Keysight Technologies, Inc. (KEYS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$2.48	$3.07	+23.8%	—	$1.8B	—
Q2 26	$2.32	$2.87	+23.7%	—	$1.7B	—
Q1 26	$2	$2.17	+8.5%	—	$1.6B	—
Q4 25	$1.85	$1.91	+3.2%	—	$1.4B	—
Q3 25	$1.67	$1.72	+3.0%	—	$1.4B	—
Q2 25	$1.65	$1.7	+3.0%	—	$1.3B	—
Q1 25	$1.69	$1.82	+7.7%	—	$1.3B	—
Q4 24	$1.57	$1.65	+5.1%	—	$1.3B	—
Q3 24	$1.35	$1.57	+16.3%	—	$1.2B	—
Q2 24	$1.39	$1.41	+1.4%	—	$1.2B	—
Q1 24	$1.59	$1.63	+2.5%	—	$1.3B	—
Q4 23	$1.87	$1.99	+6.4%	—	$1.3B	—
Q3 23	$2.04	$2.19	+7.4%	—	$1.4B	—
Q2 23	$1.95	$2.12	+8.7%	—	$1.4B	—
Q1 23	$1.85	$2.02	+9.2%	—	$1.4B	—
Q4 22	$1.99	$2.14	+7.5%	—	$1.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.91	—	—	$5.4B	—
FY24	—	$3.53	—	—	$5B	—
FY23	—	$5.95	—	—	$5.5B	—
FY22	—	$6.23	—	—	$5.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.9B	$3.2B	$3.9B	$4.3B	$4.2B	$4.9B	$5.4B	$5.5B	$5B	$5.4B
YoY change	+2.17%	+9.29%	+21.6%	+11%	-1.91%	+17.1%	+9.69%	+0.81%	-8.88%	+7.95%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.9B	3.2B	3.9B	4.3B	4.2B	4.9B	5.4B	5.5B	5B	5.4B
Cost of revenue	1.3B	1.5B	1.8B	1.8B	1.7B	1.9B	2B	1.9B	1.8B	2B
Gross profit	1.6B	1.7B	2.1B	2.5B	2.5B	3.1B	3.5B	3.5B	3.1B	3.3B
Gross margin	55.7%	53.2%	54.4%	58.9%	60%	62.1%	63.7%	64.6%	62.9%	62.1%
Research & development	425M	507M	624M	688M	715M	811M	841M	882M	919M	1B
Selling, general & administrative	818M	1.1B	1.2B	1.2B	1.1B	1.2B	1.3B	1.3B	1.4B	1.5B
Operating expenses	1.2B	1.5B	1.8B	1.8B	1.8B	2B	2.1B	2.2B	2.3B	2.5B
Operating income	406M	148M	315M	711M	765M	1.1B	1.3B	1.4B	833M	876M
Operating margin	13.9%	4.64%	8.12%	16.5%	18.1%	21.9%	24.6%	24.9%	16.7%	16.3%
Non-operating income, net	4M	104M	-655M	61M	63M	6M	14M	-25M	35M	200M
Pretax income	366M	179M	-411M	715M	761M	1B	1.3B	1.4B	865M	1.1B
Income tax	31M	77M	-576M	94M	134M	116M	161M	300M	251M	213M
Net income	335M	102M	165M	621M	627M	894M	1.1B	1.1B	614M	850M
Net margin	11.5%	3.2%	4.25%	14.4%	14.9%	18.1%	20.7%	19.3%	12.3%	15.8%
EBITDA	547M	484M	691M	1.1B	1.2B	1.4B	1.6B	1.6B	1.2B	1.5B
EPS	1.97	0.57	0.88	3.31	3.35	4.84	6.23	5.95	3.53	4.91
Diluted EPS	1.95	0.56	0.86	3.25	3.31	4.78	6.18	5.91	3.51	4.89

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	1.3B	1.3B	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.6B	1.7B	1.8B
Cost of revenue	467M	446M	453M	462M	485M	478M	492M	518M	550M	605M	539M	630M
Gross profit	844M	813M	763M	755M	802M	820M	814M	834M	869M	995M	1.2B	1.2B
Gross margin	64.4%	64.6%	62.7%	62%	62.3%	63.2%	62.3%	61.7%	61.2%	62.2%	68.6%	65.9%
