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• uncertainty regarding the U.S. government’s announced tariffs, potential changes to existing tariffs and whether additional tariffs may be imposed, modified or suspended;
Read in the filing ↗ Also in 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026
U.S. government tariffs and IEEPA tariff refund claims and related customer surcharge refunds
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
For additional discussion of risks related to tariffs, trade relations, and tariff refund claims, see Part II Item 1A, Risk Factors.
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
Changes to U.S. tariff policy which resulted in broad-based increases in tariff rates, IEEPA tariff refund claims, and related customer surcharge refunds impacted our financial results for the three and nine months ended July 31, 2026. We continue to closely monitor and assess the potential impact of ongoing tariff actions, including the recently introduced Section 301 “forced labor” tariffs, on our results, and take steps across multiple vectors to reduce the impact. This multipronged mitigation approach spans our global manufacturing footprint and sourcing strategies, as well as pricing and cost actions.
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Beginning in the second quarter of fiscal 2025, the U.S. government announced tariffs on products from all countries and additional reciprocal tariffs on certain countries. In response, China and other countries announced retaliatory tariffs against certain imports from the United States. There have been recent changes effective August 1, 2025, resulting in broad-based increases in tariff rates. These tariffs have impacted our financial results for the three and nine months ended July 31, 2025. We continue to closely monitor and assess the potential impact of these tariffs on our results and take actions across multiple vectors to reduce the impact. This multipronged mitigation approach spans our global manufacturing footprint and sourcing strategies, as well as pricing and cost actions. For additional discussion of risks related to tariffs and trade relations, please refer to the risk factor, in Part II, Item 1A. Risk Factors.
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Beginning in the second quarter of fiscal 2025, the U.S. government announced tariffs on products from most countries and additional reciprocal tariffs on certain countries. In response, China and other countries announced retaliatory tariffs against certain imports from the United States. There have been recent changes effective August 1, 2025, resulting in broad-based increases in tariff rates, and there has been continuing litigation in the federal courts regarding the validity of the imposition of certain tariffs. These tariffs have impacted our financial results for the year ended October 31, 2025. We have taken actions across multiple vectors to reduce the impact on our results of operations. This multipronged mitigation approach spans our global manufacturing footprint and sourcing strategies, as well as pricing and cost actions.
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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, including China, have imposed or threatened to impose retaliatory measures on imports from the U.S. The U.S. government has announced various modifications and delays to its tariff policy and further changes may be made in the future. There has also been continuing litigation in the federal courts regarding the validity of the imposition of certain tariffs.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025, 10-Q of Jun 4, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026, 10-Q of Mar 5, 2026, 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Aug 29, 2025
Changes to U.S. tariff policy, which resulted in broad-based increases in tariff rates, impacted our financial results for the three months ended January 31, 2026. Notwithstanding the recent decision by the United States Supreme Court on February 20, 2026, litigation continues in the federal courts regarding the treatment (including recoverability) of certain tariffs. We continue to closely monitor and assess the potential impact of ongoing tariff actions on our results, and take steps across multiple vectors to reduce the impact. This multipronged mitigation approach spans our global manufacturing footprint and sourcing strategies, as well as pricing and cost actions. For additional discussion of risks related to tariffs and trade relations, please refer to the risk factor, in Part II, Item 1A. Risk Factors.
Read in the filing ↗ Also in 10-Q of Jun 4, 2026
• changes in a specific country's or region's political, economic or other conditions, including but not limited to changes that favor national interests such as the imposition of or increase in tariffs and reciprocal tariffs, and economic volatility;
Read in the filing ↗ Also in 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026
Accordingly, during the nine months ended July 31, 2026, we recorded a receivable of $ 100 million within “other current assets” in the condensed consolidated balance sheet, representing recovery of IEEPA tariffs previously paid and accrued statutory interest, with corresponding offsets of $ 93 million to “cost of sales,” $ 4 million to “selling, general and administrative expenses,” and $ 3 million to “interest income” in the condensed consolidated statement of operations. In addition, we recorded a $ 40 million liability within “other accrued liabilities” in the condensed consolidated balance sheet as a result of our decision to refund IEEPA tariff surcharges collected from our customers, with a corresponding reduction of revenue in the condensed consolidated statement of operations. In the three and nine months ended July 31, 2026, we received $ 37 million in IEEPA tariff refund proceeds, resulting in outstanding IEEPA tariff refund claims receivable of $ 64 million within “other current assets” in the condensed consolidated balance sheet, representing recovery of IEEPA tariffs previously paid. For discussion of risks related to tariff refund claims, see Part II, Item 1A, Risk Factors.
