Keysight Technologies (KEYS) Company Report

Keysight delivered $1.6 billion in Q1 revenue, up 23% year-over-year on a reported basis and 14% on a core basis; orders reached $1.645 billion, up 30% reported and 22% core.
Gross margin expanded to 66.7%, while net income was $376 million and EPS was $2.17, both up 19% year-over-year.
Communication Solutions Group revenue was $1,124 million (up 27% reported, 16% core) with a 68.5% gross margin and 27.5% operating margin; Electronic Industrial Solutions Group revenue was $476 million (up 15%) with a 62.4% gross margin and 27.2% operating margin.
Q2 guidance calls for $1.69 billion–$1.71 billion in revenue (30% YoY growth) and $2.27–$2.33 EPS (35% YoY growth); full-year revenue and earnings are now expected to grow just above 20% all-in.
Cash flow from operations was $441 million, free cash flow $407 million; Keysight repurchased 420,000 shares for $87 million and ended the quarter with $2.2 billion in cash and equivalents.

5 days ago

Transcript

Keysight Technologies reports Q1 2026 earnings

KEYS

Earnings

Guidance Update

Share Buyback

Revenue of $1.6 billion (+23% YoY; +14% core) and orders of $1.645 billion (+30% reported; +22% core) reflect strong demand across business segments.
Gross margin expanded 90 bps to 66.7%, operating margin rose 20 bps to 27.4%, with net income of $376 million and EPS of $2.17 (+19% YoY).
Communication Solutions Group generated $1.124 billion (+27% reported; +16% core); Electronic Industrial Solutions Group delivered $476 million (+15%), with software & services at ~40% of revenue.
Ended Q1 with $2.2 billion in cash, $441 million operating cash flow, $407 million free cash flow, and repurchased ~420k shares for $87 million.
Q2 guidance calls for $1.69–$1.71 billion revenue (+30% YoY) and EPS of $2.27–$2.33 (+35% YoY); full-year revenue and EPS growth now expected just above 20%.

5 days ago

Transcript

Keysight Technologies reports Q1 2026 results

KEYS

Earnings

Guidance Update

Share Buyback

Record Q1 orders of $1.645 B (+30% y/y) and revenue of $1.600 B (+23% y/y) driven by Communications Solutions (+27%) and Electronic Industrial Solutions (+15%)
Non-GAAP EPS of $2.17 (+19% y/y), gross margin of 66.7% (+90 bps) and operating margin of 27.4% (+20 bps)
Free cash flow of $407 M and $87 M in share repurchases during Q1
Q2 guidance: revenue of $1.690 B–$1.710 B and non-GAAP EPS of $2.27–$2.33; FY26 revenue and EPS growth expected just above 20%

5 days ago

Presentation

Keysight Technologies reports Q1 2026 results

KEYS

Earnings

Guidance Update

Share Buyback

Keysight delivered $1.6 B in Q1 revenue, up 23% reported (core +14%), with orders of $1.645 B (+30% reported, +22% core), gross margin of 66.7%, operating margin of 27.4%, and EPS of $2.17 (+19%).
Communication Solutions Group revenue reached $1.124 B (+27% reported, +16% core) with a 68.5% gross margin and 27.5% operating margin; EISG revenue was $476 M (+15%) with a 62.4% gross margin and 27.2% operating margin.
Ended the quarter with $2.2 B in cash, generated $441 M in operating cash flow and $407 M in free cash flow, and repurchased 420,000 shares for $87 M at an average price of $207.
For Q2, Keysight guides revenue of $1.69–$1.71 B (+30% YoY) and EPS of $2.27–$2.33 (+35% YoY); full‐year growth is expected just above 20%, with $375 M in acquisition‐related revenue and over $100 M in synergies for FY 2026.
Demand remains broad‐based—driven by AI infrastructure, next-gen connectivity, defense modernization and semiconductor complexity—with an all-time high order funnel across short- and long-term pipelines signaling sustained momentum.

5 days ago

Transcript

Keysight tops Q4 forecasts as AI demand boosts outlook

KEYS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Keysight reported Q4 revenue of $1.6 billion, up 23.3% year-over-year, and adjusted EPS of $2.17, beating expectations.
Its communications solutions unit saw 27% revenue growth to $1.12 billion, driven by AI-focused data-center infrastructure and other applications.
Management raised Q2 guidance to $1.69–$1.71 billion in revenue and $2.27–$2.33 in EPS.
Longer-term metrics include a five-year revenue CAGR of ~5.7%, two-year CAGR of ~3.1%, trailing 12-month revenue of $5.375 billion, and a declining operating margin around 16.3%.

