Earnings call transcript: Agilent Technologies Q4 2025 sees earnings beat, stock rises

Agilent Technologies reported its fourth-quarter 2025 earnings, surpassing expectations with earnings per share (EPS) of $1.59 compared to a forecast of $1.58. The company’s revenue reached $1.86 billion, exceeding predictions by $30 million. Following the announcement, Agilent’s stock experienced a 1.41% increase, closing at $151.25, with after-hours trading pushing the price up further by 0.4% to $151.86.

Key Takeaways

• Agilent’s Q4 EPS of $1.59 surpassed forecasts by a narrow margin.
• Revenue growth was strong, with a 7.2% increase year-over-year.
• The stock price rose by 1.41% after the earnings announcement.
• New product launches and operational efficiencies were highlighted as growth drivers.
• The company projects FY2026 revenue between $7.3 billion and $7.4 billion.

Company Performance

Agilent Technologies demonstrated robust performance in Q4 2025, with a notable year-over-year growth in both revenue and EPS. The company continues to capitalize on its strong market position, particularly in the LC and LCMS segments, where it has been gaining market share. The overall industry trend shows a recovery in the pharma and biotech sectors, which has positively impacted Agilent’s performance.

Financial Highlights

• Revenue: $1.86 billion, a 7.2% increase from the previous year.
• Earnings per share: $1.59, reflecting a 9% year-over-year growth.
• Operating margin: Expected to expand by 75 basis points in FY2026.

Earnings vs. Forecast

Agilent’s actual EPS of $1.59 slightly exceeded the forecast of $1.58, marking a surprise of 0.63%. The revenue of $1.86 billion also surpassed expectations by 1.64%. Although the earnings beat was modest, it aligns with the company’s consistent performance in recent quarters, demonstrating resilience and effective execution of its strategic initiatives.

Market Reaction

In response to the earnings report, Agilent’s stock price rose by 1.41%, closing at $151.25. The stock further increased by 0.4% in after-hours trading, reaching $151.86. This movement positions the stock near its 52-week high of $153.84, indicating positive investor sentiment. The increase reflects confidence in Agilent’s growth prospects and operational efficiencies.

Outlook & Guidance

Looking ahead, Agilent forecasts FY2026 revenue between $7.3 billion and $7.4 billion, with a core growth rate of 4-6%. The company anticipates operating cash flow in the range of $1.6 billion to $1.7 billion. Agilent is also planning for a 75 basis point expansion in operating margins, driven by continued investments in innovation and digital capabilities.

Executive Commentary

CEO Padraig McDonnell stated, "We are poised to benefit from a broadening end market recovery, win share, and deliver resilient above-peer growth." CFO Adam Ellenoff added, "We are making incremental investments in growth and innovation." These comments underscore Agilent’s commitment to sustaining its competitive edge and driving long-term growth.

Risks and Challenges

• Potential supply chain disruptions could impact production and delivery timelines.
• The increasing tax rate, expected to rise to 14.5%, may affect profitability.
• Market saturation in certain segments could limit growth opportunities.
• Macroeconomic pressures, such as inflation, may impact operational costs.

Q&A

During the earnings call, analysts inquired about Agilent’s GLP-1 business, which generated $130 million in 2025. Executives also addressed the dynamics of the China market and clarified the company’s M&A and capital allocation strategy. The potential impact of the rising tax rate was discussed, with management outlining mitigation strategies.

Full transcript - Agilent Technologies (A) Q4 2025:

Regina, Conference Operator: Good afternoon. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agilent Technologies Fourth Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. If you’d like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. Tejas, you may begin the conference.

Tejas, Unspecified, Agilent Technologies: Thank you and welcome, everyone, to Agilent’s conference call for the fourth quarter of fiscal year 2025. As many of you know, I recently joined Agilent after a fun 15-year stint on Wall Street, and I’d just like to say how excited I am to be joining the team at such a pivotal time in our journey. With me on the line are President and CEO, Padraig McDonnell, CFO, Adam Ellenoff, and Rodney Gonsalves, Vice President, Controller, and Principal Accounting Officer, who served as interim CFO until Adam’s arrival. Joining the Q&A will be Simon May, President of the Life Sciences and Diagnostics Markets Group; Angelica Riemann, President of Agilent CrossLab Group; and Mike Zhang, President of the Applied Markets Group. This presentation is being webcast live.

The press release for our fourth quarter financial results, investor presentation, and information to supplement today’s discussion, along with a recording of this webcast, are available on our website at investor.agilent.com. Today’s comments will refer to non-GAAP financial measures. You’ll find the most directly comparable GAAP financial metrics and reconciliations on our website. Unless otherwise noted, all references to increases or decreases in financial metrics are year-over-year, and references to revenue growth are on a core basis. Core revenue growth is adjusted for the impact of currency exchange rates and any acquisitions and divestitures completed within the past 12 months. Guidance is based on forecasted exchange rates. During this call, we will make forward-looking statements about the financial performance of the company. These statements are subject to risks and uncertainties and are only valid as of today. Agilent assumes no obligation to update them.

Please look at the company’s recent SEC filings for a more complete picture of our risks and other factors. I’d like to turn the call over to Parekh.

Padraig McDonnell, President and CEO, Agilent Technologies: Thanks, Tejas, and hello, everyone. Thank you for joining today’s call. Before I talk about our results, I want to start by introducing Adam Ellenoff, our new CFO, who officially joined Agilent last week. Adam joins us after a distinguished tenure at Amgen. He advanced through a series of finance, strategy, and transformation leadership roles over a total of 19 years, most recently serving as Vice President of Investor Relations and Treasurer. I’m looking forward to leveraging Adam’s expertise in strategic planning and M&A, and his commitment to cross-function collaboration will be invaluable to Agilent in the years ahead. Adam, would you like to say a few words?

Adam Ellenoff, CFO, Agilent Technologies: Thanks, Parekh. I’m thrilled to join Agilent at such an exciting time. My interactions with the leadership team over the past few weeks, both within the finance function as we contemplated the guide and with the broader team, have only reinforced my optimism for what lies ahead. I’m looking forward to working with the team to drive growth and innovation, advance operational excellence, and preserve Agilent’s history of financial discipline.

