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Agilent Technologies helps laboratories identify and measure substances for drug research, clinical diagnostics and product and environmental testing. Pharmaceutical and biopharmaceutical companies are its largest customer group; other buyers include chemical manufacturers, clinical laboratories and research institutions. It sells instruments that separate and analyze samples, along with software to control equipment and manage laboratory data.
Customers also pay Agilent CrossLab for maintenance, repairs and replacement consumables as they run their laboratories. Most CrossLab consumables work with other manufacturers’ instruments, so this business does not depend solely on Agilent equipment sales. Services, consumables and other non-instrument offerings together generate most revenue. These also include diagnostic products and contract drug development and manufacturing through businesses such as BIOVECTRA, including production of nucleic-acid-based drug ingredients.
Equipment demand depends on customers’ capital spending, research budgets and government funding. Services and consumables bring mostly recurring revenue and are less sensitive to equipment-buying cycles. Some products and services must meet medical-product regulations; diagnostic offerings in Europe face requirements for clinical evidence, quality systems and monitoring after sale.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Agilent’s results hinge on laboratory investment and repeat demand for services and consumables; Shimadzu is an important analytical-instrument rival missing from this list.
Waters competes with Agilent for laboratories’ spending on liquid chromatography and mass spectrometry instruments, chromatography consumables and instrument maintenance. Watch Waters’ service revenue: services and support accounted for over 35% of its 2025 sales, and Agilent can provide some services on Waters instruments.
Thermo Fisher Scientific challenges Agilent across analytical instruments, laboratory consumables, instrument services and tools for life-science work. Its sales to pharmaceutical and biotechnology companies and academic and government laboratories are worth watching because Agilent serves those customers too.
Danaher competes with Agilent through SCIEX in mass spectrometry and Leica Biosystems in pathology, as well as through its laboratory-support businesses. Those instrument, pathology and support offerings—not Danaher’s entire biotechnology business—are the areas to watch for competition with Agilent’s sales to laboratories.
Bruker competes with Agilent for life-science and applied-market laboratories buying mass spectrometry, spectroscopy and other analytical instruments. Watch Bruker’s new instruments and their performance and cost: it identifies these as key to winning laboratory customers.
Mettler-Toledo and Agilent both depend on life-science, chemical and food customers spending on laboratory instruments and services for research, quality control and manufacturing. Mettler-Toledo’s laboratory instruments and related services are the useful comparison, accounting for approximately 56% of net sales in 2025.
Revvity and Agilent sell tools for life-science research and compete for laboratories’ instrument-service spending, including some work on Waters systems. Watch Revvity’s laboratory-service offerings for competition with Agilent CrossLab beyond Agilent’s own instruments.
Avantor competes with Agilent for laboratory customers buying chromatography columns, sample-preparation products, supplies and onsite support. Its VWR channel sells both third-party and private-label laboratory products, making consumables and onsite support the areas to watch against Agilent CrossLab.
Bio-Rad and Agilent share exposure to research and biopharmaceutical laboratories buying instruments and repeatedly purchasing consumables. Watch Bio-Rad’s Life Science segment, which sells tools for analyzing cells, proteins and nucleic acids, rather than its larger Clinical Diagnostics segment.
QIAGEN competes with Agilent for laboratories’ purchases of products that prepare samples and analyze molecular information, combining consumables, instruments and software into workflows.
Twist Bioscience competes with Agilent for customers preparing samples for next-generation DNA sequencing, including purchases of DNA-enrichment products. Watch its sequencing sample-preparation offerings, the direct overlap with Agilent, rather than its broader synthetic-DNA business.
Thermo Fisher Scientific, Inc. earningsTMO
Thermo Fisher's report will show whether pharmaceutical and biotech companies and academic and government labs that Agilent also serves are still buying laboratory products and services.
Watch sales to pharmaceutical and biotechnology companies and academic and government laboratories alongside Thermo Fisher's overall sales. Stronger sales to these customers would suggest that shared laboratory buyers are still spending, though it would not show how much Agilent wins. Weaker sales could mean those customers are tightening budgets, putting more pressure on demand for Agilent too.
Avantor, Inc. earningsAVTR
Avantor's report will show how laboratory customers are buying consumables and onsite support, where it competes with Agilent CrossLab.
Read sales trends in Avantor's consumables and onsite-support offerings together. Growth in both would show active customer purchasing, but also that Avantor is winning business in markets where CrossLab competes. Weakness could reflect softer laboratory spending or Avantor losing business; it would not, on its own, prove Agilent sales are falling. The report helps separate the demand and competitive pressures facing CrossLab's consumables and support business.
Waters Corp earningsWAT
Waters' report will show how laboratory spending on chromatography and mass-spectrometry service is changing; Agilent competes with Waters and can also service some Waters systems.
Compare changes in Waters' service revenue with its overall sales. Rising service revenue would show that laboratories are still paying to maintain equipment and that Waters is winning this work. Because Agilent can service some Waters systems, stronger demand could also create service opportunities for Agilent. Weak service revenue could mean maintenance demand is softening or customers are turning to other providers. The question is whether equipment-service demand is holding up and who is capturing it.
Agilent Technologies Inc. earningsThis company
Agilent's report will show whether laboratory services and consumables keep growing, or instrument orders provide most of the growth.
Compare CrossLab revenue and operating income with revenue and operating income in the instrument-focused Life Sciences and Diagnostics Markets and Applied Markets businesses. Growth with steady profit in CrossLab would show laboratory services, consumables and software carrying the business. Growing instrument businesses with CrossLab stalled would mean growth relies more on customers ordering instruments; weakness in both would point to softer laboratory spending. Operating income is profit after operating costs.