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In February 2026, the U.S. Supreme Court determined that tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”) were not authorized by law. Subsequent rulings by the U.S. Court of International Trade have directed U.S. Customs and Border Protection to implement processes for the refund of certain tariffs previously collected. In light of these developments, we have submitted, or intend to submit, claims seeking refunds of tariffs previously paid. However, uncertainty remains regarding the ultimate outcome of these claims, including:
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IEEPA tariff refund claims and related customer surcharge refunds. In February 2026, the Supreme Court of the United States (“U.S. Supreme Court”) determined that certain tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”) were not authorized by law. Subsequent rulings by the U.S. Court of International Trade have directed the U.S. Customs and Border Protection to establish processes to effect refunds of certain tariffs previously collected. Based on these judicial determinations, we concluded that the company has been legally released from the obligation underlying the invalidated tariffs in accordance with the legal release model within the scope of Accounting Standards Codification 405, Liabilities, and that we have a present right to repayment of amounts previously paid.
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
In February 2026, the Supreme Court of the United States (“U.S. Supreme Court”) determined that tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”) were not authorized by law. Subsequent rulings by the U.S. Court of International Trade have directed U.S. Customs and Border Protection to implement processes for the refund of certain tariffs previously collected. In light of these developments, we have submitted, or intend to submit, claims seeking refunds of tariffs previously paid. However, uncertainty remains regarding the ultimate outcome of these claims, including:
Read in the filing ↗
In February 2026, the Supreme Court of the United States (“U.S. Supreme Court”) determined that certain tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”) were not authorized by law. Subsequent rulings by the U.S. Court of International Trade have directed U.S. Customs and Border Protection to implement processes for the refund of certain tariffs previously collected. In light of these developments, we have submitted, or intend to submit, claims seeking refunds of tariffs previously paid. However, uncertainty remains regarding the ultimate outcome of these claims, including:
Read in the filing ↗ Also in 10-Q of Sep 2, 2026, 10-Q of Jun 4, 2026
In February 2026, the United States Supreme Court determined that certain tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”) were not authorized by law. Subsequent rulings by the United States Court of International Trade have directed U.S. Customs and Border Protection to establish processes to effect refunds of certain tariffs previously collected. Based on these judicial determinations, for the quarter ended April 30, 2026, the Company recorded a receivable of $100 million within “other current assets” in the condensed consolidated balance sheet, representing recovery of tariffs previously paid and statutory interest on IEEPA tariff refunds, with corresponding offsets of $93 million to “cost of sales”, $4 million to “selling, general and administrative expenses”, and $3 million to “interest income” in the condensed consolidated statement of operations. In addition, the Company recorded a $40 million liability within “other accrued liabilities” in the condensed consolidated balance sheet representing the refund of tariff surcharge collected from customers, with a corresponding reduction of revenue in the condensed consolidated statement of operations. 1
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Notwithstanding the decision by the United States Supreme Court on February 20, 2026 in “Learning Resources, Inc. et al v. Trump,” litigation continues in the federal courts regarding the treatment, including recoverability, of certain tariffs. The company is evaluating the potential implications of the ruling and ongoing tariff actions, including the possible eligibility for refunds of previously paid tariffs and any impact on future products and component costs. As of the date of issuance of these financial statements, the company is unable to reasonably estimate the financial impact of this ruling, and no adjustments have been recorded.
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Gross margin for the three and six months ended April 30, 2026 increased 7 percentage points and 4 percentage points, respectively, compared to the same periods last year, primarily driven by net IEEPA tariff refund claims, higher revenue volume, favorable mix, and incremental gross margin impact from acquisitions, partially offset by higher people-related costs and the impact of ongoing tariffs.
Read in the filing ↗ Also in 10-Q of Jun 4, 2026, 10-Q of Jun 4, 2026
For additional discussion of risks related to tariffs and trade relations, please refer to Part I Item 1A “Risk Factors.”
