Keysight Technologies (KEYS)
Design, emulation, and test systems spanning electronics R&D through network operations.
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Keysight makes the instruments and software engineers use to prove a design really works — before a chip, a phone, a radar or a data-center switch ever ships. Phones, defense programs and factory floors still pay most of the bills. The strongest pull now comes from the companies building AI data centers, and a run of acquisitions has added design software, satellite-navigation testing and network rehearsal tools on top.
Item facts: FY2026 nine months · ended July 31, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 12 more below
Electronic Industrial Solutions Group
One reported segment holding three customer worlds: chip plants, electronics manufacturers, and carmakers and power companies. A record $501M in the summer quarter, up 21%. Watch how long foundries keep adding advanced-chip and photonics capacity.
Competes with EV, EVSE and battery test systems (Chroma ATE) · Tektronix and Fluke bench instruments (Ralliant)
In plain English
Chipmakers, circuit-board plants, carmakers and power companies all need to know their parts behave — that a wafer's transistors hit spec, that a car's internal network cannot be broken into, that a fast charger does what it claims. Keysight sells the measuring rigs that answer those questions.
The money follows other people's factories. When a foundry adds a line for advanced chips or light-carrying parts, it buys measurement gear for the lab and for the production floor; when a carmaker rewrites how its vehicles are wired, it buys compliance testers. Big equipment, bought a project at a time, then serviced for years.
Keysight EDA
Design and simulation tools — radio, optical and chip-power — that let engineers try a design on a computer before building it. The newest pieces all arrived by purchase rather than in-house work. Watch licence renewals, which have made some quarters lumpy.
Competes with AWR Design Environment with Clarity 3D Solver (Cadence) · Optical and photonic design tools (Synopsys)
In plain English
Software that lets an engineer build the thing on a screen first. Draw an antenna, a lens or a chip's power wiring, and the program predicts how it will behave, so the expensive physical version arrives closer to right the first time.
Customers pay per licence, year after year, for as long as projects are alive. Keysight has been buying its way in rather than writing it all: optical design tools from Synopsys, chip-power analysis from Ansys, light-link simulation from VPIphotonics. Management's stated reason is blunt — shifting the mix toward software on your own happens slowly.
Commercial Communications — Wireline
Test gear for the wiring and light-based links inside AI data centers. Orders here more than doubled year over year last quarter, and orders across the whole company set a record $2.09B — more than Keysight billed. Watch parts supply, which management calls the limit on near-term sales.
Competes with ONE LabPro ONE-1600 transceiver test (VIAVI) · Xena Z1608 Edun traffic generator (Teledyne LeCroy)
In plain English
Picture an AI data center as a huge switchboard: thousands of processors that only earn their keep if data can move between them fast enough. The cables, the plug-in light-based links and the switching chips all have to be proven at speeds where a slightly misshapen signal is the difference between working and not.
Keysight sells the benches that do the proving — to the firms designing the switching chips, the ones building the plug-in optical parts, and the data-center owners themselves. Each jump in speed forces the whole chain to buy again, and the jumps keep coming.
Keysight AI (KAI)
Software that imitates a whole AI cluster's traffic — model training first, now the question-and-answer side — so a data center can be tuned before the hardware is bought. Young, and its sales are counted inside the data-center business. Watch whether ordinary Ethernet keeps beating private network designs.
Competes with TestCenter D2 AI workload emulation (VIAVI) · Ultra Ethernet testing on Xena platforms (Teledyne LeCroy)
In plain English
A rehearsal room for AI computers. Instead of buying ten thousand processors and hoping the network between them copes, an operator runs Keysight's software, which imitates the way those processors would chatter while training a model or answering questions, and watches where the traffic jams.
The buyers are hyperscale data-center operators, who are folding this before-the-hardware testing into how they develop their own systems. Keysight built it on technology from Ixia, a network-test company it had already bought, and pairs it with testers for the newest high-speed optical links.