Padraig McDonnell, President and CEO, Agilent Technologies: Great to have you on board, Adam. I also want to take a moment to express my sincere appreciation for Rodney stepping in as interim CFO over the past four months. His long, distinguished career at Agilent demonstrated he was more than capable of helping us bridge this important transition. Now, let me talk about the Q4 results. It was another strong quarter. The Agilent team executed exceptionally well, delivering the solutions our customers need in a market that is showing continuing signs of normalization. In the fourth quarter, Agilent reported $1.86 billion in revenue, growing 7.2% on a core basis, our sixth consecutive quarter of core growth acceleration. This performance came in above the high end of our guidance. Our customer-first approach is paying dividends, with excellent top-line results that compare very favorably with our peers.

Momentum remains broad-based across the portfolio, supported by strong LC and LCMS demand and share gains, CDMO upside, solid double-digit contributions in key regions, and a replacement cycle that continues to accelerate. These trends reflect our structurally resilient portfolio and performance that tracks above the broader market. At the same time, our Ignite operating system continues to improve the effectiveness and efficiency of our organization. Ignite helped deliver more than 200 basis points of sequential margin improvement compared with last quarter, while funding incremental performance-driven variable pay. The bottom-line result was four-quarter earnings per share of $1.59, above the midpoint of our guidance. Simply stated, in a dynamic environment that continues to evolve, the Agilent team delivered for our customers and our shareholders.

As we close the 2025 fiscal year, I want to highlight four key dimensions where we made exciting progress this year and that will drive our growth for the future. First, the innovative products and services that we develop with a customer lens to create differentiated value. Second, the extraordinary customer intimacy and trust our unified sales and service organization creates that unlocks high-quality lead generation and fund conversion. Third, the increased capabilities and level of talent throughout Agilent. Fourth, the Ignite operating system that enables us to effectively combine these elements to drive long-term growth and maximize value for customers, shareholders, and employees. Let’s start with innovative products and services. The success of our customer-focused innovation was on display throughout the year with products and services that differentiate us from the competition and drive our growth by solving real customer problems.

This includes our next-generation null III that is delivering as much as 30% improvement in productivity for our customers. null III drove double-digit LC growth in the second half of the year. That is underpinned by customers returning to buy large volumes of additional units because of their great experiences. Our ProIQ LCMS also has seen an amazing ramp. Its unique value proposition for pharma and biotech is driving strong customer interest, as well as sales that are well ahead of our already robust expectations. The summer launch of our ProIQ drove overall single-quarter LCMS growth of more than 50% in the first full quarter. Last month, we introduced our Alturo Bioinert column. Customers are rapidly adopting the Alturo column, and the column’s ramp is an order of magnitude greater than past column launches.

This is a clear indication of just how important increased sensitivity and resolution are in key applications that support oligos and GLP-1s. These results also highlight new product launch excellence across the organization. When it comes to artificial intelligence, we are actively using AI to accelerate our innovation engine and drive operational excellence. For example, AI generates 80% of our engineering drawings based on product specifications and customer needs, thereby increasing design productivity and reducing custom design cycle times by 75% for our GC products. In our operations, our order fulfillment team is leveraging agentic AI for testing, inspection, and control to eliminate redundant shifts, reduce downtime, and improve quality. Our second key dimension, extraordinary customer intimacy, centers on a cornerstone of continued success, leveraging our unified sales and service model to maintain lasting customer relationships. Our commercial team members are uniquely positioned as trusted customer partners.

Agilent’s commercial model is a unified end-to-end organization that provides pre-sales consultation, a modern and easy-to-use e-commerce platform, and a highly experienced, deep technical post-sales service and support that ensures customer success. Our field service engineers build long-term relationships with our customers by partnering with them to solve their most critical problems. Those relationships provide highly valuable insights that fuel a vital and growing portion of our demand generation programs. Insights from our service team now account for 30% of all sales leads, and these leads come with an order conversion rate that is more than double that associated with the rest of the sales funnel. Because of our uniquely deep connection with our customers, it will come as no surprise that they consistently rate Agilent’s services as best in class. We don’t take this privileged position for granted. That’s why we continuously implement new ways to enhance customer intimacy.

In terms of AI and customer intimacy, we are working to deploy AI within our CRM to support our sales team with predictive insights, automating tasks, and proposing personalized content in service of our customers. We’re also using virtual agents to complement on-site support in select markets to resolve customer issues more quickly. The third dimension is our increased capabilities and level of talent throughout Agilent. We’ve leveraged our deep bench of in-house talent and complemented it with external hires that bring fresh perspective and domain expertise. At an executive level, in addition to Adam, we brought on Megan Hanson to lead our HR team to help us build on our strong culture. August Speck, who joined us from Thermo Fisher as our Chief Technology Officer, brings deep scientific knowledge in analytical technologies and a proven ability to lead innovative R&D teams.

Most recently, Jaydeep Ganguly joined from Gilead to drive world-class manufacturing while leveraging our global scale to realize increased efficiencies. While these individuals are important and visible additions to our leadership team, all Agilent employees are focused on accelerating the pace of innovation, driving superior execution, and most importantly, delighting our customers. Finally, we are bringing together these foundational strengths through our Ignite operating system, our fourth key dimension. We launched Ignite at the start of the year to improve the pace and quality of our execution and to usher in a new mindset that leverages the power of the enterprise to maximize both growth and stakeholder value.

Some examples of Ignite’s early success include enhanced top-line growth through the creation and implementation of an enterprise pricing program that drove performance across the year, more than doubling our price growth compared to what FY24, faster decision-making and improved efficiency by reducing layers of bureaucracy, meaningful procurement cost savings through globalization of vendor contracts that leveraged increased scale for additional negotiating power. We saw the power of Ignite in real time this year as it enabled the immediate creation of our tariff task force to drive a rapid and coordinated response to global tariff changes. The cross-functional task force rapidly developed a unified strategy and executed a suite of interconnected projects that greatly accelerated our tariff mitigation efforts. As a result, we are highly confident that we will fully mitigate current tariffs in FY26. All told, Ignite has already delivered well over $150 million in annualized savings.

The Ignite operating system is able to quickly assemble knowledge from across the organization, develop a thorough and actionable enterprise plan, and actively drive implementation and quantify outcomes. This is critical as Agilent continues to evolve. Finally, and this is important, Ignite has strengthened our organization readiness to identify, acquire, and integrate attractive assets. Our integration of BioVectra is one example. It’s been a highly productive year for Agilent. We’ve laid a robust foundation upon which we can drive long-term differentiated growth and value. Now, let me share some additional details of our Q4 results, starting with our end markets. We continue to see signs of improvement in the pharma market. The Agilent team was able to leverage those conditions and our customer-centric solutions into an excellent 12% growth during the quarter. We also saw a nice pickup in spending among our biotech customers.

