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Keysight Technologies cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$403M in Q3 FY26 · $1.5B over twelve months

Operating cash flow$437M
Capital spending−$34.0M
Free cash flow+$403M
Cash / net income1.1×
Cash conversion cycle145 days

Analysis

In Q3 FY26, Keysight Technologies generated $437M of operating cash flow and spent $34.0M on capital projects, leaving free cash flow of $403M. That is $112M more than in Q3 FY25 ($291M).

Over the twelve months to Jul 31, 2026, operating cash flow was $1.6B; the largest uses were acquisitions ($2.1B), buybacks ($617M), capital spending ($135M); besides operations, cash came from other investing ($422M), shares issued ($68.0M); the cash balance fell by $775M.

Operating cash flow was $437M against net income of $397M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$104M, deferred revenue +$85.0M, receivables −$49.0M.

Its cash conversion cycle was 145 days (receivables 52 + inventory 152 − payables 60).

Free cash flow

Keysight Technologies: free cash flow by quarterKeysight Technologies: free cash flow by quarter$321MQ4 FY24$346MQ1 FY25$457MQ2 FY25$291MQ3 FY25$187MQ4 FY25$407MQ1 FY26$472MQ2 FY26$403MQ3 FY26
Operating cash flow less capital spending.
Keysight Technologies: operating cash flow against capital spendingKeysight Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$359M$38.0MQ4 FY24$378M$32.0MQ1 FY25$484M$27.0MQ2 FY25$322M$31.0MQ3 FY25$225M$38.0MQ4 FY25$441M$34.0MQ1 FY26$501M$29.0MQ2 FY26$437M$34.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $437M, Capital spending $34.0M.

Capital allocation, year by year

Keysight Technologies: where the cash came from (up) and went (down), by fiscal yearKeysight Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $1.3BFY21: Shares issued $59.0MFY21: Capital spending −$174MFY21: Acquisitions −$178MFY21: Buybacks −$673M$1.4BFY21FY22: Operating cash flow $1.1BFY22: Shares issued $63.0MFY22: Capital spending −$185MFY22: Acquisitions −$33.0MFY22: Buybacks −$849M$1.2BFY22FY23: Operating cash flow $1.4BFY23: Shares issued $67.0MFY23: Capital spending −$197MFY23: Acquisitions −$85.0MFY23: Buybacks −$702M$1.5BFY23FY24: Operating cash flow $1.1BFY24: Net borrowing −$25.0MFY24: Shares issued $66.0MFY24: Capital spending −$154MFY24: Acquisitions −$681MFY24: Buybacks −$439M$1.1BFY24FY25: Operating cash flow $1.4BFY25: Net borrowing $748MFY25: Shares issued $63.0MFY25: Asset sales $399MFY25: Capital spending −$128MFY25: Acquisitions −$2.0BFY25: Buybacks −$375M$2.6BFY25
Over these 5 years operating cash flow totalled $6.3B; the largest uses were buybacks ($3.0B) and acquisitions ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.6B
Debt$2.5B
Net cash$88.0M
Due within a year$700M

Keysight Technologies funds itself: free cash flow was $1.5B over the last twelve months, and $2.6B of cash and investments stands against $2.5B of debt ($700M due within a year, 3.7× covered by cash).

Where the cash came from and went

Keysight Technologies: sources (+) and uses (−) of cash, Q3 FY26Keysight Technologies: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$437MBuybacks−$210MCash drawn (+) / kept (−)−$192MShares issued$36.0MCapital spending−$34.0MAcquisitions−$16.0MOther financing−$7.0MTaxes on employees’ shares−$6.0MOther investing−$5.0MExchange rates−$3.0M
Keysight Technologies: sources (+) and uses (−) of cash, TTM to Q3 FY26Keysight Technologies: sources (+) and uses (−) of cash, 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 profit to cash

Keysight Technologies: net income to operating cash flow, Q3 FY26Keysight Technologies: net income to operating cash flow, Q3 FY26Net income$397MDepreciation & amortization$104MStock-based pay$47.0MDeferred taxes$2.0MOther non-cash$5.0MReceivables−$49.0MInventory−$20.0MPayables$26.0MDeferred revenue$85.0MIncome taxes payable$40.0MOther operating capital−$9.0MOperating cash flow$437M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY265215260145
Q2 FY265017260162
Q1 FY265316052160
Q4 FY255317358168
Q3 FY254918259172
Q2 FY255318755184
Q1 FY255919858199
Q4 FY245919456197

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$437M−$34.0M−$16.0M−$210M—$36.0M−$192M$403M
Q2 FY26$501M−$29.0M−$1.0M−$220M——−$235M$472M
Q1 FY26$441M−$34.0M−$16.0M−$87.0M—$32.0M−$305M$407M
Q4 FY25$225M−$38.0M−$2.0B−$100M——$1.5B$187M
Q3 FY25$322M−$31.0M—−$50.0M—$32.0M−$262M$291M
Q2 FY25$484M−$27.0M−$3.0M−$150M——−$1.1B$457M
Q1 FY25$378M−$32.0M—−$75.0M—$31.0M−$263M$346M
Q4 FY24$359M−$38.0M−$8.0M−$150M−$1.0M$1.0M−$165M$321M

Keysight Technologies: income statement and cash flow

Keysight Technologies, Q3 FY26: revenue $1.8B (+36% year over year), operating margin 25.0%. The chart follows the revenue to costs, profit and cash.

Keysight Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.