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Keysight Technologies (KEYS) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 2, 2026 · Keysight Technologies (KEYS) Q3 FY26 earnings results →

Q3 FY26 Revenue up 36% year over year to $1.8B · 22¢ of every $1 of revenue kept as net profit · operating margin 25.0%

Keysight Technologies made $1.8B in Q3 FY26 (+36% Y/Y): Products $1.5B, Services and other $382M. Operating margin 25.0%, net earnings $397M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 2, 2026.

Revenue$1.8B
Year over year+36%
Operating margin25.0%
Net earnings$397M
Operating cash flow$437M

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Keysight Technologies Q3 FY26 revenue breakdown: Sankey diagram of revenue (Products, Services and other), costs, profit and cash flow
Keysight Technologies Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.8B in Q3 FY26, up 37% year over year and up 8% from the previous quarter. Products was the largest line at 79% of revenue. Products added $0.44B year over year (up 43%), 89% of the total change.

Operating profit was $0.46B, a 25.0% margin (up 7.7 points year over year). Of the extra revenue versus Q3 FY25, 46% reached operating profit, above the 17% margin then. Total costs grew 24% against revenue growth of 37%. Net earnings were $0.40B, up 108% year over year. The effective tax rate was 16.8%.

Operating cash flow was $0.44B (up 36% year over year), 110% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.11B. After investments in property, plant and equipment ($0.03B), free cash flow as the company reports it was $0.40B.

Quarterly history

Keysight Technologies revenue by quarterKeysight Technologies revenue by quarter$1.3BQ4 FY24$1.3BQ2 FY25$1.4BQ3 FY25$1.4BQ4 FY25$1.6BQ1 FY26$1.7BQ2 FY26$1.8BQ3 FY26
Keysight Technologies net earnings by quarterKeysight Technologies net earnings by quarter−$73.0MQ4 FY24$257MQ2 FY25$191MQ3 FY25$233MQ4 FY25$281MQ1 FY26$349MQ2 FY26$397MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 2, 2026$1.8B+36%25.0%$397M$437M
Q2 FY2610-QJun 4, 2026$1.7B+32%23.7%$349M$501M
Q1 FY2610-QMar 5, 2026$1.6B+23%15.5%$281M$441M
Q4 FY2510-KDec 17, 2025$1.4B+10%15.3%$233M$225M
Q3 FY2510-QAug 29, 2025$1.4B+11%17.3%$191M$322M
Q2 FY2510-QJun 3, 2025$1.3B+7%15.8%$257M$484M
Q4 FY2410-KDec 17, 2024$1.3B-2%17.9%−$73.0M$359M

Charts

Keysight Technologies: revenue growth, year over year and quarter over quarterKeysight Technologies: revenue growth, year over year and quarter over quarterY/YQ/Q-2%Q4 FY24+7%+1%Q2 FY25+11%+4%Q3 FY25+10%+5%Q4 FY25+23%+13%Q1 FY26+32%+7%Q2 FY26+36%+8%Q3 FY26
Latest (Q3 FY26): Y/Y +36%, Q/Q +8%.
Keysight Technologies: where the cash came from (+) and went (−), TTM to Q3 FY26Keysight Technologies: where the cash came from (+) and went (−), TTM to Q3 FY26Acquisitions−$2.1BOperating cash flow$1.6BCash drawn (+) / kept (−)$775MBuybacks−$617MOther investing$422MCapital spending−$135MShares issued$68.0MTaxes on employees’ shares−$42.0MOther financing−$26.0MExchange rates$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Keysight Technologies: profit against cash, quarter by quarterKeysight Technologies: profit against cash, quarter by quarterNet incomeOperating cash flow−$73.0M$359MQ4 FY24$169M$378MQ1 FY25$257M$484MQ2 FY25$191M$322MQ3 FY25$233M$225MQ4 FY25$281M$441MQ1 FY26$349M$501MQ2 FY26$397M$437MQ3 FY26
Latest (Q3 FY26): Net income $397M, Operating cash flow $437M.
Keysight Technologies: diluted shares by fiscal yearKeysight Technologies: diluted shares by fiscal year189MFY20187MFY21182MFY22179MFY23175MFY24173MFY25
-8.5% since FY20: buybacks shrank the count.
Keysight Technologies in its industry: growth against margin (17 companies, SIC 3823)Keysight Technologies in its industry: growth against margin (17 companies, SIC 3823)revenue growth, year over year →↑ operating marginmedian +8%median 18%DHRAMEROPMKSIFTVSTRALCGNXMLABHURCSYPRSENSINISFCUVCLIRQURTKEYS (+36%, 25%)
Industrial Instruments For Measurement, Display, and Control; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Keysight Technologies

Keysight Technologies, Inc. (“we,” “us,” “our,” “Keysight” or “the company”), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics markets, committed to advancing our customers’ business success by helping them solve critical challenges in the development and commercialization of their products and services. Our mission, “accelerating innovation to connect and secure the world,” speaks to the value we provide our customers in a world of ever-increasing technological complexity. We deliver this value through a broad range of design and test solutions that enable our customers to bring their innovations to market on ever-shorter schedules.

In its own words, from its 10-K, filed Dec 17, 2025.

Keysight Technologies against its Industrial Instruments For Measurement, Display, and Control peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +36% against the peers' median +13%. Operating margin: 25.0% against the peers' median 23.1%.

CompanyQuarterRevenueY/YOp. margin
KEYS Keysight TechnologiesQ3 FY26$1.8B+36%25.0%
DHR DanaherQ3 2026$6.6B+8%19.0%
AME AmetekQ3 2026$2.2B+17%26.3%
ROP Roper TechnologiesQ3 2026$2.2B+8%28.7%
MKSI MKSQ3 2026$1.4B+43%23.1%
FTV FortiveQ3 2026$1.1B+8%21.3%
ST Sensata Technologies HoldingQ3 2026$1.0B+8%17.5%
RAL RalliantQ3 2026$620M+17%18.9%
CGNX CognexQ3 2026$313M+13%32.2%

Source: Keysight Technologies 10-Q on SEC EDGAR · CIK 1601046 · Industrial Instruments For Measurement, Display, and Control

13F: who owns KEYS and who is buying

Largest holders of KEYS (13F)Largest holders of KEYS (13F)BlackRock$7.0BVanguard Group$4.4BVanguard Capital Management LLC$3.9BPrice T Rowe Associates$3.4BVanguard Portfolio Management LLC$3.0BState Street$2.9BGeode Capital Management, LLC$1.7BCapital World Investors$1.2BT. Rowe Price Investment Manageme…$918MFMR LLC$833M
Funds' net buying of KEYS by quarter (13F)Funds' net buying of KEYS by quarter (13F)−$46.5M2024-09$150M2024-12−$267M2025-03−$129M2025-06$76.4M2025-09$826M2025-12−$1.4B2026-03$215M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KEYS

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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