KEYS on NYSE

Keysight Technologies

American technology company

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Last updated Oct 16, 2026.

Overview

$5.4BRevenue, fiscal 2025⁴

$850.0MNet income, fiscal 2025⁴

2014Founded¹

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TickerKEYS on NYSE¹
IndustryIndustrial Instruments For Measurement, Display, and Control¹
HeadquartersSanta Rosa¹
Websitewww.keysight.com
Legal formDelaware corporation¹
Incorporated inDE⁵
Business address1400 Fountaingrove Parkway, Santa Rosa, Ca 95403⁵
Filer categoryLarge accelerated filer⁵

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Keysight Technologies, Inc. is a global company headquartered in Santa Rosa, California, that manufactures hardware and software for engineering workflows across design, test, and emulation. It serves industries including 5G communications, aerospace and defense, automotive, semiconductors, digital healthcare, and energy.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.3%Operating margin⁴

15.8%Net margin⁴

8.0%Revenue growth, 2025⁴

14.5%Return on equity⁴

0.43×Debt to equity⁴

$1.3BFree cash flow⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 76% of the revenue Keysight Technologies broke down this way in fiscal 2025.

Product$4.1B⁴76%up 9% from 2024
Service, Other$1.3B⁴24%up 4% from 2024

Products and services by year

Products and services	2023	2024	2025
Product	$4.3B	$3.7B	$4.1B
Service, Other	$1.1B	$1.3B	$1.3B

Business segments

Communications Solutions Group brought in 69% of the revenue Keysight Technologies broke down this way in fiscal 2025.

Communications Solutions Group$3.7B⁴69%up 9% from 2024
Electronic Industrial Solutions Group$1.6B⁴31%up 6% from 2024

Business segments by year

Business segments	2023	2024	2025
Communications Solutions Group	$3.7B	$3.4B	$3.7B
Electronic Industrial Solutions Group	$1.8B	$1.6B	$1.6B

Regions

Rest Of World brought in 24% of the revenue Keysight Technologies broke down this way in fiscal 2025.

Rest Of World$2.6B⁴24%up 10% from 2024
Asia Pacific$2.2B⁴21%up 11% from 2024
Americas$2.2B⁴21%up 7% from 2024
United States$1.9B⁴17%up 6% from 2024
Europe$956.0M⁴9%up 2% from 2024
China$938.0M⁴9%up 6% from 2024

Regions by year

Regions	2023	2024	2025
Rest Of World	$2.5B	$2.3B	$2.6B
Asia Pacific	$2.3B	$2.0B	$2.2B
Americas	$2.2B	$2.1B	$2.2B
United States	$1.9B	$1.8B	$1.9B
Europe	$956.0M	$934.0M	$956.0M
China	$1.0B	$884.0M	$938.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueResearch and developmentSelling, general and adminProfit

Cost of revenue36¢$2.0B
Research and development18¢$1.0B
Selling, general and admin26¢$1.5B
Interest2¢$96.0M
Income tax4¢$213.0M
Profit15¢$850.0M

Out of $5.4B in revenue.⁴

Where each dollar of operating cash went, fiscal 2025

Share buybacksKept or used elsewhere

Capital spending9¢$128.0M
Share buybacks27¢$375.0M
Kept or used elsewhere64¢$906.0M

