AGILENT TECHNOLOGIES, INC.

Previous wording

Net revenue of $1,738 million and $5,087 million for the three and nine months ended July 31, 2025 increased 10 percent and 6 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 2 percentage point favorable impact and no impact, respectively, when compared to the same periods last year. For the three and nine months ended July 31, 2025, revenue growth came from all of our segments, all geographic regions we serve and most of our key end markets when compared to the same periods last year. Revenue from our BIOVECTRA acquisition contributed approximately 2 percentage points in both the three and nine months ended July 31, 2025. Revenue generated by our Life Sciences and Diagnostics Markets segment for the three and nine months ended July 31, 2025 increased 14 percent and 9 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 2 percentage point favorable impact and no impact, respectively, when compared to the same periods last year. Revenue generated by our Agilent CrossLab segment for the three and nine months ended July 31, 2025 increased 8 percent and 5 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 3 percentage point favorable impact and 1 percentage point unfavorable impact, respectively, when compared to the same periods last year. Revenue generated by our Applied Markets segment for the three and nine months ended July 31, 2025 increased 7 percent and was flat, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025, had a 2 percentage point favorable impact and no impact, respectively, when compared to the same periods last year.

Current wording

Net revenue of $1,798 million for the three months ended January 31, 2026 increased 7 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 3 percentage point favorable impact when compared to the same period last year. For the three months ended January 31, 2026, revenue growth came from all of our segments, all geographic regions we serve and most of our key end markets when compared to the same periods last year. Revenue generated by our Life Sciences and Diagnostics Markets segment for the three months ended January 31, 2026 increased 5 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 2 percentage point favorable impact when compared to the same period last year. Revenue generated by our Agilent CrossLab segment for the three months ended January 31, 2026 increased 9 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 3 percentage point favorable impact when compared to the same period last year. Revenue generated by our Applied Markets segment for the three months ended January 31, 2026 increased 7 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026, had a 3 percentage point favorable impact when compared to the same period last year.

Previous wording

Net income for the three and nine months ended July 31, 2025 was $336 million and $869 million, respectively, compared to net income of $282 million and $938 million for the corresponding periods last year. In the nine months ended July 31, 2025, cash provided by operations was $1,014 million compared to cash provided by operations of $1,270 million in the same period last year.

Current wording

Net income for the three months ended January 31, 2026 was $305 million compared to net income of $318 million for the corresponding period last year. In the three months ended January 31, 2026, cash provided by operations was $268 million compared to cash provided by operations of $431 million in the same period last year.

Previous wording

Dividends. During the three and nine months ended July 31, 2025, we paid cash dividends of $0.248 per common share or $71 million and $0.744 per common share or $212 million, respectively, on the company's common stock. During the three and nine months ended July 31, 2024, we paid cash dividends of $0.236 per common share or $68 million and $0.708 per common share or $206 million, respectively, on the company's common stock. The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

Current wording

Dividends. During the three months ended January 31, 2026, we paid cash dividends of $0.255 per common share or $72 million on the company's common stock. During the three months ended January 31, 2025, we paid cash dividends of $0.248 per common share or $71 million on the company's common stock.

Previous wording

On May 29, 2024, we announced that our board of directors had approved a new share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2024 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2024 repurchase program became effective on August 1, 2024 and will commence upon the termination of our 2023 repurchase program.

Current wording

2024 Repurchase Program. On May 29, 2024, we announced that our board of directors had approved a new share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2024 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2024 repurchase program became effective on August 1, 2024 and commenced in September 2025 upon the completion of our 2023 repurchase program. During the three months ended January 31, 2026 we repurchased and retired 1.050 million shares for $152 million, excluding excise taxes of $0.5 million under this authorization. As of January 31, 2026, we had remaining authorization to repurchase up to approximately $1,797 million of our common stock under the 2024 repurchase program.

Previous wording

Looking Forward. Our primary focus remains on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements. While customer capital budgets, including those of customers receiving funding from the U.S. federal government, continue to be constrained, we are seeing signs of a steady recovery. We also remain optimistic about the long-term health of our key end markets. While the recent tariff changes adversely impacted our costs of revenue in the third quarter, we expect to substantially mitigate the impact during our fiscal year 2026. With inflationary and tariff-related pressures remaining fluid, we are actively pursuing mitigation strategies through supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth.

Current wording

Looking Forward. Our primary focus remains on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements. After an extended period of constrained capital spending, many customers' ability to spend capital budgets has begun to normalize, with the exception of customers receiving funding from the U.S. federal government. We remain optimistic about the long-term health of our key end markets. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. Although the tariff situation is still evolving, we expect to pursue mitigation strategies through supply chain optimization, targeted pricing actions, and other cost-efficiency initiatives to protect margins and sustain long-term growth. Additionally, recent judicial rulings in the U.S. on the legality of certain tariffs imposed and potential future U.S. governmental responses further increase the uncertainty as to the impact of tariffs on our future results of operations. We will continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.

Previous wording

Global Tariffs. Recent changes to tariffs and trade policies by the U.S. and other countries have increased risk and uncertainty surrounding our future results of operations. In the first half of fiscal year 2025, changes to tariffs and trade policies did not have a material impact on our results of operations. In the second half of fiscal year 2025, the U.S. government introduced additional measures related to tariffs, including certain increases, exemptions and pauses, and other countries have responded with preliminary agreements and retaliatory actions. The ultimate impact of changes to tariffs and trade policies will depend on various factors, including the timing, amount, scope, and nature of any tariffs or trade policies implemented and our ability to respond to mitigate the impact of such tariffs and trade policies. We continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.

