What is Keysight Technologies' operating income?

Keysight Technologies' total operating income in 2025 was $876 million, based on the following breakdown: Total Gross Profit: $3.34 billion Total Operating Expenses: $2.46 billion

Keysight Technologies (KEYS) Financials

$326.79 +4.17 (+1.29%)

As of 09/4/2026 03:58 PM Eastern

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Annual Income Statements for Keysight Technologies

This table shows Keysight Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Income / (Loss) Attributable to Common Shareholders	513	335	102	165	621	627	894	1,124	1,057	614	850
Consolidated Net Income / (Loss)	513	335	102	165	621	627	894	1,124	1,057	614	850
Net Income / (Loss) Continuing Operations	513	335	102	165	621	627	894	1,124	1,057	614	869
Total Pre-Tax Income	388	366	179	-411	715	761	1,010	1,285	1,357	865	1,082
Total Operating Income	431	406	148	-394	711	765	1,080	1,334	1,358	833	876
Total Gross Profit	1,587	1,624	1,697	2,111	2,534	2,533	3,069	3,450	3,532	3,133	3,337
Total Revenue	2,856	2,918	3,189	3,878	4,303	4,221	4,941	5,420	5,464	4,979	5,375
Operating Revenue	2,856	2,918	3,189	3,878	4,303	4,221	4,941	5,420	5,464	4,979	5,375
Total Cost of Revenue	1,269	1,294	1,492	1,767	1,769	1,688	1,872	1,970	1,932	1,846	2,038
Operating Cost of Revenue	1,269	1,294	1,492	1,767	1,769	1,688	1,872	1,970	1,932	1,846	2,038
Total Operating Expenses	1,156	1,218	1,549	2,505	1,823	1,768	1,989	2,116	2,174	2,300	2,461
Selling, General & Admin Expense	787	818	1,058	1,205	1,155	1,097	1,195	1,283	1,307	1,395	1,474
Research & Development Expense	387	425	507	624	688	715	811	841	882	919	1,007
Other Operating Expenses / (Income)	-18	-25	-16	-33	-20	-44	-17	-8.00	-15	-14	-20
Total Other Income / (Expense), net	-43	-40	31	-17	4.00	-4.00	-70	-49	-1.00	32	206
Interest Expense	46	47	80	83	80	78	79	79	78	84	96
Interest & Investment Income	1.00	3.00	7.00	12	23	11	3.00	16	102	81	102
Other Income / (Expense), net	2.00	4.00	104	54	61	63	6.00	14	-25	35	200
Income Tax Expense	-125	31	77	-576	94	134	116	161	300	251	213
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	0.00	0.00	-19
Basic Earnings per Share	$3.04	$1.97	$0.57	$0.88	$3.31	$3.35	$4.84	$6.23	$5.95	$3.53	$4.93
Weighted Average Basic Shares Outstanding	169M	170M	180M	187M	188M	187M	185M	180M	178M	174M	172M
Diluted Earnings per Share	$3.00	$1.95	$0.56	$0.86	$3.25	$3.31	$4.78	$6.18	$5.91	$3.51	$4.91
Weighted Average Diluted Shares Outstanding	171M	172M	182M	191M	191M	189M	187M	182M	179M	175M	173M
Weighted Average Basic & Diluted Shares Outstanding	168.80M	170.10M	178.90M	187.50M	188.45M	186.09M	183.04M	178.80M	175.04M	173.17M	171.82M

This table shows Keysight Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026	7/31/2026
Net Income / (Loss) Attributable to Common Shareholders	172	126	389	-73	169	257	191	233	281	349	397
Consolidated Net Income / (Loss)	172	126	389	-203	169	257	191	233	281	349	397
Net Income / (Loss) Continuing Operations	172	126	389	-73	169	257	191	252	281	349	397
Total Pre-Tax Income	229	175	213	248	199	320	241	322	198	418	477
Total Operating Income	221	177	205	230	218	207	234	217	248	407	461
Total Gross Profit	813	763	755	802	820	814	834	869	995	1,178	1,216
Total Revenue	1,259	1,216	1,217	1,287	1,298	1,306	1,352	1,419	1,600	1,717	1,846
Operating Revenue	1,259	1,216	1,217	1,287	1,298	1,306	1,352	1,419	1,600	1,717	1,846
Total Cost of Revenue	446	453	462	485	478	492	518	550	605	539	630
Operating Cost of Revenue	446	453	462	485	478	492	518	550	605	539	630
Total Operating Expenses	592	586	550	572	602	607	600	652	747	771	755
Selling, General & Admin Expense	362	361	329	343	361	360	354	399	447	456	446
Research & Development Expense	232	228	226	233	249	250	250	258	303	320	312
Other Operating Expenses / (Income)	-2.00	-3.00	-5.00	-4.00	-8.00	-3.00	-4.00	-5.00	-3.00	-5.00	-3.00
Total Other Income / (Expense), net	8.00	-2.00	8.00	18	-19	113	7.00	105	-50	11	16
Interest Expense	20	20	21	23	20	20	28	28	29	25	26
Interest & Investment Income	23	18	19	21	19	21	31	31	16	18	20
Other Income / (Expense), net	5.00	0.00	10	20	-18	112	4.00	102	-37	18	22
Income Tax Expense	57	49	-176	321	30	63	50	70	-83	69	80
Basic Earnings per Share	$0.98	$0.73	$2.23	($0.41)	$0.97	$1.49	$1.11	$1.36	$1.64	$2.04	$2.33
Weighted Average Basic Shares Outstanding	175M	174M	174M	174M	173M	172M	172M	172M	172M	171M	171M
Diluted Earnings per Share	$0.98	$0.72	$2.22	($0.41)	$0.97	$1.49	$1.10	$1.35	$1.63	$2.02	$2.30
Weighted Average Diluted Shares Outstanding	176M	175M	175M	175M	174M	173M	173M	173M	173M	173M	173M
Weighted Average Basic & Diluted Shares Outstanding	174.56M	174.54M	173.54M	173.17M	172.81M	172.11M	171.86M	171.82M	171.50M	170.90M	170.24M

This table details how cash moves in and out of Keysight Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Change in Cash & Equivalents	-327	300	35	97	683	167	301	-11	431	-674	76
Net Cash From Operating Activities	376	420	328	555	998	1,016	1,322	1,144	1,408	1,052	1,409
Net Cash From Continuing Operating Activities	376	440	328	555	998	1,016	1,322	1,144	1,408	1,052	1,409
Net Income / (Loss) Continuing Operations	513	335	102	165	621	627	894	1,124	1,057	614	850
Consolidated Net Income / (Loss)	513	335	102	165	621	627	894	1,124	1,057	614	850
Depreciation Expense	99	85	92	103	96	104	117	117	120	126	131
Amortization Expense	0.00	49	142	207	212	222	176	106	92	144	145
Non-Cash Adjustments To Reconcile Net Income	93	80	12	789	106	79	152	194	268	171	97
Changes in Operating Assets and Liabilities, net	-329	-109	-20	-709	-37	-16	-17	-397	-129	-3.00	186
Net Cash From Investing Activities	-671	-90	-1,722	-108	-196	-442	-353	-251	-288	-819	-1,727
Net Cash From Continuing Investing Activities	-671	-90	-1,722	-108	-196	-442	-353	-251	-288	-819	-1,727
Purchase of Property, Plant & Equipment	-92	-91	-72	-132	-120	-117	-174	-185	-197	-154	-128
Acquisitions	-574	-10	-1,702	-5.00	-88	-357	-178	-33	-85	-681	-2,022
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	399
Sale and/or Maturity of Investments	1.00	1.00	45	0.00	7.00	-	-	-	0.00	11	30
Other Investing Activities, net	0.00	0.00	-1.00	0.00	5.00	32	0.00	0.00	-6.00	5.00	-6.00
Net Cash From Financing Activities	-19	-29	1,425	-341	-122	-413	-671	-861	-687	-913	385
Net Cash From Continuing Financing Activities	-19	-29	1,425	-341	-122	-413	-671	-861	-687	-913	385
Repayment of Debt	0.00	-1.00	-339	-301	-504	-7.00	-4.00	-1.00	-3.00	-646	-10
Repurchase of Common Equity	0.00	-62	0.00	-120	-159	-411	-673	-849	-702	-443	-377
Payment of Dividends	-	-	-	-	-	-	-	0.00	0.00	-458	0.00
Issuance of Debt	0.00	0.00	1,281	40	500	-	-	0.00	0.00	599	748
Issuance of Common Equity	26	43	495	64	67	58	59	63	67	66	63
Other Financing Activities, net	-45	-9.00	-12	-24	-26	-53	-53	-74	-49	-31	-39
Effect of Exchange Rate Changes	-13	-1.00	4.00	-9.00	3.00	6.00	3.00	-43	-2.00	6.00	9.00
Cash Interest Paid	-	-	-	-	76	75	75	75	75	75	77
Cash Income Taxes Paid	-	-	-	-	103	84	130	191	343	146	120

