Financial Analysis

2. ACQUISITIONS AND DIVESTITURES 2025 Acquisitions Acquisition of Spirent Communications plc On October 15, 2025, we completed the acquisition of the entire share capital of Spirent Communications plc (Spirent) for $1,564 million, using existing cash, which reflects cash consideration of 199 pence (pounds sterling) per Spirent share, and includes $14 million consideration for outstanding awards and unvested options under Spirents compensation plans. Total purchase consideration was determined as follows: (in millions) Cash consideration, net of cash acquired, outstanding awards, and currency impact $ 1,415 Consideration for share-based awards 14 Cash and cash equivalents assumed upon acquisition 127 Currency impact 8 Total consideration $ 1,564 For the year ended October 31, 2025, revenue and net loss attributable to Spirent from the acquisition date was $9 million and $40 million, respectively, including the loss on discontinued operations of $19 million. The Spirent acquisition was accounted for in accordance with the authoritative accounting guidance. The acquired assets and assumed liabilities were recorded at their estimated fair values. We determined the estimated fair values with the assistance of valuations performed by third-party specialists, discounted cash flow analysis, and estimates made by management. The acquisition of Spirent complements our position in communications test and expands our serviceable available market. These factors, among others, contributed …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

14. COMMITMENTS AND CONTINGENCIES Commitments to contract manufacturers and suppliers. We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based on mutually agreed criteria. As of October 31, 2025, our non-cancellable purchase commitments were approximately $450 million. We expect to fulfill most of our purchase commitments for inventory within one year. Other purchase commitments. Other purchase commitments primarily relate to software as a service and other professional services contracts. As of October 31, 2025, our non-cancellable contractual obligations related to these contracts were approximately $111 million, most of which are expected to be fulfilled within two years. We also have long-term power purchase agreements to purchase power at predominantly variable prices. These agreements are expected to support our power consumption needs with more favorable pricing and reliability than our previous supply agreements. Litigation and contingencies. On January 1, 2022, Centripetal Networks filed a lawsuit in Federal District Court in Virginia, alleging that certain Keysight products infringe certain of Centripetals patents. We challenged the validity of claims of eight of these patents at the U.S. Patent and Trademark Office, with all or most cl …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic region, end market, and timing of revenue recognition, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregated revenue is presented for each of our reportable segments, CSG and EISG. Year Ended October 31, 2025 2024 2023 CSG EISG Total CSG EISG Total CSG EISG Total (in millions) Region Americas $ 1,799 $ 408 $ 2,207 $ 1,657 $ 398 $ 2,055 $ 1,798 $ 407 $ 2,205 Europe 537 419 956 518 416 934 536 420 956 Asia Pacific 1,390 822 2,212 1,245 745 1,990 1,351 952 2,303 Total revenue $ 3,726 $ 1,649 $ 5,375 $ 3,420 $ 1,559 $ 4,979 $ 3,685 $ 1,779 $ 5,464 End Market Aerospace, Defense & Government $ 1,238 $ $ 1,238 $ 1,149 $ $ 1,149 $ 1,250 $ $ 1,250 Commercial Communications 2,488 2,488 2,271 2,271 2,435 2,435 Electronic Industrial 1,649 1,649 1,559 1,559 1,779 1,779 Total revenue $ 3,726 $ 1,649 $ 5,375 $ 3,420 $ 1,559 $ 4,979 $ 3,685 $ 1,779 $ 5,464 Timing of Revenue Recognition Revenue recognized at a point in time $ 2,966 $ 1,371 $ 4,337 $ 2,683 $ 1,273 $ 3,956 $ 3,012 $ 1,515 $ 4,527 Revenue recognized over time 760 278 1,038 737 286 1,023 673 264 937 Total revenue $ 3,726 $ 1,649 $ 5,375 $ 3,420 $ 1,559 $ 4,979 $ 3,685 $ 1,779 $ 5,464 …

