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Item 1. Business

2025-12-17 compared with 2024-12-17 · 108 added, 122 removed, 280 unchanged (45% of the section changed)

Keysight Technologies, Inc.

(“we,” “us,” “Keysight” or the “company”), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics market, committed to advancing our customers’ business success by helping them solve critical challenges in the development and commercialization of their products and services.

(“we,” “us,” “our,” “Keysight” or “the company”), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics markets, committed to advancing our customers’ business success by helping them solve critical challenges in the development and commercialization of their products and services.

Our mission, “accelerating innovation to connect and secure the world,” speaks to the value we provide our customers in a world of ever-increasing technological complexity.

We deliver this value through a broad range of design and test solutions that address the critical challenges our customers face in bringing their innovations to market on ever-shorter schedules.

Keysight’s portfolio of hardware, software, and services enables our customers’ engineering workflows as they design, manufacture, deploy, and optimize their products and solutions.

We deliver this value through a broad range of design and test solutions that enable our customers to bring their innovations to market on ever-shorter schedules.

Keysight’s portfolio of hardware, software, and services enables our customers’ workflows as they design, validate, manufacture, deploy, and optimize their products and solutions.

Our revenue is derived primarily from solutions addressing research and development (“R&D”) applications, and to a lesser degree, applications in manufacturing and operations.

The accelerating pace of technological innovation and engineering intensity are long-term secular drivers of demand for Keysight’s solutions and services.

We serve a global set of customers in over 100 countries across a wide range of industry segments, including communications, aerospace defense, government, automotive, energy, industrial, general electronics, and semiconductor.

We serve a global set of customers in over 100 countries across a wide range of industry segments, including communications, aerospace, defense, and government, automotive, energy, industrial, general electronics, and semiconductor.

We generated $5.4 billion, $5.0 billion, and $5.5 billion of revenue in 2025, 2024, and 2023, respectively.

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Competitive Advantages

Keysight conducts business globally with over 40,000 end customers each year, including many Fortune 1000 companies that are developing new electronic technologies, networks, systems, devices, and components.

Keysight conducts business globally with approximately 40,000 end customers each year, including many Fortune 1000 companies that are developing new electronic technologies, networks, systems, devices, and components.

The following advantages enable us to deliver on our commitment of sustained value creation for our stakeholders.

Deep, long-term, global customer relationships

Keysight’s history of collaborative innovation is demonstrated by our service to leading companies across the diverse markets that we address.

Keysight’s history of collaborative innovation is demonstrated by our engagement with leading companies across the diverse markets that we address.

Our customers trust Keysight to deliver the technological expertise, leading-edge capabilities, and broad solutions portfolio that they need to achieve their product development goals.

Keysight employs a comprehensive global direct sales channel with experienced management and highly technical sales and application engineers, including a strong local presence in emerging markets.

These sales personnel are supported by tight collaboration with the engineering teams who create the solutions used by our customers so that problems can be addressed efficiently, and solutions enhanced quickly, to enable customer success.

Keysight employs a comprehensive global direct sales channel with experienced management and highly technical sales and application engineers, including a strong local presence in both developed and emerging markets.

These sales personnel are supported by close collaboration with the engineering teams who create the solutions used by our customers so that problems can be addressed efficiently, and solutions enhanced quickly, to enable customer success.

Our legacy of over 80 years of contribution in measurement science and the resulting breadth of our products and solutions yields a large, global installed base.

This base of customers enables a large and growing services portfolio and offers additional sales opportunities as customers upgrade their products over time.

This base of customers complements our large and growing services portfolio, and offers additional sales opportunities as requirements evolve and customers upgrade their solutions over time.

Unique technology expertise and capabilities

Keysight is a technology-driven company, investing in R&D to align our business with available markets and position the company for growth.

As our customers’ trusted test and measurement partner, we innovate at the leading edge of the technologies they seek to utilize in their electronic systems under development.

As our customers’ trusted test and measurement partner, we innovate at the leading edge of the technologies they deploy in their electronic systems under development.

We employ a combination of strategies to lead in this area, including engagement with top standards bodies and industry consortia and close collaboration with top research programs in universities and industry.

Our central R&D team, Keysight Labs, focuses on developing breakthrough hardware and software technologies that are deployed in application-specific contexts by our business engineering teams.

We develop and incorporate proprietary semiconductor and packaging technology to address the specific needs of our solutions, enabling differentiated performance within our industry.

We develop and incorporate proprietary semiconductor and packaging technologies to deliver differentiated performance within our industry.

Differentiated, first-to-market solutions portfolio

Keysight’s industry-focused organizational structure emphasizes our engagement with leading customers across our end markets.

