What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-12-22 compared with 2024-12-20 · 374 added, 380 removed, 1826 unchanged (29% of the section changed)

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Report of Independent Registered Public Accounting Firm - (PCAOB ID:

Consolidated Statement of Operations for each of the three years in the period ended October 31, 20 24

Consolidated Statement of Comprehensive Income for each of the three years in the period ended October 31, 20 24

Consolidated Balance Sheet at October 31, 202 4 and 202 3

Consolidated Statement of Cash Flows for each of the three years in the period ended October 31, 20 24

Consolidated Statement of Equity for each of the three years in the period ended October 31, 20 24

Consolidated Statement s of Operations for each of the three years in the period ended October 31, 202 5

Consolidated Statement s of Comprehensive Income for each of the three years in the period ended October 31, 202 5

Consolidated Balance Sheet s at October 31, 202 5 and 202 4

Consolidated Statement s of Cash Flows for each of the three years in the period ended October 31, 202 5

Consolidated Statement s of Equity for each of the three years in the period ended October 31, 202 5

Notes to Consolidated Financial Statements

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We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded BIOVECTRA from its assessment of internal control over financial reporting as of October 31, 2024 because it was acquired by the Company in a purchase business combination during 2024.

We have also excluded BIOVECTRA from our audit of internal control over financial reporting.

BIOVECTRA is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 3% and less than 1%, respectively, of the related consolidated financial statement amounts as of and for the year ended October 31, 2024.

Definition and Limitations of Internal Control over Financial Reporting

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A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit

preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Acquisition of BIOVECTRA – Valuation of Certain Customer Relationships

As described in Notes 1, 3 and 11 to the consolidated financial statements, on September 20, 2024, the Company acquired 100 percent of the stock of BIOVECTRA for total consideration paid of $915 million in cash.

As of October 31, 2024, gross carrying amount of customer relationships includes approximately $165 million related to BIOVECTRA which was valued by management using the multi-period excess earnings method under the income approach which values the customer relationships by discounting the direct cash flow expected to be generated by the customers.

Of the customer relationships related to BIOVECTRA, the majority relates to certain customer relationships.

Management’s determination of the fair value of customer relationships acquired involved significant estimates and assumptions related to revenue growth rates, discount rates, and customer attrition rates.

The principal considerations for our determination that performing procedures relating to the valuation of certain customer relationships acquired in the acquisition of BIOVECTRA is a critical audit matter are (i) the significant judgment by management when estimating the fair value of certain customer relationships acquired;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumption related to revenue growth rates;

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Revenue Recognition for Certain Products and Services and other Revenue

As described in Note 1 to the consolidated financial statements, the Company derives revenue primarily from the sale of analytical and diagnostics products and services.

Revenue is recognized when control of the promised products or services is transferred to the customers and the performance obligation is fulfilled in an amount that reflects the consideration that the Company expects to be entitled in exchange for those products or services.

For equipment, consumables, and most software licenses, control transfers to the customer at a point in time.

For products that transfer control over time, revenue is recognized as the performance obligation is satisfied.

Revenue for service contracts is recognized on a straight-line basis to revenue over the service period, as a time-based measure of progress best reflects the performance in satisfying this obligation.

For contracts with multiple performance obligations, management allocates the consideration to each performance obligation based on relative standalone selling prices.

Management estimates the standalone selling price by calculating the average historical selling price of products and services per geographic region for each performance obligation.

The Company’s net revenues were $6.9 billion for the year ended October 31, 2025, of which a majority relates to certain products and services and other revenue.

The principal consideration for our determination that performing procedures relating to revenue recognition for certain products and services and other revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of certain customer relationships acquired.

These procedures also included, among others (i) reading the purchase agreement;

(ii) testing management’s process for estimating the fair value of certain customer relationships acquired;

(iii) evaluating the appropriateness of the multi-period excess earnings method used by management;

(iv) testing the completeness and accuracy of the underlying data used in the multi-period excess earnings method;

and (v) evaluating the reasonableness of the significant assumption used by management related to revenue growth rates.

Evaluating management’s assumption related to the revenue growth rates involved considering (i) the current performance of the BIOVECTRA business and (ii) whether the assumption was consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the multi-period excess earnings method.

These procedures included testing the effectiveness of controls relating to the revenue recognition process.

These procedures also included, among others, (i) testing revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as purchase orders, invoices, proof of delivery or shipment, and cash receipts, and recalculating revenue, including testing the allocation of transaction price to the performance obligations based on relative standalone selling price, if applicable;

(ii) testing the completeness and accuracy of the historical selling price data used to determine the standalone selling price of the performance obligations;

and (iii) evaluating occurrence and accuracy of revenue on a test basis, by examining valid contracts and other supporting documents, as applicable.

/s/ PricewaterhouseCoopers LLP

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AGILENT TECHNOLOGIES, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended October 31,

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AGILENT TECHNOLOGIES, INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

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Amounts reclassified into earnings related to derivative instruments, net of tax expense (benefit) of $ 1 , $( 1 ) and $ 0

( 1 ) — ( 26 )

Foreign currency translation, net of tax expense (benefit) of $ 5 , $ 3 and $( 1 )

( 22 ) 34 ( 150 )

Net defined benefit pension cost and post retirement plan costs:

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AGILENT TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEETS

(in millions, except

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AGILENT TECHNOLOGIES, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended October 31,

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Change in fair value of contingent consideration — — 1

Loss on extinguishment of debt — — 9

Net gain on divestiture of business — — ( 43 )

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AGILENT TECHNOLOGIES, INC.

CONSOLIDATED STATEMENT OF EQUITY

CONSOLIDATED STATEMENTS OF EQUITY

Common Stock Accumulated

Comprehensive

Income (Loss)

Value Additional

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1,473 — 13 — — 13

Repurchase of common stock ( 8,368 ) — ( 111 ) ( 1,028 ) — ( 1,139 )

Repurchase of common stock, including excise taxes ( 4,609 ) — ( 62 ) ( 517 ) — ( 579 )

Share-based compensation — — 111 — — 111

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Agilent Technologies, Inc.

("we", "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied chemical markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

New Segment Structure.

In the first quarter of fiscal year 2024, we announced a change in our operating segments to move our cell analysis business from our life sciences and applied markets segment to our diagnostics and genomics operating segment in order to further strengthen growth opportunities for both organizations.

Following this reorganization, we continue to have three business segments comprised of life sciences and applied markets, diagnostics and genomics and Agilent CrossLab, each of which continues to comprise a reportable segment.

We began reporting under this new structure with the Quarterly Report on Form 10-Q for the period ended January 31, 2024.

All historical financial segment information has been recast to conform to this new presentation in our consolidated financial statements and accompanying notes.

There was no change to our Agilent CrossLab business segment.

In November 2024, we announced a change in our organizational structure to support our market-focused, customer-centric strategy.

Our former Diagnostics and Genomics segment combined with our liquid chromatography and liquid chromatography mass spectrometry instrument platforms to form our new Life Sciences and Diagnostics Markets segment.

Our chemistries and supplies, laboratory automation, and software and informatics divisions moved from our former Life Sciences and Applied Markets segment to our Agilent CrossLab segment.

The remaining divisions in our former Life Sciences and Applied Markets segment which includes our gas chromatography, gas chromatography mass spectrometry, remarketed instruments, spectroscopy and vacuum divisions formed our new Applied Markets segment.

Following this re-organization, we have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment.

All historical segment financial information has been recast to conform to this new reporting structure in our financial statements and accompanying notes.

Acquisition of BIOVECTRA .

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Announced Exit and Subsequent Divestiture of Resolution Bioscience Business .

During the third quarter of fiscal year 2023, we made the decision to exit the Resolution Bioscience business within our diagnostics and genomics segment and recorded a long-lived asset impairment charge of $ 270 million.

During the third quarter of fiscal year 2023, we made the decision to exit the Resolution Bioscience business within our Life Sciences and Diagnostics Markets segment and recorded a long-lived asset impairment charge of $ 270 million.

In the fourth quarter of fiscal year 2023, we received an unsolicited offer and entered into an agreement to divest the Resolution Bioscience business for $ 50 million.

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We are subject to risks common to companies in the analytical instrument industry, such as global economic and financial market conditions, fluctuations in foreign currency exchange rates and fluctuations in customer demand, among others.

Recent changes to tariffs and trade policies by the U.S.

and other countries have increased risk and uncertainty surrounding our future results of operations.

In the first half of fiscal year 2025, changes to tariffs and trade policies did not have a material impact on our results of operations;

however, the tariff changes adversely impacted our costs of revenue beginning in the second half of fiscal year 2025.

In the second half of fiscal year 2025, the U.S.

government introduced additional measures related to tariffs, including certain increases, exemptions and pauses, and other countries have responded with preliminary agreements and retaliatory actions.

The ultimate impact of changes to tariffs and trade policies will depend on various factors, including the timing, amount, scope, and nature of any tariffs or trade policies implemented and our ability to respond to and mitigate the impact of such tariffs and trade policies.

We continue to monitor these evolving trade dynamics closely, as they may influence future revenue and operational efficiency.

In 2025, headcount and funding reductions of the U.S.

federal government along with those customers receiving funding from the U.S.

federal government have adversely impacted our business.

Continued funding and resource pressure of these government agencies and limited availability of funding grants could impact our customers’ ability to perform normal functions and further impact our business.

Revenue Recognition.

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Service calls not included in a support contract are recognized to revenue at the time a service is performed.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

We have sales from standalone software.

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Our arrangements generally do not include any provisions for cancellation, termination, or refunds that would significantly impact recognized revenue.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For contracts with multiple performance obligations, we allocate the consideration to which we expect to be entitled to each performance obligation based on relative standalone selling prices and recognize the related revenue when or as control of each individual performance obligation is transferred to customers.

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Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts.

See Note 6, "Income Taxes" for more information.

See Note 6, "Income Taxes" for additional information.

Net Income Per Share.

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Under the treasury stock method, the amount the employee must pay for exercising stock options and unamortized share-based compensation expense are assumed proceeds to be used to repurchase hypothetical shares.

See Note 7, "Net Income Per Share".

See Note 7, "Net Income Per Share" for additional information.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Cash, Cash Equivalents and Short-Term Investments.

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As of October 31, 2025, we had no short-term investments.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Restricted Cash and Restricted Cash Equivalents.

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When assets are retired or disposed of, the assets and related accumulated depreciation and amortization are removed from our general ledger, and the resulting gain or loss is reflected in the consolidated statement of operations.

