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Keysight Technologies Reports Third Quarter 2025 Results

Strong execution drives above guidance results, full-year outlook improved

SANTA ROSA, Calif.--(BUSINESS WIRE)-- Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the third fiscal quarter ended July 31, 2025.

“Keysight delivered strong results this quarter, exceeding the high end of our guidance for both revenue and earnings per share. We are executing our strategy and capitalizing on the opportunities in our end markets,� said Satish Dhanasekaran, Keysight’s President and CEO. “We are raising our outlook for the full year once again and continue to see solid demand and strong customer engagements.�

Third Quarter Financial Summary

• Revenue was $1.35 billion, compared with $1.22 billion in the third quarter of 2024.
• GAAP net income was $191 million, or $1.10 per share, compared with $389 million, or $2.22 per share, in the third quarter of 2024.
• Non-GAAP net income was $297 million, or $1.72 per share, compared with $275 million, or $1.57 per share in the third quarter of 2024.
• Cash flow from operations was $322 million, compared to $255 million last year. Free cash flow was $291 million, compared to $222 million in the third quarter of 2024.
• As of July 31, 2025, cash, cash equivalents, and restricted cash totaled $3.40 billion.

Reporting Segments

• Communications Solutions Group (CSG)

CSG reported revenue of $940 million in the third quarter, up 11 percent from the prior year, reflecting 13 percent growth in commercial communications and 8 percent growth in aerospace, defense, and government.

• Electronic Industrial Solutions Group (EISG)

EISG reported revenue of $412 million in the third quarter, up 11 percent from the prior year, reflecting growth across semiconductor, general electronics and automotive and energy.

Outlook

Keysight’s fourth fiscal quarter of 2025 revenue is expected to be in the range of $1.370 billion to $1.390 billion. Non-GAAP earnings per share for the fourth fiscal quarter of 2025 are expected to be in the range of $1.79 to $1.85, based on a weighted diluted share count of approximately 173 million shares. Fiscal year 2025 revenue growth is expected to be approximately 7 percent. At the midpoint of fourth quarter guidance, non-GAAP earnings per share growth for fiscal year 2025 is expected to be approximately 13 percent. Certain items impacting the GAAP tax rate pertain to future events and are not currently estimable with a reasonable degree of accuracy; therefore, no reconciliation of GAAP earnings per share to non-GAAP has been provided. Further information is discussed in the section titled “Use of Non-GAAP Financial Measures� below.

Webcast

Keysight’s management will present more details about its third quarter FY2025 financial results and its fourth quarter FY2025 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on to the call at under the “� section and select “� to participate. The call can also be accessed by dialing 1-404-975-4839 or 1-833-470-1428 toll-free (access code 819411). The webcast will remain on the company site for 90 days.

Forward-Looking Statements

This communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The words "assume," “expect,� “intend,� “will,� “should,� "outlook" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect the expected results and are based on certain key assumptions of Keysight’s management and on currently available information. Due to such uncertainties and risks, no assurances can be given that such expectations or assumptions will prove to have been correct, and readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Keysight undertakes no responsibility to publicly update or revise any forward-looking statement. The forward-looking statements contained herein include, but are not limited to, predictions, future guidance, projections, beliefs, and expectations about the company’s goals, revenues, financial condition, earnings, and operations that involve risks and uncertainties that could cause Keysight’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, impacts of global economic conditions such as inflation or recession, slowing demand for products or services, volatility in financial markets, reduced access to credit, increased interest rates, impacts of geopolitical tension and conflict outside of the U.S., export control regulations and compliance, net zero emissions commitments, customer purchasing decisions and timing, tariff and trade policy impacts and order cancellations.

In addition to the risks above, other risks that Keysight faces include those detailed in Keysight’s filings with the Securities and Exchange Commission on Keysight’s annual report on Form 10-K for the period ended October 31, 2024 and Keysight’s quarterly report on Form 10-Q for the period ended April 30, 2025.

Segment Data

Segment data reflect the results of our reportable segments under our management reporting system. Segment data are provided on page 5 of the attached tables.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP (“GAAP�), this document also contains certain non-GAAP financial measures based on management’s view of performance, including:

• Non-GAAP Net Income/Earnings
• Non-GAAP Net Income per share/Earnings per share
• Free Cash Flow

Net Income per share is based on weighted average diluted share count. See the attached supplemental schedules for reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure for the three and nine months ended July 31, 2025. Following the reconciliations is a discussion of the items adjusted from our non-GAAP financial measures and the company’s reasons for including or excluding certain categories of income or expenses from our non-GAAP results.

About Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product lifecycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at and .

Source: IR-KEYS

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INVESTOR CONTACT:

Investor Relations

+1 707-577-6915

[email protected]

MEDIA CONTACT:

Andrea Mueller

+ 1 408-236-1541

[email protected]

Source: Keysight Technologies, Inc.