For the quarter ending 2026-01-31, KEYS had $305M increase in cash & cash equivalents over the period. $407M in free cash flow.
| Cash Flow | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 |
|---|---|---|---|---|
| Net income | 281 | 233 | 191 | 257 |
| Depreciation | 38 | 34 | 33 | 33 |
| Amortization | 67 | 41 | 34 | 35 |
| Share-based compensation | 76 | 33 | 31 | 36 |
| Deferred tax expense (benefit) | -1 | -58 | -18 | -30 |
| Excess and obsolete inventory-related charges | 9 | 13 | 8 | 13 |
| Gain on sale of investments | 5 | 21 | - | - |
| Unrealized loss (gain) on investments in equity securities | -53 | 54 | 16 | -14 |
| Other non-cash expenses (income), net | -6 | -1 | -3 | -1 |
| Accounts receivable | -33 | 150 | -50 | -70 |
| Inventory | 3 | 3 | 3 | -8 |
| Accounts payable | -13 | -3 | 22 | 23 |
| Increase (decrease) in employee related liabilities | - | 47 | - | - |
| Employee compensation and benefits | -91 | - | -28 | 58 |
| Deferred revenue | 70 | 47 | -64 | 9 |
| Income taxes payable | -41 | 63 | -14 | 22 |
| Interest rate swap agreement termination proceeds | - | 0 | - | - |
| Income taxes receivable | 53 | -27 | -78 | - |
| Other assets and liabilities | 15 | 33 | -15 | 65 |
| Net cash provided by operating activities | 441 | 225 | 322 | 484 |
| Investments in property, plant and equipment | 34 | 38 | 31 | 27 |
| Proceeds from government incentives | - | 1 | - | - |
| Acquisitions of businesses and intangible assets, net of cash acquired | 16 | 2,019 | 0 | 3 |
| Proceeds from divestiture | - | 399 | - | - |
| Payments for (proceeds from) investments | - | -30 | - | - |
| Proceeds from sale of investments | 7 | - | - | - |
| Other investing activities | 1 | 3 | 0 | 3 |
| Net cash used in investing activities | -44 | -1,630 | -31 | -33 |
| Proceeds from issuance of common stock under employee stock plans | 32 | 0 | 32 | 0 |
| Payment of taxes related to net share settlement of equity awards | 31 | 1 | 9 | 0 |
| Proceeds from issuance of long-term debt | - | 0 | 0 | 748 |
| Acquisition of non-controlling interests | - | 0 | 0 | 0 |
| Repayment of debt | - | 0 | 0 | 0 |
| Treasury stock repurchases, including excise tax payments | 87 | 99 | 50 | 228 |
| Payments of debt issuance costs | 13 | 0 | 1 | 7 |
| Other financing activities | 0 | -2 | 1 | - |
| Net cash used in financing activities | -99 | -102 | -28 | 589 |
| Effect of exchange rate movements | - | - | - | 18 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | - | - | - | 1,058 |
| Effect of exchange rate movements | 7 | 0 | -1 | 18 |
| Net increase in cash, cash equivalents, and restricted cash | 305 | -1,507 | 262 | 1,058 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,890 | 3,397 | 3,135 | 2,077 |
| Cash, cash equivalents, and restricted cash at end of period | 2,195 | 1,890 | 3,397 | 3,135 |
Keysight Technologies, Inc. (KEYS)
Keysight Technologies, Inc. (KEYS)