Keysight Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS Year-Over-Year on Both Three-Month and Six-Month Windows

Bottom line

Keysight Technologies, Inc., trading under KEYS, filed 10-Q covering the three-month reporting period the three months ended April 30, 2026 and the six-month year-to-date period the six months ended April 30, 2026, identified by CIK 0001601046 and accession 0001601046-26-000024 for fiscal period period-ended-2026-04-30 under the corporate name Keysight Technologies, Inc.. The filing presents both the current windows and the prior-year comparatives the three months ended April 30, 2025 and the six months ended April 30, 2025 side by side.

On the headline lines of the income statement, the company posted another profitable quarter and a profitable half-year, with revenue, operating profit, net income and diluted earnings per share all advancing relative to the prior-year windows. The authorized direction for each of these metrics is higher than the prior period on both the three-month and six-month views, and the company remained in the profit column throughout, so the transition is profit to profit on every comparable line.

In dollar terms for the three months ended on the current reporting date, Revenue from Contract with Customer, Excluding Assessed Tax was $1,717,000,000 USD versus $1,306,000,000 USD in the prior-year quarter, and Revenues (the second revenue presentation carried in the filing) were $1,717,000,000 USD versus $1,306,000,000 USD. Operating Income (Loss) for the quarter was $407,000,000 USD versus $207,000,000 USD, Net Income (Loss) Attributable to Parent was $349,000,000 USD versus $257,000,000 USD, and Earnings Per Share, Diluted was $2.02 per diluted share USD/SHARES versus $1.49 per diluted share USD/SHARES.

For the six months ended on the current reporting date, Revenue from Contract with Customer, Excluding Assessed Tax was $3,317,000,000 USD versus $2,604,000,000 USD, and Revenues were $3,317,000,000 USD versus $2,604,000,000 USD. Operating Income (Loss) for the half-year was $655,000,000 USD versus $425,000,000 USD, Net Income (Loss) Attributable to Parent was $630,000,000 USD versus $426,000,000 USD, and Earnings Per Share, Diluted was $3.64 per diluted share USD/SHARES versus $2.45 per diluted share USD/SHARES.

The filing narrative also flags two items that color the reported figures but do not change the directional read: the company recognized a receivable and corresponding offsets tied to invalidated IEEPA tariffs, and it recorded a liability for refunds to customers, with a corresponding reduction of revenue. Neither management nor the cited notes attribute the year-over-year change to any single cause.

The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison.

The filing evidence contains no peer or industry comparison.

For a sense of how comparable interim filings from other issuers read on the same dimensions, see Agilent Technologies Posts Higher Revenue, Operating Income, Net Income and Diluted EPS on Both Three-Month and Six-Month Windows in Interim Filing.

The source scope for this section is the Keysight condensed consolidated statement of operations as filed in 10-Q for period-ended-2026-04-30, together with the accompanying notes referenced under Note 13 and the risk-factor discussion in Item 1A; nothing outside that filing is cited.

Financial performance

, identified by 10-Q period-ended-2026-04-30 under accession 0001601046-26-000024, the latest interim filing frames both the three-month and six-month year-to-date windows against the prior-year comparatives, with management reporting growth rather than contraction on every reported measure. - Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period was $1,717,000,000 USD, higher than the prior-year comparative of $1,306,000,000 USD for the three-month reporting period, marking a profit-to-profit transition at the top line.

The same pattern holds across the wider lens, where Revenue from Contract with Customer, Excluding Assessed Tax for the six-month year-to-date period reached $3,317,000,000 USD, above the prior-year comparative of $2,604,000,000 USD for the six-month year-to-date period. - A second revenue line labelled Revenues was also reported for both windows. Revenues for the three-month reporting period totalled $1,717,000,000 USD against the prior-year comparative of $1,306,000,000 USD for the three-month reporting period, while Revenues for the six-month year-to-date period reached $3,317,000,000 USD, an increase from the prior-year comparative of $2,604,000,000 USD for the six-month year-to-date period.

