2.78B | 3.48B |
| OpEx % of Revenue | - | 31.15% | 31.44% | 30.95% | 30.72% | 32.6% | 37.29% | 36.1% | 36.14% | 35.06% | 37.65% | 37.62% | 38.46% | 39.06% | 36.24% | 37.16% | 43.42% | 50.1% | 41.58% | 44% | 44.12% | 45.55% | 38.11% | 1.1% | 65.27% | 47.74% | 41.14% | 40.72% | 43.7% |
| Selling, General & Admin | 1.84B | 1.71B | 1.52B | 1.63B | 1.64B | 1.62B | 1.5B | 1.46B | 1.37B | 1.23B | 1.25B | 1.19B | 2.04B | 1.88B | 1.82B | 1.81B | 1.75B | 1.6B | 1.7B | 1.7B | 1.66B | 1.6B | 1.8B | 1.97B | 2.75B | 2.66B | 2.94B | 2.21B | 2.05B |
| SG&A % of Revenue | - | 24.6% | 23.32% | 23.91% | 23.9% | 25.62% | 28.02% | 28.28% | 27.96% | 27.48% | 29.82% | 29.45% | 50.47% | 48.28% | 26.49% | 27.35% | 32.18% | 35.77% | 29.39% | 31.37% | 33.38% | 31.19% | 25.12% | 44.05% | 45.82% | 31.67% | 31.41% | 32.28% | 25.78% |
| Research & Development | 485M | 455M | 479M | 481M | 467M | 441M | 495M | 404M | 385M | 339M | 329M | 330M | 719M | 704M | 668M | 649M | 612M | 642M | 704M | 685M | 655M | 738M | 933M | 1.05B | 1.17B | 1.35B | 1.26B | 997M | 948M |
| R&D % of Revenue | - | 6.55% | 7.36% | 7.04% | 6.82% | 6.98% | 9.27% | 7.82% | 7.83% | 7.58% | 7.83% | 8.17% | 17.76% | 18.08% | 9.74% | 9.81% | 11.24% | 14.33% | 12.19% | 12.64% | 13.17% | 14.36% | 12.99% | 23.52% | 19.45% | 16.07% | 13.44% | 14.6% | 11.92% |
| Other Operating Expenses | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 17M | 0 | 0 | 0 | -1.21B | -1.06B | 0 | 0 | 0 | 0 | 0 | 0 | -121M | 0 | 0 | -2.97B | 0 | 0 | -347M | -421M | 477M |
| Operating Income | 1.64B | 1.48B | 1.49B | 1.35B | 1.62B | 1.35B | 846M | 941M | 904M | 841M | 615M | 522M | 419M | 386M | 1.12B | 1.07B | 566M | 47M | 795M | 584M | 464M | 181M | 386M | -720M | -1.61B | -778M | 924M | 422M | 442M |
| Operating Margin % | 22.23% | 21.29% | 22.86% | 19.76% | 23.63% | 21.32% | 15.85% | 18.23% | 18.4% | 18.81% | 14.64% | 12.93% | 10.35% | 9.91% | 16.32% | 16.19% | 10.4% | 1.05% | 13.77% | 10.77% | 9.33% | 3.52% | 5.38% | -16.11% | -26.74% | -9.27% | 9.87% | 6.18% | 5.56% |
| Operating Income Growth % | - | -0.6% | 10.22% | -16.56% | 20.12% | 59.22% | -10.1% | 4.09% | 7.49% | 36.75% | 17.82% | 24.58% | 8.55% | -65.5% | 4.48% | 89.22% | 1104.26% | -94.09% | 36.13% | 25.86% | 156.35% | -53.11% | 153.61% | 55.2% | -106.56% | -184.2% | 118.96% | -4.52% | - |
| EBITDA | 1.91B | 1.77B | 1.75B | 1.62B | 1.94B | 1.67B | 1.15B | 1.18B | 1.11B | 1.05B | 861M | 775M | 802M | 758M | 1.42B | 1.32B | 766M | 209M | 996M | 775M | 634M | 361M | 604M | -358M | -872M | -44M | 1.38B | 862M | 919M |
| EBITDA Margin % | 25.91% | 25.43% | 26.8% | 23.72% | 28.26% | 26.4% | 21.61% | 22.84% | 22.67% | 23.55% | 20.49% | 19.19% | 19.81% | 19.47% | 20.71% | 20.02% | 14.07% | 4.66% | 17.25% | 14.3% | 12.75% | 7.02% | 8.41% | -8.01% | -14.51% | -0.52% | 14.78% | 12.62% | 11.56% |