We leverage these relationships, together with our technology expertise, to identify market opportunities and seek to maximize the lifecycle value of our design and test contributions beginning in R&D.

We use insights gained from these relationships, together with our technology expertise, to identify market opportunities and seek to maximize the lifecycle value, beginning in R&D.

Our development teams leverage the broad array of Keysight hardware, software, and services, adding new capability as necessary, to create market-leading solutions.

Providing leading-edge, application-focused solutions for our customers in line with their project schedules is key to our differentiation and value delivery and facilitates the continuous advancement of electronics technology.

With a software- and

customer-centric focus, we continue to make strategic investments to expand the R&D mix of our revenue and grow the software and services content of our business, which has the added benefit of increasing recurring revenue.

Providing leading-edge, application-focused solutions for our customers in sync with their project schedules is key to our differentiation and value delivery and facilitates the continuous advancement of electronics technology.

With a software- and customer-centric focus, we continue to make strategic investments to expand the R&D component of our revenue mix and grow the software and services content of our business, which has the added benefit of increasing recurring revenue.

Durable and resilient business model

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We have a diversified go-to-market approach with indirect sales partners and electronic commerce to complement our direct sales force.

This approach provides flexibility with the added benefit of expanding our reach and providing improved transactional purchase capability.

This approach provides flexibility with the added benefit of expanding our reach and providing more efficient and effective transactional purchase capability.

We use a centralized order fulfillment organization that supplies solutions to customers worldwide, allowing us to leverage the scale of our business to provide high-quality products while maintaining competitive margins.

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Innovative culture

Keysight's culture has at its foundation the operating principles and values embodied in the KLM, with innovation as a key source of our strength.

Keysight's culture is built on the operating principles and values embodied in the KLM, with innovation as a key source of our strength.

Our employees around the world embrace these principles and deliver industry-leading capabilities across a range of fields that are not only technical in nature but encompass a wide range of contributions to our business, customers, and shareholders.

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We strive to enable employee growth in a diverse, inclusive, and respectful work environment that offers challenging assignments, development opportunities, competitive compensation, and a safe workplace.

This environment supports our employees to achieve their full potential and enables collaboration to innovate at the speed of our customers.

This environment supports our employees to achieve their full potential and enables collaboration that helps us innovate at the speed of our customers.

S trategic Priorities

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This priority is central to our value contribution for our customers in their world of increasing technology complexity and decreasing time-to-market.

To this end, our intent is to invest approximately 16% of our revenue in R&D annually over the cycle.

In 2024, R&D investment totaled $919 million.

In 2025, we invested $1,007 million in R&D.

We employ vertical technology integration that leverages investments in core hardware technology, such as advanced semiconductor capability provided by our in-house fab, custom packaging from our technology centers, and other unique competencies.

We integrate these hardware technologies with core software functionality enabled by our software engineering teams (representing the majority of our R&D staff) and accelerated by leveraging our broad portfolio.

We then add relevant services to deliver differentiated solutions that meet the needs of the market.

We integrate these hardware technologies with core software functionality enabled by our software engineering teams (representing the majority of our R&D staff).

We also incorporate services to deliver differentiated solutions that meet the needs of the market.

Deep relationships with market-defining customers provide detailed understanding of their needs and schedules.

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Capture opportunities in our served addressable market and expand in attractive adjacencies

Building on our industry-leading position, we are investing to capitalize on emerging technologies, expanding our portfolio of solutions and engaging earlier in our customers’ design and innovation life cycles to enhance our value and target technology inflections.

This is an important aspect of our capital allocation strategy to deliver sustainable and profitable growth.

We continue to work on multiple potential vectors for growth as we expand Keysight’s contributions across the technology stack, building on our core strength in physical layer test and adding new protocol layer test and system emulation capabilities, as well as new application layer solutions that address opportunities in design and data management.

We continue to work on multiple vectors for growth as we expand Keysight’s contributions across the technology stack, building on our core strength in physical layer and adding new protocol layer and system emulation capabilities, as well as new application layer solutions that address opportunities in design and data management.

In October 2025, we acquired Spirent Communications plc (“Spirent”), complementing our position in communications test with additional differentiated solutions and deep customer relationships.

Additionally, in October 2025, we completed the acquisition of the Optical Solutions Group (“OSG”) business from Synopsys, Inc.

(“Synopsys”) and the PowerArtist RTL business (“PowerArtist”) from Ansys, Inc.

(“Ansys”) to complement and expand our existing design engineering software portfolio and computer-aided engineering capabilities.

In 2024, we acquired ESI Group SA (“ESI Group”), broadening our software offerings with the addition of computer-aided engineering solutions.

