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Keysight Technologies Inc Financials

KEYS
Source SEC Filings (10-K/10-Q) Updated Mar 5, 2026 Currency USD FYE October

This page shows Keysight Technologies Inc (KEYS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 62 / 100
Financial Profile 62/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
58

Keysight Technologies Inc has an operating margin of 16.3%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is down from 16.7% the prior year.

Growth
47

Keysight Technologies Inc's revenue grew 8.0% year-over-year to $5.4B, a solid pace of expansion. This earns a growth score of 47/100.

Leverage
94

Keysight Technologies Inc carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
49

Keysight Technologies Inc's current ratio of 2.60 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
85

Keysight Technologies Inc converts 23.8% of revenue into free cash flow ($1.3B). This strong cash generation earns a score of 85/100.

Returns
42

Keysight Technologies Inc's ROE of 13.7% shows moderate profitability relative to equity, earning a score of 42/100. This is up from 11.8% the prior year.

Altman Z-Score Safe
7.63

Keysight Technologies Inc scores 7.63, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($50.2B) relative to total liabilities ($5.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Keysight Technologies Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.66x

For every $1 of reported earnings, Keysight Technologies Inc generates $1.66 in operating cash flow ($1.4B OCF vs $850.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
9.1x

Keysight Technologies Inc earns $9.1 in operating income for every $1 of interest expense ($876.0M vs $96.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$5.4B
YoY+8.0%
5Y CAGR+5.0%
10Y CAGR+6.5%

Keysight Technologies Inc generated $5.4B in revenue in fiscal year 2025. This represents an increase of 8.0% from the prior year.

EBITDA
$1.1B
YoY+4.3%
5Y CAGR+1.0%
10Y CAGR+8.0%

Keysight Technologies Inc's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.3% from the prior year.

Net Income
$850.0M
YoY+38.4%
5Y CAGR+6.3%
10Y CAGR+5.2%

Keysight Technologies Inc reported $850.0M in net income in fiscal year 2025. This represents an increase of 38.4% from the prior year.

EPS (Diluted)
$4.91
YoY+39.9%
5Y CAGR+8.2%
10Y CAGR+5.0%

Keysight Technologies Inc earned $4.91 per diluted share (EPS) in fiscal year 2025. This represents an increase of 39.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.3B
YoY+42.7%
5Y CAGR+7.3%
10Y CAGR+16.3%

Keysight Technologies Inc generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 42.7% from the prior year.

Cash & Debt
$2.2B
YoY+5.7%
5Y CAGR+2.9%
10Y CAGR+14.3%

Keysight Technologies Inc held $2.2B in cash against $2.5B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
172M
YoY-0.8%
5Y CAGR-1.6%
10Y CAGR+0.1%

Keysight Technologies Inc had 172M shares outstanding in fiscal year 2025. This represents a decrease of 0.8% from the prior year.

Margins & Returns

Gross Margin
62.1%
YoY-0.8pp
5Y CAGR+2.1pp
10Y CAGR+6.5pp

Keysight Technologies Inc's gross margin was 62.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.

Operating Margin
16.3%
YoY-0.4pp
5Y CAGR-1.8pp
10Y CAGR+1.2pp

Keysight Technologies Inc's operating margin was 16.3% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.

Net Margin
15.8%
YoY+3.5pp
5Y CAGR+1.0pp
10Y CAGR-2.2pp

Keysight Technologies Inc's net profit margin was 15.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.5 percentage points from the prior year.

Return on Equity
13.7%
YoY+1.9pp
5Y CAGR-4.0pp
10Y CAGR-23.4pp

Keysight Technologies Inc's ROE was 13.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$1.0B
YoY+9.6%
5Y CAGR+7.1%
10Y CAGR+10.0%

Keysight Technologies Inc invested $1.0B in research and development in fiscal year 2025. This represents an increase of 9.6% from the prior year.

Share Buybacks
$375.0M
YoY-14.6%
5Y CAGR-1.8%

Keysight Technologies Inc spent $375.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 14.6% from the prior year.

Capital Expenditures
$128.0M
YoY-16.9%
5Y CAGR+1.8%
10Y CAGR+3.4%

Keysight Technologies Inc invested $128.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.9% from the prior year.