Commercial Communications — Wireless
Machines that pretend to be a mobile network, or a satellite, so chipsets and phones can be checked against the standard. It grew, but the data-center side passed it this year. The next wave is 6G, with a first standard target in 2029.
Competes with MT8000A radio communication test station (Anritsu) · R&S CMX500 one-box signaling tester (Rohde & Schwarz)
In plain English
Radios are hard to test in the wild, so the industry tests them indoors against a machine that behaves like a mobile network — and, increasingly, like a satellite passing overhead. Keysight makes those machines, plus the instruments that measure the raw radio signal.
Chipset makers, phone makers, equipment vendors and operators buy at every step: research, product development, then the certification a device needs before it can be sold. Demand runs on standards. 3GPP, the body that writes mobile-phone standards, set the first 6G milestone for March 2029, and management says that moved customers out of curiosity and into funded projects.
Spirent
Bought in October 2025, integrated a quarter early. What Keysight was allowed to keep simulates satellite-navigation signals being jammed or faked, automates test labs, and imitates mobile core networks. Anti-jam demand picked up as navigation disruption spread near conflict zones.
Competes with Skydel GSG-8 Gen2 GNSS simulator (Safran Navigation & Timing) · TeraVM and channel emulation (VIAVI)
In plain English
A test-and-measurement company Keysight bought in October 2025 for roughly one and a half billion dollars — then had to sell three of its product lines to a rival, VIAVI, to satisfy competition regulators.
What stayed turned out to be well timed. Its generators recreate satellite-navigation signals inside a lab, including the jammed and faked versions aircraft now meet in the field, so defense buyers can prove their receivers survive. The rest is plumbing for phone companies: software that runs test labs without people minding them, and rigs that imitate a mobile core network or a room full of Wi-Fi.
Aerospace, Defense and Government
Radar, radio and signal-recording test for defense contractors, government labs and the newer firms building uncrewed aircraft and satellite fleets. It ran $339M–373M a quarter this year, up in the teens and twenties. Watch defense budgets and export rules.
Competes with FSWX analyzers and radar echo generators (Rohde & Schwarz) · Armament and avionics test systems (Marvin Test Solutions) · Flight-line and avionics test systems (Astronics)
In plain English
Defense electronics live or die on radio. A radar has to spot a small object far away, a flat antenna has to steer its beam without moving, a receiver has to pick out a faint signal — and all of it must be proven on a bench before it flies.
Keysight supplies the benches: multi-channel radio measurement, fast oscilloscopes, signal capture and recording, antenna-array measurement. Buyers are the big contractors and government labs, plus a newer crowd of venture-funded firms building uncrewed aircraft and low-orbit satellite fleets. Management describes record budgets and a demand cycle running years out, which makes the buying unusually predictable.
KeysightCare, calibration and managed services
The steady repeat income riding on every instrument sold: calibration, repair, premium support plans, and running a customer's whole test fleet for them. Software and services were about a third of sales last quarter, down from 37% in fiscal 2025 because hardware grew faster.
Competes with Tektronix and Fluke calibration services (Ralliant) · Service and calibration offerings (Rohde & Schwarz)
In plain English
Boring, and it never stops. A test instrument is a precision object; it drifts out of true, so it has to be re-checked and re-certified on a schedule, and when one breaks, the work waiting on it stops.
Keysight sells that as plans: calibration and repair contracts, premium support, and — the newest shape — taking over a customer's entire instrument fleet. Leonardo, an aerospace and defense group, signed a five-year deal of that kind for its UK operations in 2026. Every box Keysight ships makes the pool of things needing service bigger.
Electronic Industrial Solutions GroupOne reported segment holding three customer worlds: chip plants, electronics manufacturers, and carmakers and power companies. A record $501M in the summer quarter, up 21%. Watch how long foundries keep adding advanced-chip and photonics capacity.One reported segment holding three customer worlds: chip plants, electronics manufacturers, and carmakers and power companies. A record $501M in the summer quarter, up 21%. Watch how long foundries keep adding advanced-chip and photonics capacity.