Research & development	218M	232M	228M	226M	233M	249M	250M	250M	258M	303M	320M	312M
Selling, general & administrative	313M	362M	361M	329M	343M	361M	360M	354M	399M	447M	456M	446M
Operating expenses	527M	592M	586M	550M	572M	602M	607M	600M	652M	747M	771M	755M
Operating income	317M	221M	177M	205M	230M	218M	207M	234M	217M	248M	407M	461M
Operating margin	24.2%	17.6%	14.6%	16.8%	17.9%	16.8%	15.8%	17.3%	15.3%	15.5%	23.7%	25%
Non-operating income, net	-53M	5M	—	10M	20M	-18M	112M	4M	102M	-37M	18M	22M
Pretax income	276M	229M	175M	213M	248M	199M	320M	241M	322M	198M	418M	477M
Income tax	50M	57M	49M	-176M	321M	30M	63M	50M	70M	-83M	69M	80M
Net income	226M	172M	126M	389M	-73M	169M	257M	191M	233M	281M	349M	397M
Net margin	17.2%	13.7%	10.4%	32%	-5.67%	13%	19.7%	14.1%	16.4%	17.6%	20.3%	21.5%
EBITDA	346M	317M	265M	298M	339M	285M	408M	336M	425M	332M	550M	609M
EPS	1.28	0.98	0.73	2.23	-0.42	0.97	1.49	1.11	1.34	1.64	2.04	2.33
Diluted EPS	1.28	0.98	0.72	2.22	-0.42	0.97	1.49	1.1	1.33	1.63	2.02	2.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.6B	8B	10.7B	19B	19.6B	33.3B	31.3B	21.7B	25.9B	31.5B	61.2B
Enterprise value	5.9B	9.3B	11.6B	19.2B	19.8B	33.3B	31.3B	21.3B	26.2B	32.4B	61.8B
Shares outstanding	170M	180M	187M	188M	187M	185M	180M	178M	174M	172M	172M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.6	78.8	64.7	30.5	31.3	37.3	27.9	20.6	42.2	37	48.8
P/S	1.91	2.52	2.75	4.41	4.65	6.74	5.78	3.98	5.21	5.85	9.32
P/B	3.69	3.48	4.39	6.32	5.95	8.8	7.53	4.67	5.08	5.35	9.34
EV/EBITDA	10.8	19.2	16.7	17.4	17	24.1	19.7	12.9	21.5	22.3	36.4
EV/Sales	2.02	2.91	2.98	4.45	4.7	6.73	5.78	3.89	5.25	6.02	9.39
Earnings yield	6.01%	1.27%	1.55%	3.27%	3.2%	2.68%	3.59%	4.87%	2.37%	2.7%	2.05%
FCF yield	5.9%	3.18%	3.96%	4.63%	4.58%	3.45%	3.06%	5.57%	3.46%	4.07%	3.05%
PEG	—	—	—	—	—	—	—	—	—	—	0.44

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.7%	53.2%	54.4%	58.9%	60%	62.1%	63.7%	64.6%	62.9%	62.1%	65.9%
Operating margin	13.9%	4.64%	8.12%	16.5%	18.1%	21.9%	24.6%	24.9%	16.7%	16.3%	25.7%
Net margin	11.5%	3.2%	4.25%	14.4%	14.9%	18.1%	20.7%	19.3%	12.3%	15.8%	19.1%
ROE	22.1%	4.42%	6.78%	20.7%	19%	23.6%	27%	22.7%	12%	14.5%	20.9%
ROA	8.83%	1.72%	2.83%	9.38%	8.69%	11.5%	13.9%	12.2%	6.62%	7.52%	7.23%
ROIC	20.4%	2.38%	9.52%	19.3%	17.9%	25.5%	28.2%	25.1%	11.1%	10.4%	18%
Return on tangible assets	17.6%	22.2%	7.53%	19.3%	18.3%	22.5%	24.7%	20.8%	18.7%	46.1%	45.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.88	2.66	1.63	3.21	3.12	2.93	3.01	2.35	2.98	2.35	2.02
Quick ratio	2.14	1.94	1.2	2.5	2.42	2.34	2.4	1.87	2.27	1.78	1.62