That spending grew in the low 20s during the quarter and low double digits ex-CDMO, which was led by our large accounts. Our customer-focused solutions for oligotherapeutic developments, peptide-like GLP-1s, and null Three drove our performance in pharma, contributing to low double-digit growth in LC and mid-teens growth in LCMS platforms. That performance is above that of our peers and points to share gains across the replacement and greenfield opportunities. Our specialty CDMO business continues to be a differentiated growth driver. It represents nearly 20% of LDG revenue and grew more than 40% on a core basis during Q4. During the quarter, commercial programs drove 60% of our NASD revenue. The capacity increases we implemented at BioVectra in the third quarter enabled a record fourth quarter that was in line with our elevated expectations, even as the intra-quarter cadence shifted revenue to October.

Chemical and advanced materials grew 7% as we continue to see strong demand in the Americas and Europe. Chemicals customers continue to invest in capital equipment to meet the demand driven by reshoring of downstream customers in the semiconductor market, increasing global competition for critical resources, and an enhanced focus on regional supply chain security. Diagnostics and clinical continues to be a durable mid-to-high single-digit performer with 7% growth in the quarter. We’re excited about the upside potential here as our new DACO Omnis family penetrates medium and low throughput labs. Environmental and forensics grew 9% as the approaching implementation of a revised EU drinking water directive drives investment in new capabilities. Also, commercial labs and forensic customers in the Americas are moving quickly to spend the capital budgets before year-end, even as U.S. government spending in this end market remains muted.

Our market-leading PFAS business grew high single digits in Q4 and almost 40% for the year, despite meaningfully tougher comps and the U.S. EPA headwinds we mentioned last quarter. Environmental use cases remained a bulk of our PFAS revenue, though growth is increasingly coming from our end markets such as food and CAM. Our business in the food market finished a strong year with a growth of 7% in the quarter. Finally, academia and government, our smallest end market at 7-8% of annual revenue, declined 10% in the quarter. To no one’s surprise, federal spending reductions had an increased impact on instrument spending in the U.S. In summary, our growth across major end markets continues to run ahead of our peers, supported by stronger LCMS adoption, healthy contributions from specialty CDMO platforms, and solid traction in applied workflows.

We continue to see nice momentum in our instrument portfolio, with instrument book to bill exceeding one for the seventh consecutive quarter. We are in the early stages of a normalized replacement cycle and gaining share against the competition. Plus, the growth of our install base enables robust attach rates for consumables and service offerings to lend meaningful durability to our top line via strong recurring revenue. As we look to FY 2026, our priorities remain clear: advance our Ignite operating system, sharpen commercial execution, capture opportunities from improving end markets, innovative new products, and a multi-pronged replacement cycle. In our end markets, we expect continuation of positive trends in pharma. This will be enabled by improved visibility around pricing and a stabilizing tariff environment, as well as the very early stages of pharma reshoring that we anticipate could start to materialize in orders towards the end of the year.

While it’s too soon to call an inflection, the accelerating pace of M&A and improving funding environment into October bodes well for our small and mid-sized biotech customers in FY26. We remain bullish on demand outlook for our specialty CDMO pharma services. With strong market momentum in our key modalities like siRNA and GLP-1s, we expect to drive mid-teens growth in the coming year as we get ready for opening new capacity in 2027. We expect applied markets will continue to grow as customers adapt to shifting macro conditions, and structural drivers like the expansion of PFAS testing and semiconductor reshoring support durable long-term demand. In diagnostics and clinical, we see continued strength as testing demand grows and our expanded DACO Omnis offerings enable new placement opportunities.

In our smallest end market, academia and governments, we are not expecting a meaningful recovery in FY2026 as ongoing U.S. federal spending headwinds seem to be unlikely to abate soon. Putting it all together and incorporating the stronger baseline comparison for FY2026, we’re starting the year with an expectation of 4%-6% core growth. We believe this range is a prudent initial guide that takes into account secular growth drivers. This includes instrument replacement cycles, demand for our specialty CDMO services, modality-specific needs in GLP-1s and PFAS, and pharma and semiconductor reshoring. This allows for an evenness in ongoing recovery dynamics across our markets. We anticipate these growth drivers, reinforced by Ignite, to provide continued momentum. We also expect to deliver 75 basis points of operating margin expansion in FY2026 at the midpoint.

This target allows us to make critical investments to drive innovation, expand our digital commercial capabilities, and prepare for opening of our new CDMO capacity in 2027, all while absorbing incremental material costs driven by tariffs and assumptions for a steady end market recovery. This margin expansion translates into 9% operating profit growth at the midpoint, demonstrating the strong operating leverage inherent to our model. For FY26 earnings per share, we’re guiding 5%-7% that includes an EPS growth headwind of 3 percentage points from the one-time step-up in tax rate, reflecting the new global minimum tax regulations. Adjusted for this tax dynamic, underlying EPS growth would have been in the high single to low double-digit range. Our financial discipline remains unchanged.

We are deploying capital where it delivers the highest long-term value, balancing investments in innovation, M&A opportunities, as well as strategic capacity expansion while returning capital to shareholders. Now, let me turn it over to Rodney, who will provide additional details on the fourth quarter results and our guidance for next year. Thanks, Parekh. And good afternoon, everyone. In my comments today, I’ll provide additional detail on revenue in the quarter, as well as walk through the income statement and cover other key financial metrics. I’ll then cover our new full-year and first-quarter guidance. Q4 revenue was $1.86 billion above the high end of our guidance. On a core basis, we posted growth of 7.2%, while reported growth was 9.4%. Currency had a favorable impact of 0.9%, while M&A contributed 1.3%. The BioVectra acquisition is reflected in core growth starting in October.

At a business segment level, LDG grew 11%, well ahead of guidance, bolstered by the strong performance in our LC and LCMS instruments and robust CDMO results. AMG grew 3% as expected, led by high single-digit growth in GC and GCMS, as we see increasing benefit from the instrument replacement cycle in those platforms as well. ACG grew 6% in line with our guidance, with high single-digit growth in the rest of the world offset by mid-single-digit declines in China. On a geographical basis, both the Americas and Europe saw healthy 11% growth with broad end market strength outside of academia and government. China declined 4%, and the rest of Asia ex-China grew 4%. Results in China were below our low single-digit growth expectations, though revenue contributions remained stable around $300 million per quarter.

