Reworded10-Q 2026-10-30 vs 10-K 2026-02-19
The risks described below in our Annual Report on Form 10-K are not the only risks that we face.
TERTeradyne
Teradyne, Inc. (“Teradyne”) was founded in 1960 and is a leading global provider of automated test equipment and robotics solutions. 10-K, Item 1
- Employees
- 6,600
- Headquarters
- North Reading, MA
- CEO
- Gregory Stephen Smith
- Next results
- around Feb 2, 2027
Risk factors in the latest filings
13 new paragraphs in the 10-K, 17 new in the latest 10-Q
New in the 10-K
Paragraphs with nothing like them in last year's 10-K
13 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
In 2025, we had two customers who specified greater than 10% of our consolidated revenues and one additional customer who directly purchased more than 10% of our consolidated revenues. The two specifying customers drove 12% and 10% of consolidated revenues. The additional direct customer accounted for 19% of consolidated revenues including certain revenues specified by our 10% specifiers.
If we were to lose any of our significant customers, if our products fail to meet changes in customers’ demands or if we suffer a material reduction in our customers’ purchase orders, our revenue could decline and our operating results and financial condition could be materially and adversely affected. We would have no or limited contractual recourse if our significant customers decided to stop buying and using our products with limited advance notice to us.
Read in the 10-K ↗
•new product selection and ability to predict market requirements and design new products that address those requirements;
Read in the 10-K ↗
•expense and complexity of complying with U.S. and foreign import and export regulations;
Similar paragraph at 1 of 74 other Technology companies: QRead in the 10-K ↗
•compliance with anti-corruption laws, cybersecurity, data privacy regulations, customs and trade regulations;
Similar paragraph at 1 of 74 other Technology companies: TWLORead in the 10-K ↗
Following an acquisition, we may not achieve the revenue or net income levels that justify the acquisition. Acquisitions may also result in one-time charges (such as acquisition-related expenses, write-offs or restructuring charges) or in the future, impairment of goodwill or acquired intangible assets, or adjustments to contingent consideration liabilities that adversely affect our operating results. We review our amortizable intangible assets for impairment at the reporting unit level when events or changes in circumstances indicate the carrying value may not be recoverable and we test goodwill for impairment at least annually. Factors that may be considered in assessing whether goodwill or intangible assets may be impaired include a decline in our stock price or market capitalization, reduced estimates of reporting unit future cash flows and slower growth rates in our industries. We have in the past recorded, and may in the future be required to record, a significant charge in our consolidated financial statements during the period in which any impairment of our goodwill or amortizable intangible assets is determined, negatively affecting our financial position and results of operations. Our valuation methodology for assessing impairment requires management to make judgments and assumptions based on experience and to rely heavily on projections of future operating performance. Because we operate in highly competitive environments, projections of our future operating results and cash flows may vary significantly from our actual results.
Additionally, we may fund acquisitions of new businesses, strategic alliances, or joint ventures by utilizing our cash, incurring debt, issuing shares of our common stock, or by other means. We may also face restrictions pursuant to the terms of an acquisition or strategic alliance agreement.
Read in the 10-K ↗
Show the other 6
•increase our vulnerability to adverse changes in general economic, industry and competitive conditions;
Similar paragraph at 18 of 74 other Technology companies: ADBE, ADSK, AVGO, CDW, CRWD, FTNT, GDDY, INTU and 10 moreRead in the 10-K ↗
•ratings changes by any securities analysts who follow our company or the failure to achieve our financial guidance or targets;
Read in the 10-K ↗
•legal, tax, accounting or regulatory changes (including changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to China) or changes in the interpretation or enforcement of existing requirements;
Read in the 10-K ↗
•customer demand considerations, including the size and timing of customer orders, customers’ decisions to accelerate, decelerate or delay shipments, customers’ decisions on how to manage their inventory, customers’ rate of replacement of our consumable products or their decisions to delay expansion projects;
Similar paragraph at 1 of 74 other Technology companies: QRead in the 10-K ↗
•our ability to increase sales in line with our increased manufacturing capacity;
Read in the 10-K ↗
We cannot predict what further actions may ultimately be taken with respect to tariffs or what products or entities may be subject to such actions, or what reciprocation may be taken by other countries in response to U.S. actions. If we cannot find ways to mitigate the potential impacts from these tariffs successfully or in a timely manner, these additional tariffs and policies could have a significant impact on our business and operating results. The actual impact on any new tariffs is subject to a number of factors including the effective date, duration, amount, scope and nature of the tariffs. To date, recent tariff changes have not had a material adverse effect on our business, financial condition or results of operations, however, in the future, the implementation of additional tariffs by the United States or other countries could have a material adverse effect on our business, financial condition or results of operations.
Read in the 10-K ↗
New in the latest 10-Q
Paragraphs in the 10-Q filed Oct 30, 2026 that were not in the one before
17 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Read in the 10-Q ↗
Deferred revenue and customer advances consist of the following and are included in short and long-term deferred revenue and customer advances on the balance sheet:
Read in the 10-Q ↗
2026 2025 (in millions) Currency Hedged (Buy/Sell) U.S. dollar/Japanese yen $ 4.7 $ Total $ 4.7 $ The change in fair value of the outstanding cash flow hedge contracts resulted in a loss of $0.1 million at September 27, 2026.
