Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the fourth fiscal quarter and fiscal year ended October 31, 2025.

“Keysight delivered an outstanding quarter and strong close to the fiscal year, returning the company to full-year growth with order momentum accelerating through the year,” said Satish Dhanasekaran, Keysight’s President and CEO. “These results reflect our leadership across the markets we serve and sustained demand for Keysight's highly differentiated solutions.”

Fourth Quarter Financial Summary

Fiscal Year 2025 Financial Summary

Reporting Segments

CSG reported revenue of $990 million in the fourth quarter, up 11 percent over last year, driven by ongoing investment in AI data center infrastructure, non-terrestrial network applications, and defense modernization.

EISG reported revenue of $429 million in the fourth quarter, up 9 percent over last year, reflecting growth in broad general electronics and leading-edge semiconductor solutions.

Share Repurchase Program

Keysight also announced today that its Board of Directors authorized a new share repurchase program for up to $1.5 billion of its common stock. The new repurchase program is effective immediately and replaces the previous program. Shares may be purchased from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means. The repurchase authorization may be commenced, suspended or discontinued at any time at the company's discretion.

Outlook

Keysight’s first fiscal quarter of 2026 revenue is expected to be in the range of $1.53 billion to $1.55 billion. Non-GAAP earnings per share for the first fiscal quarter of 2026 are expected to be in the range of $1.95 to $2.01. Certain items impacting the GAAP tax rate pertain to future events and are not currently estimable with a reasonable degree of accuracy; therefore, no reconciliation of GAAP earnings per share to non-GAAP has been provided. Further information is discussed in the section titled “Use of Non-GAAP Financial Measures” below.

Webcast

Keysight’s management will present more details about its fourth quarter and fiscal year 2025 financial results and its first quarter FY2026 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on to the call atwww.investor.keysight.com Upcoming Events Q4 FY25 Keysight Technologies Inc. Earnings Conference Call

Forward-Looking Statements

This communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The words "assume," “expect,” “intend,” “will,” “should,” "outlook" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect the expected results and are based on certain key assumptions of Keysight’s management and on currently available information. Due to such uncertainties and risks, no assurances can be given that such expectations or assumptions will prove to have been correct, and readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Keysight undertakes no responsibility to publicly update or revise any forward-looking statement. The forward-looking statements contained herein include, but are not limited to, predictions, future guidance, projections, beliefs, and expectations about the company’s goals, revenues, financial condition, earnings, and operations that involve risks and uncertainties that could cause Keysight’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, impacts of global economic conditions such as inflation or recession, slowing demand for products or services, volatility in financial markets, impacts of geopolitical tension and conflict outside of the U.S., export control regulations and compliance, net zero emissions commitments, customer purchasing decisions and timing, tariff and trade policy impacts and order cancellations.

In addition to the risks above, other risks that Keysight faces include those detailed in Keysight’s filings with the Securities and Exchange Commission on Keysight’s yearly report on Form 10-K for the period ended October 31, 2024, and Keysight’s quarterly report on Form 10-Q for the period ended July 31, 2025.

Segment Data

Segment data reflects the results of our reportable segments under our management reporting system. Segment data are provided on page 5 of the attached tables.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP (“GAAP”), this document also contains certain non-GAAP financial measures based on management’s view of performance, including:

Income per share is based on weighted average diluted share count. See the attached supplemental schedules for reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure for the three months ended October 31, 2025 and fiscal year 2025. Following the reconciliations is a discussion of the items adjusted from our non-GAAP financial measures and the company’s reasons for including or excluding certain categories of income or expenses from our non-GAAP results.

About Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we're delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product lifecycle. We're a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more atKeysight Newsroom www.keysight.com

Source: IR-KEYS

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KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY

	Three months ended						Year ended
	October 31,						October 31,
	2025			2024			2025			2024

Orders	$	1,533		$	1,345		$	5,452		$	5,033

Revenue	$	1,419		$	1,287		$	5,375		$	4,979

Costs and expenses:
Cost of products and services		550			485			2,038			1,846
Research and development		258			233			1,007			919
Selling, general and administrative		399			343			1,474			1,395
Other operating expense (income), net		(5	)		(4	)		(20	)		(14	)
Total costs and expenses		1,202			1,057			4,499			4,146

Income from operations		217			230			876			833

Interest income		31			21			102			81
Interest expense		(28	)		(23	)		(96	)		(84	)
Other income (expense), net		102			20			200			35

Income from continuing operations before taxes		322			248			1,082			865

Provision for income taxes		70			321			213			251

Income (loss) from continuing operations, net of income taxes		252			(73	)		869			614
Loss from discontinued operations, net of income taxes		(23	)		—			(23	)		—

