Financial Performance - Keysight generated revenues of $5.4 billion, $5.0 billion, and $5.5 billion in fiscal years 2025, 2024, and 2023, respectively[16]. - As of October 31, 2025, Keysight's backlog was approximately $2,697 million, an increase from $2,375 million as of October 31, 2024, driven by acquisitions and orders exceeding revenue[75]. - The company anticipates that revenue from international operations will continue to represent a majority of its total revenue, but there are risks associated with international sales and operations[102]. - Economic volatility and uncertainty may adversely affect the company's operating results and financial condition, including potential impacts on customer purchasing power and inventory issues[100]. - Keysight's stock price may fluctuate significantly due to various factors, including operating results and market conditions[178]. Research and Development - In 2025, Keysight invested $1,007 million in R&D to deliver differentiated, first-to-market solutions[27]. - Keysight's R&D investments are aimed at developing first-to-market solutions and improving existing products, with significant technology development centers located globally[57]. - The company is investing significantly in R&D for new technologies in communications, aerospace, automotive, and IoT, but future operating results may fluctuate if these investments do not yield expected profits[119]. Acquisitions and Strategic Initiatives - Keysight acquired Spirent Communications plc and Optical Solutions Group from Synopsys in October 2025 to enhance its communications test capabilities and design engineering software portfolio[28]. - The company emphasizes a durable business model that supports strategic capital allocation for organic growth and acquisitions[31]. - Acquisitions and strategic alliances may result in financial outcomes that differ from expectations, impacting long-term performance[129]. Market and Customer Insights - Keysight's Communications Solutions Group serves customers in commercial communications and aerospace, defense, and government markets, providing end-to-end solutions[39]. - Keysight's global customer base includes approximately 40,000 end customers annually, including many Fortune 1000 companies[20]. - The company aims to grow recurring revenue by increasing software content in its solutions and maximizing cross-selling opportunities[29]. Operational Efficiency - The company employs a flexible operating model that allows it to maintain profitability across various economic conditions[25]. - Keysight's direct sales organization accounts for over 80% of its business, focusing on complex, end-to-end solutions across various markets[58]. - The company utilizes a combination of in-house manufacturing and qualified contract manufacturers to optimize productivity and manage costs[61]. Compliance and Regulatory Risks - The company is subject to various federal, state, local, and international laws and regulations, including those related to environment, corruption, and data privacy, which may impact its operations[77]. - The company has compliance programs and training to prevent violations of anti-corruption regulations, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act[83]. - The company is subject to complex data privacy regulations, including the GDPR, which require careful handling of internal data and may incur additional compliance costs[84]. Cybersecurity and Legal Matters - Keysight's cybersecurity measures include firewalls, antivirus protection, and routine updates, but the company acknowledges the evolving nature of cybersecurity threats[157]. - The company is involved in ongoing litigation, including a lawsuit seeking a tax refund of $107 million[200]. - Centripetal Networks filed multiple lawsuits against Keysight, alleging patent infringements, with ongoing appeals and challenges to the validity of several patents[151]. Environmental and Social Responsibility - The company is committed to achieving net zero Scope 1 and Scope 2 emissions by the end of fiscal year 2040, which may require significant capital improvements and changes in operations[147]. - The company plans to develop Scope 3 reduction and engagement targets, which were approved by the Science Based Target Initiative on October 27, 2023[147]. - Keysight is subject to scrutiny regarding its Diversity, Equity, and Inclusion initiatives, which could lead to investigations and reputational damage[166]. Financial Management and Capital Structure - The company has outstanding debt and may incur additional debt, which could adversely affect its financial condition and liquidity[133]. - The company may need additional financing for R&D activities or acquisitions, which could be dilutive to existing shareholders if not available on favorable terms[132]. - The company benefits from tax incentives in Singapore and Malaysia, which, if not renewed, could lead to a higher effective tax rate[145].

SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight Technologies, Inc. (NYSE: KEYS) today announced AI-powered Chat and Copilot assistants for its Advanced Design System (ADS), delivering breakthrough natural language capabilities that accelerate design workflows while maintaining enterprise-grade security. Electronic design teams face mounting challenges: complex multi-domain workflows, fragmented data management, and relentless pressure to accelerate time-to-market. Manual processes slow innovation, while talen ...

SANTA ROSA, Calif.--(BUSINESS WIRE)--At CES 2026, Keysight will showcase a comprehensive ecosystem of automotive design, development, validation, and cybersecurity solutions. ...

SANTA ROSA, Calif.--(BUSINESS WIRE)--At CES 2026, Keysight will showcase a comprehensive ecosystem of automotive design, development, validation, and cybersecurity solutions. ...

