Agilent delivered a clean beat-and-raise quarter with accelerating core growth (6.3% vs 4.4% in Q1) and margin expansion. The raised FY guidance signals sustained momentum in the instrument replacement cycle and enterprise services. Watch for continued execution on the Ignite operating system and potential for further upside if core growth sustains above 5%.
Price Chart
Executive Summary
Agilent reported strong Q2 FY2026 results with revenue of $1.835B (+10% YoY reported, +6.3% core) and non-GAAP EPS of $1.49 (+14% YoY), matching consensus. The company raised full-year FY2026 revenue guidance by 30 bps at the midpoint and increased non-GAAP EPS guidance by $0.08 at the midpoint, driven by broad-based strength across all segments and margin expansion. A routine accounting officer transition was also disclosed.
Key Financial Metrics
Key Facts
- Q2 FY2026 revenue of $1.835B, up 10% reported and 6.3% core YoY, above prior guidance midpoint
- Non-GAAP EPS of $1.49, up 14% YoY, matching consensus of $1.49
- GAAP EPS of $1.20, up 60% YoY from $0.75
- Non-GAAP operating margin of 26.4%, expanding 130 bps YoY and 180 bps sequentially
- FY2026 revenue guidance raised to $7.39B-$7.49B (midpoint +30 bps), core growth 4.5%-6.0%
- FY2026 non-GAAP EPS guidance raised to $6.00-$6.10 (midpoint +$0.08)
- Q3 FY2026 revenue guidance $1.83B-$1.85B, non-GAAP EPS $1.48-$1.50
- Life Sciences & Diagnostics Group revenue +12% reported (+9% core); Applied Markets +14% reported (+11% core)
- Tim Downs appointed VP, Chief Accounting Officer, replacing retiring Rodney Gonsalves
- Operating cash flow $545M for H1 FY2026 vs $652M prior year; $217M in share repurchases YTD
Financial Impact
Revenue beat prior guidance midpoint by ~$15M; FY guidance raised by ~$30M at midpoint; EPS guidance raised by $0.08 at midpoint
Risk Factors
- Currency headwinds (4 ppt impact on reported revenue in Q2)
- Geopolitical and tariff uncertainties cited in forward-looking statements
- Operating cash flow declined to $545M H1 FY2026 from $652M H1 FY2025 due to higher tax payments and working capital build
- Transformational initiative costs of $39M in Q2 may persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001090872-26-000052 |
| Document: a-20260520.htm | 0001090872-26-000052 |
| Document: 0001090872-26-000052-index-headers.html | 0001090872-26-000052 |
| Document: 0001090872-26-000052-index.html | 0001090872-26-000052 |
| Document: 0001090872-26-000052.txt | 0001090872-26-000052 |
| 8-K Data (Synthetic) | 0001090872-26-000052 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 1, 2026 8w ago | Institutional Cluster | $139.80 $153.56 | ▲ +9.84% | ▲ +8.60% | $168.41 (+20.47%) |
Jun 25, 2026 14w ago | 8-K | $136.01 $139.74 | ▲ +2.74% | ▲ +1.48% | $168.41 (+23.83%) |
May 27, 2026 18w ago | 8-K | $135.31 $135.51 | ▲ +0.15% | ▲ +2.84% | $168.41 (+24.47%) |
May 4, 2026 21w ago | 8-K | $112.10 $135.98 | ▲ +21.31% | ▲ +15.66% | $168.41 (+50.24%) |
Apr 3, 2026 25w ago | 8-K | $114.84 $112.10 | ▼ −2.39% | ▼ −11.37% | $168.41 (+46.65%) |
Feb 25, 2026 31w ago | 8-K | $124.61 $112.93 | ▼ −9.37% | ▼ −4.14% | $168.41 (+35.16%) |
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