Buildings and improvements are depreciated over the lesser of their useful lives or the remaining term of the lease and machinery and equipment over 3 years to 10 years.

Buildings and

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

improvements are depreciated over the lesser of their useful lives or the remaining term of the lease and machinery and equipment over 3 years to 10 years.

We use the straight-line method to depreciate assets.

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Classification of operating lease liabilities as either current or non-current is based on the expected timing of payments due under our obligations.

As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

information available at commencement date in determining the present value of lease payments.

As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment.

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Actual results could differ materially from these estimates.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Goodwill and Purchased Intangible Assets.

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If it is determined, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform a quantitative impairment test on goodwill to identify and measure the amount of a goodwill impairment loss to be recognized.

A goodwill impairment loss, if any, is measured as the

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

amount by which a reporting unit's carrying value, including goodwill, exceeds its fair value, not to exceed the carrying amount of goodwill.

A goodwill impairment loss, if any, is measured as the amount by which a reporting unit's carrying value, including goodwill, exceeds its fair value, not to exceed the carrying amount of goodwill.

As defined in the authoritative guidance, a reporting unit is an operating segment, or one level below an operating segment.

We aggregate components of an operating segment that have similar economic characteristics into our reporting units.

In fiscal year 2024, in connection with the change in our segment reporting, we assessed goodwill impairment for our three reporting units which consisted of our three segments:

life sciences and applied markets, diagnostics and genomics and Agilent CrossLab.

We performed a quantitative test for goodwill impairment of the three reporting units as of November 1, 2023, due to the change in our segment structure.

As of November 1, 2023, there was no impairment of goodwill.

In fiscal year 2024, we assessed goodwill impairment for our three reporting units which consisted of three segments:

life sciences and applied markets, diagnostics and genomics and Agilent CrossLab.

At the beginning of fiscal year 2025, in connection with the change in our segment reporting, we assessed goodwill impairment for our three reporting units which consisted of our three segments:

Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets.

We performed a quantitative test for goodwill impairment of the three reporting units as of November 1, 2024, due to the change in our segment structure, and based on the results there was no impairment of goodwill.

In fiscal year 2025, we again assessed goodwill impairment for our three reporting units which consisted of our three operating segments:

Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets.

We performed a qualitative test for goodwill impairment of the three reporting units, as of September 30, 2025, our annual impairment test date.

Based on the results of our qualitative testing, there was no impairment of goodwill as of September 30, 2024.

Based on the results of our qualitative testing, we believe that it is more-likely-than-not that the fair values of these reporting units are greater than their respective carrying values.

Each quarter we review the events and circumstances to determine if goodwill impairment is indicated.

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An organization may choose to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to calculating its fair value.

As of October 31, 2024, we do no t have any indefinite-lived intangible assets.

As of October 31, 2025 and 2024, we do no t have any indefinite-lived intangible assets.

During fiscal years 2025 and 2023, there were no impairments of indefinite-lived intangible assets.

During fiscal year 2024, we recorded an impairment of in-process research and development of $ 6 million in research and development in the consolidated statement of operations related to a project in our life sciences and Applied Markets segment.

There were no impairments of indefinite-lived intangible assets during fiscal years 2023 and 2022.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Impairment of Long-Lived Assets.

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If the total of the undiscounted future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.

During the year ended October 31, 2025, we recorded an impairment charge of long-lived assets of $ 15 million.

During the year ended October 31, 2024, we recorded an impairment charge of long-lived assets including indefinite-lived intangible assets of $ 19 million.

During the year ended October 31, 2023, we recorded an impairment charge of long-lived assets including intangible assets of $ 277 primarily related to the exit of our Resolution Bioscience business.

During the year ended October 31, 2022, there were no impairments of long-lived assets.

During the year ended October 31, 2023, we recorded an impairment charge of long-lived assets including intangible assets of $ 277 million related to the exit of our Resolution Bioscience business.

Variable Interest Entities.

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We also reconsider whether entities previously determined not to be VIEs have become VIEs and vice-versa, based on changes in facts and circumstances including changes in contractual arrangements and capital structure.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As of October 31, 2025 and 2024, the total carrying value of investments and loans in privately held companies considered as VIEs was $ 44 million and $ 79 million respectively.

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As of October 31, 2025, the fair value of the commercial paper approximates its carrying value.

As of October 31, 2023, the fair value of the term loan approximates its carrying value.

As of October 31, 2025, the fair value of our senior notes was $ 3,191 million with a carrying value of $ 3,330 million.

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The fair value of foreign currency contracts used for hedging purposes is estimated internally by using inputs tied to active markets.

These inputs, for example, interest rate yield curves, foreign exchange rates, and forward and spot prices for currencies are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

These inputs, for example, interest rate yield curves, foreign exchange rates, and forward and spot prices for currencies are observable in the market or can be corroborated by observable

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

market data for substantially the full term of the assets or liabilities.

See also Note 13, "Fair Value Measurements" for additional information on the fair value of financial instruments and contingent consideration.

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Estimated warranty charges are recorded within cost of products at the time products are sold.

See Note 17, "Guarantees".

See Note 17, "Guarantees" for additional information.

Employee Compensation and Benefits.

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All retired treasury shares revert to the status of authorized but unissued shares.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Share-Based Compensation.

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Cash flows from derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the hedged or economically hedged item, primarily in operating activities.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Foreign Currency Translation.

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Gains or losses from foreign currency remeasurement are included in consolidated net income.

Net gains or losses resulting from foreign currency transactions, including hedging gains and losses, are reported in other income (expense), net and were $ 4 million gain for 2024, $ 2 million gain for 2023 and $ 6 million loss for 2022.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Net gains or losses resulting from foreign currency transactions, including hedging gains and losses, are reported in other income (expense), net and were $ 3 million loss for 2025, $ 4 million gain for 2024 and $ 2 million gain for 2023.

NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance to improve segment reporting through enhanced disclosure requirements of significant segment expenses on an interim and annual basis.

We adopted this guidance effective for our fiscal year 2025 and interim periods within fiscal year 2026 on a retrospective basis.

See Note 22, "Segment Information" for additional segment disclosures.

New Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued guidance to improve segment reporting through enhanced disclosure requirements of significant segment expenses.

These amendments are effective for our fiscal year 2025, and interim periods within fiscal year 2026, with early adoption permitted.

These amendments apply on a retrospective basis.

We are currently evaluating the impact of these amendments on our consolidated financial statements.

In December 2023, the FASB issued guidance to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

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We are currently evaluating the impact of these amendments on our consolidated financial statements.

In May 2025, the FASB issued guidance to improve the requirements for identifying the accounting acquirer in transactions involving variable interest entities (VIEs) in business combinations.

The amendments are effective for our fiscal year 2028, including interim periods within that year, with early adoption permitted.

We currently do not expect the impact of these amendments to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued guidance that introduces targeted improvements to the accounting for internal-use software, replacing the stage-based capitalization model with a principles-based approach and aligning disclosure requirements with those for property, plant, and equipment.

The amendments are effective for our fiscal year 2029, including interim periods within fiscal year 2029, with early adoption permitted.

We are currently evaluating the impact of these amendments on our consolidated financial statements.

In December 2025, the FASB issued guidance that addresses the accounting for government grants received by business entities.

The amendments establish a framework for recognizing, measuring, and presenting government grants in the financial statements to improve consistency and transparency.

The amendments are effective for our fiscal year 2030, including interim periods within fiscal year 2030, with early adoption permitted.

We are currently evaluating the impact of these amendments on our consolidated financial statements.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In December 2025, the FASB issued guidance related to interim reporting requirements.

The amendments introduce new disclosure requirements to enhance transparency in interim financial statements.

The amendments are effective for our fiscal year 2029, including interim periods within fiscal year 2029, with early adoption permitted.

We are currently evaluating the impact of these amendments on our consolidated financial statements.

Other amendments to GAAP in the U.S.

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Goodwill acquired was allocated to our operating segments and reporting units as a part of the purchase price allocation.

All goodwill was allocated to the diagnostics and genomics reporting unit.

All goodwill was allocated to the Life Sciences and Diagnostics Markets segment.

Our acquisition of BIOVECTRA is treated as a stock acquisition and therefore is not deductible for United States federal tax purposes.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of September 20, 2024 (in millions):

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Pro forma results of operations and the revenue and net income subsequent to the acquisition date for BIOVECTRA have not been presented because the effects of the acquisition were not material to our financial results.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents the company’s total revenue and segment revenue disaggregated by geographical region:

Life Sciences and Applied Markets Agilent CrossLab Diagnostics and Genomics Total

Life Sciences and Diagnostics Markets Agilent CrossLab Applied Markets Total

(in millions)

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Total $ 2,780 $ 2,656 $ 1,397 $ 6,833

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents the company’s total revenue disaggregated by end markets and by revenue type:

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Non-instrumentation and other revenue include sales from contract and per incident services, our companion diagnostics and our nucleic acid solutions businesses as well as sales from spare parts, consumables, reagents, vacuum pumps, subscriptions, software licenses and associated services.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Contract Balances

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The balances of contract assets as of October 31, 2025 and 2024, were $ 329 million and $ 247 million, respectively.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Contract Liabilities

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Change in deferrals from customer cash advances, net of revenue recognized ( 9 )

Contract liabilities acquired in business combinations 70

Currency translation and other adjustments 3

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Change in deferrals from customer cash advances, net of revenue recognized 7

Contract liabilities acquired in business combinations 70

Currency translation and other adjustments 7

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These costs include the company's internal sales force compensation program, as we have determined that annual compensation is commensurate with annual sales activities.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Transaction Price Allocated to the Remaining Performance Obligations

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Remaining performance obligations primarily include extended warranty, customer manufacturing contracts, and software maintenance contracts and revenue associated with lease arrangements.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

SHARE-BASED COMPENSATION

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2018 Stock Plan (the "2018 Plan") which amends, including renaming and extending the term of, the Agilent Technologies, Inc.

2009 Stock Plan (the "2009 Plan").

The 2018 Plan provides for the grant of awards in the form of stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), performance shares and performance units with performance-based conditions on vesting or exercisability, and cash awards.

2009 Stock Plan (the "2009 Plan" and, together with the 2018 Stock Plan, the "Stock Plans").

On November 14, 2018 and March 20, 2019, the Board of Directors and the stockholders, respectively, approved the reservation of an additional 25 million shares of common stock under the 2018 Plan.

The 2018 Plan provides for the grant of awards in the form of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares and performance units with performance-based conditions on vesting or exercisability, and cash awards.

The 2018 Plan has a term of ten years .

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Stock Options.

