是德科技 2025年度报告

2025ACCELERATE INNOVATION TOCONNECT AND SECURE THE WORLD Keysight Technologies, Inc.1400 Fountaingrove ParkwaySanta Rosa, California 95403Satish DhanasekaranPresident & Chief Executive OfficerJanuary 27, 2026 To our Stockholders, Fiscal year 2025 marked Keysight’s return to growth. Our business built momentum throughout the year as customersleaned on our differentiated solutions to advance their most important technology programs. We delivered full-yearrevenue of $5.4 billion, up 8 percent, and non-GAAP earnings per share of $7.16, up 14 percent, all while managingtariff headwinds. This performance reflects the strength of our portfolio, the durability of our operating model, and ourlong track record of disciplined execution. Across our end markets, we saw the conclusion of normalization, with investment strengthening in several key areas.The long-term trends we highlighted at our 2023 Investor Day continued to take shape, and our early focus onnext-generation connectivity, high-performance compute, defense modernization, and AI-driven shifts across theindustries we serve positioned us as a trusted partner for customers accelerating their technology transitions. Ordersgrew 8 percent for the year and accelerated throughout the second half, giving us strong backlog and a healthy pipelineentering fiscal 2026. We also advanced our long-term strategy. FY25 was a pivotal year for expanding our software-centric solutions andextending Keysight deeper into customer design workflows. The acquisitions of Spirent, Synopsys’ Optical SolutionsGroup, and Ansys’ PowerArtist enhance our capabilities in positioning, photonics, and power optimization. Theseassets expand the value we bring to customers across the stack, from early design through deployment, and support ourmission to accelerate innovation across the industries that matter most. The Communications Solutions Group delivered a strong year with high single-digit revenue growth. Momentum camefrom strength across wireline, wireless, and aerospace, defense, and government. Wireline was a strong contributor to our return to growth and remains a major source of confidence as we look ahead.Revenue grew double digits to reach a new record. The rapid scaling of AI workloads is driving redesigns acrosscompute, networking, interconnects, memory, and power. We have aligned our portfolio with this shift, and in FY25 oursolutions played an essential role across the expanding AI supply chain. Customers relied on Keysight for physical layertest, protocol emulation, and system-level modeling to bring next-generation infrastructure to market. Wireless delivered mid-single digit revenue growth as markets stabilized and customers advanced 5G enhancements,non-terrestrial networks, and early 6G work. Steady 5G activity continued through Releases 18 and 19, whileinvestment in NTN and LEO architectures increased throughout the year. With the addition of Spirent’s precisionlocation technology and lifecycle service assurance capabilities, we expanded our offering for next-generationpositioning, timing, and end-to-end network assurance. In 6G, the shift from pure research to early pre-standardsdesigns created deeper engagements with strategic customers, and our collaborations doubled year over year. Aerospace, defense and government generated record orders and revenue growth of 8 percent. Defense modernizationremains a priority across the United States, Europe, and other allied nations. Our solutions for wideband signal analysis,phased array antennas, secure communications, and spectrum operations saw strong demand from governments, primecontractors, and emerging defense technology companies. We expanded our reach into space and satellite applications,and newly acquired federal-focused capabilities from Spirent strengthen our positioning in this market. The Electronic Industrial Solutions Group returned to growth with revenue up 6 percent, driven by strength insemiconductor and general electronics. General electronics grew mid-single digits as AI requirements accelerated demand for high-speed PCB, interconnect,and component test. Digital health and education also advanced as customers invested in connectivity, interoperability,and semiconductor workforce development. Semiconductor delivered solid growth as leading-edge foundry and IDM investments continued. AI-driven demand foradvanced nodes, high-bandwidth memory, and silicon photonics expanded throughout the year, and our differentiatedR&D and wafer test solutions supported customers’ next-generation roadmaps. Automotive remained mixed but showed signs of stabilization late in the year, ending down low single digits. Whilesome EV and battery investments were delayed, customers continued to advance software-defined architectures,sensing, and vehicle network compliance. This year, we deepened strategic collaborations across our highest-impact markets. In AI infrastructure, we partneredwith Broadcom to validate 1.6-terabit sili