| EBITDA Growth % | 10.4% | 1.26% | 7.65% | -16.23% | 16.01% | 44.54% | -2.12% | 5.83% | 5.79% | 22.3% | 11.1% | -3.37% | 5.8% | -46.62% | 7.25% | 72.85% | 266.51% | -79.02% | 28.52% | 22.24% | 75.62% | -40.23% | 268.72% | 58.95% | -1881.82% | -103.18% | 60.56% | -6.2% | - |
| D&A (Non-Cash Add-back) | 271M | 288M | 257M | 271M | 317M | 321M | 308M | 238M | 210M | 212M | 246M | 253M | 383M | 372M | 301M | 253M | 200M | 162M | 201M | 191M | 170M | 180M | 218M | 362M | 735M | 734M | 460M | 440M | 477M |
| EBIT | 1.76B | 1.55B | 1.62B | 1.43B | 1.59B | 1.44B | 920M | 993M | 1.02B | 882M | 616M | 546M | 339M | 386M | 1.14B | 1.12B | 788M | 95M | 938M | 584M | 464M | 328M | 263M | -720M | -1.61B | -778M | 924M | 422M | 442M |
| Net Interest Income | -46M | -50M | -16M | -44M | -75M | -79M | -70M | -38M | -37M | -57M | -61M | -59M | -101M | -100M | -92M | -72M | -76M | -59M | -10M | 81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 60M | 62M | 80M | 51M | 9M | 2M | 8M | 36M | 38M | 22M | 11M | 7M | 9M | 7M | 9M | 14M | 20M | 29M | 113M | 172M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 106M | 112M | 96M | 95M | 84M | 81M | 78M | 74M | 75M | 79M | 72M | 66M | 110M | 107M | 101M | 86M | 96M | 88M | 123M | 91M | 0 | 0 | 0 | 198M | 0 | 0 | 0 | 0 | 46M |
| Other Income/Expense | 19M | -44M | 33M | -11M | -114M | 13M | -4M | -22M | 42M | -38M | -71M | -42M | -190M | -93M | -76M | -39M | 126M | -40M | 20M | 86M | 163M | 73M | 54M | 24M | 60M | 301M | 94M | 41M | -46M |
| Pretax Income | 1.66B | 1.44B | 1.52B | 1.34B | 1.5B | 1.36B | 842M | 919M | 946M | 803M | 544M | 480M | 229M | 293M | 1.04B | 1.03B | 692M | 7M | 815M | 670M | 627M | 254M | 440M | -696M | -1.55B | -477M | 1.02B | 463M | 396M |
| Pretax Margin % | 22.49% | 20.65% | 23.36% | 19.6% | 21.96% | 21.52% | 15.77% | 17.8% | 19.25% | 17.96% | 12.95% | 11.89% | 5.66% | 7.52% | 15.21% | 15.6% | 12.71% | 0.16% | 14.12% | 12.36% | 12.61% | 4.94% | 6.13% | -15.58% | -25.74% | -5.68% | 10.87% | 6.78% | 4.98% |
| Income Tax | 218M | 132M | 232M | 99M | 250M | 150M | 123M | -152M | 630M | 119M | 82M | 42M | -3M | 68M | -110M | 20M | 8M | 38M | 122M | 32M | 91M | 155M | 57M | 1.09B | -525M | -71M | 346M | 157M | 139M |
| Effective Tax Rate % | 13.15% | 9.2% | 15.25% | 7.39% | 16.62% | 11.03% | 14.61% | -16.54% | 66.6% | 14.82% | 15.07% | 8.75% | -1.31% | 23.21% | -10.55% | 1.94% | 1.16% | 542.86% | 14.97% | 4.78% | 14.51% | 61.02% | 12.95% | -156.61% | 33.94% | 14.88% | 33.99% | 33.91% | 35.1% |
| Net Income | 1.44B | 1.3B | 1.29B | 1.24B | 1.25B | 1.21B | 719M | 1.07B | 316M | 684M | 460M | 401M | 549M | 724M | 1.15B | 1.01B | 684M | -31M | 693M | 638M | 3.31B | 141M | 369M | -2.06B | -1.03B | 168M | 757M | 512M | 257M |