In fiscal year 2021, we resumed granting stock options.

Stock options granted under the 2018 Plan may be either "incentive stock options", as defined in Section 422 of the Internal Revenue Code, or non-statutory.

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The performance targets for the LTPP-EPS for year 2 and year 3 of the performance period are set in the first quarter of year 2 and year 3, respectively.

All LTPP awards are subject to a one-year post-vest holding period.

All LTPP awards granted after November 1, 2015 and before November 18, 2025, are subject to a one-year post-vest holding period.

The final LTPP award may vary from zero to 200 percent of the target award.

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We consider the dilutive impact of these programs in our diluted net income per share calculation only to the extent that the performance conditions are expected to be met.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Restricted Stock Units.

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Restricted stock units generally vest, with some exceptions, at a rate of 25 percent per year over a period of four years from the date of grant.

All restricted stock units granted to our executives after November 1, 2015, are subject to a one-year post-vest holding period.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

All restricted stock units granted to our executives after November 1, 2015 and before November 18, 2025, are subject to a one-year post-vest holding period.

Impact of Share-based Compensation Awards

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183 8.1 $ 124 4,088 112 8.0 $ 124 2,489

$ 130.01 - $ 140.00

211 8.8 $ 138 1,857 20 7.6 $ 136 216

$ 140.01 & Over

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Forfeited ( 168 ) $ 134

Change in LTPP shares in the year due to exceeding performance targets 31 $ 111

Change in LTPP shares in the year due to not meeting performance targets ( 40 ) $ 158

Non-vested at October 31, 2025 2,040 $ 134

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Realized loss on divestiture of business — — ( 104 )

Excess tax benefits from stock-based compensation ( 4 ) ( 14 ) ( 19 )

Intra-entity transfer of assets ( 57 ) — —

Other, net ( 9 ) ( 25 ) ( 24 )

2 unchanged sentences

For 2025, our income tax expense was $ 132 million with an effective tax rate of 9.2 percent.

For the year ended October 31, 2025, our effective tax rate and the resulting provision for income taxes were impacted by the federal tax benefit of $ 57 million related to the intra-entity transfer of assets.

The income taxes for the year ended October 31, 2025, also include the tax benefit of $ 29 million related to foreign-derived intangible income along with the tax benefit of $ 28 million related to the release of tax reserves due to a remeasurement of the liability.

For 2024, our income tax expense was $ 232 million with an effective tax rate of 15.3 percent.

For the year ended October 31, 2024, our effective tax rate and the resulting provision for income taxes were impacted by the tax benefit of $ 47 million related to foreign-derived intangible income.

3 unchanged sentences

due to the settlement of the audit with the Internal Revenue Service ("IRS") for tax years 2018 and 2019.

For 2022, our income tax expense was $ 250 million with an effective tax rate of 16.6 percent.

For the year ended October 31, 2022, our effective tax rate and the resulting provision for income taxes were impacted by the tax benefit of $ 46 million related to foreign-derived intangible income.

We have negotiated a tax holiday in Singapore.

5 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The United States enacted the One Big Beautiful Bill Act ("OBBBA") on July 4, 2025, including adjustments to effective tax rates on certain types of income and an elective deduction for domestic Research and Development (R&D), which are generally applicable to Agilent in fiscal years 2026 and 2027.

The OBBBA did not have any material impact on our effective tax rate or cash flow in the current fiscal year.

The significant components of deferred tax assets and deferred tax liabilities included on the consolidated balance sheet are:

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Net deferred tax assets (liabilities) $ 380 $ 266

The increase in 2025 as compared to 2024 for the deferred tax assets and liabilities was primarily due to the benefit of $ 155 million related to the intra-entity transfer of assets.

Valuation allowances require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable.

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The state tax credits carry forward indefinitely.

At October 31, 2024, we had foreign tax credit carryforwards of approximately $17 million.

If not utilized, the foreign tax credit carryforwards will begin to expire in 2039.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The breakdown between long-term deferred tax assets and deferred tax liabilities was as follows:

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Total $ 380 $ 266

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The breakdown between current and long-term income tax assets and liabilities, excluding deferred tax assets and liabilities, was as follows:

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Interest and penalties accrued as of October 31, 2025 and 2024 were $ 8 million and $ 17 million, respectively.

We recognized tax expense of $ 1 million in 2024, tax benefit of $ 5 million in 2023, and tax benefit of $ 2 million in 2022, for interest and penalties related to unrecognized tax benefits.

We recognized tax benefit of $ 9 million in 2025, tax expense of $ 1 million in 2024, and tax benefit of $ 5 million in 2023 for interest and penalties related to unrecognized tax benefits.

In the U.S., tax years remain open back to the year 2022 for federal income tax purposes and 2021 for significant states.

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In 2025, 2024 and 2023, we issued share-based awards of approximately 1.3 million, 1.5 million and 1.5 million, respectively.

For the year ended 2025, 1 million potential common shares were excluded from the diluted earnings per share calculation, as the impact of their inclusion would have been anti-dilutive.

For the years ended 2024 and 2023, the impacts of the anti-dilutive potential common shares that were excluded from the calculation of diluted earnings per share were not material.

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Inventory $ 1,025 $ 972

Inventory-related excess and obsolescence charges of $ 45 million were recorded in cost of products in 2024, $ 40 million in 2023 and $ 24 million in 2022.

We record excess and obsolete inventory charges for both inventory on our site as well as inventory at our contract manufacturers and suppliers where we have non-cancelable purchase commitments.

Inventory-related excess and obsolescence charges of $ 45 million were recorded in cost of products in both 2025 and 2024 and $ 40 million in 2023.

We record excess and obsolete inventory charges for both inventory on our site as well as inventory at our contract manufacturers and suppliers where we have non-cancellable purchase commitments.

AGILENT TECHNOLOGIES, INC.

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Property, plant and equipment, net $ 2,023 $ 1,778

The additions in 2024 are primarily related to assets acquired from BIOVECTRA and our on-going expansion of our Frederick, CO.

During 2024, we recorded asset impairments of $ 2 million.

During 2023, we recorded asset impairments of $ 11 million .

The additions in 2025 are primarily related to assets acquired from our on-going expansion of our Frederick, CO.

Interest costs incurred during construction of facilities are capitalized as part of the cost of the asset.

Capitalized interest was approximately $ 14 million in 2025, $ 7 million in 2024 and $ 6 million in 2023.

During 2025, there were no asset impairments.

During 2024 and 2023, we recorded asset impairments of $ 2 million and $ 11 million, respectively.

Depreciation expenses were $ 178 million in 2025, $ 149 million in 2024 and $ 128 million in 2023.

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The following table presents goodwill balances and the movements for each of our reportable segments during the years ended October 31, 2024 and 2025:

Life Sciences and Applied Markets Diagnostics and Genomics Agilent CrossLab Total

Life Sciences and Diagnostics Markets Agilent Crosslab Applied Markets Total

(in millions)

2 unchanged sentences

Goodwill arising from acquisitions and adjustments 526 — — 526

Goodwill adjustment related to divestiture of business — ( 13 ) $ — ( 13 )

Goodwill as of October 31, 2024 $ 3,000 $ 1,168 $ 309 $ 4,477

2 unchanged sentences

Goodwill as of October 31, 2025 $ 2,996 $ 1,168 $ 309 $ 4,473

In the first quarter of fiscal year 2024, we reorganized our operating segments and moved our cell analysis business from our life sciences and applied markets business segment to our diagnostics and genomics business segment.

As a result, we reassigned approximately $ 168 million of goodwill from our life sciences and applied markets business segment to our diagnostics and genomics business segment using the relative fair value allocation approach.

In the first quarter of fiscal year 2025, we reorganized our operating segments;

see Note 22, "Segment Information" for additional information about our segment reorganization.

As a result, we used the relative fair value allocation approach to reassign approximately $ 1.274 billion of goodwill from our Applied Markets segment (formerly our Life Sciences and Applied Markets segment) to our Agilent CrossLab and Life Sciences and Diagnostics Markets segments.

Of the $ 1.274 billion goodwill reallocated, $ 365 million was reassigned to Life Sciences and Diagnostics Markets segment and $ 909 million was reassigned to Agilent CrossLab segment.

Goodwill balances as of October 31, 2023 and 2024, have been recast to conform to this new presentation.

As a result of the reorganization, there was no change to our reporting units.

In addition, we performed a goodwill impairment test, and the results of the analysis indicated that the fair values for all three of our reporting units were in excess of their carrying values by substantial amounts;

As a result of the reorganization, our reporting units are:

Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets segments.

In addition, we performed a goodwill impairment test as of November 1, 2024, and the results of the analysis indicated that the fair values for all three of our reporting units were in excess of their carrying values by substantial amounts;

therefore, no impairment was indicated.

In connection with the divestiture of our Resolution Bioscience business in the fourth quarter of fiscal year 2023, we received $ 50 million in cash and recorded a gain on the divestiture of $ 43 million in other income (expense), net in the consolidated statement of operations which included an adjustment to goodwill of $ 13 million in our diagnostics and genomics segment.

We used the relative fair value approach in determining the adjustment to goodwill.

As of September 30, 2025, our annual impairment test date, we assessed goodwill for our reporting units, and no impairment of goodwill was indicated.

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Purchased technology $ 1,484 $ 1,169 $ 315

Backlog 9 — 9

Trademark/Trade name 199 174 25

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Total amortizable intangible assets $ 2,016 $ 1,469 $ 547

In-Process R&D 10 — 10

Total $ 1,856 $ 1,381 $ 475

As of October 31, 2025:

5 unchanged sentences

Total amortizable intangible assets $ 2,015 $ 1,570 $ 445

In-Process R&D — — —

Total $ 2,016 $ 1,469 $ 547

In fiscal year 2024, we recorded additions of $ 526 million to goodwill in our diagnostics and genomics segment related to the BIOVECTRA acquisition.

In addition, we recorded $ 188 million to other intangible assets related to BIOVECTRA and another acquisition.

In fiscal year 2025, we recorded measurement period adjustments to decrease goodwill by $ 5 million primarily to reduce other liabilities and to increase other intangible assets by $ 2 million related to our acquisition of BIOVECTRA.

During fiscal year 2025, we purchased $ 1 million of third-party technology and licenses.

During fiscal year 2025, there was no change in other intangible assets due to the impact of foreign currency translation.

During 2025, we also wrote-off the gross carrying amounts of $ 4 million and the related accumulated amortization of fully amortized intangible assets which were no longer being used.