The dual disclosure reflects the company's revenue mix rather than two distinct streams. - Operating Income (Loss) for the three-month reporting period was $407,000,000 USD, ahead of the prior-year comparative of $207,000,000 USD for the three-month reporting period, and Operating Income (Loss) for the six-month year-to-date period was $655,000,000 USD, higher than the prior-year comparative of $425,000,000 USD for the six-month year-to-date period. Both comparisons sit inside a profit-to-profit transition.

- Net Income (Loss) Attributable to Parent followed the same trajectory. The three-month figure was $349,000,000 USD versus the prior-year comparative of $257,000,000 USD for the three-month reporting period, and the six-month year-to-date figure reached $630,000,000 USD against the prior-year comparative of $426,000,000 USD for the six-month year-to-date period, with the year-over-year direction on net income stated as an increase on both windows. - Earnings Per Share, Diluted mirrored that pattern.

45 per diluted share USD/SHARES, with both transitions reported as profit-to-profit. - Accounting context comes from management rather than third-party verification. The filing discusses a Supreme Court ruling that certain tariffs imposed under the International Emergency Economic Powers Act were not authorised by law, and management's resulting conclusion that a legal release had occurred and that a present right to repayment existed, leading to a receivable within "other current assets" with offsets spread across cost of sales, selling, general and administrative expenses, and interest income, alongside an accrual for refunds owed to customers.

Management also flags the acquisition of Spirent Communications plc, the allocation of goodwill to the Communications Solutions Group and Electronic Industrial Solutions Group reportable segments, and pending accounting standards updates covering improvements to income tax disclosures and expense disaggregation, none of which had been adopted at the reporting date. - Guidance and expectations are not quantified in the cited evidence; the filing cautions that forward-looking estimates are based on management's knowledge of current events and that actual results may differ.

- The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Operating drivers and segments

- Operating Income (Loss) was $407,000,000 USD for the three-month reporting period, compared with $207,000,000 USD for the prior-year comparative — moving higher on the quarter window, remaining in profit in both periods. - Operating Income (Loss) was $655,000,000 USD for the six-month year-to-date period, compared with $425,000,000 USD for the prior-year comparative — also expanding on the year-to-date window, staying in profit in both periods. - Revenue from Contract with Customer, Excluding Assessed Tax was $1,717,000,000 USD for the three-month reporting period, compared with $1,306,000,000 USD for the prior-year comparative — higher year-over-year on the quarter, with the prior period also in positive territory.

- Revenue from Contract with Customer, Excluding Assessed Tax was $3,317,000,000 USD for the six-month year-to-date period, compared with $2,604,000,000 USD for the prior-year comparative — also higher year-over-year on the year-to-date window. - A second revenue line, Revenues, was $1,717,000,000 USD for the three-month reporting period versus $1,306,000,000 USD for the prior-year comparative, and $3,317,000,000 USD for the six-month year-to-date period versus $2,604,000,000 USD for the prior-year comparative — both trending higher and remaining positive, with the two revenue series moving together.

- Segment disaggregation is by geographic region, end market, and timing of revenue recognition; the cited note frames those cuts as the categories management views as best depicting how economic factors shape the nature, amount, timing, and uncertainty of revenue and cash flows. the filing as quoted does not provide segment-level margin or operating-income detail, so the segment-by-segment profitability picture is not stated here. - Management reiterates that Keysight positions itself as a global innovator in the computing, communications and electronics markets, with a mission to accelerate innovation to connect and secure the world, and frames revenue as delivered through a broad range of design, emulation, and test solutions that address critical customer challenges in bringing innovations to market on ever-shorter schedules.

- Management cites a Supreme Court determination that certain IEEPA-based tariffs were not authorized by law, and the resulting Customs and Border Protection refund processes. Keysight recorded a receivable within other current assets representing recovery of previously paid IEEPA tariffs plus statutory interest, with offsets to cost of sales, selling, general and administrative expenses, and interest income, and a separate liability within other accrued liabilities for refunds to customers, with a corresponding reduction of revenue.

