실적분석 2026년 8월 18일

Keysight Technologies ($KEYS) FY2026 Q3 Earnings Analysis — Revenue and Adjusted EPS Beat Estimates, Full-Year Guidance Raised

Earnings Scorecard

Revenue: $1.846 billion (YoY +36%, consensus $1.748 billion) ✅ Beat

EPS: Adjusted $3.07 (consensus $2.48, GAAP $2.30) ✅ Beat

Guidance: Raised — FY2026 Q4 revenue $1.930 billion–$1.950 billion, adjusted EPS $3.34–$3.40

Stock reaction: After-hours +1.51% ($346.16) — as of 06:00 KST on 08-19

Positives

Communications Solutions surge: Communications Solutions revenue of $1.345 billion, YoY +43%

Commercial Communications running hot: Commercial Communications revenue of $1.006 billion, YoY +56%

Record orders: Orders of $2.091 billion, marking the second consecutive quarter above the $2 billion mark

Keysight, a provider of electronic measurement and design validation equipment, saw demand from both communications and defense sectors lift its top line simultaneously. Operating profit also expanded sharply versus the prior-year period, indicating that margin improvement moved in tandem with revenue growth.

Negatives

GAAP gap: The wide spread between adjusted EPS of $3.07 and GAAP EPS of $2.30

Electronics Industrial underperformance: Electronic Industrial Solutions revenue grew just +21%, a slower pace than the communications segment

External risks: Tariffs, trade policy, and export controls cited as outlook risks

Acquisition-related amortization and stock-based compensation expenses weighed on GAAP earnings. Because growth is concentrated in communications, the pace of recovery in electronics industrial, automotive, and energy also warrants close monitoring.

What Management Said

CEO Satish Dhanasekaran characterized the record Q3 results and outlook as evidence that the company's strategy and business mix are aligned. He expressed confidence in extending the growth streak and delivering long-term value, while the market focuses on whether the upgraded full-year guide is validated by Q4 numbers.

Market Reaction and Key Watchpoints

Despite the sizable beat versus expectations and the upgraded full-year outlook, the after-hours rebound was modest. The prevailing sentiment is that the stock needs to deliver the implied growth to recover from losses already taken during the regular session.

Watch whether Q4 revenue lands within the $1.930 billion–$1.950 billion range.

Monitor whether the Commercial Communications growth streak holds.

Track whether tariffs and export controls translate into order cancellations or delays.