Keysight Q3 10-Q: Record Revenue, $100M Tariff Refund, and Aggressive Buybacks
KEYS has more than doubled off its 52-week low of $158.79.
Summary
Keysight's Q3 10-Q confirms record results with revenue up 36% and net income more than doubling, while adding new disclosures on a $100M tariff refund, $211M in quarterly buybacks, and a new $750M credit facility.
Key Events · Earnings and Guidance · KEYS
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Record Q3 Revenue and Profit
Revenue rose 36% YoY to $1.846B; net income more than doubled to $397M; operating margin expanded 8 points to 24.9%. Orders jumped 56% to $2.091B.
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IEEPA Tariff Refund Receivable
Recorded a $100M receivable for IEEPA tariff recovery, with $64M still outstanding as of July 31, 2026. Net impact boosted operating income by $57M for the nine months.
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Aggressive Buyback Execution
Repurchased 643,946 shares for ~$211M in Q3 at an average price of ~$327. $983M remains under the $1.5B program authorized November 2025.
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New $750M Revolving Credit Facility
Entered April 21, 2026, replacing the 2021 facility. No borrowings outstanding as of July 31, 2026; facility expires April 21, 2031.
Analysis · KEYS · Industrial Applications And Services
The Q3 FY2026 10-Q confirms the blowout quarter first reported on August 18, with revenue up 36% to $1.846B, net income more than doubling to $397M, and operating margin expanding 8 points to 24.9%. Material new detail emerges in the filing: a $100M IEEPA tariff refund receivable (with $64M still outstanding), execution of $211M in buybacks during the quarter under the $1.5B program, and a new $750M revolving credit facility. The company also won partial summary judgment in its $107M tax refund lawsuit on July 2, 2026. Record demand (orders up 56%), tariff recovery, and aggressive capital return underscore strong execution, though the $704M in non-cancellable purchase commitments tied to the order backlog introduces supply-chain risk if demand softens.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.1% of the 2014 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, KEYS was trading at $321.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $55B. The 52-week trading range was $158.79 to $374.96. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.