The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. This report contains forward-looking statements which include, but are not limited to predictions, future guidance, projections, beliefs, and expectations about the company’s trends, seasonality, cyclicality and growth in, and drivers of, the markets we sell into, our strategic direction, earnings from our foreign subsidiaries, remediation activities, new solution and service introductions, the ability of our solutions to meet market needs, changes to our manufacturing processes, the use of contract manufacturers, the impact of government regulations on our ability to conduct operations, our liquidity position, our ability to generate cash from operations, growth in our businesses, our investments, the potential impact of adopting new accounting pronouncements, our financial results, our purchase commitments, our contributions to our pension plans, the selection of discount rates and recognition of any gains or losses for our benefit plans, our cost-control activities, savings and headcount reduction recognized from our restructuring programs and other cost saving initiatives, other regulatory approvals, the integration of our completed acquisitions and other transactions, and our transition to lower-cost regions. The forward-looking statements involve risks and uncertainties that could cause Keysight’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, the impact of global economic conditions such as inflation or potential recession, the impacts of increased trade tensions such as an imposition of or increase in tariffs and tightening of export control regulations, slowing demand for products or services, volatility in financial markets, reduced access to credit, changes in interest rates or currency exchange rates, the existence of political or economic instability, impacts of geopolitical tension and conflict in regions outside of the U.S., the impact of new and ongoing litigation, impacts related to net zero emissions commitments, and the impact of volatile weather caused by environmental conditions such as climate change. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including but not limited to those risks and uncertainties discussed in Part II Item 1A and elsewhere in this Form 10-Q. Basis of Presentation The financial information presented in this Form 10-Q is not audited and is not necessarily indicative of our future consolidated financial position, results of operations, or cash flows. Our fiscal year-end is October 31, and our fiscal quarters end on January 31, April 30, and July 31. Unless otherwise stated, these dates refer to our fiscal year and fiscal quarter periods. Overview and Executive Summary Keysight Technologies, Inc. (“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 30 Table of Contents 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, emulation, and test solutions that address the critical challenges our customers face in bringing their innovations to market on ever-shorter schedules. We are committed to investing in research and development (“R&D”) and have focused our development efforts on strategic opportunities that align our business with available markets and position the company for growth. Our R&D investments focus on the development of first-to-market solutions with differentiated software and hardware, as well as improvements to existing software and hardware products to provide complete customer solutions addressing the evolving requirements of industries that we serve. 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. Acquisition of Spirent Communications plc In the fourth quarter of fiscal 2025, we acquired all of the outstanding common stock of Spirent Communications plc (“Spirent”) for $1,415 million, net of $127 million cash acquired, using existing cash. For the three and six months ended April 30, 2026, our acquisition of Spirent resulted in incremental revenue of $55 million and $143 million, respectively. In our discussion of changes in our results of operations, we have qualitatively disclosed the impact of the Spirent acquisition. U.S. government tariffs and IEEPA tariff refund claims and related customer surcharge refunds Changes to U.S. tariff policy, which resulted in broad-based increases in tariff rates, impacted our financial results for the three and six months ended April 30, 2026. We continue to closely monitor and assess the potential impact of ongoing tariff actions on our results, and take steps across multiple vectors to reduce the impact. This multipronged mitigation approach spans our global manufacturing footprint and sourcing strategies, as well as pricing and cost actions. In February 2026, the Supreme Court of the United States (“U.S. Supreme Court”) determined that certain tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”) were not authorized by law. Subsequent rulings by the U.S. Court of International Trade have directed the U.S. Customs and Border Protection to establish processes to effect refunds of certain tariffs previously collected. Based on these judicial determinations, for the three and six months ended April 30, 2026, we recorded a receivable of $100 million within “other current assets” in the condensed consolidated balance sheet, representing recovery of tariffs previously paid and statutory