KEYS
Keysight Technologies Q3 FY26 earnings
Revenue $1.8B, up 37% from a year ago. Net income $397M.
Keysight's quarter concentrates in one segment: Communications Solutions Group grew 43% to 73% of revenue, $1.3B of $1.8B. Net income rose 108% to $397M, 22% of revenue.
Keysight booked $5.5B of orders in FY25, nearly double FY15.
Keysight booked $5.5B of orders in FY25, nearly double FY15's $2.9B. Orders are the filer's own disclosed measure, stated in each 10-K.
Where the revenue came from
| Segment | Amount | % of revenue% | Y/Y |
|---|---|---|---|
| Communications Solutions Group | $1.3B | 72.9% | +43% |
| Electronic Industrial Solutions Group | $501M | 27.1% | +21% |
The quarter, line by line
| Line | Amount | % of revenue% | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +37% | |
| Cost of revenue | $630M | 34.1% | +22% |
| Gross profit † | $1.2B | 65.9% | |
| Operating expenses † | $755M | 40.9% | +26% |
| Operating income | $461M | 25.0% | +97% |
| Pretax income | $477M | 25.8% | +98% |
| Income tax | $80M | 4.3% | +60% |
| Net income | $397M | 21.5% | +108% |
Effective tax rate: 16.8%. That is tax as a share of pretax income. The 4.3% in the column above is tax as a share of revenue, which is not a tax rate.
† The filing doesn't print this line. We calculated it from the filed figures; it adds up to the dollar.
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| Jul 31, 2026 | $1.8B | $397M | 21.5% |
| Apr 30, 2026 | $1.7B | $349M | 20.3% |
| Jan 31, 2026 | $1.6B | $281M | 17.6% |
| Oct 31, 2025 | $1.4B | ||
| Jul 31, 2025 | $1.4B | $191M | 14.1% |
| Apr 30, 2025 | $1.3B | $257M | 19.7% |
| Jan 31, 2025 | $1.3B | $169M | 13.0% |
| Oct 31, 2024 | $1.3B | ($73M) | (5.7%) |