Current wording

Fiscal Year 2025 Plan ("FY25 Plan")

Previous wording

Summary of Restructuring Plans. In fiscal year 2025, we announced a restructuring plan designed to optimize our management structure to better serve our customers. In fiscal years 2024 and 2023, we announced restructuring plans that were designed to reduce costs and expenses in response to macroeconomic conditions. These actions impact all three of our business segments. The costs associated with these restructuring plans were not allocated to our business segments' results; however, each business segment will benefit from the future cost savings from these actions. When completed, the restructuring programs are expected to result in the reduction in annual cost of sales and operating expenses over the three business segments.

Current wording

In the second quarter of fiscal year 2025, we announced a restructuring plan designed to optimize our management structure to better serve our customers. The expense associated with this workforce reduction includes severance and other personnel-related costs. These actions impact all three of our business segments. The costs associated with this restructuring plan were not allocated to our business segments' results; however, each business segment will benefit from the future cost savings from these actions. When completed, the restructuring program is estimated to result in the reduction of approximately $90 million to $95 million in annual cost of sales and operating expenses over our three business segments.

Previous wording

A summary of our aggregate liability relating to the restructuring plans and the total restructuring expense since inception of those plans are shown in the table below:

Current wording

A summary of our aggregate liability relating to the fiscal year 2025 restructuring plan and the total restructuring expense since inception of the plan are shown in the table below:

Previous wording

The aggregate restructuring liability of $23 million at July 31, 2025, is recorded in other accrued liabilities on the condensed consolidated balance sheet and reflects estimated future cash outlays.

Current wording

In connection with the FY25 Plan, we have recorded approximately $20 million in restructuring and other related costs in the three months ended January 31, 2026. The restructuring liability of $16 million at January 31, 2026, is recorded in other accrued liabilities on the condensed consolidated balance sheet and reflects estimated future cash outlays. We expect to substantially complete these restructuring activities by the end of fiscal year 2026.

Previous wording

A summary of the charges in the condensed consolidated statement of operations resulting from the restructuring plans is shown below:

Current wording

A summary of the charges in the condensed consolidated statement of operations resulting from restructuring activity is shown below:

Previous wording

Our revenue, costs and expenses, and monetary assets and liabilities and equity are exposed to changes in foreign currency exchange rates as a result of our global operating and financing activities. The overall effect of changes in foreign currency exchange rates had no impact on revenue growth for the nine months ended July 31, 2025 when compared to the same period last year. Typically, when movements in foreign currency exchange rates have a positive impact on revenue, they will also have a negative impact by increasing our costs and expenses or vice versa. We calculate the impact of movements in foreign currency exchange rates by applying the actual foreign currency exchange rates in effect during the last month of each quarter of the current year to both the applicable current and prior year periods. We hedge revenue, expenses and balance sheet exposures that are not denominated in the functional currencies of our subsidiaries on a short term and anticipated basis. We do experience some fluctuations within individual lines of the condensed consolidated statement of operations and balance sheet because our hedging program is not designed to offset the currency movements in each category of revenues, expenses, monetary assets and liabilities. Our hedging program is designed to hedge currency movements on a relatively short-term basis (up to a rolling twelve-month period). We may also hedge equity balances denominated in foreign currency on a long-term basis. To the extent that we are required to pay for all, or portions, of an acquisition price in foreign currencies, we may enter into foreign exchange contracts to reduce the risk that currency movements will impact the U.S. dollar cost of the transaction.

Current wording

Our revenue, costs and expenses, and monetary assets and liabilities and equity are exposed to changes in foreign currency exchange rates as a result of our global operating and financing activities. The overall effect of changes in foreign currency exchange rates had a 3 percentage point favorable impact on revenue growth for the three months ended January 31, 2026 when compared to the same period last year. Typically, when movements in foreign currency exchange rates have a positive impact on revenue, they will also have a negative impact by increasing our costs and expenses or vice versa. We calculate the impact of movements in foreign currency exchange rates by applying the actual foreign currency exchange rates in effect during the last month of each quarter of the current year to both the applicable current and prior year periods. We hedge revenue, expenses and balance sheet exposures that are not denominated in the functional currencies of our subsidiaries on a short term and anticipated basis. We do experience some fluctuations within individual lines of the condensed consolidated statement of operations and balance sheet because our hedging program is not designed to offset the currency movements in each category of revenue, expenses, monetary assets and liabilities. Our hedging program is designed to hedge currency movements on a relatively short-term basis (up to a rolling twelve-month period). We may also hedge equity balances denominated in foreign currency on a long-term basis. To the extent that we are required to pay for all, or portions, of an acquisition price in foreign currencies, we may enter into foreign exchange contracts to reduce the risk that currency movements will impact the U.S. dollar cost of the transaction.

Previous wording

Net revenue for the three and nine months ended July 31, 2025 increased 10 percent and 6 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 2 percentage point favorable impact and no impact, respectively, when compared to the same periods last year. For the three and nine months ended July 31, 2025, revenue growth came from all of our segments, all geographic regions we serve and most of our key end markets when compared to the same periods last year. Revenue from our BIOVECTRA acquisition contributed approximately 2 percentage points in both the three and nine months ended July 31, 2025.

Current wording

Net revenue for the three months ended January 31, 2026 increased 7 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 3 percentage point favorable impact when compared to the same period last year. For the three months ended January 31, 2026, revenue growth came from all of our segments, all geographic regions we serve and most of our key end markets when compared to the same period last year.

