Analyst Consensus ?
ConsensusBuy16 ratings
Bullish1381.3%
Neutral318.7%
Bearish00.0%
Keysight Technologies, Inc. · KEYS · FY2026 Q2 · Calendar Q2 2026
Keysight Posts Record Quarter: Orders Up 56%, Revenue Up 31%, Guidance Raised Again
Keysight delivered its strongest quarter on record, with orders surging 56% YoY to $2.05B and revenue climbing 31% to $1.72B, driven by accelerating AI data-center infrastructure demand across communications, defense, semiconductor, and automotive end markets. EPS of $2.87 beat consensus by 23.7%. Record free cash flow of $472M reflects expanding operating leverage, while new product launches in AI inference testing and high-frequency optical measurement position Keysight at the center of next-generation infrastructure investment cycles. Management raised FY2026 revenue growth guidance to the high-20% range and increased capex to $200M to fund continued product development and capacity expansion.
Reported After market closeNYSETechnology
$52.15B market cap
100quality score
Company context
Snapshot as of publicationKeysight Technologies, Inc. specializes in providing advanced electronic design and testing solutions to a diverse array of global industries, spanning commercial communications, networking, aerospace, defense, government, automotive, energy, semiconductor manufacturing, general electronics, and education. The company's operations extend across the Americas, Europe, and the Asia Pacific region. Its Communications Solutions Group focuses on electronic design automation (EDA) software and sophisticated radio frequency (RF) and microwave testing systems, along with associated software. This segment also delivers cutting-edge hardware and virtual platforms for network testing, addressing areas such as data centers, routing and switching, software-defined networking (SDN), security, and encryption.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.87
Consensus $2
EPS surprise
+23.7%
Reported versus consensus
Reported revenue
$1.72B
Consensus $1.71B
Revenue surprise
+0.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$296.72Current
$150Low
$290.76Average
$425High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Jul 13, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 21, 2026 |
| Citigroup | Buy | Buy | Maintain | May 21, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 20, 2026 |
| UBS | Buy | Buy | Maintain | May 20, 2026 |
| Susquehanna | Positive | Positive | Maintain | May 20, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 20, 2026 |
| Baird | Outperform | Outperform | Maintain | May 20, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 14, 2026 |
| Jefferies | Hold | Hold | Maintain | Dec 10, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Aug 20, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 20, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 23, 2021 |
| Stifel Nicolaus | Buy | Buy | Maintain | Nov 27, 2019 |
| Stifel | Buy | Buy | Maintain | Nov 27, 2019 |
Named analyst price targets
Upside is calculated against the persisted current price $296.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Meta Marshall | $400 | $322.05 | +34.8% | Jul 13, 2026 |
| Truist Financial | Analyst unavailable | $376 | $335.16 | +26.7% | May 21, 2026 |
| UBS | Analyst unavailable | $420 | $345.77 | +41.5% | May 20, 2026 |
| Morgan Stanley | Analyst unavailable | $350 | $346.58 | +18.0% | May 20, 2026 |
| Susquehanna | Analyst unavailable | $425 | $343.99 | +43.2% | May 20, 2026 |
| Wells Fargo | Analyst unavailable | $390 | $343.99 | +31.4% | May 20, 2026 |
| Robert W. Baird | Analyst unavailable | $385 | $343.99 | +29.8% | May 20, 2026 |
| Barclays | Analyst unavailable | $387 | $343.99 | +30.4% | May 20, 2026 |
| Susquehanna | Analyst unavailable | $415 | $346.32 | +39.9% | May 18, 2026 |
| Morgan Stanley | Analyst unavailable | $305 | $361.55 | +2.8% | May 15, 2026 |
| Goldman Sachs | Analyst unavailable | $384 | $331.11 | +29.4% | Apr 14, 2026 |
| UBS | Analyst unavailable | $340 | $245 | +14.6% | Feb 24, 2026 |
| Susquehanna | Analyst unavailable | $300 | $245 | +1.1% | Feb 24, 2026 |
| Morgan Stanley | Meta Marshall | $268 | $245 | -9.7% | Feb 24, 2026 |
| Goldman Sachs | Mark Delaney | $322 | $245 | +8.5% | Feb 24, 2026 |
| Barclays | Tim Long | $320 | $245 | +7.8% | Feb 24, 2026 |
| Robert W. Baird | Analyst unavailable | $257 | $239.54 | -13.4% | Feb 20, 2026 |
| Robert W. Baird | Richard Eastman | $230 | $219 | -22.5% | Feb 2, 2026 |
| Goldman Sachs | Analyst unavailable | $243 | $214.29 | -18.1% | Jan 15, 2026 |
| Morgan Stanley | Analyst unavailable | $227 | $204.87 | -23.5% | Dec 17, 2025 |
| Jefferies | Saree Boroditsky | $220 | $210.52 | -25.9% | Dec 10, 2025 |
| Robert W. Baird | Analyst unavailable | $210 | $195.46 | -29.2% | Nov 26, 2025 |
| Jefferies | Analyst unavailable | $195 | $194.14 | -34.3% | Nov 25, 2025 |
