Keysight Technologies, Inc. (KEYS) financials

NYSE · Technology · Hardware, Equipment & Parts · 16,600 employees · CEO Satish C. Dhanasekaran

Price: $307.20 -6.86%
Market cap: $52.3B
Enterprise value: $52.4B
Last report: Q3 '26 filed 2026-09-02
Next report: 2026-11-19 EPS est. $3.37

Revenue (TTM)$6.58B+25.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)20.3%+3.3 pp vs a year agoOperating income $1.33B

Net income (TTM)$1.26B+130.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.47B-2.4% vs a year agoCapex $135M

Diluted EPS (TTM)$7.26+131.2% vs a year agoSum of the last 4 quarters

Net cash-$141M-10.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $52.3B
Revenue: $6.58B
Revenue growth: +32%
Profit margin: 19.1%
P/E: 42.3×
P/S: 7.9×
EV / EBITDA: 28.2×
Free cash flow: $1.47B
Net income: $1.26B
Revenue estimate: $7.11B
Earnings: 2026-11-19
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-18): revenue beat by 5.7%, EPS beat by 23.8%Revenue $1.85B vs $1.75B expected (+5.7%); EPS $3.07 vs $2.48 (+23.8%).
Revenue growth accelerating: 36.5% year on yearQ3 '26 revenue $1.85B, against an average of 19.0% over the four quarters before.
Operating margin 20.3% (TTM), +3.3 pp on a year agoOperating income grew 49.9% while revenue grew 25.5%.
Capex 2.1% of revenue (a year ago 0.7%)$135M invested in the last 4 quarters (+255.3% on a year earlier). Free cash flow $1.47B = 117.0% of net income.
Returned $600M to shareholders = 40.8% of free cash flowBuybacks $600M (a year earlier $432M), dividends $0, stock-based pay $214M (TTM).
Diluted share count up 0.0% in a year173M diluted shares in Q3 '26, 173M a year earlier.
Net debt $141MCash + short-term investments $2.61B, debt incl. leases $2.75B; a year ago net debt $128M.
Communications Solutions Group: revenue +43.1%, margin 34.1% (was 26.2%)Fastest-growing reported segment in Q3 '26: operating income $458M on revenue $1.35B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.85B	$1.35B	+36.5%
Gross margin	65.9%	61.7%	+4.2 pp
Operating income	$461M	$234M	+97.0%
Operating margin	25.0%	17.3%	+7.7 pp
Net income	$397M	$191M	+107.9%
Diluted EPS	$2.29	$1.10	+108.2%
Operating cash flow	$437M	$322M	+35.7%
Capex	$34M	-$59M	+157.6%
Free cash flow	$403M	$381M	+5.8%
R&D	$312M	$250M	+24.8%
Stock-based compensation	$47M	$31M	+51.6%

Reported vs consensus

2026-08-18

	Actual	Consensus	vs consensus
Revenue	$1.85B	$1.75B	+5.7%
EPS (as estimated)	$3.07	$2.48	+23.8%

From the report of 2026-08-18 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Communications Solutions Group	$1.35B	+43.1%	72.9%	–	–
Electronic Industrial Solutions Group	$501M	+21.6%	27.1%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Asia Pacific	$810M	+42.4%	43.9%	–	–
Americas	$729M	+28.8%	39.5%	–	–
Europe	$307M	+41.5%	16.6%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Communications Solutions Group	$1.35B	+43.1%	$458M	+86.2%	34.1%	26.2%	$1.44B
Communications Solutions Group Member	–	–	–	–	–	26.2%	–
Electronic Industrial Solutions Group	$501M	+21.6%	$155M	+68.5%	30.9%	22.3%	$555M
Electronic Industrial Solutions Group Member	–	–	–	–	–	22.3%	–
Total Segments	–	–	$613M	+81.4%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.6B
Capex: -$135M
Buybacks: -$600M
Dividends: $0
Acquisitions: -$2.05B
Net debt issued: -$740M
Stock-based compensation: $214M
Free cash flow: $1.47B
Returned to shareholders / FCF: 40.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	42.3×	33.1×	20.5× – 42.2×
EV / EBITDA	28.2×	20.3×	12.9× – 24.2×
EV / Sales	8.0×	5.6×	3.9× – 6.8×
Price / FCF	35.6×	26.7×	17.9× – 32.7×
Price / Book	8.1×	6.3×	4.7× – 8.9×
FCF yield	2.8%	3.9%	3.1% – 5.6%
Return on invested capital	12.0%	12.4%	7.5% – 17.3%
Return on equity	20.1%	20.0%	12.0% – 27.0%