This table details how cash moves in and out of Keysight Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026	7/31/2026
Net Change in Cash & Equivalents	-723	-91	-25	165	263	1,058	262	-1,507	305	235	192
Net Cash From Operating Activities	328	110	255	359	378	484	322	225	441	501	437
Net Cash From Continuing Operating Activities	328	110	255	359	378	484	322	225	441	501	437
Net Income / (Loss) Continuing Operations	172	126	389	-73	169	257	191	233	281	349	397
Consolidated Net Income / (Loss)	172	126	389	-73	169	257	191	233	281	349	397
Depreciation Expense	30	32	32	32	31	33	33	34	38	39	39
Amortization Expense	38	38	32	36	35	35	34	41	67	68	67
Non-Cash Adjustments To Reconcile Net Income	52	43	37	39	35	64	26	-28	139	64	52
Changes in Operating Assets and Liabilities, net	36	-129	-235	325	108	95	38	-55	-84	-19	-118
Net Cash From Investing Activities	-511	-120	-150	-38	-33	-33	-31	-1,630	-44	-36	-55
Net Cash From Continuing Investing Activities	-511	-120	-150	-38	-33	-33	-31	-1,630	-44	-36	-55
Purchase of Property, Plant & Equipment	-47	-36	-33	-38	-32	-27	-31	-38	-34	-29	-34
Acquisitions	-478	-78	-117	-8.00	0.00	-3.00	-	-2,019	-16	-1.00	-16
Purchase of Investments	-	-	-	-	-	-	-	-	-	-	-10
Sale and/or Maturity of Investments	-	-	-	-	0.00	-	-	-	7.00	10	5.00
Net Cash From Financing Activities	-548	-73	-132	-160	-74	589	-28	-102	-99	-229	-187
Net Cash From Continuing Financing Activities	-548	-73	-132	-160	-74	589	-28	-102	-99	-229	-187
Repayment of Debt	-1.00	-28	-11	-606	-1.00	-6.00	-1.00	-2.00	-13	-2.00	14
Repurchase of Common Equity	-93	-46	-150	-154	-75	-153	-50	-99	-87	-223	-210
Issuance of Common Equity	32	1.00	32	1.00	31	-	32	-	32	-	36
Other Financing Activities, net	-28	-	-3.00	-	-29	-	-9.00	-1.00	-31	-4.00	-27
Effect of Exchange Rate Changes	8.00	-8.00	2.00	4.00	-8.00	18	-1.00	-	7.00	-1.00	-3.00
Cash Interest Paid	0.00	38	-	37	0.00	39	-	38	32	38	20
Cash Income Taxes Paid	12	134	-16	16	9.00	35	30	46	18	66	43

This table presents Keysight Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Total Assets	3,508	3,796	5,933	5,824	6,623	7,218	7,781	8,098	8,683	9,269	11,301
Total Current Assets	1,579	1,854	2,177	2,378	3,215	3,374	3,834	4,234	4,809	4,257	4,348
Cash & Equivalents	483	783	818	913	1,598	1,756	2,052	2,042	2,472	1,796	1,873
Accounts Receivable	398	437	547	624	668	606	735	905	900	857	939
Inventories, net	487	474	588	619	705	757	777	858	985	1,022	1,050
Prepaid Expenses	-	-	-	-	-	-	270	429	452	582	486
Plant, Property, & Equipment, net	518	512	530	555	576	595	650	690	761	774	795
Total Noncurrent Assets	1,411	1,430	3,226	2,891	2,832	3,249	3,297	3,174	3,113	4,238	6,158
Long-Term Investments	70	55	63	46	46	61	70	62	81	110	211
Goodwill	700	736	1,882	1,171	1,209	1,537	1,628	1,582	1,640	2,388	3,424
Intangible Assets	246	208	855	645	490	361	272	189	155	607	1,304
Noncurrent Deferred & Refundable Income Taxes	295	392	186	750	755	740	711	667	671	378	373
Other Noncurrent Operating Assets	100	39	240	279	332	550	616	674	566	755	846
Total Liabilities & Shareholders' Equity	3,508	3,796	5,933	5,824	6,623	7,218	7,781	8,098	8,683	9,269	11,301
Total Liabilities	2,206	2,283	3,623	3,391	3,619	3,921	3,997	3,937	4,029	4,164	5,420
Total Current Liabilities	686	644	819	1,462	1,003	1,081	1,309	1,407	2,049	1,427	1,850
Short-Term Debt	-	0.00	10	499	0.00	0.00	-	0.00	599	-	0.00
Accounts Payable	209	189	211	242	253	224	287	348	286	313	355
Current Deferred Revenue	175	180	291	334	334	391	478	495	541	561	652
Current Deferred & Payable Income Tax Liabilities	50	41	28	42	55	64	74	96	90	90	207
Current Employee Benefit Liabilities	168	183	217	276	278	289	355	333	304	295	399
Other Current Liabilities	84	51	62	69	83	113	115	135	229	168	237
Total Noncurrent Liabilities	1,520	1,639	2,804	1,929	2,616	2,840	2,688	2,530	1,980	2,737	3,570
Long-Term Debt	1,099	1,093	2,038	1,291	1,788	1,789	1,791	1,793	1,195	1,790	2,534
Noncurrent Deferred Revenue	61	72	101	127	176	175	187	197	216	206	232
Noncurrent Employee Benefit Liabilities	280	405	309	224	357	362	167	58	64	81	75
Other Noncurrent Operating Liabilities	80	69	356	287	295	514	543	482	505	660	729
Total Equity & Noncontrolling Interests	1,302	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105	5,881
Total Preferred & Common Equity	1,302	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105	5,881
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,302	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105	5,881
Common Stock	1,167	1,244	1,788	1,891	2,015	2,112	2,221	2,335	2,489	2,666	2,853
Retained Earnings	614	949	1,041	1,212	1,909	2,536	3,430	4,554	5,611	6,225	7,075
Treasury Stock	0.00	-62	-62	-182	-342	-752	-1,425	-2,274	-2,980	-	-3,799
Accumulated Other Comprehensive Income / (Loss)	-479	-618	-457	-488	-578	-599	-442	-454	-466	-364	-248
Other Equity Adjustments	-	-	-	0.00	-	0.00	-	-	-	-3,422	0.00

