Published
{
"ticker": "KEYS",
"cik": "0001601046",
"company": "Keysight Technologies, Inc.",
"business_type": "industrial",
"schema_template": "standard industrial/technology: revenue (products and services), cost of revenue, gross profit, operating expenses, operating income, net income, EPS and share counts; cash, debt, assets, liabilities, equity; operating cash flow, capital expenditures, free cash flow, acquisitions, buybacks; plus revenue and segment income from operations for the two reportable segments (CSG and EISG)",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual US dollars (not millions); per-share amounts in US dollars; share counts in actual shares",
"units_notes_seen": {
"FY2025 10-K consolidated statement of operations": "(in millions, except per share data); columns Year Ended October 31, 2025 | 2024 | 2023",
"FY2025 10-K consolidated balance sheet": "(in millions, except par value and share data); columns October 31, 2025 | 2024",
"FY2025 10-K consolidated statement of cash flows": "(in millions); columns Year Ended October 31, 2025 | 2024 | 2023",
"FY2025 10-K consolidated statement of equity": "(in millions, except number of shares in thousands)",
"FY2025 10-K segment information (Note 16)": "(in millions); columns CSG | EISG | Total, by fiscal year 2025, 2024, 2023",
"Q3 FY2026 10-Q condensed consolidated statement of operations": "(in millions, except per share data) (Unaudited); columns Three Months Ended July 31, 2026 | 2025 | Nine Months Ended July 31, 2026 | 2025",
"Q3 FY2026 10-Q condensed consolidated balance sheet": "(in millions, except par value and share data) (Unaudited); columns July 31, 2026 | October 31, 2025",
"Q3 FY2026 10-Q condensed consolidated statement of cash flows": "(in millions) (Unaudited); columns Nine Months Ended July 31, 2026 | 2025 (no three-month columns)",
"Q3 FY2026 10-Q condensed consolidated statement of equity": "(in millions, except number of shares in thousands) (Unaudited)",
"Q3 FY2026 10-Q segment information (Note 15)": "(in millions); columns CSG | EISG | Total for 2026 and 2025, three months and nine months ended July 31",
"Q3 FY2026 earnings release (Exhibit 99.1), free cash flow table": "(In millions) (Unaudited) PRELIMINARY; columns Three months ended July 31, 2026 | 2025 | Nine months ended July 31, 2026 | 2025"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": "None. Keysight reports in US dollars.",
"adr": "None. Keysight common stock is listed directly on the New York Stock Exchange; per-share figures are per common share.",
"splits": "None. Keysight has no stock split in the periods covered."
},
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"source_accession": "0001601046-25-000127",
"source_form": "10-K filed 2025-12-17",
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{
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},
"trailing_twelve_months": {
"label": "Twelve months ended July 31, 2026 (derived)",
"period_start": "2025-08-01",
"period_end": "2026-07-31",
"period_type": "trailing twelve months",
"source_accession": "0001601046-26-000036",
"derived_from_accessions": {
"annual": "0001601046-25-000127",
"year_to_date": "0001601046-26-000036"
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"derivation": "FY2025 (10-K, accession 0001601046-25-000127) plus the nine months ended July 31, 2026, less the nine months ended July 31, 2025 (both from the Q3 FY2026 10-Q, accession 0001601046-26-000036). This is a computed roll-forward, not a figure Keysight reports. Per-share amounts are not shown because weighted share counts cannot be combined this way.",
"income_statement": {
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"services_and_other_revenue": 1485000000,
"total_revenue": 6582000000,
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"net_income": 1260000000
},
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},
"notes": [
"Keysight's fiscal year ends October 31; its fiscal quarters end January 31, April 30 and July 31. Q3 FY2026 is the three months ended July 31, 2026.",
"Annual figures (FY2023 to FY2025) come from the FY2025 Form 10-K (accession 0001601046-25-000127). The Q3 FY2026 and Q3 FY2025 quarters, the nine-month periods and the July 31, 2026 balance sheet come from the Q3 FY2026 Form 10-Q (accession 0001601046-26-000036). The 10-Q's October 31, 2025 balance sheet column matches the 10-K and is recorded once, under FY2025.",
"The 10-Q presents cash flows only for the nine months. The three-month operating cash flow, capital expenditure and free cash flow figures for Q3 FY2026 and Q3 FY2025 come from Keysight's third quarter 2026 earnings release, furnished as Exhibit 99.1 to the Form 8-K filed August 18, 2026 (accession 0001601046-26-000029); those periods record that filing under cash_flow_source_accession. The release's nine-month figures ($1,379 million operating cash flow, $97 million capital expenditure) agree with the 10-Q.",
"Gross profit is not printed by Keysight; it is computed here as total revenue less total cost of revenue (cost of products plus cost of services and other, which the 10-K labels 'Total costs' and the 10-Q 'Total cost of sales').",
"Free cash flow is computed as net cash provided by operating activities less investments in property, plant and equipment. Keysight's own free cash flow measure deducts those investments net of proceeds from government incentives, which the 10-K reports as $1 million, $7 million and $1 million for FY2025, FY2024 and FY2023, so Keysight's annual figures are higher by those amounts. For the quarters and nine-month periods no such proceeds are reported, and the figures equal Keysight's own.",
