Slide 1: Keysight Technologies Q3 Fiscal Year 2025 Results
Keysight Technologies Q3 Fiscal Year 2025 Results August 19, 2025
Slide 2: Safe Harbor
Safe Harbor This communication contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created therein. Statements preceded by, followed by, or that
Slide 3: Q3'25 Highlights
Q3’25 Highlights • Q3 revenue of $1.4B (+11% y/y) and earnings per share 1 of $1.72 (+9% y/y). Revenue and earnings per share above • Third consecutive quarter of overall revenue growth. 1 high end of guidance range • Continued momentum in CSG (+11%) and second consecutive quarter of growth in EISG
Slide 4: Q3'25 Non-GAAP Financial Highlights
Q3’25 Non-GAAP Financial Highlights Orders Revenue Operating Margin EPS $1.340B $1.352B 25.0% $1.72 +7%y/y (+6%core*) +11%y/y (+9% core*) +60 basis points y/y +9%y/y * Core excludes the impact of currency, acquisitions or divestitures closed in last twelve months; reconciliations included. Reconcili
Slide 5: Revenue by Segment & by Region
Revenue by Segment & by Region Q3'25 Revenue: $1.352B 5
Slide 6: Revenue Trend by Region
Revenue Trend by Region +13% y/y (+13% core*): Revenue growth -2% y/y (-6% core*): Revenue decline in +15% y/y (+13% core*): Revenue growth across CC, ADG and EI. ADG while EI and CC were flat. across EI, CC and ADG. Key: * Core excludes the impact of currency, acquisitions or divestitures closed in
Slide 7: Q3'25 Communications Solutions Group Highlights
Q3’25 Communications Solutions Group Highlights Revenue $940M • Commercial Communications: Revenue growth was driven by double-digit increases in both wireline and wireless. Order growth reflected continued +11% y/y (+10% core*) investment in AI data center infrastructure. Operating Margin • Aeros
Slide 8: Q3'25 Electronic Industrial Solutions Group Highlights
Q3’25 Electronic Industrial Solutions Group Highlights Revenue • Automotive: Revenue grew both y/y and sequentially. Orders were stable y/y $412M and improved sequentially with steady OEM ecosystem engagement. +11% y/y (9 core*) • Semiconductor: Wafer test solutions revenue grew by double-digits as
Slide 9: Q3'25 Revenue By End Market
Q3’25 Revenue By End Market End Market Revenue YoY % Commercial $644M +13% Communications Aerospace, Defense & $296M +8% Government Electronic Industrial $412M +11% Solutions Total $1,352M +11% 9
Slide 10: Guidance and Financial Considerations
Guidance and Financial Considerations Q4'25 Guidance Revenue $1.370B – $1.390B Non-GAAP Earnings per share $1.79 – $1.85 Q4'25 Financial Assumptions • Interest Income, Interest Expense and Other Income/Expense: ~$14-16M net income • Non-GAAP tax rate of 14% for Q4'25 and FY25 • Guidance assumes Q4 w
Slide 11: Reconciliations
WW KEYSIGHT Reconciliations
Slide 12: Reconciliation of Core Revenue
RECONCILIATION OF CORE REVENUE (In millions) (Unaudited) PRELIMINARY Three months ended Nine months ended July 31, July 31, Percent Percent 2025 2024 Inc/(Dec) 2025 2024 Inc/(Dec) Revenue $ 1,352 $ 1,217 11% $ 3,956 $ 3,692 7% Adjustments: Revenue from acquisitions or divestitures (2) — (12) — Curre
Slide 13: Reconciliations of Core Revenue by Segment and Region
RECONCILIATIONS OF CORE REVENUE BY SEGMENT AND REGION (In millions) (Unaudited) PRELIMINARY Year-over-Year Revenue from acquisitions or Currency Revenue divestitures Adjustments Core Revenue YoY % YoY % Revenue by Segment Q3'25 Q3'24 Chg. Q3'25 Q3'25 Q3'25 Q3'24 Chg. Communications Solutions Group $
Slide 14: Revenue by End Markets
REVENUE BY END MARKETS (In millions) (Unaudited) PRELIMINARY Percent Q3'25 Q3'24 Inc/(Dec) Aerospace, Defense and Government $ 296 $ 275 8% Commercial Communications 644 572 13% Electronic Industrial 412 370 11% Total Revenue $ 1,352 $ 1,217 11% 14 Please refer to the last slide for details on the u
Slide 15: Gross Margin Reconciliation
GROSS MARGIN RECONCILIATION (In millions, except where noted) (Unaudited) PRELIMINARY Three months ended Nine months ended July 31, July 31, 2025 2024 2025 2024 Gross Profit, as reported $ 834 $ 755 $ 2,468 $ 2,331 Amortization of acquisition-related balances 19 17 58 51 Share-based compensation 8 7
Slide 16: Operating Margin Reconciliation
OPERATING MARGIN RECONCILIATION (In millions, except where noted) (Unaudited) PRELIMINARY Three months ended Nine months ended July 31, July 31, 2025 2024 2025 2024 Income from operations, as reported $ 234 $ 205 $ 659 $ 603 Amortization of acquisition-related balances 33 31 100 106 Share-based comp
Slide 17: Reconciliation of Core Operating Margin
RECONCILIATION OF CORE OPERATING MARGIN (In millions) (Unaudited) PRELIMINARY Three months ended July 31, 2025 2024 Non-GAAP income from operations $ 338 $ 297 Adjustments: Operating profit from acquisitions or divestitures — — Currency impacts 1 — Core Income from operations $ 339 $ 297 Core Revenu
Slide 18: Net Income and Diluted EPS Reconciliation
NET INCOME AND DILUTED EPS RECONCILIATION (In millions, except per share data) (Unaudited) PRELIMINARY Three months ended Nine months ended July 31, July 31, 2025 2024 2025 2024 Net Diluted Net Diluted Net Diluted Net Diluted Income EPS Income EPS Income EPS Income EPS GAAP Net income $ 191 $ 1.10 $
Slide 19: Free Cash Flow
FREE CASH FLOW (In millions) (Unaudited) PRELIMINARY Three months ended Nine months ended July 31, July 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 322 $ 255 $ 1,184 $ 693 Less: Investments in property, plant and equipment (31) (33) (42) (28) Free cash flow $ 291 $ 222 $ 1,09
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management uses both GAAP and non-GAAP financial measures to analyze and assess the overall performance of the business, to make operating decisions and to forecast and plan for future periods. We believe that our investors benefit from seeing our results “through the eye