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Keysight Technologies, Inc. 8-K Report, Financial Results (Nov 24, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 24, 2025
Period End
November 24, 2025
Security
KEYS
In the 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. Leadership change8-K · May ’22May ’22
  3. Leadership change8-K · Nov ’24Nov ’24

01—Abstract

Summary

Summary of the 8-K filed November 24, 2025. Cited figures are marked; the original filing is the authoritative source.

Keysight Technologies (KEYS) reported fourth quarter and fiscal 2025 results (quarter and year ended October 31, 2025) that the company characterized as above guidance, with revenue of $1.42 billiona in Q4, up 10% from $1.29 billion a year earlier, and full-year revenue of $5.37 billion, up 8% from $4.98 billion.

Q4 orders reached $1.53 billionb versus $1.35 billion, and full-year orders were $5.45 billion versus $5.03 billion, supporting management's claim of accelerating order momentum and a return to full-year growth. Profitability was mixed on a GAAP basis: Q4 GAAP net income was $229 million ($1.33 per diluted share), versus a GAAP net loss in the prior-year quarter, but this included a $23 million loss from discontinued operations and a $102 million other income item. Non-GAAP EPS rose to $1.91 from $1.65, and full-year non-GAAP EPS was $7.16 versus $6.27.

Free cash flow was $188 millionc in Q4 (down from $328 million) and $1.28 billion for the year (up from $905 million). The balance sheet changed meaningfully during the year. Long-term debt rose to $2.53 billion from $1.79 billion, and goodwill and intangibles increased substantially, reflecting roughly $2.0 billion of acquisitions net of cash acquired, partially offset by $399 million of divestiture proceeds.

Cash and equivalents ended at $1.87 billiond. Management also announced a new share repurchase authorization of up to $1.5 billion, effective immediately and replacing the prior program, signaling continued capital return. Guidance for fiscal Q1 2026 calls for revenue of $1.53 billion to $1.55 billion and non-GAAP EPS of $1.95 to $2.01, both implying continued sequential and year-over-year growth.

Investors should note that the 8-K furnishes the earnings release under Item 2.02 and that the results are labeled preliminary and unaudited. Segment performance was led by the Communications Solutions Group, whose Q4 revenue rose 11% to $990 million, while the Electronic Industrial Solutions Group grew 9% to $429 million. Non-GAAP measures exclude amortization, share-based compensation, acquisition costs, and restructuring, so GAAP results and cash flow remain the authoritative reference points for assessing overall performance.

02—Key points

Key Highlights

  1. Q4 FY25 revenue of $1.42 billion, up 10% year over year; full-year revenue of $5.37 billion, up 8%, marking a return to full-year growth per management.
  2. Q4 orders of $1.53 billion (up 14% year over year) and full-year orders of $5.45 billion (up 8%), indicating accelerating demand.
  3. Q4 non-GAAP EPS of $1.91 versus $1.65 a year earlier; full-year non-GAAP EPS of $7.16 versus $6.27. Q4 GAAP diluted EPS of $1.33 includes a $0.13 loss from discontinued operations.
  4. Full-year free cash flow of $1.28 billion, up from $905 million, though Q4 free cash flow fell to $188 million from $328 million.
  5. Balance sheet leverage increased: long-term debt rose to $2.53 billion from $1.79 billion, and goodwill grew to $3.44 billion after roughly $2.0 billion in net acquisition spending.
  6. New share repurchase authorization of up to $1.5 billion, effective immediately and replacing the prior program.
  7. FQ1 2026 guidance: revenue of $1.53 to $1.55 billion and non-GAAP EPS of $1.95 to $2.01; GAAP EPS reconciliation not provided due to tax items not currently estimable.

03—Questions

Frequently Asked Questions

  1. Did Keysight return to growth and beat expectations in fiscal 2025?

    Yes, according to the company. Full-year revenue rose 8% to $5.37 billion, and management described Q4 results as above guidance. Segment growth was led by CSG (up 11% in Q4) and EISG (up 9%).

  2. Why is GAAP net income so different from non-GAAP net income?

    Non-GAAP results exclude amortization of acquisition-related intangibles, share-based compensation, acquisition and integration costs, and restructuring items, and apply a 14% non-GAAP tax rate. For fiscal 2025, GAAP diluted EPS was $4.89 versus non-GAAP EPS of $7.16. Q4 GAAP results also reflect a $23 million loss from discontinued operations and a $93 million unrealized gain on equity investments, which affect comparability.

  3. Is Keysight's balance sheet becoming more leveraged?

    Yes. Long-term debt increased to $2.53 billion from $1.79 billion, primarily to fund about $2.0 billion of acquisitions in the year, partly offset by $399 million of divestiture proceeds. Cash of $1.87 billion remained solid, and the company still generated $1.28 billion of free cash flow during the year.

  4. What does the new $1.5 billion buyback mean for shareholders?

    It is a new authorization that replaces the prior program and can be executed through open market purchases or privately negotiated transactions, at management's discretion. Fiscal 2025 repurchases were $377 million, so the new authorization is large relative to recent activity, but actual execution will depend on market conditions and alternative investment opportunities, including acquisitions.

  5. What is the outlook for the first quarter of fiscal 2026?

    Management expects revenue of $1.53 billion to $1.55 billion and non-GAAP EPS of $1.95 to $2.01. These ranges are above the Q4 FY25 levels of $1.42 billion in revenue and $1.91 in non-GAAP EPS. No GAAP EPS reconciliation was provided because certain tax items are not yet estimable.

04—Continue

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