Agilent Technologies, Inc.

Q3 headline results beat guidance (strong execution + operating leverage) - Revenue $1.88B, +7.3% core (reported +8.1%), beating the high end of guidance by 140 bps. - Operating margin: 27.2% ex tariff refunds, +210 bps YoY; 28.3% including $20M net tariff refunds. - EPS: $1.56 ex refunds (+14% YoY), $0.06 above the top of the guided range ($1.48–$1.50). $1.62 including $0.06 tariff refund benefit. - Cash: Operating cash flow $519M, Free cash flow $439M, 96% non-GAAP net income conversion ratio.

End-market performance: broad-based strength, with China and instruments standing out - Pharma +12% (ahead of high-single-digit expectations); GLP-1 >70% YoY growth; ATD (NASD/BIOVECTRA CDMO) nearly +30%. - Applied markets: Chemicals & advanced materials +7% (ahead of mid-single digits); Diagnostics & clinical at high end of mid-single digits; underlying orders grew double digits (supports durability). - China +9% (well above flat expectation) with minimal stimulus; competitive wins included multiple CXOs + enterprise service contract. - Instruments: LC low double-digit growth (strong Infinity III adoption; upgrade value) and GC low single-digit growth on a tougher compare. - Book-to-bill >1 for the 10th consecutive quarter (instrument demand supports near-term visibility).

Key growth/innovation catalysts (opportunities) - New product cycle ramping: 9500 ICP-MS and next-gen 8890B/8860B GCs tracking ahead of plan; 9500 shipments started late July and already exceeded ramp-to-volume target; funnel >$60M. - Consumables “land-and-expand”: Altura column family expansion drove 28% QoQ growth in new biopharma accounts adopting Altura; initial adoption expands to multiple chemistries. - Pathology momentum: Omnis family + Biocare integration (closed late June) starting to contribute (Biocare $10M revenue in Q3). - Reshoring tailwinds: Initial pharma reshoring orders booked in Q3; company expects more impact toward year-end, with revenue building in FY27+.