Keysight Technologies, Inc. reported financial results for the third fiscal quarter ended July 31, 2025.
“Keysight delivered strong results this quarter, exceeding the high end of our guidance for both revenue and earnings per share. We are executing our strategy and capitalizing on the opportunities in our end markets,” said Satish Dhanasekaran, Keysight’s President and CEO. “We are raising our outlook for the full year once again and continue to see solid demand and strong customer engagements.”
Third Quarter Financial Summary
- Revenue was $1.35 billion, compared with $1.22 billion in the third quarter of 2024.
- GAAP net income was $191 million, or $1.10 per share, compared with $389 million, or $2.22 per share, in the third quarter of 2024.
- Non-GAAP net income was $297 million, or $1.72 per share, compared with $275 million, or $1.57 per share in the third quarter of 2024.
- Cash flow from operations was $322 million, compared to $255 million last year. Free cash flow was $291 million, compared to $222 million in the third quarter of 2024.
- As of July 31, 2025, cash, cash equivalents, and restricted cash totaled $3.40 billion.
Reporting Segments
- Communications Solutions Group (CSG)
CSG reported revenue of $940 million in the third quarter, up 11 percent from the prior year, reflecting 13 percent growth in commercial communications and 8 percent growth in aerospace, defense, and government.
- Electronic Industrial Solutions Group (EISG)
EISG reported revenue of $412 million in the third quarter, up 11 percent from the prior year, reflecting growth across semiconductor, general electronics and automotive and energy.
Outlook
Keysight’s fourth fiscal quarter of 2025 revenue is expected to be in the range of $1.370 billion to $1.390 billion. Non-GAAP earnings per share for the fourth fiscal quarter of 2025 are expected to be in the range of $1.79 to $1.85, based on a weighted diluted share count of approximately 173 million shares. Fiscal year 2025 revenue growth is expected to be approximately 7 percent. At the midpoint of fourth quarter guidance, non-GAAP earnings per share growth for fiscal year 2025 is expected to be approximately 13 percent. Certain items impacting the GAAP tax rate pertain to future events and are not currently estimable with a reasonable degree of accuracy; therefore, no reconciliation of GAAP earnings per share to non-GAAP has been provided. Further information is discussed in the section titled “Use of Non-GAAP Financial Measures” below.
Webcast
Keysight’s management will present more details about its third quarter FY2025 financial results and its fourth quarter FY2025 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on to the call at www.investor.keysight.com under the “Upcoming Events” section and select “Q3 FY25 Keysight Technologies Inc. Earnings Conference Call” to participate. The call can also be accessed by dialing 1-404-975-4839 or 1-833-470-1428 toll-free (access code 819411). The webcast will remain on the company site for 90 days.
