是德科技 (KEYS)：26财年第三季度初步看法

研报英文原文证据摘录

Equity Research

18 August 2026 | 4:32PM EDT

Keysight Technologies Inc. (KEYS): 3QFY26 First Take

Synopsis

We view this as a strong report. Keysight reported 3QFY26 results well above

consensus, and guided 4QFY26 well above the Street (FactSet). 3Q orders were

up 56% yoy as reported (up 52% yoy organically) and up 2% qoq, and the 3Q

BTB was 1.1X. We expect the market outlook and drivers of order strength, the

supply chain, margins, and recent M&A to be key topics on the call.

Mark Delaney, CFA

Results

Keysight Technologies (KEYS; Buy) reported 3QFY26 revenue of $1,846 mn (up 8%

qoq and up 36% yoy), compared to both GS and the Street at $1,746 mn, and above

the high end of the guidance range of $1,730 mn to $1,750 mn. Core revenue

(adjusted for acquisitions/divestitures in the past 12-months and currency impacts)

was up 31% yoy.

Ayush Ghose

+1(212)357-0535 |

Goldman Sachs & Co. LLC

Will Bryant

Goldman Sachs & Co. LLC

Aman Gupta

+1(212)357-1549 |

Goldman Sachs & Co. LLC

+1(212)902-7257 |

Goldman Sachs & Co. LLC

Orders in the quarter were $2,091 mn (up 56% yoy), and BTB was ~1.1X. Orders were

up 2% qoq. On an organic basis, orders were up 52% yoy.

The non-GAAP EBIT margin was ~33.2%, compared to the Street at 28.3% and GS at

28.4%.

Non-GAAP operating EPS (excluding SBC) was $3.07 compared to GS at $2.49 and

the Street at $2.48, and above the high end of the guidance range of $2.43 to $2.49.

Free cash flow was about $403 mn (~22% of revenue).

Outlook

Keysight guided 4QFY26 revenue to be between $1,930 mn and $1,950 mn,

compared to GS at $1,830 mn and the Street at $1,826 mn at the midpoint.

4QFY26 operating EPS (excluding SBC) guidance of $3.34 to $3.40 compares to GS at

$2.77 and the Street at $2.68.

The implied FY26 revenue/non-GAAP EPS growth is ~32%/~60% at the midpoint,

per the earnings presentation. The company also noted that the integration of recent

acquisitions is largely complete, one quarter ahead of schedule.

We detail results and guidance relative to GS and Street (FactSet) expectations on

key financial metrics in the tables below.

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