Slide 1: Keysight Technologies Q4 Fiscal Year 2025 Results
Keysight Technologies Q4 Fiscal Year 2025 Results November 24, 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: Q4'25 & FY'25 Highlights
Q4’25 & FY'25 Highlights • Fourth quarter revenue of $1.4B (+10% y/y) and earnings per share1 of $1.91 (+16% y/y). Strong finish to the year and above- • FY25 revenue grew 8%; both CSG (+9% y/y) and EISG (+6% y/y) returned to full-year revenue growth. 1 expectation results • FY25 core operating marg
Slide 4: Q4'25 Non-GAAP Financial Highlights
Q4’25 Non-GAAP Financial Highlights Orders Revenue Operating Margin EPS $1.533B $1.419B 26.3% $1.91 +14%y/y (+12% core*) +10%y/y (+9% core*) +50 basis points y/y +16%y/y * Core excludes the impact of currency, acquisitions or divestitures closed in last twelve months, reconciliations included. Recon
Slide 5: Revenue by Segment & by Region
Revenue by Segment & by Region Q4'25 Revenue: $1.419B 5
Slide 6: Revenue Trend by Region
Revenue Trend by Region +6% y/y (+4% core*) +12% y/y (+7% core*) +14% y/y (+14% core*) * Core revenue growth excludes the impact of currency, acquisitions or divestitures closed in last twelve months, reconciliations included. 6
Slide 7: Q4'25 Communications Solutions Group Highlights
Q4’25 Communications Solutions Group Highlights Revenue • Commercial Communications: Revenue grew 12% y/y, reflecting growth in both $990M wireline and wireless. Strong double-digit order growth was driven by ongoing investment in AI data center infrastructure, as well as non-terrestrial networks, 5
Slide 8: Q4'25 Electronic Industrial Solutions Group Highlights
Q4’25 Electronic Industrial Solutions Group Highlights Revenue • Automotive: Revenue was stable y/y, while orders returned to growth after six quarters of decline with growth across all subsegments (SDV, EV, ESI, manufacturing). $429M • Semiconductor: Double-digit revenue growth in wafer test soluti
Slide 9: Q4'25 Revenue By End Market
Q4’25 Revenue By End Market End Market Revenue YoY % Commercial $660M +12% Communications Aerospace, Defense & $330M +9% Government Electronic Industrial $429M +9% Solutions Total $1,419M +10% 9
Slide 10: FY25 Non-GAAP Highlights & Annual Trend
FY25 Non-GAAP Highlights & Annual Trend Orders Revenue Operating Margin EPS $5.452B $5.375B 25.9% $7.16 — CAGR 2% CAGR -200 basis points 4% CAGR 5-Year annual trend represents 2021-2025. Reconciliations to closest GAAP equivalent provided for all non-GAAP measures. 10 For prior periods, please refer
Slide 11: Guidance and Financial Considerations
Guidance and Financial Considerations Q1'26 Guidance Revenue $1.530B – $1.550B Non-GAAP Earnings per share $1.95 – $2.01 FY26 Financial Considerations • Interest expense of ~$110M at current debt levels. • Non-GAAP tax rate of 14%. • Guidance assumes Q1 weighted average diluted share count of approx
Slide 12: Reconciliations
WW KEYSIGHT Reconciliations
Slide 13: Reconciliation of Core Revenue
RECONCILIATION OF CORE REVENUE (In millions) (Unaudited) PRELIMINARY Year-over-year Year-over-year Percent Percent Q4'25 Q4'24 Inc/(Dec) FY25 FY24 Inc/(Dec) Revenue $ 1,419 $ 1,287 10% $ 5,375 $ 4,979 8% Adjustments: Revenue from acquisitions or divestitures (11) — (23) — Currency impacts (7) — (8)
Slide 14: 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 Q4'25 Q4'24 Chg. Q4'25 Q4'25 Q4'25 Q4'24 Chg. Communications Solutions Group $
Slide 15: Revenue by End Markets
REVENUE BY END MARKETS (In millions) (Unaudited) PRELIMINARY Percent Percent Q4'25 Q4'24 Inc/(Dec) FY25 FY24 Inc/(Dec) Aerospace, Defense and Government $ 330 $ 303 9% $ 1,238 $ 1,149 8% Commercial Communications 660 591 12% 2,488 2,271 10% Electronic Industrial 429 393 9% 1,649 1,559 6% Total Reven
Slide 16: Gross Margin Reconciliation
GROSS MARGIN RECONCILIATION (In millions, except where noted) (Unaudited) PRELIMINARY Three months ended Year ended October 31, October 31, 2025 2024 2025 2024 Gross Profit, as reported $ 869 $ 802 $ 3,337 $ 3,133 Amortization of acquisition-related balances 25 19 83 70 Share-based compensation 12 5
Slide 17: Operating Margin Reconciliation
OPERATING MARGIN RECONCILIATION (In millions, except where noted) (Unaudited) PRELIMINARY Three months ended Year ended October 31, October 31, 2025 2024 2025 2024 Income from operations, as reported $ 217 $ 230 $ 876 $ 833 Amortization of acquisition-related balances 41 33 141 139 Share-based compe
Slide 18: Reconciliation of Core Operating Margin
RECONCILIATION OF CORE OPERATING MARGIN (In millions, except where noted) (Unaudited) PRELIMINARY Year ended October 31, 2025 2024 Non-GAAP Income from operations $ 1,393 $ 1,278 Adjustments: Operating profit (loss) from acquisitions or divestitures (13) — Currency impacts (14) — Core Income from op
Slide 19: Net Income and Diluted EPS Reconciliation
NET INCOME AND DILUTED EPS RECONCILIATION (In millions, except per share data) (Unaudited) PRELIMINARY Three months ended Year ended October 31, October 31, 2025 2024 2025 2024 Net Diluted Net Diluted Net Diluted Net Diluted Income EPS Income EPS (b) Income EPS Income EPS GAAP Net income (loss) $ 22
Slide 20: Free Cash Flow
FREE CASH FLOW (In millions) (Unaudited) PRELIMINARY Three months ended Year ended October 31, October 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 225 $ 359 $ 1,409 $ 1,052 Adjustments: Investments in property, plant and equipment (38) (38) (128) (154) Proceeds from governmen
Slide 21: 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