Debt / equity	0.72	0.89	0.74	0.6	0.6	0.53	0.48	0.44	0.4	0.47	0.42
Debt / assets	0.29	0.35	0.31	0.27	0.27	0.26	0.25	0.23	0.22	0.25	0.23
Net debt / EBITDA	0.57	2.54	1.27	0.17	0.19	-0.02	-0.02	-0.27	0.19	0.62	0.07
Interest coverage	8.79	3.24	-3.95	9.94	10.8	13.8	17.3	18.4	11.3	12.3	14.1
Effective tax rate	8.47%	43%	0%	13.1%	17.6%	11.5%	12.5%	22.1%	29%	19.7%	9.61%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	17.7	20.7	22.9	22.6	26.7	30.1	30.7	28.6	31.3	38.4
EPS (basic)	1.97	0.57	0.88	3.31	3.35	4.84	6.23	5.95	3.53	4.91	4.91
EPS (diluted)	1.95	0.56	0.86	3.25	3.31	4.78	6.18	5.91	3.51	4.89	7.39
Book value per share	8.9	12.8	13	16	17.6	20.5	23.1	26.1	29.3	34.2	38.6
FCF per share	1.94	1.42	2.26	4.67	4.81	6.21	5.33	6.8	5.16	7.45	8.49
Cash per share	4.61	4.54	4.88	8.5	9.39	11.1	11.3	13.9	10.3	10.9	15.3
Capex per share	0.54	0.4	0.71	0.64	0.63	0.94	1.03	1.11	0.89	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.12%	2.26%	3.4%	2.79%	2.77%	3.52%	3.41%	3.61%	3.09%	—	—
Capex / operating cash flow	20.7%	21.6%	-41.9%	11.8%	11.5%	13.2%	14.4%	13.7%	15.3%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$1.3B	$1.3B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.4B	$1.4B	$1.6B	$1.7B	$1.8B
YoY change	-9.15%	-8.83%	-12.5%	-11.9%	-1.83%	+3.1%	+7.4%	+11.1%	+10.3%	+23.3%	+31.5%	+36.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	783M	818M	913M	1.6B	1.8B	2.1B	2B	2.5B	1.8B	1.9B
Receivables	437M	547M	624M	668M	606M	735M	905M	900M	857M	939M
Inventory	474M	588M	619M	705M	757M	777M	858M	985M	1B	1.1B
Total current assets	1.9B	2.2B	2.4B	3.2B	3.4B	3.8B	4.2B	4.8B	4.3B	4.3B
Property, plant & equipment	-167M	-148M	-140M	-145M	34M	92M	112M	159M	157M	152M
Goodwill & intangibles	1.9B	5.5B	3.6B	3.4B	3.8B	3.8B	3.5B	3.6B	6B	9.5B
Total assets	3.8B	5.9B	5.8B	6.6B	7.2B	7.8B	8.1B	8.7B	9.3B	11.3B
Accounts payable	189M	211M	242M	253M	224M	287M	348M	286M	313M	355M
Short-term debt	—	10M	499M	—	43M	41M	39M	639M	43M	51M
Total current liabilities	644M	819M	1.5B	1B	1.1B	1.3B	1.4B	2B	1.4B	1.9B
Long-term debt	1.1B	2B	1.3B	1.8B	1.9B	2B	2B	1.4B	2B	2.7B
Total liabilities	2.3B	3.6B	3.4B	3.6B	3.9B	4B	3.9B	4B	4.2B	5.4B
Shareholders' equity	1.5B	2.3B	2.4B	3B	3.3B	3.8B	4.2B	4.7B	5.1B	5.9B
Total debt	1.1B	2B	1.8B	1.8B	2B	2B	2B	2B	2B	2.8B
Net debt	310M	1.2B	877M	190M	225M	-29M	-24M	-446M	234M	905M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.9B	2.2B	2.4B	2.6B
Receivables	—	—	—	—	—	—	—	—	939M	914M	1B	1.1B
Inventory	—	—	—	—	—	—	—	—	1.1B	1B	1B	1B
Total current assets	—	—	—	—	—	—	—	—	4.3B	4.7B	5B	5.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	152M	986M	961M	956M
