Keysight Technologies, Inc.

The filing data supplied for Keysight is limited to annual revenue, net income, and operating income, so this synthesis rests on those figures alone. No forensic scores are on file, so this analysis gives no Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index result and cannot say whether any manipulation screen is elevated or not. Readers who want that read will need to find those scores from another source or compute them from the full filings. The three-year picture is more informative than any single year. Operating income was $1.36 billion in fiscal 2023 on $5.46 billion of revenue, a margin of about 24.9%. In fiscal 2024 the margin was about 16.7% ($833 million on $4.98 billion), and in fiscal 2025 it was about 16.3% ($876 million on $5.38 billion). Revenue recovered in fiscal 2025, but margin stayed well below the fiscal 2023 level. Across the longer series, operating income was a loss of $346 million in fiscal 2018, then recovered to $711 million in fiscal 2019 and $1.08 billion in fiscal 2021, so the business has shown both sharp swings and recovery. Net income of $850 million in fiscal 2025 sits close to operating income of $876 million, while in fiscal 2024 net income of $614 million was well below operating income of $833 million, so the gap between the two narrowed sharply. That shift is worth checking against the non-operating and tax lines of the income statement. Because the MD&A and risk-factor text are missing here, the specific programs, segments, debt instruments, or legal matters that management discusses cannot be named. Readers may want to start with the segment note, the MD&A results discussion, and the risk factors in the fiscal 2025 annual report to test whether the margin trend and the net income shift have clear explanations.

Catalyst.The provided data shows Keysight's revenue rising to $5.38 billion in fiscal 2025 (FYE October 31, 2025), up from $4.98 billion in fiscal 2024, an increase of about 8%. Operating income grew to $876 million from $833 million, about 5%, and net income climbed to $850 million from $614 million, roughly 38%. Revenue still sits below the $5.46 billion reported for fiscal 2023. No MD&A text is on file, so the drivers management cites for this growth, such as specific end markets or product lines, cannot be identified here.

Hidden risk.The most visible tension is that net income grew about 38% while operating income grew only about 5%. Operating income reflects profit from core operations; net income also reflects items below that line, such as interest, other income or expense, and taxes. The data does not explain the gap, and no risk-factor text is on file to show what management flags. Operating income also fell from $1.36 billion in fiscal 2023 to $833 million in fiscal 2024, a drop of about 39%, which shows how volatile results have been. Readers may want to look at the income statement and tax note in the annual report to see what drove the difference.