Previous wording

Revenue from products for the three and nine months ended July 31, 2025 increased 10 percent and 5 percent, respectively, when compared to the same periods last year. In the three months ended July 31, 2025 product revenue increased in most of our businesses led by strong revenue growth in our contract development and manufacturing organization ("CDMO"), liquid chromatography, liquid chromatography mass spectrometry, and consumables businesses when compared to the same period last year. Product revenue growth in the nine months ended July 31, 2025, was primarily driven by increases in our CDMO, liquid chromatography, liquid chromatography mass spectrometry, and consumables businesses partially offset by decreases in our cell analysis and vacuum businesses when compared to the same period last year.

Current wording

Revenue from products for the three months ended January 31, 2026 increased 6 percent when compared to the same period last year. In the three months ended January 31, 2026, product revenue increased in most of our businesses led by strong revenue growth in our consumables, liquid chromatography and specialty contract development and manufacturing organization ("CDMO") businesses when compared to the same period last year.

Previous wording

Services and other revenue for the three and nine months ended July 31, 2025 increased 11 percent and 9 percent, respectively, when compared to the same periods last year. Services and other revenue consist of contract repair, preventative maintenance, compliance services, relocation services, installation services and consulting services related to the companion diagnostics and nucleic acid solutions businesses. For the three months ended July 31, 2025, service revenue increases reflected strong growth from contract repair and preventative maintenance services and strong growth in per incident services including on demand repair and compliance services. For the nine months ended July 31, 2025, service revenue increases reflected strong growth from contract repair and preventative maintenance services and was flat in per incident services including relocation and education and compliance services.

Current wording

Services and other revenue for the three months ended January 31, 2026 increased 9 percent when compared to the same period last year. Services and other revenue consist of contract repair, preventative maintenance, compliance services, relocation services, installation services and consulting services related to the companion diagnostics and nucleic acid solutions businesses. For the three months ended January 31, 2026, service revenue increases reflected strong growth from contract repair and preventative maintenance services and compliance services.

Previous wording

Revenue in the Life Sciences and Diagnostics Markets segment for the three and nine months ended July 31, 2025, increased 14 percent and 9 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 2 percentage point favorable impact and no impact, respectively, when compared to the same periods last year. For the three and nine months ended July 31, 2025, revenue from our BIOVECTRA business contributed 4 percentage points and 5 percentage points, respectively. For the three and nine months ended July 31, 2025, we saw strong revenue growth in the pharmaceutical market led by revenue from our CDMO, liquid chromatography and liquid chromatography mass spectrometry businesses. We also saw strong revenue growth in the diagnostics and clinical market led by revenue from our companion diagnostics and pathology businesses partially offset by a decline in revenue in the academic and government and environmental and forensics markets when compared to the same periods last year.

Current wording

Revenue in the Life Sciences and Diagnostics Markets segment for the three months ended January 31, 2026, increased 5 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 2 percentage point favorable impact when compared to the same period last year. For the three months ended January 31, 2026, we saw strong revenue growth in the pharmaceutical market led by revenue from our CDMO, liquid chromatography and liquid chromatography mass spectrometry businesses and strong revenue growth in the diagnostics and clinical market led by revenue from our pathology and companion diagnostics businesses, partially offset by declines in revenue in the academia and government and applied markets when compared to the same period last year.

Previous wording

Revenue in the Agilent CrossLab segment for the three and nine months ended July 31, 2025, increased 8 percent and 5 percent, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 3 percentage point favorable impact and 1 percentage point unfavorable impact, respectively, when compared to the same periods last year. For the three and nine months ended July 31, 2025, we saw revenue growth across most of our end markets led by strong growth in the pharmaceutical, chemical and advanced materials and food markets when compared to the same periods last year.

Current wording

Revenue in the Agilent CrossLab segment for the three months ended January 31, 2026, increased 9 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 3 percentage point favorable impact when compared to the same period last year. For the three months ended January 31, 2026, we saw revenue growth across all of our end markets led by strong growth in the pharmaceutical and chemical and advanced materials markets when compared to the same period last year.

Previous wording

Revenue in the Applied Markets segment for the three and nine months ended July 31, 2025 increased 7 percent and was flat, respectively, when compared to the same periods last year. The overall effect of foreign currency movements on revenue growth for the three and nine months ended July 31, 2025 had a 2 percentage point favorable impact and no impact, respectively, when compared to the same periods last year. For the three months ended July 31, 2025, we saw significant revenue growth in the pharmaceutical and chemical and advanced materials markets partially offset by a modest decline in the environmental and forensics market when compared to the same period last year. For the nine months ended July 31, 2025, we saw significant revenue growth in the food and pharmaceutical markets partially offset by a significant decline in revenue in the chemical and advanced materials and academic and government markets when compared to the same period last year.

Current wording

Revenue in the Applied Markets segment for the three months ended January 31, 2026 increased 7 percent when compared to the same period last year. The overall effect of foreign currency movements on revenue growth for the three months ended January 31, 2026 had a 3 percentage point favorable impact when compared to the same period last year. For the three months ended January 31, 2026, we saw significant revenue growth in the chemical and advanced materials markets partially offset by a decline in the food market when compared to the same period last year.

Previous wording

Income from operations for the three and nine months ended July 31, 2025 increased $4 million or 3 percent and $21 million or 6 percent, respectively, on a corresponding revenue increase of $85 million and $162 million, respectively.

Current wording

Income from operations for the three months ended January 31, 2026, decreased $23 million or 6 percent on a corresponding revenue increase of $117 million.