In addition, we enhanced our security offerings with the acquisition of Riscure Holding B.V., providing testing solutions and software for semiconductor, embedded systems, and Internet of Things (“IoT”) devices, and extended our range of radio frequency (“RF”) and microwave (“uW”) instruments with the acquisition of AnaPico AG.

In fiscal 2024, we announced our intention to acquire Spirent Communications PLC to complement our position in communications test, and entered into a definitive agreement with Synopsys, Inc.

(“Synopsys”) to acquire Synopsys’ Optical Solutions Group to further broaden our design engineering software portfolio.

Grow recurring revenue

This component of our strategy benefits from the increasing software content in our solutions and emphasizes delivering continuous value to our customers throughout the solution lifecycle.

It also leverages our broad services portfolio as we provide unique and high-value services to extend the value of our solutions.

We have a dedicated global enterprise software sales force to drive this priority and maximize cross-selling opportunities across our go-to-market channels.

Be good stewards of capital

This component of our strategy benefits from the increasing software content in our solutions and emphasizes delivering continuous value to our customers throughout the solution lifecycle by delivering software enhancements.

We have a dedicated global enterprise software sales force to drive this priority and maximize cross-selling opportunities across our markets.

Additionally, we leverage our broad services portfolio to provide unique and high-value services to extend the value of our solutions.

Strategic deployment of capital

Keysight strives to be a good steward of capital.

Leveraging the strength of our differentiated portfolio and flexible operating model, together with our strong balance sheet and cash generation, we maintain our disciplined approach to capital allocation, balancing investment for organic growth, mergers and acquisitions, and return of capital.

We leverage our strong portfolio, flexible operating model, and solid financial position to maintain a disciplined approach to capital allocation, balancing investment for organic growth, mergers and acquisitions, and return of capital to shareholders.

Broad Portfolio of Design and Test Solutions

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The main components of our portfolio are hardware, software, and services that are delivered on a standalone basis or combined into application-specific solutions.

Application-specific solutions employ a software-centric approach that directly leverages the breadth of our portfolio by combining relevant hardware, software, and services into solutions that address high-value applications and industry-specific requirements.

We leverage the breadth of our portfolio to deliver application-specific solutions through a software-centric approach.

These solutions integrate hardware, software, and services to address high-value applications and meet industry-specific requirements.

This approach allows Keysight to deliver differentiated value to our customers, built from a foundation of industry-leading products and services that can be configured to meet their needs.

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Software represents a crucial component of our strategy to deliver differentiated, first-to-market solutions to our customers.

Our open and scalable PathWave software platform accelerates our ability to deliver application-specific measurement solutions that integrate our instruments into connected workflows with automation, data management, and analytics.

Our open and scalable software platform accelerates our ability to deliver application-specific measurement solutions that integrate our instruments into connected workflows with automation, data management, and analytics.

Keysight’s software products are characterized in the following three categories:

• Instrument software applications are designed to optimize the value that our customers derive from our instruments, providing faster insight and analytics by integrating the instrument’s hardware and software into an application-focused solution.

• Instrument software applications are designed to maximize the value that our customers derive from our instruments, providing faster insight and analytics by integrating the instrument’s hardware and software into an application-focused solution.

This approach typically builds on the basic software used to operate our instruments by adding software applications to deliver measurements tailored to a specific application.

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These solutions enable our customers to efficiently develop robust product designs and translate them into physical products.

Our software test automation platform uses artificial intelligence and machine learning to accelerate customer productivity in software test creation and execution.

Keysight Global Services provides support services to enable our customers’ success with their Keysight products and solutions.

Solutions include physics-based virtual prototyping and computer-aided engineering (“CAE”), as well as process and data management.

We have used AI capability, such as machine learning and neural network models, across many Keysight solutions to enhance our value to customers.

The rapidly evolving AI ecosystem presents opportunities to enhance productivity for our customers as well as our own internal operations.

Services provided by Keysight Global Services enable and enhance our customers’ success with their Keysight products and solutions.

Our global scale is complemented by localized presence with trained engineers and technicians delivering our services via regional support centers located near customers or on-site teams.

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Our services offerings are summarized as follows:

• Product support services deliver comprehensive support that includes repair, parts, and accredited calibrations of Keysight products and solutions.

• Product support services deliver comprehensive support that includes parts, repair, and accredited calibrations of Keysight products and solutions.

• Technical and application support for hardware, software, and solutions, known as KeysightCare, allows customers to maximize their productivity and the utility of our products and solutions in their application environment.

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Operating Segments

We have two reportable operating segments, the Communications Solutions Group (“CSG”) and the Electronic Industrial Solutions Group (‘EISG”).

Keysight has two reportable operating segments, the Communications Solutions Group (“CSG”) and the Electronic Industrial Solutions Group (“EISG”).

Communications Solutions Group

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The group’s solutions consist of electronic design and test software, instrumentation, systems, and related services.

These solutions are used in the simulation, design, validation, manufacturing, installation, and optimization of communication systems in wireless, wireline, enterprise, and aerospace, defense, and government end markets.

In addition, the group provides automated software test solutions to automatically identify, build, and execute tests critical to digital business success and a strong customer experience.

These solutions are used in the design, simulation, validation, manufacturing, installation, and optimization of communication systems in wireless, wireline (data center ecosystem), enterprise, and aerospace, defense, and government end markets.

Our recent acquisition of Spirent adds wireless network test and assurance and positioning technology solutions to our portfolio, complementing our design, validation, and performance offerings to deliver end-to-end solutions to our customers.

Commercial Communications

The market for Keysight’s commercial communications solutions spans the communications ecosystem from design through operations and across the industry’s broad spectrum of components, devices, equipment, and services.

Our solutions address the communications lifecycle in both wireless and wireline domains, from design and simulation, validation, and characterization, through manufacturing, deployment, and optimization, including cybersecurity.

Our solutions

address the communications lifecycle in both wireless and wireline domains, from design and simulation, validation, and characterization, through manufacturing, deployment, and optimization, including cybersecurity testing and certification.

Keysight’s commercial communications customers develop and deploy communications products and services and operate communications networks around the world.

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These customers require design, simulation, and measurement tools to validate the correct functional operation, conformance to standards, and parametric performance of their products and systems under development.

Their needs span the wide range of technologies employed in modern wired and wireless communications system designs such as 5G, 6G, 800Gb/sec, 1.6Tb/sec, and many others.

Our customer needs span the wide range of technologies employed in modern wired and wireless communications system designs such as 5G, 6G, commercial satellite, 800Gb/sec ethernet, 1.6Tb/sec ethernet, and many others.

These needs have also evolved rapidly given the continuous advancement of digital, communications, and computing standards.

Keysight’s broad portfolio of products and solutions serve their many specific applications, accelerating the development, validation, quality manufacturing and deployment of their products and services, as well as aiding in their secure and efficient operation, service, and repair.

Keysight is enabling rapid advances in AI through solutions to increase the efficiency of AI compute clusters and to accelerate the deployment of new interconnect technologies that deliver greater speed and capacity in AI data center infrastructure.

Keysight’s broad portfolio of products and solutions serve our customers’ many specific applications, accelerating the development, validation, quality manufacturing and deployment of their products and services, as well as aiding in their secure and efficient operation, service, and repair.

Aerospace, Defense, and Government

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EISG serves customers across a diverse set of end markets focused on automotive and energy, semiconductor solutions, and general electronics.

The group's solutions consist of electronic design, test and simulation software, instrumentation, systems, and related services.

These solutions are used in the simulation, design, validation, manufacturing, installation, and optimization of electronic equipment.

In addition, the group provides automated software test solutions to automatically identify, build, and execute tests critical to digital business success and a strong customer experience.

Our recent acquisition of ESI Group expands our application layer portfolio with simulation capabilities in automotive and general electronics.

The group's solutions consist of electronic design, test and simulation software, instrumentation, systems, computer-aided engineering solutions and related services.

These solutions are used in the design, simulation, validation, manufacturing, installation, and optimization of electronic equipment.

Automotive and Energy

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Our automotive and energy customers include automotive original equipment manufacturers and Tier 1 and 2 suppliers, along with the component and subsystem suppliers that support them.

We also count as customers the suppliers of alternative energy systems for green energy generation, storage, and control, as well as suppliers of enabling electronics technology such as high-power semiconductors and control systems.

Our customers also include the suppliers of alternative energy systems for green energy generation, storage, and control, as well as suppliers of enabling electronics technology such as high-power semiconductors and control systems.

Our customers are innovating in energy management and advanced cyber-physical control systems that are the building blocks of these complex and transformative systems.

These customers, many of whom are pioneering new standards and capabilities involving the application of advanced communications, computing, and applied materials research, require advanced design, simulation, and measurement capability to fully explore these new application areas and enable the

development of their products and services.

These customers, many of whom are pioneering new standards and

capabilities involving the application of advanced communications, computing, and applied materials research, require advanced design, simulation, and measurement capability to fully explore these new application areas and enable the development of their products and services.

They rely on Keysight’s software-centric solutions to analyze and validate their concepts and products, thereby increasing their productivity and ultimately speeding the arrival of their products to market.

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The market for Keysight’s semiconductor solutions consists of design and measurement applications to enable continued innovation in leading-edge semiconductors to address the demand for smaller, more power efficient, and highly integrated chips and chipsets.

This innovation requires new approaches to design and measurement to enable realization of the design in the fab along with efficient testing at scale to preserve yield.