SANTA ROSA, Calif.--(BUSINESS WIRE)--Live multi-orbit proof-of-concept shows session continuity from a geostationary earth orbit to an emulated low Earth orbit link. ...

PresentationWe'll start it off. Maybe, Neil, I'll start with you. Maybe just give us a little -- it's been a pretty good run of recent. So maybe just high-level kind of what were some of the positive factors in '25 and what's informing the pretty good outlook you gave for next year?Neil DoughertyExecutive VP & CFO Yes. That's a great question. As I look back on '25, the first thing that comes to mind is building momentum, right? We had started the recovery as we were entering '25, but we really were talking ...

Summary of Keysight Technologies FY Conference Call (December 10, 2025) Company Overview - **Company**: Keysight Technologies (NYSE: KEYS) - **Fiscal Year**: 2025 - **Conference Date**: December 10, 2025 Key Industry Insights General Market Performance - **2025 Performance**: The company experienced a recovery with growth expectations starting at 5% and finishing at 8% for the year, with guidance for 10% growth in Q1 2026 [1][2] - **End-Market Environment**: Mixed performance across different business segments, with some areas showing growth while others remained soft [1][2] Technological Trends - **AI Impact**: AI is significantly influencing the wireline business, contributing to growth and driving new use cases across various sectors [4][5] - **Wireless Business Growth**: The wireless segment returned to growth, driven by advancements in non-terrestrial networks, early 6G research, and Open RAN [2][3] - **Semiconductor Market**: The semiconductor sector is rebounding, with increased demand for assurance of supply and AI-driven innovations [3] Defense Sector - **Aerospace and Defense**: The defense sector is seeing increased budgets from both the U.S. and European allies, with a focus on modernization and new programs like Golden Dome and GCAP [3][27][28] - **Record Orders**: Despite challenges such as government shutdowns, the aerospace defense business achieved record orders in 2025 [26][27] Financial Performance and Projections Revenue and Growth - **Recurring Revenue**: Approximately 30% of the business is recurring revenue, with expectations to reach around 40% due to recent acquisitions [14][15] - **Operating Margin**: The company aims for a 40% operating leverage, with expectations for EPS growth at or above 10% in 2026 despite potential dilution from acquisitions [33][36] Acquisitions and Integration - **Recent Acquisitions**: Three acquisitions completed in October 2025 are expected to enhance operating margins over the next 12-18 months [34][35] - **Cost Efficiency Target**: A target of $100 million in cost efficiencies primarily from synergies related to acquisitions [35] Emerging Opportunities AI and Data Centers - **AI Data Center Builder**: A new product that has received industry awards, aimed at helping hyperscalers with workload emulation and benchmarking [8][9] - **Growth in Data Center Capacity**: Projections indicate an additional 10-15 gigawatts of capacity in 2026 and 100 gigawatts over the next five years [10][12] Wireless and 6G Development - **5G and Beyond**: Continued investment in 5G standards and the emergence of 6G, with significant R&D activities expected to ramp up towards the end of the decade [22][24] - **Non-Terrestrial Networks**: Growth in direct-to-cell services and satellite constellations, with Keysight positioned to support these developments [20][21] Defense Technology Startups - **Emerging Startups**: Over 1,400 defense technology startups are entering the market, creating additional demand for Keysight's testing and emulation capabilities [30][31] Conclusion - **Positive Outlook**: Keysight Technologies is well-positioned for growth across multiple sectors, including AI, wireless communications, and defense, with a strong focus on technological advancements and strategic acquisitions [36]

SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight Technologies, Inc. (NYSE: KEYS) announced the company has received multiple awards and recognitions for its corporate social responsibility (CSR) efforts throughout 2025. Keysight's inclusion in the JUST 100 Ranking of America's Most Just Companies in 2025 marks the company's eighth consecutive annual inclusion since the inaugural publication of this ranking. It also marks the sixth time Keysight has held the best in industry ranking. The company also maintained ...

Keysight Technologies ( KEYS ) shares have experienced a significant run-up in price in recent weeks following the robust Q4’25 earnings release . With shares trading at a historically high premium, I believe there may be some gyration in the price inMonte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent over a decade in profession ...

Group 1 - Keysight Technologies (KEYS) shares have seen a significant price increase following a strong Q4'25 earnings release [1] - The shares are currently trading at a historically high premium, indicating potential price volatility in the near future [1] Group 2 - The analyst, Michael Del Monte, has expertise in various sectors including technology, energy, industrials, and materials [1]