Agilent Technologies Inc.

Q3 results: strong upside vs guidance + big operating leverage (Ignite in action) - Revenue: $1.88B, up 7.3% core (reported +8.1%), above the high end of guidance by 140 bps. - Operating margin: 28.3% including ~$20M tariff refund benefit; 27.2% ex refunds, +210 bps YoY, ahead of implied guidance (26.4%). - EPS: $1.62 including ~$0.06 refund; $1.56 ex refunds, +14% YoY, above the high end of guidance ($1.48–$1.50). - Cash returns: $519M operating cash flow, $439M free cash flow (96% net income conversion); $78M share repurchases and $72M dividends in Q3.

Full-year and Q4 guidance raised: EPS growth expected to stay strong - FY26 core growth raised to 5.8%–6.0% (reported revenue guide $7.49B–$7.51B), up 65 bps at midpoint vs prior guide. - FY26 EPS raised to $6.12–$6.15 ex refunds (midpoint +0.15 prior guide); ~10% growth ex refunds (and ~11% including refunds). - Operating margin expansion target raised: >100 bps at midpoint ex refunds (previously 85 bps). - Q4 revenue: $1.98B–$2.0B reported (implies ~5.2%–6.2% core; currency headwind ~10 bps). - Q4 EPS: $1.71–$1.74, +8%–9% YoY, and no future tariff refund benefit assumed in Q4 modeling. - Spending/capex: capex ~$450M for FY26; operating cash flow $1.6B–$1.7B unchanged.

End-market performance: pharma and China surprised positively; diagnostics slightly soft vs top guide but order momentum strong - Pharma +12% (ahead of high single-digit expectation); biotech double-digit, small molecule mid-single digit. - GLP-1 momentum: >70% YoY growth in the quarter; CDMO + analytical labs contributing. - Advanced therapeutics (NASD/Biovectra specialty CDMO): nearly +30% growth; company expects ATD to be flattish in Q4 due to a tougher comp (>40%), with Train C revenue ramp coming. - Applied markets: Chemicals & advanced materials +7% (ahead of mid-single-digit guide); Diagnostics & clinical high-end mid-single-digit, slightly below expectations, but double-digit order growth in pathology supports durability. - China +9% (vs flat expectation), led by pharma and food; management sees momentum continuing into year-end (minimal stimulus benefit cited).