India grew in the high teens in Q4, with double-digit growth in pharma and greater than 20% growth in each of our applied markets. This balanced strength across our geographies, which saw us deliver double-digit growth ex-China, remains a key differentiator of our performance profile. Gross margins in Q4 improved sequentially by 100 basis points and came in at 54.1%. On a year-over-year basis, they were down 100 basis points due to tariff headwinds. Operating margins were 27.2%, up more than 200 basis points sequentially, driven by leverage on volume, strong pricing, and tariff mitigation. We delivered this result despite absorbing an incremental 60 basis point sequential headwinds from performance-driven variable pay. Absent the variable pay dynamics that reflect better business conditions and our strong execution, operating margins would have expanded by 270 basis points over the prior quarter, well above our guide of 230 basis points of sequential expansion.

On a year-over-year basis, operating margins were down only slightly due to tariffs. Now, moving below the line, we had $10 million in other income, while our tax rate of 12% was as expected. Finally, we had 284 million diluted shares outstanding in the quarter. Putting it all together, Q4 earnings per share was $1.59. That was above the midpoint of our guidance and grew 9% from a year ago. Now, let me turn to cash flow and the balance sheet. Operating cash flow was $545 million in the quarter, and we invested $93 million in capital expenditures. We purchased $85 million in shares and paid $70 million in dividends during the quarter. More recently, we increased our industry leading dividend by 3%. We ended the quarter with a net leverage ratio of 0.8, pointing to our robust balance sheet that leaves ample room for capital deployment optionality.

Now, let me share some additional details on the outlook for next year and the guidance for our first quarter. We expect FY 2026 revenue to be in the range of $7.3 billion-$7.4 billion on a reported basis. This represents an increase of 4%-6% on a core basis, as currency is expected to be a 1% tailwind during the year. To help with your models, I want to provide you with additional details on expectations for growth in our end markets during the year. Starting with pharma, we anticipate high single-digit growth, improving market conditions, and the strength of our offerings in key high-demand applications create a favorable environment.

In the applied markets, we expect mid-single-digit growth in chemical and advanced materials, low single-digit growth in environmental and forensics, and flat growth from food, where we have a especially difficult year-on-year compare against a strong China stimulus tailwind in FY 2025. In diagnostics and clinical, we anticipate mid-single-digit growth. In academia and government, we are guiding to a low single-digit decline as we do not foresee meaningful recovery in the U.S. By business segment, we are guiding both the Life Sciences and Diagnostics Markets Group and the Agilent CrossLab Group to grow mid-single digit, and the Applied Markets Group to grow low single digit in FY 2026. Finally, by geography, we expect the Americas to lead the way with mid to high single-digit growth, while Europe and Asia ex-China grow mid-single digits, building on the momentum we saw in the back half of the year.

In China, we are incorporating a flat assumption for FY26, consistent with what we saw in China this year. Based on our latest expectations around stimulus timing, we are taking a prudent approach and substantially moving stimulus benefits from our FY26 revenue guidance. Moving down the P&L, we expect to deliver 75 basis points of operating margin expansion in FY26 at the midpoint. We anticipate a more gradual start given typical seasonality and the lack of tariff headwinds in the first half of FY25, with momentum building through the year. Reflecting the latest global tax regulations, we see our tax rate increasing to 14.5%, a 2.5% increase compared with last year. We also expect $30 million in other income, and we are planning any diluted repurchases to maintain 284 million diluted shares outstanding for the year.

Putting this all together, FY26 non-GAAP earnings per share are expected to be between $5.86 and $6, representing earnings growth of 5%-7%. For your P&L modeling, let me share some additional expectations we have incorporated into our guidance for the year. Because of Ignite, we expect pricing to continue to improve, with an opportunity to grow well above 100 basis points. This guidance also incorporates achieving full mitigation of existing tariffs over the course of the year, using cost savings and pricing actions. As is typical, we expect to see substantial sequential improvement in operating margins over the course of the year. Finally, we anticipate operating cash flow will be in the range of $1.6 billion-$1.7 billion and expect to invest $500 million in capital expenditures. To help with phasing, we are expecting revenue seasonality similar to FY25.

Meanwhile, earnings will be slightly more biased towards the second half, given the tariff impact on the P&L in the first half. Now, moving to the first quarter, we expect our reported revenue to be in the range of $1.79-$1.82 billion. This represents an increase of 4%-6% on a core basis, while currency is expected to be a 2.5% tailwind. First quarter EPS guidance is $1.35-$1.38, with 285 million diluted shares outstanding. Now, I’d like to turn the call back to Padraig for closing comments. Padraig? Thanks, Rodney. As you’ve heard, we’ve built excellent momentum across FY2025 in a dynamic environment. Our distinct growth drivers and our Ignite operating system are fuel for success. We are poised to benefit from a broadening end market recovery, win share, and deliver resilient above-peer growth and margin performance over the long term.

With our innovation engine accelerating, our focus on customers intensifying, and our best-in-class commercial team executing, we are entering FY26 from a position of strength. Thank you all for your attention. I’ll turn it back over to Taysen for Q&A. Taysen? Thanks, Parekh. Operator, can you please share the instructions for the Q&A? At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. Our first question will come from the line of Tycho Peterson with Jefferies. Please go ahead. Hey, thanks. Parekh, I’m wondering if you can comment on BioVectra. You guys had guided, I think, closer to $35 million. It came in around $22 million. Maybe just talk about dynamics there. And then you’re taking CapEx up $100 million. Is that all CDMO? Yeah. We are very pleased with BioVectra.

Came in strong for the year, driven by GLP business. Q4 GOAT was a good, was an easy, comparable, pleasing, nevertheless. We came in against what we thought for the year. We have key molecules planned for 2026. We’re very, very happy about the book of business we have for BioVectra. It was an outstanding integration from our side, which bodes well for the future, for future M&A as well. On the CapEx side, Adam, do you want to give some color? Sure. Thanks. The incremental $100 million investment is really around incremental NASD capacity as well as incremental consumable expansion. Okay. Then follow up on margins, obviously a focal point, especially coming out of last quarter. Maybe just talk on the 75 basis points you’re guiding to, the gives and takes there.

