KEYS - Record orders steal the spotlight, with demand breadth in focus: F2Q26 Quick Take

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KEYS - Record orders steal the spotlight, with demand breadth in focus: F2Q26 Quick Take

Truist Securities

Equity Research Report May 19, 2026

TMT: Data Centers, Communications Keysight Technologies, Inc. (KEYS)

Infrastructure & Technology

KEYS - Record orders steal the spotlight, with demand breadth in

Matthew Niknam focus: F2Q26 Quick Take

212-326-6151

Matthew.Niknam@truist.com

We expect a positive reaction in KEYS shares following better than expected F2Q26

Mo Chen results, with record orders ($2.1bn, +48% yoy on a core basis) the highlight metric and

212-590-0901 raised F2026E expectations now calling for high-20% growth this FY (or, low-20% adjusting

Mo.Chen@truist.com for M&A).

From a high level, KEYS is leveraging in scale and breadth as a global leader in the Test/

Measurement market, with AI-related demand continuing to fuel strong orders alongside

Current Price (May 19, $344.11 contributions from Wireless (non-terrestrial networks, early 6G), Aerospace/Defense (space/

2026) satellite), and its EISG (Electronic/Industrial) segment where the company is benefitting from

Stock Rating HOLD both secular and cyclical inflections.

Unchanged Of note, commentary indicates minimal "pull-in/forward" benefits in the +48% core growth

Price Target $310.00 in orders this quarter (vs. +22% in F1Q26), with KEYS only calling out a "stronger sense of urgency" from customers on the AI infrastructure side. On the latter, KEYS noted it has

Unchanged doubled its AI customer base (yoy), while it generated the same $500-$600mn in AI business

in F1H26 that it did in the entirety of FY25 (ie: AI made up ~17% of total sales in F1H26).

What else we thought was most notable from F2Q26 results:

5 Page Document * Record orders indicative of demand strength and breadth.