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Agilent Technologies (A) FY2025 results: revenue $6.9 billion, up 6.7% on the year

Agilent Technologies, Inc. (A) reported revenue of $6.9 billion for fiscal 2025, the year ended 31 October 2025, up 6.7% on the year before. Net income was $1.3 billion, up 1.1%, and diluted earnings per share $4.57. The figures are the company's own, from the 10-K it filed with the SEC on 22 December 2025.

Revenue
$6.9 billion
+6.7% on the year
FY2018FY2025
Operating margin
21.3%
22.9% a year earlier
FY2018FY2025
Net income
$1.3 billion
+1.1% on the year
FY2018FY2025
Diluted EPS
$4.57
+3.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 lowered, 4 new.

  • Fourth-quarter revenue rose 9.4%: Fourth-quarter revenue was $1,861 million, against $1,701 million a year earlier, up 9.4% reported and 7.2% core.
  • Fourth-quarter GAAP and non-GAAP EPS: GAAP net income was $434 million, or $1.53 per share, against $351 million, or $1.22. Non-GAAP net income was $452 million, or $1.59 per share, against $418 million, or $1.46.
  • Fiscal 2025 revenue and EPS: Fiscal 2025 revenue was $6.95 billion, up 6.7% reported and 4.9% core. GAAP EPS was $4.57 and non-GAAP EPS was $5.59, up 6%.
  • Life Sciences and Diagnostics up 15%: LDG revenue was $755 million, up 15% reported and 11% core. Its operating margin was 22.7%, against 21.5% a year earlier.
  • Operating cash flow fell in fiscal 2025: Net cash from operations was $1.559 billion in fiscal 2025, against $1.751 billion. Payments for property, plant and equipment were $407 million, against $378 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Agilent Technologies sells instruments, software, services and consumables covering the whole laboratory workflow, into life sciences, diagnostics and applied markets. It was incorporated in Delaware in May 1999. The financial year ends on 31 October. In November 2024 the company reorganised, and it now reports three segments: Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, with all historical segment figures recast to match. The former Diagnostics and Genomics segment was combined with the liquid chromatography platforms to make the first of those; chemistries and supplies, laboratory automation and software and informatics moved into CrossLab; and gas chromatography, remarketed instruments, spectroscopy and vacuum became Applied Markets.

Agilent Technologies, Inc., the 10-K for 2025

Agilent Technologies sells instruments, software, services and consumables covering the whole laboratory workflow, into life sciences, diagnostics and applied markets. It was incorporated in Delaware in May 1999. The financial year ends on 31 October. In November 2024 the company reorganised, and it now reports three segments: Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, with all historical segment figures recast to match. The former Diagnostics and Genomics segment was combined with the liquid chromatography platforms to make the first of those; chemistries and supplies, laboratory automation and software and informatics moved into CrossLab; and gas chromatography, remarketed instruments, spectroscopy and vacuum became Applied Markets.

Life sciences and diagnostics

Seven areas of activity sit in this segment. It supplies active pharmaceutical ingredients for oligo-based therapeutics, and reagents, instruments, software and consumables that let customers in clinical and life sciences research examine samples at the cellular and molecular level. Liquid chromatography and liquid chromatography mass spectrometry are the instrument platforms here. Cell analysis covers instruments, reagents, software and labware for live-cell analysis platforms, plus flow cytometers, plate-readers and plate washers and dispensers. The segment also holds companion diagnostics, a contract development and manufacturing organisation providing specialty services for pharmaceutical customers, and biomolecular analysis. It sells mainly into pharmaceutical and biopharmaceutical, diagnostics and clinical, and academic and government markets, and also into chemicals and advanced materials, food and environmental, and forensics. There were approximately 22,200 customers in fiscal 2025.

Agilent CrossLab

CrossLab is the services and consumables business, spanning the whole lab rather than a single instrument. Services run to repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting and custom work tailored to particular industries and to keeping instruments operational and compliant. Alongside that sit chemistries and supplies, software and informatics, and laboratory automation. There were approximately 59,700 CrossLab customers in fiscal 2025, many of whom also buy from the other two segments. The filing makes a point about how this segment behaves: services and consumables are mostly recurring and less exposed to market seasonality and industry cycles than the instrument businesses, and the vendor-neutral part of the portfolio performs relatively independently of Agilent's own instruments. The software business is tied to the installed base and to new instrument sales, and the automation business is the piece most tied to instrument cycles.