Previous wording

At July 31, 2025, our headcount was approximately 18,000 as compared to approximately 17,400 at July 31, 2024.

Current wording

At January 31, 2026, our headcount was approximately 18,000 as compared to approximately 17,900 at January 31, 2025.

Previous wording

For the three months ended July 31, 2025, other income (expense), net of $18 million income includes income of $15 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $3 million. The costs associated with these services are reported within income from operations.

Current wording

For the three months ended January 31, 2026, other income (expense), net of $21 million income includes income of $16 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $3 million. The costs associated with these services are reported within income from operations.

Previous wording

For the nine months ended July 31, 2025, other income (expense), net of $3 million expense includes a net loss of $28 million on equity securities, $15 million loss on impairment of investments, and income of $41 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). For the nine months ended July 31, 2025, other income (expense), net also includes expense of $14 million related to the settlement loss of our Netherlands defined benefit pension plan. The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $9 million. The costs associated with these services are reported within income from operations.

Current wording

For the three months ended January 31, 2025, other income (expense), net of $4 million income includes a net gain of $1 million on equity securities and income of $13 million related to the defined benefit retirement and post-retirement benefit plans (interest cost, expected return on assets, amortization of net actuarial (gain) loss and prior service credits). The provision of site service costs to, and lease income from Keysight Technologies, Inc. contributed income of $3 million. The costs associated with these services are reported within income from operations. For the three months ended January 31, 2025, other income (expense), net also includes expense of $14 million related to the settlement loss of our Netherlands defined benefit pension plan.

Previous wording

For the three and nine months ended July 31, 2024, our income tax expense was $61 million with an effective tax rate of 17.8 percent and $182 million with an effective tax rate of 16.3 percent, respectively. For the three months ended July 31, 2024, there were no significant discrete items. For the nine months ended July 31, 2024, our effective tax rate and the resulting provision for income taxes were impacted by the tax expense of $12 million related to an audit settlement.

Current wording

For the three months ended January 31, 2026, our income tax expense was $59 million with an effective tax rate of 16.2 percent. For the three months ended January 31, 2026, there were no significant discrete items.

Previous wording

Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity. We provide active pharmaceutical ingredients ("APIs") for oligo-based therapeutics as well as solutions that include reagents, instruments, software and consumables, which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level. First, our liquid chromatography ("LC") and liquid chromatography mass spectrometry ("LCMS") businesses enable customers in the clinical and life sciences research areas to interrogate samples at the molecular and cellular level. Second, our cell analysis business includes instruments, reagents, software, and labware associated with unique live-cell analysis platforms in addition to mainstream flow cytometers, plate-readers, and plate washers/dispensers which are used across a broad range of applications. Third, our contract development and manufacturing organization ("CDMO") business provides services related to and the production of synthesized oligonucleotides under pharmaceutical good manufacturing practices conditions for use as API in a class of drugs that utilize nucleic acid molecules for disease therapy. BIOVECTRA capabilities include microbial fermentation, bioreagents, highly potent active pharmaceutical ingredients, peptide purification and biomanufacturing capabilities in several nucleic acid modalities. Together, our BIOVECTRA and nucleic acid solutions businesses comprise our CDMO offerings to our customers providing clinical-to-commercial scale production capabilities. Fourth, our pathology solutions business is focused on product offerings for cancer diagnostics and anatomic pathology workflows. The broad portfolio of offerings includes immunohistochemistry, in situ hybridization, hematoxylin and eosin staining and special staining. This business further provides clinical flow cytometry reagents for routine cancer diagnostics. This business also provides bulk antibodies as raw materials and associated assay development services to in vitro diagnostics manufacturers, biotechnology and pharmaceutical companies. Fifth, we also collaborate with a number of major pharmaceutical companies to develop new potential tissue pharmacodiagnostics, also known as companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy. Sixth, our genomics business includes reagents to support next-generation sequencing ("NGS") workflows and arrays. This business also includes solutions that enable clinical labs to identify DNA variants associated with genetic disease and help direct cancer therapy. Finally, our biomolecular analysis business provides complete workflow solutions, including instruments, consumables and software, for quality control analysis of nucleic acid samples. Samples are analyzed using quantitative and qualitative techniques to ensure accuracy in further genomics analysis techniques including NGS, …

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Current wording

Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity. We provide active pharmaceutical ingredients for oligo-based therapeutics as well as solutions that include reagents, instruments, software and consumables, which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level. First, our liquid chromatography and liquid chromatography mass spectrometry businesses enable customers in the clinical and life sciences research areas to interrogate samples at the molecular and cellular level. Second, our electrophoresis and cell phenotyping business delivers end-to-end workflow solutions (including instruments, reagents, consumables, and software) for nucleic acid quality control and multiparametric cell analysis. These offerings support next-generation sequencing accuracy and enable live-cell imaging, metabolism analysis, and flow cytometry across clinical and life science research applications. Third, our cell imaging and metabolism business provides integrated instruments, reagents, software, and labware for automated imaging, metabolic analysis, plate reading, and dispensing, supporting applications across immunology, oncology, drug discovery, and translational research. Fourth, our specialty contract development and manufacturing organization ("CDMO") business provides services related to and the production of synthesized oligonucleotides under pharmaceutical good manufacturing practices conditions for use as active pharmaceutical ingredients in a class of drugs that utilize nucleic acid molecules for disease therapy. BIOVECTRA capabilities include microbial fermentation, bioreagents, highly potent active pharmaceutical ingredients, peptide purification and biomanufacturing capabilities in several nucleic acid modalities. Together, our BIOVECTRA and nucleic acid solutions businesses comprise our specialty CDMO offerings to our customers providing clinical-to-commercial scale production capabilities. Fifth, our pathology solutions business delivers products for cancer diagnostics and anatomic pathology workflows, including immunohistochemistry, in situ hybridization, hematoxylin and eosin, and special staining. The portfolio also includes clinical flow cytometry reagents and bulk antibodies, as well as assay development services for in vitro diagnostics, biotechnology, and pharmaceutical customers. Sixth, we also collaborate with several major pharmaceutical companies to develop new potential tissue pharmacodiagnostics, also known as companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy. Finally, our genomics business provides reagents for next-generation sequencing and array workflows, along with solutions that enable clinical labs to identify disease-associated DNA variants and inform cancer therapy.