In fiscal year 2024, we recorded additions of $ 526 million to goodwill in our Life Sciences and Diagnostics Markets segment and $ 188 million to other intangible assets primarily related to our acquisition of BIOVECTRA and another acquisition.

As of October 31, 2024, gross carrying amount of customer relationships includes approximately $ 165 million related to BIOVECTRA which was valued using the multi-period excess earnings method under the income approach which values the customer relationships by discounting the direct cash flow expected to be generated by the customers.

During fiscal year 2024, we reclassified $ 4 million of in-process research and development intangible assets to purchased technology upon the completion of a project.

During fiscal year 2024, other intangible assets in total decreased $ 5 million due to the impact of foreign currency translation.

During 2024, we also wrote-off the gross carrying amounts of $ 18 million and the related accumulated amortization of fully amortized intangible assets which were no longer being used.

In fiscal year 2023, we acquired two businesses for a total purchase price of $ 51 million.

As a result, we recorded additions of $ 15 million to goodwill and $ 50 million to other intangible assets in our diagnostics and genomics and life sciences and applied markets segments primarily related to these two acquisitions.

During fiscal year 2023, other intangible assets in total increased $ 2 million due to the impact of foreign currency translation.

During 2023, we also wrote-off the gross carrying amounts of $ 7 million and the related accumulated amortization of fully amortized intangible assets which were no longer being used.

In general, for United States federal tax purposes, goodwill from asset purchases is amortizable;

however, any goodwill created as part of a stock acquisition is not deductible.

There were no impairments of indefinite-lived intangible assets during fiscal years 2023 and 2022.

During both fiscal years 2025 and 2023, there were no impairments of indefinite-lived intangible assets.

During fiscal years 2025 and 2024, there were no impairments of finite-lived intangible assets recorded.

During the third quarter of fiscal year 2023, we recorded an impairment of finite-lived intangible assets of $ 258 million related to the exit of our Resolution Bioscience business in our diagnostics and genomics segment.

Of the $ 258 million, $ 249 million was recorded in cost of sales and $ 9 million was recorded in selling, general and administrative expenses on our consolidated statement of operations.

26 unchanged sentences

Unrealized gain (loss) on equity securities held as of the end of the period $ ( 41 ) $ 6 $ ( 26 )

In 2024, unrealized gains on our equity securities without RDFV were $ 1 million.

In 2025, unrealized losses on our equity securities without RDFV were $ 39 million.

In 2024, unrealized gains on our equity securities without RDFV were $ 1 million.

In 2023, unrealized losses on our equity securities without RDFV were $ 26 million.

AGILENT TECHNOLOGIES, INC.

2 unchanged sentences

In 2024, net unrealized gains were $ 10 million on our trading securities.

In 2022, net unrealized losses were $ 7 million on our trading securities.

In 2024, we recorded $ 11 million impairment of investments.

There were no impairments of investments in 2023 and 2022.

In 2023, net unrealized gains were $ 2 million on our trading securities.

In 2025 and 2024, we recorded impairments of investments of $ 15 million and $ 11 million, respectively.

In 2023, there were no impairments of investments.

FAIR VALUE MEASUREMENTS

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Derivative instruments (foreign exchange contracts) $ 12 $ — $ 12 $ —

Contingent consideration 1 — — 1

Deferred compensation liability 43 — 43 —

10 unchanged sentences

These shares have been classified as level 2 because, although the shares of the fund are not traded on any active stock exchange, each of the individual underlying securities are or can be derived from and hence we have a readily determinable value for the underlying securities, from which we are able to determine the fair market value for the special fund itself.

Contingent Consideration.

The contingent consideration liability was our only Level 3 asset or liability.

A summary of the Level 3 activity follows:

Contingent Consideration

(in millions)

Balance at October 31, 2022 $ 67

Additions to contingent consideration 5

Payments ( 72 )

Change in fair value (included within selling, general and administrative expenses) 1

Balance at October 31, 2023 $ 1

Change in fair value (included within selling, general and administrative expenses) ( 1 )

Balance at October 31, 2024 $ —

During fiscal year 2023, we made contingent consideration payments totaling $ 72 million related to the achievement of certain technical milestones associated with our acquisition of Resolution Bioscience and another acquisition.

Resolution Bioscience .

In the third quarter of fiscal year 2023, we decided to exit the Resolution Bioscience business and subsequently divested our interest in the business in the fourth quarter of fiscal year 2023.

We project that there are no potential future milestone payments related to the Resolution Bioscience business.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

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For the year ended October 31, 2025, long-lived assets held and used with a carrying amount of $ 15 million were written down to fair value of zero resulting in an impairment charge of $ 15 million.

For the year ended October 31, 2023, long-lived assets held and used with a carrying amount of $ 277 million were written down to fair value of zero , resulting in an impairment charge of $ 277 million primarily related to the exit of our Resolution Bioscience business in our diagnostics and genomics segment.

For the year ended October 31, 2022, there were no impairments of long-lived assets held and used.

For the year ended October 31, 2024, long-lived assets held and used with a carrying amount of $ 19 million were written down to fair value of zero resulting in an impairment charge of $ 19 million.

Fair values for the impaired long-lived assets during 2023 were measured using level 3 inputs.

1 unchanged sentence

Since the carrying value was greater than the undiscounted cash flow, the loss was measured by the excess of the carrying amount of the asset over its fair value of zero.

Non-Marketable Equity Securities

For the year ended October 31, 2025, the unrealized gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of $ 2 million of upward adjustments, $ 41 million of downward adjustments and an impairment loss of $ 15 million which were included in net income as adjustments to the carrying value.

For the year ended October 31, 2024, the unrealized gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of $ 2 million of upward adjustments, $ 1 million of downward adjustments and an impairment loss of $ 11 million which were included in net income as adjustments to the carrying value.

For the year ended October 31, 2023, the unrealized gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of no upward adjustments, $ 26 million of downward adjustments and no impairment loss which were included in net income as adjustments to the carrying value.

As of October 31, 2025, the cumulative net gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of $ 42 million upward adjustments, $ 71 million downward adjustments and $ 26 million impairment loss, and the carrying amount was $ 55 million.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Non-Marketable Equity Securities

For the year ended October 31, 2024, the unrealized gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of $ 2 million of upward adjustments, $ 1 million of downward adjustments and an impairment of $ 11 million which were included in net income as adjustments to the carrying value.

For the year ended October 31, 2023, the unrealized gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of only downward adjustments of $ 26 million which were included in net income as adjustments to the carrying value.

For the year ended October 31, 2022, the unrealized gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of only upward adjustments of $ 6 million which were included in net income as adjustments to the carrying value.

As of October 31, 2024, the cumulative net gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of $ 40 million upward adjustments, $ 11 million impairment loss and $ 30 million downward adjustments, and the carrying amount was $ 101 million.

As of October 31, 2023, the cumulative net gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of a $ 38 million upward adjustments and $ 29 million downward adjustments, and the carrying amount was $ 102 million.

As of October 31, 2024, the cumulative net gain (loss) on our non-marketable equity securities without readily determinable fair values was comprised of $ 40 million of upward adjustments, $ 30 million of downward adjustments and an $ 11 million impairment loss, and the carrying amount was $ 101 million.

Fair values for the non-marketable securities included in long-term investments on the consolidated balance sheet were measured using Level 3 inputs because they are primarily equity stock issued by private companies without quoted market prices.

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These derivative instruments were designated and qualified as cash flow hedges under the criteria prescribed in the authoritative guidance.

The swap arrangements were terminated on September 15, 2016 with a payment of $ 10 million, and we recognized this as a deferred loss in accumulated other comprehensive income (loss) which is being amortized to interest

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

expense over the life of the 2026 senior notes.

The remaining loss to be amortized related to the interest rate swap agreements at October 31, 2024 was $ 2 million.

The remaining loss to be amortized related to the interest rate swap agreements at October 31, 2025 was approximately $ 1 million.

In August 2019, we executed treasury lock agreements for $ 250 million in connection with future interest payments to be made on our 2029 senior notes issued on September 16, 2019.

6 unchanged sentences

Changes in fair value of the effective portion of the derivative instrument are recognized in accumulated other comprehensive income (loss)- translation adjustment and are assessed for effectiveness against the underlying exposure every reporting period.

If the company’s net investment changes during the year, the hedge relationship will be assessed and de-designated if the hedge notional amount is outside of prescribed tolerance with a gain/loss reclassified from other comprehensive income (loss) to other income (expense) in the current period.

If the company’s net investment changes during the year, the hedge relationship will be assessed and de-designated if the hedge notional amount is outside of prescribed

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

tolerance with a gain/loss reclassified from other comprehensive income (loss) to other income (expense) in the current period.

For the years ended October 31, 2025, 2024 and 2023, ineffectiveness and the resultant effect of any gains or losses recognized in other income (expense) due to de-designation of the hedge contracts were not significant.

9 unchanged sentences

The credit-risk-related contingent features underlying these agreements had not been triggered as of October 31, 2025.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The number of open foreign exchange forward contracts and aggregated notional amounts by designation as of October 31, 2025 were as follows:

10 unchanged sentences

Derivative instruments are subject to master netting arrangements and are disclosed gross in the balance sheet in accordance with the authoritative guidance.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The gross fair values and balance sheet location of derivative instruments held in the consolidated balance sheet as of October 31, 2025 and 2024 were as follows:

11 unchanged sentences

Other current assets $ 9 $ 4 Other accrued liabilities $ 3 $ 2

Net investment hedges

Foreign exchange contracts

Other current assets $ — $ 1 Other accrued liabilities $ — $ —

Derivatives not designated as hedging instruments:

2 unchanged sentences

Total derivatives $ 14 $ 14 $ 10 $ 12

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The effects of derivative instruments for foreign exchange contracts designated as hedging instruments and not designated as hedging instruments in our consolidated statement of operations were as follows:

15 unchanged sentences

At October 31, 2025 the total amount of existing net gain that is expected to be reclassified from accumulated other comprehensive income (loss) is $ 16 million.

Within the next twelve months it is estimated that $ 1 million of loss included within the net amount of accumulated other comprehensive income (loss) will be reclassified to cost of sales in respect of cash flow hedges.

Within the next twelve months it is estimated that $ 3 million of gain included within the net amount of accumulated other comprehensive income (loss) will be reclassified to cost of sales in respect of cash flow hedges.

RETIREMENT PLANS AND POST RETIREMENT PENSION PLANS

4 unchanged sentences

Retirement Plan (the "RP").

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Effective November 1, 2014, Agilent’s U.S.

8 unchanged sentences

As of October 31, 2025 and 2024, the fair value of plan assets of the DPSP was $ 71 million and $ 74 million, respectively.

