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Keysight Technologies, Inc.KEYS

Sector
Industrial
Industry
Industrial Instruments For Measurement, Display, and Control
Exchange
NYSE

Stock Price $KEYS

Latest filings

You are here#49 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K96

KEYS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 96 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’17Apr ’17
  2. FY2018 annual report10-K · Dec ’18Dec ’18
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  13. $5.38B
YoY changeLargest recent move+21.6%in FY18Latest +8.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All KEYS Financial Metrics60 metrics

Income Statement16

Balance Sheet26

Cash Flow14

Per Share4

02—Overview

Keysight Technologies, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

After seeing net income plunge 42% during a cyclical downturn in FY2024, Keysight Technologies engineered a rapid turnaround with earnings surging 38% to $850 milliona in FY2025. This sharp recovery demonstrates the core investment thesis for the stock: the company’s aggressive acquisition strategy and heavy research investments allow it to effectively monetize next-generation electronics cycles across AI, 6G, and defense networks.

Keysight’s long-term trajectory highlights steady top-line expansion, with total revenue growing from $4.94 billion in FY2021 to $5.375 billionb in FY2025. The company navigated supply chain disruptions and geopolitical headwinds by pivoting toward higher-margin software and services. This operational leverage became highly visible in the first half of FY2026, when revenue jumped 27% to $3.317 billion and gross margins expanded to 65.5%. Keysight fueled this momentum by completing major buyouts, including Spirent Communications, while maintaining organic commitments like its massive $919 million R&D spend in FY2024. Backed by strong liquidity, including $942 million in operating cash flow during the first six months of FY2026, the board authorized a new $1.5 billion stock repurchase program to return capital to shareholders.

The market rewarded this financial resilience and strategic M&A expansion. At the close of FY2025, Keysight traded at 37.3x earnings, with the stock priced at $182.96c as investors priced in the ongoing AI and communications testing upcycle.

Recent Developments (Q1 and Q2 2026)

Keysight sustained its top-line momentum in Q1 2026, with revenue rising 23% year-over-year to $1.6 billion and net income expanding to $281 milliond. Over the first half of the year, net income grew 48% to $630 million, aided by an $87 million tax benefit. This operational growth coincided with strategic maneuvers, including the integration of Synopsys' Optical Solutions Group and the establishment of a new $750 million revolving credit facility maturing in 2031. Corporate governance also evolved, as shareholders approved board declassification and SVP of Global Services John Page announced his upcoming retirement.

Bulls highlight the company's ability to drive outsized bottom-line expansion through targeted acquisitions and a favorable product mix. Conversely, bears can argue the stock is richly valued at 69.9xe earnings as of the Q2 2026 reporting date, leaving little margin for error if demand softens.

What to watch: leadership transition in the Global Services division; integration progress of the Synopsys Optical Solutions unit.