Previous wording

Revenue for the nine months ended July 31, 2025 increased 13 percent in the Americas with a 1 percentage point unfavorable currency impact, increased 6 percent in Europe with a 1 percentage point favorable currency impact and increased 5 percent in Asia Pacific with no currency impact compared to the same period last year. The revenue increase in the Americas was primarily driven by revenue from the BIOVECTRA acquisition as well as strong growth from our nucleic acid solutions, liquid chromatography and companion diagnostics businesses, moderate growth from our pathology business and modest growth in our liquid chromatography mass spectrometry business, partially offset by declines in our cell analysis, biomolecular analysis and genomics businesses. Revenue increased in Europe due to strong growth from our liquid chromatography, genomics, cell analysis and companion diagnostics businesses and moderate growth in our liquid chromatography mass spectrometry and pathology businesses, partially offset by a decline in our biomolecular analysis business. Revenue increased in Asia Pacific due to strong growth from our liquid chromatography and liquid chromatography mass spectrometry businesses, moderate growth from our pathology and genomics businesses and modest growth from our cell analysis business, partially offset by a decline in our genomics business.

Current wording

Geographically, revenue for the three months ended January 31, 2026 decreased 2 percent in the Americas with no currency impact, increased 7 percent in Europe with a 7 percentage point favorable currency impact and increased 17 percent in Asia Pacific with a 1 percentage point favorable currency impact compared to the same period last year. For the three months ended January 31, 2026, the revenue decrease in the Americas was primarily driven by declines in our cell imaging and metabolism, electrophoresis and cell phenotyping, liquid chromatography mass spectrometry and genomics businesses partially offset by strong growth in the BIOVECTRA, nucleic acid solutions and companion diagnostic businesses and moderate growth from our pathology and liquid chromatography businesses. Revenue increased in Europe due to strong growth from our pathology, liquid chromatography, electrophoresis and cell phenotyping and companion diagnostics businesses and modest growth in our genomics business partially offset by a decline in our liquid chromatography mass spectrometry and cell imaging and metabolism businesses. Revenue increased in Asia Pacific due to strong growth from our liquid chromatography, liquid chromatography mass spectrometry, pathology and companion diagnostics businesses partially offset by a decline in our genomics business.

Previous wording

Looking Forward. While the recent tariff changes adversely impacted our costs of revenue in the third quarter, we expect to substantially mitigate the impact during our fiscal year 2026. Therefore, we remain optimistic about our long-term growth opportunities in our end markets and continue to invest in expanding and improving our applications and solutions portfolio. We continue to leverage our liquid chromatography and liquid chromatography mass spectrometry platforms to maximize our growth via key vectors across our markets, making us optimistic about our long-term growth opportunities in the life sciences markets. We remain positive about the growth in our diagnostic and clinical markets around our OMNIS platforms. Market demand for therapeutic oligo continues to grow, and our CDMO business is well positioned to serve expanding customer requirements. We will also continue to invest in research and development, invest in expanding and improving our applications and solutions portfolio and seek to expand our position in developing countries and emerging markets.

Current wording

Looking Forward. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. We remain optimistic about long-term growth in our end markets and continue investing to enhance our applications and solutions portfolio. The rising demand for several of the modalities provided by our specialty CDMO business positions us well to serve expanding customer demand. By leveraging our liquid chromatography and liquid chromatography mass spectrometry platforms, we are driving growth across key markets and remain optimistic about long-term life sciences opportunities. Our diagnostic and clinical markets continue to grow with the OMNIS platforms. We will continue investing in research and development, advancing our applications and solutions portfolio, and expanding our position in developing and emerging markets.

Previous wording

Gross margin for products and services for the three and nine months ended July 31, 2025, decreased 4 percentage points and 3 percentage points, respectively, when compared to the same periods last year. Gross margin for the three months ended July 31, 2025 was impacted mainly by increased tariffs and shipping costs, unfavorable business mix, increased warranty costs, increased variable pay and the unfavorable impact of currency movements. Gross margin for the nine months ended July 31, 2025 was impacted mainly by increased tariffs and shipping costs, unfavorable business mix and increased variable pay which was partially offset by lower warranty expenses.

Current wording

Gross margin for products and services for the three months ended January 31, 2026, decreased 2 percentage points when compared to the same period last year. Gross margin for the three months ended January 31, 2026 was impacted mainly by increased tariffs, unfavorable business mix (including lower gross margin from our specialty CDMO business), increased warranty expenses, wage increases and higher variable pay which was partially offset by increased volume and savings from restructuring programs.

