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A (Agilent Technologies) delivered strong Q2 FY2026 results with revenue of $1.84B (+10.0% YoY), operating income surging 33.0% to $399M, and net income jumping 57.7% to $339M, reflecting meaningful margin expansion and earnings leverage.
营业收入
$1.83B
同比 ++10.01%
每股收益（基本）
$1.20
同比 ++60.00%
营业利润
$399M
同比 ++33.00%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Agilent Technologies (A) Q2 FY2026 营收 $1.83B，同比增长 10.0%。 净利润 $339M，同比增长 57.7%，稀释每股收益 $1.20。
Revenue grew 10.0% year-over-year to $1,835M in Q2 FY2026, up from $1,668M in the prior-year period, indicating a meaningful recovery and demand improvement across the company's business segments.
来源: Source: 10-Q Income Statement
Operating income rose 33.0% to $399M while operating margin expanded approximately 380 basis points to 21.7%, driven by revenue growth outpacing cost increases and disciplined SG&A control (SG&A grew only 2.4% YoY to $465M).
来源: Source: 10-Q Income Statement & Key Ratios
Net income surged 57.7% to $339M and diluted EPS rose 60.0% to $1.20 from $0.75, reflecting both operational improvement and potentially favorable below-the-line items such as reduced interest expense tied to long-term debt reduction.
来源: Source: 10-Q Income Statement
Stockholders' equity grew 16.1% YoY to $7,122M while long-term debt declined 8.9% to $3,051M, improving the debt-to-equity ratio to 0.83 and signaling a healthier capital structure.
来源: Source: 10-Q Balance Sheet
Fiscal year-to-date operating cash flow was $545M, down 16.4% from $652M in the same prior-year period, suggesting timing differences in working capital or collections despite strong reported earnings.
来源: Source: 10-Q Cash Flow Statement
Year-to-date operating cash flow fell 16.4% to $545M even as net income rose sharply, indicating a potential disconnect between reported earnings and cash generation. This could reflect working capital build-up or unfavorable timing of receivables and payables. Sustained divergence between earnings and cash flow warrants monitoring.
来源: Source: 10-Q Cash Flow Statement
SG&A expenses of $465M represent a significant portion of the cost base and grew 2.4% YoY to $465M. While controlled relative to revenue growth, the absolute level remains high and could pressure margins if revenue growth decelerates. Any slowdown in top-line momentum could expose earnings to SG&A deleveraging.
来源: Source: 10-Q Income Statement
Long-term debt stands at $3,051M with a debt-to-equity ratio of 0.83, representing a meaningful leverage level. While debt has declined 8.9% YoY, the remaining obligations still create interest expense that constrains financial flexibility. Rising interest rate environments could increase refinancing costs.
来源: Source: 10-Q Balance Sheet
R&D spending grew 12.5% YoY to $126M, but at approximately 6.9% of revenue, it remains relatively modest for a scientific instrumentation and life sciences company competing in innovation-intensive markets. Insufficient R&D investment could erode competitive positioning over time.
来源: Source: 10-Q Income Statement
Year-to-date financing cash flow was -$366M, a 23.6% increase in outflows versus -$296M in the prior-year period, driven partly by share buybacks of $217M. While buybacks signal confidence, elevated capital returns alongside debt obligations reduce financial flexibility in a downturn.
来源: Source: 10-Q Cash Flow Statement
Q2 FY2026 实际 EPS $1.49，分析师一致预期 $1.44，超预期 +3.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.83B | $1.67B | +10.01% |
营业成本 | $845M | $802M | +5.36% |
营业利润 | $399M | $300M | +33.00% |
净利润 | $339M | $215M | +57.67% |
每股收益（基本） | $1.20 | $0.75 | +60.00% |
每股收益（稀释） | $1.20 | $0.75 | +60.00% |
研发费用 | $126M | $112M | +12.50% |
销售及管理费用 | $465M | $454M | +2.42% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $13.06B | $12.16B | +7.46% |
流动资产 | $4.76B | $4.21B | +13.19% |
总负债 | $5.94B | $6.02B | -1.31% |
流动负债 | $2.27B | $2.01B | +12.77% |
股东权益 | $7.12B | $6.14B | +16.07% |
现金及等价物 | $1.81B | $1.49B | +21.60% |
长期债务 | $3.05B | $3.35B | -8.90% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $545M | $652M | -16.41% |
投资活动现金流YTD | $-170M | $-208M | +18.27% |
筹资活动现金流YTD | $-366M | $-296M | -23.65% |
股票回购YTD | $217M | $255M | -14.90% |
折旧及摊销YTD | $134M | $145M | -7.59% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 21.7% | 18.0% | +3.76% |
净利率 | 18.5% | — | — |
净资产收益率 | 4.8% | — | — |
总资产收益率 | 2.6% | — | — |
流动比率 | $2.099 | — | — |
资产负债率 | $0.834 | — | — |
A delivered strong Q2 FY2026 results with revenue of $1,835M, up 10.0% year-over-year, and net income of $339M, up 57.7%. Diluted EPS came in at $1.20, a 60.0% increase from $0.75 in the prior-year quarter, reflecting significant operating leverage and margin expansion.
A's revenue grew 10.0% to $1,835M in Q2 FY2026, with cost of revenue growing at only 5.4%, indicating that demand recovery and pricing discipline were key drivers. Operating margin expanded to 21.7% from 18.0%, suggesting the revenue growth was high-quality and profitable.
A's financial health appears solid, with a current ratio of 2.10, cash and equivalents of $1,807M, and stockholders' equity of $7,122M. Long-term debt declined 8.9% to $3,051M and the debt-to-equity ratio stands at 0.83, reflecting a strengthening balance sheet.
Year-to-date operating cash flow was $545M, down 16.4% from $652M in the same prior-year period, despite significantly higher net income of $339M. This divergence may reflect working capital timing differences and warrants attention in future quarters.
Key risks include the decline in operating cash flow despite strong earnings growth, the company's remaining long-term debt of $3,051M which creates interest obligations, and the relatively modest R&D spending of $126M (approximately 6.9% of revenue) in innovation-intensive markets. Elevated financing outflows of $366M year-to-date also reduce financial flexibility.