KEYS Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $1.2B-23.4% $1.6B+12.8% $1.4B+5.0% $1.4B+3.5% $1.3B+0.6% $1.3B+0.9% $1.3B+5.8% $1.2B
Cost of Revenue $486.0M-19.7% $605.0M+10.0% $550.0M+6.2% $518.0M+5.3% $492.0M+2.9% $478.0M-1.4% $485.0M+5.0% $462.0M
Gross Profit $739.0M-25.7% $995.0M+14.5% $869.0M+4.2% $834.0M+2.5% $814.0M-0.7% $820.0M+2.2% $802.0M+6.2% $755.0M
R&D Expenses $303.0M0.0% $303.0M+17.4% $258.0M+3.2% $250.0M0.0% $250.0M+0.4% $249.0M+6.9% $233.0M+3.1% $226.0M
SG&A Expenses $447.0M0.0% $447.0M+12.0% $399.0M+12.7% $354.0M-1.7% $360.0M-0.3% $361.0M+5.2% $343.0M+4.3% $329.0M
Operating Income $248.0M0.0% $248.0M+14.3% $217.0M-7.3% $234.0M+13.0% $207.0M-5.0% $218.0M-5.2% $230.0M+12.2% $205.0M
Interest Expense $29.0M0.0% $29.0M+3.6% $28.0M0.0% $28.0M+40.0% $20.0M0.0% $20.0M-13.0% $23.0M+9.5% $21.0M
Income Tax -$83.0M0.0% -$83.0M-218.6% $70.0M+40.0% $50.0M-20.6% $63.0M+110.0% $30.0M-90.7% $321.0M+282.4% -$176.0M
Net Income $281.0M0.0% $281.0M+20.6% $233.0M+22.0% $191.0M-25.7% $257.0M+52.1% $169.0M+331.5% -$73.0M-118.8% $389.0M
EPS (Diluted) $1.630.0% $1.63 N/A $1.10-26.2% $1.49+53.6% $0.97 N/A $2.22

KEYS Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $11.5B0.0% $11.5B+1.6% $11.3B+6.1% $10.7B+1.1% $10.5B+12.2% $9.4B+1.3% $9.3B-0.6% $9.3B
Current Assets $4.7B0.0% $4.7B+8.1% $4.3B-22.4% $5.6B+2.5% $5.5B+22.7% $4.5B+4.7% $4.3B+6.5% $4.0B
Cash & Equivalents $2.2B0.0% $2.2B+16.3% $1.9B-28.9% $2.6B-15.5% $3.1B+51.4% $2.1B+14.7% $1.8B+10.0% $1.6B
Inventory $1.0B0.0% $1.0B-0.2% $1.1B+2.8% $1.0B-0.5% $1.0B-1.3% $1.0B+1.7% $1.0B-0.4% $1.0B
Accounts Receivable $914.0M0.0% $914.0M-2.7% $939.0M+35.7% $692.0M-7.0% $744.0M-6.6% $797.0M-7.0% $857.0M+6.9% $802.0M
Goodwill $3.5B0.0% $3.5B+1.5% $3.4B+41.0% $2.4B-0.2% $2.4B+3.4% $2.4B-1.4% $2.4B-0.1% $2.4B
Total Liabilities $5.3B0.0% $5.3B-2.7% $5.4B+8.8% $5.0B-1.5% $5.1B+20.4% $4.2B+0.9% $4.2B+1.7% $4.1B
Current Liabilities $1.8B0.0% $1.8B-2.4% $1.9B+18.6% $1.6B-3.3% $1.6B+7.0% $1.5B+5.7% $1.4B-26.8% $1.9B
Long-Term Debt $2.5B0.0% $2.5B0.0% $2.5B0.0% $2.5B0.0% $2.5B+41.5% $1.8B0.0% $1.8B+49.7% $1.2B
Total Equity $6.2B0.0% $6.2B+5.5% $5.9B+3.7% $5.7B+3.5% $5.5B+5.6% $5.2B+1.6% $5.1B-2.4% $5.2B
Retained Earnings $7.4B0.0% $7.4B+4.0% $7.1B+3.4% $6.8B+2.9% $6.7B+4.0% $6.4B+2.7% $6.2B-1.2% $6.3B