Net income (loss)	$	229		$	(73	)	$	846		$	614


Basic income (loss) per share:
Income (loss) per share from continuing operations	$	1.47		$	(0.42	)	$	5.04		$	3.53
Loss per share from discontinued operations		(0.13	)		—			(0.13	)		—
Net income (loss) per share	$	1.34		$	(0.42	)	$	4.91		$	3.53

Diluted income (loss) per share:
Income (loss) per share from continuing operations	$	1.46		$	(0.42	)	$	5.02		$	3.51
Loss per share from discontinued operations		(0.13	)		—			(0.13	)		—
Net income (loss) per share	$	1.33		$	(0.42	)	$	4.89		$	3.51

Weighted average shares used in computing net income (loss) per share:
Basic		172			173			172			174
Diluted		173			173			173			175

Page 1

KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share data)
(Unaudited)
PRELIMINARY

	October 31, 2025			October 31, 2024

ASSETS

Current assets:
Cash and cash equivalents	$	1,873		$	1,796
Accounts receivable, net		939			857
Inventory		1,050			1,022
Other current assets		486			582
Total current assets		4,348			4,257

Property, plant and equipment, net		795			774
Operating lease right-of-use assets		236			234
Goodwill		3,435			2,388
Other intangible assets, net		1,285			607
Long-term investments		211			110
Long-term deferred tax assets		373			378
Other assets		610			521
Total assets	$	11,293		$	9,269

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable	$	355		$	313
Employee compensation and benefits		399			295
Deferred revenue		652			561
Income and other taxes payable		207			90
Operating lease liabilities		51			43
Other accrued liabilities		186			125
Total current liabilities		1,850			1,427

Long-term debt		2,534			1,790
Retirement and post-retirement benefits		75			81
Long-term deferred revenue		232			206
Long-term operating lease liabilities		193			197
Other long-term liabilities		532			463
Total liabilities		5,416			4,164

Stockholders' equity:
Preferred stock; $0.01 par value; 100 million shares authorized; none issued and outstanding		—			—
Common stock; $0.01 par value; 1 billion shares authorized; 202 million and 201 million shares issued, respectively		2			2
Treasury stock, at cost; 30.8 million shares and 28.4 million shares, respectively		(3,799	)		(3,422	)
Additional paid-in-capital		2,851			2,664
Retained earnings		7,071			6,225
Accumulated other comprehensive loss		(248	)		(364	)
Total stockholders' equity		5,877			5,105
Total liabilities and equity	$	11,293		$	9,269

Page 2

KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY

	Year ended
	October 31,
	2025			2024

Cash flows from operating activities:
Net income	$	846		$	614
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		131			126
Amortization		145			144
Share-based compensation		162			137
Deferred tax expense (benefit)		(112	)		268
Excess and obsolete inventory-related charges		43			35
Gain on sale of investments		(21	)		—
Unrealized loss (gain) on investments in equity securities		(93	)		(8	)
Other non-cash expenses (income), net		6			7
Changes in assets and liabilities, net of effects of businesses acquired and divested:
Accounts receivable		23			71
Inventory		(24	)		(49	)
Accounts payable		26			26
Employee compensation and benefits		47			(36	)
Deferred revenue		35			(12	)
Income taxes payable		105			30
Income taxes receivable		105			(202	)
Other assets and liabilities		(15	)		(99	)
Net cash provided by operating activities^(a)		1,409			1,052

Cash flows from investing activities:
Investments in property, plant and equipment		(128	)		(154	)
Proceeds from government incentives		1			7
Acquisitions of businesses and intangible assets, net of cash acquired		(2,022	)		(681	)
Proceeds from divestiture		399			—
Proceeds from sale of investments		30			11
Other investing activities		(7	)		(2	)
Net cash used in investing activities		(1,727	)		(819	)

Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans		63			66
Payment of taxes related to net share settlement of equity awards		(39	)		(31	)
Acquisition of non-controlling interests		—			(458	)
Treasury stock repurchases, including excise tax payments		(377	)		(443	)
Proceeds from issuance of long-term debt		748			599
Repayment of debt		—			(624	)
Debt issuance costs		(8	)		(12	)
Other financing activities		(2	)		(10	)
Net cash provided by (used in) financing activities		385			(913	)

Effect of exchange rate movements		9			6

Net increase (decrease) in cash, cash equivalents, and restricted cash		76			(674	)
Cash, cash equivalents, and restricted cash at beginning of year		1,814			2,488
Cash, cash equivalents, and restricted cash at end of year	$	1,890		$	1,814


Cash payments included in operating activities:^(a)
Interest payments	$	77		$	75
Income tax paid, net	$	120		$	146


