Full-year core growth guidance maintained at 4% to 6%.
Agilent reported a solid Q1 FY26 with 4.4% core revenue growth, marred only by a $10 million snowstorm impact in the last week of January. Management is maintaining its full-year core growth and margin expansion targets while benefiting from a strengthening replacement cycle, GLP-1 growth, and continued semiconductor demand. The tone was positive, with management expressing confidence in the company's ability to execute despite tariff volatility and pockets of softness in academia. Core revenue grew 4.4% in Q1 FY26, within guidance, with a $10 million weather impact on the US logistics center primarily recovered in early February.
Buzzberg 분석Full-year core growth guidance maintained at 4% to 6%.Agilent reported a solid Q1 FY26 with 4.4% core revenue growth, marred only by a $10 million snowstorm impact in the last week of January. Management is maintaining its full-year core growth and margin expansion targets while benefiting from a strengthening replacement cycle, GLP-1 growth, and continued semiconductor demand. The tone was positive, with management expressing confidence in the company's ability to execute despite tariff volatility and pockets of softness in academia. Core revenue grew 4.4% in Q1 FY26, within guidance, with a $10 million weather impact on the US logistics center primarily recovered in early February.전체 분석 보기분석 접기
Agilent reported a solid Q1 FY26 with 4.4% core revenue growth, marred only by a $10 million snowstorm impact in the last week of January. Management is maintaining its full-year core growth and margin expansion targets while benefiting from a strengthening replacement cycle, GLP-1 growth, and continued semiconductor demand. The tone was positive, with management expressing confidence in the company's ability to execute despite tariff volatility and pockets of softness in academia. Core revenue grew 4.4% in Q1 FY26, within guidance, with a $10 million weather impact on the US logistics center primarily recovered in early February.
The LC replacement cycle continues to be a major growth driver, with Agilent claiming 2x peer growth driven by its Infinity Tree system.
The advanced materials segment grew over 20%, driven by semiconductor reshoring and the global memory chip shortage.
GLP-1 business grew 50%, with the specialty CDMO (NASD/BioVectra) growing low double digits, in line with expectations.
Revenue$1.798B
-3% QoQ
EPS$1.36
-14% QoQ
Gross margin52.61%
reported
Op margin19.63%
reported
이번 분기에 달라진 점
01
Guidance
Full-year core growth guidance maintained at 4% to 6%.
Guidance · revenue to $7.4B
02
Demand
GLP-1 growth of 50% in Q1, supported by CDMO and analytical lab.
Management expressed confidence in underlying momentum across key end markets, highlighted strong innovation and market share gains, and maintained full-year guidance despite weather-related and macro headwinds.
GLP-1 growth of 50% in Q1, supported by CDMO and analytical lab.. Management expressed confidence in underlying momentum across key end markets, highlighted strong innovation and market share gains, and maintained full-year guidance despite weather-related and macro headwinds.
04
Market Opportunity
Pharma reshoring estimated as $1B addressable market through 2030.
The advanced materials segment grew over 20%, driven by semiconductor reshoring and the global memory chip shortage.
수요 및 자본지출
수요
수주 및 전환
GLP-1 growth of 50% in Q1, supported by CDMO and analytical lab.. Management expressed confidence in underlying momentum across key end markets, highlighted strong innovation and market share gains, and maintained full-year guidance despite weather-related and macro headwinds.
자본지출
투자 및 생산능력
Management emphasized continued capital expenditure for growth and capacity expansion, with approximately $500 million in capital expenditures expected for FY26 and targeted investments in supply chain capacity and 'no-regret investments' to improve efficiency, resilience, and proximity to customers.
톤 · Confident
Management expressed confidence in underlying momentum across key end markets, highlighted strong innovation and market share gains, and maintained full-year guidance despite weather-related and macro headwinds.
병목
Compute & memoryworsening
The advanced materials segment grew over 20% in the quarter, propelled by semiconductor reshoring and the memory chip shortage, creating a strong order book for Agilent's atomic spectroscopy tools.
The memory shortage is driving capital investment in fab capacity, which in turn fuels demand for Agilent's high-margin analytical instruments, creating a durable tailwind.
“The current shortage of memory chips and the global effort to achieve semiconductor supply chain independence has driven investment by these firms in our leading atomic spectroscopy tools.”
“Yeah, I mean, it's not just the memory shortage, but it's the reshoring of fabrications, fabs that you see that globally, you know, you even see in India where fabs are being set up also in Asia and the Americas.”
Agilent's LC instrument replacement cycle is showing 2x peer growth, driven by the Infinity Tree system, signaling a clear share gain over Waters and Thermo Fisher in high-performance liquid chromatography.
The advanced materials segment grew over 20% in the quarter, propelled by semiconductor reshoring and the memory chip shortage, creating a strong order book for Agilent's atomic spectroscopy tools.
