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Call sheet · Q3'26

Agilent Technologies (A)

Q3'26 earnings call · held August 26, 2026 · compared with the Q2'26 call · management-credibility review
7/12
Disclosure score
2 medium, 2 low flags
Financial quality
Bottom line
The market will focus on the 7.3% revenue beat, but the real story is the $60 M order funnel behind the new 9500 ICP‑MS and the looming Train C capacity constraint that won’t materialize until 2027. While pricing and Ignite continue to lift margins, the binding constraint is the still‑unfilled CDMO capacity and a rising leverage ratio that could bite if growth stalls. If the 9500 pipeline dries up or Train C delays, the EPS upside evaporates.

The 30-second version

  • Sleeper story: 9500 ICP‑MS pipeline builds $60 M funnel while LC/GC growth stays modest
  • Headline beat masks a near‑term CDMO capacity lag
  • Red flag: DSO metric vanished, AI supply‑chain story lacks numbers

What changed this quarter

MetricQ2'26Q3'26Change
Revenue (core YoY)$1.83 B, +6.3% YoY$1.88 B, +7.3% YoY+5 bps acceleration
Operating margin ex‑tariff26.4%27.2%+80 bps expansion
Gross margin ex‑tariff55.0%54.9%-10 bps dip
EPS (ex‑tariff)$1.49$1.56+7 cents (+5%)
Operating cash flow$277 M$519 M+88% surge
CapEx$76 M$80 M+5% increase
Net leverage0.7×1.0×Leverage up but still modest
Book‑to‑bill≈1.0 (Q2)>1.0 for 10th straight quarterContinues strong order flow
Advanced Therapeutics (CDMO) growthHigh‑single‑digit Q2≈30% Q3Accelerated specialty CDMO growth

Accountability tracked

2 new promises made1 prior promise scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full A Q3'26 report Subscribe
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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