Business Description
Agilent Technologies, Inc. is a global provider of analytical instruments, software, services, and consumables for laboratory workflows. Headquartered in Santa Clara, California, the company primarily serves the life sciences, diagnostics, and applied chemical markets. Originally established as a spin-off from Hewlett-Packard in 1999, Agilent focuses on enabling scientific research and clinical diagnostics.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 6,948,000 | 6,510,000 | 6,833,000 | 6,848,000 |
| Cost of Sales | 3,305,000 | 2,975,000 | 3,368,000 | 3,126,000 |
| Gross Profit | 3,643,000 | 3,535,000 | 3,465,000 | 3,722,000 |
| Selling, General & Administrative Expenses | 1,709,000 | 1,568,000 | 1,634,000 | 1,637,000 |
| Research & Development Expenses | 455,000 | 479,000 | 481,000 | 467,000 |
| Operating Profit | 1,479,000 | 1,488,000 | 1,350,000 | 1,618,000 |
| Interest and Investment Income | 62,000 | 80,000 | 51,000 | 9,000 |
| Interest Expense | (112,000) | (96,000) | (95,000) | (84,000) |
| Non-Operating Income | 6,000 | 49,000 | 33,000 | (39,000) |
| Total Non-Operating Income | (44,000) | 33,000 | (11,000) | (114,000) |
| Income Before Provision for Income Taxes | 1,435,000 | 1,521,000 | 1,339,000 | 1,504,000 |
| Provision for Income Taxes | 132,000 | 232,000 | 99,000 | 250,000 |
| Consolidated Net Income | 1,303,000 | 1,289,000 | 1,240,000 | 1,254,000 |
| Net Income Attributable to Common Shareholders | 1,303,000 | 1,289,000 | 1,240,000 | 1,254,000 |
| Basic EPS | 4.59 | 4.44 | 4.22 | 4.19 |
| Diluted EPS | 4.57 | 4.43 | 4.19 | 4.18 |
| Basic Weighted Average Shares Outstanding | 284,000 | 290,000 | 294,000 | 299,000 |
| Diluted Weighted Average Shares Outstanding | 285,000 | 291,000 | 296,000 | 300,000 |
| Shares Outstanding | 283,054 | 285,193 | 292,123 | 295,259 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,789,000 | 1,329,000 | 1,590,000 | 1,053,000 |
| Total Cash and Cash Equivalents | 1,789,000 | 1,329,000 | 1,590,000 | 1,053,000 |
| Accounts Receivable | 1,487,000 | 1,324,000 | 1,291,000 | 1,405,000 |
| Total Trade Receivables | 1,487,000 | 1,324,000 | 1,291,000 | 1,405,000 |
| Inventories | 1,025,000 | 972,000 | 1,031,000 | 1,038,000 |
| Other Current Assets | 293,000 | 334,000 | 274,000 | 282,000 |
| Total Current Assets | 4,594,000 | 3,959,000 | 4,186,000 | 3,778,000 |
| Net Property, Plant & Equipment | 2,023,000 | 1,778,000 | 1,270,000 | 1,100,000 |
| Net Intangible Assets | 445,000 | 547,000 | 475,000 | 821,000 |
| Goodwill | 4,473,000 | 4,477,000 | 3,960,000 | 3,952,000 |
| Long-Term Investments | 133,000 | 175,000 | 164,000 | 195,000 |
| Other Long-Term Assets | 1,059,000 | 910,000 | 708,000 | 686,000 |
| Total Assets | 12,727,000 | 11,846,000 | 10,763,000 | 10,532,000 |
| Accounts Payable | 570,000 | 540,000 | 418,000 | 580,000 |
| Accrued Expenses | 849,000 | 766,000 | 680,000 | 784,000 |
| Short-Term Debt | 304,000 | 45,000 | — | 36,000 |
| Unearned Revenue | 624,000 | 544,000 | 505,000 | 461,000 |
| Total Current Liabilities | 2,347,000 | 1,895,000 | 1,603,000 | 1,861,000 |
| Long-Term Debt | 3,050,000 | 3,345,000 | 2,735,000 | 2,733,000 |
| Other Long-Term Liabilities | 589,000 | 708,000 | 580,000 | 633,000 |
| Total Long-Term Liabilities | 3,639,000 | 4,053,000 | 3,315,000 | 3,366,000 |
| Total Liabilities | 5,986,000 | 5,948,000 | 4,918,000 | 5,227,000 |
| Common Stock | 3,000 | 3,000 | 3,000 | 3,000 |
| Additional Paid-in Capital | 5,575,000 | 5,450,000 | 5,387,000 | 5,325,000 |