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4. SHARE-BASED COMPENSATION Keysight accounts for share-based awards in accordance with the provisions of the authoritative accounting guidance, which requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including RSUs, employee stock purchases made under our ESPP, employee stock option awards, and performance share awards granted to selected members of our senior management under the LTP Program, based on estimated fair values. Description of Keysights Share-Based Plans The 2014 Equity and Incentive Compensation Plan (2014 Stock Plan) was adopted on July 16, 2014 and became effective on November 1, 2014. It has been subsequently amended and restated multiple times by our board of directors with the most recent amendments taking effect on March 21, 2024, following stockholders approval. The maximum number of shares of common stock that may be issued under the plan is 28 million. The plan provides for the grants of awards in the form of stock options, stock appreciation rights, restricted stock, RSUs, performance-based shares and units, and cash awards. As of October 31, 2025, approximately 8 million shares were available for future awards. RSUs under our share-based plans are granted to directors, executives, and employees. The estimated fair value of the RSUs granted under the 2014 Stock Plan is determined based on the market price of Keysight common stock on the date of grant. RSUs generally …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

8. FAIR VALUE MEASUREMENTS The authoritative guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy The guidance establishes a fair value hierarchy that prioritizes inputs used in valuation techniques into three levels. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, for the asset or liability, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, or other inputs that can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or li …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

7. GOODWILL AND OTHER INTANGIBLE ASSETS The goodwill balances as of October 31, 2025, 2024, and 2023 and the movements in 2025 and 2024 for each of our reportable segments were as follows: CSG EISG Total (in millions) Goodwill at October 31, 2023 $ 1,057 $ 583 $ 1,640 Foreign currency translation impact 2 8 10 Goodwill arising from acquisitions 181 557 738 Goodwill at October 31, 2024 1,240 1,148 2,388 Foreign currency translation impact 3 32 35 Goodwill arising from acquisitions 724 277 1,001 Goodwill at October 31, 2025 $ 1,967 $ 1,457 $ 3,424 There were no impairments of goodwill during the years ended October 31, 2025, 2024, and 2023. As of October 31, 2025, 2024, and 2023, accumulated impairment losses on goodwill were $709 million as recorded within the CSG reportable segment. Other intangible assets as of October 31, 2025 and 2024 consisted of the following: October 31, 2025 October 31, 2024 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value (in millions) Developed technology $ 1,987 $ 1,099 $ 888 $ 1,377 $ 1,018 $ 359 Backlog 51 34 17 37 25 12 Trademark/Tradename 43 39 4 38 36 2 Customer relationships 820 442 378 587 398 189 Total amortizable intangible assets 2,901 1,614 1,287 2,039 1,477 562 In-Process R&D 17 17 45 45 Total $ 2,918 $ 1,614 $ 1,304 $ 2,084 $ 1,477 $ 607 In 2025, we recognized additions to goodwill and other intangible assets of $1,001 million and $821 million, respectively, …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

5. INCOME TAXES The domestic and foreign components of income before taxes are: Year Ended October 31, 2025 2024 2023 (in millions) U.S. operations $ 255 $ 170 $ 237 Non-U.S. operations 827 695 1,120 Total income before taxes $ 1,082 $ 865 $ 1,357 The provision for income taxes consisted of: Year Ended October 31, 2025 2024 2023 (in millions) U.S. federal taxes: Current $ 97 $ (52) $ 185 Deferred (17) (47) (54) Non-U.S. taxes: Current 147 31 105 Deferred (29) 323 54 State taxes, net of federal benefit: Current 18 4 13 Deferred (3) (8) (3) Total provision for income taxes $ 213 $ 251 $ 300 In addition, included in net loss from discontinued operations is income tax expense of $13 million for 2025 related to the divestiture of Spirents high-speed ethernet, network security, and channel emulation business lines to Viavi. See Note 2, Acquisitions, for additional information. The following table presents the components of the deferred tax assets and liabilities: October 31, 2025 2024 (in millions) Deferred Tax Assets Inventory $ 29 $ 27 Intangibles 87 127 Property, plant and equipment 32 29 Warranty reserves 7 8 Pension benefits 22 26 Employee benefits, other than retirement 39 29 Net operating loss, capital loss, and credit carryforwards 606 307 Share-based compensation 30 22 Deferred revenue 56 48 Lease obligations 55 54 Hedging and currency costs 1 1 R&D capitalization 130 91 Others 19 16 Total deferred tax assets 1,113 785 Tax valuation allowance (497) (218) Total deferred …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