In plain English
Chipmakers, circuit-board plants, carmakers and power companies all need to know their parts behave — that a wafer's transistors hit spec, that a car's internal network cannot be broken into, that a fast charger does what it claims. Keysight sells the measuring rigs that answer those questions.
The money follows other people's factories. When a foundry adds a line for advanced chips or light-carrying parts, it buys measurement gear for the lab and for the production floor; when a carmaker rewrites how its vehicles are wired, it buys compliance testers. Big equipment, bought a project at a time, then serviced for years.
Competes with EV, EVSE and battery test systems (Chroma ATE) · Tektronix and Fluke bench instruments (Ralliant)
Keysight EDADesign and simulation tools — radio, optical and chip-power — that let engineers try a design on a computer before building it. The newest pieces all arrived by purchase rather than in-house work. Watch licence renewals, which have made some quarters lumpy.Design and simulation tools — radio, optical and chip-power — that let engineers try a design on a computer before building it. The newest pieces all arrived by purchase rather than in-house work. Watch licence renewals, which have made some quarters lumpy.
In plain English
Software that lets an engineer build the thing on a screen first. Draw an antenna, a lens or a chip's power wiring, and the program predicts how it will behave, so the expensive physical version arrives closer to right the first time.
Customers pay per licence, year after year, for as long as projects are alive. Keysight has been buying its way in rather than writing it all: optical design tools from Synopsys, chip-power analysis from Ansys, light-link simulation from VPIphotonics. Management's stated reason is blunt — shifting the mix toward software on your own happens slowly.
Competes with AWR Design Environment with Clarity 3D Solver (Cadence) · Optical and photonic design tools (Synopsys)
Commercial Communications — WirelineTest gear for the wiring and light-based links inside AI data centers. Orders here more than doubled year over year last quarter, and orders across the whole company set a record $2.09B — more than Keysight billed. Watch parts supply, which management calls the limit on near-term sales.Test gear for the wiring and light-based links inside AI data centers. Orders here more than doubled year over year last quarter, and orders across the whole company set a record $2.09B — more than Keysight billed. Watch parts supply, which management calls the limit on near-term sales.
In plain English
Picture an AI data center as a huge switchboard: thousands of processors that only earn their keep if data can move between them fast enough. The cables, the plug-in light-based links and the switching chips all have to be proven at speeds where a slightly misshapen signal is the difference between working and not.
Keysight sells the benches that do the proving — to the firms designing the switching chips, the ones building the plug-in optical parts, and the data-center owners themselves. Each jump in speed forces the whole chain to buy again, and the jumps keep coming.
Competes with ONE LabPro ONE-1600 transceiver test (VIAVI) · Xena Z1608 Edun traffic generator (Teledyne LeCroy)
Keysight AI (KAI)Software that imitates a whole AI cluster's traffic — model training first, now the question-and-answer side — so a data center can be tuned before the hardware is bought. Young, and its sales are counted inside the data-center business. Watch whether ordinary Ethernet keeps beating private network designs.Software that imitates a whole AI cluster's traffic — model training first, now the question-and-answer side — so a data center can be tuned before the hardware is bought. Young, and its sales are counted inside the data-center business. Watch whether ordinary Ethernet keeps beating private network designs.
In plain English
A rehearsal room for AI computers. Instead of buying ten thousand processors and hoping the network between them copes, an operator runs Keysight's software, which imitates the way those processors would chatter while training a model or answering questions, and watches where the traffic jams.
The buyers are hyperscale data-center operators, who are folding this before-the-hardware testing into how they develop their own systems. Keysight built it on technology from Ixia, a network-test company it had already bought, and pairs it with testers for the newest high-speed optical links.
