Loading
Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Meta Marshall | Morgan Stanley | 14 (0%) |
| Rob Mason | Robert W. Baird | 14 (0%) |
| Aaron Rakers | Wells Fargo | 14 (0%) |
| Mark Delaney | Goldman Sachs | 12 (8%) |
| Mehdi Hosseini | Susquehanna | 12 (0%) |
| Tim Long | Barclays | 12 (0%) |
| Rob Jamieson | Vertical Research Partners | 10 (0%) |
| Matt Niknam | Truist Securities | 9 (0%) |
| Andrew Spinola | UBS | 9 (0%) |
| Samik Chatterjee | JPMorgan | 8 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 2 | 16 (6%) |
| Robert W. Baird | 2 | 16 (0%) |
| Morgan Stanley | 2 | 16 (0%) |
| Wells Fargo | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.29B | -1.8% | $-0.42 | -132.8% | 17.9% | -5.7% | $321M |
| FY2025 Q1 | $1.30B | +3.1% | $0.97 | -1.0% | 16.8% | 13.0% | $346M |
| FY2025 Q2 | $1.31B | +7.4% | $1.49 | +106.9% | 15.8% | 19.7% |
| 14 (0%) |
| JPMorgan | 3 | 14 (14%) |
| Susquehanna | 2 | 13 (0%) |
| Barclays | 1 | 12 (0%) |
| Vertical Research Partners | 1 | 10 (0%) |
Keysight posted its best quarter in company history with revenue of $1.72B (up 31% reported, 24% core) and record orders of $2.05B (up 56%), driven by broad strength across AI data center infrastructure, defense modernization, and semiconductor capacity investment. The AI-related business reached $500-$600M in the first half alone, matching all of FY2025, as concurrent demand vectors in infrastructure scaling, speed transitions, optical technologies, and system-level emulation accelerated. Operating leverage was strong at nearly 50% incrementals on a core basis, with ex-tariff operating margins expanding to 30.4%. Management raised FY2026 revenue growth expectations from just above 20% to the high-20s percent range, reflecting confidence in the second-half pipeline from defense systems orders, semiconductor programs, and continued AI infrastructure build-out.
Demand | Revenue Growth | Cloud & AI | Innovation & R&D | Margin | Trade Tariffs | M&A | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 6 | 2 | 2 | 4 | 1 | 2 | |
| 2025Q1 | 9 | 8 | 3 | 5 | 3 | 1 | 2 | |
| 2025Q2 | 7 | 3 | 4 | 4 | 6 | 6 | 2 | |
| 2025Q3 | 10 | 4 | 6 | 3 | 2 | 5 | 2 | 1 |
| 2025Q4 | 5 | 4 | 5 | 5 | 5 | 2 | 4 | 2 |
| 2026Q1 | 9 | 6 | 7 | 4 | 1 | 2 | 2 | |
| 2026Q2 | 5 | 5 | 5 | 2 | 3 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 8 | 9 | 7 | 10 | 5 | 9 | 5 |
| Revenue Growth | 6 | 8 | 3 | 4 | 4 | 6 | 5 |
| Cloud & AI | 2 | 3 | 4 | 6 | 5 | 7 | 5 |
| Innovation & R&D | 2 | 5 | 4 | 3 | 5 | 4 | 2 |
| Margin | 4 | 3 | 6 | 2 | 5 | 1 | 3 |
| Trade Tariffs | 1 | 1 | 6 | 5 | 2 | ||
| M&A | 2 | 2 | 2 | 4 | 2 | 2 | |
| Guidance Reliability | 2 | 1 | 2 | 2 | 2 |
| $457M |
| FY2025 Q3 | $1.35B | +11.1% | $1.10 | -50.5% | 17.3% | 14.1% | $381M |
| FY2025 Q4 | $1.42B | +10.3% | $1.32 | +414.3% | 15.3% | 16.1% | $187M |
| FY2026 Q1 | $1.60B | +23.3% | $1.63 | +68.0% | 15.5% | 17.6% | $407M |
| FY2026 Q2 | $1.72B | +31.5% | $2.02 | +35.6% | 23.7% | 20.3% | $472M |
| FY2026 Q3 | $1.85B | +36.5% | $2.30 | +109.1% | 25.0% | 21.5% | $500M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What KEYS and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“a big chunk of that was the portions of that we got out of the Ansys acquisition, those are recurring revenue businesses”
Portions of Keysight's acquired Ansys-related businesses are recurring-revenue, so acquisition revenue responds more slowly to the improved end-market demand.
“We are able to emulate now orbits as well with Spirent's acquisition and core networks.”
Keysight's Spirent acquisition adds orbit emulation and PNT capabilities, enabling an end-to-end non-terrestrial-network validation solution.
“The optical fiber conference and NVIDIA's GTC this quarter reinforced the accelerating importance of networking as a critical enabler of AI data center scaling.”
Keysight cites NVIDIA's GTC as reinforcing the accelerating importance of networking for AI data centers, a demand tailwind for Keysight's test solutions.
“at Mobile World Congress conducted a joint demonstration with Samsung on AI RAN workflows.”
Keysight ran a joint AI RAN demonstration with Samsung at MWC, extending its wireless/6G ecosystem collaborations.
“we expanded our collaboration with Qualcomm on RF digital twins”
Keysight expanded its 6G collaboration with Qualcomm on RF digital twins, reinforcing its position in the emerging 6G ecosystem.
“we collaborated with Broadcom on the industry's first public interoperability demonstration of ultra Ethernet consortium specifications”
Keysight collaborated with Broadcom on the first public interoperability demo of Ultra Ethernet Consortium specs, a step toward production-ready AI Ethernet fabrics.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
KEYS Keysight Technologies | 10 | +31.7% | |
| APH Amphenol | 9 | +55.0% | |
| COHR Coherent, Inc. | 9 | +33.7% | |
| FLEX Flex Ltd. | 9 | +20.6% | |
| FTV Fortive | 6 | -27.8% | |
| GLW Corning Inc. | 9 | +16.6% | |
| GRMN Garmin | 9 | +11.4% | |
| JBL Jabil | 9 | +11.8% | |
| SNDK Sandisk Corporation | 9 | +371.6% | |
| TDY Teledyne Technologies | 9 | +9.8% | |
| TEL TE Connectivity | 8 | +13.8% | |
| TRMB Trimble Inc. | 9 | +11.0% |