This table presents Keysight Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	1/31/2026	4/30/2026	7/31/2026
Total Assets	8,683	9,060	8,988	9,323	9,269	9,387	10,535	10,651	11,481	11,738	11,921
Total Current Assets	4,809	4,076	3,968	3,996	4,257	4,456	5,466	5,604	4,701	5,042	5,286
Cash & Equivalents	2,472	1,745	1,657	1,632	1,796	2,060	3,118	2,636	2,178	2,412	2,605
Accounts Receivable	900	808	809	802	857	797	744	692	914	1,022	1,067
Inventories, net	985	1,024	1,020	1,026	1,022	1,039	1,026	1,021	1,048	1,038	1,047
Prepaid Expenses	452	499	482	536	582	560	578	1,255	561	570	567
Plant, Property, & Equipment, net	761	771	769	776	774	764	769	766	757	741	735
Total Noncurrent Assets	3,113	4,213	4,251	4,551	4,238	4,167	4,300	4,281	6,023	5,955	5,900
Long-Term Investments	81	90	102	107	110	147	138	157	147	169	188
Goodwill	1,640	2,254	2,282	2,391	2,388	2,354	2,433	2,429	3,474	3,465	3,462
Intangible Assets	155	616	609	637	607	556	556	524	1,251	1,174	1,113
Noncurrent Deferred & Refundable Income Taxes	671	662	668	678	378	365	379	392	330	335	327
Other Noncurrent Operating Assets	566	591	590	738	755	745	794	779	821	812	810
Total Liabilities & Shareholders' Equity	8,683	9,060	8,988	9,323	9,269	9,387	10,535	10,651	11,481	11,738	11,921
Total Liabilities	4,029	4,243	4,085	4,093	4,164	4,200	5,058	4,981	5,276	5,407	5,350
Total Current Liabilities	2,049	2,116	1,994	1,949	1,427	1,509	1,614	1,560	1,805	2,649	2,612
Short-Term Debt	599	609	600	600	0.00	0.00	0.00	0.00	0.00	699	700
Accounts Payable	286	281	268	280	313	289	317	342	334	392	424
Current Deferred Revenue	541	592	578	537	561	594	612	557	729	737	707
Current Deferred & Payable Income Tax Liabilities	90	146	62	85	90	131	175	144	196	124	163
Current Employee Benefit Liabilities	304	261	309	262	295	253	319	290	329	448	379
Other Current Liabilities	229	227	177	185	168	242	191	227	217	249	239
Total Noncurrent Liabilities	1,980	2,127	2,091	2,144	2,737	2,691	3,444	3,421	3,471	2,758	2,738
Long-Term Debt	1,195	1,208	1,195	1,196	1,790	1,790	2,532	2,533	2,534	1,832	1,817
Noncurrent Deferred Revenue	216	213	211	207	206	209	218	208	237	251	250
Noncurrent Employee Benefit Liabilities	64	67	68	71	81	79	82	84	75	76	76
Other Noncurrent Operating Liabilities	505	639	617	670	660	613	612	596	625	599	595
Total Equity & Noncontrolling Interests	4,654	4,817	4,903	5,230	5,105	5,187	5,477	5,670	6,205	6,331	6,571
Total Preferred & Common Equity	4,654	4,817	4,903	5,230	5,105	5,187	5,477	5,670	6,205	6,331	6,571
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,654	4,817	4,903	5,230	5,105	5,187	5,477	5,670	6,205	6,331	6,571
Common Stock	2,489	2,549	2,582	2,639	2,666	2,733	2,767	2,821	2,934	2,984	3,060
Retained Earnings	5,611	5,783	5,909	6,298	6,225	6,394	6,651	6,842	7,356	7,705	8,102
Treasury Stock	-2,980	-3,073	-3,119	-3,270	-3,422	-3,497	-3,648	-3,698	-3,886	-4,108	-4,319
Accumulated Other Comprehensive Income / (Loss)	-466	-442	-469	-437	-364	-443	-293	-295	-199	-250	-272
Other Equity Adjustments	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Keysight Technologies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.63%	2.17%	9.29%	21.61%	10.96%	-1.91%	17.06%	9.69%	0.81%	-8.88%	7.95%
EBITDA Growth	-5.34%	2.26%	-10.66%	-106.17%	3,700.00%	6.85%	19.50%	13.92%	-1.66%	-26.34%	18.80%
EBIT Growth	-9.41%	-5.31%	-38.54%	-234.92%	327.06%	7.25%	31.16%	24.13%	-1.11%	-34.88%	23.96%
NOPAT Growth	47.23%	-34.79%	-77.31%	-427.03%	323.90%	2.07%	51.67%	22.06%	-9.35%	-44.10%	18.99%
Net Income Growth	30.87%	-34.70%	-69.55%	61.76%	276.36%	0.97%	42.58%	25.73%	-5.96%	-41.91%	38.44%
EPS Growth	27.66%	-35.00%	-71.28%	53.57%	277.91%	1.85%	44.41%	29.29%	-4.37%	-40.61%	39.89%
Operating Cash Flow Growth	-33.21%	11.70%	-21.90%	69.21%	79.82%	1.80%	30.12%	-13.46%	23.08%	-25.28%	33.94%
Free Cash Flow Firm Growth	53.43%	259.50%	-459.75%	96.13%	1,268.03%	-30.57%	51.57%	-0.27%	31.55%	-149.64%	-27.00%
Invested Capital Growth	85.73%	-4.33%	96.66%	-6.13%	-3.55%	3.84%	5.63%	11.50%	1.17%	28.09%	26.90%
Revenue Q/Q Growth	-0.42%	0.03%	4.15%	4.56%	1.73%	2.43%	1.52%	2.83%	-2.36%	-0.48%	2.52%
EBITDA Q/Q Growth	-3.45%	0.00%	-3.95%	-105.15%	268.60%	7.05%	3.06%	1.29%	-7.15%	0.35%	5.96%
EBIT Q/Q Growth	-5.25%	-0.73%	-18.97%	-222.30%	6,038.46%	8.95%	7.00%	1.66%	-7.88%	-1.59%	6.85%
NOPAT Q/Q Growth	57.82%	-35.68%	-70.75%	-273.37%	1,245.69%	4.63%	7.31%	1.37%	-4.48%	-37.14%	46.64%
Net Income Q/Q Growth	52.23%	-35.58%	-56.03%	-31.54%	99.04%	3.64%	7.84%	1.54%	-25.19%	-19.21%	56.25%
EPS Q/Q Growth	50.75%	-35.64%	-58.21%	-30.08%	100.62%	4.09%	8.14%	2.49%	-6.19%	-32.37%	55.87%
Operating Cash Flow Q/Q Growth	-24.19%	17.32%	-19.61%	44.91%	2.89%	7.97%	2.32%	2.69%	-1.40%	-1.77%	-8.68%
Free Cash Flow Firm Q/Q Growth	0.00%	270.28%	-47.08%	19.40%	178.80%	0.18%	-19.15%	13.36%	15.56%	-55.45%	-278.95%
Invested Capital Q/Q Growth	62.96%	-10.57%	3.18%	-9.51%	-4.32%	-3.40%	4.01%	1.53%	-3.18%	-5.64%	17.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.57%	55.65%	53.21%	54.44%	58.89%	60.01%	62.11%	63.65%	64.64%	62.92%	62.08%
EBITDA Margin	18.63%	18.64%	15.24%	-0.77%	25.10%	27.34%	27.91%	28.99%	28.28%	22.86%	25.15%