interest accrued, with corresponding offsets of $93 million to “cost of sales,” $4 million to “selling, general and administrative,” and $3 million to “interest income” in the condensed consolidated statement of operations. In addition, we recorded a $40 million liability within “other accrued liabilities” in the condensed consolidated balance sheet as a result of our decision to refund IEEPA tariff surcharges collected from our customers, with a corresponding reduction of revenue in the condensed consolidated statement of operations. For additional information regarding the basis of accounting for tariff refund claims, see Note 1, “Overview and Summary of Significant Accounting Policies,” to the condensed consolidated financial statements. The following table reflects the net impact of IEEPA tariff refund claims and related customer surcharge refunds on our reportable segments: Three Months Ended Six Months Ended April 30, 2026 April 30, 2026 CSG EISG Total CSG EISG Total (in millions, except percentages) increase / (decrease) Revenue $ (34) $ (6) $ (40) $ (34) $ (6) $ (40) Income from operations $ 38 $ 19 $ 57 $ 38 $ 19 $ 57 Gross margin impact 4.8 ppts 4.5 ppts 4.6 ppts 2.5 ppts 2.3 ppts 2.4 ppts Operating margin impact 3.9 ppts 4.2 ppts 3.8 ppts 2.0 ppts 2.1 ppts 1.9 ppts For additional discussion of risks related to tariffs, trade relations, and tariff refund claims, see Part II Item 1A, Risk Factors. Three and six months ended April 30, 2026 and 2025 Total orders for the three and six months ended April 30, 2026 were $2,051 million and $3,696 million, respectively, an increase of 56 percent and 43 percent, respectively, compared to the same periods last year. For both the three and six months ended April 30, 2026, foreign currency movements and acquisitions had a favorable impact of 1 percentage point and 7 percentage points, respectively, on the year-over-year change. For the three and six months ended April, 30, 2026 orders increased across all regions. 31 Table of Contents Revenue for the three and six months ended April 30, 2026 was $1,717 million and $3,317 million, respectively, an increase of 31 percent and 27 percent, respectively, compared to the same periods last year. For both the three and six months ended April 30, 2026, foreign currency movements and acquisitions had a favorable impact of 1 percentage point and 7 percentage points, respectively, on the year-over-year change. For both periods, revenue increased in the Communications Solutions Group (“CSG”) and the Electronic Industrial Solutions Group (“EISG”). Revenue from CSG and EISG represented 72 percent and 28 percent, respectively, of total revenue for the three months ended April 30, 2026. Revenue from CSG and EISG represented 71 percent and 29 percent, respectively, of total revenue for the six months ended April 30, 2026. Net income for the three and six months ended April 30, 2026 was $349 million and $630 million, respectively, compared to $257 million and $426 million, respectively, for the same periods last year. The increase in net income for the three months ended April 30, 2026 was primarily driven by higher revenue, favorable mix, and net IEEPA tariff refund claims, partially offset by previous year net gains on derivative instruments, higher people-related costs, incremental costs from acquired businesses, higher amortization of acquisition-related balances, and the impact of ongoing tariffs. The increase in net income for the six months ended April 30, 2026 was primarily driven by higher revenue, favorable mix, higher net income tax benefit, and net IEEPA tariff refund claims, partially offset by incremental costs from acquired businesses, higher people-related costs, net losses on equity investment, higher amortization of acquisition-related balances, and the impact of ongoing tariffs. Cash flows generated from operating activities were $942 million and $862 million, respectively, for the six months ended April 30, 2026 and 2025. Refer to the “Financial Condition” section of Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information. Outlook Our first-to-market solutions strategy enables customers to develop new technologies and accelerate innovation and provides a platform for Keysight's long-term growth. Our customers are expected to continue to make R&D investments in certain next-generation technologies and applications, including evolution of 5G, early 6G, quantum computing, high-speed data center networks and infrastructure, satellite networks, artificial intelligence (“AI”), industrial internet of things (“IoT”), defense modernization, next generation electric vehicles, and autonomous vehicles. We continue to engage actively with our customers and closely monitor the macroeconomic environment, including tariffs, trade restrictions and tightening of export control regulations, monetary and fiscal policies, and geopolitical tensions. We remain confident in the long-term secular growth trends of our markets and our ability to outperform in a variety of market conditions. Critical Accounting Policies and Estimates There were no material changes during the three and six months ended April 30, 2026 to the critical accounting estimates described in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. Adoption of New Accounting Pronouncements See Note 