If the top line ends up at the high end, could you do better? Yeah. On margin, I think we have a prudent margin for 2026 set in, and we’re going to go through some of the differences on the call. Adam, do you want to go through some of the ideas you have on margin? Sure. If you think about the margin for 2026, at the midpoint, we’re guiding 75 basis points improvement on a year-over-year basis. That’s really driven by Ignite pricing optimization, some operational efficiencies that you see in the number. That includes some of the tariff mitigations and then volume growth. The other piece, which I think is important, which I want to highlight, is this more than offsets inflationary impact. We’re making incremental investments in growth and innovation, as well as adding strategic capacity.

Let me just quickly talk about those incremental investments in growth, because I think it’s something that Pourig’s talked about with our capital allocation strategy. One, we’re making digital advancements for our commercial teams and customers. The second, adding AI across the enterprise, and we’re really being focused there on a number of projects. Importantly, we’re continuing to invest in our core R&D portfolio for our products. With August coming on, we’re trying to make sure that we’re investing in the most high-impact projects. Okay. I’ll leave it at that. Thanks. Our next question will come from the line of Patrick Donnelly with Citi. Please go ahead. Hey, guys. Thank you for taking the questions. Pourig, maybe just on the general tone from biopharma customers in recent months. Obviously, there were some big announcements.

It sounds like things ticked up a little bit, both on pharma and biotech. Can you talk about maybe specifically on the instrument side, what you’ve been seeing? Again, it does sound like biotech is loosening up a little bit for you guys. It sounds like pharma is maybe a little more constructive. Maybe just talk about what you’re seeing there. Even as we get into year-end here, is there already signs of what the budget flush could look like? What are you guys seeing there? Could that be a little more normal than past years? What are the conversations looking like there? Yeah. Thanks, Patrick. Pharma, largest market, grew 12% overall in the quarter. What we’re seeing is the MFN tariff deals have really reduced uncertainty for our customers. Our biotech grew in the low 20s, or I would say low double digits ex-CDMO.

The U.S. biotech recovery is starting in well-funded large caps, releasing capital spend. I think what you’re seeing in the small to mid-biotech, you’re seeing improved funding backdrop. You’re seeing that with recent M&A exits, although it really is too early to call it an inflection point on that side. What’s driving this is really, I would say, our really strong momentum and our innovation around Affinity Tree is coming in extremely well. ProIQ LCMS is resonating extremely well. We had 50% growth for the single quad in Q4. All of these things lead both well for the future. That was backed up with our Alturo Bioinert column. I would say in terms of the budget flush, we have good visibility, and it’s more of a typical calendar year-end budget flush. We’re expecting that to be more normalized. Okay. That’s helpful.

Maybe on the NASD business, it sounds like that’s doing well. Double-digit growth, pretty safe for 2026, I guess, given what you’re seeing. Can you just talk about the visibility there? Is that fully booked out through 2026? You talked about the expansion, the capacity expansion plan as the year goes. Can you talk about, I think it’s train C and train D, when those come online, where those are leaning towards in terms of market need, market indication? Is there an impact to margins as those ramp? I know NASD is accretive on the op margin side. As those trains open up, does that change anything? I know there’s a few questions about NASD in there, but that color would be great. Thank you, guys. Yeah. Thanks, Patrick. I’m going to start off and hand it over to Simon.

We’re really pleased with our CDMO results in FY2025. We’re excited how the book of business is building for 2026 with recent wins. We’re seeing movements towards commercial programs. Simon, do you want to give some more color on that? Yeah. I think we’ve had a very strong year here in FY2025. We’ve been very pleased with the execution, very pleased with the way that the order book has been developing. We’ve seen a lot of further reasons to validate the siRNA modality. Just in the last couple of weeks, there was another FDA approval. We think that we are really well positioned here in coinciding the strength of the modality, the future outlook of the modality, and our competitive position in the market.

As we look ahead to FY2026, I’d say we’ve got a very robust order book as we enter the year for pretty much the full year. I think it’s mainly a case of execution on existing capacity in FY2026. As the question indicated, we’ve got the capacity expansion starting to see the finish line coming to sight there towards the end of 2026. We’re looking to go live in early mid-part of 2027 with train C. As is always the case with the capacity expansion, there’ll be dynamics there around amortization and growing into the skin. I think we’ve got the basis pretty well covered there in 2026. We’re well ahead in our thinking in that respect in 2027. Our next question will come from the line of Dan Leonard with UBS. Please go ahead. Thank you. My first question is on China.

Can you talk about the downside variance on China in the quarter? What were the drivers of that and performance by end market, perhaps? Yeah. Thanks, Dan. Q4 in China was we were down 4%. That was below our low single-digit August guide. All markets were down low to mid singles, except A&G, which was up 5%, benefiting from some academic stimulus. Comp with peers, I think, were in line with key peers. Mix, I think, is an important factor, Dan. First of all, we saw growth in biopharma and CAM. We saw declines in food and environmental. I would say pharma, small molecule was stable. Overall, it’s a very stable business. You’re going to have quarters, some swings or variance between quarters. We’re seeing sustainable $300 million per quarter as we go forward.

We expect FY2026 to be flat, like FY2025 was flat. I will say, though, if you look at our business, given our long-standing customer relationships, our recent win rates, and our scale, and our visibility into our direct channel, we are very confident in terms of our market share being stable in 2025. Of course, we are going to continue with that in 2026. Appreciate that. A follow-up, Padraig. I think you mentioned that there was some pharma reshoring assumption in your guidance for 2026. How important is that to your forecast? Any way to put some context or dimensions around that? Thank you. Yes. We are in a lot of conversations with some key pharma companies around reshoring and talking about what it means for their R&D and tech investments. They are focusing on shovels in the ground and their lab equipment needs.

We expect by the end of 2026 that we’ll get some orders in that area. We’re estimating the opportunity of about a $1 billion by 2030. We’re limited in seeing the order benefit at the end of 2026. We see an overall $1 billion addressable market opportunity for Agilent by 2030. We expect about one-third of that. Overall, I think there’s upside in the forecast around reshoring. Thank you very much. Our next question comes from the line of Doug Shankle with Wolfe Research. Please go ahead. Good afternoon, and thank you for taking the questions. I just wanted to start on GLP-1s. How big is this business? I’m thinking it’s probably around $100 million coming out of last year. I guess if that’s right, how much of it is LC versus services?