Note that the projected benefit obligation for the DPSP equals the fair value of plan assets.

The projected benefit obligation for the DPSP equals the fair value of plan assets.

Agilent also maintains a Supplemental Benefit Retirement Plan ("SBRP") in the U.S., which is an unfunded non-qualified defined benefit plan to provide supplemental retirement benefits to certain employees that would be provided under the RP but for limitations imposed by the Internal Revenue Code.

1 unchanged sentence

defined benefit plans" in the tables below.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Eligible employees outside the U.S.

3 unchanged sentences

In addition to receiving retirement benefits, Agilent U.S.

employees who meet eligibility requirements as of their termination date may participate in the Agilent Technologies, Inc.

employees who meet eligibility requirements as of their termination date may participate in certain post-retirement medical benefits such as the Agilent Technologies, Inc.

Health Plan for Retirees.

1 unchanged sentence

The Health Plan for Retirees was closed to new retiree entrants after December 31, 2020.

If eligible, a retiree may receive a fixed amount (different fixed amounts for different groups) under the Agilent Technologies, Inc.

If eligible, a retiree may seek reimbursement of their eligible health insurance premium costs up to a fixed amount (different fixed amounts for different groups) under the Agilent Technologies, Inc.

Retiree Medical Account Plan (“RMA”) or a fixed monthly amount under the Agilent Technologies, Inc.

6 unchanged sentences

All matching contributions vest immediately.

Effective May 1, 2016 until April 30, 2022, we provided an additional transitional company contribution for certain eligible employees equal to 3 percent, 4 percent or 5 percent of an employee's annual eligible compensation due to the RP benefits being frozen.

The maximum employee contribution to the 401(k) Plan is 50 percent of an employee's annual eligible compensation, subject to regulatory limitations.

16 unchanged sentences

defined benefit plans and U.S.

Post-Retirement Benefit Plans, gains and losses are amortized over the average remaining future service period or remaining lifetime of participants depending upon the plan, using a separate layer for each year's gains and losses.

Post-Retirement Benefit Plans, gains and losses are amortized over the average remaining future service period using a separate layer for each year's gains and losses.

For the years ended October 31, 2025, 2024 and 2023, components of net periodic benefit cost and other amounts recognized in other comprehensive income were comprised of:

53 unchanged sentences

Other assets $ 70 $ 51 $ 280 $ 236 $ 26 $ 21

Employee compensation and benefits — ( 1 ) — — — —

Retirement and post-retirement benefits ( 2 ) ( 3 ) ( 84 ) ( 91 ) — —

4 unchanged sentences

Total $ 15 $ 31 $ 6 $ 37 $ ( 9 ) $ ( 7 )

The actuarial gains and losses related to the change in plan obligations were a total of $ 97 million net loss for 2024 and $ 35 million net gain for 2023.

The actuarial net loss that arose in 2024 was primarily due to decreases in discount rates and changes in other financial and demographic assumptions partially offset by gains due to plan experience.

The actuarial net gain that arose in 2023 was primarily due to increases in discount rates and changes in other financial and demographic assumptions partially offset by losses due to plan experience.

In November 2024, we entered into a buy-out contract in the amount of approximately $ 54 million with an unaffiliated insurance company, effective January 1, 2025, to transfer the assets and obligations of our Netherlands defined benefit pension plan.

The final settlement is anticipated by the end of the first quarter of 2025, when we will be recognizing the financial impact.

The actuarial gains and losses related to the change in plan obligations were a total of $ 15 million net gain for 2025 and $ 97 million net loss for 2024.

The actuarial net gain that arose in 2025 was primarily due to increases in discount rates and changes in other financial and demographic assumptions partially offset by losses due to plan experience.The actuarial net loss that arose in 2024 was primarily due to decreases in discount rates and changes in other financial and demographic assumptions partially offset by gains due to plan experience.

During fiscal year 2025, the settlement in Non-U.S.

defined benefit plans relates to the transfer of all assets and obligations of our Netherlands defined benefit plan to an unaffiliated insurance company under a buy-out contract.

The settlement resulted in a net loss of $ 14 million, which is included in other income (expense), net in the consolidated statement of operations.

The settlement loss includes the recognition of previously unrecognized actuarial losses that were included in accumulated other comprehensive income (loss).

AGILENT TECHNOLOGIES, INC.

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Our policy is to bring the actual allocation in line with the target allocation.

Equity securities include exchange-traded common stock and preferred stock of companies from broadly diversified industries.

Equity securities include exchange-traded common stock of companies from broadly diversified industries.

Fixed income securities include a global portfolio of corporate bonds of companies from diversified industries, government securities, mortgage-backed securities, asset-backed securities, derivative instruments and other.

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Both contracts are issued by the same third-party insurance company with no affiliation to us.

The measurement of the fair value of pension and post-retirement plan assets uses the valuation methodologies and the inputs as described in Note 13, "Fair Value Measurements".

The measurement of the fair value of pension and post-retirement plan assets uses the valuation methodologies and the inputs as described in Note 13, "Fair Value Measurements" for additional information.

Cash and Cash Equivalents - Cash and cash equivalents consist of short-term investment funds.

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We consider long-term rates of return, which are weighted based on the asset classes (both historical and forecasted) in which we expect our pension and post-retirement funds to be invested.

Discount rates reflect the current rate at which pension and post-retirement obligations could be settled based on the measurement dates of the plans - October 31.

discount rates at October 31, 2024 and 2023, were

Discount rates reflect the current rate at which pension and post-retirement obligations could be settled

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

determined based on the results of matching expected plan benefit payments with cash flows from a hypothetically constructed bond portfolio.

based on the measurement dates of the plans - October 31.

discount rates at October 31, 2025 and 2024, were determined based on the results of matching expected plan benefit payments with cash flows from a hypothetically constructed bond portfolio.

rates were generally based on published rates for high-quality corporate bonds.

44 unchanged sentences

Summary of Restructuring Plans.

In fiscal year 2025, we announced a restructuring plan designed to optimize our management structure to better serve our customers.

In fiscal years 2024 and 2023, we announced restructuring plans that were both designed to reduce costs and expenses in response to macroeconomic conditions.

These actions impact all three of our business segments.

The costs associated with these restructuring plans were not allocated to our business segments' results;

however, each business segment will benefit from the future cost savings from these actions.

When completed, the restructuring programs are expected to result in the reduction in annual cost of sales and operating expenses over the three business segments.

These actions impact all three of our operating segments.

The costs associated with these restructuring plans were not allocated to our operating segments' results;

however, each operating segment will benefit from the future cost savings from these actions.

When completed, the restructuring programs are expected to result in the reduction in annual cost of sales and operating expenses over the three operating segments.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A summary of our aggregate liability related to both restructuring plans and the total restructuring expense since inception of those plans are shown in the table below:

A summary of our aggregate liability related to the restructuring plans and the total restructuring expense since inception of those plans are shown in the table below:

Reduction Consolidation of Excess Facilities Total

8 unchanged sentences

Cash payments ( 60 ) — ( 60 )

Currency translation impact 1 — 1

Balance at October 31, 2025 $ 18 $ — $ 18

Total restructuring expense since inception of all plans $ 122

Restructuring expense since inception of all plans:

Fiscal Year 2025 Plan $ 81

Fiscal Year 2024 Plan $ 73

Fiscal Year 2023 Plan $ 50

Non-cash settlements include accelerated share-based compensation expense related to workforce reductions and accelerated depreciation expense of right-of-use and machinery and equipment assets related to the consolidation of excess facilities.

1 unchanged sentence

A summary of the charges in the consolidated statement of operations resulting from the restructuring plans is shown below:

2025 2024 2023

(in millions)

4 unchanged sentences

Fiscal Year 2025 Plan ("FY25 Plan")

In the third quarter of fiscal year 2024, we initiated a new restructuring plan designed to further reduce costs and expenses in response to current macroeconomic conditions.

The plan includes a reduction of our total headcount by approximately 500 regular employees, representing approximately 3 percent of our global workforce.

In connection with the FY24 Plan, we have recorded restructuring expenses of $ 72 million in fiscal year 2024.

The costs associated with this workforce reduction include severance, accelerated share-based compensation expense and other personnel-related costs.

The timing and scope of the workforce reductions will vary based on local legal requirements.

While the majority of the workforce reduction was completed in fiscal year 2024, we expect to substantially complete the remaining restructuring activities by the end of the second quarter of fiscal year 2025.

In the second quarter of fiscal year 2025, we announced a restructuring plan designed to optimize our management structure to better serve our customers.

The expense associated with this workforce reduction includes severance and other personnel-related costs.

We expect to substantially complete these restructuring activities by the second quarter of fiscal year 2026.

In connection with the FY25 Plan, we recorded restructuring expenses of $ 81 million in fiscal year 2025.

AGILENT TECHNOLOGIES, INC.

7 unchanged sentences

Cash payments ( 46 )

Currency translation impact 1

Balance at October 31, 2025 $ 18

2 unchanged sentences

Fiscal Year 2024 Plan ("FY24 Plan")

In the fourth quarter of fiscal year 2023, we initiated the restructuring plan designed to reduce costs and expenses in response to the macroeconomic conditions.

The plan included a reduction of our total headcount by approximately 400 regular employees, representing approximately 2 percent of our global workforce, and the consolidation of our excess facilities, including some site closures.

In connection with the FY23 Plan, we recorded restructuring expenses of $ 4 million in 2024 and $ 46 million, in 2023.

The restructuring plan expenses include severance, accelerated share-based compensation expense and other personnel costs associated with the workforce reduction.

The consolidation of excess facilities includes accelerated depreciation expenses of right-of-use and machinery and equipment assets, and other facilities-related costs.

The timing and scope of the workforce reductions will vary based on local legal requirements.

While the majority of the workforce reduction was completed in 2024, we expect to substantially complete the remaining restructuring activities by the end of the first quarter of fiscal year 2025.

In the third quarter of fiscal year 2024, we announced a restructuring plan designed to reduce costs and expenses in response to macroeconomic conditions.

The plan included a reduction of our total headcount by approximately 500 regular employees, representing approximately 3 percent of our global workforce.

In connection with the FY24 Plan, we recorded restructuring expenses of $ 1 million and $ 72 million in fiscal years 2025 and 2024, respectively.

The costs associated with this workforce reduction included severance, accelerated share-based compensation expense and other personnel-related costs.

We have completed all workforce management actions and payments in connection with the FY24 Plan.