Operating Margin	15.09%	13.91%	4.64%	-10.16%	16.52%	18.12%	21.86%	24.61%	24.85%	16.73%	16.30%
EBIT Margin	15.16%	14.05%	7.90%	-8.77%	17.94%	19.62%	21.98%	24.87%	24.40%	17.43%	20.02%
Profit (Net Income) Margin	17.96%	11.48%	3.20%	4.25%	14.43%	14.85%	18.09%	20.74%	19.34%	12.33%	15.81%
Tax Burden Percent	132.22%	91.53%	56.98%	-40.15%	86.85%	82.39%	88.51%	87.47%	77.89%	70.98%	78.56%
Interest Burden Percent	89.61%	89.27%	71.03%	120.88%	92.62%	91.91%	93.00%	95.33%	101.80%	99.65%	100.56%
Effective Tax Rate	-32.22%	8.47%	43.02%	0.00%	13.15%	17.61%	11.49%	12.53%	22.11%	29.02%	19.69%
Return on Invested Capital (ROIC)	40.09%	20.55%	3.22%	-8.18%	19.26%	19.64%	28.44%	31.96%	27.32%	13.31%	12.43%
ROIC Less NNEP Spread (ROIC-NNEP)	25.36%	11.41%	5.70%	35.94%	19.97%	13.96%	62.96%	45.31%	27.46%	8.12%	100.12%
Return on Net Nonoperating Assets (RNNOA)	9.45%	3.25%	2.12%	15.14%	3.58%	0.26%	-3.19%	-3.66%	-3.33%	-0.73%	3.04%
Return on Equity (ROE)	49.54%	23.80%	5.34%	6.96%	22.84%	19.90%	25.25%	28.29%	23.98%	12.58%	15.47%
Cash Return on Invested Capital (CROIC)	-19.92%	24.98%	-61.95%	-1.86%	22.88%	15.87%	22.97%	21.08%	26.15%	-11.32%	-11.28%
Operating Return on Assets (OROA)	13.21%	11.23%	5.18%	-5.78%	12.40%	11.96%	14.48%	16.98%	15.89%	9.67%	10.46%
Return on Assets (ROA)	15.65%	9.17%	2.10%	2.81%	9.98%	9.06%	11.92%	14.16%	12.60%	6.84%	8.26%
Return on Common Equity (ROCE)	49.54%	23.80%	5.34%	6.96%	22.84%	19.90%	25.25%	28.29%	23.98%	12.58%	15.47%
Return on Equity Simple (ROE_SIMPLE)	39.40%	22.14%	4.42%	6.78%	20.67%	19.02%	23.63%	27.01%	22.71%	12.03%	0.00%
Net Operating Profit after Tax (NOPAT)	570	372	84	-276	618	630	956	1,167	1,058	591	704
NOPAT Margin	19.95%	12.74%	2.64%	-7.11%	14.35%	14.93%	19.35%	21.53%	19.36%	11.88%	13.09%
Net Nonoperating Expense Percent (NNEP)	14.73%	9.14%	-2.48%	-44.12%	-0.71%	5.68%	-34.52%	-13.35%	-0.15%	5.19%	-87.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	19.60%	16.40%	8.58%	8.36%
Cost of Revenue to Revenue	44.43%	44.35%	46.79%	45.56%	41.11%	39.99%	37.89%	36.35%	35.36%	37.08%	37.92%
SG&A Expenses to Revenue	27.56%	28.03%	33.18%	31.07%	26.84%	25.99%	24.19%	23.67%	23.92%	28.02%	27.42%
R&D to Revenue	13.55%	14.56%	15.90%	16.09%	15.99%	16.94%	16.41%	15.52%	16.14%	18.46%	18.73%
Operating Expenses to Revenue	40.48%	41.74%	48.57%	64.60%	42.37%	41.89%	40.26%	39.04%	39.79%	46.19%	45.79%
Earnings before Interest and Taxes (EBIT)	433	410	252	-340	772	828	1,086	1,348	1,333	868	1,076
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	532	544	486	-30	1,080	1,154	1,379	1,571	1,545	1,138	1,352
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.31	3.68	3.60	4.40	6.30	5.95	8.76	7.48	4.66	5.07	5.35
Price to Tangible Book Value (P/TBV)	15.75	9.80	0.00	17.34	14.50	14.03	17.60	13.03	7.58	12.26	27.27
Price to Revenue (P/Rev)	1.96	1.91	2.61	2.76	4.40	4.65	6.71	5.74	3.97	5.19	5.85
Price to Earnings (P/E)	10.93	16.64	81.46	64.84	30.48	31.30	37.09	27.70	20.50	42.12	36.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.15%	6.01%	1.23%	1.54%	3.28%	3.19%	2.70%	3.61%	4.88%	2.37%	2.70%
Enterprise Value to Invested Capital (EV/IC)	3.33	3.30	2.73	3.53	6.06	5.99	9.51	8.01	5.37	5.16	5.04
Enterprise Value to Revenue (EV/Rev)	2.15	2.00	2.97	2.97	4.43	4.64	6.64	5.69	3.83	5.17	5.93
Enterprise Value to EBITDA (EV/EBITDA)	11.56	10.71	19.50	0.00	17.66	16.98	23.81	19.62	13.54	22.62	23.59
Enterprise Value to EBIT (EV/EBIT)	14.21	14.22	37.60	0.00	24.71	23.67	30.23	22.87	15.69	29.66	29.64
Enterprise Value to NOPAT (EV/NOPAT)	10.80	15.69	112.36	0.00	30.89	31.09	34.34	26.42	19.77	43.54	45.33
Enterprise Value to Operating Cash Flow (EV/OCF)	16.36	13.88	28.89	20.77	19.11	19.29	24.83	26.95	14.85	24.47	22.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	12.91	0.00	0.00	26.00	38.48	42.53	40.04	20.65	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.72	0.89	0.74	0.60	0.54	0.47	0.43	0.39	0.35	0.43
Long-Term Debt to Equity	0.84	0.72	0.88	0.53	0.60	0.54	0.47	0.43	0.26	0.35	0.43
Financial Leverage	0.37	0.28	0.37	0.42	0.18	0.02	-0.05	-0.08	-0.12	-0.09	0.03
Leverage Ratio	3.17	2.59	2.54	2.48	2.29	2.20	2.12	2.00	1.90	1.84	1.87
Compound Leverage Factor	2.84	2.32	1.81	3.00	2.12	2.02	1.97	1.91	1.94	1.83	1.88
Debt to Total Capital	45.77%	41.94%	46.99%	42.39%	37.31%	35.18%	32.13%	30.11%	27.82%	25.96%	30.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.23%	11.82%	0.00%	0.00%	0.00%	0.00%	9.29%	0.00%	0.00%
Long-Term Debt to Total Capital	45.77%	41.94%	46.76%	30.57%	37.31%	35.18%	32.13%	30.11%	18.53%	25.96%	30.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.23%	58.06%	53.01%	57.61%	62.69%	64.83%	67.87%	69.89%	72.18%	74.04%	69.89%
Debt to EBITDA	2.07	2.01	4.21	-59.67	1.66	1.55	1.30	1.14	1.16	1.57	1.87
Net Debt to EBITDA	1.03	0.47	2.40	-27.70	0.13	-0.02	-0.24	-0.20	-0.49	-0.10	0.33
Long-Term Debt to EBITDA	2.07	2.01	4.19	-43.03	1.66	1.55	1.30	1.14	0.77	1.57	1.87
Debt to NOPAT	1.93	2.94	24.28	-6.49	2.90	2.84	1.87	1.54	1.70	3.03	3.60
Net Debt to NOPAT	0.96	0.69	13.84	-3.01	0.23	-0.04	-0.35	-0.27	-0.72	-0.20	0.64