Our semiconductor customers are primarily design and production teams in semiconductor and capital equipment companies who are looking to differentiate their offerings by implementing innovative new silicon architectures and continuing to advance the state of the art in semiconductor device capability.

These innovations are the foundation of advances in electronics that are powering many new technologies in today’s high-tech world.

This innovation requires new approaches to design and measurement to enable realization of the design in the fab along with efficient testing at scale to preserve and enhance yield.

Our semiconductor customers are primarily design and production teams in semiconductor and semiconductor capital equipment companies who are looking to differentiate their offerings by implementing innovative new silicon architectures and continuing to advance the state of the art in device capability.

Such innovations are the foundation of advances in electronics that are powering many new technologies in today’s high-tech world.

These teams require close collaboration with their design and measurement solutions suppliers to continue to advance their capability in this challenging environment of ever-advancing complexity and scale.

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These applications represent basic and advanced design, simulation, and measurement capability that support the electronics industry and is driven by digital transformation and the growth of connected devices (IoT), including consumer electronics, digital health applications, smart manufacturing, and the growth of digital classroom learning.

Our general electronics customers include design teams in leading and emerging companies that are innovating to bring higher levels of connectivity, utility, and automation, along with new business models, to their customers.

Our general electronics customers include design teams in leading and emerging companies, universities, and research organizations that are innovating to bring higher levels of connectivity, utility, and automation, along with new business models, to their customers.

In many cases they are embracing new communications technology and working to incorporate the latest electronics to enable longer battery life, higher performance, or other differentiators for their systems.

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We believe that our technology leadership serves as a competitive differentiator.

The proprietary software and hardware technologies developed by our R&D technology centers around the world enable many Keysight products to deliver differentiated design and measurement solution capability to address our customers’ engineering requirements.

We compete with a variety of organizations that offer similar services and solutions, but none of our competitors offer the full range of product and services at the scale we do or serve all the same markets in the aggregate or by segment.

The proprietary software and hardware technologies developed by our R&D technology centers around the world enable many Keysight products to deliver capability to address our customers’ engineering requirements.

We compete with a variety of organizations that offer similar services and solutions, but none of our competitors offer the equivalent range of product and services at the scale we do or serve all the same markets in the aggregate or by segment.

Our competitors include companies or divisions of companies with substantial sales, marketing, research, and financial capabilities, as well as well-established regional competitors who are more specialized than we are in particular markets.

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enabling technologies, system design, simulation, and measurement, with the aim of building a strong foundation for next-generation and longer-term solutions.

Our most significant technology development centers are in the United States (California, Colorado and Texas), India, Germany, Malaysia, Romania, China, Japan, Spain, Singapore, United Kingdom and France.

Our most significant technology development centers are in the United States (California, Colorado, and Texas), Singapore, India, Germany, Malaysia, Romania, China, Japan, Spain, United Kingdom, and France.

We anticipate that we will continue to maintain R&D expenditures to deliver a continuous flow of innovative, high-quality customer solutions, products, and services.

Our Chief Customer Officer is responsible for developing and executing the company’s customer-centric vision by enhancing the end-to-end customer experience, enabling customer success through the seamless delivery of first-to-market solutions to a diverse, global customer base, and expanding Keysight’s go-to-market strategies across all regions and ecosystems.

Our direct sales force focuses on addressing the needs of our global and regional customers by selling Keysight products, systems, solutions, software, and services.

Keysight’s direct sales force consists of sales and application engineers who have in‑depth knowledge of the customers’ business and technology needs.

Keysight’s direct sales force consists of sales and solution engineers who have in‑depth knowledge of the customers’ business and technology needs.

Our direct sellers concentrate on providing more complex, end-to-end solutions where customers require strategic consultation.

Our application engineers bring deep solution and application expertise to provide a combination of consulting, systems integration and software engineering services that span all stages of the sale, deployment and support of our complex systems and solutions.

Our solution engineers bring deep solution and application expertise to provide a combination of consulting, systems integration, and software engineering services that span all stages of the sale, deployment, and support of our complex systems and solutions.

We also have a global software subscription and renewals channel, selling our standalone enterprise software solutions including computer-aided engineering and design workflow solutions.

Together, all of our direct sales organizations serve customers globally across the commercial communications, aerospace, defense, and government, automotive and energy, semiconductor and general electronics markets.

Our direct sales organizations serve customers globally across the commercial communications, aerospace, defense, and government, automotive and energy, semiconductor, and general electronics markets.

More than 80 percent of our business comes from customer interactions with our direct sales organization.

To complement our direct sales force, we have over 800 agreements with channel partners around the world.

These channel partners include resellers, manufacturer’s representatives, and distributors.

These channel partners include distributors, resellers, and manufacturer’s representatives.