Competes with TestCenter D2 AI workload emulation (VIAVI) · Ultra Ethernet testing on Xena platforms (Teledyne LeCroy)
Commercial Communications — WirelessMachines that pretend to be a mobile network, or a satellite, so chipsets and phones can be checked against the standard. It grew, but the data-center side passed it this year. The next wave is 6G, with a first standard target in 2029.Machines that pretend to be a mobile network, or a satellite, so chipsets and phones can be checked against the standard. It grew, but the data-center side passed it this year. The next wave is 6G, with a first standard target in 2029.
In plain English
Radios are hard to test in the wild, so the industry tests them indoors against a machine that behaves like a mobile network — and, increasingly, like a satellite passing overhead. Keysight makes those machines, plus the instruments that measure the raw radio signal.
Chipset makers, phone makers, equipment vendors and operators buy at every step: research, product development, then the certification a device needs before it can be sold. Demand runs on standards. 3GPP, the body that writes mobile-phone standards, set the first 6G milestone for March 2029, and management says that moved customers out of curiosity and into funded projects.
Competes with MT8000A radio communication test station (Anritsu) · R&S CMX500 one-box signaling tester (Rohde & Schwarz)
SpirentBought in October 2025, integrated a quarter early. What Keysight was allowed to keep simulates satellite-navigation signals being jammed or faked, automates test labs, and imitates mobile core networks. Anti-jam demand picked up as navigation disruption spread near conflict zones.Bought in October 2025, integrated a quarter early. What Keysight was allowed to keep simulates satellite-navigation signals being jammed or faked, automates test labs, and imitates mobile core networks. Anti-jam demand picked up as navigation disruption spread near conflict zones.
In plain English
A test-and-measurement company Keysight bought in October 2025 for roughly one and a half billion dollars — then had to sell three of its product lines to a rival, VIAVI, to satisfy competition regulators.
What stayed turned out to be well timed. Its generators recreate satellite-navigation signals inside a lab, including the jammed and faked versions aircraft now meet in the field, so defense buyers can prove their receivers survive. The rest is plumbing for phone companies: software that runs test labs without people minding them, and rigs that imitate a mobile core network or a room full of Wi-Fi.
Competes with Skydel GSG-8 Gen2 GNSS simulator (Safran Navigation & Timing) · TeraVM and channel emulation (VIAVI)
Aerospace, Defense and GovernmentRadar, radio and signal-recording test for defense contractors, government labs and the newer firms building uncrewed aircraft and satellite fleets. It ran $339M–373M a quarter this year, up in the teens and twenties. Watch defense budgets and export rules.Radar, radio and signal-recording test for defense contractors, government labs and the newer firms building uncrewed aircraft and satellite fleets. It ran $339M–373M a quarter this year, up in the teens and twenties. Watch defense budgets and export rules.
In plain English
Defense electronics live or die on radio. A radar has to spot a small object far away, a flat antenna has to steer its beam without moving, a receiver has to pick out a faint signal — and all of it must be proven on a bench before it flies.
Keysight supplies the benches: multi-channel radio measurement, fast oscilloscopes, signal capture and recording, antenna-array measurement. Buyers are the big contractors and government labs, plus a newer crowd of venture-funded firms building uncrewed aircraft and low-orbit satellite fleets. Management describes record budgets and a demand cycle running years out, which makes the buying unusually predictable.
Competes with FSWX analyzers and radar echo generators (Rohde & Schwarz) · Armament and avionics test systems (Marvin Test Solutions) · Flight-line and avionics test systems (Astronics)
KeysightCare, calibration and managed servicesThe steady repeat income riding on every instrument sold: calibration, repair, premium support plans, and running a customer's whole test fleet for them. Software and services were about a third of sales last quarter, down from 37% in fiscal 2025 because hardware grew faster.The steady repeat income riding on every instrument sold: calibration, repair, premium support plans, and running a customer's whole test fleet for them. Software and services were about a third of sales last quarter, down from 37% in fiscal 2025 because hardware grew faster.
In plain English
Boring, and it never stops. A test instrument is a precision object; it drifts out of true, so it has to be re-checked and re-certified on a schedule, and when one breaks, the work waiting on it stops.