Long-Term Debt to NOPAT	1.93	2.94	24.17	-4.68	2.90	2.84	1.87	1.54	1.13	3.03	3.60
Altman Z-Score	3.30	3.32	2.57	2.85	4.98	4.84	7.08	7.17	5.65	5.88	5.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.30	2.88	2.66	1.63	3.21	3.12	2.93	3.01	2.35	2.98	2.35
Quick Ratio	1.28	1.89	1.67	1.05	2.26	2.19	2.13	2.09	1.65	1.86	1.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-283	452	-1,625	-63	734	509	772	770	1,013	-503	-638
Operating Cash Flow to CapEx	413.19%	518.52%	512.50%	538.84%	831.67%	868.38%	759.77%	618.38%	714.72%	683.12%	1,100.78%
Free Cash Flow to Firm to Interest Expense	-6.16	9.61	-20.31	-0.76	9.17	6.53	9.77	9.75	12.98	-5.98	-6.65
Operating Cash Flow to Interest Expense	8.17	8.94	4.10	6.69	12.48	13.03	16.73	14.48	18.05	12.52	14.68
Operating Cash Flow Less CapEx to Interest Expense	6.20	7.21	3.30	5.45	10.98	11.53	14.53	12.14	15.53	10.69	13.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.80	0.66	0.66	0.69	0.61	0.66	0.68	0.65	0.55	0.52
Accounts Receivable Turnover	7.34	6.99	6.48	6.62	6.66	6.63	7.37	6.61	6.05	5.67	5.99
Inventory Turnover	2.58	2.69	2.81	2.93	2.67	2.31	2.44	2.41	2.10	1.84	1.97
Fixed Asset Turnover	5.78	5.67	6.12	7.15	7.61	7.21	7.94	8.09	7.53	6.49	6.85
Accounts Payable Turnover	5.01	6.50	7.46	7.80	7.15	7.08	7.33	6.20	6.09	6.16	6.10
Days Sales Outstanding (DSO)	49.71	52.22	56.31	55.11	54.80	55.08	49.53	55.22	60.29	64.40	60.98
Days Inventory Outstanding (DIO)	141.66	135.54	129.90	124.66	136.59	158.07	149.55	151.47	174.09	198.42	185.54
Days Payable Outstanding (DPO)	72.91	56.13	48.93	46.79	51.07	51.57	49.82	58.83	59.89	59.22	59.82
Cash Conversion Cycle (CCC)	118.46	131.63	137.29	132.98	140.32	161.58	149.26	147.86	174.49	203.60	186.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,848	1,768	3,477	3,264	3,148	3,269	3,453	3,850	3,895	4,989	6,331
Invested Capital Turnover	2.01	1.61	1.22	1.15	1.34	1.32	1.47	1.48	1.41	1.12	0.95
Increase / (Decrease) in Invested Capital	853	-80	1,709	-213	-116	121	184	397	45	1,094	1,342
Enterprise Value (EV)	6,152	5,829	9,476	11,529	19,072	19,597	32,828	30,826	20,914	25,744	31,893
Market Capitalization	5,606	5,574	8,309	10,698	18,928	19,625	33,159	31,137	21,673	25,860	31,443
Book Value per Share	$7.68	$8.90	$12.42	$12.98	$16.01	$17.62	$20.54	$23.27	$26.21	$29.42	$34.22
Tangible Book Value per Share	$2.10	$3.35	($2.30)	$3.29	$6.96	$7.48	$10.23	$13.37	$16.10	$12.16	$6.71
Total Capital	2,401	2,606	4,358	4,223	4,792	5,086	5,575	5,954	6,448	6,895	8,415
Total Debt	1,099	1,093	2,048	1,790	1,788	1,789	1,791	1,793	1,794	1,790	2,534
Total Long-Term Debt	1,099	1,093	2,038	1,291	1,788	1,789	1,791	1,793	1,195	1,790	2,534
Net Debt	546	255	1,167	831	144	-28	-331	-311	-759	-116	450
Capital Expenditures (CapEx)	91	81	64	103	120	117	174	185	197	154	128
Debt-free, Cash-free Net Working Capital (DFCFNWC)	410	427	550	502	614	537	473	785	887	1,034	625
Debt-free Net Working Capital (DFNWC)	893	1,210	1,368	1,415	2,212	2,293	2,525	2,827	3,359	2,830	2,498
Net Working Capital (NWC)	893	1,210	1,358	916	2,212	2,293	2,525	2,827	2,760	2,830	2,498
Net Nonoperating Expense (NNE)	57	37	-18	-441	-3.47	3.30	62	43	0.78	-23	-146
Net Nonoperating Obligations (NNO)	546	255	1,167	831	144	-28	-331	-311	-759	-116	450
Total Depreciation and Amortization (D&A)	99	134	234	310	308	326	293	223	212	270	276
Debt-free, Cash-free Net Working Capital to Revenue	14.36%	14.63%	17.25%	12.94%	14.27%	12.72%	9.57%	14.48%	16.23%	20.77%	11.63%
Debt-free Net Working Capital to Revenue	31.27%	41.47%	42.90%	36.49%	51.41%	54.32%	51.10%	52.16%	61.48%	56.84%	46.47%
Net Working Capital to Revenue	31.27%	41.47%	42.58%	23.62%	51.41%	54.32%	51.10%	52.16%	50.51%	56.84%	46.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.97	$0.57	$0.88	$3.31	$3.35	$4.84	$6.23	$5.95	$3.53	$4.93
Adjusted Weighted Average Basic Shares Outstanding	0.00	170M	180M	187M	188M	187M	185M	180M	178M	174M	172M
Adjusted Diluted Earnings per Share	$0.00	$1.95	$0.56	$0.86	$3.25	$3.31	$4.78	$6.18	$5.91	$3.51	$4.91
Adjusted Weighted Average Diluted Shares Outstanding	0.00	172M	182M	191M	191M	189M	187M	182M	179M	175M	173M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	171.45M	187.28M	187.64M	188.45M	186.09M	183.04M	178.80M	175.04M	173.17M	171.82M
Normalized Net Operating Profit after Tax (NOPAT)	302	372	84	221	618	630	956	1,167	1,058	591	704
Normalized NOPAT Margin	10.56%	12.74%	2.64%	5.69%	14.35%	14.93%	19.35%	21.53%	19.36%	11.88%	13.09%
Pre Tax Income Margin	13.59%	12.54%	5.61%	-10.60%	16.62%	18.03%	20.44%	23.71%	24.84%	17.37%	20.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.41	8.72	3.15	-4.10	9.65	10.62	13.75	17.06	17.09	10.33	11.21
NOPAT to Interest Expense	12.39	7.91	1.05	-3.32	7.72	8.08	12.10	14.77	13.56	7.04	7.33
EBIT Less CapEx to Interest Expense	7.43	7.00	2.35	-5.34	8.15	9.12	11.54	14.72	14.56	8.50	9.88
NOPAT Less CapEx to Interest Expense	10.41	6.18	0.25	-4.56	6.22	6.58	9.90	12.43	11.04	5.21	6.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	74.59%	0.00%
Augmented Payout Ratio	0.00%	18.51%	0.00%	72.73%	25.60%	65.55%	75.28%	75.53%	66.41%	146.74%	44.35%