Goodwill & intangibles	—	—	—	—	—	—	—	—	9.5B	9.4B	9.3B	9.2B
Total assets	—	—	—	—	—	—	—	—	11.3B	11.5B	11.7B	11.9B
Accounts payable	286M	281M	268M	280M	313M	289M	317M	342M	355M	334M	392M	424M
Short-term debt	—	—	—	—	—	—	—	—	51M	52M	751M	753M
Total current liabilities	—	—	—	—	—	—	—	—	1.9B	1.8B	2.6B	2.6B
Long-term debt	—	—	—	—	—	—	—	—	2.7B	2.7B	2B	2B
Total liabilities	—	4.2B	4.1B	4.1B	4.2B	4.2B	5.1B	5B	5.4B	5.3B	5.4B	5.3B
Shareholders' equity	—	—	—	—	—	—	—	—	5.9B	6.2B	6.3B	6.6B
Total debt	—	—	—	—	—	—	—	—	2.8B	2.8B	2.8B	2.7B
Net debt	—	—	—	—	—	—	—	—	905M	594M	347M	141M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	335M	102M	165M	621M	627M	894M	1.1B	1.1B	614M	850M
Depreciation & amortization	134M	225M	310M	308M	326M	293M	223M	212M	270M	276M
Stock-based compensation	49M	56M	59M	82M	92M	103M	125M	135M	137M	162M
Change in working capital	-117M	24M	-101M	-19M	-64M	45M	-266M	-93M	-315M	197M
Operating cash flow	439M	333M	-315M	1B	1B	1.3B	1.3B	1.4B	1B	1.4B
Capital expenditure	-91M	-72M	-132M	-120M	-117M	-174M	-185M	-197M	-154M	—
Investing cash flow	-90M	-1.7B	-108M	-196M	-442M	-354M	-251M	-288M	-819M	-1.6B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-62M	0	-120M	-159M	-411M	-673M	-849M	-702M	-443M	-377M
Financing cash flow	-72M	1.4B	-405M	-189M	-478M	-730M	-924M	-754M	-979M	322M
Net change in cash	277M	-16M	-828M	629M	100M	231M	107M	399M	-790M	132M
Free cash flow	329M	256M	423M	878M	899M	1.1B	959M	1.2B	898M	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	226M	172M	126M	389M	-73M	169M	257M	191M	233M	281M	349M	397M
Depreciation & amortization	50M	68M	70M	64M	68M	66M	68M	67M	75M	105M	107M	106M
Stock-based compensation	25M	48M	34M	29M	26M	62M	36M	31M	33M	76M	58M	47M
Change in working capital	-65M	1M	-22M	-209M	-57M	84M	103M	70M	-60M	-42M	72M	-160M
Operating cash flow	339M	303M	198M	263M	266M	381M	448M	322M	225M	441M	501M	437M
Capital expenditure	-38M	-47M	-36M	-33M	-38M	-32M	-27M	—	—	—	—	—
Investing cash flow	-38M	-511M	-117M	-150M	-27M	-33M	-33M	0	-1.6B	-10M	9M	-11M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-426M	-93M	-46M	-150M	-154M	-75M	-153M	-50M	-99M	-87M	-223M	-210M
Financing cash flow	-428M	-580M	-50M	-164M	-760M	-105M	-159M	-60M	-102M	-131M	-229M	-223M
Net change in cash	-127M	-788M	31M	-51M	-521M	243M	256M	262M	-1.5B	300M	281M	203M
Free cash flow	340M	281M	74M	222M	321M	346M	457M	291M	187M	407M	472M	403M

Keysight Technologies, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement