Is Keysight Technologies profitable in 2026?

Yes. Keysight reported FY2025 net income of $850M on $5.38B revenue (fiscal year ended Oct 31, 2025), and Q2 FY2026 EPS came in at $2.87 versus $2.32 consensus, reported May 19, 2026, with revenue up 31.5% year over year.

Could AI replace Keysight Technologies?

No. Keysight's core product is calibrated RF/hardware test instrumentation and compliance certification that AI models cannot generate. AI is instead fueling demand: management said in its May 19, 2026 earnings call that 2026 AI-related business already exceeded all of FY2025's AI revenue.

Who is Keysight Technologies' biggest competitor?

Rohde & Schwarz, Anritsu, Teledyne (Tektronix), and NI (part of Emerson) are cited as peer test-and-measurement giants, but a DOJ filing dated June 12, 2025 stated that in several submarkets Keysight and Spirent 'are their only options,' and Keysight closed its acquisition of Spirent on October 15, 2025.

Who owns Keysight Technologies?

Keysight is publicly traded on the NYSE under KEYS with no controlling parent. It was spun off from Agilent Technologies in 2014 and had a market capitalization of roughly $55 to 56 billion as of July 23, 2026.

Is Keysight Technologies facing antitrust scrutiny?

Yes. The DOJ required Keysight to divest three Spirent Communications business units before allowing its Spirent acquisition to close on October 15, 2025, per a Federal Register filing dated June 12, 2025, citing near-duopoly conditions in test submarkets.

How is Keysight's AI-driven growth trending in 2026?

Strongly. Q2 FY2026 revenue hit $1.72B (up 31.5% YoY) with record orders of $2.05B (up 56% YoY), reported May 19, 2026, and management raised full-year FY2026 guidance to high-20s percent revenue growth in July 2026, driven by AI data-center optics testing demand.

Telecom infrastructure · United States

Keysight Technologies

keysight.com ↗

Makes calibrated test instruments and software for RF, networking, and telecom hardware validation.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from August 18, 2026 · Every call on the record Checkpoint: Q3 FY2026 earnings report

The call

Keysight sells the physical instruments that certify AI-era networking gear works, so faster AI infrastructure buildout has so far meant more orders, not fewer.

Keysight builds machines that measure and test radio signals and wireless networks, along with the software to run them. The company is hard to replace because its equipment must meet 35+ international rules and standards, its customers (defense agencies and big tech companies) have spent decades building their work around Keysight's tools, and no competitor has shipped a product that does the same job well enough to steal real market share. The one thing to watch: if companies stop spending on new factories and 5G networks (the so-called AI spending cycle), Keysight's sales could shrink, and that will show up when the company reports earnings in August 2026.

Why

AI pressure: None apparent. AI is not eating Keysight, it's feeding it: 2026 AI-related orders already topped all of FY2025 combined. Could AI do the core job? Unlikely.

Bigger players: Teledyne/Fortive, Rohde & Schwarz, Anritsu, Emerson/NI. Rivals sell competing RF and network test gear today, but DOJ filings named only Keysight and Spirent as real options in key submarkets. Could a giant copy it? No, they are blocked.

What protects it. Calibration accreditation and compliance certification tied to 35+ standards bodies, plus decades-deep integration into defense and hyperscaler test labs.

What would change this call

Q3 FY2026 earnings on Aug 18, 2026 miss the $1.73-1.75B guidance or cut outlook. Would suggest AI-capex driven demand is slowing, pressuring the growth narrative.
Rohde & Schwarz, Anritsu, or Teledyne ship a product publicly taking share in 800G/1.6T Ethernet or optics testing. Would show a peer breaking Keysight's grip on high-speed test instrumentation.
Spirent/Synopsys Optical/VPIphotonics integration falls short of $100M+ synergy target by FY2026 year-end. Would indicate execution risk in consolidating recent acquisitions.