Analysts

Consensus target $421.29 (+37.1%)
range $400.00 – $440.00 · rating Buy

Strong buy0

Buy13

Hold3

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$7.11B	+32.3%	$11.46	+134.8%	26.8×	6
FY2027	$8.15B	+14.7%	$13.77	+20.2%	22.3×	6
FY2028	$8.83B	+8.3%	$15.39	+11.8%	20.0×	2
FY2029	$7.53B	-14.7%	$11.18	-27.3%	27.5×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 330 figures Keysight Technologies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$424M	$342M	+24.0%	$355M	$313M	+13.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.07B	$692M	+54.2%	$939M	$857M	+9.6%
Accounts Receivable, Allowance for Credit Loss, Current	$12M2025-10-31	$9M	+33.3%	$12M	$9M	+33.3%
Accrued Vacation	$130M2025-10-31	$114M	+14.0%	$130M	$114M	+14.0%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.8B2025-10-31	$1.71B	+5.7%	$1.8B	$1.71B	+5.7%
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$264M2025-10-31	$317M	-16.7%	$264M	$317M	-16.7%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	-$66M2025-10-31	-$136M	+51.5%	-$66M	-$136M	+51.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$272M	-$295M	+7.8%	-$248M	-$364M	+31.9%
Additional Paid in Capital	$3.06B	$2.82B	+8.5%	$2.85B	$2.66B	+7.0%
Adjustments to Additional Paid in Capital, Fair Value	$36M	$32M	+12.5%	$63M	$66M	-4.5%
Advances on Inventory Purchases	$158M	$191M	-17.3%	$176M	$200M	-12.0%
Advertising Expense	–	–	–	$14M	$18M	-22.2%
Amortization	$67M	$34M	+97.1%	$145M	$144M	+0.7%
Amortization of Intangible Assets	$65M	$33M	+97.0%	$137M	$138M	-0.7%
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	$82M2025-10-31	$89M	-7.9%	$82M	$89M	-7.9%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$46M	$31M	+48.4%	$163M	$138M	+18.1%
Assets	$11.9B	$10.7B	+11.9%	$11.3B	$9.27B	+21.9%
Assets for Plan Benefits, Defined Benefit Plan	$408M2025-10-31	$324M	+25.9%	$408M	$324M	+25.9%
Assets, Current	$5.29B	$5.6B	-5.7%	$4.35B	$4.26B	+2.1%
Business Combination, Acquisition Related Costs	$30M	$31M	-3.2%	$152M	$91M	+67.0%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	$168M2025-10-31	–	–	$168M	–	–
Capital Expenditures Incurred but Not yet Paid	$6M	$5M	+20.0%	$21M	$19M	+10.5%
Capitalized Contract Cost, Amortization	$20M	$17M	+17.6%	$63M	$57M	+10.5%
Capitalized Contract Cost, Net	$44M2025-10-31	$35M	+25.7%	$44M	$35M	+25.7%
Cash Acquired from Acquisition	$127M2025-10-15	–	–	–	–	–
Cash and Cash Equivalents, at Carrying Value	$2.61B	$2.64B	-1.2%	$1.87B	$1.8B	+4.3%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	-$5M	$5M	-200.0%	$17M	$16M	+6.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.62B	$3.4B	-22.8%	$1.89B	$1.81B	+4.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$192M	$262M	-26.7%	$76M	-$674M	+111.3%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	1B	1B	0.0%	1B	1B	0.0%
Common Stock, Shares, Issued	203M	202M	+0.5%	202M	201M	+0.5%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$375M	$189M	+98.4%	$966M	$716M	+34.9%
Contract with Customer, Liability	$957M	$765M	+25.1%	$884M	$767M	+15.3%
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination	$1M	–	–	$73M	$19M	+284.2%
Contract with Customer, Liability, Revenue Recognized	$112M	$103M	+8.7%	-$513M	-$541M	+5.2%
Conversion Gains and Losses on Foreign Investments	$8M2025-10-15	–	–	–	–	–
Cost of Goods and Services Sold	$630M	$518M	+21.6%	$2.04B	$1.85B	+10.4%
Costs and Expenses	$1.39B	$1.12B	+23.9%	$4.5B	$4.15B	+8.5%
Current Federal Tax Expense (Benefit)	–	–	–	$97M	-$52M	+286.5%
Current Foreign Tax Expense (Benefit)	–	–	–	$147M	$31M	+374.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$18M	$4M	+350.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	–	–	–	$6M2024-10-31	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$17M	-$47M	+63.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$29M	$323M	-109.0%
Deferred Income Tax Assets, Net	$327M	$392M	-16.6%	$373M	$378M	-1.3%
Deferred Income Tax Expense (Benefit)	$2M	-$18M	+111.1%	-$116M	$268M	-143.3%
Deferred Revenue, Current	$707M	$557M	+26.9%	$652M	$561M	+16.2%
Deferred Revenue, Noncurrent	$250M	$208M	+20.2%	$232M	$206M	+12.6%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$3M	-$8M	+62.5%
Deferred Tax Assets, Deferred Income	$56M2025-10-31	$48M	+16.7%	$56M	$48M	+16.7%
Deferred Tax Assets, Goodwill and Intangible Assets	$87M2025-10-31	$127M	-31.5%	$87M	$127M	-31.5%
Deferred Tax Assets, Gross	$1.11B2025-10-31	$785M	+41.8%	$1.11B	$785M	+41.8%
Deferred Tax Assets, Hedging Transactions	$1M2025-10-31	$1M	0.0%	$1M	$1M	0.0%
Deferred Tax Assets, in Process Research and Development	$130M2025-10-31	$91M	+42.9%	$130M	$91M	+42.9%
Deferred Tax Assets, Inventory	$29M2025-10-31	$27M	+7.4%	$29M	$27M	+7.4%
Deferred Tax Assets, Net	$157M2025-10-31	$214M	-26.6%	$157M	$214M	-26.6%
Deferred Tax Assets, Net of Valuation Allowance	$616M2025-10-31	$567M	+8.6%	$616M	$567M	+8.6%
Deferred Tax Assets, Operating Loss Carryforwards	$606M2025-10-31	$307M	+97.4%	$606M	$307M	+97.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-Q 2026-01-31, 10-K 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-Q 2025-01-31, 10-K 2024-10-31, 10-Q 2024-07-31

Data as of 2026-11-02