They serve thousands of customers across a wide range of end-user markets.

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Electronic commerce and telesales channels are also in place for transactional, lower-touch sales.

Keysight Global Marketing builds the company brand and drives growth through programs that increase awareness, demand, and engagement for Keysight’s design, simulation, emulation, and test solutions.

Our marketing organization builds the company brand and drives growth through programs that increase awareness, demand, and engagement for Keysight’s design, simulation, emulation, and test solutions.

We employ a multi-pronged marketing strategy to enhance brand equity, as well as proving our presence and thought leadership in existing and emerging markets, resulting in one powerful brand voice for Keysight.

We fuel growth initiatives through online digital transformation, high-value content, new product launches, and sophisticated digital and physical demand generation programs tailored to local markets to attract new accounts and deepen relationships with existing customers.

We continuously evolve our marketing practices and technology stack to support a data-driven approach to our sales and marketing initiatives.

We continuously evolve our marketing practices and technology stack to leverage AI for innovation and productivity while supporting a data-driven approach to our sales and marketing initiatives.

Our continued evolution includes a focus on intent-based marketing as we continue to adjust to how our prospects prefer to discover, learn, and buy.

Manufacturing and Materials

We utilize a combination of both in-house manufacturing and contract manufacturers to maximize our productivity and our ability to respond to market conditions.

Our in-house manufacturing efforts are focused on the highest value added, more complex and highly technical aspects of production.

We use contract manufacturers for assembly and printed circuit board production.

We have centralized manufacturing in Penang, Malaysia, our largest manufacturing facility, which focuses on the final assembly of our most sophisticated instruments and on tuning, calibration and test of instruments across the broader portfolio.

Our other principal finished good manufacturing facilities are in California and Colorado in the United States, and Germany and Japan outside of the United States.

We also operate three technology centers located in Santa Rosa, California;

We utilize a combination of in-house manufacturing and qualified contract manufacturers to optimize productivity, manage costs, and maintain flexibility in responding to changing market conditions.

Our in-house manufacturing is focused on the highest value-added, most complex, and technically differentiated elements of production, while contract manufacturers primarily support assembly and printed circuit board fabrication.

In addition to our centralized manufacturing hub in Penang, Malaysia, our largest facility, responsible for final assembly, tuning, calibration, and test of many of our advanced instruments, we maintain significant manufacturing operations in the United States, including facilities in California and Colorado.

operations are responsible for our leading edge, proprietary technology platforms.

Specifically, we operate five specialized technology centers across Santa Rosa, California;

Colorado Springs, Colorado;

and Boeblingen, Germany that collectively provide key components and sub-systems for our instruments, including microwave monolithic integrated circuits, thick and thin film circuits, optical components, high-speed probes, precision machining, and plating.

Our technology centers provide a competitive advantage by developing and manufacturing differentiated technology components with performance levels that are not commercially available.

We plan our supply chain based on forecasts, and generally manufacture and configure the finished products upon receipt of firm orders.

and Boeblingen, Germany.

These technology centers develop, and manufacture differentiated components and subsystems, including microwave monolithic integrated circuits, thick- and thin-film circuits, optical components, high-speed probes, precision-machined mechanical parts, and advanced multi-chip and system-in-package modules.

These capabilities provide a competitive advantage by delivering performance levels not commercially available and are critical to the broad range of markets we serve.

We plan our supply chain based on forecasts and typically manufacture and configure finished products upon receipt of firm customer orders.

Our manufacturing operations employ a wide variety of semiconductors, electromechanical components and assemblies, and raw materials, such as plastic resins and sheet metal.

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Human Capital

We have a diverse and inclusive work environment, where employees are offered challenging assignments, development opportunities, competitive salaries and a safe workplace.

We believe our culture, which fosters employee inclusion, engagement, and innovation, is a competitive advantage.

We are committed to maintaining a work environment founded on respect for all.

As of October 31, 2024, we had approximately 15,500 employees worldwide.

Of those employees, 5,100 are located in the Americas (including 4,900 in the United States), 3,400 are located in Europe, and 7,000 are located in Asia Pacific.

Our total headcount includes employees of companies acquired by us during the fiscal year.

All other metrics exclude employees of acquired companies until such time as employees are fully integrated into Keysight’s human resources systems.

Our core values and culture reflect a commitment to ethical business practices and outstanding corporate citizenship.

Our Keysight Standards of Business Conduct (“SBC”) govern our dealings with our customers, competitors, suppliers, third-party partners, as well as with our fellow employees, and is available for review on our website.

At Keysight, we foster a collaborative, high performance, diverse, and inclusive workplace where employees are empowered through meaningful work, continuous development, and a culture of innovation.

