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Keysight Technologies (KEYS) FY2022 results: revenue $5.4 billion, up 9.7% on the year

Keysight Technologies, Inc. (KEYS) reported revenue of $5.4 billion for fiscal 2022, the year ended 31 October 2022, up 9.7% on the year before. Net income was $1.1 billion, up 25.7%, and diluted earnings per share $6.18. The figures are the company's own, from the 10-K it filed with the SEC on 15 December 2022.

Revenue
$5.4 billion
+9.7% on the year
FY2015FY2022
Operating margin
24.6%
21.9% a year earlier
FY2015FY2022
Net income
$1.1 billion
+25.7% on the year
FY2015FY2022
Diluted EPS
$6.18
+29.3% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue5,4204,9414,221+9.7%
Cost of revenue1,9701,8721,688+5.2%
Gross profit3,4503,0692,533+12.4%
Gross margin63.7%62.1%60.0%
Research and development841811715+3.7%
Selling, general and administrative1,2831,1951,097+7.4%
Operating income1,3341,080765+23.5%
Operating margin24.6%21.9%18.1%
Interest expense79.079.078.00.0%
Pre-tax income1,2851,010761+27.2%
Income tax161116134+38.8%
Effective tax rate12.5%11.5%17.6%
Net income1,124894627+25.7%
Net margin20.7%18.1%14.9%
Diluted EPS$6.18$4.78$3.31+29.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow1,1441,3221,016-13.5%
Capital expenditure185174117+6.3%
Free cash flow9591,148899-16.5%
Free cash flow margin17.7%23.2%21.3%
Cash from investing-251-353-442
Cash from financing-861-671-413
Depreciation and amortisation220291324-24.4%
Share-based compensation12510392.0+21.4%
Buybacks849673411+26.2%
Diluted shares, weighted182m187m189m-2.7%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity4,1613,7843,297+10.0%
Debt1,7931,7911,789+0.1%
Operating lease liabilities186191149-2.6%
Other liabilities1,9582,0151,983-2.8%
Total liabilities and equity8,0987,7817,218+4.1%
Fixed assets690650595+6.2%
Goodwill1,5821,6281,537-2.8%
Intangible assets189272361-30.5%
Investments62.070.061.0-11.4%
Cash and equivalents2,0422,0521,756-0.5%
Receivables905735606+23.1%
Inventory858777757+10.4%
Other assets1,7701,5971,545+10.8%
Total assets8,0987,7817,218+4.1%

10-K for the year ended 31 October 2022, filed 15 December 2022: the filing.