Keysight Technologies, Inc.KEYS

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 million 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 billion 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 $182.96 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 million. 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 69.9x 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.

Rev

$5.38B

+8.0% YoY

FY2025

NI

$850.0M

+37.5% YoY

FY2025

EPS

$4.93

+39.7% YoY

FY2025

OCF

$1.41B

+33.9% YoY

FY2025

Revenue Trend
Beta

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

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Data from SEC Company Facts

All KEYS Financial Metrics(60)

Recent SEC Filings

Keysight Technologies, Inc. 8-K Report, Executive Changes (Aug 26, 2026)

Keysight Technologies, Inc. (KEYS) announced on August 26, 2026, a strategic expansion of its Board of Directors, increasing its size from ten to eleven members and appointing Scott Reese as a new Class I director. This move strengthens the Board's expertise in critical technology areas, particularly software product development, strategy, and design, aligning with Keysight's focus on innovation and future growth. Mr. Reese brings a wealth of experience from leadership roles at GE Vernova Electrification Software and nearly two decades at Autodesk, where he developed expertise in cloud platforms, cybersecurity, and simulation solutions. His appointment is expected to provide valuable insights as Keysight navigates the evolving technology landscape. The company also confirmed Mr. Reese meets independence standards and has no disclosable conflicts of interest or related party transactions.

Keysight Technologies, Inc. 8-K Report, Financial Results (Aug 18, 2026)

Keysight Technologies, Inc. has filed an 8-K report on August 18, 2026, to announce its financial results for the third fiscal quarter ended July 31, 2026. The primary focus of this filing is the release of these quarterly results, which are detailed in an accompanying press release (Exhibit 99.1). The company emphasizes its use of non-GAAP financial measures to provide investors with a clearer view of operational performance and future prospects, aligning with how management assesses the business. While the press release itself is not provided, the 8-K indicates that Keysight's management believes these non-GAAP figures offer valuable supplemental insights into core financial performance, aiding in comparisons with historical results, competitors, and investor guidance. Investors should note that these non-GAAP measures exclude certain items like amortization, share-based compensation, and acquisition-related costs, and are presented to offer transparency into management's decision-making, though they are not a substitute for GAAP reporting.

Keysight Technologies, Inc. 8-K Report, Financial Results (May 19, 2026)

Keysight Technologies, Inc. has filed an 8-K report on May 19, 2026, to announce its financial results for the second fiscal quarter ended April 30, 2026. The filing primarily comprises a press release (Exhibit 99.1) detailing these results. The company emphasizes its use of non-GAAP financial measures alongside GAAP to offer investors a more comprehensive view of its operational performance and future prospects. Management utilizes these non-GAAP figures, which exclude items like amortization, share-based compensation, and acquisition-related costs, to assess core financial performance and facilitate comparisons with historical results and competitors.

Keysight 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.

Keysight 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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