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Net income for the three and six months ended April 30, 2026 was $349 million and $630 million, respectively, compared to $257 million and $426 million, respectively, for the same periods last year. The increase in net income for the three months ended April 30, 2026 was primarily driven by higher revenue, favorable mix, and net IEEPA tariff refund claims, partially offset by previous year net gains on derivative instruments, higher people-related costs, incremental costs from acquired businesses, higher amortization of acquisition-related balances, and the impact of ongoing tariffs. The increase in net income for the six months ended April 30, 2026 was primarily driven by higher revenue, favorable mix, higher net income tax benefit, and net IEEPA tariff refund claims, partially offset by incremental costs from acquired businesses, higher people-related costs, net losses on equity investment, higher amortization of acquisition-related balances, and the impact of ongoing tariffs.
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The following table reflects the net impact of IEEPA tariff refund claims and related customer surcharge refunds on our reportable segments:
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
Gross margin for the three months ended July 31, 2025 was flat compared to the same period last year, as the net impact of tariffs and higher people-related costs were offset by higher revenue volume and favorable pricing. Gross margin for the nine months ended July 31, 2025 decreased 1 percentage point compared to the same period last year, primarily driven by the net impact of tariffs and unfavorable mix, partially offset by favorable pricing.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025, 10-Q of Aug 29, 2025
Accordingly, for the three and six months ended April 30, 2026, we recorded a receivable of $ 100 million within “other current assets” in the condensed consolidated balance sheet, representing recovery of IEEPA tariffs previously paid and statutory interest accrued, with corresponding offsets of $ 93 million to “cost of sales,” $ 4 million to “selling, general and administrative expenses,” and $ 3 million to “interest income” in the condensed consolidated statement of operations. In addition, we recorded a $ 40 million liability within “other accrued liabilities” in the condensed consolidated balance sheet as a result of our decision to refund IEEPA tariff surcharges collected from our customers, with a corresponding reduction of revenue in the condensed consolidated statement of operations. For discussion of risks related to tariff refund claims, see Part II Item 1A, Risk Factors.
Read in the filing ↗
Nationalistic economic policies and political trends such as sanctions or trade restrictions, including those on advanced computing and semiconductor manufacturing and design software, withdrawal from or re-negotiation of global trade agreements, increased tariffs and reciprocal tariffs, tax and local content policies that favor domestic industries and interests, changes to immigration laws or enforcement and other similar actions may result in conflicting local or regional requirements, increased transaction costs, reduced ability to hire employees, reduced access to components, supplies and materials, reduced
Read in the filing ↗ Also in 10-Q of Aug 29, 2025, 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Jun 4, 2026
To the extent we are unable to recover tariffs previously paid, or experience delays or uncertainty in recovery, our results of operations, cash flows and financial condition could be adversely affected.
Read in the filing ↗ Also in 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026
In addition, a new “forced labor” tariff action was announced on July 24, 2026, which is expected to impact imports from 60 designated countries. Separately, on March 11, 2026, the U.S. Trade Representative initiated a Section 301 investigation into whether foreign government policies are contributing to structural excess manufacturing capacity across 16 economies, including in sectors such as electronics and semiconductors; the investigation remains pending and could result in additional tariffs or import restrictions affecting our supply chain, cost of goods sold and results from operations.
Read in the filing ↗
our customers or suppliers, and therefore, our business. Any export restrictions or sanctions and any tariffs or other trade restriction imposed on our customers or suppliers could adversely affect our financial condition and business.
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Gross margin for the three months ended July 31, 2026 increased 4 percentage points compared to the same period last year, primarily driven by higher revenue volume, favorable mix, and incremental gross margin impact from acquisitions, partially offset by higher people-related costs. Gross margin for the nine months ended July 31, 2026 increased 4 percentage points compared to the same period last year, primarily driven by higher revenue volume, favorable mix, net IEEPA tariff refund claims, and incremental gross margin impact from acquisitions, partially offset by higher people-related costs and the impact of ongoing tariffs.
Read in the filing ↗ Also in 10-Q of Sep 2, 2026, 10-Q of Sep 2, 2026
Many of our suppliers, vendors, customers, partners, and other entities with whom we do business have strong ties to doing business in China and other countries impacted by the increased tariffs. Increased tariffs on sales to or imports from impacted countries, including China, will increase the cost of our customers’ components and raw materials, which could make our customers’ products and services more expensive and could reduce demand for our customers’ products. A decrease in demand or significant change in operations from our customers due to international trade disputes could adversely affect our operating results and financial condition.
