Earnings Call Intelligence Subscribe
Home › Call Sheets › A › Q4'25
Call sheet · Q4'25

Agilent Technologies (A)

Q4'25 earnings call · held November 24, 2025 · compared with the Q3'25 call · management-credibility review
10/12
Disclosure score
3 medium, 4 low flags
Financial quality
Bottom line
The sleeper story everyone's missing: Agilent is positioning early for the GLP-1 patent cliff in India with 'experience centers' for generic manufacturers, while their service team now drives 30% of leads with double the conversion rate. The obvious headline is sixth straight quarter of growth acceleration, but the real constraint is talent retention costs that hit margins by 60 bps in Q4. Most revealing quote: 'We expect in India we're gonna take a lot share as it goes into '26' - they're front-running a massive generics opportunity. My view changes if variable pay pressures continue to offset operational leverage or if BioVectra revenue timing becomes more unpredictable as they scale to Train C capacity in 2027.

The 30-second version

  • SLEEPER: GLP-1 revenue hit $130M for FY25 (50/50 analytical tools vs CDMO), but more importantly they're front-running the patent cliff in India with 'experience centers' for generic manufacturers
  • Sixth straight quarter of core growth acceleration (7.2% vs 5.3% in Q3), but the sleeper is instrument book-to-bill above 1.0 for SEVEN consecutive quarters
  • Operating margins disappointed at 27.2% but they guided 75 bps expansion for FY26 with tariff mitigation fully implemented by H2

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$1.74B (+6.1% YoY)$1.86B (+9.4% YoY)+280 bps acceleration to 9.4% growth
Core Revenue Growth6.1%7.2%+110 bps acceleration, sixth straight quarter
Operating Margin25.1%27.2%+210 bps sequential, but missed expectations
EPS$1.37$1.59+$0.22 beat midpoint guidance
Pharma Revenue Growth9%12%+300 bps acceleration
CDMO Revenue GrowthHigh 20s40%+ core basis+1000+ bps acceleration
China Revenue+4%-4%800 bps deceleration, missed low single-digit guide
Gross Margin53.1%54.1%+100 bps sequential improvement
LDG Revenue Growth7%11%+400 bps acceleration
AMG Revenue Growth5%3%-200 bps deceleration

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises 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 Q4'25 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
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.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.