03—Filings

Recent SEC Filings

  1. 8-KKeysight Technologies, Inc. 8-K Report, Executive Changes (Aug 26, 2026)Keysight Technologies (NYSE: KEYS) filed an 8-K on August 26, 2026 disclosing a board governance change rather than any financial results or operational event. Under Item 5.02, the Board increased its size from ten to eleven members and appointed Scott Reese as a Class I director, with a term expiring at the 2027 Annual Meeting. The Board has determined Reese is independent under NYSE rules and Item 407(a) of Regulation S-K, and he will sit on the Audit and Finance Committee and the Nominating and Corporate Governance Committee. Reese, age 53, brings software product development and transformation experience. He most recently served as President and CEO of GE Vernova's Electrification Software business, where he led a turnaround of a $1.2 billion industrial software business, and previously spent nearly two decades at Autodesk, ending as EVP of Product Development & Manufacturing Software. He currently sits on the boards of Planet Labs PBC, Landis+Gyr, and AutoLOTO. The company's press release frames the appointment around software, hardware, and data expertise aligned with its strategy, which the CEO, Satish Dhanasekaran, linked to accelerating growth and long-term value creation. For investors, the filing is a modest governance update with no disclosed financial impact. Reese receives half of the standard annual director cash and stock compensation for the plan year ending February 28, 2027, and he will enter the company's standard indemnification agreement. No related-party transactions under Item 404(a) or arrangements tied to his election were disclosed. The relevance to investors lies mainly in whether his software and cloud background supports Keysight's strategic direction, which the filing does not elaborate on.
  2. 8-KKeysight Technologies, Inc. 8-K Report, Financial Results (Aug 18, 2026)Keysight Technologies (KEYS) reported fiscal Q3 2026 results (quarter ended July 31, 2026) that were sharply higher year over year. Revenue reached $1.846 billion, up 36% from $1.352 billion, and orders came in at $2.091 billion, marking a second consecutive record quarter above $2 billion. GAAP net income rose to $397 million ($2.30 diluted EPS) from $191 million ($1.10), and non-GAAP EPS was $3.07 versus $1.72. Growth was led by the Communications Solutions Group (revenue up 43% to $1.345 billion, with commercial communications up 56%), while the Electronic Industrial Solutions Group grew 21% to $501 million. Operating margin in CSG expanded to 34% from 26%. Cash generation was strong, with operating cash flow of $437 million and free cash flow of $403 million for the quarter, versus $291 million a year earlier. Nine-month free cash flow reached $1.282 billion. The company ended the quarter with $2.62 billion in cash and equivalents, and it returned capital through $520 million of nine-month treasury stock repurchases. Total debt stood at about $2.52 billion, including a $700 million current portion, which the company will need to address over the coming year. Management guided fiscal Q4 2026 revenue to $1.930–$1.950 billion, implying roughly 37% year-over-year growth at the midpoint, and non-GAAP EPS of $3.34–$3.40 on about 172 million diluted shares. The guidance points to continued momentum, though investors should note that the results are preliminary and unaudited, that guidance depends on forward-looking assumptions, and that the filing does not reconcile the GAAP EPS outlook to non-GAAP because of tax items that cannot yet be estimated.
  3. 8-KKeysight Technologies, Inc. 8-K Report, Financial Results (May 19, 2026)Keysight reported a record second fiscal quarter 2026 (ended April 30, 2026). Revenue rose 31% year over year to $1.72 billion, and orders reached $2.05 billion, roughly 56% above the prior-year quarter. GAAP net income was $349 million ($2.02 per diluted share) versus $257 million ($1.49) a year earlier. Non-GAAP net income was $497 million ($2.87 per share) versus $295 million ($1.70). Operating cash flow was $501 million and free cash flow was $472 million. Communications Solutions Group (CSG) drove most of the growth, with revenue up 35% and an operating margin of 33%. Electronic Industrial Solutions Group (EISG) grew 24%, and its operating margin expanded to 33% from 23%. Quality of earnings deserves attention. Q2 includes a net pre-tax benefit from IEEPA tariff refunds. Keysight recorded a $100 million receivable, with $93 million offset in cost of sales, $4 million in SG&A, and $3 million in interest income. It also recorded a $40 million reduction in revenue for surcharges refunded to customers. The net effect is a benefit of roughly $60 million pre-tax, with about $57 million flowing through operating income. The non-GAAP reconciliation contains no adjustment for this item, so the benefit appears to be included in the reported non-GAAP EPS of $2.87. Investors should consider this one-time benefit when assessing the underlying run rate. Gross margin improved sharply, and the refund contributed to that improvement. Management raised its fiscal 2026 expectations. For Q3 FY26, it guided revenue to $1.730 billion to $1.750 billion, a midpoint implying about 29% year-over-year growth, and non-GAAP EPS of $2.43 to $2.49 on about 173 million diluted shares. Balance sheet changes are modest: cash of $2.41 billion against total debt of about $2.53 billion, with $699 million classified as current. Six-month share repurchases were $310 million. The filing is preliminary and unaudited.
  4. 8-KKeysight Technologies, Inc. 8-K Report, Financial Obligation (Apr 23, 2026)Keysight Technologies, Inc. (KEYS) has filed an 8-K to report the execution of an Amended and Restated Credit Agreement on April 21, 2026. This agreement replaces their previous credit facility from July 2021. The primary focus for investors is the establishment of a new $750 million, five-year unsecured revolving credit facility maturing on April 21, 2031. This facility provides significant liquidity and flexibility for the company's ongoing operations and strategic initiatives. Furthermore, the agreement includes an accordion feature allowing Keysight to potentially increase the total commitments under the facility by up to an additional $350 million, subject to customary conditions. While the agreement contains standard covenants, including restrictions on liens and subsidiary indebtedness, and requires compliance with specified financial ratios, the unsecured nature of the facility suggests a strong financial standing. Investors should note that breaches of these covenants could lead to the acceleration of outstanding debt.
  5. 8-KKeysight Technologies, Inc. 8-K Report, Shareholder Vote Results (Mar 24, 2026)Keysight Technologies, Inc. (KEYS) filed an 8-K on March 24, 2026, detailing the results of its Annual Meeting of Stockholders held on March 19, 2026. The meeting saw strong participation, with approximately 91% of outstanding shares represented, indicating significant stockholder engagement. Key outcomes include the election of three directors, the ratification of PricewaterhouseCoopers LLP as the independent auditor, and the approval of executive compensation for fiscal year 2025. Furthermore, stockholders approved a significant governance change: the amendment of the Company's Certificate of Incorporation to declassify the Board of Directors. This move will transition the board to annual elections, a common trend favored by many investors for enhanced accountability. Additionally, a stockholder proposal enabling shareholders to call for special meetings was also approved, granting shareholders more direct influence over corporate governance.
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04—See also

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