For risks tied to tariff refund claims, management points to Part II, Item 1A, Risk Factors. - Management notes pending ASU adoption work — one on income-tax disclosures and another on expense disaggregation — and indicates both are being evaluated for impact on financial statement disclosures. - Independent analysts should treat the segment profitability narrative and any driver story beyond the cited note with caution.

The filing evidence does not attribute this change to any single cause. - A peer comparison is not available inside the filing. The filing evidence contains no peer or industry comparison.

- For a cross-check on how a comparable test-and-measurement peer has framed interim results, see Agilent Technologies Posts Higher Revenue, Operating Income, Net Income and Diluted EPS on Both Three-Month and Six-Month Windows in Interim Filing, and for a broader semiconductor-adjacent comparator, Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing.

Cash flow and capital

Reported facts. The condensed cash flow statement for Keysight Technologies, Inc. (KEYS) under 10-Q for period-ended-2026-04-30 (0001601046-26-000024, CIK 0001601046) shows operating activities of $942,000,000 for the six months ended the six months ended April 30, 2026, up from $862,000,000 in the prior-year six-month window the six months ended April 30, 2025. Investing activities used -$80,000,000 versus -$66,000,000 the year before. Financing activities used -$328,000,000, a swing from $515,000,000 provided the year prior. The balance sheet at the balance sheet date of April 30, 2026 carries $2,412,000,000 in cash and cash equivalents against $1,832,000,000 of long-term debt excluding current maturities.

Management explanations. The narrative embedded in the filing describes two large transactions that frame the investing line: the closing-period acquisition of Synopsys' Optical Solutions Group funded largely from existing cash, and the disposition of the Spirent high-speed ethernet, network security, and channel emulation lines. Purchase accounting is preliminary, with goodwill assigned to both the CSG and EISG reportable segments and with measurement-period adjustments still permitted through the standard allocation window. The filing evidence does not attribute this change to any single cause.

Analyst inference. With operating cash flow higher year over year and capital outlays rising to $63,000,000 from $59,000,000, the company is converting earnings into cash and reinvesting more of it into property, plant, and equipment. The combination of negative investing and a financing swing from inflow to outflow points to recent acquisitions being absorbed while the capital return program continues. Share repurchases of $307,000,000 are higher than the $225,000,000 returned in the prior-year window, consistent with ongoing execution under the buyback authority described in the stockholders' equity disclosure referenced in Note 13.

Counter-evidence. The same filing flags that goodwill from the recent transactions is not expected to be deductible for tax purposes and that a deferred tax liability was established against the acquired intangibles, which is a reminder that reported earnings power and cash repatriation can diverge after a sizable deal. The financing flip from positive to negative also removes a tailwind that supported prior-period cash balances; whether the lower ending cash position is a one-quarter timing effect or a structural shift cannot be inferred from this filing alone. The filing evidence does not attribute this change to any single cause.

Unknowns. The cash flow statement here does not break out acquisitions versus divestitures or free cash flow, the dividend line is not separately surfaced in the cataloged facts, and segment-level liquidity is not disclosed. The filing also does not provide any peer benchmark for comparison. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

For context on how a year-over-year cash flow pattern reads when paired with rising capex and buybacks, the Agilent Technologies interim filing summary offers a useful comparable read on a peer in the same test-and-measurement orbit.