This table displays calculated financial ratios and metrics derived from Keysight Technologies' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026	7/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	171,817,127.00	171,502,495.00	170,895,368.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	171,817,127.00	171,502,495.00	170,895,368.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	1.64	2.04	2.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.83%	-12.52%	-11.94%	-1.83%	3.10%	7.40%	11.09%	10.26%	-	31.47%	36.54%
EBITDA Growth	-23.44%	-40.34%	-35.57%	1.27%	-9.52%	56.68%	9.32%	23.90%	-	37.47%	93.11%
EBIT Growth	-31.72%	-50.70%	-43.27%	-5.30%	-11.50%	80.23%	10.70%	27.60%	-	33.23%	102.94%
NOPAT Growth	-34.37%	-54.08%	38.54%	-126.08%	11.53%	30.45%	-50.47%	350.85%	-	104.40%	106.89%
Net Income Growth	-33.85%	-55.48%	35.07%	-256.14%	-1.74%	103.97%	-50.90%	419.18%	-	35.80%	107.85%
EPS Growth	-32.41%	-54.43%	37.89%	-132.28%	-1.02%	106.94%	-50.45%	429.27%	-	35.57%	109.09%
Operating Cash Flow Growth	-10.38%	-74.00%	5.81%	-5.03%	15.24%	340.00%	26.27%	-37.33%	-	3.51%	35.71%
Free Cash Flow Firm Growth	-800.47%	-2,348.95%	-2,367.60%	-641.40%	128.98%	139.42%	107.02%	-0.90%	-	-437.32%	-902.72%
Invested Capital Growth	23.24%	26.06%	31.42%	28.09%	-0.60%	-3.77%	2.33%	26.90%	-	32.15%	16.36%
Revenue Q/Q Growth	-3.97%	-3.42%	0.08%	5.75%	0.85%	0.62%	3.52%	4.96%	-	7.31%	7.51%
EBITDA Q/Q Growth	-6.37%	-15.99%	12.96%	13.98%	-16.35%	45.49%	-21.19%	29.18%	-	68.35%	10.71%
EBIT Q/Q Growth	-14.39%	-21.68%	21.47%	16.28%	-20.00%	59.50%	-25.39%	34.03%	-	101.42%	13.65%
NOPAT Q/Q Growth	-36.05%	-23.22%	193.78%	-118.08%	373.46%	-10.20%	11.55%	-8.43%	-	-3.45%	12.91%
Net Income Q/Q Growth	401.75%	43.18%	54.37%	-152.19%	183.25%	52.07%	-25.68%	21.99%	-	24.20%	13.75%
EPS Q/Q Growth	-22.83%	-26.53%	208.33%	-118.47%	336.59%	53.61%	-26.17%	22.73%	-	23.93%	13.86%
Operating Cash Flow Q/Q Growth	-13.23%	-66.46%	131.82%	40.78%	5.29%	28.04%	-33.47%	-30.12%	-	13.61%	-12.77%
Free Cash Flow Firm Q/Q Growth	-444.41%	-20.91%	0.44%	-30.59%	118.43%	64.50%	-82.27%	-1,976.91%	-	8.04%	57.81%
Invested Capital Q/Q Growth	23.21%	2.92%	7.05%	-5.64%	-4.39%	-0.36%	13.82%	17.02%	-	-2.07%	0.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.58%	62.75%	62.04%	62.32%	63.17%	62.33%	61.69%	61.24%	-	68.61%	65.87%
EBITDA Margin	23.35%	20.31%	22.93%	24.71%	20.49%	29.63%	22.56%	27.77%	-	30.98%	31.91%
Operating Margin	17.55%	14.56%	16.84%	17.87%	16.80%	15.85%	17.31%	15.29%	-	23.70%	24.97%
EBIT Margin	17.95%	14.56%	17.67%	19.43%	15.41%	24.43%	17.60%	22.48%	-	24.75%	26.16%
Profit (Net Income) Margin	13.66%	20.72%	31.96%	-15.77%	13.02%	19.68%	14.13%	16.42%	-	20.33%	21.51%
Tax Burden Percent	75.11%	144.00%	182.63%	-81.85%	84.92%	80.31%	79.25%	72.36%	-	83.49%	83.23%
Interest Burden Percent	101.33%	98.87%	99.07%	99.20%	99.50%	100.31%	101.26%	100.94%	-	98.35%	98.76%
Effective Tax Rate	24.89%	28.00%	-82.63%	129.44%	15.08%	19.69%	20.75%	21.74%	-	16.51%	16.77%
Return on Invested Capital (ROIC)	16.20%	12.23%	33.06%	-5.90%	14.96%	13.42%	13.45%	11.37%	-	21.84%	23.38%
ROIC Less NNEP Spread (ROIC-NNEP)	13.93%	-20.94%	29.49%	25.03%	22.38%	-12.96%	7.98%	49.19%	-	19.47%	18.41%
Return on Net Nonoperating Assets (RNNOA)	-0.80%	1.64%	-2.38%	-2.24%	-0.97%	0.86%	-0.15%	1.50%	-	-1.28%	-0.81%
Return on Equity (ROE)	15.41%	13.87%	30.68%	-8.14%	13.99%	14.28%	13.30%	12.86%	-	20.56%	22.57%
Cash Return on Invested Capital (CROIC)	1.51%	-4.53%	-6.95%	-11.32%	13.30%	17.27%	6.67%	-11.28%	-	-9.45%	5.47%
Operating Return on Assets (OROA)	10.95%	8.50%	9.74%	10.78%	8.38%	12.78%	9.24%	11.75%	-	13.53%	15.26%
Return on Assets (ROA)	8.34%	12.10%	17.62%	-8.75%	7.08%	10.30%	7.42%	8.58%	-	11.11%	12.54%
Return on Common Equity (ROCE)	15.41%	13.87%	30.68%	-8.14%	13.99%	14.28%	13.30%	12.86%	-	20.56%	22.57%
Return on Equity Simple (ROE_SIMPLE)	20.12%	13.44%	14.53%	0.00%	11.78%	13.55%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	166	127	374	-68	185	166	185	170	352	340	384
NOPAT Margin	13.18%	10.48%	30.76%	-5.26%	14.26%	12.73%	13.72%	11.97%	-	19.79%	20.78%
Net Nonoperating Expense Percent (NNEP)	2.28%	33.17%	3.58%	-30.93%	-7.42%	26.38%	5.47%	-37.83%	-	2.37%	4.97%
Return On Investment Capital (ROIC_SIMPLE)	2.50%	-	-	-0.98%	2.65%	2.08%	2.26%	2.02%	4.03%	3.83%	4.22%
Cost of Revenue to Revenue	35.42%	37.25%	37.96%	37.68%	36.83%	37.67%	38.31%	38.76%	-	31.39%	34.13%
SG&A Expenses to Revenue	28.75%	29.69%	27.03%	26.65%	27.81%	27.57%	26.18%	28.12%	-	26.56%	24.16%
R&D to Revenue	18.43%	18.75%	18.57%	18.10%	19.18%	19.14%	18.49%	18.18%	-	18.64%	16.90%
Operating Expenses to Revenue	47.02%	48.19%	45.19%	44.44%	46.38%	46.48%	44.38%	45.95%	-	44.90%	40.90%
Earnings before Interest and Taxes (EBIT)	226	177	215	250	200	319	238	319	211	425	483
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	294	247	279	318	266	387	305	394	316	532	589
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.65	5.27	4.66	5.07	5.95	4.59	4.98	5.35	-	9.48	8.30
Price to Tangible Book Value (P/TBV)	13.98	12.83	11.06	12.26	13.56	10.10	10.38	27.27	-	35.47	27.32
Price to Revenue (P/Rev)	5.09	5.00	4.87	5.19	6.15	4.92	5.38	5.85	-	9.86	8.28
Price to Earnings (P/E)	28.09	31.80	26.68	42.12	50.55	33.86	51.86	36.99	-	56.94	43.28
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Yield	3.56%	3.14%	3.75%	2.37%	1.98%	2.95%	1.93%	2.70%	-	1.76%	2.31%
Enterprise Value to Invested Capital (EV/IC)	5.67	5.24	4.62	5.16	6.39	5.13	5.17	5.04	-	9.55	8.62
Enterprise Value to Revenue (EV/Rev)	5.09	5.00	4.88	5.17	6.07	4.78	5.33	5.93	-	9.85	8.24
Enterprise Value to EBITDA (EV/EBITDA)	18.69	20.08	21.53	22.62	27.45	19.52	21.90	23.59	-	38.76	29.63
Enterprise Value to EBIT (EV/EBIT)	22.15	24.72	27.68	29.66	36.19	24.80	27.76	29.64	-	50.26	37.73
Enterprise Value to NOPAT (EV/NOPAT)	28.02	31.52	25.96	43.54	50.17	37.48	58.26	45.33	-	59.57	45.03
Enterprise Value to Operating Cash Flow (EV/OCF)	19.85	24.47	22.80	24.47	27.65	16.53	18.11	22.64	-	40.27	33.82
Enterprise Value to Free Cash Flow (EV/FCFF)	414.94	0.00	0.00	0.00	47.88	29.15	78.34	0.00	-	0.00	169.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.37	0.34	0.35	0.35	0.46	0.45	0.43	-	0.40	0.38