| Net Margin % | 19.53% | 18.75% | 19.8% | 18.15% | 18.31% | 19.15% | 13.47% | 20.74% | 6.43% | 15.3% | 10.95% | 9.93% | 13.56% | 18.59% | 16.81% | 15.3% | 12.56% | -0.69% | 12% | 11.77% | 66.5% | 2.74% | 5.14% | -46.06% | -17.17% | 2% | 8.09% | 7.5% | 3.23% |
| Net Income Growth % | 18.03% | 1.09% | 3.95% | -1.12% | 3.64% | 68.29% | -32.87% | 238.92% | -53.8% | 48.7% | 14.71% | -26.96% | -24.17% | -37.21% | 13.93% | 47.95% | 2306.45% | -104.47% | 8.62% | -80.71% | 2245.39% | -61.79% | 117.93% | -99.42% | -714.29% | -77.81% | 47.85% | 99.22% | - |
| Net Income (Continuing) | 1.44B | 1.3B | 1.29B | 1.24B | 1.25B | 1.21B | 719M | 1.07B | 316M | 684M | 462M | 438M | 232M | 225M | 1.15B | 1.01B | 684M | -31M | 693M | 638M | 1.44B | 191M | 109M | -1.78B | -1.02B | -406M | 672M | 306M | 257M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37M | 317M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.87B | -50M | 242M | -13M | -10M | 646M | 85M | 206M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 4M | 3M | 3M | 3M | 3M | 3M | 8M | 8M | 0 | 0 | 0 | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.09 | 4.57 | 4.43 | 4.19 | 4.18 | 3.94 | 2.30 | 3.37 | 0.97 | 2.10 | 1.40 | 1.20 | 1.62 | 2.10 | 3.27 | 2.85 | 1.94 | -0.09 | 1.87 | 1.57 | 7.50 | 0.65 | 0.75 | -4.35 | -2.22 | 0.38 | 1.66 | 1.35 | 0.56 |
| EPS Growth % | 19.25% | 3.16% | 5.73% | 0.24% | 6.09% | 71.3% | -31.75% | 247.42% | -53.81% | 50% | 16.67% | -25.93% | -22.86% | -35.78% | 14.74% | 46.91% | 2265.18% | -104.79% | 19.11% | -79.07% | 1053.85% | -13.33% | 117.24% | -95.95% | -684.21% | -77.11% | 22.96% | 141.07% | - |
| EPS (Basic) | - | 4.59 | 4.44 | 4.22 | 4.19 | 3.98 | 2.33 | 3.41 | 0.98 | 2.12 | 1.42 | 1.20 | 1.65 | 2.12 | 3.31 | 2.92 | 1.97 | -0.09 | 1.91 | 1.62 | 7.67 | 0.66 | 0.76 | -4.35 | -2.22 | 0.38 | 1.68 | 1.35 | 0.58 |
| Diluted Shares Outstanding | 283M | 284M | 291M | 296M | 300M | 307M | 312M | 318M | 325M | 326M | 329M | 335M | 338M | 345M | 353M | 355M | 353M | 346M | 371M | 406M | 441M | 500M | 490M | 473M | 465M | 458M | 455M | 457.5M | 458.93M |
| Basic Shares Outstanding | 282M | 283M | 290M | 294M | 299M | 304M | 309M | 314M | 321M | 322M | 326M | 333M | 333M | 341M | 348M | 347M | 347M | 346M | 363M | 394M | 431M | 494M | 483M | 473M | 465M | 458M | 449M | 380M | 443.1M |
| Dividend Payout Ratio | - | 21.64% | 21.26% | 21.37% | 19.94% | 19.5% | 30.88% | 19.23% | 60.44% | 24.85% | 32.61% | 33.17% | 32.06% | 21.55% | 9.02% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying A stock.
For fiscal year 2025, Agilent Technologies, Inc. (A) reported total revenue of $6.95B. This represents a 12.6% decline compared to $7.95B in 1998.
Agilent Technologies, Inc. (A) is profitable, generating $1.30B in net income for the fiscal year ending 2025 with a net profit margin of 18.8%.