Page 3

KEYSIGHT TECHNOLOGIES, INC.
NET INCOME AND DILUTED EPS RECONCILIATION
(In millions, except per share data)
(Unaudited)
PRELIMINARY

	Three months ended												Year ended
	October 31,												October 31,
	2025						2024						2025						2024
	Net Income			Diluted EPS			Net Income			Diluted EPS^(b)			Net Income			Diluted EPS			Net Income		Diluted EPS

GAAP Net income (loss)	$	229		$	1.33		$	(73	)	$	(0.42	)	$	846		$	4.89		$	614	$	3.51
Less: Loss from discontinued operations, net of income taxes		(23	)		(0.13	)		—			—			(23	)		(0.13	)		—		—
Income (loss) from continuing operations, net of income taxes		252			1.46			(73	)		(0.42	)		869			5.02			614		3.51
Non-GAAP adjustments:
Amortization of acquisition-related balances		41			0.24			33			0.19			141			0.81			139		0.80
Share-based compensation		45			0.26			27			0.15			176			1.02			145		0.83
Acquisition and integration costs		36			0.21			19			0.11			106			0.61			75		0.43
Restructuring and others		(59	)		(0.35	)		8			0.05			(63	)		(0.36	)		52		0.30
Adjustment for taxes^(a)		16			0.09			274			1.57			11			0.06			71		0.40
Non-GAAP Net income	$	331		$	1.91		$	288		$	1.65		$	1,240		$	7.16		$	1,096	$	6.27

Weighted average shares outstanding - diluted		173						173						173						175

For both the three months and year ended October 31, 2025 and 2024, management uses a non-GAAP effective tax rate of 14%.^(a)

EPS impact on non-GAAP adjustments and non-GAAP net income is based on an adjusted shares outstanding of 174 million for three months ended October 31, 2024.^(b)

Please refer to the last page for details on the use of non-GAAP financial measures.

Page 4

KEYSIGHT TECHNOLOGIES, INC.
SEGMENT RESULTS INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY

Communications Solutions Group							Percent
	Q4'25			Q4'24			Inc/(Dec)
Revenue	$	990		$	894		11%
Gross margin, %		66	%		67	%
Income from operations	$	264		$	249
Operating margin, %		27	%		28	%


Electronic Industrial Solutions Group							Percent
	Q4'25			Q4'24			Inc/(Dec)
Revenue	$	429		$	393		9%
Gross margin, %		60	%		58	%
Income from operations	$	109		$	83
Operating margin, %		25	%		21	%


Segment revenue and income from operations are consistent with the respective non-GAAP financial measures as discussed on last page.

Page 5

KEYSIGHT TECHNOLOGIES, INC.
FREE CASH FLOW
(In millions)
(Unaudited)
PRELIMINARY

	Three months ended						Year ended
	October 31,						October 31,
	2025			2024			2025			2024
Net cash provided by operating activities	$	225		$	359		$	1,409		$	1,052
Adjustments:
Investments in property, plant and equipment		(38	)		(38	)		(128	)		(154	)
Proceeds from government incentives		1			7			1			7
Free cash flow	$	188		$	328		$	1,282		$	905

Please refer to the last page for details on the use of non-GAAP financial measures.

Page 6

KEYSIGHT TECHNOLOGIES, INC.
REVENUE BY END MARKETS
(In millions)
(Unaudited)
PRELIMINARY

					Percent					Percent
	Q4'25		Q4'24		Inc/(Dec)	FY25		FY24		Inc/(Dec)
Aerospace, Defense and Government	$	330	$	303	9%	$	1,238	$	1,149	8%
Commercial Communications		660		591	12%		2,488		2,271	10%
Electronic Industrial		429		393	9%		1,649		1,559	6%
Total Revenue	$	1,419	$	1,287	10%	$	5,375	$	4,979	8%

