Company file · KEYS
Keysight Technologies
Keysight Technologies' revenue rose 8.0% in FY2025, to $5.4B, and net income rose 38.4% to $850M
Revenue rose 8.0% to $5.4B in FY2025, from $5.0B in FY2024. Net income rose 38.4% to $850M. Communications Solutions Group was the largest segment, at 69% of revenue.
Key facts
In fiscal 2025, which ended Oct 31, 2025, Keysight Technologies (NYSE: KEYS) took in $5.4B of revenue (up 8.0% on fiscal 2024); net income was $850M (up 38.4%). The most recent quarter, ended Jul 31, 2026, brought revenue of $1.8B, up 36.5% year over year, with net income of $397M. Communications Solutions Group was the biggest single line by segment: 69% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Dec 17, 2025) and 10-Q for the quarter ended Jul 31, 2026 (filed Sep 2, 2026).
Source: 10-K FY2025, filed Dec 17, 2025
Source: 10-Q filed Mar 5, 2026 · 10-Q filed Jun 4, 2026 · 10-Q filed Sep 2, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Communications Solutions Group$3.7B69%+8.9%
- Electronic Industrial Solutions Group$1.6B31%+5.8%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Communications Solutions Group (69%) and Electronic Industrial Solutions Group (31%), as shares of total revenue. Total revenue was $5.4B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 FY2026 (May to Jul 2026) compared with Q3 FY2025 (May to Jul 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
Company
Source: Keysight Technologies 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026
The bull case and the bear case
The bull case
- Revenue rose 8.0% in FY2025 to $5.4B, from $5.0B a year earlier. 10-K, FY2025
- Net income rose 38.4% in FY2025 to $850M, from $614M. 10-K, FY2025
- Operating cash flow rose 33.9% in FY2025 to $1.4B. 10-K, FY2025
- Diluted shares fell 1.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
The bear case
- Total debt rose 41.6% in FY2025 to $2.5B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition; customer demand; security and privacy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Keysight Technologies is in the electronic equipment & instruments industry, part of the information technology sector. The SEC files it under Industrial Instruments For Measurement, Display, And Control.
Keysight Technologies reports 2 segments: Communications Solutions Group and Electronic Industrial Solutions Group.
Its fiscal year ends in October; the latest, FY2025, ended Oct 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the electronic equipment & instruments industry. They are not a summary of Keysight Technologies’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- CompetitionTechnology markets move fast, and rivals large and small can change prices or products.
- Customer demandSpending by customers on technology rises and falls with their budgets and the economy.
- Security and privacyCyberattacks, outages and data-privacy rules can raise costs or harm customer trust.
- Supply and tradeReliance on suppliers and exposure to tariffs or export rules can limit what it can sell or build.
- Intellectual propertyPatent claims and licensing disputes can lead to costs or limits on products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $5.5B | $5.0B | $5.4B |
| Net income | $1.1B | $614M | $850M |
| Operating cash flow | $1.4B | $1.1B | $1.4B |
| Cash & equivalents (year end) | $2.5B | $1.8B | $1.9B |
| Total debt (year end) | $1.8B | $1.8B | $2.5B |
| Diluted shares | 179M | 175M | 173M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Acquisitions, net of cash acquired
- Unrecognized tax benefits
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Sep 2, 2026 | Jul 31, 2026 |
| 10-Q | Jun 4, 2026 | Apr 30, 2026 |
| 10-Q | Mar 5, 2026 | Jan 31, 2026 |
| DEF 14A | Jan 26, 2026 | Mar 19, 2026 |
| 10-K | Dec 17, 2025 | Oct 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Keysight Technologies
How does Keysight Technologies make money?
In fiscal 2025, revenue totaled $5.4B. By segment in FY2025: Communications Solutions Group (69%) and Electronic Industrial Solutions Group (31%), as shares of total revenue. Total revenue was $5.4B. Source: 10-K for fiscal 2025, filed Dec 17, 2025.
What was Keysight Technologies's revenue in fiscal 2025?
Revenue came to $5.4B in the year ended Oct 31, 2025. Going back two years, it was $5.5B in fiscal 2023 and $5.0B in fiscal 2024, so the latest year was up 8.0%. Source: 10-K for fiscal 2025, filed Dec 17, 2025.
Is Keysight Technologies profitable?
Yes, by US accounting rules (GAAP): net income was $850M in fiscal 2025, up 38.4% from $614M a year earlier. For the quarter ended Jul 31, 2026, net income was $397M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Dec 17, 2025.
What did Keysight Technologies report in its latest quarterly filing?
The 10-Q for the quarter ended Jul 31, 2026 shows revenue of $1.8B, against $1.4B in the same quarter a year before (up 36.5%), and net income of $397M, against $191M (up 107.9%). Source: 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026.
How much cash and debt does Keysight Technologies have?
On Jul 31, 2026, cash and cash equivalents stood at $2.6B and total debt at $2.5B. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Sep 2, 2026.
What are the main risks Keysight Technologies faces?
Keysight Technologies's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Dec 17, 2025. Risks that are common among companies in the electronic equipment & instruments industry include Competition; customer demand; security and privacy; supply and trade; intellectual property. The first: Technology markets move fast, and rivals large and small can change prices or products. Source: 10-K, Item 1A Risk Factors.
Where do these Keysight Technologies numbers come from?
Two filings Keysight Technologies made with the SEC: its fiscal 2025 10-K, filed Dec 17, 2025, and its 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Keysight Technologies
- Third Point: 585,000 shares, reported value $204.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 555,953 shares, reported value $194.6M at Jun 30, 2026 (−29.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 339,315 shares, reported value $118.8M at Jun 30, 2026 (+5,695.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 227,535 shares, reported value $79.7M at Jun 30, 2026 (−45.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 128,491 shares, reported value $45.0M at Jun 30, 2026 (+14.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 82,934 shares, reported value $29.0M at Jun 30, 2026 (+9.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 2,288 shares, reported value $0.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in KEYS
- The editor holds no position in Keysight Technologies (KEYS). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell KEYS from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 4, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold KEYS, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Keysight TechnologiesKEYS | FY2025 | $5.4B | +8.0% | $850M |
| Roper TechnologiesROP | FY2025 | $7.9B | +12.3% | $1.5B |
| Teledyne TechnologiesTDY | FY2025 | $6.1B | +7.9% | $895M |
| Zebra TechnologiesZBRA | FY2025 | $5.4B | +8.3% | $419M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.