Long-Term Debt to Equity	0.25	0.24	0.23	0.35	0.35	0.46	0.45	0.43	-	0.29	0.28
Financial Leverage	-0.06	-0.08	-0.08	-0.09	-0.04	-0.07	-0.02	0.03	-	-0.07	-0.04
Leverage Ratio	1.90	1.84	1.79	1.84	1.84	1.88	1.83	1.87	-	1.89	1.84
Compound Leverage Factor	1.92	1.82	1.78	1.82	1.83	1.89	1.86	1.89	-	1.86	1.82
Debt to Total Capital	27.39%	26.80%	25.56%	25.96%	25.66%	31.61%	30.88%	30.11%	-	28.56%	27.70%
Short-Term Debt to Total Capital	9.18%	8.96%	8.54%	0.00%	0.00%	0.00%	0.00%	0.00%	-	7.89%	7.70%
Long-Term Debt to Total Capital	18.21%	17.84%	17.02%	25.96%	25.66%	31.61%	30.88%	30.11%	-	20.67%	19.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	72.61%	73.20%	74.44%	74.04%	74.34%	68.39%	69.12%	69.89%	-	71.44%	72.30%
Debt to EBITDA	1.25	1.39	1.58	1.57	1.61	2.03	1.99	1.87	-	1.64	1.37
Net Debt to EBITDA	-0.01	0.03	0.05	-0.10	-0.38	-0.58	-0.20	0.33	-	-0.03	-0.15
Long-Term Debt to EBITDA	0.83	0.93	1.05	1.57	1.61	2.03	1.99	1.87	-	1.18	0.99
Debt to NOPAT	1.87	2.19	1.91	3.03	2.95	3.89	5.28	3.60	-	2.51	2.09
Net Debt to NOPAT	-0.02	0.04	0.06	-0.20	-0.69	-1.11	-0.54	0.64	-	-0.05	-0.23
Long-Term Debt to NOPAT	1.24	1.46	1.27	3.03	2.95	3.89	5.28	3.60	-	1.82	1.51
Altman Z-Score	5.67	5.62	5.39	5.66	6.35	4.89	5.32	5.19	-	8.46	8.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.93	1.99	2.05	2.98	2.95	3.39	3.59	2.35	-	1.90	2.02
Quick Ratio	1.21	1.24	1.25	1.86	1.89	2.39	2.13	1.52	-	1.30	1.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-739	-894	-890	-1,162	214	352	62	-1,172	-1,292	-1,188	-501
Operating Cash Flow to CapEx	697.87%	305.56%	772.73%	944.74%	1,181.25%	1,792.59%	1,038.71%	592.11%	-	1,727.59%	1,285.29%
Free Cash Flow to Firm to Interest Expense	-36.95	-44.68	-42.36	-50.51	10.71	17.61	2.23	-41.86	-	-47.53	-19.28
Operating Cash Flow to Interest Expense	16.40	5.50	12.14	15.61	18.90	24.20	11.50	8.04	-	20.04	16.81
Operating Cash Flow Less CapEx to Interest Expense	14.05	3.70	10.57	13.96	17.30	22.85	10.39	6.68	-	18.88	15.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.58	0.55	0.55	0.54	0.52	0.53	0.52	-	0.55	0.58
Accounts Receivable Turnover	6.18	6.18	5.90	5.67	6.25	6.58	7.02	5.99	-	6.89	7.48
Inventory Turnover	1.95	1.88	1.83	1.84	1.82	1.87	1.93	1.97	-	2.14	2.25
Fixed Asset Turnover	7.13	6.82	6.54	6.49	6.54	6.64	6.80	6.85	-	8.06	8.77
Accounts Payable Turnover	6.20	6.50	6.43	6.16	6.59	6.55	6.34	6.10	-	6.24	6.07
Days Sales Outstanding (DSO)	59.03	59.08	61.83	64.40	58.37	55.49	52.00	60.98	-	52.94	48.77
Days Inventory Outstanding (DIO)	187.64	193.93	199.77	198.42	200.48	194.78	189.34	185.54	-	170.29	162.40
Days Payable Outstanding (DPO)	58.83	56.17	56.81	59.22	55.39	55.69	57.53	59.82	-	58.50	60.15
Cash Conversion Cycle (CCC)	187.85	196.84	204.80	203.60	203.46	194.57	183.81	186.71	-	164.73	151.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,799	4,939	5,287	4,989	4,770	4,753	5,410	6,331	6,414	6,281	6,295
Invested Capital Turnover	1.23	1.17	1.07	1.12	1.05	1.05	0.98	0.95	-	1.10	1.12
Increase / (Decrease) in Invested Capital	905	1,021	1,264	1,094	-29	-186	123	1,342	1,644	1,528	885
Enterprise Value (EV)	27,197	25,860	24,417	25,744	30,468	24,403	27,950	31,893	-	59,960	54,253
Market Capitalization	27,215	25,824	24,360	25,860	30,885	25,127	28,210	31,443	-	60,010	54,529
Book Value per Share	$27.53	$28.09	$29.96	$29.42	$29.95	$31.69	$32.94	$34.22	$36.11	$36.91	$38.45
Tangible Book Value per Share	$11.13	$11.53	$12.62	$12.16	$13.15	$14.40	$15.79	$6.71	$8.61	$9.87	$11.68
Total Capital	6,634	6,698	7,026	6,895	6,977	8,009	8,203	8,415	8,739	8,862	9,088
Total Debt	1,817	1,795	1,796	1,790	1,790	2,532	2,533	2,534	2,534	2,531	2,517
Total Long-Term Debt	1,208	1,195	1,196	1,790	1,790	2,532	2,533	2,534	2,534	1,832	1,817
Net Debt	-18	36	57	-116	-417	-724	-260	450	209	-50	-276
Capital Expenditures (CapEx)	47	36	33	38	32	27	31	38	34	29	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	824	917	1,015	1,034	887	734	1,408	625	718	680	769
Debt-free Net Working Capital (DFNWC)	2,569	2,574	2,647	2,830	2,947	3,852	4,044	2,498	2,896	3,092	3,374
Net Working Capital (NWC)	1,960	1,974	2,047	2,830	2,947	3,852	4,044	2,498	2,896	2,393	2,674
Net Nonoperating Expense (NNE)	-6.01	-125	-15	135	16	-91	-5.55	-63	71	-9.18	-13
Net Nonoperating Obligations (NNO)	-18	36	57	-116	-417	-724	-260	450	209	-50	-276
Total Depreciation and Amortization (D&A)	68	70	64	68	66	68	67	75	105	107	106
Debt-free, Cash-free Net Working Capital to Revenue	15.42%	17.74%	20.29%	20.77%	17.68%	14.37%	26.85%	11.63%	-	11.17%	11.68%
Debt-free Net Working Capital to Revenue	48.09%	49.81%	52.91%	56.84%	58.73%	75.41%	77.13%	46.47%	-	50.79%	51.26%
Net Working Capital to Revenue	36.69%	38.20%	40.92%	56.84%	58.73%	75.41%	77.13%	46.47%	-	39.31%	40.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.98	$0.73	$2.23	($0.41)	$0.97	$1.49	$1.11	$1.36	$1.64	$2.04	$2.33
Adjusted Weighted Average Basic Shares Outstanding	175M	174M	174M	174M	173M	172M	172M	172M	172M	171M	171M
Adjusted Diluted Earnings per Share	$0.98	$0.72	$2.22	($0.41)	$0.97	$1.49	$1.10	$1.35	$1.63	$2.02	$2.30
Adjusted Weighted Average Diluted Shares Outstanding	176M	175M	175M	175M	174M	173M	173M	173M	173M	173M	173M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	174.56M	174.54M	173.54M	173.17M	172.81M	172.11M	171.86M	171.82M	171.50M	170.90M	170.24M
Normalized Net Operating Profit after Tax (NOPAT)	166	127	144	161	185	166	185	170	174	340	384
Normalized NOPAT Margin	13.18%	10.48%	11.79%	12.51%	14.26%	12.73%	13.72%	11.97%	-	19.79%	20.78%
Pre Tax Income Margin	18.19%	14.39%	17.50%	19.27%	15.33%	24.50%	17.83%	22.69%	-	24.34%	25.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.30	8.85	10.24	10.87	10.00	15.95	8.50	11.39	-	17.00	18.58
NOPAT to Interest Expense	8.30	6.37	17.83	-2.94	9.26	8.31	6.62	6.07	-	13.59	14.76
EBIT Less CapEx to Interest Expense	8.95	7.05	8.67	9.22	8.40	14.60	7.39	10.04	-	15.84	17.27
NOPAT Less CapEx to Interest Expense	5.95	4.57	16.26	-4.60	7.66	6.96	5.52	4.71	-	12.43	13.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	47.27%	0.00%	0.00%	74.59%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Augmented Payout Ratio	116.41%	108.65%	94.08%	146.74%	69.56%	71.70%	79.41%	44.35%	-	43.55%	49.13%

