Unless otherwise noted, all references to increases or decreases in financial metrics are year over year and references to revenue growth are on a core basis. Core revenue growth is adjusted for the impact of currency exchange rates and any acquisitions and divestitures completed within the past 12 months. We have recast our historical segment information to reflect these changes and have provided the financial details on our website. Agilent Technologies delivered outstanding results of $1.74 billion in revenue in the third quarter, exceeding our guidance while continuing to transform our enterprise operating model in a highly dynamic environment.
Just as important, our two-year growth stack also is improving, showing that this is a durable momentum, not just a short-term bounce. The two-year stack is a summation of our growth over two consecutive years, providing a clear view of sustained performance by smoothing out short-term quarterly fluctuations. Given this strength, we are raising our fiscal 2025 full year revenue guidance to the range of $6.91-$6.93 billion, representing a core growth of 4.5% at the midpoint. This is a $150 million increase from our prior range at the midpoint and 1.5 percentage points of additional core growth, a clear step up in our growth outlook heading into Q4.
This upgrade reflects our confidence in delivering another step up of revenue into Q4 even as we absorb the impact of tariffs this year. In Pharma, small molecule grew double digits fueled by demand in downstream QA QC and strong adoption of our InfinityLab LC Series Portfolio. GLP1s also continue to drive demand both for our leading analytical lab solutions and the unique capabilities we bring with Biovectra. We also saw healthy contributions from our food and diagnostics and clinical end markets and the academia and government end market returned to modest growth despite continued funding pressures.
| Metric | Period | Current guidance |
|---|---|---|
| FY2025 revenue | FY2025 | $6.91-$6.93 billion, up 4.3%-4.6% core and 6.2%-6.5% reported (4.5% core at midpoint) |
| FY2025 non-GAAP EPS | FY2025 | $5.56-$5.59, up 5.1%-5.7% year on year |
| Q4 revenue | Q4 FY2025 | $1.82-$1.84 billion, up 4.8%-6% core and 7.1%-8.3% reported (currency +0.2%, M&A +2.1%) |
| Q4 non-GAAP EPS | Q4 FY2025 | $1.57-$1.60, representing leveraged earnings growth of 7.5%-9.6% |
| Q4 operating margin (sequential) | Q4 FY2025 | targeting approximately 230 basis points of sequential improvement (also cited as ~200bps) |
| FY2025 net tariff cost | FY2025 | ~$20 million net cost; ~$70 million gross for the second half ($35M Q3 plus similar Q4) |
| FY2025 other income / tax rate / diluted shares | FY2025 | $26 million other income, 12% tax rate, 285 million diluted shares |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +6.1% core / +10.1% reported | Broad-based demand led by Pharma and Chemical and advanced materials, plus a 2.1% currency tailwind and 1.9% M&A contribution |
| Non-GAAP EPS | +4% to $1.37 | Strong top line at the high end of expectations, partly offset by lower margins from tariffs, higher variable pay, and commercial investment |
| Pharma end market | +9% | Double-digit small molecule growth, InfinityLab LC adoption, GLP-1 demand, and improved funnel conversion as lab managers access capital budgets |
| Chemical and advanced materials end market | +10% | Rebounding capital investment from chemical customers, new semiconductor fab investment, and replacement of an underinvested installed base |
| Life Sciences and Diagnostics Markets Group (LDG) | +7% | Low double-digit LC and LCMS instrument growth plus strong NASD and Biovectra CDMO performance |
| Applied Markets Group (AMG) | +5% | Strong GCMS and spectroscopy growth, supply-chain reshoring, greenfield and capacity expansion, and 8850 GC ramp; led by Asia ex-China and EMEA |
| Agilent CrossLab Group (ACG) | +5% | Mid single-digit consumables and services growth despite a $50 million tariff-driven pull forward of consumables sales into Q2 |
| NASD (siRNA CDMO) | growth well into the 20s (high 20s) | Growing demand for siRNA modalities in clinical and commercial programs, plus recent approvals and label expansions |
| Gross margin | 53.1%, down year on year | Currency, tariffs, and Biovectra capacity-expansion downtime |
| Operating margin | 25.1%, down ~230 bps | Tariffs and logistics (~200bps), unfavorable currency, and the Biovectra shutdown; also above plan on variable pay and commercial spend |
| Pricing | ~+100 bps | Value-driven Ignite pricing actions, roughly double the ~50 bps benefit a year ago |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Ignite enterprise operating model | Value-driven pricing and structural efficiency program | Delivered pricing impact twice last year's, cut management layers more than 15%, and drove double-digit savings in key cost categories, positioning for accelerated Q4 leverage | — |
| Tariff mitigation | Minimal FY2025 impact guided in May | Now ~$20M net cost for the year; mitigation via footprint shifts, supplier relocation, and targeted pricing, with full mitigation expected in 2026 as European tariffs rose 50% | — |
| Pharma replacement cycle and budget normalization | Spending gated by executive-level approvals; gradual recovery | Lab managers increasingly accessing capital budgets, larger year-end quotes, and early signs of a standard (not elevated) year-end budget environment | — |
| Innovation and new product ramps | InfinityLab LC and new platforms launching | InfinityLab mid-teens growth, Pro iQ LCMS ahead of forecast, 8850 GC ramping ahead of plan, and Dako Omnis expanding the diagnostics addressable market | — |
| China recovery and stimulus | Stable, low diagnostics exposure | CAM in China up low teens on petrochemicals and domestic semiconductor buildout; a large stimulus order expected late in the year plus the new 'quality productive forces' innovation policy | — |
| Capital deployment and M&A readiness | Dilution-mitigation buybacks; net leverage 0.9x | Management expects M&A to become a more meaningful, disciplined part of capital deployment aligned to strategy, citing high organizational readiness from Ignite | — |