10. LEASES We have operating leases for items including office space, manufacturing and production locations, sales and service centers, research and development facilities, and certain equipment, primarily automobiles. Our leases have remaining terms of up to 13 years, which represent the non-cancellable periods of the leases and include extension options that are reasonably certain to be exercised. The weighted average lease term of our operating leases was 6.5 years, 7.0 years, and 7.8 years as of October 31, 2025, 2024, and 2023, respectively. The weighted average discount rate of our operating leases was 4 percent as of October 31, 2025 and 3 percent in 2024 and 2023. The following table summarizes the components of our lease cost: Year Ended October 31, 2025 2024 2023 (in millions) Operating lease cost, including short-term lease cost $ 60 $ 59 $ 52 Variable lease cost $ 21 $ 22 $ 22 Sublease income and finance lease costs were immaterial for the years ended October 31, 2025, 2024, and 2023. Supplemental information related to our operating leases was as follows: Year Ended October 31, 2025 2024 2023 (in millions) Cash payments for operating leases $ 58 $ 56 $ 53 ROU assets obtained in exchange for operating lease obligations $ 36 $ 46 $ 51 The maturities of our operating leases as of October 31, 2025 with initial terms exceeding one year were as follows: Operating Leases (in millions) 2026 $ 60 2027 49 2028 39 2029 32 2030 27 Thereafter 67 Total undiscounted lease liab …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

11. DEBT The following table summarizes the components of our debt: October 31, 2025 2024 (in millions) 2027 Senior Notes at 4.60% ($700 face amount less unamortized costs of $1 and $2) $ 699 $ 698 2029 Senior Notes at 3.00% ($500 face amount less unamortized costs of $2 and $2) 498 498 2030 Senior Notes at 5.35% ($750 face amount less unamortized costs of $7) 743 2034 Senior Notes at 4.95% ($600 face amount less unamortized costs of $6 and $6) 594 594 Total Debt $ 2,534 $ 1,790 Senior Notes 2027 Senior Notes In April 2017, the company issued an aggregate principal amount of $700 million in unsecured senior notes (2027 Senior Notes). The 2027 Senior Notes were issued at 99.873 percent of their principal amount. The notes will mature on April 6, 2027 and bear interest at a fixed rate of 4.60 percent per annum. The interest is payable semi-annually on April 6 and October 6, commencing on October 6, 2017. We incurred issuance costs of $6 million in connection with the 2027 Senior Notes that, along with the debt discount, are being amortized to interest expense over the term of the senior notes. 2029 Senior Notes In October 2019, the company issued an aggregate principal amount of $500 million in unsecured senior notes (2029 Senior Notes). The 2029 Senior Notes were issued at 99.914 percent of their principal amount. The notes will mature on October 30, 2029 and bear interest at a fixed rate of 3.00 percent per annum. The interest is payable semi-annually on April 30 and October …

LongTermDebtTextBlock · excerpt; the full note is in the filing

12. RETIREMENT PLANS AND POST-RETIREMENT BENEFIT PLANS General . The majority of our employees are covered under various defined benefit and/or defined contribution retirement plans. Additionally, we sponsor post-retirement health care benefits for our eligible U.S. employees. We provide U.S. employees who meet eligibility criteria under the Keysight Technologies, Inc. Retirement Plan (RP), defined benefits that are based on an employees base or target pay during the years of employment and length of service. For eligible employees service through October 31, 1993, the defined benefit payable under the RP is reduced by any amounts due to the eligible employees service under our defined contribution Deferred Profit-Sharing Plan (DPSP), which was closed to new participants as of November 1993. The obligations under the DPSP equal the fair value of the DPSP assets, which was $146 million as of October 31, 2025. Employees hired on or after August 1, 2015 are not eligible to participate in the RP or the Keysight Technologies, Inc. Health Plan for Retirees (U.S. Post-Retirement Benefit Plan). In addition, in the U.S. we maintain the Supplemental Benefits Retirement Plan (SBRP), a supplemental unfunded non-qualified defined benefit plan to provide benefits that would be provided under the RP but for limitations imposed by the Internal Revenue Code. The RP and the SBRP comprise the U.S. Plans. Eligible employees outside the U.S. generally receive retirement benefits under various ret …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

