Keysight Technologies, Inc.
Keysight Technologies designs and sells electronic design, test, simulation, and validation solutions used to develop and manufacture advanced communications and electronics products. Its hardware, software, and services help customers bring technologies to market faster across wireless, wireline, aerospace, defense, automotive, semiconductor, and industrial applications.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueTest and measurement instruments and systems used in R&D, manufacturing, and deployment.
Standalone design, simulation, emulation, and workflow software for engineering teams.
Support, calibration, repair, installation, training, and engineering services.
Wireless network test, assurance, and positioning solutions added through Spirent.
Products
Reported · share of revenue- Products75.6 %
- Services and other24.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Keysight sells primarily to engineering-heavy customers that need to design, validate, manufacture, and optimize complex electronic systems. Its buyers include communications equipment makers, cloud/data center ecosystem players, aerospace and defense contractors, government agencies, semiconductor companies, automotive OEMs, and industrial electronics firms. More than 80% of business comes through direct sales, reflecting the consultative nature of these purchases and the need for application-specific support.
Wireless, wireline, data center, and enterprise communications customers buy design and test solutions for R&D, validation, manufacturing, deployment, and optimization.
Defense and government customers buy radar, spectrum, space, satellite, and secure communications test solutions for mission-critical programs.
Chipmakers and electronics companies buy instruments and software to characterize devices, verify performance, and accelerate commercialization.
These customers use Keysight tools for EV, AV, power electronics, and connected-system development.
Industrial customers buy test and validation solutions for connected devices, IoT, and broader electronics workflows.
Strategy
Keysight’s strategy is to stay first to market in high-complexity test and design workflows, especially where customers are investing in next-generation technologies. Management is pushing deeper into software, services, and recurring revenue while using acquisitions to broaden capabilities in network test, simulation, and adjacent workflows. The company is also aligning its portfolio to secular demand in 5G/6G, AI data centers, satellite networks, defense modernization, and EV/AV development.
Higher recurring content can improve revenue visibility and customer stickiness.
5G evolution, early 6G, and high-speed data center upgrades drive test demand.
Aerospace, defense, and government programs are durable and technically demanding.
Acquisitions add technology depth and cross-sell opportunities across workflows.
Geography
Q2/2026Keysight is a global business serving customers in more than 100 countries, with revenue spread across the Americas, Europe, and Asia Pacific. The company reported 2025 revenue growth in all three regions, with the Americas up 7%, Europe up 2%, and Asia Pacific up 11%, showing broad demand rather than dependence on a single market. Its global direct-sales and channel model matters because many customers need local engineering support, calibration, and service near their labs and manufacturing sites.
Share of the revenue the company reports by geography.
Risks
Keysight’s business is exposed to technology-cycle volatility, customer capex timing, and macro swings in telecom, semiconductor, and industrial spending. The company also faces cybersecurity, export-control, tariff, and AI-related risks because its products are embedded in customer networks and sold globally into regulated end markets. Acquisitions add integration and execution risk, while goodwill and intangible assets create impairment sensitivity if growth assumptions weaken.
- Export controls, tariffs, and trade restrictionsImpact: HighLikelihood: High
Global sales into communications and defense markets can be delayed or limited by regulation and geopolitics.
Exposure: International shipments and regulated end markets
- Product cybersecurity vulnerabilitiesImpact: HighLikelihood: Medium
Keysight products can be embedded in customer networks, so flaws could disrupt customer operations and reduce trust.
Exposure: Product lines and software-enabled solutions
- Customer capex and technology-cycle volatilityImpact: MediumLikelihood: Medium
Demand depends on R&D and manufacturing investment in communications, semiconductor, and industrial markets.
Exposure: Commercial communications and semiconductor demand
- AI-related product and compliance riskImpact: MediumLikelihood: Medium
AI tools may create legal, privacy, IP, and performance issues as the company embeds AI in offerings.
Exposure: Product development and internal operations
- Acquisition integration riskImpact: MediumLikelihood: Medium
Recent deals add integration complexity, costs, and potential distraction from core execution.
Exposure
Accounting
Judgemental itemsRevenue is booked when control transfers, so timing of delivery and acceptance can shift reported results.
Impact: Quarterly revenue and margin volatility
Excess and obsolete inventory charges reflect demand forecasting and product mix.
Impact: Gross margin and operating profit
Acquisitions create large intangible balances that require impairment testing and amortization.
Impact: Earnings and balance sheet carrying values
Multi-jurisdiction tax positions require judgment and can change with audit outcomes.
Impact: Tax expense and effective tax rate
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Last updated: 24/09/2026