Agilent Technologies Inc.

Q2 2026 results beat expectations; Ignite benefits look “structurally embedded” - Revenue $1.83B, up 6.3% core (reported +10%), above high end of guidance by ~80 bps. - Operating margin 26.4%: +130 bps YoY and +180 bps sequential, well above guidance. - EPS $1.49, +14% YoY, also above the top end of guidance by $0.07. - Management attributes strength to Ignite operating system impacts: strategic pricing, productivity/structural simplification, supply chain agility, and execution discipline.

Full-year outlook raised modestly (growth + profitability); margin expansion target increased - FY26 core growth now 4.5%–6.0% (reported $7.39B–$7.49B), up ~30 bps at midpoint vs prior guide. - EPS raised to $6.00–$6.10 (up $0.08 at midpoint), implying 7%–9% earnings growth. - Operating margin expansion target increased to +85 bps at midpoint (from prior target), driven by continued Ignite momentum. - Capital expenditures: ~$450M, reduced $50M vs prior guide. - Operating cash flow guidance unchanged at $1.2B–$1.7B. - Notes: Guidance does NOT include Biocare impact or potential tariff refunds; assumes forecast FX.

Segment/end-market momentum is broad-based; notable weakness in China + pressure points in Food - Pharma +6% YoY; biotech low double digits; GLP-1 momentum ~20% growth YTD. - Chemicals & advanced materials +8% (semiconductor demand + healthy CapEx); management flags Middle East/geopolitical inflation/cost pressure as a factor but expects Ignite to absorb it. - Diagnostics & clinical +11%; cancer diagnostics expansion; forensics strong with >50% growth (including TSA-related opportunity). - Academia & government -5% as expected. - Food -3% (downside from funding delays in China/India and Middle East-related inflationary headwinds). - China revenue -9% YoY in Q2 (about flat on a first-half basis, in line with FY guide); ex China, performance stronger.