Peer and historical context

The narrative below reads as inference rather than reported fact. It is drawn from the direction labels the filing itself supplies and from the absence of comparable peer data. No counter-evidence is offered; the filing does not disclose any external peer benchmark that would contradict the directional reading that follows. Against its own prior-year windows, Keysight Technologies, Inc. Keysight Technologies, Inc. reports a profit-to-profit pattern across both the three-month and the six-month year-to-date periods, with each authorized year-over-year direction reading as an increase. Revenue from Contract with Customer, Excluding Assessed Tax is higher than the prior-year comparative on both the quarter window and the year-to-date window, as illustrated by $1,717,000,000 versus $1,306,000,000 for the three months ended April 30, 2026 against the three months ended April 30, 2025 and by $3,317,000,000 versus $2,604,000,000 for the six months ended April 30, 2026 against the six months ended April 30, 2025. A second revenue line, titled Revenues, follows the same shape: $1,717,000,000 sits above $1,306,000,000 and $3,317,000,000 sits above $2,604,000,000. Operating Income moves in lockstep with that revenue trajectory, as $407,000,000 exceeds $207,000,000 and $655,000,000 exceeds $425,000,000, in each case remaining in profit. Net Income Attributable to Parent also climbs on both windows, with $349,000,000 above $257,000,000 and $630,000,000 above $426,000,000, retaining a profit-to-profit profile. On the cash side, Net Cash Provided by Operating Activities is higher than the prior-year six-month comparative, with $942,000,000 exceeding $862,000,000.

Beyond the company's own historical trajectory, The filing evidence contains no peer or industry comparison.. The condensed filing does not name industry competitors, peer multiples, or sector indices, so any cross-company benchmarking would have to be sourced elsewhere. Context for what might anchor such a comparison can be found in adjacent earnings notes from the same newsroom, including the Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing and Agilent Technologies Posts Higher Revenue, Operating Income, Net Income and Diluted EPS on Both Windows in Interim Filing, which report a similar profit-to-profit, higher-than-prior-year direction across revenue, operating income, net income and diluted EPS, though those figures are not directly comparable line-for-line and do not constitute a peer benchmark.

Within Keysight's own windows, the year-to-date performance on the same income-statement lines is stronger than the single-quarter reading on a directional basis, though the qualitative comparison is intentionally narrow here: revenue, operating income and net income all sit in the profit column on both windows, and the half-year figure exceeds the prior-year half-year figure by a wider margin than the quarter figure exceeds its prior-year quarter. The filing evidence does not attribute this change to any single cause.

Scenario analysis

- The base case sits on the actual reported lines for Keysight Technologies, Inc. in its 10-Q for period-ended-2026-04-30 (accession 0001601046-26-000024). Both windows are growth windows.

- Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended April 30, 2026 of $1,717,000,000 USD compares with $1,306,000,000 USD for the three months ended April 30, 2025, with the authorized direction registering an increase. - Revenue from Contract with Customer, Excluding Assessed Tax for the six months ended April 30, 2026 of $3,317,000,000 USD compares with $2,604,000,000 USD for the six months ended April 30, 2025, with the authorized direction registering an increase. - Net Income (Loss) Attributable to Parent for the three months ended April 30, 2026 of $349,000,000 USD compares with $257,000,000 USD for the three months ended April 30, 2025, remaining a profit and moving higher on the authorized direction.

- Net Income (Loss) Attributable to Parent for the six months ended April 30, 2026 of $630,000,000 USD compares with $426,000,000 USD for the six months ended April 30, 2025, again a profit-to-profit increase. - The filing evidence does not attribute this change to any single cause. - In a constructive variant the topline and earnings lines extend the patterns already authorized for this filing, holding both windows as profit-to-profit growth.

- Revenues for the three months ended April 30, 2026 of $1,717,000,000 USD versus $1,306,000,000 USD for the three months ended April 30, 2025 and Revenues for the six months ended April 30, 2026 of $3,317,000,000 USD versus $2,604,000,000 USD for the six months ended April 30, 2025 both carry the same authorized increase, leaving the construct internally consistent with the base case. - Net Income (Loss) Attributable to Parent stays in the same direction as the base on both windows, with $349,000,000 USD higher than $257,000,000 USD and $630,000,000 USD higher than $426,000,000 USD, and the prior-period peers detailed in Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing and Agilent Technologies Posts Higher Revenue, Operating Income, Net Income and Diluted EPS on Both Three-Month and Six-Month Windows in Interim Filing illustrate the kind of broad-end-market, segment-diversified trajectory this construct presupposes.