“This strong result in advanced materials demonstrates our leadership in providing solutions for the top semiconductor manufacturers globally. The current shortage of memory chips and the global effort to achieve semiconductor supply chain…”
Agilent's services agreements with nearly all top-20 biopharma companies provide a 'flywheel' effect, embedding Agilent engineers on-site and giving Agilent early visibility into customers' instrument replacement cycles, allowing it to pre-empt competitors.
“We have agreements with nearly all of the top 20 biopharma companies. In addition, we've won 18 competitive displacements across our end markets over the past three years.”
Agilent is seeing tangible signs of pharma reshoring to the U.S., estimating a billion-dollar addressable market opportunity through 2030, with initial orders expected later this year.
“We're seeing increased activity in U.S.-based pharmaceutical manufacturing as companies rethink resilience and capacity. Based on announced investments and recent customer activity, we estimate this will represent a billion-dollar addressa…”
The 'Pause-and-Clip' impact of tariffs is waning, with Agilent's full-year guidance assuming tariffs are fully offset by pricing and mitigation actions, a sign that tariff headwinds are becoming a non-factor for earnings going forward.
“The tariff dynamics will drive a modestly more than typical sequential improvement in operating margin over the course of the year. As we have said before, this translates into a slight second half weighting on operating profit and EPS ver…”
The advanced materials segment grew over 20% in the quarter, propelled by semiconductor reshoring and the memory chip shortage, creating a strong order book for Agilent's atomic spectroscopy tools. — The memory shortage is driving capital investment in fab capacity, which in turn fuels demand for Agilent's high-margin analytical instruments, creating a durable tailwind.
… our specialty CDMO as well as our analytical lab business. Our specialty CDMO business grew low double digits during the quarter, and we continue to expect mid-teens growth for the year. We saw continued strength in chemicals and advanced materials market. The 9% growth in CAM was above our expectations, with exceptional strength on the materials side of the business with growth of more than 20%. This strong result in advanced materials demonstrates our leadership in providing solutions for the top semiconductor manufacturers globally. The current shortage of memory chips and the global effort to achieve semiconductor supply chain independence has driven investment by these firms in our leading atomic spectroscopy tools. With support from the recent Omnus family launch, the diagnostics and clinical business continue to perform well, growing at 7% again this quarter. Environmental forensics was flat, with continued softness in government funding in the US and China offset by growth in the rest of Asia and Europe. In Q1, the food business declined 4%, which outperformed our expectations with strong low double-digit growth ex-China. As a reminder, the food market was the primary …
Agilent's LC instrument replacement cycle is showing 2x peer growth, driven by the Infinity Tree system, signaling a clear share gain over Waters and Thermo Fisher in high-performance liquid chromatography. — A sustained 2x growth differential in a major instrument category would directly pressure Waters' core business and indicate a structural shift in the competitive landscape.
Hey, guys. Thanks for the question. Hope you can hear me. I want to follow up on what I think Patrick was asking about earlier about some of the moving pieces in the quarter, especially with the 10 million weather shift. Just want to make sure we're understanding the dynamics correctly. My read of it is it sounds like you've had a slightly slower start to the year than you anticipated in select markets like sell analysis, like A&G specifically. maybe a little bit on food. I just want to make sure I'm understanding that correctly. You know, again, don't want to blow it out of proportion, but especially with the 10 million shift, just want to make sure we get that. And then a follow-up to…
And then I'll pass it over to Paul. Yeah. And, you know, it's you know, I don't want to kind of if you're looking at the academia and government side, you know, it's the smallest part of our business. You know, NIH is one percent of our funding. And so it's slightly less than what we expected. But but it is really the smallest part of our business. And I think I described the real momentum we have in the key markets, you know, continuing improvement in pharma business. We're seeing spend in biotechs. GLP-1 business continues to be extremely strong. CDMO continues to move forward in cam strength. And you put that all together, you know, with the funnels that we're seeing and our outsized growth on our infinity tree. If you look at that compared to our peers, we're almost 2x in terms of the quarter, and that's driving the replacement cycle. So all of those things moving together, we're very positive about the rest of the year.
Agilent's new aviation security instrument winning a TSA contract could signal a shift in the competitive landscape, potentially at the expense of established players like Smiths Detection.
… announced in late January as part of our continued effort to enable the latest digital tools for our cancer diagnostic customers. Finally, early in the quarter, our market-leading spectroscopy business announced the release of our Rampant Insight BRT series alarm resolution system. The new system offers next-generation throughput and sensitivity to hand safety and streamline operations at airport security checkpoints. This new instrument helps secure a $9 million TSA contract during the quarter, and we are confident that we are well-positioned to win larger aviation security tenders in the coming years. The last topic I want to focus on is our Ignite operating system. As you know, we launched Ignite at the beginning of 2025 to drive execution excellence, accelerate decision making, and unlock the full value of Agilent as an integrated enterprise. Over the past year, Ignite has evolved into our enterprise operating system, a core differentiator that aligns strategy, resources, and accountability to drive sustainable growth, margin expansion, and long-term shareholder value. Ignite has already delivered clear financial results in its first 12 months, including doubling our …
Agilent's services agreements with nearly all top-20 biopharma companies provide a 'flywheel' effect, embedding Agilent engineers on-site and giving Agilent early visibility into customers' instrument replacement cycles, allowing it to pre-empt competitors. — Agilent's deepening service relationships could structurally lock in long-term revenue and give it an edge in capital equipment and consumables purchasing decisions against rivals.