Key numbers

Q2 FY2026 orders hit $2.05B, up 56% YoY (2026-05-19)
FY2026 revenue growth guided to high-20s percent (2026-07)
Market cap around $55-56B (2026-07-23)

Named risks

Growth increasingly tied to AI/hyperscaler data-center capex cycle; a multi-quarter slowdown would hit revenue. Severity: high
Elevated valuation at ~54x trailing P/E as of 2026-07-23 leaves stock vulnerable to any guidance miss. Severity: medium
Integration execution risk across Spirent, Synopsys Optical, and VPIphotonics acquisitions closed within 12 months. Severity: medium
Regulatory/antitrust scrutiny on future M&A following DOJ-mandated divestitures in the Spirent deal. Severity: medium
Pending GILTI/amortization tax litigation final damages calculation still unresolved as of July 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Rohde & Schwarz	contesting	Stable premium-niche defense/wireless focus, no share-taking product shipped as of 2026-07
Anritsu	contesting	Cited as one of five global T&M giants but no reported share gains against Keysight as of 2025-10
Teledyne (Tektronix)	contesting	Peer with ~$6.1B revenue but no visible incursion into Keysight's RF/optics segments
NI (Emerson)	contesting	Open/modular strategy contrasted with Keysight's software-platform leadership per 2025-10-07 analysis
Spirent Communications	gaining on	Absorbed via Keysight acquisition closed 2025-10-15 after DOJ found near-duopoly in key submarkets

Questions people ask

Is Keysight Technologies profitable in 2026?: Yes. Keysight reported FY2025 net income of $850M on $5.38B revenue (fiscal year ended Oct 31, 2025), and Q2 FY2026 EPS came in at $2.87 versus $2.32 consensus, reported May 19, 2026, with revenue up 31.5% year over year.
Could AI replace Keysight Technologies?: No. Keysight's core product is calibrated RF/hardware test instrumentation and compliance certification that AI models cannot generate. AI is instead fueling demand: management said in its May 19, 2026 earnings call that 2026 AI-related business already exceeded all of FY2025's AI revenue.
Who is Keysight Technologies' biggest competitor?: Rohde & Schwarz, Anritsu, Teledyne (Tektronix), and NI (part of Emerson) are cited as peer test-and-measurement giants, but a DOJ filing dated June 12, 2025 stated that in several submarkets Keysight and Spirent 'are their only options,' and Keysight closed its acquisition of Spirent on October 15, 2025.
Who owns Keysight Technologies?: Keysight is publicly traded on the NYSE under KEYS with no controlling parent. It was spun off from Agilent Technologies in 2014 and had a market capitalization of roughly $55 to 56 billion as of July 23, 2026.
Is Keysight Technologies facing antitrust scrutiny?: Yes. The DOJ required Keysight to divest three Spirent Communications business units before allowing its Spirent acquisition to close on October 15, 2025, per a Federal Register filing dated June 12, 2025, citing near-duopoly conditions in test submarkets.
How is Keysight's AI-driven growth trending in 2026?: Strongly. Q2 FY2026 revenue hit $1.72B (up 31.5% YoY) with record orders of $2.05B (up 56% YoY), reported May 19, 2026, and management raised full-year FY2026 guidance to high-20s percent revenue growth in July 2026, driven by AI data-center optics testing demand.

Timeline

2026-07-02Court of Federal Claims granted Keysight partial summary judgment in GILTI/amortization tax dispute
2026-06-09Completed acquisition of Berlin-based VPIphotonics photonic simulation company
2026-05-19Reported Q2 FY2026 revenue $1.72B (+31.5% YoY), EPS $2.87, record orders $2.05B
2026-04-23Federal Circuit resolved Centripetal Networks Section 337 complaint in Keysight's favor
2025-11-11Named a Leader in 2025 Gartner Magic Quadrant for AI-Augmented Software Testing Tools
2025-10-15Closed acquisition of Spirent Communications after DOJ-mandated divestitures
2025-10-01Closed acquisition of Synopsys' Optical Solutions Group and Ansys' PowerArtist
2025-06-12DOJ filed proposed final judgment requiring divestiture of three Spirent business units
2014Keysight Technologies spun off from Agilent Technologies

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

In the same band

Turkcell DNA Oyj Entel Chile