Keysight Technologies (KEYS) FY2025 10-K Annual Report
Keysight Technologies (KEYS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Dec 17, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Keysight Technologies FY2025 10-K Analysis
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
- • No revenue or profitability figures disclosed in provided text
- • No segment performance details mentioned in provided text
- • No cash flow, buybacks, dividends, or capex data provided
- • 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
Keysight Technologies FY2025 Key Financial MetricsXBRL
Revenue
$5.4B
▲ +8.0% YoY
Net Income
$850M
▲ +38.4% YoY
Operating Margin
16.3%
▼ -43bp YoY
Net Margin
15.8%
▲ +348bp YoY
ROE
14.5%
▲ +243bp YoY
Total Assets
$11.3B
▲ +21.9% YoY
EPS (Diluted)
$4.91
▲ +39.9% YoY
Operating Cash Flow
$1.4B
▲ +33.9% YoY
Source: XBRL data from Keysight Technologies FY2025 10-K filing on SEC EDGAR. All figures in USD.
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