# Keysight Technologies (KEYS) Q3 2025 Financial Results Summary
SANTA ROSA, Calif., August 19, 2025 – Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the third fiscal quarter ended July 31, 2025.
## Third Quarter Financial Summary
– **Revenue**: $1.35 billion, up **10.74%** from $1.22 billion in Q3 2024.
– **GAAP Net Income**: $191 million, or **$1.10 per share**, compared to **$389 million**, or **$2.22 per share** in Q3 2024 (a decrease of **50.82% for net income** and **50.00% for EPS**).
– **Non-GAAP Net Income**: $297 million, or **$1.72 per share**, compared with **$275 million**, or **$1.57 per share** in Q3 2024 (an increase of **8.00% for net income** and **9.55% for EPS**).
– **Cash Flow from Operations**: $322 million, compared to $255 million in Q3 2024 (an increase of **26.27%**).
– **Free Cash Flow**: $291 million, up from $222 million in Q3 2024 (an increase of **31.06%**).
– **Cash, Cash Equivalents, Restricted Cash**: Totaled $3.40 billion as of July 31, 2025.
### Reporting Segments
– **Communications Solutions Group (CSG)**:
– Revenue: $940 million, up **11.00%** from $847 million in Q3 2024.
– Commercial Communications: 13% growth.
– Aerospace, Defense, and Government: 8% growth.
– **Electronic Industrial Solutions Group (EISG)**:
– Revenue: $412 million, up **11.36%** from $370 million in Q3 2024.
– Growth areas include semiconductor, general electronics, automotive, and energy.
### Outlook for Fourth Quarter FY2025
– Revenue is expected to be between **$1.370 billion and $1.390 billion**.
– Non-GAAP earnings per share for Q4 FY2025 are expected to be in the range of **$1.79 to $1.85**.
– Fiscal year 2025 revenue growth is expected to be approximately **7%**.
– At midpoint of fourth quarter guidance, non-GAAP earnings per share growth for FY2025 is expected to be approximately **13%**.
### Important Highlights
– Keysight has a solid outlook for the remainder of FY2025, driven by strong demand and customer engagement.
– **Dividend and Share Repurchase**: The report does not mention any declared quarterly dividends or share repurchase programs for this period.
### Additional Financial Metrics
– **Segment Revenue**:
– **Aerospace, Defense, and Government**: $296 million, an increase of **7.64%** from $275 million in Q3 2024.
– **Commercial Communications**: $644 million, an increase of **12.56%** from $572 million in Q3 2024.
– **Electronic Industrial**: $412 million, up **11.36%** from $370 million in Q3 2024.
### Conclusion
Keysight Technologies has demonstrated robust financial performance in Q3 2025, with promising growth across its business segments. The company has raised its full-year outlook, reflecting its confidence in ongoing demand and strategic execution. Further details regarding financial results and forecasts will be provided in an upcoming conference call with investors.
### Contacts for More Information
– **Investor Relations**: +1 707-577-6915 | [email protected]
– **Media Contact**: Andrea Mueller, +1 408-236-1541 | [email protected]
| KEYSIGHT TECHNOLOGIES, INC. | CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | (In millions, except per share data) | (Unaudited) | PRELIMINARY | Three months ended | Nine months ended | Orders | July 31, | July 31, | Revenue | 2025 | 2024 | 2025 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Costs and expenses: | 1,340 | 1,249 | 3,919 | 3,688 | ||||||||||
| Cost of products and services | 1,352 | 1,217 | 3,956 | 3,692 | ||||||||||
| Research and development | 518 | 462 | 1,488 | 1,361 | ||||||||||
| Selling, general and administrative | 250 | 226 | 749 | 686 | ||||||||||
| Other operating expense (income), net | 354 | 329 | 1,075 | 1,052 | ||||||||||
| Total costs and expenses | -4 | -5 | -15 | -10 | ||||||||||
| Income from operations | 1,118 | 1,012 | 3,297 | 3,089 | ||||||||||
| Interest income | 234 | 205 | 659 | 603 | ||||||||||
| Interest expense | 31 | 19 | 71 | 60 | ||||||||||
| Other income (expense), net | -28 | -21 | -68 | -61 | ||||||||||
| Income before taxes | 4 | 10 | 98 | 15 | ||||||||||
| Provision (benefit) for income taxes | 241 | 213 | 760 | 617 | ||||||||||
| Net income | 50 | -176 | 143 | -70 | ||||||||||
| Net income per share: | 191 | 389 | 617 | 687 | ||||||||||
| Basic | $1.11 | $2.23 | $3.58 | $3.94 | ||||||||||
| Diluted | $1.10 | $2.22 | $3.56 | $3.92 | ||||||||||
| Weighted average shares used in computing net income per share: | 172 | 174 | 172 | 174 | ||||||||||
| Diluted | 173 | 175 | 173 | 175 |
| KEYSIGHT TECHNOLOGIES, INC. | CONDENSED CONSOLIDATED BALANCE SHEET | (In millions, except par value and share data) | (Unaudited) | PRELIMINARY | ASSETS | Current assets: | July 31, 2025 | October 31, 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $2,636 | $1,796 | ||||||
| Accounts receivable, net | 692 | 857 | ||||||
| Inventory | 1,021 | 1,022 | ||||||
| Other current assets | 1,255 | 582 | ||||||
| Total current assets | 5,604 | 4,257 | ||||||
| Property, plant and equipment, net | 766 | 774 | ||||||
| Operating lease right-of-use assets | 224 | 234 | ||||||
| Goodwill | 2,429 | 2,388 | ||||||
| Other intangible assets, net | 524 | 607 | ||||||
| Long-term investments | 157 | 110 | ||||||
| Long-term deferred tax assets | 392 | 378 | ||||||
| Other assets | 555 | 521 | ||||||
| Total assets | $10,651 | $9,269 | ||||||
| LIABILITIES AND EQUITY | Current liabilities: | |||||||
| Accounts payable | 342 | 313 | ||||||
| Employee compensation and benefits | 290 | 295 | ||||||
| Deferred revenue | 557 | 561 | ||||||
| Income and other taxes payable | 144 | 90 | ||||||
| Operating lease liabilities | 48 | 43 | ||||||
| Other accrued liabilities | 179 | 125 | ||||||
| Total current liabilities | 1,560 | 1,427 | ||||||
| Long-term debt | 2,533 | 1,790 | ||||||
| Retirement and post-retirement benefits | 84 | 81 | ||||||
| Long-term deferred revenue | 208 | 206 | ||||||
| Long-term operating lease liabilities | 183 | 197 | ||||||
| Other long-term liabilities | 413 | 463 | ||||||
| Total liabilities | 4,981 | 4,164 | ||||||
| Stockholders’ equity: | Preferred stock; $0.01 par value; 100 million shares authorized; none issued and outstanding | |||||||
| Common stock; $0.01 par value; 1 billion shares authorized; 202 million and 201 million shares issued, respectively | 2 | 2 | ||||||
| Treasury stock, at cost; 30.2 million shares and 28.4 million shares, respectively | -3,698 | -3,422 | ||||||
| Additional paid-in-capital | 2,819 | 2,664 | ||||||
| Retained earnings | 6,842 | 6,225 | ||||||
| Accumulated other comprehensive loss | -295 | -364 | ||||||
| Total stockholders’ equity | 5,670 | 5,105 | ||||||
| Total liabilities and equity | $10,651 | $9,269 |