Previous wording

Research and development expenses for the three and nine months ended July 31, 2025, increased 3 percent and decreased 3 percent, respectively, when compared to the same periods last year. Research and development expenses for thethree months ended July 31, 2025 increased primarily due to the BIOVECTRA acquisition, increased variable pay and the unfavorable impact of currency movements partially offset by lower salary expenses related to workforce reduction activities. Research and development expenses for the nine months ended July 31, 2025 decreased primarily due to lower salary expenses related to workforce reduction activities partially offset by increases in variable pay and additional expenses related to the BIOVECTRA acquisition.

Current wording

Research and development expenses for the three months ended January 31, 2026, increased 3 percent when compared to the same period last year. Research and development expenses for thethree months ended January 31, 2026 increased primarily due to wage increases, higher variable pay and the unfavorable impact of currency movements partially offset by savings from restructuring programs and lower contracted services.

Previous wording

Operating margin for products and services for the three and nine months ended July 31, 2025 decreased 2 percentage points and was flat, respectively, when compared to the same periods last year. Operating margin for products and services for the three months ended July 31, 2025, decreased primarily due to increased tariffs and shipping costs, unfavorable business mix, increased warranty costs, increased variable pay and the unfavorable impact of currency movements which was partially offset by lower salary expenses related to workforce reduction activities. Operating margin for products and services for the nine months ended July 31, 2025 was flat due to lower salary expense related to workforce reduction activities and lower warranty costs offset by increased tariffs and shipping costs, unfavorable business mix and increased variable pay.

Current wording

Operating margin for products and services for the three months ended January 31, 2026 decreased 2 percentage points when compared to the same period last year. Operating margin for products and services for the three months ended January 31, 2026, decreased primarily due to increased tariffs, unfavorable business mix (including lower gross margin from our specialty CDMO business), increased warranty expenses and higher variable pay partially offset by increased volume and lower contracted services.

Previous wording

Our Agilent CrossLab segment provides an extensive services and consumables portfolio that spans the entire lab, in addition to software and laboratory automation solutions, which are designed to improve customer outcomes and represents a broad range of offerings designed to serve customer needs across end-markets and applications. Our services portfolio includes repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting and various other custom services to support the customers' laboratory operations. Custom services are tailored to meet the specific application needs of various industries and to keep instruments fully operational and compliant with the respective industry requirem ents. Our consumables portfolio is designed to improve customer outcomes. Most of the portfolio is vendor neutral, meaning we can serve and supply customers regardless of their instrument purchase choices. Solutions range from chemistries to supplies. Key product categories in consumables include gas chromatography ("GC") and liquid chromatography ("LC") columns, sample preparation products, custom chemistries, and a large selection of laboratory supplies. Software and informatics solutions include software for instrument control, data acquisition, data analysis, secure storage of results, and laboratory information and workflow management. This software facilitates the compliant use of instruments in pharmaceutical quality assurance and quality control environments. The OpenLab laboratory software suite is a scalable, open software platform that enables customers to capture, analyze, and share scientific data throughout the lab and across the enterprise. Laboratory automation offers automated sample preparation solutions, including liquid handling, plate management, consumables and scheduling software. These solutions range from standalone automation platforms to integrated workflow solutions with seamless integration to our instrumentation.

Current wording

Our Agilent CrossLab segment provides an extensive services and consumables portfolio that spans the entire lab, in addition to software and laboratory automation solutions, which are designed to improve customer outcomes and represents a broad range of offerings designed to serve customer needs across end-markets and applications. Our services portfolio includes repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting and various other custom services to support the customers' laboratory operations. Custom services are tailored to meet the specific application needs of various industries and to keep instruments fully operational and compliant with the respective industry requirem ents. Our consumables portfolio is designed to improve customer outcomes. Most of the portfolio is vendor neutral, meaning we can serve and supply customers regardless of their instrument purchase choices. Solutions range from chemistries to supplies. Key product categories in consumables include gas chromatography and liquid chromatography columns, sample preparation products, custom chemistries, and a large selection of laboratory supplies. Software and informatics solutions include software for instrument control, data acquisition, data analysis, secure storage of results, and laboratory information and workflow management. This software facilitates the compliant use of instruments in pharmaceutical quality assurance and quality control environments. The OpenLab laboratory software suite is a scalable, open software platform that enables customers to capture, analyze, and share scientific data throughout the lab and across the enterprise. Laboratory automation offers automated sample preparation solutions, including liquid handling, plate management, consumables and scheduling software. These solutions range from standalone automation platforms to integrated workflow solutions with seamless integration to our instrumentation.

Previous wording

For the three months ended July 31, 2025, revenue increased significantly in the pharmaceutical, chemical and advanced materials, food and environmental and forensics markets, and revenue increased moderately in the diagnostics and clinical and academic and government markets. Strong revenue growth in the pharmaceutical market was driven by our consumables, services, lab automation and software and informatics businesses when compared to the same period last year. Strong revenue growth in the chemicals and advanced materials and food markets was driven by our services, consumables and software and informatics businesses when compared to the same period last year. Strong revenue growth in the environmental and forensics market was driven by our services business when compared to the same period last year.

Current wording

For the three months ended January 31, 2026, revenue growth was strong in the pharmaceutical, chemicals and advanced materials, food, academia and government, and diagnostics and clinical markets, and moderate in the environmental and forensics market. Strong revenue growth in the pharmaceutical market was driven by our repair, maintenance and compliance services, consumables, and software and informatics businesses when compared to the same period last year. Strong revenue growth in the chemicals and advanced materials market was driven by our repair, maintenance and compliance services, and consumables business when compared to the same period last year. Strong revenue growth in the food market was driven by our repair, maintenance and compliance services, and consumables business, partially offset by our software and informatics business when compared to the same period last year. Strong revenue growth in the academia and government and diagnostics and clinical markets was driven by our software and informatics and consumables businesses when compared to the same period last year. Moderate revenue growth in the environmental and forensics market was driven by our repair, maintenance and compliance services, and consumables business, partially offset by our software and informatics business when compared to the same period last year.