Applied Markets

This segment sells instruments and software that identify, quantify and analyse the physical and biological properties of substances and products. Gas chromatography and gas chromatography mass spectrometry cover testing for volatile and semi-volatile contaminants, so food safety, water and consumer product quality, fuels and chemical purity. The spectroscopy line, meaning inductively coupled plasma mass spectrometry, inductively coupled plasma optical emission spectrometry, atomic absorption and microwave plasma-atomic emission spectrometry, measures metals and elemental signatures in samples, used in food safety, environmental quality, chemicals manufacture, advanced materials and energy. Vacuum technology and remarketed instruments also sit here. There were approximately 17,200 customers in fiscal 2025, many of whom also buy from CrossLab.

How it sells and where it builds

Selling is multi-channel: direct sales to major accounts, supplemented by sales agents for broader geographic coverage and smaller accounts, a reseller programme, manufacturers' representatives and distributors, with consumables going through distributors, electronic commerce and direct sales. Manufacturing assembles highly configurable products to individual customer orders and makes standard products to stock, with third parties used selectively for some manufacturing, warehousing and logistics. United States plants sit in California, Colorado, Delaware, Iowa, Massachusetts, Texas and Vermont, and plants outside it in Canada, China, Denmark, Germany, Malaysia and Singapore. FDA registered sites are in California, Colorado, Texas, Vermont, Canada, Denmark and Germany.

The shared spine

Order fulfilment and supply chain operations are centralised in one organisation serving all three businesses, providing manufacturing, engineering and strategic sourcing. Behind that a global infrastructure organisation supplies shared finance, information technology, legal, some procurement, workplace services and human resources.

From Agilent Technologies' annual report on Form 10-K for the year ended 31 October 2025. The filing

Written from the 10-K filed 22 December 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,9486,5106,833+6.7%
Cost of revenue3,3052,9753,368+11.1%
Gross profit3,6433,5353,465+3.1%
Gross margin52.4%54.3%50.7%
Research and development455479481-5.0%
Selling, general and administrative1,7091,5681,634+9.0%
Operating income1,4791,4881,350-0.6%
Operating margin21.3%22.9%19.8%
Interest expense11296.095.0+16.7%
Pre-tax income1,4351,5211,339-5.7%
Income tax13223299.0-43.1%
Effective tax rate9.2%15.3%7.4%
Net income1,3031,2891,240+1.1%
Net margin18.8%19.8%18.1%
Diluted EPS$4.57$4.43$4.19+3.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,5591,7511,772-11.0%
Capital expenditure407378298+7.7%
Free cash flow1,1521,3731,474-16.1%
Free cash flow margin16.6%21.1%21.6%
Cash from investing-394-1,258-310
Cash from financing-715-752-930
Depreciation and amortisation288257271+12.1%
Share-based compensation128129111-0.8%
Buybacks4251,150575-63.0%
Dividends paid282274265+2.9%
Dividend per share$0.99$0.94$0.90+5.1%
Diluted shares, weighted285m291m296m-2.1%
Shares outstanding at period end283m285m292m-0.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,7415,8985,845+14.3%
Short-term borrowingsn/an/a0.0
Debt3,3543,3902,735-1.1%
Operating lease liabilities145142118+2.1%
Other liabilities2,4872,4162,065+2.9%
Total liabilities and equity12,72711,84610,763+7.4%
Fixed assets2,0231,7781,270+13.8%
Goodwill4,4734,4773,960-0.1%
Intangible assets445547475-18.6%
Investments133175164-24.0%
Trading assets41.043.036.0-4.7%
Cash and equivalents1,7891,3291,590+34.6%
Receivables1,4871,3241,291+12.3%
Inventory1,0259721,031+5.5%
Other assets1,3111,201946+9.2%
Total assets12,72711,84610,763+7.4%

10-K for the year ended 31 October 2025, filed 22 December 2025: the filing.