Page 7

Non-GAAP Financial Measures

Management uses both GAAP and non-GAAP financial measures to analyze and assess the overall performance of the business, to make operating decisions and to forecast and plan for future periods. We believe that our investors benefit from seeing our results “through the eyes of management” in addition to seeing our GAAP results. This information enhances investors’ understanding of the continuing performance of our business and facilitates comparison of performance to our historical and future periods.
Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, including industry peer companies, limiting the usefulness of these measures for comparative purposes.
These non-GAAP measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The discussion below presents information about each of the non-GAAP financial measures and the company’s reasons for including or excluding certain categories of income or expenses from our non-GAAP results. In future periods, we may exclude such items and may incur income and expenses similar to these excluded items. Accordingly, adjustments for these items and other similar items in our non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual.
excludes the impact of foreign currency changes and revenue/ expenses associated with acquisitions or divestitures completed within the last twelve months. We exclude from the current period the impact of foreign currency changes as currency rates can fluctuate based on factors that are not within our control and can obscure growth trends. As the nature, size and number of acquisitions can vary significantly from period to period and as compared to our peers, we also exclude revenue/ expenses associated with recently acquired businesses to facilitate comparisons of growth and analysis of underlying business trends.Core Revenue/ Margin
includes cash provided by operating activities adjusted for net investments in property, plant & equipment.Free cash flow
may include the following types of adjustments:Non-GAAP Income from Operations, Non-GAAP Net Income and Non-GAAP Diluted EPS
We exclude the impact of certain items recorded in connection with business combinations from our non-GAAP financial measures that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts and lack of predictability as to occurrence or timing. These amounts may include non-cash items such as the amortization of acquired intangible assets and amortization of items associated with fair value purchase accounting adjustments. We also exclude other acquisition and integration costs associated with business acquisitions that are not normal recurring operating expenses, including gain/loss on foreign exchange contracts and legal, accounting and due diligence costs. We exclude these charges to facilitate a more meaningful evaluation of our current operating performance and comparisons to our past operating performance.Acquisition-related Items:
We exclude share-based compensation expense from our non-GAAP financial measures because share-based compensation expense can vary significantly from period to period based on the company’s share price, as well as the timing, size and nature of equity awards granted. Management believes the exclusion of this expense facilitates the ability of investors to compare the company’s operating results with those of other companies, many of which also exclude share-based compensation expense in determining their non-GAAP financial measures.Share-based Compensation Expense:
We also exclude “others,” not normal, recurring, cash operating income/expenses from our non-GAAP financial measures. Such items are evaluated on an individual basis, based on both quantitative and qualitative factors and generally represent items that we do not anticipate occurring as part of our normal business. While not all-inclusive, examples of such items would include net gains/losses on equity investments, significant non-recurring events like realized gains or losses associated with our employee benefit plans, costs and recoveries related to unusual events, gain on sale of assets/divestitures, adjustment attributable to non-controlling interest, etc. We believe that these costs do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of the company’s current operating performance or comparisons to our operating performance in other periods. Restructuring and others:
We utilize a consistent methodology for long-term projected non-GAAP tax rate. When projecting this long-term rate, we exclude any tax benefits or expenses that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability. Additionally, we evaluate our current long-term projections, current tax structure and other factors, such as existing tax positions in various jurisdictions and key tax holidays in major jurisdictions where Keysight operates. This tax rate could change in the future for a variety of reasons, including but not limited to significant changes in geographic earnings mix including acquisition activity, or fundamental tax law changes in major jurisdictions where Keysight operates. The above reasons also limit our ability to reasonably estimate the future GAAP tax rate and provide a reconciliation of the expected non-GAAP earnings per share for the first quarter of fiscal 2026 to the GAAP equivalent.Estimated Tax Rate:

Management recognizes these items can have a material impact on our cash flows and/or our net income. Our GAAP financial statements, including our Condensed Consolidated Statement of Cash Flows, portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded costs are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company’s profit and loss from any and all events, management does (and investors should) rely upon the Condensed Consolidated Statement of Operations prepared in accordance with GAAP. The non-GAAP measures focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company’s performance.

Page 8

Revenue was $1.42 billion, compared with $1.29 billion last year.
GAAP net income was $229 million, or $1.33 per share, compared with a GAAP net loss of $73 million, or $0.42 per share, in the fourth quarter of 2024.
Non-GAAP net income was $331 million, or $1.91 per share, compared with $288 million, or $1.65 per share, in the fourth quarter of 2024.
Cash flow from operations was $225 million, compared with $359 million last year. Free cash flow was $188 million, compared with $328 million in the fourth quarter of 2024.
As of October 31, 2025, cash and cash equivalents totaled $1.87 billion.

Revenue was $5.37 billion, compared with $4.98 billion last year.
GAAP net income was $846 million, or $4.89 per share, compared with $614 million, or $3.51 per share, in fiscal 2024.
Non-GAAP net income was $1.24 billion, or $7.16 per share, compared with $1.10 billion, or $6.27 per share, in fiscal year 2024.
Cash flow from operations was $1.41 billion, compared with $1.05 billion last year. Free cash flow was $1.28 billion, compared with $0.91 billion in fiscal year 2024.

Communications Solutions Group (CSG)

Electronic Industrial Solutions Group (EISG)

Non-GAAP Net Income/Earnings
Non-GAAP Net Income per share/Earnings per share
Free Cash Flow