Keysight sells that as plans: calibration and repair contracts, premium support, and — the newest shape — taking over a customer's entire instrument fleet. Leonardo, an aerospace and defense group, signed a five-year deal of that kind for its UK operations in 2026. Every box Keysight ships makes the pool of things needing service bigger.
Competes with Tektronix and Fluke calibration services (Ralliant) · Service and calibration offerings (Rohde & Schwarz)
Named in filings, launches and programs
- Optical Solutions GroupProduct lineOptical design software bought from Synopsys in October 2025 — CODE V, LightTools, LucidShape, RSoft — now the lens-and-light half of the design tools.
- PowerArtistProductBought from Ansys the same week: it estimates how much power a chip will burn while the design still exists only as code.
- VPIphotonicsProductAcquired June 2026; simulates a whole light-based communication link end to end, extending the photonic design set.
- ESI GroupBrandVirtual-prototyping and physics software, fully bought by January 2024 for about $935M; its annual renewals once made the first quarter lumpy.
- Automation Intelligence (Eggplant Test)ProductAutomated testing of other companies' software, built on models of how an application should behave; acquired in 2020 for $330M.
- Semiconductor parametric and wafer-level testProduct lineInstruments that measure transistors and light-carrying structures directly on the wafer, including the B1500A analyzer, sold to foundries and chipmakers.
- Automotive cybersecurity and in-vehicle network testProduct lineThe SA8710A platform attacks a car's own network on purpose; alongside it, compliance testing for the wiring standards carmakers now use.
- Energy, grid and EV charging testProduct lineValidation rigs for high-power chargers, battery storage and grid connections, sold inside the industrial segment.
- Digital health and education solutionsProduct lineTest for wearables and patient monitors, plus teaching kits used to train people for chip-industry jobs.
- Network visibility and security portfolioProduct lineIxia-lineage traffic and attack simulators plus packet brokers; Gigamon is ahead on user mindshare, and a 4x100GE cybersecurity test platform joined the line in 2026.
- RiscureBrandSecurity testing for the chips and firmware buried inside devices; acquired February 2024.
- AnaPicoBrandSignal generation, acquired in 2024 — instruments that create the test signals other gear is measured against.
Optical Solutions GroupProduct line
Optical design software bought from Synopsys in October 2025 — CODE V, LightTools, LucidShape, RSoft — now the lens-and-light half of the design tools.
PowerArtistProduct
Bought from Ansys the same week: it estimates how much power a chip will burn while the design still exists only as code.
VPIphotonicsProduct
Acquired June 2026; simulates a whole light-based communication link end to end, extending the photonic design set.
ESI GroupBrand
Virtual-prototyping and physics software, fully bought by January 2024 for about $935M; its annual renewals once made the first quarter lumpy.
Automation Intelligence (Eggplant Test)Product
Automated testing of other companies' software, built on models of how an application should behave; acquired in 2020 for $330M.
Semiconductor parametric and wafer-level testProduct line
Instruments that measure transistors and light-carrying structures directly on the wafer, including the B1500A analyzer, sold to foundries and chipmakers.
Automotive cybersecurity and in-vehicle network testProduct line
The SA8710A platform attacks a car's own network on purpose; alongside it, compliance testing for the wiring standards carmakers now use.
Energy, grid and EV charging testProduct line
Validation rigs for high-power chargers, battery storage and grid connections, sold inside the industrial segment.
Digital health and education solutionsProduct line
Test for wearables and patient monitors, plus teaching kits used to train people for chip-industry jobs.
Network visibility and security portfolioProduct line
Ixia-lineage traffic and attack simulators plus packet brokers; Gigamon is ahead on user mindshare, and a 4x100GE cybersecurity test platform joined the line in 2026.
RiscureBrand
Security testing for the chips and firmware buried inside devices; acquired February 2024.
AnaPicoBrand
Signal generation, acquired in 2024 — instruments that create the test signals other gear is measured against.