A summary of the FY24 Plan activity is shown in the table below:

Reduction Consolidation of Excess Facilities Total

Workforce Reduction

(in millions)

5 unchanged sentences

Income statement expense $ 1

Non-cash settlements — ( 1 ) ( 1 )

Cash payments $ ( 12 )

Balance at October 31, 2025 $ —

Total restructuring expense since inception of the FY23 Plan $ 50

Total restructuring expense since inception of FY24 Plan $ 73

Non-cash settlements include accelerated share-based compensation expense related to workforce reductions.

Fiscal Year 2023 Plan ("FY23 Plan")

In the fourth quarter of fiscal year 2023, we initiated a restructuring plan designed to reduce costs and expenses in response to the macroeconomic conditions.

In connection with the FY23 Plan, we recorded restructuring expenses of $ 4 million and $ 46 million in 2024 and 2023, respectively.

The restructuring plan expenses included severance, accelerated share-based compensation expense and other personnel costs associated with the workforce reduction.

The consolidation of excess facilities included accelerated depreciation expense of right-of-use and machinery and equipment assets, and other facilities-related costs.

We have completed all workforce management actions and payments in connection with the FY23 Plan.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A summary of the FY23 Plan activity is shown in the table below:

Reduction Consolidation of Excess Facilities Total

(in millions)

Balance at October 31, 2023 $ 31 $ 5 $ 36

Income statement expense 3 1 4

Non-cash settlements — ( 1 ) ( 1 )

Cash payments ( 32 ) ( 5 ) ( 37 )

Balance at October 31, 2024 $ 2 $ — $ 2

Cash payments ( 2 ) — ( 2 )

Balance at October 31, 2025 $ — $ — $ —

Total restructuring expense since inception of the FY23 Plan $ 50

Non-cash settlements include accelerated depreciation expense of right-of-use and machinery and equipment assets related to the consolidation of excess facilities.

Standard Warranty

16 unchanged sentences

In connection with various divestitures, acquisitions, spin-offs and other transactions, we have agreed to indemnify certain parties, their affiliates and/or other related parties against certain damages and expenses that might occur in the future.

These indemnifications may cover a variety of liabilities, including, but not limited to, employee, tax, environmental, intellectual property, litigation and other liabilities related to the business conducted prior to the date of the transaction.

These indemnifications may cover a variety of liabilities, including, but not limited to, employee, tax, environmental,

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

intellectual property, litigation and other liabilities related to the business conducted prior to the date of the transaction.

In our opinion, the fair value of these indemnification obligations was not material as of October 31, 2025.

6 unchanged sentences

Historically, we have not made payments related to these obligations, and the fair value for these indemnification obligations was not material as of October 31, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Other Indemnifications

15 unchanged sentences

There are no matters pending that we currently believe are reasonably possible of having a material impact to our business, consolidated financial condition, results of operations or cash flows.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

SHORT-TERM DEBT

2 unchanged sentences

The credit facility replaced the existing credit facility which was terminated on the closing date of the new facility.

During the year ended October 31, 2024, we made no borrowings or repayments under these credit facilities.

During the year ended October 31, 2023, we borrowed and repaid $ 360 million under the credit facility.

During the year ended October 31, 2025 and 2024, we made no borrowings or repayments under these credit facilities.

As of both October 31, 2025 and 2024, we had no borrowings outstanding under either the credit facility or the incremental revolving credit facility.

2 unchanged sentences

The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance.

During the year ended October 31, 2024, we borrowed and repaid $ 215 million under this credit facility.

During the year ended October 31, 2025, we made no borrowings or repayments under this credit facility.

During the year ended October 31, 2024, we borrowed and repaid $ 215 million under this credit facility.

1 unchanged sentence

We were in compliance with the covenants for the credit facilities during the year ended October 31, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Commercial Paper

8 unchanged sentences

commercial paper program.

As of October 31, 2024, we had borrowings of $ 40 million outstanding under our U.S.

commercial paper program and had a weighted average annual interest rate of 4.92 percent.

As of October 31, 2025, we had no borrowings outstanding under our U.S.

commercial paper program .

In September 2024, we completed the BIOVECTRA acquisition and assumed two interest-free loans from the Strategic Innovation Fund ("SIF") in the amount of $ 20 million with $ 2 million recorded at fair value in short-term debt.

As of October 31, 2024 , we had borrowings of $ 40 million outstanding under our U.S.

commercial paper program and had a weighted average interest rate of 4.92 percent .

2026 Senior Notes

In 2025, we reclassified to short-term debt the aggregate principal amount of $ 300 million related to our 2026 senior notes with a maturity date of September 22, 2026.

See Note 20, "Long-Term Debt" for additional information regarding the 2026 senior notes.

In connection with the BIOVECTRA acquisition we have two interest-free loans from the Strategic Innovation Fund ("SIF").

The loans are repayable in quarterly and yearly installments at a weighted average imputed interest rate of 4.7 percent.

In addition, we assumed two interest-free loans with the Atlantic Canada Opportunities Agency (“ACOA”) in the amount of $ 4 million with $ 3 million recorded at fair value in short-term debt.

In addition, we have two interest-free loans with the Atlantic Canada Opportunities Agency ("ACOA").

The loans are repayable in monthly installments at a weighted average imputed interest rate of 4.5 percent.

LONG-TERM DEBT

Term Loan Facility

On April 15, 2022, we entered into a term loan agreement with a group of financial institutions, which provided for a $ 600 million delayed draw term loan that will mature on April 15, 2025.

Loans under the term loan agreement bear interest, at our option, either at:

(i) the alternate base rate, as defined in the term loan agreement, plus the applicable margin for such loans or (ii) adjusted term SOFR, as defined in the term loan agreement, plus the applicable margin for such loans.

The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants.

We were in compliance with the covenants for the term loan during the year ended October 31, 2024.

On May 4, 2022, we used the proceeds from the term loan facility and repaid the $ 600 million outstanding aggregate principal amount of our 3.875 % 2023 senior notes.

The total redemption price of approximately $ 609 million was computed in accordance with the terms of the 2023 senior notes as the present value of the remaining scheduled payments of principal and unpaid interest on the notes being redeemed.

In May 2022, we recorded a loss on extinguishment of debt of $ 9 million in other income (expense), net in the consolidated statement of operations.

In addition, $ 7 million of accrued interest, up to but not including the applicable redemption date, was paid.

As of October 31, 2023, we had $ 600 million borrowings outstanding under the term loan facility and had a weighted average interest rate of 6.22 percent.

During the year ended October 31, 2024 , we repaid in full the outstanding $ 600 million principal amount of our term loan facility .

As of October 31, 2024, the term loan facility was terminated.

In September 2024, we completed the BIOVECTRA acquisition and assumed two interest-free loans from the Strategic Innovation Fund ("SIF") in the amount of $ 20 million with $ 18 million recorded at fair value in long-term debt.

The loans are repayable in quarterly and yearly installments through 2040 at a weighted average imputed interest rate of 4.7 percent.

In addition, we assumed two interest-free loans with the Atlantic Canada Opportunities Agency (“ACOA”) in the amount of $ 4 million with $ 1 million recorded at fair value in long-term debt.

The loans are repayable in monthly installments through 2029 at a weighted average imputed interest rate of 4.5 percent.

As of October 31, 2025 and 2024, the current portion of these loans of $ 4 million and $ 5 million, respectively, was recorded in short-term debt.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

LONG-TERM DEBT

The following table summarizes the company's long-term senior notes:

14 unchanged sentences

The interest is payable semi-annually on March 22nd and September 22nd of each year and payments commenced March 22, 2017 .

In 2025, we reclassified the 2026 senior notes to short-term debt.

In February 2016, we executed three forward-starting pay fixed/receive variable interest rate swaps for the notional amount of $ 300 million in connection with future interest payments to be made on our 2026 senior notes issued on September 15, 2016.

5 unchanged sentences

The notes will mature on September 9, 2027 , and bear interest at a fixed rate of 4.20 % per annum.

The interest is payable semi-annually on March 9th and September 9th of each year and payments will commence on March 9, 2025 .

The interest is payable semi-annually on March 9th and September 9th of each year and payments commenced on March 9, 2025 .

2029 Senior Notes

23 unchanged sentences

The 2034 senior notes will mature on September 9, 2034 , and bear interest at a fixed rate of 4.75 % per annum.

The interest is payable semi-annually on March 9th and September 9th of each year and payments will commence on March 9, 2025 .

The interest is payable semi-annually on March 9th and September 9th of each year and payments commenced on March 9, 2025 .

All outstanding senior notes listed above are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness

Term Loan Facility

On April 15, 2022, we entered into a term loan agreement with a group of financial institutions, which provided for a $ 600 million delayed draw term loan with a maturity date of April 15, 2025.

During the year ended October 31, 2024 , we repaid in full the outstanding $ 600 million principal amount of our term loan facility .

As of October 31, 2024, the term loan facility was terminated.

In connection with the BIOVECTRA acquisition we have two interest-free loans from the Strategic Innovation Fund ("SIF").

The loans are repayable in quarterly and yearly installments through 2040 at a weighted average imputed interest rate of 4.7 percent.

In addition, we have two interest-free loans with the Atlantic Canada Opportunities Agency ("ACOA").

The loans are repayable in monthly installments through 2029 at a weighted average imputed interest rate of 4.5 percent.

As of October 31, 2025 and 2024, the non-current portion of these loans of $ 20 million (including additional draw and measurement period adjustment) and $ 19 million, respectively, was recorded in long-term debt.

STOCKHOLDERS' EQUITY

Stock Repurchase Program

Stock Repurchase Programs

On February 16, 2021 we announced that our board of directors had approved a share repurchase program (the "2021 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs.

1 unchanged sentence

The 2021 repurchase program did not require the company to acquire a specific number of shares and could be suspended, amended or discontinued at any time.

During the year ended October 31, 2022, we repurchased and retired 8.4 million shares for $ 1,139 million under this authorization.

During the year ended October 31, 2023, we repurchased and retired 661,739 shares for $ 99 million, excluding excise taxes, under this authorization.

1 unchanged sentence

On January 9, 2023, we announced that our board of directors had approved a share repurchase program (the "2023 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs.

The 2023 repurchase program authorizes the purchase of up to $ 2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date.

The 2023 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time.

The 2023 repurchase program commenced on March 1, 2023, and also terminated and replaced the 2021 repurchase program.

The 2023 repurchase program authorized the purchase of up to $ 2.0 billion, excluding excise taxes, of our common stock at the company's discretion and had no fixed termination date.

The 2023 repurchase program did not require the company to acquire a specific number of shares and could be suspended, amended or

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

discontinued at any time.