Previous wording

Looking Forward. While the recent tariff changes adversely impacted our costs of revenue in the third quarter, we expect to substantially mitigate the impact during our fiscal year 2026. Agilent CrossLab is well positioned to continue its success in our key end markets by supporting a growing installed base of instruments. Digital and remote capabilities will continue to be a key factor in improving the service quality and the customers' experience. Geographically, the business is well diversified across all regions to take advantage of local market opportunities and to hedge against weakness in any one region.

Current wording

Looking Forward. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. Agilent CrossLab is well positioned to continue its success in our key end markets by supporting a growing installed base of instruments. Digital and remote capabilities will continue to be a key factor in improving the service quality and the customers' experience. Geographically, the business is well diversified across all regions to take advantage of local market opportunities and to hedge against weakness in any one region.

Previous wording

Operating margin for the three and nine months ended July 31, 2025 decreased 1 percentage point in both periods when compared to the same periods last year. Operating margin for the three and nine months ended July 31, 2025 was impacted by higher tariffs and shipping costs, higher variable pay and the unfavorable impact of currency movements partially offset by higher sales volume and lower salary expenses related to workforce reduction activities when compared to the same periods last year.

Current wording

Gross margin for the three months ended January 31, 2026 decreased 1 percentage point when compared to the same period last year. Gross margin for the three months ended January 31, 2026 was impacted by wage increases, higher variable pay and higher tariffs partially offset by higher sales volume, price increases and savings from restructuring programs.

Previous wording

Selling, general and administrative expenses for the three and nine months ended July 31, 2025 increased 8 percent and 5 percent, respectively, when compared to the same periods last year. For the three months ended July 31, 2025, selling, general and administrative expenses increased due to the unfavorable impact of currency movements and higher variable pay partially offset by lower salary expenses related to workforce reduction activities. For the nine months ended July 31, 2025, selling, general and administrative expenses increased due to a higher allocation of corporate infrastructure expenses, higher commissions and higher variable pay partially offset by lower salary expenses related to workforce reduction activities and the favorable impact of currency movements.

Current wording

Selling, general and administrative expenses for the three months ended January 31, 2026 increased 6 percent when compared to the same period last year. For the three months ended January 31, 2026, selling, general and administrative expenses increased due to higher corporate infrastructure expenses, the unfavorable impact of currency movements, wage increases and higher variable pay partially offset by savings from restructuring programs.

Previous wording

Total operating margin for the three and nine months ended July 31, 2025 was flat and decreased 2 percentage points, respectively, when compared to the same periods last year. Operating margin for the three months ended July 31, 2025 was impacted by unfavorable product mix, higher transformational initiatives, wages, variable pay and the unfavorable impact of currency movements offset by higher sales volume and lower restructuring expenses. Operating margin for the nine months ended July 31, 2025 was impacted by unfavorable product mix, higher transformational initiatives, wages and variable pay partially offset by higher sales volume.

Current wording

Operating margin for products and services for the three months ended January 31, 2026 was flat when compared to the same period last year. Operating margin for thethree months ended January 31, 2026 was impacted primarily by higher tariffs and the unfavorable impact of currency movements offset by higher sales volume and price increases.

Previous wording

Income from operations for the three and nine months ended July 31, 2025, increased $27 million or 8 percent and decreased $44 million or 4 percent, respectively, on a corresponding revenue increase of $160 million and $278 million, respectively.

Current wording

Income from operations for the three months ended January 31, 2026 increased $19 million or 8 percent on a corresponding revenue increase of $62 million.

Previous wording

Our Applied Markets segment provides application-focused solutions that include instruments and software that enable customers to identify, quantify and analyze the physical and biological properties of substances and products. Our gas chromatography ("GC") and gas chromatography mass spectrometry ("GCMS") businesses enable customers to perform a wide variety of testing including measuring volatile and semi-volatile contaminants to assess the safety of our foods, quality of water and consumer products while also enabling testing of fuels and purity of chemicals. Our inductively coupled plasma mass spectrometry, inductively coupled plasma optical emission spectrometry, atomic absorption and microwave plasma-atomic emission spectrometry instruments are vital for our customers to measure metals and elemental signatures in their samples and find uses in the food safety, environmental quality, chemicals manufacture, advanced materials, energy and forensics markets. Our molecular spectroscopy business including the raman, fluorescence and infrared spectroscopy instruments offer both in-field and in-lab testing solutions in a diverse variety of applications including airport security, explosives testing, narcotics, food quality and chemical characterization. Our vacuum business develops cutting edge products and technologies to test vacuum environments and find uses in a diverse variety of industries including semi-conductor, batteries, chemical manufacturing and advanced materials development. Finally, our remarketed instruments business refurbishes and resells certified pre-owned instruments to value-oriented customers who would like Agilent quality and performance at a budget conscious price.