Agilent Technologies, Inc. (A) reported an operating income of $1.48B, resulting in an operating profit margin of 21.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Agilent Technologies, Inc. (A) generated $3.64B in gross profit for the year, representing a gross profit margin of 52.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
China market dependency
Metrics are mathematically derived from official filings.
Growth Reacceleration After Cyclical Trough
Agilent's revenue growth has reaccelerated from a low of 0.8% in 2024Q4 to 10.0% in 2026Q2, suggesting a successful navigation through the post-pandemic biopharma CAPEX slowdown and a recovery in applied markets.
The sequential improvement in year-over-year revenue growth from near-flat in late 2024 to high-single digits and now double digits indicates a cyclical upturn is underway. This acceleration appears driven by a combination of recovering instrument demand in the Life Sciences segment and steady pull-through of high-margin consumables via the CrossLab model. The durability of this trend will depend on sustained Biopharma R&D spending and the continued regulatory-driven demand in food and environmental testing.
Gross Margin Expansion Drives Profitability
Gross margins have expanded by over 300 basis points from 52.4% in 2026Q1 to 55.5% in 2026Q3, indicating strong pricing power and a favorable mix shift toward higher-margin software and service revenues.
The recent gross margin expansion to 55.5% places Agilent's profitability above its historical average and closer to peer Waters Corporation's 57.8%, suggesting the company is successfully leveraging its integrated ecosystem to command premium pricing. This structural improvement appears to be driven by the growing contribution from the high-margin Agilent CrossLab segment, which captures recurring revenue from consumables and services. The sustainability of these elevated margins will be a key focus, as any commoditization in core chromatography markets could pressure this key profitability driver.
Operating Leverage Amplifies Revenue Growth
Operating income grew 23.3% year-over-year in 2026Q3, significantly outpacing revenue growth of 8.1%, demonstrating effective cost control and the high operating leverage inherent in Agilent's fixed-cost R&D and service infrastructure.
The substantial operating leverage is evident in the expansion of the operating margin from 20.7% in 2025Q3 to 23.6% in the latest quarter, as incremental revenue flows through to profit with minimal incremental SG&A. This suggests management has maintained disciplined overhead spending while scaling the business, a critical factor for earnings durability. Investors should monitor whether this leverage can be sustained as the company invests in growth initiatives for its genomics and diagnostics portfolio.
EPS Growth Outpaces Net Income Growth
Diluted EPS grew 8.5% year-over-year in 2026Q3, slightly outpacing net income growth of 7.7%, which appears to be supported by a consistent share repurchase program that is reducing the share count.
The modest acceleration in EPS growth relative to net income suggests that capital allocation through share repurchases is providing a tailwind to per-share results. The quality of earnings appears solid, with net income closely tracking operating income and no significant non-operating items distorting the results in recent quarters. However, the impact of stock-based compensation, which has averaged around $32 million per quarter, remains a non-cash expense that investors should adjust for when evaluating true cash earnings power.
SG&A Discipline Underpins Margin Expansion
SG&A expenses as a percentage of revenue have declined from 24.0% in 2024Q4 to 25.0% in 2026Q3, despite absolute dollar increases, indicating effective management of corporate overhead relative to the top line.
The cost structure shows a clear focus on controlling discretionary spending, with SG&A growth lagging revenue growth over the past several quarters. This discipline is a primary driver of the operating margin expansion and suggests management is prioritizing profitability over unbridled spending. The key cost risk appears to be in the specialized labor required for the global field service network, which could face inflationary pressures, but so far this has been managed effectively within the current cost framework.
Margin Sustainability Faces Cyclical Headwinds
The recent peak in operating margins to 23.6% may be difficult to sustain, as it coincides with a cyclical revenue recovery that could normalize, and the company faces persistent competitive threats in the high-growth genomics space.
A short-seller would focus on the risk that the current margin expansion is partly cyclical, driven by a recovery in instrument demand that may not persist at the same pace. Furthermore, increasing competition in NGS library preparation and diagnostics could pressure margins in the DGG segment if Agilent's proprietary chemistries face commoditization. The company's significant exposure to China, a market with geopolitical and regulatory uncertainties, represents a material risk to both growth and profitability that could invalidate the current positive trajectory.