Agilent Technologies
A · NYSELaboratory Analytical Instruments · Fiscal year ends Oct 31
Agilent Technologies reported revenue of $6.9B in the fiscal year ended Oct 2025, up 6.7% from the year before. Operating income was $1.5B, an operating margin of 21.3%, and net income was $1.3B. Operating cash flow of $1.6B less capital expenditure of $407M left free cash flow of $1.2B. Net debt was $1.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.8B | $6.8B | $6.5B | $6.9B |
| Cost of revenue | $2.9B | $3.1B | $3.4B | $3B | $3.3B |
| Gross profit | $3.4B | $3.7B | $3.5B | $3.5B | $3.6B |
| Research & development | $441M | $467M | $481M | $479M | $455M |
| Selling, general & admin | $1.6B | $1.6B | $1.6B | $1.6B | $1.7B |
| Operating income | $1.3B | $1.6B | $1.4B | $1.5B | $1.5B |
| Interest expense | $81M | $84M | $95M | $96M | $112M |
| Pre-tax income | $1.4B | $1.5B | $1.3B | $1.5B | $1.4B |
| Income tax | $150M | $250M | $99M | $232M | $132M |
| Net income | $1.2B | $1.3B | $1.2B | $1.3B | $1.3B |
| Diluted EPS | 3.94 | 4.18 | 4.19 | 4.43 | 4.57 |
| Diluted shares | 307M | 300M | 296M | 291M | 285M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.1B | $1.6B | $1.3B | $1.8B |
| Receivables | $1.2B | $1.4B | $1.3B | $1.3B | $1.5B |
| Inventory | $830M | $1B | $1B | $972M | $1B |
| Current assets | $3.8B | $3.8B | $4.2B | $4B | $4.6B |
| Net PP&E | $945M | $1.1B | $1.3B | $1.8B | $2B |
| Goodwill | $4B | $4B | $4B | $4.5B | $4.5B |
| Total assets | $10.7B | $10.5B | $10.8B | $11.8B | $12.7B |
| Payables | $446M | $580M | $418M | $540M | $570M |
| Deferred revenue | $519M | $557M | $616M | $701M | $803M |
| Current liabilities | $1.7B | $1.9B | $1.6B | $1.9B | $2.3B |
| Short-term debt | $0 | $36M | $0 | $45M | $304M |
| Long-term debt | $2.7B | $2.7B | $2.7B | $3.3B | $3.1B |
| Total liabilities | $5.3B | $5.2B | $4.9B | $5.9B | $6B |
| Shareholders' equity | $5.4B | $5.3B | $5.8B | $5.9B | $6.7B |
| Backlog (remaining obligations) | $299M | $357M | $331M | $409M | $437M |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.3B | $1.8B | $1.8B | $1.6B |
| Capital expenditure | $188M | $291M | $298M | $378M | $407M |
| Free cash flow | $1.3B | $1B | $1.5B | $1.4B | $1.2B |
| Depreciation & amortisation | $321M | $317M | $271M | $257M | $288M |
| Stock-based compensation | $110M | $125M | $111M | $129M | $128M |
| Acquisitions | $547M | $52M | $51M | $862M | −$4M |
| Share buybacks | $788M | $1.1B | $575M | $1.2B | $425M |
| Dividends paid | $236M | $250M | $265M | $274M | $282M |
| Dividend per share | 0.78 | 0.84 | 0.90 | 0.94 | 0.99 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.4% | −0.2% | −4.7% | 6.7% |
| Operating income growth (YoY) | – | 20.1% | −16.6% | 10.2% | −0.6% |
| EPS growth (YoY) | – | 6.1% | 0.2% | 5.7% | 3.2% |
| Gross margin | 53.9% | 54.4% | 50.7% | 54.3% | 52.4% |
| Operating margin | 21.3% | 23.6% | 19.8% | 22.9% | 21.3% |
| Net margin | 19.1% | 18.3% | 18.1% | 19.8% | 18.8% |
| Return on equityBlank when equity is negative | 22.5% | 23.6% | 21.2% | 21.9% | 19.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.0% | 18.7% | 14.7% | 15.0% | 14.2% |
| Free cash flow margin | 20.5% | 14.9% | 21.6% | 21.1% | 16.6% |
| Cash conversion (CFO ÷ net income) | 1.23x | 1.05x | 1.43x | 1.36x | 1.20x |
| Receivable days | 68 | 75 | 69 | 74 | 78 |
| Inventory days | 104 | 121 | 112 | 119 | 113 |
| Payable days | 56 | 68 | 45 | 66 | 63 |
| Interest cover | 16.6x | 19.3x | 14.2x | 15.5x | 13.2x |
| Debt ÷ equity | 0.51x | 0.52x | 0.47x | 0.57x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.2B | $1.7B | $1.1B | $2.1B | $1.6B |
| Current ratio | 2.22x | 2.03x | 2.61x | 2.09x | 1.96x |
Recent filings
More in Laboratory Analytical Instruments
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.