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Keysight Technologies delivered strong Q1 FY2026 results with revenue surging 23.3% YoY to $1.60B and net income jumping 66.3% to $281M, driven by broad-based demand recovery across its test and measurement segments.
营业收入
$1.6B
同比 ++23.27%
每股收益（基本）
$1.64
同比 ++69.07%
营业利润
$248M
同比 ++13.76%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Keysight Technologies (KEYS) Q1 FY2026 营收 $1.6B，同比增长 23.3%。 净利润 $281M，同比增长 66.3%，稀释每股收益 $1.63。
Revenue grew 23.3% YoY to $1.60B in Q1 FY2026, up from $1.298B in the prior-year period, signaling a robust demand recovery after a period of inventory digestion across the electronics and semiconductor industries.
来源: 10-Q Income Statement, Financial Data
Net income rose 66.3% YoY to $281M, significantly outpacing revenue growth of 23.3%, suggesting meaningful operating leverage and potentially favorable below-the-line items such as lower tax expense or improved investment income.
来源: 10-Q Income Statement, Financial Data
Despite strong top-line growth, operating margin contracted slightly to 15.5% from 16.8% in the prior year, as operating expenses including R&D (+21.7% to $303M) and SG&A (+23.8% to $447M) grew in line with or faster than revenue.
来源: 10-Q Income Statement, Financial Data
Long-term debt rose 41.6% YoY to $2.534B, likely reflecting acquisition financing or capital structure optimization; this warrants monitoring given the increased leverage on the balance sheet.
来源: 10-Q Balance Sheet, Financial Data
Operating cash flow increased 16.7% YoY to $441M, demonstrating solid cash conversion and supporting continued investment in R&D, share buybacks of $87M, and strategic capital allocation.
来源: 10-Q Cash Flow Statement, Financial Data
Long-term debt surged 41.6% YoY to $2.534B, increasing Keysight's financial leverage with a debt-to-equity ratio of 0.85. If interest rates remain elevated or revenue growth slows, debt servicing costs could pressure future profitability and cash flows.
来源: 10-Q Balance Sheet, Financial Data
Both R&D and SG&A expenses grew faster than or in line with revenue, contributing to a 130 basis point YoY decline in operating margin to 15.5%. Sustained cost inflation without corresponding revenue growth could further compress margins.
来源: 10-Q Income Statement, Financial Data
Keysight's test and measurement business is highly sensitive to capital expenditure cycles in the semiconductor, electronics, and communications industries. The current 23.3% revenue rebound follows a prior period of weakness, highlighting the cyclical nature of demand.
来源: 10-Q Income Statement, Financial Data
Total liabilities grew 25.6% YoY to $5.276B, outpacing total asset growth of 22.3%, which could indicate increasing financial obligations that may constrain strategic flexibility over time.
来源: 10-Q Balance Sheet, Financial Data
Investing cash outflows increased 33.3% YoY to -$44M, and while modest in absolute terms, the trend may reflect rising capital expenditure requirements or acquisition activity that could intensify if growth investments accelerate.
来源: 10-Q Cash Flow Statement, Financial Data
Q1 FY2026 实际 EPS $2.17，分析师一致预期 $2.04，超预期 +6.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.6B | $1.3B | +23.27% |
营业成本 | $605M | $478M | +26.57% |
营业利润 | $248M | $218M | +13.76% |
净利润 | $281M | $169M | +66.27% |
每股收益（基本） | $1.64 | $0.97 | +69.07% |
每股收益（稀释） | $1.63 | $0.97 | +68.04% |
研发费用 | $303M | $249M | +21.69% |
销售及管理费用 | $447M | $361M | +23.82% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.48B | $9.39B | +22.31% |
流动资产 | $4.7B | $4.46B | +5.50% |
总负债 | $5.28B | $4.2B | +25.62% |
流动负债 | $1.8B | $1.51B | +19.62% |
股东权益 | $6.21B | $5.19B | +19.63% |
现金及等价物 | $2.18B | $2.06B | +5.73% |
长期债务 | $2.53B | $1.79B | +41.56% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $441M | $378M | +16.67% |
投资活动现金流 | $-44M | $-33M | -33.33% |
筹资活动现金流 | $-99M | $-74M | -33.78% |
股票回购 | $87M | $75M | +16.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 15.5% | 16.8% | -1.30% |
净利率 | 17.6% | — | — |
净资产收益率 | 4.5% | — | — |
总资产收益率 | 2.4% | — | — |
流动比率 | $2.604 | — | — |
资产负债率 | $0.85 | — | — |
Electronic Equipment & Instruments 行业其他公司
Keysight Technologies reported Q1 FY2026 revenue of $1.60B, a 23.3% increase compared to $1.298B in Q1 FY2025, reflecting a strong recovery in demand for electronic test and measurement solutions. This rebound followed a period of industry-wide inventory digestion that had weighed on results in prior quarters.
The headline takeaways from KEYS Q1 FY2026 are a 23.3% revenue surge to $1.60B, a 66.3% jump in net income to $281M, and diluted EPS of $1.63 versus $0.97 a year ago. However, operating margin dipped slightly to 15.5% from 16.8% as R&D and SG&A costs grew rapidly, and long-term debt rose 41.6% YoY to $2.53B.
Yes, Keysight's net income improved significantly, rising 66.3% YoY to $281M with a net margin of 17.6%, though operating margin declined modestly to 15.5% from 16.8% due to higher operating expenses. The divergence between net and operating margin suggests favorable non-operating income or tax benefits contributed to the strong bottom-line result.
Based on the financial data, key risks include rising long-term debt (up 41.6% YoY to $2.53B), operating margin compression from accelerating R&D and SG&A costs, and the inherent cyclicality of the test and measurement industry which drove the prior-period revenue weakness. No specific forward-looking risk disclosures were available in the provided filing text.
Keysight's financial health appears solid, with a current ratio of 2.60 indicating strong liquidity, $2.18B in cash and equivalents, and operating cash flow of $441M. The main area to watch is the 41.6% increase in long-term debt to $2.53B, which has raised the debt-to-equity ratio to 0.85, though this remains at a manageable level given the company's cash generation.