Read in the filing ↗ Also in 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026
Gross margin for the three months ended January 31, 2026 was flat compared to the same period last year, as higher revenue volume and favorable gross margin impact from acquisitions were offset by the impact of tariffs and higher people-related costs.
Read in the filing ↗
See the risk factor above with the heading “Economic and political policies favoring national interests could adversely affect our results of operations” in this Item 1A for a description of risks relating to U.S. tariff regimes, which is incorporated herein by reference.
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Gross margin for the three months ended January 31, 2026 increased 1 percentage point compared to the same period last year, primarily driven by higher revenue volume and favorable gross margin impact from acquisitions, partially offset by the impact of tariffs and higher people-related costs.
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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 effects on our operating results and financial condition.
Read in the filing ↗ Also in 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026
Gross margin for the three months ended January 31, 2026 decreased 1 percentage point compared to the same period last year, primarily driven by the impact of tariffs, higher amortization of acquisition-related balances, and higher people-related costs, partially offset by higher revenue volume and favorable gross margin impact from acquisitions.
Read in the filing ↗
In addition, global and regional macroeconomic developments, such as uncertainty related to future economic activity, increased tariff rates and reciprocal tariffs, volatility in financial and capital markets, reduced access to credit, changing interest rates, decreased liquidity, uncertain or destabilizing national elections and reactions to national election results, political violence and unrest in the U.S., the U.K., Europe, and Asia, and negative changes or volatility in general economic conditions in those regions could negatively affect our ability to conduct business in those territories. Financial difficulties experienced by our suppliers and customers due to economic volatility could result in product delays, reduced purchasing power, delays in payment or inability to pay us, and inventory issues. Economic risks related to accounts receivable could result in delays in collection and greater bad debt expense.
Read in the filing ↗ Also in 10-K of Dec 17, 2025, 10-Q of Mar 5, 2026, 10-Q of Jun 4, 2026, 10-Q of Sep 2, 2026
Gross margin for CSG in 2025 decreased 1 percentage point compared to 2024, primarily driven by the impact of tariffs and unfavorable mix, partially offset by favorable pricing and higher revenue volume. Gross margin for CSG in 2024 was flat compared to 2023, as lower revenue volume was offset by lower material and variable people-related costs.
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Net income for the three and nine months ended July 31, 2026 was $397 million and $1,027 million, respectively, compared to $191 million and $617 million, respectively, for the same periods last year. The increase in net income for the three months ended July 31, 2026 was primarily driven by higher revenue and favorable mix, partially offset by incremental costs from acquired businesses, higher people-related costs, higher amortization of acquisition-related balances and higher net income tax expense. The increase in net income for the nine months ended July 31, 2026 was primarily driven by higher revenue, favorable mix, lower net income tax expense, and net IEEPA tariff refund claims, partially offset by incremental costs from acquired businesses, higher people-related costs, higher amortization of acquisition-related balances, net losses on equity investments, and the impact of ongoing tariffs.
Read in the filing ↗ Also in 10-Q of Aug 29, 2025
Gross margin for EISG in 2025 was flat compared to 2024, primarily as the impact of tariffs and unfavorable mix, was offset by favorable pricing. Gross margin for EISG in 2024 decreased 2 percentage points compared to 2023, primarily driven by lower revenue volume, partially offset by favorable gross margin impact from the ESI Group acquisition and lower variable people-related costs.
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International trade disputes and increased tariffs between the United States and the United Kingdom, the European Union, Singapore, Malaysia and China, among other countries could substantially change our expectations and ability to operate in such jurisdictions as we have done historically. Many of our suppliers, vendors, customers, partners, and other entities with whom we do business have strong ties to doing business in China. Their ability to supply materials to us, buy products or services from us, or otherwise work with us is affected by their ability to do business in China. If the U.S.’s relationship with China results in additional trade disputes, trade protection measures, retaliatory actions, tariffs and increased barriers, policies that favor domestic industries, or increased import or export licensing requirements or restrictions, then our deployment of resources in jurisdictions affected by such measures could be misaligned and our operations may be adversely affected due to such changes in the economic and political ecosystem in which our suppliers, vendors, customers, partners, and other entities with whom we do business operate.
Read in the filing ↗
For the six months ended April 30, 2026, we recorded net income tax benefits of $ 87 million from discrete items, driven by a $ 97 million net benefit from a favorable audit settlement and a $ 12 million release of reserves due to the expiration of the statute of limitations. These items were partially offset by a $ 15 million expense related to IEEPA tariff refund claims and $ 10 million expense from unrecognized tax benefits recorded in the second quarter.