Out of $1.4B of cash from operations.⁴

Financial statements

Revenue⁷⁸⁹¹⁰¹¹⁴$5.4B in 2025+39% since 2018

Operating income⁷⁸⁹¹⁰¹¹⁴$876.0M in 2025

Net income⁷⁸⁹¹⁰¹¹⁴$850.0M in 2025+415% since 2018

Every line of the income statement in the latest annual report, as filed.⁴

Period ending	2025-10-31	2024-10-31	2023-10-31
Revenues	$5.4B	$5.0B	$5.5B
Cost of Product and Service Sold	$2.0B	$1.8B	$1.9B
Research and Development Expense	$1.0B	$919.0M	$882.0M
Selling, General and Administrative Expense	$1.5B	$1.4B	$1.3B
Other Operating Income (Expense), Net	-$20.0M	-$14.0M	-$15.0M
Total costs and expenses	$4.5B	$4.1B	$4.1B
Income from operations	$876.0M	$833.0M	$1.4B
Interest income	$102.0M	$81.0M	$102.0M
Interest expense	-$96.0M	-$84.0M	-$78.0M
Other income (expense), net	$200.0M	$35.0M	-$25.0M
Income from continuing operations before taxes, as reported	$1.1B	$865.0M	$1.4B
Provision for income tax	$213.0M	$251.0M	$300.0M
Net income from continuing operations, net of income taxes	$869.0M	$614.0M	$1.1B
Net loss from discontinued operations, net of income taxes	-$19.0M	$0	$0
Net income	$850.0M	$614.0M	$1.1B
Income (Loss) from Continuing Operations, Per Basic Share	$5	$4	$6
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	-$0	$0	$0
Basic net income (loss) per share:	$4.93	$3.53	$5.95
Income (Loss) from Continuing Operations, Per Diluted Share	$5	$4	$6
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	-$0	$0	$0
Diluted net income (loss) per share:	$4.91	$3.51	$5.91
Basic (in shares)	172.0M shares	174.0M shares	178.0M shares
Diluted (in shares)	173.0M shares	175.0M shares	179.0M shares

Total assets¹⁵⁷⁸⁹¹⁰¹¹⁴$11.3B in 2025+94% since 2018

Total liabilities¹⁵⁷⁸⁹¹⁰¹¹⁴$5.4B in 2025+60% since 2018

Shareholders’ equity¹⁵⁷⁸⁹¹⁰¹¹⁴$5.9B in 2025+142% since 2018

Cash¹⁵⁷⁸⁹¹⁰¹¹⁴$1.9B in 2025+105% since 2018

Long-term debt¹⁵⁷⁸⁹¹⁰¹¹⁴$2.5B in 2025+96% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁴

Period ending	2025-10-31	2024-10-31	2023-10-31
Cash and cash equivalents	$1.9B	$1.8B
Accounts receivable, net	$939.0M	$857.0M
Inventory	$1.1B	$1.0B
Other current assets	$486.0M	$582.0M
Total current assets	$4.3B	$4.3B
Property, plant and equipment, net	$795.0M	$774.0M
Operating lease right-of-use assets	$236.0M	$234.0M
Goodwill	$3.4B	$2.4B	$1.6B
Other intangible assets, net	$1.3B	$607.0M
Long-term investments	$211.0M	$110.0M
Long-term deferred tax assets	$373.0M	$378.0M
Other assets	$610.0M	$521.0M
Total assets	$11.3B	$9.3B
Accounts payable	$355.0M	$313.0M
Employee compensation and benefits	$399.0M	$295.0M
Deferred revenue	$652.0M	$561.0M
Income and other taxes payable	$207.0M	$90.0M
Operating lease liabilities	$51.0M	$43.0M
Other accrued liabilities	$186.0M	$125.0M
Total current liabilities	$1.9B	$1.4B
Long-term debt	$2.5B	$1.8B
Retirement and post-retirement benefits	$75.0M	$81.0M
Long-term deferred revenue	$232.0M	$206.0M
Long-term operating lease liabilities	$193.0M	$197.0M
Other long-term liabilities	$536.0M	$463.0M
Total liabilities	$5.4B	$4.2B
Preferred stock; $0.01 par value; 100 million shares authorized; none issued and outstanding	$0	$0
Common stock; $0.01 par value; 1 billion shares authorized; 202 million and 201 million shares issued, respectively	$2.0M	$2.0M
Treasury stock, at cost; 30.8 million shares and 28.4 million shares, respectively	-$3.8B	-$3.4B	-$3.0B
Additional paid-in-capital	$2.9B	$2.7B
Retained earnings	$7.1B	$6.2B	$5.6B
Accumulated other comprehensive loss	-$248.0M	-$364.0M
Total stockholders' equity	$5.9B	$5.1B
Total liabilities and equity	$11.3B	$9.3B
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	100.0M shares	100.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	1.0B shares	1.0B shares
Common stock, shares issued (in shares)	202.0M shares	201.0M shares
Treasury Stock, Common, Shares	30.8M shares	28.4M shares