- The filing evidence does not attribute this change to any single cause. - A weaker variant still has to respect the authorized directions: every direction above is fixed by the machine and cannot flip inside the article. - Therefore the downside is framed as a deceleration of those same authorized lines, not as a reversal.

Revenue from Contract with Customer, Excluding Assessed Tax would still read higher on both windows against the prior-year comparators, but the gap between $1,717,000,000 USD and $1,306,000,000 USD, and between $3,317,000,000 USD and $2,604,000,000 USD, would narrow toward a roughly flat reading. - Net Income (Loss) Attributable to Parent would similarly stay profit-to-profit but compress, with $349,000,000 USD only marginally above $257,000,000 USD and $630,000,000 USD only marginally above $426,000,000 USD, while Revenues on $1,717,000,000 USD against $1,306,000,000 USD and $3,317,000,000 USD against $2,604,000,000 USD likewise flatten.

- The filing evidence does not attribute this change to any single cause.

Risks and what to watch

- Revenue from Contract with Customer, Excluding Assessed Tax was higher in both the three months ended April 30, 2026 and the six months ended April 30, 2026 than in the corresponding prior-year periods. The quarter increased to $1,717,000,000 from $1,306,000,000, while the year-to-date period increased to $3,317,000,000 from $2,604,000,000. A separate Revenues presentation shows the same directional pattern, moving from $1,306,000,000 to $1,717,000,000 for the quarter and from $2,604,000,000 to $3,317,000,000 for the year-to-date period.

- Net Income (Loss) Attributable to Parent also increased from profit to profit on both reporting windows. Quarterly net income rose to $349,000,000 from $257,000,000, while year-to-date net income rose to $630,000,000 from $426,000,000. This is constructive counter-evidence to concerns that recent acquisition activity is immediately overwhelming reported earnings. However, the filing does not provide enough evidence to assess whether this improvement is durable across changing end-market conditions.

- The filing evidence does not attribute this change to any single cause.

- Management’s explanation highlights acquisition and integration considerations. It states that acquired in-process research and development relates to next-generation products planned for near-term release, while estimated completion costs remained outstanding. Management also refined the fair-value measurements of acquired assets and assumed liabilities during the year-to-date period. These disclosures make execution, product completion, integration, and the realization of expected benefits relevant risks for the next period.

- The acquisition expanded Keysight’s design engineering software portfolio and computer-aided engineering capabilities. Goodwill was assigned to the Communications Solutions Group and Electronic Industrial Solutions Group, reflecting expected benefits and synergies. Management does not expect the goodwill or any future impairment charges to be deductible for income tax purposes. The filing evidence does not establish how material that tax treatment may be or whether integration costs will change materially.

- Additional counter-evidence comes from the financial statement classifications. Management says acquisition and integration costs directly related to the OSG acquisition are included in research and development and selling, general and administrative expenses. That presentation may make the underlying acquisition impact harder to isolate from ordinary operating activity. Readers should therefore avoid treating all research and development or selling expense as recurring without further disclosure.

- The filing also discusses revenue disaggregation by geographic region, end market, and timing of revenue recognition, as well as capitalized contract costs expected to generate future revenue. Those categories are potentially useful for judging concentration and conversion quality, but the filing evidence does not provide directional figures for them. It also does not provide a peer or industry comparison.

- The filing evidence contains no peer or industry comparison.

- For the next period, the most important measures are whether revenue remains higher across both reporting windows, whether net income remains higher, how acquired projects progress toward release, whether integration costs remain stable, and whether cash generation and capital investment remain consistent with the reported operating performance. Segment mix, geographic demand, end-market demand, revenue-recognition timing, and the treatment of capitalized contract costs also warrant attention.