Keysight Technologies supplies electronic design, simulation, emulation and test instruments, software and services, primarily for customers’ research and development. Its Communications Solutions Group serves communications and aerospace, defense and government markets; its Electronic Industrial Solutions Group serves semiconductor, automotive, energy and general-electronics markets. Its fiscal year ends October 31.
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A snapshot of what Keysight Technologies, Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Oct 31, 20230001601046-23-000134 | Dec 15, 2023 | 10-K | Open 10-Ksec.gov |
| Oct 31, 20240001601046-24-000159 | Dec 17, 2024 | 10-K | Open 10-Ksec.gov |
| Oct 31, 20250001601046-25-000127 | Dec 17, 2025 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Keysight’s recovery accelerated after fiscal 2025, with AI-related networking, semiconductor and defense demand supporting stronger orders and operating profitability. Fiscal 2025 revenue recovered to $5.375 billion, but earnings remained below fiscal 2023 and benefited from non-operating gains and lower taxes. In the nine months ended July 31, 2026, revenue reached $5.163 billion and GAAP operating income $1.116 billion. Acquisitions contributed materially to growth, while tariff-recovery accounting and discrete tax benefits boosted earnings beyond operating improvements. Cash generation remained substantial, although receivables and other working-capital demands absorbed part of the earnings increase. Completed acquisitions expanded the portfolio and increased amortization and integration exposure. The central uncertainties are sustaining customer investment, converting orders without excess inventory, collecting remaining tariff claims, and resolving tax and patent disputes—not whether the announced 2025 acquisitions have closed.
Sources: 10-K · 2025-10-31 · 10-Q · 2026-07-31
Keysight sells tools used to design, validate and test electronic products and networks, rather than the end products themselves. Instruments, software and support services connect customers’ virtual designs with physical performance. More than 80% of business involves its direct sales organization, and no customer represented at least 10% of annual revenue in 2023–2025. Its economics depend on technology investment and a substantial continuing R&D effort: fiscal 2025 R&D expense was $1.007 billion. Software and services broaden the offering, but neither services revenue nor revenue recognized over time measures recurring subscriptions; some software revenue is recognized upfront.
Sources: 10-K · 2025-10-31
The three annual reports show a cycle rather than uninterrupted expansion. Fiscal 2023 revenue held at $5.464 billion while orders weakened; fiscal 2024 revenue fell to $4.979 billion as communications and industrial demand contracted. Fiscal 2025 revenue recovered 8% to $5.375 billion, with AI-related high-speed networks and defense investment supporting CSG and semiconductor strength supporting EISG. Automotive and energy weakness remained an offset. GAAP operating income rose only 5% to $876 million, while net income rose 38% to $850 million. Investment and acquisition-currency gains and a lower tax provision helped explain that gap. Tariffs and unfavorable mix reduced gross margin, and revenue and net income remained below fiscal 2023.
Sources: 10-K · 2023-10-31 · 10-K · 2024-10-31 · 10-K · 2025-10-31
The September 2, 2026 Form 10-Q reports third-quarter revenue of $1.846 billion, up 36%, and orders of $2.091 billion, up 56%. Acquisitions contributed six percentage points to revenue growth. Management cited AI networking, advanced semiconductors and defense applications. GAAP operating margin reached 24.9%, versus 17.3%; revenue grew faster than expenses even though R&D and SG&A increased. Nine-month operating income of $1.116 billion included a $57 million net tariff-accounting benefit recorded in Q2, not a new Q3 benefit. Nine-month net income of $1.027 billion also benefited from $74 million of net discrete tax benefits. Neither the nine-month 6.0% tax rate nor these discrete gains establishes a recurring earnings baseline.
Sources: 10-Q · 2026-07-31 · 10-Q · 2026-04-30
Fiscal 2025 operating cash flow was $1.409 billion, supported partly by tax-receivable and other balance-sheet movements. In the first nine months of fiscal 2026 it reached $1.379 billion, versus $1.184 billion, but profit improved more sharply. Receivables, inventory and payables together consumed $92 million rather than supplying $181 million a year earlier. Cash taxes and interest payments also increased. At July 31, cash and equivalents were $2.605 billion, excluding $17 million restricted cash. Debt principal remained $2.550 billion: the lower $2.517 billion carrying amount reflected accounting adjustments, not corresponding principal repayment. The $750 million replacement revolver was undrawn, so it was borrowing capacity rather than cash.
Sources: 10-K · 2025-10-31 · 10-Q · 2026-07-31
Spirent, Optical Solutions Group and PowerArtist closed in October 2025, expanding communications testing and design software. Spirent’s $1.564 billion consideration and the $399 million regulatory divestiture are separate transactions, not amounts to add into a larger acquisition price. These deals brought integration costs, goodwill and a fuller-year amortization burden. Nine-month fiscal 2026 capital expenditure was $97 million, while share purchases cost $517 million before accrued excise tax. The November 24, 2025 authorization replaced the earlier program with $1.5 billion; $983 million remained at July 31. Authorization is discretionary, not a spending obligation. Keysight pays no common dividend.
Sources: 10-K · 2025-10-31 · 10-Q · 2026-07-31
Non-cancellable supplier commitments rose to $704 million at July 31, 2026, increasing exposure if strong orders reflect customer over-ordering or later cancellations. Specialized components and concentrated manufacturing make disruptions difficult to replace quickly. Remaining tariff recoveries, the GILTI refund dispute and several patent appeals were unresolved. Malaysia’s tax-incentive renewal was not secured. On August 18, management forecast Q4 revenue of $1.930–$1.950 billion and non-GAAP EPS of $3.34–$3.40; these remain dated expectations, not fiscal 2026 results. The supplied reporting ends with the September 2 quarterly filing and does not establish subsequent outcomes.
Sources: 10-Q · 2026-07-31 · EX-99.1 · 2026-08-18
USD 5.375 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.375 bn | 8.0% |
| 2024 | USD 4.979 bn | -8.9% |
| 2023 | USD 5.464 bn | — |
Reported consolidated revenue from continuing operations.
Sources: 10-K · 2025-10-31
USD 1.057 bn
FY2023 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 1.057 bn | — |
Reported net income attributable to Keysight; no noncontrolling interest in fiscal 2023.
Sources: 10-K · 2025-10-31
USD 614 m
FY2024 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 614 m | — |
Reported net income attributable to Keysight; the $4 million noncontrolling interest was presented within other income rather than separately.
Sources: 10-K · 2025-10-31
USD 850 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 850 m | — |
Reported net income attributable to Keysight, including discontinued operations. Fiscal 2024's $4 million noncontrolling interest was presented within other income rather than separately.
Sources: 10-K · 2025-10-31
USD 1.408 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 1.408 bn | — |
Consolidated operating cash flow as reported, including $107 million of interest-rate-swap termination proceeds.
Sources: 10-K · 2025-10-31
USD 1.409 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.409 bn | 33.9% |
| 2024 | USD 1.052 bn | — |
Consolidated operating cash flow as reported; not net income or free cash flow.
Sources: 10-K · 2025-10-31
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