The 2023 repurchase program commenced on March 1, 2023, and was completed in September 2025.

During the year ended October 31, 2023, we repurchased and retired 3.9 million shares for $ 476 million, excluding excise taxes, under this authorization.

During the year ended October 31, 2024, we repurchased and retired 8.4 million shares for $ 1,150 million, excluding excise taxes, under this authorization.

As of October 31, 2024, we had remaining authorization to repurchase up to approximately $ 374 million of our common stock under the 2023 repurchase program.

During the year ended October 31, 2025 we repurchased and retired 3.0 million shares for $ 374 million, excluding excise taxes, under this authorization.

As of October 31, 2025, we had no remaining authorization to repurchase our common stock under the 2023 repurchase program.

On May 29, 2024, we announced that our board of directors had approved a new share repurchase program (the "2024 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs.

1 unchanged sentence

The 2024 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time.

The 2024 repurchase program became effective on August 1, 2024 and will commence upon the termination of our 2023 repurchase program.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The 2024 repurchase program became effective on August 1, 2024 and commenced upon completion of our 2023 repurchase program in September 2025.

During the year ended October 31, 2025 we repurchased and retired 381,670 shares for $ 51 million excluding excise taxes, under this authorization.

As of October 31, 2025, we had remaining authorization to repurchase up to approximately $ 1.9 billion of our common stock under the 2024 repurchase program.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022.

During the year ended October 31, 2024, we recorded the applicable excise taxes payable of approximately $ 10 million as an incremental cost of the shares repurchased and a corresponding liability for the excise tax payable in other accrued liabilities on our consolidated balance sheet.

In fiscal year 2023, we recorded excise taxes payable of approximately $ 3 million related to shares repurchased in 2023 and paid the tax in 2024.

We record the applicable excise taxes payable related to repurchases of our common stock as an incremental cost of the shares repurchased and a corresponding liability for the excise tax payable in other accrued liabilities on our consolidated balance sheet.

For share repurchases made during the year ended October 31, 2025, we recorded the applicable excise taxes payable of approximately $ 3 million.

During fiscal year 2024 and 2023, we recorded the applicable excise taxes payable of approximately $ 10 million and $ 3 million, respectively, which were paid in the fiscal year following the repurchases.

Cash Dividends on Shares of Common Stock

2 unchanged sentences

During the year ended October 31, 2023, cash dividends of $ 0.900 per share, or $ 265 million were declared and paid on the company's outstanding common stock.

On November 20, 2024, we declared a quarterly dividend of $ 0.248 per share of common stock, or approximately $ 71 million which will be paid on January 22, 2025, to shareholders of record as of the close of business on December 31, 2024.

On November 19, 2025, we declared a quarterly dividend of $ 0.255 per share of common stock, or approximately $ 72 million which will be paid on January 28, 2026, to shareholders of record as of the close of business on January 6, 2026.

The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Accumulated Other Comprehensive Income (Loss)

31 unchanged sentences

Net defined benefit pension cost and post retirement plan costs:

Actuarial net gain (loss) 12 ( 2 ) Other income (expense)

Prior service benefit 1 1 Other income (expense)

Actuarial net gain (loss) 21 12 Other income (expense), net

Prior service benefit 1 1 Other income (expense), net

22 13 Total before income tax

2 unchanged sentences

Total reclassifications for the period $ 8 $ 18

Amounts in parentheses indicate reductions to income and increases to other comprehensive income.

Reclassifications out of accumulated other comprehensive income (loss) of actuarial net gain (loss) and prior service benefit in respect of retirement plans and post retirement pension plans are included in the computation of net periodic benefit cost (income) (see Note 15, "Retirement Plans and Post Retirement Pension Plans").

Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss).

SEGMENT INFORMATION

Our President and Chief Executive Officer is the chief operating decision maker ("CODM").

The three operating segments were determined based primarily on how the CODM views and evaluates our operations.

The CODM uses segment net revenue and income from operations to assess the performance of the segments by reviewing budget to actual variances on a monthly basis.

The CODM also uses segment net revenue and income from operations when making decisions about allocating capital and personnel resources predominantly during the annual strategic planning process.

The CODM does not evaluate the segments using asset or liability information.

Description of Segments.

We are a global leader in life sciences, diagnostics and applied chemical markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

All historical financial segment information has been recast to conform to this new presentation.

There was no change to our Agilent CrossLab business segment.

The three operating segments were determined based primarily on how the chief operating decision maker views and evaluates our operations.

Operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance.

Other factors, including market separation and customer specific applications, go-to-market channels, products and services and manufacturing are considered in determining the formation of these operating segments.

We are a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

In November 2024, we announced a change in our organizational structure to support our market-focused, customer-centric strategy.

Our chemistries and supplies, laboratory automation, and software and informatics divisions moved from our former Life Sciences and Applied Markets segment to our Agilent CrossLab segment.

Following this re-organization, we have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment.

All historical financial segment information has

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

been recast to conform to this new presentation.

A description of our three reportable segments is as follows:

Our life sciences and applied markets business provides application-focused solutions that include instruments, consumables and software that enable customers to identify, quantify and analyze the physical and biological properties of substances and products, as well as enable customers in the clinical and life sciences research areas to interrogate samples at the molecular and cellular level.

Key product categories include:

liquid chromatography ("LC") systems and components;

liquid chromatography mass spectrometry ("LCMS") systems;

gas chromatography ("GC") systems and components;

gas chromatography mass spectrometry ("GCMS") systems;

inductively coupled plasma mass spectrometry ("ICP-MS") instruments;

atomic absorption ("AA") instruments;

microwave plasma-atomic emission spectrometry ("MP-AES") instruments;

inductively coupled plasma optical emission spectrometry ("ICP-OES") instruments;

raman spectroscopy;

laboratory software for sample tracking;

information management and analytics;

laboratory automation and robotic systems;

dissolution testing;

vacuum pumps and measurement technologies.

Our consumables portfolio is designed to improve customer outcomes.

Most of the portfolio is vendor neutral, meaning Agilent can serve and supply customers regardless of their instrument purchase choices.

Solutions range from chemistries to supplies.

Key product categories in consumables include GC and LC columns, sample preparation products, custom chemistries, and a large selection of laboratory instrument supplies.

Our diagnostics and genomics business is comprised of seven areas of activity providing active pharmaceutical ingredients ("APIs") for oligo-based therapeutics as well as solutions that include reagents, instruments, software and consumables, which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level.

First, our cell analysis business includes instruments, reagents, software, and labware associated with unique live-cell analysis platforms in addition to mainstream flow cytometers, plate-readers, and plate washers/dispensers which are used across a broad range of applications.

Second, our advanced manufacturing partnerships business is a contract and development manufacturing organization that provides services related to and the production of synthesized oligonucleotides under pharmaceutical good manufacturing practices ("GMP") conditions for use as API in a class of drugs that utilize nucleic acid molecules for disease therapy.

Together, our BIOVECTRA and nucleic acid solutions businesses offer a broad range of contract and development manufacturing services to our customers.

They also provide clinical-to-commercial scale production capabilities focused mainly on mRNA manufacturing.

Third, our pathology solutions business is focused on product offerings for cancer diagnostics and anatomic pathology workflows.

The broad portfolio of offerings includes immunohistochemistry ("IHC"), in situ hybridization ("ISH"), hematoxylin and eosin ("H&E") staining and special staining.

Fourth, we also collaborate with a number of major pharmaceutical companies to develop new potential tissue pharmacodiagnostics, also known as companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy.

Fifth, the reagent partnership business provides clinical flow cytometry reagents for routine cancer diagnostics.

This business also provides bulk antibodies as raw materials and associated assay development services to in vitro diagnostics ("IVD") manufacturers, biotechnology and pharmaceutical companies.

Sixth, our genomics business includes arrays and next generation sequencing ("NGS").

Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity.

We provide active pharmaceutical ingredients for oligo-based therapeutics as well as solutions that include reagents, instruments, software and consumables, which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level.

First, our liquid chromatography and liquid chromatography mass spectrometry businesses enable customers in the clinical and life sciences research areas to interrogate samples at the molecular and cellular level.

Second, our cell analysis business includes instruments, reagents, software, and labware associated with unique live-cell analysis platforms in addition to mainstream flow cytometers, plate-readers, and plate washers/dispensers which are used across a broad range of applications.

Third, our specialty contract development and manufacturing organization ("CDMO") business provides services related to and the production of synthesized oligonucleotides under pharmaceutical good manufacturing practices conditions for use as active pharmaceutical ingredients in a class of drugs that utilize nucleic acid molecules for disease therapy.

BIOVECTRA capabilities include microbial fermentation, bioreagents, highly potent active pharmaceutical ingredients, peptide purification and biomanufacturing capabilities in several nucleic acid modalities.

Together, our BIOVECTRA and nucleic acid solutions businesses comprise our specialty CDMO offerings to our customers providing clinical-to-commercial scale production capabilities.

Fourth, our pathology solutions business is focused on product offerings for cancer diagnostics and anatomic pathology workflows.

The broad portfolio of offerings includes immunohistochemistry, in situ hybridization, hematoxylin and eosin staining and special staining.

This business further provides clinical flow cytometry reagents for routine cancer diagnostics.

This business also provides bulk antibodies as raw materials and associated assay development services to in vitro diagnostics manufacturers, biotechnology and pharmaceutical companies.

Fifth, we also collaborate with several major pharmaceutical companies to develop new potential tissue pharmacodiagnostics, also known as companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy.

Sixth, our genomics business includes reagents to support next-generation sequencing workflows and arrays.

This business also includes solutions that enable clinical labs to identify DNA variants associated with genetic disease and help direct cancer therapy.

Finally, our biomolecular analysis business provides complete workflow solutions, including instruments, consumables and software, for quality control analysis of nucleic acid samples.

Samples are analyzed using quantitative and qualitative techniques to ensure accuracy in further genomics analysis techniques including NGS, utilized in clinical and life science research applications.

The Agilent CrossLab business spans the entire lab with its extensive services portfolio, which is designed to improve customer outcomes.

The majority of the portfolio is vendor neutral, meaning we can serve and supply customers regardless of their instrument purchase choices.

The services portfolio includes repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting and various other custom services to support the customers' laboratory operations.

Custom services are tailored to meet the specific application needs of various industries and to keep instruments fully operational and compliant with the respective industry requirements.

A significant portion of the segments' expenses arises from shared services and infrastructure that we have historically provided to the segments in order to realize economies of scale and to efficiently use resources.

