Earnings Recap — Q3 FY2026
CY Q3 2026 · Reported August 26, 2026 · Beat 5 of last 6 quarters
Agilent Technologies, Inc. reported Q3 FY2026 revenue of $1.88B, a beat of 2.0% against consensus, and EPS of $1.62, a beat of 8.7%.
The Buildout is a website built on agentic AI tools, currently in beta, and could have factual errors.
Agilent's strong quarter, particularly in China and advanced materials, underscores the broad-based nature of the AI infrastructure buildout, which is driving demand for analytical instruments used in semiconductor manufacturing and materials testing. The company's raised guidance and robust new product ramps suggest sustained investment in lab infrastructure, a key component of the AI supply chain.
Agilent reported Q3 FY2026 revenue of $1.88 billion, up 7.3% core, with EPS of $1.62 (ex-refund $1.56, up 14%). Pharma grew 12%, led by nearly 30% growth in the Advanced Therapeutics CDMO division; China grew 9% versus flat expectations. Operating margin expanded 210 bps YoY ex-refund to 27.2%, driven by pricing and Ignite efficiencies. The company raised full-year guidance and highlighted strong new product ramps, including the 9500 ICP-MS with a $60M funnel and GC orders exceeding expectations by 2x.
Management raised full-year FY2026 core revenue growth guidance to 5.8%–6.0% (up 65 bps at midpoint) and EPS guidance to $6.18–$6.21 (ex-refund $6.12–$6.15, up $0.15 at midpoint). They see continued momentum in China, pharma reshoring orders building through year-end with revenue contributions in FY2027, and strong demand for new products (9500 ICP-MS, 8890B/8860B GCs, Altura columns). They noted that operating margin expansion in Q3 was over 210 bps year-over-year excluding tariff refunds, and they expect ATD growth to be flattish in Q4 due to a tough compare. Management expressed confidence in the future, citing Ignite-driven efficiencies and a strong pipeline.
“Make no mistake, our extraordinary Q3 results are no accident, nor are purely a function of improving end markets. Rather, they reflect the momentum created by our 4 key elements of our strategy.”
on Execution and strategy
“We have now surpassed our initial full year target of more than 100 basis points.”
on Strategic pricing
“We have secured reshoring orders from 5 of the top 10 pharma companies in the world in the third quarter alone.”
on Pharma reshoring
Can you talk about the visibility on the specialty CDMO business into 2027, given strong GLP-1 demand and questions about top customers in NASD?
Management expressed confidence in mid-teens growth over the LRP period. Train C comes online in spring, with majority of capacity already spoken for. Order book building nicely, and base CDMO capacity will hit full capacity as Train C ramps.
On reshoring, you noted orders from 5 customers ahead of expectations. Any way to quantify order size or change to the $1 billion industry opportunity?
Management reaffirmed the $1 billion opportunity through 2030, expecting to win at least 1/3. They noted 15,000 instruments installed globally at onshoring sites, with revenue contributions building in FY2027. 75% of MFN signatories are in their strategic customer program.
On the CDMO guide, you're guiding 12% had been mid-teens. How much was timing, and can you quantify bookings or existing vs new demand?
Management attributed the flattish Q4 to timing of regulatory submissions. For FY2027, 75% of available Train C capacity is spoken for with POs, and they highlighted strong demand for siRNA modality with larger indications.