Current wording

Our Applied Markets segment provides application-focused solutions that include instruments and software that enable customers to identify, quantify and analyze the physical and biological properties of substances and products. Our gas chromatography and gas chromatography mass spectrometry businesses enable customers to perform a wide variety of testing including measuring volatile and semi-volatile contaminants to assess the safety of our foods, quality of water and consumer products while also enabling testing of fuels and purity of chemicals. Our inductively coupled plasma mass spectrometry, inductively coupled plasma optical emission spectrometry, atomic absorption and microwave plasma-atomic emission spectrometry instruments are vital for our customers to measure metals and elemental signatures in their samples and find uses in the food safety, environmental quality, chemicals manufacture, advanced materials, energy and forensics markets. Our molecular spectroscopy business including the raman, fluorescence and infrared spectroscopy instruments offer both in-field and in-lab testing solutions in a diverse variety of applications including airport security, explosives testing, narcotics, food quality and chemical characterization. Our vacuum business develops cutting edge products and technologies to test vacuum environments and find uses in a diverse variety of industries including semi-conductor, batteries, chemical manufacturing and advanced materials development. Finally, our remarketed instruments business refurbishes and resells certified pre-owned instruments to value-oriented customers who would like Agilent quality and performance at a budget conscious price.

Previous wording

Geographically, revenue for the three months ended July 31, 2025 increased 2 percent in the Americas with a 1 percentage point unfavorable currency impact, increased 11 percent in Europe with a 5 percentage point favorable currency impact and increased 9 percent in Asia Pacific with a 2 percentage point favorable currency impact when compared to the same period last year. The revenue growth in the Americas was driven by strength in our spectroscopy, gas chromatography mass spectrometry and gas chromatography businesses partially offset by weakness in the vacuum business when compared to the same period last year. The revenue growth in Europe was driven by strength in our gas chromatography, gas chromatography mass spectrometry, spectroscopy and vacuum businesses when compared to the same period last year. The revenue growth in Asia Pacific was driven by strength in our spectroscopy, gas chromatography, remarketed instruments and gas chromatography mass spectrometry businesses when compared to the same period last year

Current wording

Geographically, revenue for the three months ended January 31, 2026 increased 2 percent in the Americas with no currency impact, increased 17 percent in Europe with an 8 percentage point favorable currency impact and increased 4 percent in Asia Pacific with a 1 percentage point favorable currency impact when compared to the same period last year. The revenue growth in the Americas was driven by strength in our spectroscopy business partially offset by weakness in our gas chromatography and remarketed instruments businesses when compared to the same period last year. The revenue growth in Europe was driven by strength in our gas chromatography, gas chromatography mass spectrometry and spectroscopy businesses when compared to the same period last year. The revenue growth in Asia Pacific was driven by strength in our spectroscopy, remarketed instruments and vacuum businesses partially offset by weakness in the gas chromatography mass spectrometry business when compared to the same period last year.

Previous wording

For the three months ended July 31, 2025, revenue increased significantly in the chemicals and advanced materials, pharmaceutical, food and academic and government markets partially offset by revenue decline in the environmental and forensics and diagnostics and clinical markets. Strong revenue growth in the chemicals and advanced materials market was driven by strength in our gas chromatography, spectroscopy and gas chromatography mass spectrometry businesses partially offset by weakness in the vacuum business when compared to the same period last year. Strong revenue growth in the pharmaceutical market was driven by strength in our remarketed instruments, gas chromatography, gas chromatography, mass spectrometry and vacuum businesses when compared to the same period last year. Strong revenue growth in the food market was driven by strength in our gas chromatography mass spectrometry and gas chromatography businesses partially offset by decline in our spectroscopy business when compared to the same period last year. Strong revenue in the academic and government market was driven by strength in our spectroscopy business partially offset by weakness in our remarketed instruments and gas chromatography businesses when compared to the same period last year. Revenue declined significantly in the environmental and forensics market due to weakness in our gas chromatography mass spectrometry and gas chromatography businesses when compared to the same period last year.

Current wording

For the three months ended January 31, 2026, revenue growth was strong in the chemicals and advanced materials market and moderate in the environmental and forensics and pharmaceutical markets partially offset by revenue decline in the food market. Strong revenue growth in the chemicals and advanced materials market was driven by strength in our spectroscopy, gas chromatography, gas chromatography mass spectrometry and vacuum businesses when compared to the same period last year. Moderate revenue growth in the environmental and forensics market was driven by strength in our spectroscopy business partially offset by weakness in our gas chromatography mass spectrometry business when compared to the same period last year. Moderate revenue growth in the pharmaceutical market was driven by strength in our gas chromatography business when compared to the same period last year. Revenue decline in the food market was driven by weakness in our gas chromatography mass spectrometry and gas chromatography businesses when compared to the same period last year.

Previous wording

Looking Forward. While the recent tariff changes adversely impacted our costs of revenue in the third quarter, we expect to substantially mitigate the impact during our fiscal year 2026. We also anticipate continued steady market recovery and are optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer needs. We will continue to invest in expanding and improving our application-focused solutions that include instruments and software.

Current wording

Looking Forward. While the tariff changes adversely impacted our costs of revenue during the three months ended January 31, 2026, we expect to fully offset the current impact during our fiscal year 2026. We also anticipate continued steady market recovery and are optimistic about our long-term growth opportunities in the applied markets as our broad portfolio of products and solutions are well suited to address customer needs. We will continue to invest in expanding and improving our application-focused solutions that include instruments and software.

Previous wording

Our financial position as of July 31, 2025 consisted of cash and cash equivalents of $1,535 million as compared to $1,329 million as of October 31, 2024.

Current wording

Our financial position as of January 31, 2026 consisted of cash and cash equivalents of $1,758 million as compared to $1,789 million as of October 31, 2025.