Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q and our Annual Report on Form 10-K. This report contains forward-looking statements including, without limitation, statements regarding growth opportunities, including for and in our end markets, new product and service introductions, the position and strength of our businesses, products and services, market demand for and adoption of our products and solutions, the ability of our products and solutions to address customer needs and meet industry requirements, our focus on enhancing our customers’ experience, delivering differentiated product solutions and driving productivity improvements, leveraging our product platforms to maximize growth, our investments, including in manufacturing infrastructure, research and development and expanding and improving our applications and solutions portfolios, expanding our position in developing countries and emerging markets, our contributions to our defined benefit plans, our hedging programs and other actions to offset the effects of foreign currency and interest rate movements, our future effective tax rate, unrecognized tax benefits, reimbursement incentives, our ability to satisfy our liquidity requirements, including through cash generated from operations, the potential impact of adopting new accounting pronouncements, indemnification obligations, our sales, our purchase commitments, our capital expenditures, the integration, effects and timing of our acquisitions and other transactions, expense reduction and other results from our restructuring programs and other cost saving initiatives, our stock repurchase program and dividends, macroeconomic and market conditions, including relating to or arising from changes to tariffs, import/export or trade policies, the recovery and health of our end markets, seasonality, mix, future financial results, our operating margin, our geographical diversification, interest rates, inflationary pressures and local regulations and restrictions, that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including those discussed in Part II Item 1A and elsewhere in this Form 10-Q.

Basis of Presentation

The financial information presented in this Form 10-Q is not audited and is not necessarily indicative of our future consolidated financial position, results of operations, comprehensive income (loss) or cash flows. Our fiscal year-end is October 31, and our fiscal quarters end on January 31, April 30 and July 31. Unless otherwise stated, these dates refer to our fiscal year and fiscal periods.

Executive Summary

Agilent Technologies, Inc. ("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

Global Tariffs. 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.

Actual Results

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.

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.

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.

On February 11, 2026, our board of directors declared a quarterly dividend of $0.255 per share of common stock or approximately $72 million which will be paid on April 22, 2026, to shareholders of record as of the close of business on March 31, 2026. The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

2023 Repurchase Program. In September of 2025, we completed the 2023 repurchase program. During the three months ended January 31, 2025, we repurchased and retired 649,857 shares for $90 million, excluding excise taxes under this authorization.

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.

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.

Critical Accounting Policies and Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. The preparation of condensed consolidated financial statements in conformity with GAAP in the U.S. requires management to make estimates, judgments and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are revenue recognition, inventory valuation, retirement and post-retirement benefit plan assumptions, valuation of goodwill and purchased intangible assets and accounting for income taxes. There have been no significant changes to our critical accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates.

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions

about matters that are highly uncertain at the time the estimate is made and if different estimates that reasonably could have been used or changes in the accounting estimate that are reasonably likely to occur could materially change the financial statements.

Adoption of New Pronouncements

See Note 2, "New Accounting Pronouncements," to the condensed consolidated financial statements for a description of new accounting pronouncements.

Restructuring and Other Related costs

Fiscal Year 2025 Plan ("FY25 Plan")

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.

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:

						Workforce Reduction Total
			(in millions)
Balance at October 31, 2025						$	18
Income statement expense						20
Non-cash settlement (accelerated share-based compensation expense)						(3)
Cash payments						(19)
Balance at January 31, 2026						$	16
Total restructuring expense since inception of FY25 Plan						$	101

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.

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

												Three Months Ended
												January 31,
																		2026						2025
																		(in millions)
Cost of products and services																		$	5					$	—
Research and development																		—						—
Selling, general and administrative(1)																		15						1
Total restructuring expense																		$	20					$	1

---

(1) For the three months ended January 31, 2025, selling, general and administrative expense includes restructuring expense of $1 million related to the fiscal year 2024 restructuring plan that was completed in fiscal year 2025.

Foreign Currency

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.

Results from Operations

Net Revenue

									Three Months Ended																		Year over Year Change
									January 31,																		Three
															2026						2025												Months
															(in millions)
Net revenue:
Products															$	1,273					$	1,200											6%
Services and other															525						481												9%
Total net revenue															$	1,798					$	1,681											7%

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.

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.

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.

Net Revenue By Segment

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
																		(in millions)
Net revenue by segment:
Life Sciences and Diagnostics Markets																		$	679					$	647											5%
Agilent CrossLab																		758						696												9%
Applied Markets																		361						338												7%
Total net revenue																		$	1,798					$	1,681											7%

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.