Read in the filing ↗ Also in 10-Q of Jun 4, 2026
• The aggregate movements in other assets and liabilities used net cash of $24 million during the first six months of fiscal 2026 compared to net cash provided of $131 million in the same period last year. This change was primarily driven by higher income and other tax payments, net of accruals, and net IEEPA tariff refund claims receivable, partially offset by higher payroll-related accruals, net of payments, an increase in deferred revenue, and changes in other assets and liabilities.
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Gross margin decreased 1 percentage point in 2025 compared to 2024, primarily driven by the impact of tariffs and unfavorable mix, partially offset by favorable pricing, higher revenue volume, and lower restructuring costs. Gross margin decreased 2 percentage points in 2024 compared to 2023, primarily driven by lower revenue volume, higher amortization of acquisition-related balances, and higher restructuring costs, partially offset by lower material costs, favorable gross margin impact from the ESI Group acquisition, and lower variable people-related costs.
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• The aggregate movements in other assets and liabilities used net cash of $101 million during the first nine months of fiscal 2026 compared to net cash provided of $118 million in the same period last year. This change was primarily driven by higher income and other tax payments, net of accruals, higher interest payments on senior notes, net of accruals, net IEEPA tariff refund claims receivable, and changes in derivative assets and liabilities, partially offset by an increase in deferred revenue, and changes in other assets and liabilities.
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Net income for the three months ended January 31, 2026 was $281 million compared to $169 million for the same period last year. The increase in net income for the three months ended January 31, 2026 was primarily driven by higher revenue, higher income tax benefit due to a net benefit from a favorable audit settlement and net gains on derivative instruments, partially offset by incremental costs from acquired businesses, net losses on equity investments, higher amortization of acquisition-related balances, impact of tariffs, and higher variable people-related costs.
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In April 2022, Centripetal filed a complaint with the International Trade Commission (“ITC”) requesting that they investigate whether Keysight violated Section 337 of the Tariff Act (“Section 337”) and requesting that Keysight be enjoined from importing certain products that are manufactured outside of the U.S. if found to infringe various claims of three Centripetal patents, two of which have since had all their claims invalidated by the USPTO. On December 5, 2023, the ITC issued its Notice of Determination that Keysight did not unfairly import products in violation of Section 337, and the
Read in the filing ↗ Also in 10-Q of Sep 2, 2026, 10-Q of Jun 4, 2026
Our first-to-market solutions strategy enables customers to develop new technologies and accelerate innovation and provides a platform for Keysight's long-term growth. Our customers are expected to continue to make R&D investments in certain next-generation technologies and applications, including evolution of 5G, early 6G, high-speed data center networks and infrastructure, satellite networks, Artificial Intelligence (“AI”), next generation electric vehicles and autonomous vehicles, industrial internet of things (“IoT”), and defense modernization. We continue to engage actively with our customers, and closely monitor the current macroeconomic environment, including trade, tariffs, monetary and fiscal policies and geopolitical tensions. We remain confident in the long-term secular growth trends of our markets and our ability to outperform in a variety of market conditions.
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Net income was $850 million, $614 million, and $1,057 million in 2025, 2024, and 2023, respectively. 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. Net income of $614 million for 2024 decreased 42 percent compared to 2023, primarily driven by lower revenue and higher acquisition and integration costs, restructuring costs, and amortization of acquisition-related balances, partially offset by lower provision for income taxes, favorable gross margin impact from the ESI Group acquisition, and lower people-related costs.
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Our first-to-market solutions strategy enables customers to develop new technologies, accelerate innovation while providing a platform for Keysight's long-term growth. Our customers are expected to continue to make R&D investments in certain next-generation technologies and applications, including advancing 5G, early 6G, quantum computing, high-speed data center networks and infrastructure, non-terrestrial networks, AI, industrial internet of things, defense modernization, next generation electric vehicles, and autonomous vehicles. We continue to engage actively with our customers and closely monitor the macroeconomic environment, including tariffs, trade restrictions and tightening of export control regulations, monetary and fiscal policies, and geopolitical tensions. We remain confident in the long-term secular growth trends of our markets and our ability to outperform in a variety of market conditions.
Read in the filing ↗