Read in the 10-Q ↗
Ended Ended Location of (Gains) Losses September 27, September 28, September 27, September 28,
Read in the 10-Q ↗
As of September 27, 2026, Teradyne had no outstanding borrowings under the 2026 Credit Facility. As of December 31, 2025, Teradyne had outstanding borrowings of $200 million under the 2020 Credit Facility. The weighted-average interest rate on the outstanding borrowings as of December 31, 2025 was 4.86%. During the nine months ended September 27, 2026, Teradyne paid $4.8 million in interest related to its debt from its Credit Facilities. As of September 27, 2026, Teradyne was in compliance with all covenants under its credit agreements.
Read in the 10-Q ↗
Show the other 12
L. STOCK-BASED COMPENSATION Under Teradyne’s stock compensation plans, Teradyne grants time-based restricted stock units, performance-based restricted stock units and stock options, and employees are eligible to purchase Teradyne’s common stock through its Employee Stock Purchase Plan (“ESPP”).
Read in the 10-Q ↗
Adjustment Securities Credit (in thousands) Nine Months Ended September 27, 2026 Total balance at December 31, 2025, net of tax of $0, $(1,892), $ 47,328 $ (6,571) $ - $ 1,138 $ 41,895
Read in the 10-Q ↗
During the three months ended September 27, 2026, Teradyne recognized a non-cash settlement gain of $0.1 million related to lump sum distributions paid to retired or terminated employees. The gain is the result of the aggregate of the cumulative lump sum distributions exceeding the total annual service and interest costs. Due to the remeasurement, the reduction in pension benefit obligation and pension assets was $4.6 million.
Read in the 10-Q ↗
During the three months ended September 28, 2025, Teradyne recognized a non-cash settlement gain of $0.8 million related to lump sum distributions paid to retired or terminated employees. The gain is the result of the aggregate of the cumulative lump sum distributions exceeding the total annual service and interest costs. Due to the remeasurement, the reduction in pension benefit obligation and pension assets was $4.7 million.
Read in the 10-Q ↗
In the nine months ended September 27, 2026, and September 28, 2025, Teradyne contributed $2.7 million and $2.4 million, respectively, to the U.S. supplemental executive defined benefit pension plan, and $1.2 million and $3.6 million, respectively, to certain qualified pension plans for non-U.S. subsidiaries.
Read in the 10-Q ↗
For the Nine Months Ended September 27, 2026 September 28, 2025 United Foreign United Foreign
Read in the 10-Q ↗
acquisitions, Teradyne provides indemnifications to or assumes indemnification obligations for the current and former directors, officers and employees of the acquired companies in accordance with the acquired companies’ by-laws and charter. As a matter of practice, Teradyne has maintained directors’ and officers’ liability insurance coverage including coverage for directors and officers of acquired companies.
Read in the 10-Q ↗
V. SUBSEQUENT EVENTS On October 6, 2026, Teradyne entered into a securities purchase agreement and a collaboration agreement with FormFactor, Inc. (“FormFactor”), a provider of semiconductor test and measurement technologies. Under the securities purchase agreement, Teradyne agreed to make a $300.0 million minority, non-controlling equity investment in FormFactor. The transaction is expected to close within the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Under the collaboration agreement, Teradyne and FormFactor will collaborate on joint solutions that combine Teradyne’s test platforms with FormFactor’s probe, contactor, and interface technologies to help semiconductor customers accelerate device validation and bring advanced devices to production, including in silicon photonics, high-performance compute, advanced packaging, and high-bandwidth memory.
Read in the 10-Q ↗
On October 6, 2026, we entered into a securities purchase agreement and a collaboration agreement with FormFactor, Inc. (“FormFactor”), a provider of semiconductor test and measurement technologies. Under the securities purchase agreement, we agreed to make a $300.0 million minority, non-controlling equity investment in FormFactor. The transaction is expected to close within the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Under the collaboration agreement, we and FormFactor will collaborate on joint solutions that combine our test platforms with FormFactor’s probe, contactor, and interface technologies to help semiconductor customers accelerate device validation and bring advanced devices to production, including in silicon photonics, high-performance compute, advanced packaging, and high-bandwidth memory.
Read in the 10-Q ↗
On October 6, 2026, we entered into a securities purchase agreement and a collaboration agreement with FormFactor, Inc. (“FormFactor”). Under the securities purchase agreement, we agreed to make a $300.0 million minority, non-controlling equity investment in FormFactor. The transaction is expected to close within the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Read in the 10-Q ↗
Other information
Ryan Driscoll, our Vice President and General Counsel, entered into a new Rule 10b5-1 trading plan on September 3, 2026. The Rule 10b5-1 trading plan provides that Mr. Driscoll, acting through a broker, may sell up to an aggregate of 3,614 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is February 5, 2027. Mr. Driscoll’s plan is scheduled to terminate on May 7, 2027, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Driscoll or the broker, or as otherwise provided in the plan.
Read in the 10-Q ↗
Item 6
10.1 Credit Agreement, dated August 7, 2026, by and among Teradyne, Inc., as the Borrower, PNC Bank, National Association, as the administrative agent, issuing bank and swingline lender, and the several banks and other financial institutions and lenders from time to time party thereto (incorporated herein by reference to Exhibit 10.1 to Teradyne's Current Report on Form 8-K (File No. 001-06462) filed August 10, 2026).
Read in the 10-Q ↗
10-Q against the 10-K
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 19, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
In addition to other information set forth in this Form 10-Q, you should carefully consider the factors discussed in Part I, “Item 1A: Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026, which could materially affect our business, financial condition or future results. The risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, remain applicable to our business.
Work on TER in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/TER/export.csv") into a cell.