Keysight Technologies (KEYS) Company Report

Keysight delivered 8% revenue growth in 2025 (up from an initial 5% target) and guided 10% growth for Q1 2026, supported by a strong order book and technology tailwinds across AI, wireless, semiconductors, and aerospace defense.
The company’s AI segment spans chipset testing through hyperscaler emulation, highlighted by the formal launch of the Keysight AI Data Center Builder, which emulates AI workload traffic for data center design.
In wireless, ongoing investment in 5G Advanced (Releases 18/19), expansion of non-terrestrial networks (NTN), and early pre-standards 6G R&D are driving a gradual recovery and future growth.
Aerospace & defense achieved record orders in 2025 despite government pauses, with accelerating U.S. and European budgets and new programs (e.g., Golden Dome, GCAP) fueling demand for antenna, radar, and cybersecurity test solutions.
Software & services now represent the high 30s % of revenue and are expected to exceed 40 % through organic innovation and recent acquisitions, contributing to gross margins in the mid-sixties.

Dec 10, 2025, 4:40 PM

Transcript

Keysight presents 2026 growth outlook at Barclays Global Technology Conference

KEYS

Guidance Update

M&A

Revenue Acceleration/Inflection

Keysight built momentum in 2025, raising its full-year growth target from 5% at the start of the year to 8%, and guided 10% revenue growth for Q1 2026.
AI is driving the wireline business, with Keysight providing end-to-end test and emulation solutions—from chip and component testing to hyperscaler workload benchmarking—highlighted by its AI Data Center Builder product.
The wireless segment returned to growth in 2025, supported by non-terrestrial networks, Open RAN, early 6G R&D and ongoing 5G Advanced standards (Releases 18/19), with a steady ramp expected into 6G later this decade.
Recent acquisitions have lifted software and services to the high 30s % of revenue and added three percentage points to mix; Keysight targets a 40% software/services mix, mid-sixties % gross margins, and $100 million of cost synergies, with M&A accretive to 2027 earnings.
The aerospace & defense business set record orders in 2025 despite shutdowns and funding delays, and stands to benefit from U.S. and European defense budget increases, new programs (e.g., Golden Dome, GCAP) and growth in defense-tech startups.

Dec 10, 2025, 4:40 PM

Transcript

Keysight announces Gigamon leads deep observability market in 1H2025

KEYS

Gigamon captured 50% market share in the deep observability market in 1H25, maintaining its leadership position.
The market grew 25% YoY in 1H25 with a forecasted 29% CAGR to nearly $1.7 billion by 2029.
Asia Pacific saw the strongest regional growth at 38% YoY, and cloud-delivered offerings are projected to account for over 90% of revenue by 2029.
A survey of 1,000+ global security and IT leaders found 89% view deep observability as a foundational element of cloud security.

Dec 9, 2025, 3:00 PM

Press Release

Keysight and Vodafone accelerate 5G core voice network upgrades

KEYS

Product Launch

Keysight’s Spirent Communications deployed a new automated testing platform with Vodafone to streamline integration and deployment of multi-vendor 5G core voice software across Europe.
The platform delivers a 75% reduction in upgrade rollout time—from months to days—across approximately 160 core voice nodes supporting cellular and Vo-Wi-Fi services.
It embeds continuous integration and deployment workflows, enabling Vodafone to implement vendor software releases every three months and support cloud-native 5G Standalone features.

Dec 9, 2025, 1:00 PM

Press Release

Citi Annual Global Healthcare Conference 2025 highlights

KEYS

Guidance Update

M&A

Keysight’s competitive moat stems from decades of trust with engineers and a first-to-market solutions approach that embeds the firm into customer workflows.
The wireline segment delivered a record year, accounting for just under 50% of commercial communications revenue, with 50% of that business driven by AI-related demand and high R&D intensity.
All tariffs implemented in April (and increased in August) have been fully offset on a dollar basis, neutralizing tariff-related headwinds by the end of the coming quarter.
Keysight completed three acquisitions, expects them to be mildly dilutive to EPS in FY 2026 and accretive in FY 2027, and is targeting $100 million of synergies from the Spirent deal through go-to-market and G&A efficiencies.
The balance sheet remains strong with net leverage below 1x, nearly $2 billion in cash, and a new $1.5 billion share buyback authorization.

Dec 4, 2025, 2:00 PM

Transcript

Keysight highlights AI-driven momentum and financial outlook at UBS 2025 Tech & AI Conference

KEYS

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Keysight’s moat is built on decades of engineering trust, a solutions-oriented “first-to-market” approach, and continuous in-house technology evolution to expand customer value and share.
AI demand propelled wireline revenue to a record, now ~50% of commercial communications and ~50% exposed to AI-driven ecosystem growth (hyperscalers, NeoCloud) with high R&D lab orientation.
Management reaffirmed fiscal 2026 targets: 5–7% revenue growth (high end), 10% EPS growth, with tariffs fully offset and recent acquisitions slightly dilutive in FY26 but accretive in FY27.
Balance sheet remains strong with <2x gross leverage, <1x net leverage, ~$2 billion cash, and a $1.5 billion share buyback authorization.