KEYS Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow $441.0M0.0% $441.0M+96.0% $225.0M-30.1% $322.0M-33.5% $484.0M+28.0% $378.0M+5.3% $359.0M+40.8% $255.0M
Capital Expenditures $34.0M0.0% $34.0M-10.5% $38.0M+22.6% $31.0M+14.8% $27.0M-15.6% $32.0M-15.8% $38.0M+15.2% $33.0M
Free Cash Flow $407.0M0.0% $407.0M+117.6% $187.0M-35.7% $291.0M-36.3% $457.0M+32.1% $346.0M+7.8% $321.0M+44.6% $222.0M
Investing Cash Flow -$44.0M0.0% -$44.0M+97.3% -$1.6B-5158.1% -$31.0M+6.1% -$33.0M0.0% -$33.0M+13.2% -$38.0M+74.7% -$150.0M
Financing Cash Flow -$99.0M0.0% -$99.0M+2.9% -$102.0M-264.3% -$28.0M-104.8% $589.0M+895.9% -$74.0M+53.8% -$160.0M-21.2% -$132.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $87.0M0.0% $87.0M-13.0% $100.0M+100.0% $50.0M-66.7% $150.0M+100.0% $75.0M-50.0% $150.0M0.0% $150.0M

KEYS Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin 60.3%-1.9pp 62.2%+0.9pp 61.2%-0.4pp 61.7%-0.6pp 62.3%-0.8pp 63.2%+0.9pp 62.3%+0.3pp 62.0%
Operating Margin 20.2%+4.7pp 15.5%+0.2pp 15.3%-2.0pp 17.3%+1.5pp 15.8%-1.0pp 16.8%-1.1pp 17.9%+1.0pp 16.8%
Net Margin 22.9%+5.4pp 17.6%+1.1pp 16.4%+2.3pp 14.1%-5.5pp 19.7%+6.7pp 13.0%+18.7pp -5.7%-37.6pp 32.0%
Return on Equity 4.5%0.0pp 4.5%+0.6pp 4.0%+0.6pp 3.4%-1.3pp 4.7%+1.4pp 3.3%+4.7pp -1.4%-8.9pp 7.4%
Return on Assets 2.5%0.0pp 2.5%+0.4pp 2.1%+0.3pp 1.8%-0.7pp 2.4%+0.6pp 1.8%+2.6pp -0.8%-5.0pp 4.2%
Current Ratio 2.600.0 2.60+0.3 2.35-1.2 3.59+0.2 3.39+0.4 2.95-0.0 2.98+0.9 2.05
Debt-to-Equity 0.410.0 0.41-0.0 0.43-0.0 0.45-0.0 0.46+0.1 0.350.0 0.35+0.1 0.23
FCF Margin 33.2%+7.8pp 25.4%+12.3pp 13.2%-8.3pp 21.5%-13.5pp 35.0%+8.3pp 26.7%+1.7pp 24.9%+6.7pp 18.2%

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Frequently Asked Questions

Keysight Technologies Inc (KEYS) reported $5.4B in total revenue for fiscal year 2025. This represents a 8.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Keysight Technologies Inc (KEYS) revenue grew by 8% year-over-year, from $5.0B to $5.4B in fiscal year 2025.

Yes, Keysight Technologies Inc (KEYS) reported a net income of $850.0M in fiscal year 2025, with a net profit margin of 15.8%.

Keysight Technologies Inc (KEYS) reported diluted earnings per share of $4.91 for fiscal year 2025. This represents a 39.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Keysight Technologies Inc (KEYS) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Keysight Technologies Inc (KEYS) had $2.2B in cash and equivalents against $2.5B in long-term debt.

Keysight Technologies Inc (KEYS) had a gross margin of 62.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Keysight Technologies Inc (KEYS) had an operating margin of 16.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Keysight Technologies Inc (KEYS) had a net profit margin of 15.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Keysight Technologies Inc (KEYS) has a return on equity of 13.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Keysight Technologies Inc (KEYS) generated $1.3B in free cash flow during fiscal year 2025. This represents a 42.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Keysight Technologies Inc (KEYS) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Keysight Technologies Inc (KEYS) had $11.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Keysight Technologies Inc (KEYS) invested $128.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Keysight Technologies Inc (KEYS) invested $1.0B in research and development during fiscal year 2025.

Yes, Keysight Technologies Inc (KEYS) spent $375.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Keysight Technologies Inc (KEYS) had 172M shares outstanding as of fiscal year 2025.

Keysight Technologies Inc (KEYS) had a current ratio of 2.60 as of fiscal year 2025, which is generally considered healthy.

Keysight Technologies Inc (KEYS) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Keysight Technologies Inc (KEYS) had a return on assets of 7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Keysight Technologies Inc (KEYS) has an Altman Z-Score of 7.63, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Keysight Technologies Inc (KEYS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Keysight Technologies Inc (KEYS) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Keysight Technologies Inc (KEYS) has an interest coverage ratio of 9.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Keysight Technologies Inc (KEYS) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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