中文版正在生成中，先为你展示英文版分析。
AI核心结论
Keysight Technologies delivered a strong Q2 FY2026 with revenue surging 31.5% YoY to $1.717B and operating income nearly doubling (+96.6%) to $407M, reflecting robust demand recovery and significant operating leverage.
营业收入
$1.72B
同比 ++31.47%
每股收益（基本）
$2.04
同比 ++36.91%
营业利润
$407M
同比 ++96.62%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Keysight Technologies (KEYS) Q2 FY2026 营收 $1.72B，同比增长 31.5%。 净利润 $349M，同比增长 35.8%，稀释每股收益 $2.02。
Revenue grew 31.5% YoY from $1.306B to $1.717B in Q2 FY2026, signaling a strong rebound in customer demand across Keysight's test and measurement end markets after a period of softer orders.
来源: Source: 10-Q Income Statement Data
Operating margin expanded approximately 7.9 percentage points YoY to 23.7%, as revenue growth significantly outpaced cost increases. Cost of revenue rose only 9.6% YoY while revenue grew 31.5%, demonstrating strong operating leverage.
来源: Source: 10-Q Income Statement & Key Ratios Data
R&D expense rose 28.0% YoY to $320M and SG&A increased 26.7% YoY to $456M, reflecting Keysight's continued investment in innovation and go-to-market capabilities to sustain growth momentum.
来源: Source: 10-Q Income Statement Data
Cumulative fiscal year-to-date operating cash flow reached $942M, up 9.3% from $862M in the prior-year same period, underscoring healthy cash generation despite higher working capital needs.
来源: Source: 10-Q Cash Flow Statement Data
Cash and equivalents declined 22.6% YoY to $2.412B, partly driven by a shift in financing cash flow from a $515M inflow to a $328M outflow YTD, reflecting increased share buybacks of $307M and reduced debt activity.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
Current liabilities surged 64.1% YoY to $2.649B while current assets declined 7.8% to $5.042B, compressing the current ratio to 1.90. Although still above 1.0, this trend warrants monitoring as it could indicate rising short-term obligations or deferred revenue recognition dynamics.
来源: Source: 10-Q Balance Sheet Data
Cash and equivalents fell 22.6% YoY to $2.412B as financing activities swung from a $515M inflow to a $328M outflow on a YTD basis, driven by $307M in share repurchases. Continued aggressive buybacks without commensurate cash generation could reduce financial flexibility.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
R&D and SG&A expenses grew at 28% and 26.7% respectively, nearly matching revenue growth of 31.5%. If revenue growth moderates, the expanded cost base could compress margins materially, given the fixed-cost nature of much R&D spending.
来源: Source: 10-Q Income Statement Data
Keysight's 31.5% revenue surge likely reflects a cyclical recovery in electronics and semiconductor test markets, which are historically volatile. A reversal in capital spending by key customers could rapidly reverse recent revenue gains.
来源: Source: 10-Q Income Statement Data
Despite strong quarterly results, trailing ROE stands at only 5.5% and ROA at 3.0%, suggesting that on a full-cycle basis, returns on invested capital remain modest. This may reflect the impact of prior-year weakness and the large asset base from acquisitions.
来源: Source: 10-Q Key Ratios Data
Q2 FY2026 实际 EPS $2.87，分析师一致预期 $2.37，超预期 +21.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.72B | $1.31B | +31.47% |
营业成本 | $539M | $492M | +9.55% |
营业利润 | $407M | $207M | +96.62% |
净利润 | $349M | $257M | +35.80% |
每股收益（基本） | $2.04 | $1.49 | +36.91% |
每股收益（稀释） | $2.02 | $1.49 | +35.57% |
研发费用 | $320M | $250M | +28.00% |
销售及管理费用 | $456M | $360M | +26.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.74B | $10.54B | +11.42% |
流动资产 | $5.04B | $5.47B | -7.76% |
总负债 | $5.41B | $5.06B | +6.90% |
流动负债 | $2.65B | $1.61B | +64.13% |
股东权益 | $6.33B | $5.48B | +15.59% |
现金及等价物 | $2.41B | $3.12B | -22.64% |
长期债务 | $2.53B | $2.53B | -0.04% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $942M | $862M | +9.28% |
投资活动现金流YTD | $-80M | $-66M | -21.21% |
筹资活动现金流YTD | $-328M | $515M | -163.69% |
股票回购YTD | $307M | $225M | +36.44% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 23.7% | 15.8% | +7.85% |
净利率 | 20.3% | — | — |
净资产收益率 | 5.5% | — | — |
总资产收益率 | 3.0% | — | — |
流动比率 | $1.903 | — | — |
资产负债率 | $0.854 | — | — |
预计发布日期、分析师预期与关注要点
Electronic Equipment & Instruments 行业其他公司
Keysight Technologies reported Q2 FY2026 revenue of $1.717B, a 31.5% increase compared to $1.306B in Q2 FY2025. This strong growth reflects a significant recovery in demand across Keysight's electronic test and measurement end markets.
The standout result was operating income nearly doubling to $407M (+96.6% YoY), with operating margin expanding from 15.8% to 23.7%. Revenue grew 31.5% to $1.717B and diluted EPS rose 35.6% to $2.02, signaling a powerful cyclical recovery.
Based on the financial data, key risks include a 64.1% surge in current liabilities compressing liquidity, a 22.6% decline in cash to $2.412B driven by share buybacks, and the cyclical nature of Keysight's end markets which could reverse recent revenue gains if customer capital spending slows.
Keysight appears financially healthy with a current ratio of 1.90, debt-to-equity of 0.85, and YTD operating cash flow of $942M. However, the sharp rise in current liabilities (+64.1% YoY) and declining cash balance (-22.6% YoY to $2.412B) are trends worth monitoring.
Keysight's operating margin expanded significantly to 23.7% in Q2 FY2026, up from 15.8% in Q2 FY2025, a gain of nearly 8 percentage points. Net margin also improved to 20.3%, as cost of revenue grew only 9.6% while revenue surged 31.5%, demonstrating strong operating leverage.