3. REVENUE Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic region, end market, and timing of revenue recognition, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregated revenue is presented for each of our reportable segments, CSG and EISG. Year Ended October 31, 2025 2024 2023 CSG EISG Total CSG EISG Total CSG EISG Total (in millions) Region Americas $ 1,799 $ 408 $ 2,207 $ 1,657 $ 398 $ 2,055 $ 1,798 $ 407 $ 2,205 Europe 537 419 956 518 416 934 536 420 956 Asia Pacific 1,390 822 2,212 1,245 745 1,990 1,351 952 2,303 Total revenue $ 3,726 $ 1,649 $ 5,375 $ 3,420 $ 1,559 $ 4,979 $ 3,685 $ 1,779 $ 5,464 End Market Aerospace, Defense & Government $ 1,238 $ $ 1,238 $ 1,149 $ $ 1,149 $ 1,250 $ $ 1,250 Commercial Communications 2,488 2,488 2,271 2,271 2,435 2,435 Electronic Industrial 1,649 1,649 1,559 1,559 1,779 1,779 Total revenue $ 3,726 $ 1,649 $ 5,375 $ 3,420 $ 1,559 $ 4,979 $ 3,685 $ 1,779 $ 5,464 Timing of Revenue Recognition Revenue recognized at a point in time $ 2,966 $ 1,371 $ 4,337 $ 2,683 $ 1,273 $ 3,956 $ 3,012 $ 1,515 $ 4,527 Revenue recognized over time 760 278 1,038 737 286 1,023 673 264 937 Total revenue $ 3,726 $ 1,649 $ 5,375 $ 3,420 $ 1,559 $ 4,979 $ 3,685 $ 1,779 $ 5,464 Our point-in-time revenues are generated predominantly from the sale of various types of design and test software and hardwar …

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16. SEGMENT INFORMATION Our operating segments were determined based primarily on how the Chief Operating Decision Maker (CODM), President and Chief Executive Officer , views and evaluates our operations. Other factors, including market separation and customer specific applications, go-to-market channels, products and services, and manufacturing are considered in determining the formation of these operating segments. The CODM is regularly provided with and reviews segment revenues and segment income from operations to support decision-making, set strategic goals, allocate resources, and evaluate each segments progress against the companys plan. The CODM also reviews and approves budgets, including capital expenditures, at the segment level. The segment results are not necessarily in conformity with GAAP and exclude items such as share-based compensation expense, amortization of acquisition-related balances, acquisition and integration costs, restructuring costs, interest income, interest expense, and other items. A significant portion of the segments expenses arise from allocated corporate charges, as well as expenses related to our centralized sales force, and service, marketing and technology functions that we have historically provided to the segments in order to realize economies of scale and to efficiently use resources. Corporate charges include legal, accounting, real estate, insurance services, information technology services, treasury, and other corporate infrastruct …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

15. STOCKHOLDERS' EQUITY Stock Repurchase Program On March 6, 2023, our board of directors approved a stock repurchase program authorizing the purchase of up to $1,500 million of the companys common stock. On November 24, 2025, our board of directors approved a new stock repurchase program authorizing the purchase of up to $1,500 million of the companys common stock, replacing the previously approved March 2023 program, under which $110 million remained as of October 31, 2025. Under our stock repurchase program, shares may be purchased from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions, or other means. All such shares and related costs are held as treasury stock and accounted for at the trade date using the cost method. The stock repurchase program may be commenced, suspended, or discontinued at any time at the companys discretion and does not have an expiration date. In 2025, we repurchased 2,389,253 shares of common stock for $375 million. Additionally, we accrued $2 million related to excise tax levied on share repurchases, net of issuances. In 2024, we repurchased 2,974,967 shares of common stock for $439 million and accrued $3 million related to excise tax levied on share repurchases, net of issuances. In 2023, we repurchased 4,913,548 shares of common stock for $702 million and accrued $4 million related to excise tax levied on share repurchases, net of …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

