Keysight Technologies (KEYS) FY2025 results: revenue $5.4 billion, up 8.0% on the year

Keysight sells design and test solutions to the computing, communications and electronics markets: hardware, software and services covering a customer's workflow as it designs, validates, manufactures, deploys and optimises its own products. It was incorporated in Delaware on 6 December 2013. Most of the revenue comes from customers' research and development work, and to a lesser degree from their manufacturing and operations. It serves customers in over 100 countries across communications, aerospace, defence and government, automotive, energy, industrial, general electronics and semiconductor. The financial year ends on 31 October. Keysight employed approximately 16,800 people worldwide at 31 October 2025, of whom 7,400 were in Asia Pacific, 5,800 in the Americas including 5,500 in the United States, and 3,600 in Europe. There are two reportable segments.

The hardware

The product platforms measure and control electrical and information properties in signals, sold as modular and integrated instruments in a range of form factors. Analysers for the spectrum and for individual signals give detailed analysis of complex communications and radar signals across radio frequency, microwave and optical frequencies. Network analysers characterise how electronic components and subsystems behave when stimulated by a range of input signals. Power analysers measure voltage, current and power characteristics of a device or system under a range of operating conditions. Protocol analysers debug, validate and optimise electronic systems using data transmission protocols such as PCI Express and Universal Serial Bus. The filing describes the approach as software-centric: hardware, software and services are combined into application-specific solutions for high-value applications and industry-specific requirements, rather than sold only as separate boxes.

Communications Solutions Group

CSG serves commercial communications and aerospace, defence and government customers with electronic design and test software, instrumentation, systems and related services, used in designing, simulating, validating, manufacturing, installing and optimising communication systems in wireless, wireline data centre, enterprise and defence markets. The recent acquisition of Spirent adds wireless network test and assurance and positioning technology. On the commercial side, customer needs span 5G, 6G, commercial satellite, 800Gb per second ethernet and 1.6Tb per second ethernet, and the filing points to work on increasing the efficiency of AI compute clusters and accelerating new interconnect technologies for AI data centre infrastructure. On the aerospace, defence and government side the applications are secure and highly reliable communications, space and satellite equipment, electromagnetic spectrum operations including communications, radar and signals intelligence, cybersecurity, and government research areas such as quantum communications and computing, cyber-physical control systems and materials science. Those customers are research agencies, prime contractors, subcontractors and component suppliers, plus departments and ministries of defence, security agencies and government research entities.

Electronic Industrial Solutions Group

EISG serves automotive and energy, semiconductor and general electronics customers with electronic design, test and simulation software, instrumentation, systems, computer-aided engineering and related services. In automotive and energy the applications follow the industry's transformational trends: electric and autonomous vehicles, energy systems incorporating alternative generation and advanced control, and the new subsystems and components those require. In general electronics the applications support designers and manufacturers across industrial and academic settings, driven by digital transformation and the growth of connected devices, including consumer electronics, digital health, smart manufacturing and digital classroom learning; those customers are design teams at established and emerging companies, universities and research organisations.

Where it is made

Manufacturing is split between in-house work and qualified contract manufacturers, the in-house side taking the highest value-added and most complex production while contract manufacturers mainly handle assembly and printed circuit board fabrication. The centralised manufacturing hub and largest facility is at Penang, Malaysia, responsible for final assembly, tuning, calibration and test of many of the advanced instruments. Substantial operations in California and Colorado carry the proprietary technology platforms. Five specialised technology centres across Santa Rosa in California, Colorado Springs in Colorado and Boeblingen in Germany develop and manufacture specialised components and subsystems, including microwave monolithic integrated circuits, thick and thin-film circuits, optical components, high-speed probes, precision-machined mechanical parts and advanced multi-chip and system-in-package modules. The filing states these deliver performance levels not commercially available. Supply chain is planned on forecasts, with finished products typically manufactured and configured on receipt of firm customer orders, using semiconductors, electromechanical components and assemblies and raw materials such as plastic resins and sheet metal bought from suppliers globally.

From Keysight Technologies' annual report on Form 10-K for the year ended 31 October 2025. The filing

Written from the 10-K filed 17 December 2025: read the full 10-K.