What’s your positioning with generics coming online in different geographies, like in India and China, Canada, just to name a few? And how should we think about the growth outlook for 2026? Yeah. Thanks, Doug. Agilent’s GLP benefit really comes through two forms. Our CDMO business, larger run BioVectra, where we’re working on synthetic peptide manufacturing and our analytical tools like our LCMS and Alturo columns supporting QA and QC solutions. We’re actively involved with many of the GLP-1 manufacturers. Of course, on the analytical tools side, null Lab is a really key component. If you look at Q4, revenue was about $40 million for GLP-1. That split about 60% for BioVectra and 40% for the analytical lab. I would say we saw about a 20% growth rate in the analytical lab in Q4. BioVectra added about $25 million.

If you look overall in 2025, I think the GLP-1 revenue is about $130 million, split evenly between both the BioVectra and the analytical lab. If you think about the analytical lab, we grew 40% in the analytical lab and the GLP-1. Alturo columns really helping towards the end, and of course, the null Three. Overall, it’s a really important business for us. We’re seeing a long runway into 2026 on both sides of the business. India is a particularly interesting part of where you see the GLP-1, where you see the patent lift coming. We’ve been doing a lot of investment in India around our experience center for customers, workflow help for our customers. We expect in India, we’re going to take a lot of share as it goes into 2026. All right. Super helpful, Padraig.

One more on a completely unrelated topic, the academic and government end market. I think you guys were down 10% constant currency in the quarter, if I updated the model right. I think this is a little bit surprising given seasonality and the fact that there was a little more certainty about the funding environment. Maybe the offset was the government shutdown. I’m just curious if you could tell us a little bit about what you saw over the course of the quarter and heading into calendar year-end. Thanks again, and happy Thanksgiving, everyone. Yeah. Thanks, Doug. Academic and government declined about 10% for Q4. That was a slightly bigger decline than we put out in guidance. I would say ex-U.S., very stable sequentially. However, I think we faced tougher year-over-year comps with Americas down mid-teens.

I would say the rest of the world was down mid-single digits. U.S. federal spending reductions was really the material impact. The instruments were down mid-20s for the Americas. While I would say chemistries and services were resilient, low single digits for the Americas. We’re seeing reasonable lab usage. I would say on the U.S. government shutdown that you described there, Doug, we saw no material impact from that. We’re expecting continued softness in FY2026 in Americas as U.S. federal spending reductions continue as we go forward. I will say it’s our smallest market. It’s about 1% of our overall business in the U.S. and the NIH spending. Our next question will come from the line of Brandon Kuyard with Wells Fargo. Please go ahead. Hey, thanks. Good afternoon.

Pourig, I mean, if we look at the ACG business, you said all reasons that ex-China grew high single digits in the fourth quarter. I think you only talked about mid-single digit growth in 2026. Do you expect to see a halo benefit as the instrument cycle continues to escalate next year, or are you just sort of being conservative here? It’s going to impact how you’re thinking about ACG in 2026? Yeah. Yeah. Thanks for the question. I’m going to kick it off, and I’m going to hand it over to Angelica. We saw healthy high single digit growth ex-China in ACG. We continue growth on our install base and ramping attachment rates. We’re confident that ACG is well positioned to really sustain the long-term recurring revenue ramp.

It was really a solid quarter, and we saw 6% growth in Q4 at the high end of our guidance. That was 8% ex-China. Angelica, you want to give some more color? Yeah, sure. Hi, Brandon. We’re very excited by the continued growth that we’re seeing in ACG, largely driven by the size of our install base, but also the customers’ utilization of assets in their laboratory. We’ve seen some great adoption of our recent chemistries launch, the Alturo column. We also launched recently a remote plus services offering, which allows us to support customers and build stronger relationships with customers that may have capabilities in-house, but want to leverage the capabilities and the know-how of the Agilent field service engineers to be able to get them back up and running when they have unplanned or unexpected downtime.

We are still seeing a great amount of interest in improving lab productivity. We are seeing continued adoption of our OpenLab Chromatography Data System and our enterprise content management capabilities as customers are looking to better manage the data coming out of their instruments. We are seeing some good growth in our automation. When you look across the portfolio, we have a lot of things to take as momentum going into FY2026. Certainly, as we see tech refresh and we see replacements of instruments in the laboratory, those provide long-term growth as those instruments continue to be used and will be connecting to those with our recurring revenue streams accordingly. That’s great. Thanks. I am not sure if this is better for Rodney or Adam. Just a clarification. What was net pricing in the fourth quarter?

I think you talked about 100 basis points in fiscal 2026, but that there could be upside to that maybe from some of the AI tools. Can you just clarify what you’re penciling in for pricing next year? Thanks. North of 100 basis points. In the fourth quarter, Rodney? In the fourth quarter, we were closer to 150 basis points. Thanks. Our next question will come from the line of Vijay Kumar with Evercore ISI. Please go ahead. Hi, Pourig. Thanks for taking my question. Congrats on the nice spring here. Hey, my first one on order commentary here in the quarter, how did orders in a backlog grow? I’m curious. I know last quarter you were speaking about stimulus, China-related stimulus, maybe some pharmacopia updates out there. I’m curious if any of that is showing up in orders. Yeah.

I can talk at our book to bill was greater than one. Orders continued to, I would say, continue to be positive as we go through the quarter. It’s been very stable through the quarter in terms of our order rate and, of course, our win-loss ratio, etc. I will talk a little bit about stimulus. The first one, the SAMR tender, it shifted, I would say, from Q1 to later in the year in 2026. We were expecting roughly about $10 million GACC orders in Q1 of 2026, which was smaller than expected. That is excluded from our 2026 guide. Anything on the, I think, in the abundance of caution, we’re excluding it from the 2026 guide. If anything comes in on that side, it will be upside.

I will say that we have a very strong track record and a win rate with stimulus in China, winning 50% of the first round tenders. We are seeing how the year plans out and staying very close to our customers on that. That’s helpful. Maybe my follow-up on margins. Gross margins is a little light in Q4. What do you assume for gross margins in fiscal 2026? Should we see gross margin expansion? Could you just quantify what is tariff versus FX dynamics on gross margins? Rodney, you want to take this one? Yeah, I’ll take this one. We are not guiding gross margins, but we should see gross margin expansion. Again, from a tariff standpoint, we do think we will be fully mitigated on tariffs in the second half. That will be a mix of both pricing and cost reduction activities.