We offer competitive compensation, a safe and respectful work environment, and opportunities to grow professionally and personally.

We believe our culture, rooted in technology leadership, innovation, inclusion, and engagement, is a strategic advantage that drives our success.

As of October 31, 2025, Keysight employed approximately 16,800 people worldwide.

Of these, 5,800 were based in the Americas (including 5,500 in the United States), 3,600 in Europe, and 7,400 in the Asia Pacific region.

Our core values and culture reflect our commitment to ethical business practices and responsible corporate citizenship.

The Keysight Standards of Business Conduct (“SBC”) guide our interactions with customers, suppliers, competitors, and each other.

These standards are publicly available on our website and serve as the foundation of our integrity-driven approach to business.

Oversight and Governance

The Chief People and Administrative Officer (“CAO”) is responsible for developing and executing the company’s human capital strategy.

The CAO is responsible for developing and integrating the company’s diversity, equity, and inclusion priorities and strategy.

The Chief Executive Officer and CAO regularly update our board of directors and the Compensation and Human Capital Committee on human capital matters.

The Chief People Officer (“CPO”) is responsible for developing and integrating goals and metrics associated with the company’s broader human capital management strategy.

The Chief Executive Officer and CPO regularly update our board of directors and the Compensation and Human Capital Committee on human capital matters.

We provide multiple avenues for employee input.

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Hiring, Retention, and Succession Planning

Our talent acquisition and Human Resources teams work with business leaders to understand and align on how our business goals and strategies impact our talent needs.

We continue to develop our leadership capability.

Succession planning sessions are conducted annually in each business and at many levels in the organization, including the executive level.

Globally, many of our employees possessing valuable skills and historical information are eligible to retire.

We have developed knowledge transfer practices and programs to enable us to retain critical knowledge.

The average tenure of our employees is 12.6 years.

Our three-year average employee turnover rate was approximately 7.3 percent and has been lower than the industry average for the past five years.

Diversity and Equal Employment Policy

We are committed to maintaining a work environment that is free from harassment and discrimination.

At Keysight, our talent acquisition and Human Resources teams partner closely with business leaders to align workforce strategies with our long-term business objectives.

This collaboration ensures we attract and retain the talent needed to drive innovation and deliver customer success.

Once onboard, employees are supported through a range of development opportunities, including leadership education, mentoring programs, and employee network groups.

We conduct annual succession planning throughout the organization, including executive leadership, to ensure a strong pipeline of future leaders.

As a global company, we recognize the importance of preserving institutional knowledge, especially as many of our experienced employees become eligible for retirement.

To address this, we have implemented structured knowledge transfer programs designed to retain critical expertise and maintain business continuity.

As of October 31, 2025, the average tenure of our employees is 12.4 years.

Our three-year average employee turnover rate was approximately 6.2 percent.

Employee Engagement

We are committed to maintaining a work environment that supports the needs of all employees.

The value we place on culture helps us attract and retain the best talent and drive high performance through innovation and collaboration.

In an effort to enable employees to be successful, we provide mentoring programs, inclusive benefits, access to employee network groups, and training for every stage of employment.

As of October 31, 2024, women represented 31.2 percent of our global workforce, and underrepresented minorities represented 45.8 percent of the United States workforce.

The percentage of leadership positions (Officer, Senior Vice President, Vice President, Senior Manager, Integrating Manager, Operating Manager and Supervisor) held by women globally was 25.5 percent and the percentage of leadership positions held by underrepresented minorities in the United States was 40.6 percent.

At the senior executive level (Officer, Senior Vice President, Vice President), 27.1 percent were women and 34.9 percent were underrepresented minorities.

Our Board of Directors has eleven members, three of whom are women, and three are self-identified underrepresented minorities.

In an effort to enable employees to be successful, we provide mentoring programs, all-encompassing benefits, access to employee network groups, and training for every stage of employment.

Learning and Development

3 unchanged sentences

Compensation and Benefits

We compensate employees with competitive wages and benefit programs designed to meet employee needs.

Our compensation and benefit programs are designed to recognize our employees’ contributions to value creation and business results.

We seek to achieve pay parity across our organization and in 2024 maintained a worldwide women-to-men pay parity of nearly 1:1.

We seek to achieve competitive and equitable pay across our organization globally.

We conduct annual pay equity analyses, adjusting for role, experience, location, and performance to ensure fairness.

Health, Safety, and Wellness

4 unchanged sentences

As of October 31, 2025, our backlog was approximately $2,697 million compared to approximately $2,375 million as of October 31, 2024.

The increase in year-over-year backlog is driven by incremental backlog from acquired entities and other business activity.

The increase in year-over-year backlog is driven by incremental backlog generated from acquisitions, mainly Spirent, as well as orders in excess of revenue.

