Keysight Technologies (KEYS) Q4 2025 Financial Results Summary
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Keysight Technologies (KEYS) Q4 2025 Financial Results Summary
Release Date: November 24, 2025
Keysight Technologies, Inc. (NYSE: KEYS) reported its financial results for the fourth fiscal quarter and fiscal year ended October 31, 2025, showcasing robust demand and strong execution leading to above guidance results and significant order growth. Notably, the company also announced a new share repurchase program worth $1.5 billion.
Fourth Quarter Financial Summary
- Revenue: $1.42 billion
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Increased by 10% compared to $1.29 billion in Q4 2024.
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GAAP Net Income: $229 million, or $1.33 per share
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Compared to a GAAP net loss of $73 million, or $0.42 per share in Q4 2024.
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Non-GAAP Net Income: $331 million, or $1.91 per share
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Up from $288 million, or $1.65 per share in Q4 2024.
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Cash Flow from Operations: $225 million
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Decreased by 37% compared to $359 million last year.
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Free Cash Flow: $188 million
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Reduced from $328 million in Q4 2024.
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Cash and Cash Equivalents: $1.87 billion as of October 31, 2025.
Fiscal Year 2025 Financial Summary
- Revenue: $5.37 billion
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An increase of 8% from $4.98 billion in fiscal year 2024.
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GAAP Net Income: $846 million, or $4.89 per share
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Compared to $614 million, or $3.51 per share in fiscal year 2024.
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Non-GAAP Net Income: $1.24 billion, or $7.16 per share
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Increased from $1.10 billion, or $6.27 per share in fiscal year 2024.
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Cash Flow from Operations: $1.41 billion
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Up 34% from $1.05 billion last year.
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Free Cash Flow: $1.28 billion
- Increase from $0.91 billion in the previous fiscal year.
Reporting Segments
- Communications Solutions Group (CSG)
- Revenue: $990 million, up 11% from $894 million in Q4 2024.
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Driven by investments in AI data center infrastructure and defense modernization.
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Electronic Industrial Solutions Group (EISG)
- Revenue: $429 million, up 9% from $393 million in Q4 2024.
- Reflects growth in general electronics and semiconductor solutions.
Share Repurchase Program
- Keysight has authorized a new share repurchase program for up to $1.5 billion of its common stock, replacing the previous program. The repurchase is effective immediately and will be conducted based on market conditions.
Outlook
- For the first fiscal quarter of 2026, Keysight expects revenue in the range of $1.53 billion to $1.55 billion.
- Non-GAAP earnings per share are anticipated to be between $1.95 and $2.01.
Key Takeaways
- The company experienced significant growth across several metrics, indicating a strong recovery and ongoing demand for its products and solutions.
- Despite a reduction in cash flow and free cash flow compared to the same quarter last year, the overall increase in revenues and net income reflects solid operational performance.
- The announcement of a significant share repurchase program suggests confidence in the company’s financial health and strategy moving forward.
Additional Information
Investors looking for deeper engagement can join Keysight’s management for a conference call today to discuss the Q4 FY2025 financial results and the outlook for the first quarter of FY2026.
Conclusion
Keysight Technologies successfully concluded the fiscal year 2025 with strong growth metrics and a positive outlook moving into 2026, further solidified by the new share repurchase program.
For further details, visit Keysight Newsroom.
Here are the extracted tables from the press release in Markdown format:
| Revenue | Three months ended | Year ended | ||
|---|---|---|---|---|
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | |
| Orders | ||||
| Revenue | 1,533 | 1,345 | 5,452 | 5,033 |
| Costs and expenses: | ||||
| Cost of products and services | 1,419 | 1,287 | 5,375 | 4,979 |
| Research and development | 550 | 485 | 2,038 | 1,846 |
| Selling, general and administrative | 258 | 233 | 1,007 | 919 |
| Other operating expense (income), net | 399 | 343 | 1,474 | 1,395 |
| Total costs and expenses | (5) | (4) | (20) | (14) |
| Income from operations | 1,202 | 1,057 | 4,499 | 4,146 |
| Interest income | 217 | 230 | 876 | 833 |
| Interest expense | 31 | 21 | 102 | 81 |
| Other income (expense), net | (28) | (23) | (96) | (84) |
| Income from continuing operations before taxes | 102 | 20 | 200 | 35 |
| Provision for income taxes | 322 | 248 | 1,082 | 865 |
| Income (loss) from continuing operations, net of income taxes | 70 | 321 | 213 | 251 |
| Loss from discontinued operations, net of income taxes | 252 | (73) | 869 | 614 |
| Net income (loss) | (23) | — | (23) | — |
| Basic income (loss) per share: | ||||
| Income (loss) per share from continuing operations | $ 1.47 | $ -0.42 | $ 5.04 | $ 3.53 |
| Loss per share from discontinued operations | -0.13 | — | -0.13 | — |
| Net income (loss) per share | $ 1.34 | $ -0.42 | $ 4.91 | $ 3.53 |
| Diluted income (loss) per share: | ||||
| Income (loss) per share from continuing operations | $ 1.46 | $ -0.42 | $ 5.02 | $ 3.51 |
| Loss per share from discontinued operations | -0.13 | — | -0.13 | — |
| Net income (loss) per share | $ 1.33 | $ -0.42 | $ 4.89 | $ 3.51 |
| Weighted average shares used in computing net income (loss) per share: | ||||
| Basic | 172 | 173 | 172 | 174 |
| Diluted | 173 | 173 | 173 | 175 |
| ASSETS | October 31, 2025 | October 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 1,873 | $ 1,796 |
| Accounts receivable, net | 939 | 857 |
| Inventory | 1,050 | 1,022 |
| Other current assets | 486 | 582 |
| Total current assets | 4,348 | 4,257 |
| Property, plant and equipment, net | 795 | 774 |
| Operating lease right-of-use assets | 236 | 234 |
| Goodwill | 3,435 | 2,388 |
| Other intangible assets, net | 1,285 | 607 |
| Long-term investments | 211 | 110 |
| Long-term deferred tax assets | 373 | 378 |
| Other assets | 610 | 521 |
| Total assets | $ 11,293 | $ 9,269 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 355 | 313 |
| Employee compensation and benefits | 399 | 295 |
| Deferred revenue | 652 | 561 |
| Income and other taxes payable | 207 | 90 |
| Operating lease liabilities | 51 | 43 |
| Other accrued liabilities | 186 | 125 |
| Total current liabilities | 1,850 | 1,427 |
| Long-term debt | 2,534 | 1,790 |
| Retirement and post-retirement benefits | 75 | 81 |
| Long-term deferred revenue | 232 | 206 |
| Long-term operating lease liabilities | 193 | 197 |
| Other long-term liabilities | 532 | 463 |
| Total liabilities | 5,416 | 4,164 |
| Stockholders’ equity | ||
| Preferred stock; $0.01 par value; 100 million shares authorized; none issued and outstanding | — | — |
| Common stock; $0.01 par value; 1 billion shares authorized; 202 million and 201 million shares issued, respectively | 2 | 2 |
| Treasury stock, at cost; 30.8 million shares and 28.4 million shares, respectively | (3,799) | (3,422) |
| Additional paid-in-capital | 2,851 | 2,664 |
| Retained earnings | 7,071 | 6,225 |
| Accumulated other comprehensive loss | (248) | (364) |
| Total stockholders’ equity | 5,877 | 5,105 |
| Total liabilities and equity | $ 11,293 | $ 9,269 |