"Total debt is the current portion of long-term debt plus long-term debt; the balance sheets show no other borrowings. At July 31, 2026, $700 million of long-term debt was classified as current. The FY2025 and FY2024 balance sheets in the 10-K show no current portion of debt.",
"Common shares outstanding is shares issued less treasury shares, both taken from the statement of equity (printed in thousands). For FY2023 and Q3 FY2025 these filings print no balance sheet; those periods carry only total stockholders' equity and shares outstanding, from the statement of equity.",
"FY2025 net income of $850 million includes a $19 million net loss from discontinued operations; income from continuing operations was $869 million and diluted EPS from continuing operations was $5.02 (total diluted EPS $4.91). The FY2025 comparative columns in the 10-Q show no discontinued operations, so the loss fell in the fourth quarter of FY2025 and is included in the trailing-twelve-month net income.",
"Signs follow the statements: interest expense, capital expenditures, acquisitions and share repurchases are negative; 'other operating expense (income), net' is negative where it was net income.",
"Weighted average share counts are printed in whole millions, so net income divided by diluted shares matches the reported diluted EPS only approximately. EPS figures are as reported.",
"Segment figures are Keysight's two reportable segments, Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG). Segment income from operations excludes share-based compensation, amortization of acquisition-related balances, acquisition and integration costs, restructuring and other items, so it is higher than GAAP income from operations (Q3 FY2026: $613 million total segment income against $461 million GAAP income from operations).",
"Keysight acquired Spirent Communications plc in the fourth quarter of FY2025 for $1,415 million, net of $127 million cash acquired, and the Optical Solutions Group business of Synopsys, Inc. on October 17, 2025 for $581 million (FY2025 10-K). The 10-Q states that Spirent added $61 million of revenue in Q3 FY2026 and $204 million in the nine months ended July 31, 2026.",
"In the nine months ended July 31, 2026, Keysight recorded a $100 million receivable for refunds of IEEPA tariffs previously paid, with offsets of $93 million to cost of sales, $4 million to selling, general and administrative expense and $3 million to interest income, and reduced revenue by $40 million for surcharge refunds owed to customers.",
"Keysight has not paid dividends (FY2025 10-K), so no dividend figures are shown.",
"No stock split, currency conversion or depositary-share adjustment applies: Keysight reports in US dollars and its common stock trades directly on the New York Stock Exchange."
],
"uncertainties": [
"The three-month cash flow figures for Q3 FY2026 and Q3 FY2025 come from an earnings release table marked preliminary, not from the 10-Q, which prints nine-month cash flows only. The nine-month totals in the release match the 10-Q.",
"Gross profit, free cash flow, total debt, common shares outstanding and every trailing-twelve-month figure are computed from printed lines, as described in the notes, rather than printed by Keysight."
],
"headline": {
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{
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"abs": "$461 million",
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},
{
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"prior": "$940 million",
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"summary": "Keysight Technologies reported $1.85 billion in revenue for Q3 FY2026, the quarter ended July 31, 2026, up 36.5% from a year earlier, and net income of $397 million, or $2.30 per diluted share, against $191 million, or $1.10, in the same quarter a year before. The gain came from the business itself: income from operations rose to $461 million from $234 million as revenue grew faster than costs. The Communications Solutions Group, Keysight's larger segment, posted revenue of $1.34 billion, up 43.1%, with growth led by commercial communications customers investing in networking for AI data centers; acquisitions including Spirent Communications contributed part of the company's growth.",
"qa": [
{
"q": "How much revenue did Keysight Technologies report in Q3 FY2026?",
"a": "Keysight Technologies reported $1.85 billion in revenue for Q3 FY2026, the quarter ended July 31, 2026, up 36.5% from $1.35 billion in the same quarter a year earlier. Acquisitions, including Spirent Communications, accounted for part of the increase."
},
{
"q": "What were Keysight's net income and earnings per share in Q3 FY2026?",
"a": "Keysight Technologies earned net income of $397 million, or $2.30 per diluted share, in Q3 FY2026, the quarter ended July 31, 2026. That is up 107.9% from $191 million, or $1.10 per diluted share, a year earlier."
},
{
"q": "Why did Keysight's earnings rise in Q3 FY2026?",
"a": "Keysight Technologies' income from operations was $461 million in Q3 FY2026, up 97.0% from $234 million a year earlier, as revenue grew faster than costs and expenses. The improvement in net income came from operations rather than from items below the operating line."
},
{
"q": "How did Keysight's Communications Solutions Group perform in Q3 FY2026?",
"a": "Keysight Technologies' Communications Solutions Group reported revenue of $1.34 billion in Q3 FY2026, up 43.1% from $940 million a year earlier. Growth was led by commercial communications, where Keysight cites customer investment in high-speed networking and transceiver manufacturing capacity for AI data centers."
}
]
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}
}