Dec 3, 2025, 7:15 PM

Transcript

Keysight outlines competitive moat and AI-driven growth at UBS 2025 Tech Conference

KEYS

Revenue Acceleration/Inflection

M&A

Share Buyback

Keysight’s competitive moat is built on decades of customer trust in its characterization tools and a “first-to-market” solutions approach that embeds its technology in clients’ workflows to stay ahead of rapid technological change.
After normalizing from COVID-era pull-forward demand, Keysight retooled its portfolio around 6G, connectivity, AI, and defense, driving FY25 momentum and a record wireline business now representing ~50% of commercial communications revenue, with half of that exposed to AI-driven demand.
Management expects to fully offset recent tariff increases by end of FY26 Q1 and targets 5–7% organic revenue growth and 10% EPS growth in FY26, with three recent acquisitions mildly dilutive this year and accretive in FY27.
The Spirent acquisition is projected to deliver $100 million in annual cost synergies through leveraging Keysight’s sales, marketing, and G&A infrastructure within 12–18 months.
Keysight exits FY25 with <2× gross leverage, ~$2 billion in cash, and a new $1.5 billion share buyback authorization, maintaining flexibility for integration and future M&A.

Dec 3, 2025, 7:15 PM

Transcript

Keysight Technologies outlines moat, AI-driven growth and margin outlook

KEYS

Guidance Update

Revenue Acceleration/Inflection

M&A

Keysight’s competitive moat is built on decades of trust with engineers, ongoing in-house R&D and a first-to-market, solutions-oriented approach that deepens customer partnerships.
The wireline business, part of Commercial Communications, finished the year at a record level, representing ~50% of that segment (and ~45% of total revenue), with ~50% of wireline exposure tied to AI-driven demand in hyperscaler AI clusters.
CFO Neil Dougherty expects to fully offset April and August tariffs by the end of Q1 and remain tariff-neutral thereafter, while delivering 10% EPS growth in FY2026 despite recent acquisitions being mildly dilutive in FY2026 and accretive in FY2027.
Keysight completed three acquisitions (including Spirent), targeting $100 million in synergies through go-to-market and G&A integration over 12–18 months; the balance sheet carries <2× gross leverage, <1× net leverage, and a $1.5 billion share buyback authorization.

Dec 3, 2025, 7:15 PM

Transcript

Keysight Technologies reports Q4 2025 results

KEYS

Earnings

Guidance Update

M&A

Q4 revenue of $1.419 billion, up 10% reported (9% core); orders $1.533 billion, +14% reported (12% core); EPS of $1.91, +16% year-over-year.
FY25 revenue of $5.375 billion, +8% reported (7% core); EPS of $7.16, +14%; record free cash flow of $1.3 billion; returned $375 million via buybacks; board authorized an additional $1.5 billion repurchase program.
Communication Solutions Group revenue of $990 million, +11% reported (9% core) with a 27% operating margin; Electronic Industrial Solutions Group revenue of $429 million, +9% reported (8% core) with a 25% operating margin.
Q1 FY26 guidance: revenue of $1.53–$1.55 billion (+19% YoY) and EPS of $1.95–$2.01; FY26 revenue ex-acquisitions at/above the high end of the 5–7% target; recent acquisitions (Spirent, Synopsys Optical Solutions, Ansys PowerArtist) to add $375 million of revenue and drive >$100 million of synergies.

Nov 24, 2025, 9:30 PM

Transcript

Keysight announces Q4 2025 results

KEYS

Earnings

Guidance Update

Share Buyback

Q4 revenue of $1,419 million (+10% reported, +9% core) and orders of $1,533 million (+14% reported, +12% core).
Q4 net income of $331 million and EPS of $1.91, up 16% year-over-year.
Communication Solutions Group revenue of $990 million (+11% reported, +9% core) and Electronic Industrial Solutions Group revenue of $429 million (+9% reported, +8% core).
FY25 revenue of $5,375 million (+8% reported, +7% core), EPS of $7.16 (+14%), record free cash flow of $1.3 billion, and board approval of an additional $1.5 billion share repurchase program.
Q1 FY26 revenue guidance of $1,530–$1,550 million (≈19% yoy midpoint, 10% ex-acquisitions) and EPS guidance of $1.95–$2.01; FY26 revenue ex-acquisitions expected at or above the high end of the 5–7% long-term target.

Nov 24, 2025, 9:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Keysight Technologies.

Q4 2025

Nov 24, 2025

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Q3 2025

Aug 19, 2025

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Q2 2025

May 20, 2025

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Keysight Technologies (KEYS)

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