Hey guys. Uh, thank you for taking my question. maybe poor, uh, my first one high level. When I look at, uh, You know, this cadence for the year, right? First half versus back half. Your guidance for first half implies, you know, slightly less than five and back half to hit the midpoint, you know, needs to be about five. Can you just talk about what drives the back half step up, comps to get tougher? Is this some new product cycles or is this something else that's going on in the business that gives us this back half visibility? Yeah.
Yeah, I mean, the underlying, we see a really strong underlying momentum in our businesses and our key biggest markets. You can see that in pharma where, you know, driven by GLP-1s, but also the replacement cycle going extremely well. You see our infinity tree number growing in double digits, I think, and we're seeing from our latest market share report that we're taking oversized share In that area. And then, of course, you can go down to our cam markets as well, where you can see, you know, a lot of secular drivers. We grew 20 percent of the advanced materials from the semiconductor on shoring and so on. So underlying momentum in the markets, we have very good visibility in funnels. We're seeing very strong wind loss rates. And of course, we're going to watch that as we go forward. But we see that continued momentum to improve.
Agilent's services agreements with nearly all top-20 biopharma companies provide a 'flywheel' effect, embedding Agilent engineers on-site and giving Agilent early visibility into customers' instrument replacement cycles, allowing it to pre-empt competitors. — Agilent's deepening service relationships could structurally lock in long-term revenue and give it an edge in capital equipment and consumables purchasing decisions against rivals.
… performance analytics. This allows us to gain unique insights and visibility into lab operations and critically deliver improved efficiency and economics for our customer labs. These successful outcomes position us as a trusted partner, one customers can count on to provide critical data and insights that inform their future technology needs and instrument purchasing decisions. We have agreements with nearly all of the top 20 biopharma companies. In addition, we've won 18 competitive displacements across our end markets over the past three years. Early customer feedback from a recent marquee win reinforces the value of having our specialists on site, including faster response times, improved parts availability, and better advice and consumer and system usage. 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. I want to highlight several recent examples that are resonating particularly well with our customers, starting with our Altura ultra-inert column portfolio. In October, we launched our first Altura column to support biopharma workflows, …
The advanced materials segment grew over 20% in the quarter, propelled by semiconductor reshoring and the memory chip shortage, creating a strong order book for Agilent's atomic spectroscopy tools. — The memory shortage is driving capital investment in fab capacity, which in turn fuels demand for Agilent's high-margin analytical instruments, creating a durable tailwind.
… our specialty CDMO as well as our analytical lab business. Our specialty CDMO business grew low double digits during the quarter, and we continue to expect mid-teens growth for the year. We saw continued strength in chemicals and advanced materials market. The 9% growth in CAM was above our expectations, with exceptional strength on the materials side of the business with growth of more than 20%. This strong result in advanced materials demonstrates our leadership in providing solutions for the top semiconductor manufacturers globally. The current shortage of memory chips and the global effort to achieve semiconductor supply chain independence has driven investment by these firms in our leading atomic spectroscopy tools. With support from the recent Omnus family launch, the diagnostics and clinical business continue to perform well, growing at 7% again this quarter. Environmental forensics was flat, with continued softness in government funding in the US and China offset by growth in the rest of Asia and Europe. In Q1, the food business declined 4%, which outperformed our expectations with strong low double-digit growth ex-China. As a reminder, the food market was the primary …
Agilent is seeing tangible signs of pharma reshoring to the U.S., estimating a billion-dollar addressable market opportunity through 2030, with initial orders expected later this year.
… a strong result considering the tough year-over-year compare from significant volumes associated with last year's Chinese stimulus. Ex-China, GC instrument growth was mid-single digits, in line with our expectations of around 100 basis points of lift during the GC replacement cycle. And even with these strong results, the upside from farmer reshoring has yet to impact our numbers. we're seeing increased activity in U.S.-based pharmaceutical manufacturing as companies rethink resilience and capacity. Based on announced investments and recent customer activity, we estimate this will represent a billion-dollar addressable market opportunity through 2030. We continue to expect the first orders from Reshoring to book late this year and the revenue impact from those orders to bolster top-line growth in FY27 and beyond. As we look to the rest of the year, our priorities remain unchanged. Advance our Ignite operating system, further enhance commercial execution, and capture opportunities from improving end markets, innovative new products, and a multi-pronged replacement cycle. With a solid start to the year and the outlook for end markets broadly consistent with our original …
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