5 days ago

Morningstar

Keysight reports Q1 FY2026 results

KEYS

Earnings

Guidance Update

Keysight delivered $1.60 billion in revenue for Q1 FY2026, up 23% year-over-year from $1.30 billion.
GAAP net income was $281 million, or $1.63 per diluted share; non-GAAP net income was $376 million, or $2.17 per diluted share.
By segment, Communications Solutions Group revenue was $1,124 million (up 27%) and Electronic Industrial Solutions Group revenue was $476 million (up 15%).
For Q2 FY2026, the company expects revenue of $1.690 billion to $1.710 billion (≈30% growth) and non-GAAP EPS of $2.27 to $2.33.

5 days ago

8-K

Keysight reports Q1 FY2026 results

KEYS

Earnings

Guidance Update

Delivered $1.60 billion in Q1 revenue, up 23% year-over-year [$1.30 billion in Q1 2025].
Recorded GAAP net income of $281 million ($1.63 EPS) and non-GAAP net income of $376 million ($2.17 EPS).
Achieved broad-based growth with Communications Solutions revenue of $1.124 billion (+27%) and Electronic Industrial revenue of $476 million (+15%).
Issued Q2 FY2026 guidance for $1.690–$1.710 billion in revenue (≈30% YoY growth) and $2.27–$2.33 non-GAAP EPS.

5 days ago

Press Release

Keysight outlines strong 2025 performance and 2026 outlook at Barclays Conference

KEYS

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Keysight delivered 8% revenue growth in 2025 (up from an initial 5% target) and guided 10% growth for Q1 2026, supported by a strong order book and technology tailwinds across AI, wireless, semiconductors, and aerospace defense.
The company’s AI segment spans chipset testing through hyperscaler emulation, highlighted by the formal launch of the Keysight AI Data Center Builder, which emulates AI workload traffic for data center design.
In wireless, ongoing investment in 5G Advanced (Releases 18/19), expansion of non-terrestrial networks (NTN), and early pre-standards 6G R&D are driving a gradual recovery and future growth.
Aerospace & defense achieved record orders in 2025 despite government pauses, with accelerating U.S. and European budgets and new programs (e.g., Golden Dome, GCAP) fueling demand for antenna, radar, and cybersecurity test solutions.
Software & services now represent the high 30s % of revenue and are expected to exceed 40 % through organic innovation and recent acquisitions, contributing to gross margins in the mid-sixties.

Dec 10, 2025, 4:40 PM

Transcript

Keysight presents 2026 growth outlook at Barclays Global Technology Conference

KEYS

Guidance Update

M&A

Revenue Acceleration/Inflection

Keysight built momentum in 2025, raising its full-year growth target from 5% at the start of the year to 8%, and guided 10% revenue growth for Q1 2026.
AI is driving the wireline business, with Keysight providing end-to-end test and emulation solutions—from chip and component testing to hyperscaler workload benchmarking—highlighted by its AI Data Center Builder product.
The wireless segment returned to growth in 2025, supported by non-terrestrial networks, Open RAN, early 6G R&D and ongoing 5G Advanced standards (Releases 18/19), with a steady ramp expected into 6G later this decade.
Recent acquisitions have lifted software and services to the high 30s % of revenue and added three percentage points to mix; Keysight targets a 40% software/services mix, mid-sixties % gross margins, and $100 million of cost synergies, with M&A accretive to 2027 earnings.
The aerospace & defense business set record orders in 2025 despite shutdowns and funding delays, and stands to benefit from U.S. and European defense budget increases, new programs (e.g., Golden Dome, GCAP) and growth in defense-tech startups.

Dec 10, 2025, 4:40 PM

Transcript

Keysight announces Gigamon leads deep observability market in 1H2025

KEYS

Gigamon captured 50% market share in the deep observability market in 1H25, maintaining its leadership position.
The market grew 25% YoY in 1H25 with a forecasted 29% CAGR to nearly $1.7 billion by 2029.
Asia Pacific saw the strongest regional growth at 38% YoY, and cloud-delivered offerings are projected to account for over 90% of revenue by 2029.
A survey of 1,000+ global security and IT leaders found 89% view deep observability as a foundational element of cloud security.