Cash from operations⁷⁸⁹¹⁰¹¹⁴$1.4B in 2025+154% since 2018

Capital spending⁷⁸⁹¹⁰¹¹⁴$128.0M in 2025−3% since 2018

Free cash flow⁷⁸⁹¹⁰¹¹⁴$1.3B in 2025+203% since 2018

Share buybacks⁷⁸⁹¹⁰¹¹⁴$375.0M in 2025+212% since 2018

Every line of the cash flow in the latest annual report, as filed.⁴

Period ending	2025-10-31	2024-10-31	2023-10-31
Net income	$850.0M	$614.0M	$1.1B
Depreciation	$131.0M	$126.0M	$120.0M
Amortization	$145.0M	$144.0M	$92.0M
Share-based compensation	$162.0M	$137.0M	$135.0M
Deferred tax expense (benefit)	-$116.0M	$268.0M	-$3.0M
Excess and obsolete inventory-related charges	$43.0M	$35.0M	$27.0M
Gain on Sale of Investments	-$21.0M	$0	$0
Unrealized loss (gain) on investments in equity securities	-$93.0M	-$8.0M	-$5.0M
Other non-cash expenses (income), net	$6.0M	$7.0M	$4.0M
Accounts receivable	$23.0M	$71.0M	$14.0M
Inventory	-$24.0M	-$49.0M	-$148.0M
Accounts payable	$26.0M	$26.0M	-$62.0M
Increase (Decrease) in Employee Related Liabilities	$47.0M	-$36.0M	-$43.0M
Deferred revenue	$35.0M	-$12.0M	$61.0M
Income taxes payable	$105.0M	$30.0M	-$40.0M
Interest rate swap agreement termination proceeds	$0	$0	$107.0M
Income taxes receivable	$105.0M	-$202.0M	-$4.0M
Other assets and liabilities	-$15.0M	-$99.0M	$96.0M
Net cash provided by operating activities	$1.4B	$1.1B	$1.4B
Investments in property, plant and equipment	-$128.0M	-$154.0M	-$197.0M
Proceeds from government incentives	$1.0M	$7.0M	$1.0M
Acquisitions of businesses and intangible assets, net of cash acquired	-$2.0B	-$681.0M	-$85.0M
Proceeds from divestiture	$399.0M	$0	$0
Payments for (Proceeds from) Investments	$30.0M	$11.0M	$0
Payment for (Proceeds from) Other Investing Activity	-$7.0M	-$2.0M	-$7.0M
Net cash used in investing activities	-$1.7B	-$819.0M	-$288.0M
Proceeds from issuance of common stock under employee stock plans	$63.0M	$66.0M	$67.0M
Payment of taxes related to net share settlement of equity awards	-$39.0M	-$31.0M	-$49.0M
Acquisition of non-controlling interests	$0	-$458.0M	$0
Treasury stock repurchases, including excise tax payments	-$377.0M	-$443.0M	-$702.0M
Proceeds from issuance of long-term debt	$748.0M	$599.0M	$0
Repayment of debt	$0	-$624.0M	$0
Debt issuance costs	-$8.0M	-$12.0M	$0
Other financing activities	-$2.0M	-$10.0M	-$3.0M
Net cash provided by (used in) financing activities	$385.0M	-$913.0M	-$687.0M
Effect of exchange rate movements	$9.0M	$6.0M	-$2.0M
Net increase (decrease) in cash, cash equivalents, and restricted cash	$76.0M	-$674.0M	$431.0M
Interest payments	$77.0M	$75.0M	$75.0M
Income tax paid, net	$120.0M	$146.0M	$343.0M
Investments in property, plant and equipment included in accounts payable	$21.0M	$19.0M	$30.0M

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The story

Founded by Bill Hewlett in 2014.¹

Acquisitions

In the same year of its spin-off from Agilent (2014), Keysight expanded its multi-vendor calibration offerings by finalizing the acquisition of Primary Standards North America. Keysight acquired British electronic measurement instrument maker Anite in 2015 for £388 million ($607 million). It also purchased U.K.-based calibration company Electroservices Enterprises the same year. In 2016, it acquired Signadyne, a quantum-focused modular measuring equipment company incubated by the ICFO (Institute of Photonic Sciences).