Financials Breakdown Chart

Key Financial Trends

Keysight Technologies’ (NYSE: KEYS) latest statements show a sharp improvement in operating momentum. In Q2 fiscal 2026, revenue reached $1.72 billion, up 31.5% from the restated Q2 fiscal 2025. Gross profit increased to $1.18 billion, while gross margin expanded to approximately 68.6% from 62.3% a year earlier.

Profitability also strengthened. Operating income nearly doubled year over year to $407 million, and net income rose 35.8% to $349 million. Diluted earnings per share increased to $2.02 from $1.49. The improvement follows a similar gain in Q1 fiscal 2026, when revenue increased 23.3% year over year and net income climbed 66.3%.

The longer-term trend is a recovery from the weaker results reported during fiscal 2024 and early fiscal 2025. Quarterly revenue rose from $1.22 billion in Q2 fiscal 2024 to $1.72 billion in the latest quarter. Operating income, however, has been less consistent, declining in Q4 fiscal 2025 from the prior-year quarter despite higher revenue. Several comparisons are also affected by unusual tax items, including a large tax benefit in Q3 fiscal 2024 and a substantial tax expense in Q4 fiscal 2024.

Revenue growth has accelerated: Q2 fiscal 2026 revenue increased 31.5% year over year, following gains of 23.3% in Q1 fiscal 2026, 11.1% in Q3 fiscal 2025 and 10.3% in Q4 fiscal 2025.
Gross-margin expansion is significant: Q2 fiscal 2026 gross margin improved to approximately 68.6% from 62.3% in the comparable restated quarter, indicating favorable mix, pricing or operating leverage.
Operating leverage is emerging: Q2 fiscal 2026 operating expenses increased approximately 3.2% year over year, well below the 31.5% revenue increase. Operating margin consequently expanded to about 23.7% from 15.9%.
Cash generation remains strong: Operating cash flow was $501 million in Q2 fiscal 2026 and $441 million in Q1, compared with $484 million and $378 million in the respective prior-year quarters.
Liquidity has improved sequentially: Cash and equivalents increased to $2.41 billion at April 30, 2026, from $2.18 billion at the end of Q1 fiscal 2026, while total debt declined to approximately $2.53 billion from $2.54 billion.
Share repurchases are supporting per-share results: Keysight repurchased $223 million of common stock in Q2 fiscal 2026, after $87 million in Q1. Weighted-average basic shares have declined from roughly 178 million in early fiscal 2023 to 171 million in Q2 fiscal 2026.
Acquisition activity has reshaped the balance sheet: The $2.02 billion acquisition cash outflow in Q4 fiscal 2025 was followed by a large increase in goodwill and intangible assets. This may strengthen the company’s product portfolio, but investors should monitor integration progress and returns on the acquired assets.
Working capital remains a mixed factor: Inventory declined modestly to $1.04 billion in Q2 fiscal 2026, but accounts receivable increased to $1.02 billion from $744 million in Q2 fiscal 2025. The recent $19 million use of operating working capital was manageable, although receivables growth warrants monitoring.
Leverage increased materially compared with fiscal 2023: Total debt was approximately $2.53 billion at the latest quarter versus about $1.79 billion at the end of fiscal 2023. Although cash largely offsets this debt, the acquisition increased financial obligations.
Goodwill and intangible-asset exposure is elevated: These assets totaled approximately $4.64 billion, or nearly 40% of total assets, at April 30, 2026. A deterioration in acquired businesses could lead to impairment charges and pressure reported equity.

Overall, the statements point to a company with improving demand, expanding margins and durable operating cash flow. The main risks are the higher acquisition-related asset base, increased debt relative to earlier periods and the need to determine whether recent growth can be sustained after the initial recovery. Investors should also treat year-over-year net income comparisons cautiously because several prior periods included unusual tax effects and restatements.

09/05/26 05:22 PM ETAI Generated. May Contain Errors.

Keysight Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Keysight Technologies' fiscal year ends in October. Their fiscal year 2025 ended on October 31, 2025.

Keysight Technologies' net income appears to be on an upward trend, with a most recent value of $850 million in 2025, rising from $513 million in 2015. The previous period was $614 million in 2024. See where experts think Keysight Technologies is headed by visiting Keysight Technologies' forecast page.

Keysight Technologies' total operating income in 2025 was $876 million, based on the following breakdown:

Total Gross Profit: $3.34 billion
Total Operating Expenses: $2.46 billion

Over the last 10 years, Keysight Technologies' total revenue changed from $2.86 billion in 2015 to $5.38 billion in 2025, a change of 88.2%.

Keysight Technologies' total liabilities were at $5.42 billion at the end of 2025, a 30.2% increase from 2024, and a 145.7% increase since 2015.

In the past 10 years, Keysight Technologies' cash and equivalents has ranged from $483 million in 2015 to $2.47 billion in 2023, and is currently $1.87 billion as of their latest financial filing in 2025.

Over the last 10 years, Keysight Technologies' book value per share changed from 7.68 in 2015 to 34.22 in 2025, a change of 345.4%.

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Financial statements for NYSE:KEYS last updated on 9/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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