AGILENT TECHNOLOGIES, INC.A
AGILENT TECHNOLOGIES, INC. Revenue Disclosure
REVENUE
The estimated revenue expected to be recognized for remaining performance obligations that have an original term of more than one year, as of October 31, 2025, was $437 million, the majority of which is expected to be recognized over the next 12 months. Remaining performance obligations primarily include extended warranty, customer manufacturing contracts, and software maintenance contracts and revenue associated with lease arrangements.
The following table presents the company’s total revenue and segment revenue disaggregated by geographical region:
| Life Sciences and Diagnostics Markets | Agilent CrossLab | Applied Markets | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Year Ended October 31, 2025: | |||||||||||||||||||||||
| Americas | $ | 1,337 | $ | 1,095 | $ | 374 | $ | 2,806 | |||||||||||||||
| Europe | 786 | 811 | 326 | 1,923 | |||||||||||||||||||
| Asia Pacific | 603 | 1,002 | 614 | 2,219 | |||||||||||||||||||
| Total | $ | 2,726 | $ | 2,908 | $ | 1,314 | $ | 6,948 | |||||||||||||||
| Year Ended October 31, 2024: | |||||||||||||||||||||||
| Americas | $ | 1,157 | $ | 1,048 | $ | 368 | $ | 2,573 | |||||||||||||||
| Europe | 723 | 741 | 306 | 1,770 | |||||||||||||||||||
| Asia Pacific | 586 | 958 | 623 | 2,167 | |||||||||||||||||||
| Total | $ | 2,466 | $ | 2,747 | $ | 1,297 | $ | 6,510 | |||||||||||||||
| Year Ended October 31, 2023: | |||||||||||||||||||||||
| Americas | $ | 1,333 | $ | 1,003 | $ | 396 | $ | 2,732 | |||||||||||||||
| Europe | 729 | 701 | 324 | 1,754 | |||||||||||||||||||
| Asia Pacific | 718 | 952 | 677 | 2,347 | |||||||||||||||||||
| Total | $ | 2,780 | $ | 2,656 | $ | 1,397 | $ | 6,833 | |||||||||||||||
The following table presents the company’s total revenue disaggregated by end markets and by revenue type:
| Years Ended October 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Revenue by End Markets | ||||||||||||||||||||
| Pharmaceutical and Biopharmaceutical | $ | 2,507 | $ | 2,242 | $ | 2,433 | ||||||||||||||
| Chemicals and Advanced Materials | 1,561 | 1,495 | 1,543 | |||||||||||||||||
| Diagnostics and Clinical | 1,029 | 964 | 966 | |||||||||||||||||
| Food | 637 | 592 | 628 | |||||||||||||||||
| Academia and Government | 540 | 567 | 601 | |||||||||||||||||
| Environmental and Forensics | 674 | 650 | 662 | |||||||||||||||||
| Total | $ | 6,948 | $ | 6,510 | $ | 6,833 | ||||||||||||||
| Revenue by Type | ||||||||||||||||||||
| Instrumentation | $ | 2,427 | $ | 2,354 | $ | 2,742 | ||||||||||||||
| Non-instrumentation and other | 4,521 | 4,156 | 4,091 | |||||||||||||||||
| Total | $ | 6,948 | $ | 6,510 | $ | 6,833 | ||||||||||||||
Revenue by region is based on the ship to location of the customer. Revenue by end market is determined by the market indicator of the customer and by customer type. Instrumentation revenue includes sales from instruments, remarketed instruments and third-party products. 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.
Contract Balances
Contract Assets
Contract assets (unbilled accounts receivable) primarily relate to the company's right to consideration for work completed but not billed at the reporting date. The unbilled receivables are reclassified to trade receivables when billed to customers. Contract assets are generally classified as current assets and are included in "Accounts receivable, net" in the consolidated balance sheet. The balances of contract assets as of October 31, 2025 and 2024, were $329 million and $247 million, respectively.
Contract Liabilities
The following table provides information about contract liabilities (deferred revenue) and the significant changes in the balances during the years ended October 31, 2024 and 2025:
| Contract Liabilities | ||||||||
| (in millions) | ||||||||
| Ending balance as of October 31, 2023 | $ | 616 | ||||||
| Net revenue deferred in the period | 469 | |||||||
| Revenue recognized that was included in the contract liability balance at the beginning of the period | (448) | |||||||
| 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 | |||||||
| Ending balance as of October 31, 2024 | $ | 701 | ||||||
| Net revenue deferred in the period | 564 | |||||||
| Revenue recognized that was included in the contract liability balance at the beginning of the period | (476) | |||||||
| Change in deferrals from customer cash advances, net of revenue recognized | 7 | |||||||
| Currency translation and other adjustments | 7 | |||||||
| Ending balance as of October 31, 2025 | $ | 803 | ||||||
Contract liabilities primarily relate to multiple element arrangements for which billing has occurred but transfer of control of all elements to the customer has either partially or not occurred at the balance sheet date. This includes cash received from customers for products and related installation and services in advance of the transfer of control. Contract liabilities are classified as either current in deferred revenue or long-term in other long-term liabilities in the consolidated balance sheet based on the timing of when we expect to complete our performance obligation.
Contract Costs
Incremental costs of obtaining a contract with a customer are recognized as an asset if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. The changes in total capitalized costs to obtain a contract were immaterial during the years ended October 31, 2025 and 2024 and are included in other current and long-term assets on the consolidated balance sheet. We have applied the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the company's internal sales force compensation program, as we have determined that annual compensation is commensurate with annual sales activities.
Transaction Price Allocated to the Remaining Performance Obligations
We have applied the practical expedient in ASC 606-10-50-14 and have not disclosed information about transaction price allocated to remaining performance obligations that have original expected durations of one year or less.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 22, 2025 | Showing above |
| 2024 | Dec 20, 2024 | |
| 2023 | Dec 20, 2023 | |
| 2022 | Dec 21, 2022 | |
| 2021 | Dec 17, 2021 | |
| 2020 | Dec 18, 2020 | |
| 2019 | Dec 19, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.