2. ACQUISITIONS Acquisition of Spirent Communications plc On October 15, 2025, we completed the acquisition of the entire share capital of Spirent Communications plc (Spirent) for $1,564 million, using existing cash, which reflects cash consideration of 199 pence (pounds sterling) per Spirent share, and includes $14 million consideration for outstanding awards and unvested options under Spirents compensation plans. Total purchase consideration was determined as follows: (in millions) Cash consideration, net of cash acquired, outstanding awards, and currency impact $ 1,415 Consideration for share-based awards 14 Cash and cash equivalents assumed upon acquisition 127 Currency impact 8 Total consideration $ 1,564 The Spirent acquisition was accounted for in accordance with the authoritative accounting guidance. The acquired assets and assumed liabilities were recorded at their estimated fair values. We determined the estimated fair values with the assistance of valuations performed by third-party specialists, discounted cash flow analysis, and estimates made by management. The acquisition of Spirent complements our position in communications test and expands our serviceable available market. These factors, among others, contributed to a purchase price in excess of the estimated fair value of Spirent's net identifiable assets acquired (see summary of net assets below), and, as a result, we have recorded goodwill in connection with this transaction. Goodwill of $667 million and $4 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

13. COMMITMENTS AND CONTINGENCIES Commitments As of April 30, 2026, our non-cancellable commitments to contract manufacturers and suppliers were $545 million, compared to $450 million as of October 31, 2025. The increase was primarily driven by advance purchase orders placed to support fulfillment of a strong order backlog. We expect to fulfill most of our purchase commitments for inventory within one year. During the six months ended April 30, 2026, there were no other material changes to the purchase commitments as reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. Contingencies We continue to manage the ongoing matters involving Centripetal Networks (Centripetal). On January 1, 2022, Centripetal filed a lawsuit in Federal District Court in Virginia, alleging that certain Keysight products infringe certain of Centripetals patents. We challenged the validity of claims of eight of these patents at the U.S. Patent and Trademark Office (USPTO), with all or most claims being found invalid in each challenged patent. Centripetal appealed seven of these findings, and as of April 2026, the Federal Circuit Court of Appeals affirmed the decision of the USPTO invalidating all claims of two challenged patents and expanded USPTOs decision to invalidate all but two claims of a third patent, thereby invalidating all of that patents claims. The appellate process continues for four patents. The underlying case is currently stayed. In addition, in February …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

10. DEBT The following table summarizes the components of our debt: April 30, 2026 October 31, 2025 (in millions, except percentages) 2027 Senior Notes at 4.60% ($700 face amount less unamortized costs of $1 and $1) $ 699 $ 699 2029 Senior Notes at 3.00% ($500 face amount less unamortized costs of $1 and $2) 499 498 2030 Senior Notes at 5.35% ($750 face amount less unamortized costs of $7 and $7) 743 743 2034 Senior Notes at 4.95% ($600 face amount less unamortized costs of $6 and $6), net of hedge accounting fair value adjustments of $4 and zero 590 594 Total debt 2,531 2,534 Less: Current portion of long-term debt 699 Long-Term Debt $ 1,832 $ 2,534 Senior Notes There have been no changes to the principal, maturity, interest rates, and interest payment terms of our senior notes during the six months ended April 30, 2026 as compared to the senior notes described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The fair value of our debt, calculated from quoted prices that are Level 1 inputs under the authoritative accounting guidance fair value hierarchy, is approximately $2,545 million and $2,565 million as of April 30, 2026 and October 31, 2025, respectively. Revolving Credit Facility On April 21, 2026, we entered into a new credit agreement (the Revolving Credit Facility) that amended and restated our existing credit agreement dated July 30, 2021 (the 2021 Revolving Credit Facility) in its entirety and provides for a $750 million five-year unse …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

