Keysight Technologies, Inc. (KEYS) Barclays 23rd Annual Global Technology Conference December 10, 2025 11:40 AM EST

Company Participants

Neil Dougherty - Executive VP & CFO Kailash Narayanan - Senior VP & President of Communications Solutions Group

Conference Call Participants

Timothy Long - Barclays Bank PLC, Research Division

Presentation

Timothy Long Barclays Bank PLC, Research Division

We’ll start it off. Maybe, Neil, I’ll start with you. Maybe just give us a little – it’s been a pretty good run of recent. So maybe just high-level kind of what were some of the positive factors in ’25 and what’s informing the pretty good outlook you gave for next year?

Neil Dougherty Executive VP & CFO

Yes. That’s a great question. As I look back on ’25, the first thing that comes to mind is building momentum, right? We had started the recovery as we were entering ’25, but we really were talking about a mixed demand environment. Some of our businesses up, some of them still a bit soft. And we’ve really built momentum as we move throughout the year. We started with growth expectations for ’25 that were at the low end of our long-term range, 5%. We took it to 6% after half, 7% after 3 quarters. We finished at 8%. And then we’ve guided to 10% growth here in Q1.

So we really have built momentum as this recovery has happened and as our end markets strengthened. And so I think as we enter ’26, we had a great order book in Q4. We have a strong funnel, strong backlog going into the quarter. And maybe more importantly, we’ve got these big technological themes that are aligning positively for Keysight.

I think number one among those is the impact that AI is having on our wireline business in commercial

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