The $e^+e^-\to K^+K^-$ cross section and charged-kaon electromagnetic form factor are measured in the $e^+e^-$ center-of-mass energy range ($E$) from 2.6 to 8.0 GeV using the initial-state radiation technique with an undetected photon. The study is performed using 469 fb$^{-1}$ of data collected with the BABAR detector at the PEP-II $e^+e^-$ collider at center-of-mass energies near 10.6 GeV. The form factor is found to decrease with energy faster than $1/E^2$, and approaches the asymptotic QCD prediction. Production of the $K^+K^-$ final state through the $J/\psi$ and $\psi(2S)$ intermediate states is observed. The results for the kaon form factor are used together with data from other experiments to perform a model-independent determination of the relative phases between single-photon and strong amplitudes in $J/\psi$ and $\psi(2S)\to K^+K^-$ decays. The values of the branching fractions measured in the reaction $e^+e^- \to K^+K^-$ are shifted relative to their true values due to interference between resonant and nonresonant amplitudes. The values of these shifts are determined to be about $\pm5\%$ for the $J/\psi$ meson and $\pm15\%$ for the $\psi(2S)$ meson.
The $K^+K^-$ invariant-mass interval ($M_{K^+K^-}$), number of selected events ($N_{\rm sig}$) after background subtraction, detection efficiency ($\varepsilon$), ISR luminosity ($L$), measured $e^+e^-\to K^+K^-$ cross section ($\sigma_{K^+K^-}$), and the charged-kaon form factor ($|F_K|$). For the number of events and cross section. For the form factor, we quote the combined uncertainty. For the mass interval 7.5 - 8.0 GeV/$c^2$, the 90$\%$ CL upper limits for the cross section and form factor are listed.