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.

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.

Operating Results

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
(in millions, except margin data)
Total gross margin																		52.6		%				53.5		%										(1) ppt
Research and development																		$	117					$	113											4%
Selling, general and administrative																		$	476					$	410											16%
Operating margin																		19.7		%				22.4		%										(3) ppts
Income from operations																		$	353					$	376											(6)%

Total 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 unfavorably impacted by higher tariffs, unfavorable business mix (including lower gross margin from our specialty CDMO business), wage increases, higher variable pay and restructuring costs partially offset by higher sales volume, targeted price increases, savings from restructuring programs and lower intangible amortization expense.

Research and development expenses for the three months ended January 31, 2026 increased 4 percent when compared to the same period last year. Research and development expenses for the three months ended January 31, 2026 increased due to wage increases, higher variable pay and the unfavorable impact of currency movements partially offset by savings from restructuring programs.

Selling, general and administrative expenses for the three months ended January 31, 2026 increased 16 percent when compared to the same period last year. Selling, general and administrative expenses for the three months ended January 31, 2026, increased due to higher corporate infrastructure expenses, restructuring costs, transformation initiatives, the unfavorable impact of currency movements, wage increases and higher variable pay partially offset by savings from restructuring programs and lower acquisition costs.

Total operating margin for the three months ended January 31, 2026 decreased 3 percentage points when compared to the same period last year. Operating margin for the three months ended January 31, 2026 was impacted primarily by higher tariffs, corporate infrastructure expenses, restructuring costs and transformational initiative expenses.

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.

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

Other income (expense), net

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.

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.

Income Taxes

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.

For the three months ended January 31, 2025, our income tax expense was $49 million with an effective tax rate of 13.4 percent. For the three months ended January 31, 2025, there were no significant discrete items.

In the U.S., tax years remain open back to the year 2022 for federal income tax purposes and 2021 for significant states. In other major jurisdictions where we conduct business, the tax years generally remain open back to the year 2014.

With these jurisdictions and the U.S., it is reasonably possible that some tax audits may be completed over the next twelve months. However, management is not able to provide a reasonably reliable estimate of the timing of any other future tax payments or change in unrecognized tax benefits, if any.

The Organization for Economic Co-operation and Development. ("OECD") has introduced rules to establish a global minimum tax rate of 15 percent, commonly referred to as the Pillar Two rules. We have considered the impact of currently enacted Pillar Two rules, and our income taxes have increased due to top-up taxes. Additionally, the United States enacted the One Big Beautiful Bill Act ("OBBBA") on July 4, 2025, including adjustments to effective tax rates on certain types of income and an elective deduction for domestic Research and Development (R&D), which are applicable to Agilent in fiscal years 2026 and 2027. The OBBBA did not have a material impact on our effective tax rate or cash flow in the current quarter.

Segment Overview

We have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment.

Life Sciences and Diagnostics Markets

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.

Net Revenue

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
																		(in millions)
Net revenue																		$	679					$	647											5%

Life Sciences and Diagnostics Markets segment revenue 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.

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.

For the three months ended January 31, 2026, revenue performance in the pharmaceutical market was mainly due to strong growth in 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.

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.

Operating Results

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
(in millions, except margin data)
Gross margin																		50.5		%				52.8		%										(2) ppts
Research and development																		$	65					$	63											3%
Selling, general and administrative																		$	169					$	162											5%
Operating margin																		16.0		%				18.1		%										(2) ppts
Income from operations																		$	109					$	117											(7)%

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.

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 the three 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.

Selling, general and administrative expenses for the three months ended January 31, 2026, increased 5 percent when compared to the same period last year. Selling, general and administrative expenses for the three months ended January 31, 2026, increased due to wage increases, higher commission, variable pay and the unfavorable impact of currency movements partially offset by savings from restructuring programs.

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.

Income from operations for the three months ended January 31, 2026 decreased $8 million or 7 percent on a corresponding revenue increase of $32 million.

Agilent CrossLab

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 requirements. 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.

Net Revenue

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
																		(in millions)
Net revenue																		$	758					$	696											9%

Agilent CrossLab segment revenue 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.