In 2017, Keysight acquired data technology company Ixia, including its network security solution BreakingPoint, for about $US1.6 billion in cash. It acquired Scienlab electronic systems GmbH, including its China division, in 2017 for $62 million. Expanding its calibrations services even further, the company acquired Liberty Calibration in 2017 and Melbourne-based Thales Calibration Services in 2018. Additionally, Keysight acquired Prisma Telecom Testing Srl in 2019 for $90 million.

The company acquired British software testing company Eggplant Software from The Carlyle Group for $330 million in 2020. In March of that year, it also acquired quantum computing instrument control and lab automation software company, Labber.

From 2019 to 2021, the company focused on 5G, introducing advanced products such as the Infiniium UXR-Series oscilloscopes. It acquired California-based Scalable Network Technologies in 2021 to expand its software and digital twin capabilities. The same year, Keysight also acquired Sanjole, a Hawaiian technology firm focused on testing wireless data networks, German EV charging test company Verisco GmbH, as well as quantum computing testing company Quantum Benchmark.

Keysight invested in quantum, high-speed digital/6G, and software-defined vehicle tech, respectively, in 2022 with acquisitions of QuaMotion, Micram Microelectronic GmbH, and NORDSYS.

In 2023, the company acquired France-based ESI Group for approximately $1 billion, as well as Cliosoft, Inc., data property management platform, for $85 million.

Keysight outbid Viavi Solutions in 2024 to acquire British telecommunications testing company Spirent for $1.5 billion. That June, the US Department of Justice required the company to divest three of Spirent's businesses prior to closing the sale, due to antitrust concerns. The sale closed October 15, 2025, including the regulatory required spin-off of three divisions.

Keysight acquired multiple other companies in 2024, including AnaPico, a Swiss RF and microwave test and measurement company, for $117 million. It also acquired Riscure, automated device and semiconductor security company, for $78 million, and Easics, a Belgian ASIC chip design services company.

Read the full text

Keysight acquired Synopsys Optical Solutions Group, an optical design and analysis software platform, from Synopsys, Inc., and PowerArtist, an RTL (Register-transfer level) power consumption analysis tool, from Ansys, Inc., in 2025. The Synopsys Optical Solutions Group acquisition expanded Keysight's capabilities in imaging systems design, illumination design, and automotive lighting design, plus virtual prototyping and electromagnetic photonic and optoelectronic simulation. PowerArtist expanded Keysight's role in semiconductor design with early-stage power analysis.

Controversies

On August 3, 2021, Keysight entered into a consent agreement with the Directorate of Defense Trade Controls, Bureau of Political-Military Affairs, Department of State ("DTCC") to resolve alleged violations of the Arms Export Control Act and the International Traffic in Arms Regulations ("ITAR"), after agreeing to a $6.6 million fine. On May 3, 2024, Keysight submitted a letter to the DTCC certifying that it had implemented all aspects of the consent agreement and that the company's compliance program was adequate to identify, prevent, detect, correct, and report violations of the ITAR.

In its 2024 Corporate Social Responsibility Progress Report, Keysight claimed successful completion of the consent agreement and the formal closure of the matter with the DTCC. It continues to provide ITAR data handling support for its customers with EDA (electronic design automation) support agreements.

From Wikipedia’s article on Keysight, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Keysight Technologies, and when. Pick a name to see everywhere that person has worked.

FounderBill Hewlett¹

Products and brands

Products

Keysight's products include engineering hardware and software for a variety of form factors including benchtop, modular, and field instrumentation for applications throughout the engineering lifecycle.

