Keysight Technologies (KEYS) Q1 FY2026 earnings: revenue $1.6 billion, up 23.3% on the year

Keysight Technologies, Inc. (KEYS) reported revenue of $1.6 billion for Q1 FY2026, the quarter ended 31 January 2026, up 23.3% on the same quarter a year earlier. Net income was $281 million, up 66.3% on the year, and diluted earnings per share $1.63. The figures are the company's own, from the 10-Q it filed with the SEC on 5 March 2026.

Revenue

$1.6 billion

+23.3% on the year · +12.8% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

15.5%

16.8% a year earlier

Q2 FY2024Q1 FY2026

Net income

$281 million

+66.3% on the year · +20.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.63

+68.0% on the year · +22.6% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new.

Revenue rose 23 percent: Revenue reached $1.60 billion against $1.30 billion a year earlier, an increase of 23 percent across both reporting segments.
Non-GAAP earnings per share reached $2.17: Non-GAAP net income was $376 million, or $2.17 per share, against $317 million, or $1.82 per share a year earlier.
CSG revenue up 27 percent: Communications Solutions Group revenue was $1,124 million, up 27 percent, with commercial communications up 33 percent and aerospace, defense and government up 18 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,600	1,419	1,298	+12.8%	+23.3%
Cost of revenue	605	550	478	+10.0%	+26.6%
Gross profit	995	869	820	+14.5%	+21.3%
Gross margin	62.2%	61.2%	63.2%
Research and development	303	258	249	+17.4%	+21.7%
Selling, general and administrative	447	399	361	+12.0%	+23.8%
Operating income	248	217	218	+14.3%	+13.8%
Operating margin	15.5%	15.3%	16.8%
Interest expense	29.0	28.0	20.0	+3.6%	+45.0%
Pre-tax income	198	322	199	-38.5%	-0.5%
Income tax	-83.0	70.0	30.0
Effective tax rate	-41.9%	21.7%	15.1%
Net income	281	233	169	+20.6%	+66.3%
Net margin	17.6%	16.4%	13.0%
Diluted EPS	$1.63	$1.33	$0.97	+22.6%	+68.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	441	225	378	+96.0%	+16.7%
Capital expenditure	34.0	38.0	32.0	-10.5%	+6.2%
Free cash flow	407	187	346	+117.6%	+17.6%
Free cash flow margin	25.4%	13.2%	26.7%
Cash from investing	-44.0	-1,630	-33.0
Cash from financing	-99.0	-102	-74.0
Depreciation and amortisation	103	74.0	63.0	+39.2%	+63.5%
Share-based compensation	76.0	33.0	62.0	+130.3%	+22.6%
Buybacks	87.0	100	75.0	-13.0%	+16.0%
Diluted shares, weighted	173m	173m	174m	0.0%	-0.6%
Shares outstanding at period end	172m	172m	173m	-0.2%	-0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	6,205	5,881	5,187	+5.5%	+19.6%
Debt	2,534	2,534	1,790	0.0%	+41.6%
Operating lease liabilities	186	193	187	-3.6%	-0.5%
Other liabilities	2,556	2,693	2,223	-5.1%	+15.0%
Total liabilities and equity	11,481	11,301	9,387	+1.6%	+22.3%
Fixed assets	757	795	764	-4.8%	-0.9%
Goodwill	3,474	3,424	2,354	+1.5%	+47.6%
Intangible assets	1,251	1,304	556	-4.1%	+125.0%
Investments	147	211	147	-30.3%	0.0%
Cash and equivalents	2,178	1,873	2,060	+16.3%	+5.7%
Receivables	914	939	797	-2.7%	+14.7%
Inventory	1,048	1,050	1,039	-0.2%	+0.9%
Other assets	1,712	1,705	1,670	+0.4%	+2.5%
Total assets	11,481	11,301	9,387	+1.6%	+22.3%

Questions

What was Keysight Technologies' revenue in Q1 FY2026?

Keysight Technologies (KEYS) reported revenue of $1.6 billion for Q1 FY2026, the quarter ended 31 January 2026, up 23.3% on the same quarter a year earlier.

How much did Keysight Technologies earn in Q1 FY2026?

Net income for Q1 FY2026 was $281 million, up 66.3% on the year, and diluted earnings per share $1.63.

When did Keysight Technologies report Q1 FY2026 results?

Keysight Technologies filed its 10-Q for the quarter ended 31 January 2026 with the SEC on 5 March 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,294	1,250	1,351	1,376	1,443	1,381	1,390	1,382	1,311	1,259	1,216	1,217	1,287	1,298	1,306	1,352	1,419	1,600	1,717	1,846
Cost of revenue	457	446	492	499	533	498	481	486	467	446	453	462	485	478	492	518	550	605	539	630
Gross profit	837	804	859	877	910	883	909	896	844	813	763	755	802	820	814	834	869	995	1,178	1,216
Gross margin	65%	64%	64%	64%	63%	64%	65%	65%	64%	65%	63%	62%	62%	63%	62%	62%	61%	62%	69%	66%
R&D	196	210	210	206	215	227	222	215	218	232	228	226	233	249	250	250	258	303	320	312
SG&A	295	326	319	317	321	338	337	319	313	362	361	329	343	361	360	354	399	447	456	446
Operating income	349	271	327	357	379	322	354	365	317	221	177	205	230	218	207	234	217	248	407	461
Operating margin	27%	22%	24%	26%	26%	23%	25%	26%	24%	18%	15%	17%	18%	17%	16%	17%	15%	16%	24%	25%
Interest expense	20.0	20.0	19.0	20.0	20.0	19.0	20.0	19.0	20.0	20.0	20.0	21.0	23.0	20.0	20.0	28.0	28.0	29.0	25.0	26.0
Pre-tax income	337	264	307	346	368	331	361	389	276	229	175	213	248	199	320	241	322	198	418	477
Tax rate	16%	13%	16%	2%	19%	21%	22%	26%	18%	25%	28%	-83%	129%	15%	20%	21%	22%	-42%	17%	17%
Net income	282	229	258	338	299	260	283	288	226	172	126	389	-73.0	169	257	191	233	281	349	397
Net margin	22%	18%	19%	25%	21%	19%	20%	21%	17%	14%	10%	32%	-6%	13%	20%	14%	16%	18%	20%	22%
Diluted EPS	$1.51	$1.24	$1.41	$1.87	$1.66	$1.45	$1.58	$1.61	$1.28	$0.98	$0.72	$2.22	-$0.42	$0.97	$1.49	$1.10	$1.33	$1.63	$2.02	$2.30
Operating cash flow	368	224	298	224	398	366	423	241	378	328	110	255	359	378	484	322	225	441	501	437
Capital expenditure	73.0	42.0	53.0	32.0	58.0	60.0	53.0	45.0	38.0	47.0	36.0	33.0	38.0	32.0	27.0	31.0	38.0	34.0	29.0	34.0
Free cash flow	295	182	245	192	340	306	370	196	340	281	74.0	222	321	346	457	291	187	407	472	403
Buybacks	353	206	278	239	126	125	0.0	151	426	93.0	46.0	150	150	75.0	150	50.0	100	87.0	220	210
Shares outstanding	183m	182m	180m	179m	179m	178m	178m	178m	175m	175m	175m	174m	173m	173m	172m	172m	172m	172m	171m	170m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 January 2026, filed 5 March 2026: the filing.