Keysight Technologies
KEYS · NYSEIndustrial Instruments For Measurement, Display, and Control · Fiscal year ends Oct 31
Keysight Technologies reported revenue of $5.4B in the fiscal year ended Oct 2025, up 8.0% from the year before. Operating income was $876M, an operating margin of 16.3%, and net income was $850M. Operating cash flow of $1.4B less capital expenditure of $128M left free cash flow of $1.3B. Net debt was $661M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $4.9B | $5.4B | $5.5B | $5B | $5.4B |
| Cost of revenue | $1.9B | $2B | $1.9B | $1.8B | $2B |
| Gross profit | $3.1B | $3.5B | $3.5B | $3.1B | $3.3B |
| Research & development | $811M | $841M | $882M | $919M | $1B |
| Selling, general & admin | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B |
| Operating income | $1.1B | $1.3B | $1.4B | $833M | $876M |
| Interest expense | $79M | $79M | $78M | $84M | $96M |
| Pre-tax income | $1B | $1.3B | $1.4B | $865M | $1.1B |
| Income tax | $116M | $161M | $300M | $251M | $213M |
| Net income | $894M | $1.1B | $1.1B | $614M | $850M |
| Diluted EPS | 4.78 | 6.18 | 5.91 | 3.51 | 4.91 |
| Diluted shares | 187M | 182M | 179M | 175M | 173M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $2B | $2.5B | $1.8B | $1.9B |
| Receivables | $735M | $905M | $900M | $857M | $939M |
| Inventory | $777M | $858M | $985M | $1B | $1.1B |
| Current assets | $3.8B | $4.2B | $4.8B | $4.3B | $4.3B |
| Net PP&E | $650M | $690M | $761M | $774M | $795M |
| Goodwill | $1.6B | $1.6B | $1.6B | $2.4B | $3.4B |
| Total assets | $7.8B | $8.1B | $8.7B | $9.3B | $11.3B |
| Payables | $287M | $348M | $286M | $313M | $355M |
| Deferred revenue | $665M | $692M | $757M | $767M | $884M |
| Current liabilities | $1.3B | $1.4B | $2B | $1.4B | $1.9B |
| Short-term debt | – | $0 | $599M | $0 | $0 |
| Long-term debt | $1.8B | $1.8B | $1.2B | $1.8B | $2.5B |
| Total liabilities | $4B | $3.9B | $4B | $4.2B | $5.4B |
| Shareholders' equity | $3.8B | $4.2B | $4.7B | $5.1B | $5.9B |
| Backlog (remaining obligations) | $382M | $433M | $581M | $576M | $629M |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.1B | $1.4B | $1.1B | $1.4B |
| Capital expenditure | $174M | $185M | $197M | $154M | $128M |
| Free cash flow | $1.1B | $959M | $1.2B | $898M | $1.3B |
| Depreciation & amortisation | $117M | $117M | $120M | $126M | $131M |
| Stock-based compensation | $103M | $125M | $135M | $137M | $162M |
| Acquisitions | $178M | $33M | $85M | $681M | $2B |
| Share buybacks | $673M | $849M | $702M | $439M | $375M |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.7% | 0.8% | −8.9% | 8.0% |
| Operating income growth (YoY) | – | 23.5% | 1.8% | −38.7% | 5.2% |
| EPS growth (YoY) | – | 29.3% | −4.4% | −40.6% | 39.9% |
| Gross margin | 62.1% | 63.7% | 64.6% | 62.9% | 62.1% |
| Operating margin | 21.9% | 24.6% | 24.9% | 16.7% | 16.3% |
| Net margin | 18.1% | 20.7% | 19.3% | 12.3% | 15.8% |
| Return on equityBlank when equity is negative | 23.6% | 27.0% | 22.7% | 12.0% | 14.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.7% | 19.9% | 20.5% | 10.6% | 9.3% |
| Free cash flow margin | 23.2% | 17.7% | 22.2% | 18.0% | 23.8% |
| Cash conversion (CFO ÷ net income) | 1.48x | 1.02x | 1.33x | 1.71x | 1.66x |
| Receivable days | 54 | 61 | 60 | 63 | 64 |
| Inventory days | 151 | 159 | 186 | 202 | 188 |
| Payable days | 56 | 64 | 54 | 62 | 64 |
| Interest cover | 13.7x | 16.9x | 17.4x | 9.92x | 9.13x |
| Debt ÷ equity | 0.47x | 0.43x | 0.39x | 0.35x | 0.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$261M | −$249M | −$678M | −$6M | $661M |
| Current ratio | 2.93x | 3.01x | 2.35x | 2.98x | 2.35x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.