KEYSKeysight Technologies

Technology · Industrial Instruments · NYSE

Employees: 16,800
Headquarters: Santa Rosa, CA
CEO: Satish Dhanasekaran
Next results: around Nov 23, 2026

The biggest changes in the 10-K filed 2025-12-17, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Net income

+38.4% Big change FY to 2025-10-31 vs 2024-10-31

“Net income of $850 million for 2025 increased 38 percent compared to 2024, primarily driven by higher revenue and net gains on equity investments and derivative instruments and lower income tax provisions, partially offset by higher people-related costs, higher acquisition and integration costs, impact of tariffs, and loss from discontinued operations, net of income taxes.”
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“The increase in net other income for 2025 compared to 2024 was primarily driven by net gains on equity investments, gains on derivative instruments and lower amortization of actuarial losses.”
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Cash from operations

+33.9% Big change FY to 2025-10-31 vs 2024-10-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+8.0% FY to 2025-10-31 vs 2024-10-31

“Revenue declines in Asia Pacific and the Americas were partially offset by an increase in Europe.”
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“Revenue increased across all regions.The increase in revenue reflects mixed demand across the electronic industrial markets with an increase in semiconductor measurements and general electronics measurement, partially offset by a decline in automotive and energy.”
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Operating margin

16.7% → 16.3% (-0.4 pts) FY to 2025-10-31 vs 2024-10-31

“Selling, general and administrative expenses increased 6 percent in 2025 compared to 2024, primarily driven by higher acquisition and integration costs, people-related costs, travel costs, and incremental costs from acquired businesses, partially offset by lower infrastructure costs and amortization of acquisition-related balances.”
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“Operating margin was flat in 2025 compared to 2024, as declines in gross margin were offset by lower operating expenses as percentage of sales.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

Work on KEYS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/KEYS/export.csv") into a cell.