| Accumulated Other Comprehensive Income | (226,000) | (305,000) | (327,000) | (347,000) |
| Retained Earnings | 1,389,000 | 750,000 | 782,000 | 324,000 |
| Total Common Shareholders' Equity | 6,741,000 | 5,898,000 | 5,845,000 | 5,305,000 |
| Total Shareholders' Equity | 6,741,000 | 5,898,000 | 5,845,000 | 5,305,000 |
| Total Liabilities and Shareholders' Equity | 12,727,000 | 11,846,000 | 10,763,000 | 10,532,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 1,303,000 | 1,289,000 | 1,240,000 | 1,254,000 |
| Depreciation & Amortization | 288,000 | 257,000 | 271,000 | 317,000 |
| Share-Based Compensation Expense | 128,000 | 129,000 | 111,000 | 125,000 |
| Other Adjustments | (29,000) | (7,000) | 266,000 | 94,000 |
| Changes in Trade Receivables | (149,000) | 7,000 | 132,000 | (321,000) |
| Changes in Inventories | (97,000) | 34,000 | (33,000) | (248,000) |
| Changes in Accounts Payable | 16,000 | 103,000 | (171,000) | 121,000 |
| Changes in Accrued Expenses | 69,000 | (12,000) | (91,000) | (22,000) |
| Changes in Other Operating Activities | 30,000 | (49,000) | 47,000 | (8,000) |
| Cash from Operating Activities | 1,559,000 | 1,751,000 | 1,772,000 | 1,312,000 |
| Capital Expenditure | (407,000) | (378,000) | (298,000) | (291,000) |
| Purchases of Investments | — | (5,000) | (8,000) | (13,000) |
| Proceeds from Sale of Investments | 8,000 | — | 5,000 | 22,000 |
| Payments for Business Acquisitions | 4,000 | (862,000) | (51,000) | (52,000) |
| Proceeds from Business Divestments | — | — | 50,000 | — |
| Other Investing Activities | 1,000 | (13,000) | (8,000) | (4,000) |
| Cash from Investing Activities | (394,000) | (1,258,000) | (310,000) | (338,000) |
| Issuance of Short-Term Debt | (42,000) | 40,000 | (35,000) | 35,000 |
| Net Issuance / (Repayments) of Short-Term Debt | (42,000) | 40,000 | (35,000) | 35,000 |
| Issuance of Long-Term Debt | 4,000 | 1,197,000 | — | 600,000 |
| Repayments of Long-Term Debt | (3,000) | (600,000) | — | (609,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 1,000 | 597,000 | — | (9,000) |
| Issuance of Common Shares | 72,000 | 77,000 | 67,000 | 58,000 |
| Repurchases of Common Shares | (454,000) | (1,180,000) | (629,000) | (1,206,000) |
| Net Issuance / (Repurchases) of Common Shares | (382,000) | (1,103,000) | (562,000) | (1,148,000) |
| Common Share Dividends Paid | (282,000) | (274,000) | (265,000) | (250,000) |
| Other Financing Activities | (10,000) | (12,000) | (68,000) | — |
| Cash from Financing Activities | (715,000) | (752,000) | (930,000) | (1,372,000) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 9,000 | (2,000) | 5,000 | (36,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 459,000 | (261,000) | 537,000 | (434,000) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $41.43B |
| P/E | 32.03x |
| P/S | 5.96x |
| EV/EBITDA | 24.33x |
| Return on Equity | 20.6% |
| Return on Invested Capital | 15.3% |
| Current Ratio | 1.96x |
| Dividend Yield | 0.7% |
| Free Cash Flow Margin | 16.6% |
Margins
Gross margin
52.4%
Operating margin
21.3%
Net margin
18.8%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $1.83B | +10.0% | 21.7% | $399M |
| Q1 2026 | $1.80B | +7.0% | 19.6% | $353M |
| Q4 2025 | $1.86B | +9.4% | 23.8% | $443M |
| Q3 2025 | $1.74B | +10.1% | 20.7% | $360M |
| Q2 2025 | $1.67B | — | 18.0% | $300M |
| Q1 2025 | $1.68B | — | 22.4% | $376M |
| Q4 2024 | $1.70B | — | 24.0% | $408M |
| Q3 2024 | $1.58B | — | 21.1% | $333M |
More on Agilent Technologies, Inc.
Figures compiled from public company filings.
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