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A (Agilent Technologies) posted Q1 FY2026 revenue growth of 7.0% to $1.80B, but operating income fell 6.1% to $353M as SG&A expenses surged 16.1%, compressing margins and driving a 37.8% decline in operating cash flow.
营业收入
$1.8B
同比 ++6.96%
每股收益（基本）
$1.08
同比 -3.57%
营业利润
$353M
同比 -6.12%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Agilent Technologies (A) Q1 FY2026 营收 $1.8B，同比增长 7.0%。 净利润 $305M，同比下降 4.1%，稀释每股收益 $1.07。
Revenue grew 7.0% year-over-year to $1.798B in Q1 FY2026, up from $1.681B in Q1 FY2025, indicating continued demand for Agilent's products and services despite a challenging macro environment.
来源: Source: 10-Q Income Statement, XBRL Financial Data
SG&A expenses jumped 16.1% year-over-year to $476M from $410M, significantly outpacing revenue growth of 7.0% and acting as the primary driver of operating income compression from $376M to $353M.
来源: Source: 10-Q Income Statement, XBRL Financial Data
Operating margin declined approximately 2.7 percentage points to 19.6% from 22.4%, while net margin came in at 17.0%, reflecting the disproportionate rise in operating expenses relative to revenue growth.
来源: Source: 10-Q Key Ratios, XBRL Financial Data
Operating cash flow fell sharply by 37.8% to $268M from $431M in the prior-year period, suggesting working capital headwinds or timing differences in cash collections and payments that warrant monitoring.
来源: Source: 10-Q Cash Flow Statement, XBRL Financial Data
Stockholders' equity rose 14.6% to $6.908B, cash and equivalents increased 19.8% to $1.758B, and long-term debt declined 8.9% to $3.050B, reflecting an improving capital structure despite near-term earnings pressure.
来源: Source: 10-Q Balance Sheet, XBRL Financial Data
SG&A expenses grew at 16.1% year-over-year, more than double the revenue growth rate of 7.0%, which could indicate structural cost increases in sales, marketing, or administrative functions. If this trend persists without corresponding revenue acceleration, operating margins will continue to compress. Management must demonstrate cost discipline to restore profitability levels seen in prior periods.
来源: Source: 10-Q Income Statement, XBRL Financial Data
Operating cash flow declined 37.8% to $268M from $431M, a significant drop that may signal working capital challenges, slower receivables collection, or higher cash outflows for operations. This divergence from net income of $305M raises questions about earnings quality and cash conversion. Sustained weakness in operating cash flow could limit financial flexibility.
来源: Source: 10-Q Cash Flow Statement, XBRL Financial Data
Current liabilities increased 19.5% year-over-year to $2.234B, growing faster than current assets which rose 12.4% to $4.615B. While the current ratio of 2.07 remains healthy, the accelerating pace of near-term obligations warrants attention. A continued trend could tighten liquidity headroom over subsequent quarters.
来源: Source: 10-Q Balance Sheet, XBRL Financial Data
Cost of revenue rose 9.0% year-over-year, outpacing revenue growth of 7.0%, indicating potential pricing pressure, input cost inflation, or unfavorable product mix shifts. This dynamic reduces gross profit expansion and limits the buffer available to absorb higher operating expenses. Sustained cost-of-revenue pressure could further erode overall profitability.
来源: Source: 10-Q Income Statement, XBRL Financial Data
Share buybacks increased 68.9% year-over-year to $152M in Q1 FY2026, even as operating cash flow fell sharply by 37.8%. Returning capital to shareholders at an accelerated rate while cash generation weakens could strain the balance sheet if the trend continues. This capital allocation decision may limit investment flexibility for organic growth or debt reduction.
来源: Source: 10-Q Cash Flow Statement, XBRL Financial Data
Q1 FY2026 实际 EPS $1.36，分析师一致预期 $1.40，不及预期 -2.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.8B | $1.68B | +6.96% |
营业成本 | $852M | $782M | +8.95% |
营业利润 | $353M | $376M | -6.12% |
净利润 | $305M | $318M | -4.09% |
每股收益（基本） | $1.08 | $1.12 | -3.57% |
每股收益（稀释） | $1.07 | $1.11 | -3.60% |
研发费用 | $117M | $113M | +3.54% |
销售及管理费用 | $476M | $410M | +16.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $12.81B | $11.91B | +7.55% |
流动资产 | $4.62B | $4.11B | +12.37% |
总负债 | $5.91B | $5.89B | +0.31% |
流动负债 | $2.23B | $1.87B | +19.53% |
股东权益 | $6.91B | $6.03B | +14.62% |
现金及等价物 | $1.76B | $1.47B | +19.84% |
长期债务 | $3.05B | $3.35B | -8.87% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $268M | $431M | -37.82% |
投资活动现金流 | $-93M | $-94M | +1.06% |
筹资活动现金流 | $-222M | $-180M | -23.33% |
股票回购 | $152M | $90M | +68.89% |
折旧及摊销 | $67M | $72M | -6.94% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 19.6% | 22.4% | -2.73% |
净利率 | 17.0% | — | — |
净资产收益率 | 4.4% | — | — |
总资产收益率 | 2.4% | — | — |
流动比率 | $2.066 | — | — |
资产负债率 | $0.855 | — | — |
Life Sciences Tools & Services 行业其他公司
Based on the 10-Q filing data, Agilent reported diluted EPS of $1.07 in Q1 FY2026, down 3.6% from $1.11 in Q1 FY2025. Whether this beat or missed Wall Street consensus estimates is not determinable from the filing alone, as analyst estimates are not included in SEC filings.
Agilent's Q1 FY2026 results showed revenue growth of 7.0% to $1.798B, but profitability declined as SG&A expenses surged 16.1% to $476M, compressing operating margin by approximately 2.7 percentage points to 19.6%. Operating cash flow fell sharply by 37.8% to $268M, raising questions about near-term cash generation quality.
Agilent's revenue grew 7.0% year-over-year to $1.798B in Q1 FY2026, up from $1.681B in Q1 FY2025. However, cost of revenue grew faster at 9.0%, which partially offset the benefit of higher sales on gross profit.
Key risks identified from the financial data include the 16.1% surge in SG&A expenses outpacing revenue growth, a 37.8% decline in operating cash flow to $268M, and a 19.5% rise in current liabilities. These trends suggest potential cost structure challenges and working capital pressures that could weigh on future profitability if not addressed.
Agilent's balance sheet remains solid with $1.758B in cash (up 19.8% YoY), a current ratio of 2.07, and stockholders' equity of $6.908B (up 14.6% YoY). However, the sharp decline in operating cash flow and rising SG&A costs are near-term concerns that investors should watch in subsequent quarters.