Keysight Technologies Reports Fourth Quarter and Fiscal Year 2025 Results

Nov. 27, 2025 – 

Robust demand and strong execution deliver above guidance results and strong order growth; Announces New $1.5 Billion Share Repurchase Program

SANTA ROSA, Calif.-- Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the fourth fiscal quarter and fiscal year ended October 31, 2025.

“Keysight delivered an outstanding quarter and strong close to the fiscal year, returning the company to full-year growth with order momentum accelerating through the year,” said Satish Dhanasekaran, Keysight’s President and CEO. “These results reflect our leadership across the markets we serve and sustained demand for Keysight's highly differentiated solutions.”

Fourth Quarter Financial Summary

• Revenue was $1.42 billion, compared with $1.29 billion last year.
• GAAP net income was $229 million, or $1.33 per share, compared with a GAAP net loss of $73 million, or $0.42 per share, in the fourth quarter of 2024.
• Non-GAAP net income was $331 million, or $1.91 per share, compared with $288 million, or $1.65 per share, in the fourth quarter of 2024.
• Cash flow from operations was $225 million, compared with $359 million last year. Free cash flow was $188 million, compared with $328 million in the fourth quarter of 2024.
• As of October 31, 2025, cash and cash equivalents totaled $1.87 billion.

Fiscal Year 2025 Financial Summary

• Revenue was $5.37 billion, compared with $4.98 billion last year.
• GAAP net income was $846 million, or $4.89 per share, compared with $614 million, or $3.51 per share, in fiscal 2024.
• Non-GAAP net income was $1.24 billion, or $7.16 per share, compared with $1.10 billion, or $6.27 per share, in fiscal year 2024.
• Cash flow from operations was $1.41 billion, compared with $1.05 billion last year. Free cash flow was $1.28 billion, compared with $0.91 billion in fiscal year 2024.

Reporting Segments

• Communications Solutions Group (CSG)

CSG reported revenue of $990 million in the fourth quarter, up 11 percent over last year, driven by ongoing investment in AI data center infrastructure, non-terrestrial network applications, and defense modernization.

• Electronic Industrial Solutions Group (EISG)

EISG reported revenue of $429 million in the fourth quarter, up 9 percent over last year, reflecting growth in broad general electronics and leading-edge semiconductor solutions.

Share Repurchase Program

Keysight also announced today that its Board of Directors authorized a new share repurchase program for up to $1.5 billion of its common stock. The new repurchase program is effective immediately and replaces the previous program. Shares may be purchased from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means. The repurchase authorization may be commenced, suspended or discontinued at any time at the company's discretion.

Outlook

Keysight’s first fiscal quarter of 2026 revenue is expected to be in the range of $1.53 billion to $1.55 billion. Non-GAAP earnings per share for the first fiscal quarter of 2026 are expected to be in the range of $1.95 to $2.01. Certain items impacting the GAAP tax rate pertain to future events and are not currently estimable with a reasonable degree of accuracy; therefore, no reconciliation of GAAP earnings per share to non-GAAP has been provided. Further information is discussed in the section titled “Use of Non-GAAP Financial Measures” below.

Webcast

Keysight’s management will present more details about its fourth quarter and fiscal year 2025 financial results and its first quarter FY2026 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on to the call at www.investor.keysight.com under the “Upcoming Events” section and select “Q4 FY25 Keysight Technologies Inc. Earnings Conference Call” to participate or dial +1 833-470-1428 (Toll-Free) or +1 646-844-6863 (Local) and enter passcode 371019. The webcast will remain on the company site for 90 days.

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