That in itself will be helping the margin picture along with pricing and leverage. The other thing that we think that was an impact for this year has been BioVectra. Now that that’s been annualized, it will not necessarily be the impact, a drag to the gross margin line. Understood. Thank you. Our next question will come from the line of Jack Meehan with Nephron Research. Please go ahead. Thank you. Good afternoon. I had a couple of questions. Just wanted to unpack some of the competitive dynamics going on in the LC business. The first one is in LDG. There were a few stats thrown around. I think I heard double-digit growth in the second half for LC, LCMS instruments. What was the fourth quarter number? Was it also double-digit? I heard the pharma data point.

Can you just talk about how that business is doing in some of the other end markets? Yeah. In the fourth quarter, we saw low double-digit growth in LC and actually mid-teens growth in LCMS, so a very strong performance. As we talked about the replacement cycle before, we’re in the early innings of a replacement cycle, and that’s accelerating with a lot of adoption of the null Three, some initial purchases a number of quarters ago, and customers coming back for more on that one. I would say when you look at the independent market share data, we’re gaining share in both those areas. That is very good to see as we go forward on it. I would say overall, it’s the new innovation, but execution by the team, but also an improving pharma sentiment, particularly with having reduced uncertainty around the MFN and tariffs.

The other thing that we’re really seeing in pharma across the globe is reshoring is not just happening in the U.S., but supply chains are being consolidated in different geographies. People are looking for capacity expansion. We’re the benefactor of that in QA/QC downstream testing. That will continue, I think, throughout the year and, of course, as reshoring comes online in 2027. I don’t know if you want to add any more color on that, Simon. Yeah, I think you covered pharma really well. Pourig, a few other key end markets. Mid-single digit growth in food. We saw declines in academia and government consistent with what we’ve been seeing elsewhere. Environmental and forensics was growth in the 20s. Again, in terms of the growth drivers, all the key things that we talked about already, the continuing traction we see with null Three is just phenomenal.

Likewise, the ProIQ market acceptance is really terrific. In terms of replacement cycle, we still see that we’re kind of early to mid-inning here. I think we’ve knocked off the lowest hanging fruit. As we continue to iterate the productivity features of our LabAssist software, we see that the null Three value proposition will continue to be very strong. We think there’s still plenty more legs left in that. Our next question will come from the line of Dan Brennan with TD Cowen. Please go ahead. Great. Thank you. Thanks for the questions. Congrats on the quarter. Maybe Pourig, just when you think about the guide for 2026 at a high level, the 4-6%, you’ve given a lot of color on segments and customers. If you zoom out, I think you finish this year around 5%.

The guide next year incorporates that at the midpoint again. You’ve discussed a lot of momentum building. Do you feel like the guide fairly balances the puts and takes around the globe? Do you think there’s some conservatism more so baked in? Can you give a sense on the overall four to six guide? I think, first of all, we’re set up for success really by innovative products coming online. The ones that have come online are unified sales and service connection with the customers, the winning team, and Ignite wrapping together. As you said, we have good momentum coming out of the year. Key markets are improving. The top line four to six is prudent, but I think is appropriate given macro uncertainty. Of course, we’re coming into some tougher compares.

I would say if you look at the high end of our guide, if you see the expecting by our pharma recovery to continue and broaden, that’s going to be positive. As I said before, the China stimulus is not in the guide. That would be positive as well. We’re making investments in the business, right? We’ve invested a lot in the business, and we’re going to continue to do that, particularly in innovation as digital as Adam talked about. We want to see small to mid-size cap biotechs continue to improve. We’re seeing the early shoots on that one. Of course, A&G is academia and government, which is an area that we’re watching. We want to see that stabilize and relative to our current expectations of a low single digit decline.

Overall, when you put it together, strong momentum come out of 2025. In 2026, we’re watching the different portions of it. Great. Thanks for that. Maybe just one on the GC upgrade cycle. Just your 10% growth in the quarter overall, which was solid. I think you said mid-single digit for 2026, and you gave some color. Just any more color on the upgrade cycle? How’s it progressing versus expectations? Is it ratable in 2026? Just what’s kind of assumed on that front? Thank you. Yeah. No, thanks. I’m going to start off and hand over to Mike here in the room. First of all, I think we had high single digit growth in GC, which was really great. We talked in the last quarter about the start of a GC replacement cycle, which is generally a longer replacement cycle than LC.

Mike, do you want to give some color on the replacement cycle? Yeah. Pourig, first of all, thank you, Dan, for your question. The replacement cycle for the GC and the GCMS is very important for us. Here’s what we’ve seen. First of all, I think the cycle has been normalized. It was under pressure for the last few years because of the global challenges and uncertainty. We’ve seen the pace is coming back and normalized. That’s number one. Number two, I just want to let you know we are the market leader. We have built a very large install base. As you can imagine, it’s actually aging. We have a lot of independent demand, which will create a sustainable tailwind for us in the coming year. Last thing I want to highlight. Now, under Ignite transformation, we accelerate our innovation.

We’re very excited about the new product coming out and that it will further sustain this reckoning cycle. In short, I think very big opportunities and the cycle has been normalized. We have tremendous innovation coming our way to sustain it. Great. Thank you. Our next question will come from the line of Michael Riskin with BofA. Please go ahead. Great. Thanks for taking the question. Maybe first one on tax rate. You talked about the higher tax rate for 2026, talked about global tax. Just curious, we’ve been talking about tax rate potentially drifting higher for a while. It seems like it’s a pretty big jump this year. Is this something new that’s developed recently, or is this just sort of the same global tax because we’ve been talking about it for a while?

Then just any potential to offset that as you go through the year? Just how do we think about that going forward? Yeah. Thanks, Michael, for the question. I’m going to hand this one over to Adam for some commentary. Sure. And thanks. Our tax rate’s increasing 250 basis points. It is really driven by a combination of things that take time to come together, and now they have. One of them is Pillar Two. The other is OB Three. Then there are other jurisdictional changes. As we have kind of put them together in our tax provision, we have now solidified on this 250 basis point increase. I would, as you think about it going forward, say we have no information that this would change meaningfully going forward.

