Keysight Technologies (KEYS) financial statements
Keysight Technologies reported revenue of $5.4B in fiscal 2025, up 7.0% a year over 9 years.
Net income was $850M and the operating margin 16.3%, against 13.9% in 2016.
Free cash flow was $1.3B, and the company returned $375M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Keysight Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $3.2B | $3.9B | $4.3B | $4.2B | $4.9B | $5.4B | $5.5B | $5.0B | $5.4B |
| Cost of revenue | $1.3B | $1.5B | $1.8B | $1.8B | $1.7B | $1.9B | $2.0B | $1.9B | $1.8B | $2.0B |
| Gross profit | $1.6B | $1.7B | $2.1B | $2.5B | $2.5B | $3.1B | $3.5B | $3.5B | $3.1B | $3.3B |
| Research and development | $425M | $507M | $624M | $688M | $715M | $811M | $841M | $882M | $919M | $1.0B |
| Selling, general and admin | $818M | $1.1B | $1.2B | $1.2B | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B |
| Operating income | $406M | $148M | -$394M | $711M | $765M | $1.1B | $1.3B | $1.4B | $833M | $876M |
| Interest expense | $47M | $80M | $83M | $80M | $78M | $79M | $79M | $78M | $84M | $96M |
| Pre-tax income | $366M | $179M | -$411M | $715M | $761M | $1.0B | $1.3B | $1.4B | $865M | $1.1B |
| Income tax | $31M | $77M | -$576M | $94M | $134M | $116M | $161M | $300M | $251M | $213M |
| Net income | $335M | $102M | $165M | $621M | $627M | $894M | $1.1B | $1.1B | $614M | $850M |
| EPS (diluted) | $1.95 | $0.56 | $0.86 | $3.25 | $3.31 | $4.78 | $6.18 | $5.91 | $3.51 | $4.91 |
| Diluted shares | 172M | 182M | 191M | 191M | 189M | 187M | 182M | 179M | 175M | 173M |
| Gross margin | 55.7% | 53.4% | 54.4% | 58.9% | 60.0% | 62.1% | 63.7% | 64.6% | 62.9% | 62.1% |
| Operating margin | 13.9% | 4.6% | -10.2% | 16.5% | 18.1% | 21.9% | 24.6% | 24.9% | 16.7% | 16.3% |
| Net margin | 11.5% | 3.2% | 4.3% | 14.4% | 14.9% | 18.1% | 20.7% | 19.3% | 12.3% | 15.8% |
Balance sheet
Fiscal years, from Keysight Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $783M | $818M | $913M | $1.6B | $1.8B | $2.1B | $2.0B | $2.5B | $1.8B | $1.9B |
| Receivables | $437M | $547M | $624M | $668M | $606M | $735M | $905M | $900M | $857M | $939M |
| Inventory | $474M | $588M | $619M | $705M | $757M | $777M | $858M | $985M | $1.0B | $1.1B |
| Total current assets | $1.9B | $2.2B | $2.4B | $3.2B | $3.4B | $3.8B | $4.2B | $4.8B | $4.3B | $4.3B |
| Property, plant and equipment | $512M | $530M | $555M | $576M | $595M | $650M | $690M | $761M | $774M | $795M |
| Goodwill | $736M | $1.9B | $1.2B | $1.2B | $1.5B | $1.6B | $1.6B | $1.6B | $2.4B | $3.4B |
| Total assets | $3.8B | $5.9B | $5.8B | $6.6B | $7.2B | $7.8B | $8.1B | $8.7B | $9.3B | $11.3B |
| Total current liabilities | $644M | $819M | $1.5B | $1.0B | $1.1B | $1.3B | $1.4B | $2.0B | $1.4B | $1.9B |
| Long-term debt | $1.1B | $2.0B | $1.3B | $1.8B | $1.8B | $1.8B | $1.8B | $1.2B | $1.8B | $2.5B |
| Total liabilities | $2.3B | $3.6B | $3.4B | $3.6B | $3.9B | $4.0B | $3.9B | $4.0B | $4.2B | $5.4B |
| Shareholders' equity | $1.5B | $2.3B | $2.4B | $3.0B | $3.3B | $3.8B | $4.2B | $4.7B | $5.1B | $5.9B |
| Net debt | $310M | $1.2B | $877M | $190M | $33M | -$261M | -$249M | -$678M | -$6M | $661M |
Cash flow
Fiscal years, from Keysight Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $420M | $328M | $555M | $998M | $1.0B | $1.3B | $1.1B | $1.4B | $1.1B | $1.4B |
| Capital spending | $91M | $72M | $132M | $120M | $117M | $174M | $185M | $197M | $154M | $128M |
| Free cash flow | $329M | $256M | $423M | $878M | $899M | $1.1B | $959M | $1.2B | $898M | $1.3B |
| Stock-based compensation | $49M | $56M | $59M | $82M | $92M | $103M | $125M | $135M | $137M | $162M |
| Share buybacks (net) | -$62M | $0 | -$120M | -$159M | -$411M | -$673M | -$849M | -$702M | -$439M | -$375M |
| Net borrowing | -$1M | -$323M | -$300M | -$500M | -$7M | $0 | $0 | $0 | -$624M | $0 |
| Free cash flow margin | 11.3% | 8.0% | 10.9% | 20.4% | 21.3% | 23.2% | 17.7% | 22.2% | 18.0% | 23.8% |
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Open KEYS in InvestinglyQuestions
What was Keysight Technologies's revenue in 2025?
$5.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Keysight Technologies generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Keysight Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.