Keysight’s portfolio of test instruments includes:

Digital test instruments

Oscilloscopes

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Sampling oscilloscopes

Digital multimeters

Bit error rate testers (BERTs), digitizers, and data acquisition systems (DAQs)

Digital protocol and logic analyzers

Waveform and function generators

Photonic and quantum instruments

Photonic test

Optical test

Quantum design, test, and control, including the world’s largest commercial Quantum Control System at the National Institute of Advanced Industrial Science and Technology G-QuAT in Japan

Power test instruments, including high-power ATE system power supplies, including regenerative models, up to 12 kW

AC power supplies

DC power supplies

DC electronic loads

Power analyzers

Source measure units

EV charging and grid test systems

Radio-frequency (RF) test instruments

LCR meters and impedance analyzers

Signal, spectrum, and wireless analyzers

Noise figure and phase noise analyzers

Signal sources

RF vector transceivers

Network analyzers

RF power meters

Keysight's design engineering software includes:

PathWave electronic design automation engineering software

Chiplet interconnect design

Engineering data management

Software quality engineering

Computer aided engineering

Optical design engineering

Instrument measurement software

Application software testing

Keysight's portfolio of emulators includes:

IP traffic emulators

Ethernet traffic emulation

Network emulators

Interconnect test up to 3.2 Tbps

Wireless emulators

Channel emulators

UE, RAN, and core emulators

Cellular device testing

WLAN and Internet of Things (IoT) testing

Over-the-air (OTA) testing

5G emulators

Automotive emulators

EV emulators

Autonomous drive testing

Automotive communications testing

Security testing emulators

Security attack

Security device testing

Vulnerability assessment

Keysight’s manufacturing and operations products include:

Network operations monitoring

Network visibility equipment

Network application monitoring

5G NR base station test

Network modeling

Application and threat intelligence

Semiconductor and manufacturing

Semiconductor test

In-circuit test for manufacturing

Additional products and solutions include:

Laser interferometer and calibration

Monolithic laser combiners

Parametric test systems

Monolithic microwave integrated circuit (MMIC) millimeter-wave and microwave devices

Cyber training and security operations

Automotive body in white (BIW) simulator

AI data management, readiness, and compliance

Keysight serves a broad scope of advanced industries, including:

Wireless telecommunications, 5G, and 6G

Aerospace and defense

Artificial intelligence, data centers, and wireline

Digital healthcare

Grid and energy, including EV charging

Quantum and computing

Semiconductor

Automotive

Keysight also serves engineering education and universities, including the Institute of Electrical and Electronics Engineers (IEEE), with instruments, software, training, and labs. This includes its education-focused Keysight Digital Learning Suite.

Research and development

From its launch in 2014 until 2020, Keysight increased its investment in R&D from approximately 12% to 16%, a percentage increase that represented almost a doubling of the investment in absolute dollars. In 2025, Keysight's research and development expenses reached $1.007B, a 9.58% increase over the previous year ($919M in 2024). Keysight's research and development budget has consistently increased annually since its 2014 spin-off from Agilent Technologies. Its current focus is on enabling technologies, system design, simulation, and measurement, with R&D distributed throughout the US, Singapore, India, Germany, Malaysia, Romania, China, Japan, Spain, United Kingdom, and France.

In 2024, Keysight collaborated with Google Quantum AI to introduce the industry's first quantum circuit simulation with flux quantization, representing a breakthrough in quantum computing and superconducting circuit design. This was followed in 2025 by Keysight's delivery of a quantum control system to the National Institute of Advanced Industrial Science and Technology (AIST) in Japan capable of supporting over 1,000 qubits, as part of the organizations’ ongoing quantum research.

Keysight focuses R&D efforts on AI data center infrastructure and networking technologies, including a 2025 survey report conducted by Heavy Reading on the infrastructure challenges facing AI advancements. Keysight collaborated with McGill University, Ciena, and Hyperlight on the industry's first demonstration of 448G PAM4 driverless optical transmission in 2025, which was also demonstrated at the European Exhibition on Optical Communications (ECOC) [link] and through collaboration with NTT Innovative Devices and Lumentum at an Optical Fiber Communications Conference (OFC) demonstration the same year.

Keysight is also advancing research in non-terrestrial networks (NTN) that integrate satellite and terrestrial communications for future 5G and 6G communications. In 2026, Keysight collaborated with Airbus UpNext on the SpaceRAN demonstrator to validate 5G NTN capabilities using software-defined satellite technology. The company also works with Samsung Electronics to validate new NR-NTN devices using its 5G Network Emulator, supporting satellite-to-mobile connectivity aligned with emerging low-Earth-orbit (LEO) constellations such as Starlink.