Keysight Technologies, Inc.

Keysight stopped being a steady mid-single-digit grower. AI data center spending made wireline its largest business and lifted full-year growth to 32%, and what limits revenue now is supply rather than demand. How much of the AI backlog is scheduled to ship in fiscal 2027?

• AI data center demand turned Keysight into a fast-growing company.

  Wireline passed wireless for the first time, and AI revenue in the first half of fiscal 2026 alone matched all of last year. AI was a tenth of revenue a year ago, so growth now rides on one customer group's spending. How much of wireline revenue is AI today, and how much is still telecom?

• Profit flowed through faster than management had promised.

  Operating margin passed the 31% long-term target the CFO had called years away during the downturn, and two thirds of every new dollar of revenue reached the bottom line. The extra sales land almost entirely on profit. How much of that margin gain came from the one-time tariff refund?

• Supply, not demand, now sets how fast revenue can grow.

  Orders in Q3 FY2026 ran ahead of what Keysight could ship, and management called supply "the governor of near-term revenue." It makes many of its own chips but still buys parts the whole AI supply chain wants, so revenue trails orders.