Keysight Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Keysight Technologies, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,918	3,189	3,878	4,303	4,221	4,941	5,420	5,464	4,979	5,375
Cost of revenue	1,294	1,487	1,767	1,769	1,688	1,872	1,970	1,932	1,846	2,038
Gross profit	1,624	1,702	2,111	2,534	2,533	3,069	3,450	3,532	3,133	3,337
Research and development	425	507	624	688	715	811	841	882	919	1,007
Selling, general and administrative	818	1,058	1,205	1,155	1,097	1,195	1,283	1,307	1,395	1,474
Operating income	406	148	-394	711	765	1,080	1,334	1,358	833	876
Interest expense	47	80	83	80	78	79	79	78	84	96
Interest income	3	7	12	23	11	3	16	102	81	102
Other non-operating income	4	104	54	61	63	6	14	-25	35	200
Pre-tax income	546	598	735	715	761	1,010	1,285	1,357	865	1,082
Income tax	31	77	-576	94	134	116	161	300	251	213
Income from continuing operations								1,057	614	869
Net income	335	102	165	621	627	894	1,124	1,057	614	850
EBITDA	540	373	-291	807	869	1,197	1,451	1,478	959	1,007
EPS, basic	1.97	0.57	0.88	3.31	3.35	4.84	6.23	5.95	3.53	4.93
EPS, diluted	1.95	0.56	0.86	3.25	3.31	4.78	6.18	5.91	3.51	4.91
Shares, basic (weighted)	170	180	187	188	187	185	180	178	174	172
Shares, diluted (weighted)	172	182	191	191	189	187	182	179	175	173

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	783	818	913	1,598	1,756	2,052	2,042	2,472	1,796	1,873
Short-term investments	0
Receivables	437	547	624	668	606	735	905	900	857	939
Inventory	474	588	619	705	757	777	858	985	1,022	1,050
Other current assets	160	224	222	244	255	102	149	124	157	201
Total current assets	1,854	2,177	2,378	3,215	3,374	3,834	4,234	4,809	4,257	4,348
Property, plant and equipment	512	530	555	576	595	650	690	761	774	795
Lease right-of-use assets				0	182	227	220	226	234	236
Goodwill	736	1,882	1,171	1,209	1,537	1,628	1,582	1,640	2,388	3,424
Intangible assets	208	855	645	490	361	272	189	155	607	1,304
Long-term investments	55	63	46	46	61	70	62	81	110	211
Other non-current assets	39	240	279	332	368	389	454	340	521	610
Total assets	3,796	5,933	5,824	6,623	7,218	7,781	8,098	8,683	9,269	11,301
Accounts payable	189	211	242	253	224	287	348	286	313	355
Accrued liabilities	183	217	276	278	289	355	333	304	295	399
Deferred revenue	180	291	334	334	391	478	495	541	561	652
Short-term debt	0	10	499	0			0	599	0	0
Total current liabilities	644	819	1,462	1,003	1,081	1,309	1,407	2,049	1,427	1,850
Long-term debt	1,093	2,038	1,291	1,788	1,789	1,791	1,793	1,195	1,790	2,534
Lease liabilities				0	149	191	186	192	197	193
Other non-current liabilities	69	356	287	295	365	352	296	313	463	536
Total liabilities	2,283	3,623	3,391	3,619	3,921	3,997	3,937	4,029	4,164	5,420
Total debt	1,093	2,038	1,291	1,788	1,789	1,791	1,793	1,794	1,790	2,534
Paid-in capital	1,242	1,786	1,889	2,013	2,110	2,219	2,333	2,487	2,664	2,851
Retained earnings	949	1,041	1,212	1,909	2,536	3,430	4,554	5,611	6,225	7,075
Treasury stock	-62	-62	-182	-342	-752	-1,425	-2,274	-2,980	-3,422	-3,799
Other comprehensive income	-618	-457	-488	-578	-599	-442	-454	-466	-364	-248
Shareholders' equity	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105	5,881
Total equity	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105	5,881
Total liabilities and equity	3,796	5,933	5,824	6,623	7,218	7,781	8,098	8,683	9,269	11,301