We disaggregate our revenue from contracts with customers by geographic region, end market, and timing of revenue recognition, as we believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregated revenue is presented for each of our reportable segments, CSG and EISG. Three Months Ended April 30, 2026 2025 CSG EISG Total CSG EISG Total (in millions) Region Americas $ 544 $ 100 $ 644 $ 408 $ 102 $ 510 Europe 189 139 328 128 95 223 Asia Pacific 498 247 745 377 196 573 Total revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 End Market Aerospace, Defense & Government $ 373 $ $ 373 $ 301 $ $ 301 Commercial Communications 858 858 612 612 Electronic Industrial 486 486 393 393 Total revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 Timing of Revenue Recognition Revenue recognized at a point in time $ 1,011 $ 417 $ 1,428 $ 730 $ 326 $ 1,056 Revenue recognized over time 220 69 289 183 67 250 Total revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 Six Months Ended April 30, 2026 2025 CSG EISG Total CSG EISG Total (in millions) Region Americas $ 1,133 $ 191 $ 1,324 $ 856 $ 205 $ 1,061 Europe 355 301 656 265 217 482 Asia Pacific 867 470 1,337 675 386 1,061 Total revenue $ 2,355 $ 962 $ 3,317 $ 1,796 $ 808 $ 2,604 End Market Aerospace, Defense & Government $ 739 $ $ 739 $ 612 $ $ 612 Commercial Communications 1,616 1,616 1,184 1,184 Electronic Industrial 962 962 808 808 Total revenue …

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4. SHARE-BASED COMPENSATION Keysight accounts for share-based awards in accordance with the provisions of the authoritative accounting guidance, which requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including restricted stock units (RSUs), employee stock purchases made under our Employee Stock Purchase Plan (ESPP), and performance share awards granted to selected members of our senior management under the Long-Term Performance (LTP) Program, based on estimated fair values. The impact of share-based compensation expense on the condensed consolidated statement of operations was as follows: Three Months Ended Six Months Ended April 30, April 30, 2026 2025 2026 2025 (in millions) Cost of products and services $ 13 $ 9 $ 29 $ 20 Research and development 14 9 36 25 Selling, general and administrative 31 19 70 54 Total share-based compensation expense $ 58 $ 37 $ 135 $ 99 Share-based compensation capitalized within inventory was $2 million as of April 30, 2026 and 2025. …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

8. FAIR VALUE MEASUREMENTS The authoritative accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy The guidance establishes a fair value hierarchy that prioritizes inputs used in valuation techniques into three levels. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value: Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, for the asset or liability such as: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in less active markets; or other inputs that can be derived principally from, or corroborated by, observable market data. Level 3 - applie …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

7. GOODWILL AND OTHER INTANGIBLE ASSETS The goodwill balances as of April 30, 2026 and October 31, 2025 and the activity for the six months ended April 30, 2026 for each of our reportable segments were as follows: CSG EISG Total (in millions) Goodwill at October 31, 2025 $ 1,967 $ 1,457 $ 3,424 Foreign currency translation impact 5 6 11 Goodwill arising from acquisitions 26 4 30 Goodwill at April 30, 2026 $ 1,998 $ 1,467 $ 3,465 There were no impairments of goodwill for the three and six months ended April 30, 2026 and 2025. As of April 30, 2026 and October 31, 2025, the accumulated impairment loss on goodwill was $709 million as recorded within the CSG reportable segment. Other intangible assets as of April 30, 2026 and October 31, 2025 consisted of the following: April 30, 2026 October 31, 2025 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value (in millions) Developed technology $ 2,002 $ 1,186 $ 816 $ 1,987 $ 1,099 $ 888 Backlog 48 40 8 51 34 17 Trademark/Tradename 43 41 2 43 39 4 Customer relationships 821 478 343 820 442 378 Total amortizable intangible assets $ 2,914 $ 1,745 $ 1,169 $ 2,901 $ 1,614 $ 1,287 In-Process R&D 5 5 17 17 Total $ 2,919 $ 1,745 $ 1,174 $ 2,918 $ 1,614 $ 1,304 During the six months ended April 30, 2026, we recognized additions to goodwill of $30 million and reductions to intangibles of $3 million for measurement period adjustments to the estimated fair values of assets a …