1, “Overview and Summary of Significant Accounting Policies,” to the condensed consolidated financial statements for a description of new accounting pronouncements. Currency Exchange Rate Exposure Our revenues, costs and expenses, and monetary assets and liabilities are exposed to changes in foreign currency exchange rates due to our global operating, investing, and financing activities. We hedge revenues, expenses, and balance sheet exposures that are not denominated in the functional currencies of our subsidiaries on a short-term and anticipated basis. The result of these hedging activities are included in the condensed consolidated balance sheet and condensed consolidated statement of operations. We may experience some fluctuations within individual lines of the condensed consolidated balance sheet and condensed consolidated statement of operations because our hedging program is not designed to offset the currency movements in each category of revenues, expenses, and monetary assets and liabilities. Our cash flow hedging program is designed to hedge short-term currency movements based on a rolling period of up to twelve months. Therefore, we are exposed to currency fluctuations over the longer term. To the extent that we are required to pay for all, or portions, of an acquisition price in foreign currencies, we may enter into foreign exchange contracts to reduce the risk that currency movements will impact the U.S. dollar cost of the transaction. 32 Table of Contents Results from Operations - Three and six months ended April 30, 2026 and 2025 A summary of our results is as follows: Three Months Ended Six Months Ended Year-over-Year April 30, April 30, Change 2026 2025 2026 2025 Three Months Six Months (in millions, except percentages) Revenue $ 1,717 $ 1,306 $ 3,317 $ 2,604 31% 27% Gross margin 68.6 % 62.4 % 65.5 % 62.7 % 6 ppts 3 ppts Research and development $ 320 $ 250 $ 623 $ 499 28% 25% Percentage of revenue 19 % 19 % 19 % 19 % (1) ppt — Selling, general and administrative $ 456 $ 360 $ 903 $ 721 26% 25% Percentage of revenue 27 % 28 % 27 % 28 % (1) ppt — Other operating expense (income), net $ (5) $ (3) $ (8) $ (11) 12% (35)% Income from operations $ 407 $ 207 $ 655 $ 425 96% 54% Operating margin 23.7 % 15.9 % 19.8 % 16.3 % 8 ppts 3 ppts Interest income $ 18 $ 21 $ 34 $ 40 (13)% (14)% Interest expense $ (25) $ (20) $ (54) $ (40) 24% 35% Other income (expense), net $ 18 $ 112 $ (19) $ 94 (84)% — Income before taxes $ 418 $ 320 $ 616 $ 519 31% 19% Provision (benefit) for income taxes $ 69 $ 63 $ (14) $ 93 10% — Net income $ 349 $ 257 $ 630 $ 426 35% 48% Revenue Revenue is recognized upon transfer of control of the promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Returns are recorded in the period received from the customer and historically have not been material. The following table presents the percentage change in revenue by geographic region for the three and six months ended April 30, 2026 and the impact of foreign currency movements as compared to the same periods last year. Year-over-Year Change Three Months Ended Six Months Ended April 30, 2026 April 30, 2026 Geographic Region Actual Currency Impact Favorable (Unfavorable) Actual Currency Impact Favorable (Unfavorable) Americas 26% — 25% — Europe 47% 8 ppts 36% 7 ppts Asia Pacific 30% (1) ppt 26% — Total revenue 31% 1 ppt 27% 1 ppt Refer to the “Segment Overview” section of Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information on changes in revenue during the three and six months ended April 30, 2026. Gross Margin, Operating Margin, and Income Before Taxes Gross margin for the three and six months ended April 30, 2026 increased 6 percentage points and 3 percentage points, respectively, compared to the same periods last year, primarily driven by net IEEPA tariff refund claims, higher revenue volume, favorable mix, and incremental gross margin impact from acquisitions, partially offset by higher amortization of acquisition-related balances, higher people-related costs, and the impact of ongoing tariffs. R&D expense for the three and six months ended April 30, 2026 increased 28 percent and 25 percent, respectively, compared to the same periods last year, primarily driven by incremental costs from acquired businesses, higher variable people-related costs, and continued investments in key growth opportunities in our end markets and leading-edge technologies. Selling, general and administrative expense for the three and six months ended April 30, 2026 increased 26 percent and 25 percent, respectively, compared to the same periods last year, primarily driven by incremental costs from acquired 33 Table of Contents businesses, higher people-related costs, higher amortization of acquisition-related balances, and higher selling and marketing costs, partially offset by lower acquisition and integration costs. Other operating expense (income), net for the three and six months ended April 30, 2026 was income of $5 million and $8 million, respectively, compared to income of $3 million and $11 million, respectively, for the same periods last year. Operating margin for the three months ended April 30, 2026 increased 8 percentage points compared to the same period last year, primarily due to gross margin gains and lower operating expenses as a percentage of sales. Operating margin for the six months