Short answer
Keysight Technologies (KEYS) filed its fiscal 2025 10-K annual report with the SEC on Dec 17, 2025. It reported revenue of $5.4B (+8.0% year over year) and net income of $850M.
- Top risk flagged: Regulatory risk: Implementation of OECD Pillar Two global minimum tax framework resulted in $13 million tax expense in 2025, with uncertain ongoing impacts across jurisdictions
FY2025 key financial metrics · XBRL
- Revenue
- $5.4B
- +8.0% YoY
- Net income
- $850M
- +38.4% YoY
- Operating margin
- 16.3%
- −0.4 pp YoY
- EPS (diluted)
- $4.91
- +39.9% YoY
- ROE
- 14.5%
- +2.4 pp YoY
- Operating cash flow
- $1.4B
- +33.9% YoY
Source: XBRL data from the Keysight Technologies (KEYS) FY2025 10-K on SEC EDGAR. USD.
Keysight Technologies FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Technology solutions provider with focus on electronic measurement instruments and software
- Amended Employee Stock Purchase Plan on March 21, 2024, expanding authorized shares to 25 million
- 2014 Equity and Incentive Compensation Plan amended Nov 16, 2023, increasing shares for future awards to 8,019,778
- $32 million aggregate participant contribution under ESPP as of October 31, 2025
- Stock awards increasingly in restricted stock, RSUs, and performance units without exercise payment
Management Discussion & Analysis
- Forward-looking risks include inflation, recession, tariffs, export controls, geopolitical tensions, litigation, climate change impacts
Risk Factors
- Regulatory risk: Implementation of OECD Pillar Two global minimum tax framework resulted in $13 million tax expense in 2025, with uncertain ongoing impacts across jurisdictions
- Geopolitical threat: Tariffs and trade restrictions negatively impacted gross margins and operating costs in 2025, driven by global tensions affecting supply chains
- Operational vulnerability: Excess and obsolete inventory charges increased to $43 million in 2025 from $35 million in 2024, indicating supply chain and demand forecasting challenges
- Competitive risk: Rising R&D investments in terabit solutions and 400G/800G Ethernet driven by AI data center demand face competition from Spirent acquisition and other market players
- Financial risk: Increased interest expense to $96 million in 2025 (up 14% YoY) reflecting higher debt costs amid aggressive acquisition and integration spending
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