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Keysight Technologies (KEYS) FY2023 results: revenue $5.5 billion, up 0.8% on the year

Keysight Technologies, Inc. (KEYS) reported revenue of $5.5 billion for fiscal 2023, the year ended 31 October 2023, up 0.8% on the year before. Net income was $1.1 billion, down 6.0%, and diluted earnings per share $5.91. The figures are the company's own, from the 10-K it filed with the SEC on 15 December 2023.

Revenue
$5.5 billion
+0.8% on the year
FY2016FY2023
Operating margin
24.9%
24.6% a year earlier
FY2016FY2023
Net income
$1.1 billion
-6.0% on the year
FY2016FY2023
Diluted EPS
$5.91
-4.4% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue5,4645,4204,941+0.8%
Cost of revenue1,9321,9701,872-1.9%
Gross profit3,5323,4503,069+2.4%
Gross margin64.6%63.7%62.1%
Research and development882841811+4.9%
Selling, general and administrative1,3071,2831,195+1.9%
Operating income1,3581,3341,080+1.8%
Operating margin24.9%24.6%21.9%
Interest expense78.079.079.0-1.3%
Pre-tax income1,3571,2851,010+5.6%
Income tax300161116+86.3%
Effective tax rate22.1%12.5%11.5%
Net income1,0571,124894-6.0%
Net margin19.3%20.7%18.1%
Diluted EPS$5.91$6.18$4.78-4.4%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow1,4081,1441,322+23.1%
Capital expenditure197185174+6.5%
Free cash flow1,2119591,148+26.3%
Free cash flow margin22.2%17.7%23.2%
Cash from investing-288-251-353
Cash from financing-687-861-671
Depreciation and amortisation210220291-4.5%
Share-based compensation135125103+8.0%
Buybacks702849673-17.3%
Diluted shares, weighted179m182m187m-1.6%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity4,6544,1613,784+11.8%
Debt1,7941,7931,791+0.1%
Operating lease liabilities192186191+3.2%
Other liabilities2,0431,9582,015+4.3%
Total liabilities and equity8,6838,0987,781+7.2%
Fixed assets761690650+10.3%
Goodwill1,6401,5821,628+3.7%
Intangible assets155189272-18.0%
Investments81.062.070.0+30.6%
Cash and equivalents2,4722,0422,052+21.1%
Receivables900905735-0.6%
Inventory985858777+14.8%
Other assets1,6891,7701,597-4.6%
Total assets8,6838,0987,781+7.2%

10-K for the year ended 31 October 2023, filed 15 December 2023: the filing.