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. For the first quarter, Agilent reported $1.8 billion in revenue, growing 4.4% on a core basis within our November guidance range. The storm drove roughly a $10 million revenue impact, with the majority recovered at the beginning of February.
Adjusted for the impact of the storm, our first quarter revenue, operating margin, and EPS all would have been above the midpoint of our November guidance ranges, a healthy underlying outcome. Before getting into the specifics of our first quarter results, I want to share my thoughts on three key business initiatives that are fueling our growth. This business represents roughly 10% of our total services revenue today and has grown nicely at a low double-digit CAGR. Beyond the direct revenue contribution, the relationship we build with our customer creates tremendous long-term value for Agilent and uniquely position us to gain wallet share over time.
The insights that we gain from our leading services team are a key success factor in driving customer-focused innovation that underpins durable long-term growth at above-market rates. Already, 50% of the top 20 biopharma companies have ordered these columns since we launched, and Altura has more than doubled our bio column growth to over 30%, a testament to Altura's compelling performance. The launch is off to an excellent start, with strong demand out of the gate and extremely positive customer feedback versus competitor offerings. We're seeing a robust uptake, with growth of our single quad family exceeding 40% in the quarter.
| Metric | Period | Current guidance |
|---|---|---|
| FY2026 reported revenue | FY2026 | $7.3 billion-$7.5 billion (4%-6% core growth; ~1.5% FX tailwind) |
| FY2026 non-GAAP EPS | FY2026 | $5.90-$6.04 (5.5%-8% growth; +$0.04 on favorable FX) |
| FY2026 operating margin expansion | FY2026 | +75 bps at the midpoint |
| Q2 FY2026 reported revenue | Q2 FY2026 | $1.79 billion-$1.82 billion (~4%-5.5% core; ~3% FX tailwind) |
| Q2 FY2026 non-GAAP EPS | Q2 FY2026 | $1.39-$1.42 (6%-8% growth) |
| Q2 operating margin | Q2 FY2026 | ~100 bps improvement vs Q1 |
| FY2026 tax rate | FY2026 | 14.5% (unchanged) |
| FY2026 operating cash flow | FY2026 | $1.6 billion-$1.7 billion (unchanged) |
| FY2026 CapEx | FY2026 | ~$500 million |
| FY2026 pricing | FY2026 | at least 100 bps, supported by Ignite |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +4.4% core (+7% reported) | Broad-based growth across largest end markets; FX +2.6%; partly offset by ~$10M storm impact. |
| Pharma | +7% | Double-digit biotech growth, mid-single-digit small molecule, GLP-1 strength and year-end budget-flush normalization. |
| CAM (chemicals & advanced materials) | +9% | Advanced materials up more than 20% on semiconductor reshoring and memory-chip demand for atomic spectroscopy tools. |
| Diagnostics & clinical | +7% | Continued momentum supported by the Omnis platform launch. |
| Environmental & forensics | flat | Soft US and China government funding, offset by growth in rest of Asia and Europe. |
| Food | -4% | Tough comp against prior-year China stimulus; outperformed expectations with low-double-digit growth ex-China. |
| GLP-1 | +50% | Analytical labs +7% and specialty CDMO +120%; oral and injectable testing exposure. |
| ACG segment | +6% | High-single-digit consumables growth, solid services and balanced global growth. |
| AMG segment | +4% | Ahead of expectations, led by double-digit spectroscopy on semiconductor strength. |
| LDG segment | +3% | Below expectations due to weather plus academia/government softness in cell analysis and genomics. |
| China | +6% | Better than expected; modest pre-Lunar New Year spend and a small SAMR/GACC stimulus (won ~30%). |
| Rest of Asia | +13% | Robust broad-based demand. |
| Europe | +4% | Slower than expected as tariff discussions delayed some purchasing late in the quarter. |
| Americas | +1% | Directly hit by the winter storm plus softness in smaller end markets. |
| Gross margin | -100 bps to 53.7% | Primarily tariff headwinds. |
| Operating margin | -50 bps to 24.6% | Increased tariff expense and normalized performance-based pay. |
| Non-GAAP EPS | +4% to $1.36 | Within guidance; would have been above midpoint excluding the storm. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Tariffs | Tariff headwinds weighing on gross and operating margin | Expected to be fully offset over the year via cost savings and pricing; guide unchanged even under a hypothetical 15% global minimum given no-regret supply-chain moves. | — |
| Ignite operating system | Launched early 2025 to drive execution excellence | Now the enterprise operating system; delivered ~200 bps pricing in Q1, procurement savings, BIOVECTRA integration playbook; expanding into AI, e-commerce and supply-chain workstreams. | — |
| Instrument replacement cycle | Early-stage recovery | Accelerating; Infinity III LC growing double digits at ~2x peers with notable share gains, still early-to-mid in the cycle. | — |
| M&A / capital allocation | Prioritize organic innovation, M&A, capacity, and shareholder returns | High bar for transformative deals; no size filter but very disciplined on right-to-win, integration and returns; Ignite gives confidence in integration capability. | — |
| Specialty CDMO (NASD/BIOVECTRA) | Ramping capacity | Low-double-digit Q1 growth, mid-teens expected for FY; booked into 2027 with Train C and D coming online; NASD ~60% commercial, BIOVECTRA ~one-third commercial. | — |
| Academia & government | Soft, cautious spending | Still soft, especially US; company believes it is at or near the bottom with budgets plateauing; expects low-single-digit full-year decline. | — |
| China | Stabilizing around $300M/quarter | Grew 6%; expected flat/~$300M per quarter with mid-to-high-single-digit long-term growth; potential larger year-end stimulus not in the guide. | — |