Geographically, revenue for the three months ended January 31, 2026 increased 5 percent in the Americas with a 1 percentage point favorable currency impact, increased 14 percent in Europe with an 8 percentage point favorable currency impact and increased 9 percent in Asia Pacific with no currency impact compared to the same period last year. For the three months ended January 31, 2026, revenue growth in all regions was driven by strength in our repair, maintenance and compliance services, consumables, and software and informatics businesses when compared to the same period last year.

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.

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.

Operating Results

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
(in millions, except margin data)
Gross margin																		55.2		%				56.1		%										(1) ppt
Research and development																		$	28					$	26											6%
Selling, general and administrative																		$	150					$	143											6%
Operating margin																		31.6		%				31.8		%										—
Income from operations																		$	240					$	221											8%

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.

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

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.

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 the three 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.

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.

Applied Markets

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.

Net Revenue

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
																		(in millions)
Net revenue																		$	361					$	338											7%

Applied Markets segment 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.

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.

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.

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.

Operating Results

												Three Months Ended																		Year over Year Change
												January 31,																		Three
																		2026						2025												Months
(in millions, except margin data)
Gross margin																		56.5		%				55.8		%										1 ppt
Research and development																		$	24					$	23											4%
Selling, general and administrative																		$	87					$	81											6%
Operating margin																		25.8		%				25.0		%										1 ppt
Income from operations																		$	93					$	84											10%

Gross margin for the three months ended January 31, 2026, increased 1 percentage point when compared to the same period last year. Gross margin for the three months ended January 31, 2026 increased due to higher sales volume, favorable

business mix, lower corporate infrastructure expenses and savings from restructuring programs partially offset by higher tariffs and wage increases.

Research and development expenses for the three months ended January 31, 2026, increased 4 percent when compared to the same period last year. Research and development expenses for the three months ended January 31, 2026 increased due to wage increases, higher variable pay and the unfavorable impact of currency movements, partially offset by savings from restructuring programs.

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

Operating margin for the three months ended January 31, 2026 increased 1 percentage point when compared to the same period last year. Operating margin for the three months ended January 31, 2026 was impacted primarily by higher sales volume and favorable business mix partially offset by higher tariffs and variable pay.

Income from operations for the three months ended January 31, 2026, increased $9 million or 10 percent on a corresponding revenue increase of $23 million.

FINANCIAL CONDITION

Liquidity and Capital Resources

We believe our cash and cash equivalents, cash generated from operations, and ability to access capital markets and credit lines will satisfy, for at least the next twelve months and beyond, our liquidity requirements, both globally and domestically, including the following: working capital needs, capital expenditures, business acquisitions, stock repurchases, cash dividends, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations.

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.

We may, from time to time, retire certain outstanding debt of ours through open market cash purchases, privately-negotiated transactions or otherwise. Such transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

Net Cash Provided by Operating Activities

Net cash provided by operating activities was $268 million for the three months ended January 31, 2026 compared to net cash provided by operating activities of $431 million for the same period in 2025. In the three months ended January 31, 2026, we paid approximately $150 million under our variable and incentive pay programs as compared to $98 million paid for the same period in 2025. Net cash paid for income taxes in the three months ended January 31, 2026 was $105 million compared to net cash paid for income taxes of $19 million for the same period in 2025.

In the three months ended January 31, 2026, accounts receivable used cash of $18 million compared to cash used of $30 million for the same period in 2025. Days’ sales outstanding ("DSO") as of January 31, 2026 was 76 days when compared to 71 days as of January 31, 2025. Cash used by inventory was $39 million for the three months ended January 31, 2026 compared to cash used of $40 million for the same period in 2025. Inventory days on-hand was 112 days as of January 31, 2026 compared to 115 days as of January 31, 2025. In the three months ended January 31, 2026, accounts payable provided cash of $39 million compared to cash provided of $3 million for the same period in 2025.

We contributed approximately $6 million to our defined benefit plans in both the three months ended January 31, 2026 and 2025. Our annual contributions are highly dependent on the relative performance of our assets versus our projected liabilities, among other factors. We expect to contribute approximately $15 million to our defined benefit plans during the remainder of 2026.

Net Cash Used in Investing Activities

Net cash used in investing activities was $93 million for the three months ended January 31, 2026 as compared to net cash used in investing activities of $94 million in the same period of 2025.

Investments in property, plant and equipment were $93 million for the three months ended January 31, 2026 compared to $97 million in the same period of 2025. We expect that total capital expenditures for the current year will be approximately $500 million. These continued investments in property plant and equipment are primarily due to the planned expansion of our manufacturing capacity for production of nucleic acid based therapeutics in Frederick, Colorado. Some of our investment may be eligible to qualify for reimbursement incentives, which will not fully be known until the expansion is substantially complete.