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5. INCOME TAXES We calculate income taxes for interim reporting periods by applying its estimated annual effective tax rate to year-to-date results and adjusting for tax items that are discrete to each period. The following table provides income tax details: Three Months Ended Six Months Ended April 30, April 30, 2026 2025 2026 2025 (in millions, except percentages) Income before taxes $ 418 $ 320 $ 616 $ 519 Provision (benefit) for income taxes $ 69 $ 63 $ (14) $ 93 Effective tax rate 16.5 % 19.5 % (2.3) % 17.9 % For the three and six months ended April 30, 2026, we recorded income tax expense of $69 million and income tax benefit of $14 million, respectively, resulting in an effective tax rate of 16.5 percent and (2.3 percent), respectively. For the three and six months ended April 30, 2025, we recorded income tax expense of $63 million and $93 million, respectively, resulting in an effective tax rate of 19.5 percent and 17.9 percent, respectively. The effective tax rate is generally lower than the U.S. federal statutory rate of 21 percent primarily due to favorable tax rates on certain earnings from operations in lower tax jurisdictions, partially offset by U.S. tax on Global Intangible Low-Taxed Income (GILTI) inclusions. For the six months ended April 30, 2026, we recorded net income tax benefits of $87 million from discrete items, driven by a $97 million net benefit from a favorable audit settlement and a $12 million release of reserves due to the expiration of the stat …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies We continue to manage the ongoing matters involving Centripetal Networks (Centripetal). On January 1, 2022, Centripetal filed a lawsuit in Federal District Court in Virginia, alleging that certain Keysight products infringe certain of Centripetals patents. We challenged the validity of claims of eight of these patents at the U.S. Patent and Trademark Office (USPTO), with all or most claims being found invalid in each challenged patent. Centripetal appealed seven of these findings, and as of April 2026, the Federal Circuit Court of Appeals affirmed the decision of the USPTO invalidating all claims of two challenged patents and expanded USPTOs decision to invalidate all but two claims of a third patent, thereby invalidating all of that patents claims. The appellate process continues for four patents. The underlying case is currently stayed. In addition, in February 2022, Centripetal filed complaints in Germany alleging infringement of three of Centripetals German patents. Keysight challenged the validity of the claims of these patents in German nullity or European Patent Office (EPO) opposition procedures. Two of the three patents were invalidated, and the appeals process has ended. The third patent had all but one claim invalidated at trial and is under appeal. Centripetal was ordered to repay Keysights defense costs in two of these cases. In April 2022, Centripetal filed a complaint with the International Trade Commission (ITC) requesting that they investigate w …

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New Accounting Pronouncements. Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued guidance that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and provide additional information for reconciling items that meet a quantitative threshold. This standard is effective for fiscal years beginning after December 15, 2024. We will adopt the standard on the effective date in our annual reporting for fiscal year 2026 and are currently evaluating the impact that the updated standard will have on our financial statement disclosures. ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In November 2024, the FASB issued guidance that requires disclosure of additional expense information on an annual and interim basis, including inventory purchases, employee compensation, depreciation, and intangible asset amortization included within each income statement expense caption. This standard is effective for fiscal years beginning after December 15, 2026. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures. Other amendments to GAAP that do not require adoption until a future date are not expected to hav …

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11. RETIREMENT PLANS AND POST-RETIREMENT BENEFIT PLANS For the three and six months ended April 30, 2026 and 2025, our net pension and post-retirement benefit cost (benefit) consisted of the following: Pensions U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans U.S. Post-Retirement Benefit Plan Three Months Ended April 30, 2026 2025 2026 2025 2026 2025 (in millions) Service costbenefits earned during the period $ 3 $ 5 $ 3 $ 2 $ $ Interest cost on benefit obligation 10 9 8 8 2 2 Expected return on plan assets (14) (13) (15) (14) (4) (3) Amortization of net actuarial loss (gain) 1 2 (1) (1) (1) Net periodic benefit cost (benefit) $ $ 3 $ (5) $ (5) $ (2) $ (2) Pensions U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans U.S. Post-Retirement Benefit Plan Six months ended April 30, 2026 2025 2026 2025 2026 2025 (in millions) Service costbenefits earned during the period $ 7 $ 9 $ 5 $ 4 $ $ Interest cost on benefit obligation 19 19 17 17 4 4 Expected return on plan assets (27) (26) (31) (29) (7) (6) Amortization of net actuarial loss (gain) 2 3 (2) (2) (1) (1) Net periodic benefit cost (benefit) $ 1 $ 5 $ (11) $ (10) $ (4) $ (3) We record the service cost component of net periodic benefit cost (benefit) in the same line item as other employee compensation costs. The non-service components of net periodic benefit cost (benefit), such as interest cost, expected return on assets, amortization of prior service cost, and actuarial gains or losses, are recorded within other …