These expenses, collectively called corporate charges, include finance, tax, treasury, legal, real estate, insurance services, workplace services, human resources, information technology services, corporate development and other corporate infrastructure expenses, costs of centralized research and development and joint sales and marketing costs.

Charges are allocated to the segments, and the allocations have been determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to or benefits received by the segments.

In addition, we do not allocate certain costs to the operating margin for each segment because management does not include this information in its measurement of the performance of the operating segments.

Unallocated costs consist of asset impairments, amortization of acquisition-related intangible assets, acquisition and integration costs, changes in the fair value of acquisition-related contingent consideration, transformational initiatives expenses,

Samples are analyzed using quantitative and qualitative techniques to ensure accuracy in further genomics analysis techniques including next-generation sequencing, utilized in clinical and life science research applications.

Our Agilent CrossLab segment provides an extensive services and consumables portfolio that spans the entire lab, in addition to software and laboratory automation solutions, which are designed to improve customer outcomes and represents a broad range of offerings designed to serve customer needs across end-markets and applications.

Our services portfolio includes repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting and various other custom services to support the customers' laboratory operations.

Custom services are tailored to meet the specific application needs of various industries and to keep instruments fully operational and compliant with the respective industry requirem ents.

Our consumables portfolio is designed to improve customer outcomes.

Most of the portfolio is vendor neutral, meaning we can serve and supply customers regardless of their instrument purchase choices.

Solutions range from chemistries to supplies.

Key product categories in consumables include gas chromatography and liquid chromatography columns, sample preparation products, custom chemistries, and a large selection of laboratory supplies.

Software and informatics solutions include software for instrument control, data acquisition, data analysis, secure storage of results, and laboratory information and workflow management.

This software facilitates the compliant use of instruments in pharmaceutical quality assurance and quality control environments.

The OpenLab laboratory software suite is a scalable, open software platform that enables customers to capture, analyze, and share scientific data throughout the lab and across the enterprise.

Laboratory automation offers automated sample preparation solutions, including liquid handling, plate management, consumables and scheduling software.

These solutions range from standalone automation platforms to integrated workflow solutions with seamless integration to our instrumentation.

Our Applied Markets segment provides application-focused solutions that include instruments and software that enable customers to identify, quantify and analyze the physical and biological properties of substances and products.

Our gas chromatography and gas chromatography mass spectrometry businesses enable customers to perform a wide variety of testing including measuring volatile and semi-volatile contaminants to assess the safety of our foods, quality of water and consumer products while also enabling testing of fuels and purity of chemicals.

Our inductively coupled plasma mass spectrometry, inductively coupled plasma optical emission spectrometry, atomic absorption and microwave plasma-atomic emission spectrometry instruments are vital for our customers to measure metals and elemental signatures in their samples and find uses in the food safety, environmental quality, chemicals manufacture, advanced materials, energy and forensics markets.

Our molecular spectroscopy business including the raman, fluorescence and infrared spectroscopy instruments offer both in-field

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restructuring and other related costs, business exit and divestiture costs and certain other charges.

Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers, site consolidations, legal entity and other business reorganizations, in-sourcing or outsourcing of activities.

The performance of each segment is measured based on several metrics, including segment income from operations.

These results are used, in part, by the chief operating decision maker in evaluating the performance of, and in allocating resources to, each of the segments.

and in-lab testing solutions in a diverse variety of applications including airport security, explosives testing, narcotics, food quality and chemical characterization.

Our vacuum business develops cutting edge products and technologies to test vacuum environments and find uses in a diverse variety of industries including semi-conductor, batteries, chemical manufacturing and advanced materials development.

Finally, our remarketed instruments business refurbishes and resells certified pre-owned instruments to value-oriented customers who would like Agilent quality and performance at a budget conscious price.

The following tables reflect segment results under our management reporting system after excluding certain unallocated costs as noted in the reconciliations below:

Life Sciences and Diagnostics Markets Agilent CrossLab Applied Markets Total

(in millions)

Year Ended October 31, 2025:

Net Revenue $ 2,726 $ 2,908 $ 1,314 $ 6,948

Segment Expenses (1)

Cost of products and services 1,301 1,297 599

Research and development 248 106 93

Selling, general and administrative 641 559 321

Reportable segment income from operations $ 536 $ 946 $ 301 $ 1,783

Year Ended October 31, 2024:

Net Revenue $ 2,466 $ 2,747 $ 1,297 $ 6,510

Segment Expenses (1)

Cost of products and services 1,121 1,185 580

Research and development 250 105 94

Selling, general and administrative 611 532 311

Reportable segment income from operations $ 484 $ 925 $ 312 $ 1,721

Year Ended October 31, 2023:

Net Revenue $ 2,780 $ 2,656 $ 1,397 $ 6,833

Segment Expenses (1)

Cost of products and services 1,205 1,188 615

Research and development 269 103 100

Selling, general and administrative 633 526 319

Reportable segment income from operations $ 673 $ 839 $ 363 $ 1,875

(1) Share-based compensation expense and depreciation expense included in segment expenses are shown below:

Years Ended October 31,

1 unchanged sentence

(in millions)

Life Sciences and Applied Markets $ 3,215 $ 3,510 $ 3,630

Diagnostics and Genomics 1,651 1,755 1,766

Agilent CrossLab 1,644 1,568 1,452

Total net revenue $ 6,510 $ 6,833 $ 6,848

Segment Income from Operations:

Life Sciences and Applied Markets $ 877 $ 1,049 $ 1,097

Diagnostics and Genomics 320 363 390

Agilent CrossLab 524 463 370

Total reportable segment income from operations 1,721 1,875 1,857

Share-Based Compensation Expense:

Life Sciences and Applied Markets $ 59 $ 60 $ 62

Diagnostics and Genomics 30 28 32

Life Sciences and Diagnostics Markets $ 41 $ 46 $ 48

Agilent CrossLab $ 46 $ 48 $ 40

Unallocated share-based compensation expenses (1)

Total share-based compensation expense $ 130 $ 112 $ 126

Applied Markets $ 21 $ 24 $ 24

Depreciation Expense:

Life Sciences and Applied Markets $ 64 $ 58 $ 55

Diagnostics and Genomics 56 45 43

Life Sciences and Diagnostics Markets $ 97 $ 72 $ 60

Agilent CrossLab $ 56 $ 54 $ 46

Total depreciation expense $ 149 $ 128 $ 120

(1) Share-based compensation expense amounts not allocated to the segments relate to accelerated share-based compensation expense from workforce reduction and from acquisition of businesses.

Segment assets include allocations of corporate assets, goodwill, net other intangibles and other assets.

Unallocated assets primarily consist of cash, cash equivalents, prepaid expenses, long-term investments, deferred tax assets, right-of use assets and other assets.

Applied Markets $ 25 $ 23 $ 22

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table reflects segment assets and capital expenditures under our management reporting system.

(in millions)

Life Sciences and Applied Markets $ 3,139 $ 3,161

Diagnostics and Genomics 5,044 3,966

Agilent CrossLab 915 897

Total reportable segment assets $ 9,098 $ 8,024

Capital Expenditures:

Life Sciences and Applied Markets $ 60 $ 64

Diagnostics and Genomics 299 212

Agilent CrossLab 19 22

Total capital expenditures $ 378 $ 298

Major Customers.

No customer represented 10 percent or more of our total net revenue in 2024, 2023 or 2022.

The following table reconciles reportable segments' income from operations to Agilent's total enterprise income before taxes:

8 unchanged sentences

Asset impairments — ( 8 ) ( 277 )

Business exit and divestiture costs — — ( 7 )

Change in fair value of contingent consideration — ( 1 ) 25

Restructuring and other related costs ( 82 ) ( 76 ) ( 46 )

6 unchanged sentences

Income before taxes $ 1,435 $ 1,521 $ 1,339

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table reconciles segment assets to Agilent's total assets:

(in millions)

Total reportable segments' assets $ 9,098 $ 8,024

Cash and cash equivalents 1,329 1,590

Prepaid expenses 188 139

Long-term investments 175 164

Long-term and other receivables 143 127

Deferred tax assets 351 284

Right of use assets 177 154

Others 385 281

Total assets $ 11,846 $ 10,763

The other category primarily includes over funded pension plans which are not allocated to the segments.

A portion of the segments' expenses arises from shared services and infrastructure that we have historically provided to the segments in order to realize economies of scale and to efficiently use resources.

Unallocated costs consist of asset impairments, amortization of acquisition-related intangible assets, acquisition and integration costs, transformational initiatives expenses, restructuring and other related costs, and certain other charges.

Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers including costs to move manufacturing, site consolidations, legal entity and other business reorganizations, in-sourcing or outsourcing of activities.

Included in this category are also expenses associated with the recent transformation and company programs to transform our product lifecycle management system and human resources and financial systems.

The following table presents summarized information for net revenue by geographic region.

7 unchanged sentences

Total net revenue 6,948 6,510 6,833

Major Customers.

No customer represented 10 percent or more of our total net revenue in 2025, 2024 or 2023.

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents summarized information for long-lived assets by geographic region.

Long lived assets consist of property, plant, and equipment, right-of-use assets, long-term receivables and other long-term assets excluding intangible assets.

Long lived assets consist of property, plant, and equipment, right-of-use assets, long-term receivables and other long-term assets excluding intangible assets and deferred tax assets.

The rest of the world primarily consists of Asia and the rest of Europe.

2 unchanged sentences

United States $ 1,643 $ 1,453

Canada 285 279

Germany 322 244

1 unchanged sentence

Total long-lived Assets $ 2,782 $ 2,505

AGILENT TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

SUBSEQUENT EVENT

New Segment Structure.

In November 2024, we announced a change in our organizational structure to support our market-focused, customer-centric strategy.

Our diagnostics and genomics segment combined with our liquid chromatography and mass spectrometry instrument platforms will form our new life sciences and diagnostics markets segment.

Our chemistries and supplies, laboratory automation and robotics, and software and informatics divisions moved from our life sciences and applied markets segment to our Agilent CrossLab segment.

The remaining divisions in our life sciences and applied markets segment which includes our gas chromatography, gas chromatography mass spectrometry, remarketed instruments, spectroscopy and vacuum divisions will form our new applied markets segment.

Following this re-organization, we will have three businesses - life sciences and diagnostics markets, applied markets and Agilent CrossLab - each of which will comprise a reportable segment.

All historical segment financial information will be recast to conform to this new reporting structure in our financial statements and accompanying notes, beginning with our Form 10-Q filing for the first quarter of fiscal year 2025.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data