Slide 1: Keysight Technologies Q2 Fiscal Year 2026 Results
Keysight Technologies Q2 Fiscal Year 2026 Results May 19, 2026
Slide 2: Safe Harbor
Safe Harbor This communication contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created therein. Statements preceded by, followed by, or that
Slide 3: Key Takeaways
Key Takeaways Delivering Record Capitalizing on Robust Executing on Multi- Creating Shareholder Results - Q2'26 Market Dynamics Year Strategy Value • $2B+ orders • Seeing strong • Results reflect • Raising FY26 momentum in AI execution of strategy expectations; now • Record revenue expect revenue da
Slide 4: Q2'26 Highlights
Q2’26 Highlights • Record revenue of $1.717B, +31% y/y (+24% core1,3) • Earnings per share2,3 of $2.87, +69% y/y Record Q2 results exceeded high 1 end of guidance range • Robust growth in Communications Solutions (CSG) (+35%) and Electronic Industrial Solutions (EISG) (+24%) • Gross margin2,3 of 72.
Slide 5: Q2'26 Non-GAAP Financial Highlights
Q2’26 Non-GAAP Financial Highlights Orders Revenue Operating Margin EPS $2.051B $1.717B 33.3% $2.87 +56% y/y (+48% core*) +31% y/y (+24% core*) +820 basis points y/y +69% y/y * Core excludes the impact of currency, acquisitions or divestitures closed in last twelve months; reconciliations included.
Slide 6: Revenue by Segment & by Region
Revenue by Segment & by Region Q2'26 Revenue: $1.717B 6
Slide 7: Revenue Trend by Region
Revenue Trend by Region +26% y/y (+17% core*) +47% y/y (+33% core*) +30% y/y (+26% core*) * Core excludes the impact of currency, acquisitions or divestitures closed in last twelve months; reconciliations included. 7
Slide 8: Q2'26 Communications Solutions Group Highlights
Q2’26 Communications Solutions Group Highlights Revenue • Record gross margin of 69.3%2 $1,231M • Commercial Communications: Record revenue driven by double-digit growth in +35% y/y (+27% core1) both wireline and wireless. Strong order growth reflects ongoing AI data center expansion, and next-gener
Slide 9: Q2'26 Electronic Industrial Solutions Group Highlights
Q2’26 Electronic Industrial Solutions Group Highlights Revenue • General Electronics: Strong growth across industrial, digital health, and $486M education, with continued momentum in AI-related investment. +24% y/y (+16% core1) • Semiconductor: Acceleration in demand for wafer and lithography soluti
Slide 10: Q2'26 Revenue By End Market
Q2’26 Revenue By End Market End Market Revenue YoY % Commercial $858M +40% Communications Aerospace, Defense & $373M +24% Government Electronic Industrial $486M +24% Solutions Total $1,717M +31% 10
Slide 11: Guidance and Financial Considerations
Guidance and Financial Considerations Q3'26 Guidance Revenue $1.730B – $1.750B Non-GAAP Earnings per share $2.43 – $2.49 Q3'26 Financial Assumptions • Interest Income, Interest Expense and Other Income/Expense: ~$2-4M net income • Non-GAAP tax rate of 14% for Q3'26 and FY26 • Guidance assumes Q3 wei
Slide 12: Reconciliations
WW KEYSIGHT Reconciliations
Slide 13: Reconciliation of Core Revenue
RECONCILIATION OF CORE REVENUE (In millions) (Unaudited) PRELIMINARY Three months ended Six months ended April 30, April 30, Percent Percent 2026 2025 Inc/(Dec) 2026 2025 Inc/(Dec) Revenue $ 1,717 $ 1,306 31% $ 3,317 $ 2,604 27% Adjustments: Revenue from acquisitions or divestitures (87) — (192) — C
Slide 14: Reconciliations of Core Revenue by Segment and Region
RECONCILIATIONS OF CORE REVENUE BY SEGMENT AND REGION (In millions) (Unaudited) PRELIMINARY Year-over-Year Revenue from acquisitions or Currency Revenue divestitures adjustments Core revenue YoY % YoY % Revenue by segment Q2'26 Q2'25 Chg. Q2'26 Q2'26 Q2'26 Q2'25 Chg. Communications Solutions Group $
Slide 15: Revenue by End Markets
REVENUE BY END MARKETS (In millions) (Unaudited) PRELIMINARY Percent Q2'26 Q2'25 Inc/(Dec) Aerospace, Defense and Government $ 373 $ 301 24% Commercial Communications 858 612 40% Electronic Industrial 486 393 24% Total Revenue $ 1,717 $ 1,306 31% Please refer to the last slide for details on the use
Slide 16: Gross Margin Reconciliation
GROSS MARGIN RECONCILIATION (In millions, except percentages) (Unaudited) PRELIMINARY Three months ended Six months ended April 30, April 30, 2026 2025 2026 2025 Gross profit, as reported $ 1,178 $ 814 $ 2,173 $ 1,634 Amortization of acquisition-related balances 49 20 100 39 Share-based compensation
Slide 17: Operating Margin Reconciliation
OPERATING MARGIN RECONCILIATION (In millions, except percentages) (Unaudited) PRELIMINARY Three months ended Six months ended April 30, April 30, 2026 2025 2026 2025 Income from operations, as reported $ 407 $ 207 $ 655 $ 425 Amortization of acquisition-related balances 73 34 146 67 Share-based comp
Slide 18: Organic Operating Margin Reconciliation, Excluding IEEPA Tariff Refund Claims
ORGANIC OPERATING MARGIN RECONCILIATION, EXCLUDING IEEPA TARIFF REFUND CLAIMS (In millions, except percentages) (Unaudited) PRELIMINARY Three months ended April 30, 2026 Revenue, reported $ 1,717 Revenue from acquisitions or divestitures (87) Organic revenue (a) 1,630 Net IEEPA tariff refund claims
Slide 19: Net Income and Diluted EPS Reconciliation
NET INCOME AND DILUTED EPS RECONCILIATION (In millions, except per share data) (Unaudited) PRELIMINARY Three months ended Six months ended April 30, April 30, 2026 2025 2026 2025 Net Diluted Net Diluted Net Diluted Net Diluted Income EPS Income EPS Income EPS Income EPS GAAP Net income $ 349 $ 2.02
Slide 20: IEEPA Tariff Refund Claims
IEEPA TARIFF REFUND CLAIMS (In millions, except where noted) (Unaudited) PRELIMINARY Three months ended April 30, 2026 IEEPA tariff refund claims Keysight Technologies, Inc.(a) Operating Results (b) Reported Revenue $ 1,758 $ (40) $ 1,717 YoY 35% (3)% 31% Costs & expenses $ 1,242 $ (97) $ 1,145 Gros
Slide 21: Free Cash Flow
FREE CASH FLOW (In millions) (Unaudited) PRELIMINARY Three months ended Six months ended April 30, April 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 501 $ 484 $ 942 $ 862 Adjustments: Investments in property, plant and equipment (29) (27) (63) (59) Free cash flow $ 472 $ 457
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management uses both GAAP and non-GAAP financial measures to analyze and assess the overall performance of the business, to make operating decisions and to forecast and plan for future periods. We believe that our investors benefit from seeing our results “through the eye