Keysight Technologies earnings: guidance and results
Keysight Technologies' next results are expected on November 23, 2026. Watch whether orders become delivered sales and cash.
What has Keysight Technologies guided for the year?
Keysight’s weighted path is below today’s price, hinging on orders converting into deliveries, margins normalizing, and acquisitions producing cash. Management’s FY2026 guide calls for 32% revenue growth and about 60% EPS growth at the midpoint. For the October 2026 quarter, it guides to $1,930–$1,950 million of revenue and $3.34–$3.40 of non-GAAP EPS, adjusted to exclude costs management treats as outside normal operations. It expects $100 million of cost synergies exiting FY2026.
“Run-rate” savings mean the annual pace expected after the changes are in place, not necessarily the cash saved during the whole year. The table shows management’s current promises for revenue, earnings, acquisitions, synergies, investment, and benefit-plan contributions.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue | Quarter to Oct 2026 | 1,930 | 1,950 | Aug 18, 2026 |
| Non-GAAP earnings per share | Quarter to Oct 2026 | 3.34 | 3.40 | Aug 18, 2026 |
| Fiscal year 2026 revenue growth (%) | Year to Oct 2026 | 32.0% | 32.0% | Aug 18, 2026 |
| EPS growth at the midpoint (%) | Year to Oct 2026 | 60.0% | 60.0% | Aug 18, 2026 |
| Cost synergies | Exiting fiscal 2026 | 100 | 100 | Aug 18, 2026 |
What this means. The 80%–90% cost-synergy figure means the company expects to save 80–90 million dollars per year by year-end, not during the whole year.
What do the last eight quarters show for Keysight Technologies?
Profit and cash improved with the operating recovery. Gross margin, operating income, net income, and free cash flow all strengthened from the prior-year quarter. But the earnings comparison also benefits from a weak prior-year base and changing tax effects. The improvement is more convincing in revenue, margins, orders, and cash together than in EPS alone.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,846 | 1,717 | 1,600 | 1,419 | 1,352 | 1,306 | 1,298 | 1,287 |
| Gross margin | 65.9% | 68.6% | 62.2% | 61.2% | 61.7% | 62.3% | 63.2% | 62.3% |
| Operating income | 461 | 407 | 248 | 217 | 234 | 207 | 218 | 230 |
| Net income from continuing operations | 397 | 349 | 281 | 252 | 191 | 257 | 169 | -73 |
| EPS, diluted, from continuing operations | 2.30 | 2.02 | 1.63 | 1.46 | 1.10 | 1.49 | 0.97 | -0.42 |
| = Free cash flow | 403 | 472 | 407 | 187 | 291 | 457 | 346 | 321 |
What this means. Free cash flow includes some cash from a sold or closed business, while net income excludes that business, so the two measures do not cover exactly the same activities.
What should I watch in Keysight Technologies' next results?
The October 2026 quarter tests the guide as supply constraints ease. Orders and book-to-bill—orders received divided by revenue—will show whether AI and optical demand, meaning demand for data carried as light through fiber connections, converts into shipments. A $700 million debt maturity in 2027, acquisition cash returns, and continued R&D investment will shape flexibility. Keysight’s value depends on AI and optical orders becoming delivered sales and cash.