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	335	102	165	621	627	894	1,124	1,057	618	850
Depreciation and amortization	134	225	103	96	104	117	117	120	126	131
Stock-based compensation	49	56	59	82	92	103	125	135	137	162
Deferred income tax	17	-47	-789	-2	41	-53	7	-3	268	-116
Change in receivables	-42	-11	-89	-26	75	-122	-204	14	71	23
Change in inventory	-22	-4	-61	-92	-73	-43	-125	-148	-49	-24
Change in payables	-8	15	22	13	-33	53	56	-62	26	26
Cash from operations	420	328	555	998	1,016	1,322	1,144	1,408	1,052	1,409
Capital expenditures	-91	-72	-132	-120	-117	-174	-185	-197	-154	-128
Acquisitions	-10	-1,702	-5	-88	-357	-178	-33	-85	-681	-2,022
Purchases of investments					0	-1	-33	-7	-11
Sales and maturities of investments	1	45	0	7	0	0
Cash from investing	-90	-1,722	-108	-196	-442	-353	-251	-288	-819	-1,727
Debt issued	0	1,069	0	500	0	0	0	0	599	748
Debt repaid	-1	-323	-300	-500	-7	0	0	0	-624	0
Stock issued	0	444	0	0
Share buybacks	-62	0	-120	-159	-411	-673	-849	-702	-439	-375
Cash from financing	-29	1,425	-341	-122	-413	-671	-861	-687	-913	385
Exchange rate effect	-1	4	-9	3	6	3	-43	-2	6	9
Net change in cash	300	35	97	683	167	301	-11	431	-674	76
Free cash flow	329	256	423	878	899	1,148	959	1,211	898	1,281
Interest paid	44	64	79	76	75	75	75	75	75	77
Income taxes paid	23	121	27	103	84	130	191	343	146	120

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $362.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.7%	Gross profit / revenue.
Operating margin	20.3%	Operating income / revenue.
EBITDA margin	22.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.5%	Pre-tax income / revenue.
Net margin	19.1%	Net income / revenue.
FCF margin	22.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	9.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.6%	Net income / average total assets.
Return on invested capital (ROIC)	18.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.1%	Research and development expense / revenue.
SG&A / revenue	26.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	38.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	39.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	33.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	42.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.02x	Current assets / current liabilities.
Quick ratio	1.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.1%	Total debt / total assets.
Liabilities / assets	44.9%	Total liabilities / total assets.
Net debt	-$88.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.3x	Operating income / interest expense.
Working capital	$2.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	38.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	8.96x	Revenue / average property, plant and equipment.
Inventory turnover	2.22x	Cost of revenue / average inventory.
Days inventory	164 days	365 x average inventory / cost of revenue.
Receivables turnover	6.17x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	157 days	Days inventory + days sales outstanding - days payables.
FCF conversion	116.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.05	Revenue / diluted weighted shares.
FCF per share	$8.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.27	Cash from operations / diluted weighted shares.
Book value per share	$37.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.54	Tangible book value / shares outstanding.
Cash per share	$15.06	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	42.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$61.89B	Share price x shares outstanding.
Enterprise value	$61.80B	Market cap + total debt - cash - short-term investments.
P/E	49.1x	Market cap / net income. Only when net income is positive.
P/S	9.40x	Market cap / revenue.
P/B	9.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	31.0x	Market cap / tangible book value, when positive.
P/FCF	42.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.6x	Market cap / cash from operations, when positive.
EV/Sales	9.39x	Enterprise value / revenue.
EV/EBIT	46.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	41.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was Keysight Technologies, Inc.'s revenue in fiscal 2025?

Keysight Technologies, Inc. reported revenue of $5.38B for fiscal 2025, 8% higher than the year before.

Was Keysight Technologies, Inc. profitable in fiscal 2025?

Yes. Net income was $850.0M, a net margin of 15.8%.

How much free cash flow did Keysight Technologies, Inc. generate in fiscal 2025?

Cash from operations of $1.41B minus capital expenditures of $128.0M left free cash flow of $1.28B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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