ended April 30, 2026 increased 3 percentage points compared to the same period last year, primarily due to gross margin gains. Interest income for the three and six months ended April 30, 2026 was $18 million and $34 million, respectively, compared to $21 million and $40 million, respectively, for the same periods last year and primarily relates to interest earned on our cash balances. Interest expense for three and six months ended April 30, 2026 was $25 million and $54 million, respectively, compared to $20 million and $40 million, respectively, for the same periods last year and primarily relates to interest on our senior notes. Other income (expense), net for the three and six months ended April 30, 2026 was income of $18 million and expense of $19 million, respectively, compared to income of $112 million and $94 million, respectively, for the same periods last year. The decrease in other income, net for the three months ended April 30, 2026 is primarily driven by previous year net gains on derivative instruments (see Note 9, “Derivatives,” for additional information), partially offset by net gains on equity investments and lower amortization of actuarial losses. The increase in other expense, net for the six months ended April 30, 2026 is primarily driven by net losses on equity investments and previous year net gains on derivative instruments (see Note 9, “Derivatives,” for additional information), partially offset by lower amortization of actuarial losses. As of April 30, 2026 and 2025, our headcount was approximately 16,500 and 15,400, respectively. The increase is primarily driven by acquisitions. Income Taxes We calculate income taxes for interim reporting periods by applying the 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 an 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 an 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”). 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 statute of limitations. These items were partially offset by a $15 million expense related to IEEPA tariff refund claims and $10 million expense from unrecognized tax benefits recorded in the second quarter. As of April 30, 2026 and October 31, 2025, our long-term income tax liabilities for unrecognized tax benefits were $185 million and $241 million, respectively. The decrease primarily reflected the release of $68 million of uncertain tax positions in connection with an audit settlement in January 2026 as well as a $12 million release of reserves due to the expiration of the statute of limitations, partially offset by current year increases of $25 million. Segment Overview We have two reportable operating segments, CSG and EISG. The profitability of each of the segments is measured after excluding share-based compensation expense, amortization of acquisition-related balances, acquisition and integration costs, restructuring costs, interest income, interest expense, and other items. 34 Table of Contents A significant portion of the segments’ expenses arise from allocated corporate charges, expenses related to our centralized sales force, and global services, marketing, and technology functions that are provided to the segments in order to realize economies of scale and to efficiently use resources. Corporate charges include legal, accounting, real estate, insurance, information technology, treasury, and other corporate infrastructure expenses. Segment allocations are determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to, or benefits received by, the segments. Newly acquired businesses are not allocated these charges until integrated into our shared services and corporate infrastructure. Communications Solutions Group CSG serves customers spanning the global commercial communications and aerospace, defense, and government end markets. The group’s solutions consist of electronic design, emulation, and test software, instrumentation, systems, and related services. 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. Revenue Three Months Ended Six Months Ended Year- over-Year April 30, April 30, Change 2026 2025 2026 2025 Three Months Six Months (in millions) Total CSG revenue $ 1,231 $ 913 $ 2,355 $ 1,796 35% 31% Currency impact favorable (unfavorable) 1 ppt 1 ppt Acquisition impact favorable (unfavorable) 7 ppts 8 ppts CSG revenue for the three and six months ended April 30, 2026 grew across all regions and in both the commercial communications and the aerospace, defense, and government end markets The increase in revenue was primarily driven by demand in high-speed networks to support the growing need for AI capabilities and aerospace and defense solutions. Our customers continued their R&D spend in next-generation technologies and applications, including AI-driven data center expansion, ongoing 5G standards development and deployment, 400G/800G//1.6 terabit Ethernet, development of new communications technologies (e.g., 6G, Open Radio Access Networks, commercial non-terrestrial networks, quantum), high-speed networking, and major defense and government programs worldwide. Our commercial communications end market revenue for the three and six months ended April 30, 2026 increased 40 percent and 36 percent, respectively, year-over-year and represented 70 percent and 69 percent, respectively, of total CSG revenue. For both three and six months