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Screener / SEC EDGAR /CIK 0001601046 /10-K filed Dec 17, 2025, compared with Dec 17, 2024 /Numbers from the XBRL of the 10-Ks
Technology peers:
CDNSITKEYSONTDYZBRA
NYSE Technology · Industrial Instruments

Keysight Technologies KEYS

KEYS quote by TradingView
Employees
16,800
Headquarters
Santa Rosa, CA
CEO
Satish Dhanasekaran
Next results
around Nov 23, 2026
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $5.4B through the costs to a net profit of $850.0M · income statement of the 10-K

16% operating margin
Revenue to Gross profit: $3.3BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $876.0MGross profit to Operating expenses: $2.5BOperating profit to Net profit: $663.0MOperating profit to Tax: $213.0MOther income to Net profit: $187.0MOperating expenses to R&D: $1.0BOperating expenses to SG&A: $1.5B Revenue: $5.4B REVENUE $5.4B +8% Y/Y Gross profit: $3.3B · 62% margin GROSS PROFIT $3.3B 62% margin Cost of revenue: $2.0B · 38% of revenue COST OF REVENUE $2.0B 38% of revenue Operating profit: $876.0M · 16% margin OPERATING PROFIT $876.0M 16% margin · +5% Y/Y Other income: $187.0M · 3% of revenue OTHER INCOME $187.0M 3% of revenue Operating expenses: $2.5B · 46% of revenue OPERATING EXPENSES $2.5B 46% of revenue Net profit: $850.0M · 16% margin NET PROFIT $850.0M 16% margin · +38% Y/Y Tax: $213.0M · 4% of revenue TAX $213.0M 4% of revenue R&D: $1.0B · 19% of revenue R&D $1.0B 19% of revenue SG&A: $1.5B · 27% of revenue SG&A $1.5B 27% of revenue
Gross profit $3.3B 62% margin
Operating profit $876.0M 16% margin · +5% Y/Y
Net profit $850.0M 16% margin · +38% Y/Y
The full income statement, year by year

KEYS among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 8.0%, above 24% of 74 peers (their median 14.1%) REVENUE GROWTH 8.0% · above 24% Gross margin: 64.7%, above 61% of 67 peers (their median 56.4%) GROSS MARGIN 64.7% · above 61% Operating margin: 20.3%, above 46% of 70 peers (their median 23.8%) OPERATING MARGIN 20.3% · above 46% Net margin: 19.1%, above 50% of 74 peers (their median 18.9%) NET MARGIN 19.1% · above 50% FCF margin: 22.3%, above 49% of 70 peers (their median 23.7%) FCF MARGIN 22.3% · above 49% Return on capital: 7.7%, above 33% of 61 peers (their median 12.7%) RETURN ON CAPITAL 7.7% · above 33%
KEYS Peer median Below the median

What changed

8 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Dec 17, 2025 against Dec 17, 2024.

Risk factors
8 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Acquisition of the OSG Business - Valuation of Developed Technology (“As described in Note 2 to the consolidated financial statements, on October 17, 2025, the Company acquired the OSG business for $581 million. Of the acquired other intangible assets, $180 million was recorded related to developed technology. Developed technology was valued using the relief from roya”). Same as last year: Acquisition of Spirent - Valuation of Developed Technology and Certain Customer Relationships
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
1 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New this year: Acquisition of the OSG Business - Valuation of Developed Technology (“As described in Note 2 to the consolidated financial statements, on October 17, 2025, the Company acquired the OSG business for $581 million. Of the acquired other intangible assets, $180 million was recorded related to developed technology. Developed technology was valued using the relief from roya”). Same as last year: Acquisition of Spirent - Valuation of Developed Technology and Certain Customer Relationships
  • Receivables +9.6% vs revenue +8.0% (+1.6 pts)
9 more checks with nothing to note
  • Cash from operations $1.4B vs net income $850.0M (FY ending Oct 31, 2025)
  • Inventory +2.7% vs revenue +8.0% (-5.2 pts)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

8 paragraphs in Risk Factors that were not in the 10-K filed Dec 17, 2024. Quoted as filed.

All 8 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Dec 17, 2024 10-K, ITEM 1A
    There have been recent and ongoing changes to U.S. tariff policy, resulting in broad-based increases in tariff rates. Commencing in the second quarter of fiscal 2025, new U.S. tariffs applying to imports from all countries were announced, including significantly higher rates on imports from China. In response, several countries,…
  2. Item 1A · new paragraph · not in the 10-K filed Dec 17, 2024 10-K, ITEM 1A
    If the U.S.’ relationship with countries subject to increased tariffs results in additional trade disputes, trade protection measures, retaliatory actions and increased barriers, policies that favor domestic industries, or increased import or export licensing requirements or restrictions, we could suffer additional unforeseen adverse…
  3. Item 1A · new paragraph · not in the 10-K filed Dec 17, 2024 10-K, ITEM 1A
    On January 23, 2025, we filed a lawsuit against the United States of America in the United States Court of Federal Claims seeking a tax refund of $107 million, or such greater amount allowed by law, plus any other amount, including interest and cost, allowed by law. We intend to vigorously defend our position. The outcome cannot be…
  4. Item 1A · new paragraph · not in the 10-K filed Dec 17, 2024 10-K, ITEM 1A
    We continue to evaluate and, where appropriate, integrate AI technologies into our product offerings and internal operations to enhance innovation, efficiency, and customer value. While AI presents opportunities for advancement, its adoption also introduces a range of risks that could adversely impact our business, financial condition,…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2016 to FY2025

Revenue, net income and free cash flow, each set to 100 in FY2016. What happened, from the 10-Ks. Not a forecast.

FY2016 = 100
100 200 300 400 Revenue: $2.9B in FY2016, $5.4B in FY2025 REVENUE $5.4B · 1.8x Net income: $335.0M in FY2016, $850.0M in FY2025 NET INCOME $850.0M · 2.5x Free cash flow: $329.0M in FY2016, $1.3B in FY2025 FREE CASH FLOW $1.3B · 3.9x FY2016 = 100FY2021FY2025
Revenue 1.8x $2.9B to $5.4B
Net income 2.5x $335.0M to $850.0M
Free cash flow 3.9x $329.0M to $1.3B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$5.4B$5.5B$5.0B$5.4B
Net income$1.1B$1.1B$614.0M$850.0M
Operating cash flow$1.1B$1.4B$1.1B$1.4B
Free cash flow$959.0M$1.2B$898.0M$1.3B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$5.4B ▲ 8.0% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

1 filing in the last 30 days · SEC EDGAR

All filings
  • OfficerNov 2, 2026
    CFO change (the “Company”) appointed Jason Kary to serve as the Company’s Senior Vice President and Chief Financial Officer, and Principal Financial Officer, effective December 18, 2026 (the “CFO Transition Date”).

About the company

Keysight Technologies, Santa Rosa, CA · from the 10-K filed Dec 17, 2025

Keysight Technologies, Inc. (“we,” “us,” “our,” “Keysight” or “the company”), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics markets, committed to advancing our customers’ business success by helping them solve critical challenges in the development and commercialization of their products and services. Our mission, “accelerating innovation to connect and secure the world,” speaks to the value we provide our customers in a world of ever-increasing technological complexity.

Headquarters
Santa Rosa, CA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
October 31
Last results
Aug 18, 2026
Incorporated in
DE

Employees, at the top of the page: "As of October 31, 2025, Keysight employed approximately 16,800 people worldwide" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Dec 17, 2025 (open at SEC), compared with the 10-K filed Dec 17, 2024. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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