In accordance with our order acceptance policy, we continue to expect the majority of backlog to be recognized as revenue within six months.

21 unchanged sentences

As a result, HP has access to a limited number of our properties to perform remediation.

Although HP agreed to minimize interference with on-site operations at such properties, remediation activities and subsurface contamination may require us to incur unreimbursed costs and could harm on-site operations and the future use and

value of the properties.

In connection with the Separation, Agilent will indemnify us directly for any liabilities related thereto.

11 unchanged sentences

We have developed compliance programs and training to prevent violations of these programs and regulations, and we regularly monitor changes in the law and regulations.

On August 3, 2021, we entered into a Consent Agreement with the Directorate of Defense Trade Controls, Bureau of Political-Military Affairs, Department of State ("DTCC") to resolve alleged violations of the Arms Export Control Act and the International Traffic in Arms Regulations ("ITAR").

Pursuant to the Consent Agreement, we were assessed a penalty of $6.6 million to be paid over three years, $2.5 million of which was suspended and designated for remediation activities over three years, including employment of a special compliance officer.

The suspended portion of the penalty was satisfied by amounts spent on qualifying compliance activities.

On April 23, 2024, we made the final payment on the penalty, bringing the total amount paid to $4.1 million.

On May 3, 2024, we submitted a certification letter to the DTCC certifying that Keysight had implemented all aspects of the Consent Agreement and that Keysight’s compliance program is adequate to identify, prevent, detect, correct, and report violations of the ITAR.

On May 22, 2024, the DTCC closed the Consent Agreement based on this certification and their conclusion that Keysight had fulfilled the terms of the Consent Agreement.

In February 2022, the U.S.

33 unchanged sentences

He served as Senior Director in Agilent’s Corporate Development Group from 2010 to 2012, and from 2006 to 2010, he served as Agilent’s Assistant Treasurer.

Ingrid Estrada , 60, has served as Senior Vice President, Chief People and Administrative Officer and Chief of Staff since August 2017.

Ingrid Estrada , 61, has served as Senior Vice President and Chief Supply Chain and Operations Officer since May 2025 and prior to assuming that role, served as Chief People and Administrative Officer and Chief of Staff from August 2017 to May 2025.

Previously, she served as Keysight’s Senior Vice President, Human Resources from December 2013 to August 2017.

From 2011 to December 2013, she served as Vice President and General Manager of Global Sourcing of Agilent.

Soon Chai Gooi , 63, has served as Senior Vice President, Order Fulfillment and Digital Software Solutions since October 2020 and as Senior Vice President and President of the Electronic Industrial Solutions Group from November 2015 to October 2020.

From December 2013 to November 2015, Mr.

Gooi served as Senior Vice President of Order Fulfillment and Infrastructure for Keysight.

Gooi served as President, from November 2012 to September 2013, and as Senior Vice President, from December 2011 to November 2012, of Agilent's Order Fulfillment and Supply Chain.

Jo Ann (Jodi) Juskie, 64, has served as Senior Vice President, Chief People Officer since May 2025.

From August 2019 to May 2025, Ms.

Juskie served as Vice President, Assistant General Counsel and Assistant Secretary.

Since joining HP in 1994, Ms.

Juskie has served in various roles within the Legal Department, including Managing Counsel for Keysight and Agilent from 2009 to 2019.

Kary , 57, has served as Senior Vice President and President of the Electronic Industrial Solution Group since November 2024.

12 unchanged sentences

Narayanan served as R&D Senior Manager of Mobile Broadband Operation.

John Page, 60, has served as Senior Vice President and President of Global Services since November 2015 and most recently served as Vice President of Business Finance of Keysight from February 2014 to November 2015.

John Page, 61 , has served as Senior Vice President and President of Global Services since November 2015 and served as Vice President of Business Finance of Keysight from February 2014 to November 2015.

Prior to joining Keysight, Mr.

5 unchanged sentences

Poole served as Senior Director, Global Financial Reporting and Compliance from May 2021 to May 2022, and from March 2014 to May 2021, she served as the Director, External Financial Reporting.

Mark Wallace, 59, has served as Senior Vice President, Chief Customer Officer since September 2022 and as Senior Vice President of Worldwide Sales from November 2016 to September 2022.

From November 2014 to November 2016, Mr.

Wallace served as Vice President and General Manager of Americas Field Operations.

From November 2011 to November 2014, he served as Americas Field Operations Vice President of Agilent's Electronic Measurement Group.

Sung (Steve) J.

2 unchanged sentences

From May 2016 to February 2021, he served as a National Sales Manager in the Americas Sales Organization.

Prior 2016, Mr.

Prior to 2016, Mr.

Yoon served in various district and regional sales management roles.

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business