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3. REVENUE Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic region, end market, and timing of revenue recognition, as we believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregated revenue is presented for each of our reportable segments, CSG and EISG. Three Months Ended April 30, 2026 2025 CSG EISG Total CSG EISG Total (in millions) Region Americas $ 544 $ 100 $ 644 $ 408 $ 102 $ 510 Europe 189 139 328 128 95 223 Asia Pacific 498 247 745 377 196 573 Total revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 End Market Aerospace, Defense & Government $ 373 $ $ 373 $ 301 $ $ 301 Commercial Communications 858 858 612 612 Electronic Industrial 486 486 393 393 Total revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 Timing of Revenue Recognition Revenue recognized at a point in time $ 1,011 $ 417 $ 1,428 $ 730 $ 326 $ 1,056 Revenue recognized over time 220 69 289 183 67 250 Total revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 Six Months Ended April 30, 2026 2025 CSG EISG Total CSG EISG Total (in millions) Region Americas $ 1,133 $ 191 $ 1,324 $ 856 $ 205 $ 1,061 Europe 355 301 656 265 217 482 Asia Pacific 867 470 1,337 675 386 1,061 Total revenue $ 2,355 $ 962 $ 3,317 $ 1,796 $ 808 $ 2,604 End Market Aerospace, Defense & Government $ 739 $ $ 739 $ 612 $ $ 612 Commercial Communications 1,616 1,616 1,184 1,184 Electronic Indu …

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15. SEGMENT INFORMATION We report our results in two reportable segments: CSG and EISG. Our operating segments were determined based primarily on how the Chief Operating Decision Maker (CODM), President and Chief Executive Officer, views and evaluates our operations. Other factors, including market separation and customer specific applications, go-to-market channels, products and services, and manufacturing are considered in determining the formation of these operating segments. The CODM is regularly provided with and reviews segment revenues and segment income from operations to support decision-making, set strategic goals, allocate resources, and evaluate each segments progress against the companys plan. The CODM also reviews and approves budgets, including capital expenditures, at the segment level. The segment results are not necessarily in conformity with GAAP and exclude items such as share-based compensation expense, amortization of acquisition-related balances, acquisition and integration costs, restructuring costs, interest income, interest expense, and other items. The following table reflects information related to our reportable segments: Three Months Ended April 30, 2026 2025 CSG EISG Total CSG EISG Total (in millions) Revenue $ 1,231 $ 486 $ 1,717 $ 913 $ 393 $ 1,306 Segment expenses: (a)(b) Cost of sales 319 157 476 302 159 462 Research and development 226 77 303 175 63 238 Selling, general and administrative 277 94 371 201 80 281 Other operating expenses (inco …

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14. STOCKHOLDERS' EQUITY Stock Repurchase Program On November 24, 2025, our board of directors approved a new stock repurchase program, in replacement of the prior program approved in March 2023. The new stock repurchase program authorizes the company to expend up to $1,500 million to repurchase outstanding shares of common stock of the company. As of April 30, 2026, $1,192 million remained available to the company for this purpose. See Issuer Purchases of Equity Securities in Part II Item 2 for additional information. Under our stock repurchase program, shares may be purchased from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions, or other means. All such shares and related costs are held as treasury stock and accounted for at the trade date using the cost method. The stock repurchase program may be commenced, suspended, or discontinued at any time at the companys discretion and does not have an expiration date. For the six months ended April 30, 2026, we repurchased 1,201,136 shares of common stock for $307 million and accrued $2 million for the excise tax on share repurchases, net of issuances. For the six months ended April 30, 2025, we repurchased 1,490,118 shares of common stock for $225 million and accrued $1 million for the excise tax on share repurchases, net of issuances. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive l …

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