| Susquehanna | Analyst unavailable | $225 | $190.57 | -24.2% | Nov 25, 2025 |
| Morgan Stanley | Analyst unavailable | $208 | $177.67 | -29.9% | Nov 25, 2025 |
| UBS | Analyst unavailable | $230 | $177.67 | -22.5% | Nov 25, 2025 |
| Wells Fargo | Aaron Rakers | $225 | $177.67 | -24.2% | Nov 25, 2025 |
| Barclays | Analyst unavailable | $232 | $177.67 | -21.8% | Nov 25, 2025 |
| Goldman Sachs | Mark Delaney | $232 | $177.67 | -21.8% | Nov 25, 2025 |
| UBS | Analyst unavailable | $220 | $183.51 | -25.9% | Nov 11, 2025 |
| Jefferies | Analyst unavailable | $180 | $169.47 | -39.3% | Oct 27, 2025 |
| Morgan Stanley | Analyst unavailable | $180 | $171.1 | -39.3% | Oct 10, 2025 |
| Deutsche Bank | Matthew Niknam | $175 | $155.01 | -41.0% | Aug 23, 2024 |
| Goldman Sachs | Mark Delaney | $181 | $153.19 | -39.0% | Aug 21, 2024 |
| Bank of America Securities | David Ridley-Lane | $150 | $138.57 | -49.4% | Aug 21, 2024 |
| Susquehanna | Mehdi Hosseini | $185 | $154.42 | -37.7% | Aug 21, 2024 |
| Barclays | Tim Long | $158 | $138.57 | -46.8% | Aug 21, 2024 |
| Susquehanna | Mehdi Hosseini | $195 | $148.16 | -34.3% | May 21, 2024 |
| Robert W. Baird | Richard Eastman | $167 | $159.75 | -43.7% | May 21, 2024 |
| Goldman Sachs | Mark Delaney | $175 | $159.75 | -41.0% | May 21, 2024 |
| Barclays | Tim Long | $151 | $159.75 | -49.1% | May 21, 2024 |
| Barclays | Tim Long | $202 | $148.8 | -31.9% | May 16, 2023 |
| Industrial Alliance Securities | Mark Delaney | $196 | $185.2 | -33.9% | Dec 13, 2022 |
| Morgan Stanley | Analyst unavailable | $184 | $183.1 | -38.0% | Dec 13, 2022 |
| UBS | Analyst unavailable | $205 | $173.59 | -30.9% | Nov 29, 2022 |
| Susquehanna | Analyst unavailable | $200 | $169.64 | -32.6% | Nov 18, 2022 |
| Deutsche Bank | Analyst unavailable | $190 | $170.36 | -36.0% | Nov 18, 2022 |
| Morgan Stanley | Analyst unavailable | $170 | $173.22 | -42.7% | Nov 14, 2022 |
| Deutsche Bank | Matthew Niknam | $193 | $169.29 | -35.0% | Aug 18, 2022 |
| Susquehanna | Mehdi Hosseini | $222 | $136 | -25.2% | May 18, 2022 |
| Goldman Sachs | Mark Delaney | $192 | $176.83 | -35.3% | Sep 26, 2021 |
| Bank of America Securities | David Ridley Lane | $181 | $166.69 | -39.0% | Aug 19, 2021 |
Track every rating change on KEYS the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-0.6%
Event window
SPY move
+1.0%
Same window
Abnormal move
-1.6%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+6.3%
Up to 20 sessions
KEYSSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to Q1 FY2026 where revenue grew 23% and management guided to just-above-20% full-year growth, Q2 saw acceleration to 31% revenue growth and a guidance raise to the high-20% range. Orders jumped to $2.05B (+56% YoY), and free cash flow hit a record $472M. New product introductions expanded beyond Q1's megawatt charging and NTN demonstrations to include the AI Inference Builder, a 220-GHz Lightwave Component Analyzer, and 3D Interconnect Designer. Capex outlook shifted from not mentioned in Q1 to an explicit $200M target. The Ansys and Spirent acquisitions are now expected to contribute $375M to FY2026 revenue.
Guidance delta
Management raised FY2026 revenue growth guidance from just above 20% (Q1) to the high-20% range (Q2). Capex was increased to $200M. The Ansys and Spirent acquisitions are now expected to contribute $375M to FY2026 revenue. Guidance sentiment was raised for the second consecutive quarter, and management tone remained confident.
Key takeaways
- Orders grew 56% YoY to $2.05B and revenue grew 31% YoY to $1.72B, both new company records.
- EPS of $2.87 beat consensus of $2.32 by 23.7%; revenue of $1.72B modestly exceeded the $1.71B estimate.
- Record free cash flow of $472M reflects strong operating leverage and margin expansion.
- Management raised FY2026 revenue growth guidance to the high-20% range, up from just above 20% prior.
- Capex increased to $200M to fund product development and capacity expansion.
- New product launches include AI Inference Builder, 220-GHz Lightwave Component Analyzer, and 3D Interconnect Designer.
Management priorities
- Scaling AI data-center infrastructure testing across speed transitions from 800G to 1.6T and beyond.
- Integrating Ansys and Spirent acquisitions to realize $375M FY2026 revenue contribution and cost synergies.
- Advancing optical, photonics, and co-packaged optics technologies with new high-frequency measurement tools.
- Expanding defense modernization capabilities including radar and emitter simulation.
- Driving 6G standardization by hosting TGPP meeting in Singapore.
- Investing $200M in capex for product development and capacity expansion.
Sources
- Earnings call transcript and parsed analysis · 2026-05-20T00:21:35.219327+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T20:51:06.653232+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T20:51:06.650426+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.