Net Cash Used in Financing Activities

Net cash used in financing activities for the three months ended January 31, 2026 was $222 million compared to net cash used in financing activities of $180 million for the same period of 2025.

Treasury Stock Repurchases. In September of 2025, we completed the 2023 repurchase program. During the three months ended January 31, 2025, we repurchased and retired 649,857 shares for $90 million, excluding excise taxes under this authorization.

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 approximately $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.

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

On February 11, 2026, our board of directors declared a quarterly dividend of $0.255 per share of common stock or approximately $72 million which will be paid on April 22, 2026, to shareholders of record as of the close of business on March 31, 2026. The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

Credit Facilities. On June 7, 2023, we entered into a credit agreement with a group of financial institutions which provides for a $1.5 billion five-year unsecured credit facility that will expire on June 7, 2028 and an incremental revolving credit facility in an aggregate amount of up to $750 million. During the three months ended January 31, 2026 and 2025, we had no borrowings or repayments under these credit facilities. As of January 31, 2026, we had no borrowings outstanding under either the credit facility or the incremental revolving credit facility.

On June 2, 2023, we entered into an Uncommitted Money Market Line Credit agreement with Societe Generale which provides for an aggregate borrowing capacity of $300 million. The credit facility is an uncommitted short-term cash advance facility where each request must be at least $1 million. The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance. During the three months ended January 31, 2026 and 2025, we had no borrowings or repayments under this credit facility. As of January 31, 2026, we had no borrowings outstanding under the credit facility.

We were in compliance with the covenants for the credit facilities during the three months ended January 31, 2026.

Commercial Paper. Under our U.S. commercial paper program, the company may issue and sell unsecured, short-term promissory notes in the aggregate principal amount not to exceed $1.5 billion with up to 397-day maturities. At any point in time, the company intends to maintain available commitments under its revolving credit facility in an amount at least equal to the amount of the commercial paper notes outstanding. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The proceeds from issuances under the program may be used for general corporate purposes. During the three months ended January 31, 2026, we borrowed $225 million and repaid $225 million under our commercial paper program compared to borrowings of $301 million and repayments of $331 million in the same period in 2025. As of January 31, 2026 we had no borrowings outstanding under our U.S. commercial paper program.

Other Loans. We have two interest-free loans from the Strategic Innovation Fund ("SIF"). The loans are repayable in quarterly and yearly installments through 2040 at a weighted average imputed interest rate of 4.7 percent. In addition, we have two interest-free loans with the Atlantic Canada Opportunities Agency ("ACOA"). The loans are repayable in monthly installments through 2029 at a weighted average imputed interest rate of 4.5 percent. During the three months ended January 31, 2026, we repaid $2 million of these loans. As of January 31, 2026, the current portion of these loans of $4 million was recorded in short-term debt and the non-current portion of $18 million was recorded in long-term debt.

Senior Notes. There have been no changes to the principal, maturity, interest rates and interest payment terms of our outstanding senior notes in the three months ended January 31, 2026 as compared to the senior notes as described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Other. Our purchase commitments for indirect material and services decreased by $11 million from $146 million as reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. These commitments are related to a variety of suppliers including IT support service providers. Our commitments to contract manufacturers and suppliers increased by $64 million from $693 million as reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. These commitments are related to a variety of suppliers, and we use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, we issue purchase orders with estimates of our requirements several months ahead of the delivery dates. These open purchase orders with our suppliers have not yet been received, and our agreements usually provide us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the firm orders being placed. There were no other substantial changes from our Annual Report on Form 10-K for the fiscal year ended October 31, 2025 to our contractual commitments in the first three months of fiscal year 2026. We have no other material non-cancelable guarantees or commitments.

Other long-term liabilities as of January 31, 2026 and October 31, 2025 include $37 million and $28 million, respectively, related to long-term income tax liabilities. Of these amounts, $24 million and $28 million related to uncertain tax positions as of January 31, 2026 and October 31, 2025, respectively. We are unable to accurately predict when these amounts will be realized or released. However, it is reasonably possible that there could be significant changes to our unrecognized tax benefits in the next twelve months due to either the expiration of a statute of limitations or a tax audit settlement. As of January 31, 2026, the remaining $13 million in other long-term liabilities relates to top-up taxes which are due within the next three years.