The thing I want to highlight and point out is that we’re more than offsetting this incremental tax burden, and that’s really through operating performance above the line. We will continue to seek ways to further mitigate the P&L impact via Ignite in our global network strategy. If you think about the business, being able to offset such an impact below the line, above the line is really something that gives me a lot of confidence in this organization and shows the agility of the organization to navigate uncertainty. Okay. Thanks. For the follow-up, I want to touch on M&A and capital deployment. Patrick, you’ve talked about the health of the balance sheet and maybe looking to do a couple more deals, bolsters on the portfolio.

Could you just talk about what the deal funnel looks like now, appetite for deploying cash next year, sort of what kind of deals you’re looking at in terms of size and any specific areas you’re focused on? Thanks. Yeah. I’m going to start off and then hand over to Adam here. Our capital allocation priors are not changing. If you think about M&A, we have capacity to do M&A, but we’re going to remain very disciplined, linked with our strategy. We don’t talk really about size. We talk about fit and shareholder return on M&A, about how it’s going to drive us forward. What I will say about our M&A target list, it’s a shorter, very high-quality list that we continue to develop. Of course, we continue to keep everybody updated as we go through the year.

We are looking for growth opportunities where we have a right to win. Of course, the BioVectra integration, having been such a great integration this year, bodes extremely well for the future. Adam, do you want to give some broader capital allocation color? Sure. Thank you. Our capital allocation priorities are not changing, as Pourig said. I think that is very important. We are going to continue to invest in innovation, as you hear in our guide. We are going to use our balance sheet to invest in M&A and then make strategic capacity expansion. The other piece I would highlight is we are going to continue to return excess capital to shareholders, as you see in our guide as well. The one note I would highlight, in addition to what Pourig said about remaining disciplined, is that it is about the right opportunity.

It’s about making sure we understand the value drivers and how we can maximize on those. Then it comes down to making sure that we pay the right price so that we’re disciplined about price and then focusing on integration upfront. In my experience, I’ve lived through integrations, and the best are those that you plan for upfront, and it’s not an afterthought. I can assure you it won’t be here. The Ignite operating system, as I’ve dug into it, gives me a lot of confidence. As Padraig said, the recent experience with BioVectra gives me more confidence. I think we’re ready to go, and you should expect to see consistency with what we’ve said on our capital allocation priorities.

Regina, to help us get to as many analysts as possible, could we please limit it to one question per analyst for the remainder of the call? Our next question will come from the line of Dan Arias with CFO. Please go ahead. Good afternoon, guys. Thanks for the questions. Pourig, you mentioned upside potential for the Omnis franchise. Is that more of a placement comment or a pull-through comment? Where do you think the opportunity is strongest there? Thanks. On the Omnis, yeah. I am going to hand it over to Simon for some color on the Omnis franchise. Yeah, it is a bit of both. We have recently launched the Omnis family, and we have been very happy with the uptake from those systems. If we look year over year across the entire Omnis instruments franchise, we have seen double-digit growth in instrument placements. We are also focused on menu expansion.

That’s a key product development initiative here over the next 12 to 24 months. I think we’re going to see momentum from both of those. We’re seeing momentum already on the instrument placements. I think it bodes well for the future. We talked a few times about this franchise now, how we see really durable mid-high single-digit growth through a combination of these portfolio investments, but also the very strong macros that underpin this business with aging populations, cancer incidents, and so on, not to mention the emerging therapeutics that are supporting diagnosis and therapy guidance. We put all that together, and we’re bullish about the future. Our next question will come from the line of Casey Woodring with JP Morgan. Please go ahead. Awesome. Thanks for fitting me in, guys. Appreciate it.

I guess within pharma in the quarter, excluding the CDMO, could you break down the large molecule versus small molecule growth? Last quarter, you talked about you did biopharma spend, XNASD. Sounds like that got a lot better this quarter, specifically in biotech. And then maybe what’s factored into the guide for large molecule versus small molecule in 2026, excluding the CDMO? Thanks. Yeah. I think we saw growth on both sides. I would say we were equally placed. Both large molecule was about 10% growth, small molecule in around the same growth rate. It’s roughly a 50% split for Agilent. We saw that in the quarter, and we expect that to continue. Our next question will come from the line of Catherine Schulty with Baird. Please go ahead. Hey, guys. Thanks for the question. I guess I’ll ask the annual lunar new year timing question.

I think that was a two-point headwind in the first quarter last year, but it’s back to falling in February this year. If we think about the 4-6% guide for one Q, does that mean more like 2-4x lunar new year? If so, what’s kind of driving that sequential slowdown there? Thanks. Yeah. I think if you look at our Q1 guide, we’re assuming low single digits growth for China on a reduced stimulus volume. That’s about a negative 700 basis point year-over-year impact. That’s offset by the favorable lunar year-to-year timing, which is about 800 basis points. Q2 will be, I would say, meaningfully impacted by lunar new year timing and, I would say, a tougher comp. Overall, I think it balances out over those quarters. Our next question comes from the line of Luke Sargot with Barclays.

Please go ahead. Great. Thanks for squeezing me in. I just want to follow up on Donnelly’s question earlier in the call about, and you guys were talking about keeping the flywheel going and investing back in R&D as the top line continues to accelerate or be strong. After you’re pretty much done, you guys had a pretty big launch here across many different platforms. Give us an update. Where are you looking to deploy that R&D? What are the new high-growth areas that you guys would like to be bigger in? Is this just kind of updating parts of the portfolio that have been underinvested? Yeah. What I would say is that we have a very key innovation focus with our new CTO, August. What we’re looking at is really looking at our portfolio of innovation across the company.

We simplified the company structure where we went from about 20 product lines to 9. The ability to get the right innovation dollars into the right place is much clearer and faster now. What you’re going to see is that you’re going to see that in a number of platform launches over the next year, next coming years, but also areas where we need to accelerate in certain areas like oligos, GLP-1s, and workflows around that side. I would say software is a key area for us. It’s an area where we have a lot of focus across the company in the ACG group. We’re going to be asymmetrically investing in our software products and also making sure we have the right software for particular workflows. Overall, I would say it’s a refocusing, but a very agile refocusing of our R&D dollars. Hey, guys. Go ahead, Regina.

I’ll turn the call back to you, Tejas. Thank you. Thanks, everyone, for joining us. Happy holidays and happy Thanksgiving. This concludes today’s conference call. You may now disconnect.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.