ended April 30, 2026, revenue grew across all regions. The year-over-year increase in revenue was primarily driven by our customers R&D spend in terabit solutions and expanding 400G/800G/1.6 terabit transceiver manufacturing capacity to meet rising demand for AI capabilities. We continued to see investments in high-speed networks due to increasing need for AI capabilities in the data center infrastructure ecosystem, which drove demand for our 400G/800G/1.6 terabit Ethernet solutions, both in R&D and manufacturing. Our aerospace, defense, and government end market revenue for the three and six months ended April 30, 2026 increased 24 percent and 21 percent, respectively, year-over-year and represented 30 percent and 31 percent, respectively, of total CSG revenue. For both the three and six months ended April 30, 2026, revenue growth in the Americas and Europe was partially offset by a decline in Asia Pacific. The year-over-year increase in revenue was primarily driven by strong growth in radar and spectrum operations coupled with space and satellite solutions. We continue to see investments in defense modernization and emerging technologies. 35 Table of Contents Gross Margin and Operating Margin Three Months Ended Six Months Ended Year- over-Year April 30, April 30, Change 2026 2025 2026 2025 Three Months Six Months (in millions, except percentages) Gross margin 74.1 % 66.9 % 71.4 % 67.4 % 7 ppts 4 ppts Research and development $ 226 $ 175 $ 429 $ 343 29% 25% Selling, general and administrative $ 277 $ 201 $ 537 $ 399 38% 35% Other operating expense (income), net $ (3) $ (2) $ (5) $ (8) 24% (35)% Income from operations $ 411 $ 236 $ 720 $ 476 74% 51% Operating margin 33.4 % 25.9 % 30.6 % 26.5 % 8 ppts 4 ppts Gross margin for the three and six months ended April 30, 2026 increased 7 percentage points and 4 percentage points, respectively, compared to the same periods last year, primarily driven by net IEEPA tariff refund claims, higher revenue volume, favorable mix, and incremental gross margin impact from acquisitions, partially offset by higher people-related costs and the impact of ongoing tariffs. R&D expense for the three and six months ended April 30, 2026 increased 29 percent and 25 percent, respectively, compared to the same periods last year, primarily driven by incremental costs from acquired businesses, higher variable people-related costs, and continued investments in key growth opportunities in our end markets and leading-edge technologies. Selling, general and administrative expense for the three and six months ended April 30, 2026 increased 38 percent and 35 percent, respectively, compared to the same periods last year, primarily driven by incremental costs from acquired businesses and higher people-related, selling, and marketing costs. Other operating expense (income), net for the three and six months ended April 30, 2026 was income of $3 million and $5 million, respectively. Other operating expense (income), net for the three and six months ended April 30, 2025 was income of $2 million and $8 million, respectively. Operating margin for the three months ended April 30, 2026 increased 8 percentage points compared to the same period last year, driven by gross margin gains and lower operating expenses as a percentage of sales. Operating margin for the six months ended April 30, 2026 increased 4 percentage points compared to the same period last year, primarily driven by gross margin gains. Electronic Industrial Solutions Group EISG serves customers across a diverse set of end markets focused on semiconductor solutions, general electronics, and automotive and energy. The group's solutions consist of electronic design, emulation, 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. Revenue Three Months Ended Six Months Ended Year-over-Year April 30, April 30, Change 2026 2025 2026 2025 Three Months Six Months (in millions) Total EISG revenue $ 486 $ 393 $ 962 $ 808 24% 19% Currency impact favorable (unfavorable) 1 ppt 2 ppts Acquisition impact favorable (unfavorable) 7 ppts 5 ppts EISG revenue for the three and six months ended April 30, 2026 increased in Asia Pacific and Europe, partially offset by a decline in the Americas. Revenue increased across all markets. The increase in revenue was driven by AI-driven demand for advanced semiconductor technologies and fabrication capacity, next-generation printed circuit board (“PCB”) interconnects, software-defined vehicles and autonomous driving and digital health. 36 Table of Contents Gross Margin and Operating Margin Three Months Ended Six Months Ended Year-over-Year April 30, April 30, Change 2026 2025 2026 2025 Three Months Six Months (in millions, except percentages) Gross margin 67.8 % 59.4 % 65.1 % 60.3 % 8 ppts 5 ppts Research and development $ 77 $ 63 $ 153 $ 125 22% 22% Selling, general and administrative $ 94 $ 80 $ 186 $ 159 17% 17% Other operating expense (income), net $ (1) $ (1) $ (2) $ (3) 29% (27)% Income from operations $ 161 $ 92 $ 291 $ 206 75% 41% Operating margin 33.1 % 23.4 % 30.2 % 25.5 % 10 ppts 5 ppts Gross margin for the three and six months ended April 30, 2026 increased 8 percentage points and 5 percentage points, respectively, compared to the same periods last year, primarily driven by net IEEPA tariff refund claims, higher revenue volume, favorable mix and incremental gross margin impact from acquisitions, partially offset by higher people-related costs and the impact of ongoing tariffs. R&D expense for both the three and six months ended April 30, 2026 increased 22 percent compared to the same periods last year, primarily driven by continued investments in key growth opportunities in our end markets and leading-edge technologies, incremental costs from acquired businesses, and higher variable people-related costs. Selling, general and administrative expense for both the three and six months ended April 30, 2026 increased 17 percent compared to the same periods last year, primarily driven by incremental costs from acquired businesses and higher people-related, selling, and marketing costs. Other operating expense (income), net for the three and six months ended April 30, 2026 was income of $1 million and $2 million, respectively. Other operating expense (income), net for the three and six months ended April 30, 2025 was income of $1 million and $3 million, respectively. Operating margin for the three months ended April 30, 2026 increased 10 percentage points compared to the same period last year, driven by gross margin gains and lower operating expenses as a percentage of sales. Operating margin for the six months ended April 30, 2026 increased 5 percentage points compared to the same period last year, primarily driven by gross margin gains. Financial Condition Liquidity and Capital Resources Our liquidity is affected by many factors, including normal ongoing operations of our business and fluctuations due to global economics and markets. Our cash balances are generated and held in many locations throughout the world. Under certain circumstances, U.S. and local government regulations may limit our ability to move cash balances to meet cash needs. Overview of Cash Flows Our key cash flow activities were as follows: Six Months Ended April 30, 2026 2025 (in millions) Net cash provided by operating activities $ 942 $ 862 Net cash used in investing activities $ (80) $ (66) Net cash provided by (used in) in financing activities $ (328) $ 515 Operating Activities Cash flows from operating activities can fluctuate significantly from period to period due to working capital needs, the timing of payments for income taxes, variable pay, pension funding, and other items that impact reported cash flows. Net cash provided by operating activities increased $80 million during the six months ended April 30, 2026 compared to the same period last year. 37 Table of Contents •Net income for the six months ended April 30, 2026 increased by $204 million compared to the same period last year. Non-cash adjustments to net income increased by $192 million, primarily due to a $71 million increase in net unrealized losses on investments in equity securities, a $65 million increase in amortization, a $36 million increase in share-based compensation expense, a $13 million increase in depreciation expense, and a $10 million decrease in deferred tax benefit, partially offset by a $6 million gain on sale of investments. •The aggregate change in accounts receivable, inventory, and accounts payable used net cash of $49 million during the first six months of fiscal 2026, compared to net cash provided of $112 million in the same period last year. Cash flow generated from or used by the aggregate of accounts receivable, inventory, and accounts payable depends upon the cash conversion cycle, which represents the number of days between payments for raw materials and components and the collection of cash from customers. This cycle can be significantly impacted by the timing of shipments and purchases, as well as the timing of collections and payments in a period. •The aggregate movements in other assets and liabilities used net cash of $24 million during the first six months of fiscal 2026 compared to net cash provided of $131 million in the same period last year. This change was primarily driven by higher income and other tax payments, net of accruals, and net IEEPA tariff refund claims receivable, partially offset by higher payroll-related accruals, net of payments, an increase in deferred revenue, and changes in other assets and liabilities. Investing Activities Our investing activities primarily include investments in property, plant and equipment and acquisitions of businesses to support our strategy and growth. Net cash used in investing activities increased by $14 million during the six months ended April 30, 2026 compared to the same period last year. The increase was primarily driven by a $14 million increase in cash used for acquisition activities, a $13 million increase in cash used for purchase of investments, and a $4 million increase in cash used for purchases of property, plant and equipment, partially offset by $17 million of proceeds from the sale of investments. Financing Activities Our financing activities primarily include proceeds from issuance of common stock under employee stock plans, tax payments related to net share settlement of equity awards, issuances and repayment of debt and related costs, and treasury stock repurchases. Net cash used in financing activities increased by $843 million during the six months ended April 30, 2026 compared to the same period last year. The increase was primarily driven by $748 million of proceeds received in the previous year from the issuance of our 2030 Senior Notes, $82 million higher treasury stock repurchases, and a $14 million payment of acquisition-related consideration. Treasury Stock Repurchases 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. Debt April 30, 2026 October 31, 2025 (in millions) Senior Notes (par value) $ 2,550 $ 2,550 Revolving Credit Facility $ 750 $ 750 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. 38 Table of Contents 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 unsecured revolving credit facility that will expire on April 21, 2031. In addition, the Revolving Credit Facility permits the company, subject to certain customary conditions, on one or more occasions to request to increase the total commitments under the Revolving Credit Facility by up to $350 million in the aggregate. We are obligated to pay an annual facility fee of 0.09 percent for the Revolver Credit Facility. Borrowings under the Revolving Credit Facility in U.S. Dollars bear interest at a rate equal to, at our option, (a) Term Benchmark Rate (primarily Secured Overnight Financing Rate or “SOFR”) plus a margin of 0.91 percent, or (b) higher of (1) the prime rate, (2) the New York Federal Reserve Bank rate plus 0.5 percent, or (3) SOFR plus 1 percent. We may use amounts borrowed under the Revolving Credit Facility for general corporate purposes. As of April 30, 2026, we had no borrowings outstanding under the Revolving Credit Facility. We were in compliance with the covenants of the 2021 Revolving Credit Facility until it was replaced on April 21, 2026, and with the covenants of the Revolving Credit Facility for the period between April 21 and April 30, 2026. See Note 10, “Debt,” for additional information. Cash and cash requirements Cash April 30, 2026 October 31, 2025 (in millions) Cash, cash equivalents and restricted cash $ 2,430 $ 1,890 U.S. $ 256 $ 573 Non-U.S. $ 2,174 $ 1,317 Our cash and cash equivalents mainly consist of investments in institutional money market funds investments, short-term deposits held at major global financial institutions, and similar short duration instruments with original maturities of three months or less. We continuously monitor the creditworthiness of the financial institutions and money market fund asset managers with whom we invest our funds. We utilize a variety of funding strategies in an effort to ensure that our worldwide cash is available in the locations in which it is needed. Most significant international locations have access to internal funding through an offshore cash pool for working capital needs. In addition, a few locations that are unable to access internal funding have access to temporary local overdraft and short-term working capital lines of credit. Cash requirements We have cash requirements to support working capital needs, capital expenditures, business acquisitions, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations. We generally intend to use available cash and funds generated from our operations to meet these cash requirements. In the event that additional liquidity is required, we may also borrow under the Revolving Credit Facility and/or issue new debt. Our total commitments to contract manufacturers and suppliers increased to $602 million as of April 30, 2026, compared to $487 million as of October 31, 2025. The increase was primarily driven by advance purchase orders placed to support fulfillment of a strong order backlog. As of April 30, 2026, we had non-cancellable purchase commitments that aggregated to approximately $545 million, of which the majority is for less than one year. See Note 13, “Commitments and Contingencies,” for additional information. There were no other material changes to the cash requirements from our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. During the six months ended April 30, 2026, we released $68 million of uncertain tax positions resulting from an audit settlement. We believe that we have an adequate provision for any adjustments that may result from tax examinations. However, the outcome of tax examinations cannot be predicted with certainty. Given the numerous tax years and matters that remain subject to examination in various tax jurisdictions, the ultimate resolution of current and future tax examinations could be inconsistent with management’s current expectations. For the remainder of fiscal 2026, we do not expect to contribute to our U.S. defined benefit plans and U.S. post-retirement benefit plan, and expect to contribute $5 million to our non-U.S. defined benefit plans. The amounts we contribute depend upon, among other things, legal requirements, underlying asset returns, the plan’s funded status, the anticipated tax deductibility of the contribution, local practices, market conditions, interest rates, and other factors. See Note 11, “Retirement Plans and Post-Retirement Benefit Plans,” for additional information. 39 Table of Contents We expect capital spending to be approximately $200 million in 2026, primarily for investments in capacity expansion and technology investments. As of April 30, 2026, we believe our cash and cash equivalents, cash generated from operations, and our ability to access capital markets and credit lines will satisfy our cash needs for the foreseeable future both globally and domestically.