Exhibit 99.1 Teradyne Reports Third Quarter 2026 Results • Revenue up 70% and
Exhibit 99.1 Teradyne Reports Third Quarter 2026 Results • Revenue up 70% and earnings up over 150% from Q3'25, exceeding the high end of our Q3 Guidance • Record revenue in Memory and Integrated Systems Test driven by all things AI • Robotics delivered its highest third quarter revenue to date and achieved profitability
NORTH READING, Mass. – October 27, 2026 – Teradyne, Inc . (NASDAQ: TER) reported revenue of $1,306 million for the third quarter of 2026 of which $1,072 million was in Semiconductor Test, $138 million in Product Test, and $96 million in Robotics. On a GAAP-basis, net income attributable to Teradyne for the third quarter of 2026 was $342.4 million, or $2.17 per diluted share. On a non-GAAP basis, net income attributable to Teradyne for the third quarter of 2026 was $359.9 million, or $2.29 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, and the related tax impact on non-GAAP adjustments. “Our wafer to data center strategy and the breadth of our portfolio sustained positive momentum in Q3,” said CEO Greg Smith. “Demand extended across the AI value chain, from memory and hard disk drive test to high-speed interconnect and robotics, driving results above the high end of our guidance. With multiple growth engines across test and robotics, we approach 2027 with a more diversified business and an expanding set of opportunities.” Guidance for the fourth quarter of 2026 is revenue of $1,250 million to $1,350 million, with GAAP net income attributable to Teradyne of $1.88 to $2.18 per diluted share and non-GAAP net income attributable to Teradyne of $1.95 to $2.25 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization and amortization on our investment in Technoprobe, as well as the related tax impact on non-GAAP adjustments. Webcast A conference call to discuss the third quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, October 28, 2026. Interested investors should access the webcast at www.teradyne.com and click on “Investors” at least five minutes before the call begins. Presentation materials will be available starting at 7:30 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors . Page2
In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income attributable to Teradyne excludes acquired intangible assets amortization, restructuring and other, ERP related expenses, inventory step-up, pension mark-to-market adjustment, pension actuarial gains and losses, discrete income tax adjustments, and the related tax impact on non-GAAP adjustments. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations as a percentage of revenue, non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investor Relations” and then selecting “Financials” and the “GAAP to Non-GAAP Reconciliation” link. The non-GAAP performance measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.
Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne's customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visitteradyne.com. Teradyne®is a registered trademark of Teradyne, Inc., in the U.S. and other countries.
This release contains forward-looking statements including statements regarding Teradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this press release address various matters, including statements regarding Teradyne’s financial guidance. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne’s best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by the U.S. or China; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department of Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use
in China; the impact of the current or future geopolitical conflicts; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China.
The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. Teradyne specifically disclaims any obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Page4 TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2026 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands)
(2) For the quarters ended September 27, 2026, June 28, 2026, and September 28, 2025, selling and administrative expenses included $3.7 million, $2.5 million, and $1.1 million, respectively, of expenses directly related to an ERP system implementation. For the nine months ended September 27, 2026 and September 28, 2025, selling and administrative expenses included $7.9 million and $2.9 million, respectively, of expenses directly related to an ERP system implementation. Page5 (3) Restructuring and other consists of:
(a) For the nine months ended September 28, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees. (4) Interest and other includes:
September 27, December 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 460,742 $ 293,751 Marketable securities 5,847 28,247 Accounts receivable, net 1,110,798 786,913 Inventories, net 574,992 379,552 Prepayments 613,658 427,564 Other current assets 24,185 33,273 Total current assets 2,790,222 1,949,300 Property, plant and equipment, net 679,603 562,999 Operating lease right-of-use assets, 121,652 76,635 net Marketable securities 158,276 126,256 Deferred tax assets 311,092 275,265 Retirement plans assets 12,240 12,059 Equity method investment 518,559 537,098 Other assets 97,111 71,697 Acquired intangible assets, net 96,662 51,271 Goodwill 663,776 521,019 Total assets $ 5,449,193 $ 4,183,599 LIABILITIES Current liabilities: Accounts payable $ 516,967 $ 269,185 Accrued employees’ compensation and 261,288 254,973 withholdings Deferred revenue and customer 211,683 153,124 advances Other accrued liabilities 146,332 111,845 Operating lease liabilities 17,061 19,340 Short-term debt — 200,000 Income taxes payable 188,105 106,740 Total current liabilities 1,341,436 1,115,207 Retirement plans liabilities 152,910 144,874 Long-term deferred revenue and customer 58,342 50,888 advances Deferred tax liabilities 10,841 5,378 Long-term other accrued liabilities 28,649 7,601 Long-term operating lease liabilities 120,054 63,899 Total liabilities 1,712,232 1,387,847 Redeemable noncontrolling interests 49,065 — EQUITY Total Teradyne shareholders' equity 3,687,896 2,795,752 Total liabilities, redeemable $ 5,449,193 $ 4,183,599 noncontrolling interests and equity
Page8 GAAP to Non-GAAP Earnings Reconciliation (In millions, except per share amounts)
(2) For the quarters ended September 27, 2026, June 28, 2026, and September 28, 2025, selling and administrative expenses included costs directly related to an ERP system implementation. (3) For the quarter ended June 28, 2026, adjustment to exclude actuarial gain recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting. Page10
(a) For the nine months ended September 28, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees. (2) For the nine months ended September 27, 2026 and September 28, 2025, selling and administrative expenses included costs directly related to an ERP system implementation. (3) For the nine months ended September 27, 2026, and September 28, 2025, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting. Page12 GAAP to Non-GAAP Reconciliation of Fourth Quarter 2026 guidance:
GAAP and non-GAAP fourth quarter revenue guidance: $1,250 million to $1,350 million ────────────────────────────────────────────────────────────────────────────── GAAP net income attributable to $ 1.88 $ 2.18 Teradyne per diluted share Exclude acquired intangible assets 0.03 $ 0.03 amortization Exclude equity method investment 0.05 $ 0.05 amortization Non-GAAP tax (0.01 ) $ (0.01 ) adjustments Non-GAAP net income attributable to $ 1.95 $ 2.25 Teradyne per diluted share
For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com.
Contact: Teradyne, Inc. Amy McAndrews 978-370-3945 Vice President of Corporate Relations
Full text with the tables
Exhibit 99.1 Teradyne Reports Third Quarter 2026 Results • Revenue up 70% and
earnings up over 150% from Q3'25, exceeding the high end of our Q3 Guidance •
Record revenue in Memory and Integrated Systems Test driven by all things AI •
Robotics delivered its highest third quarter revenue to date and achieved
profitability
Q3'26 Q3'25 Q2'26
───────────────────────────────────────────────────
Revenue (mil) $ 1,306 $ 769 $ 1,329
GAAP EPS $ 2.17 $ 0.75 $ 2.38
Non-GAAP EPS $ 2.29 $ 0.85 $ 2.47
NORTH READING, Mass. – October 27, 2026 – Teradyne, Inc . (NASDAQ: TER) reported
revenue of $1,306 million for the third quarter of 2026 of which $1,072 million
was in Semiconductor Test, $138 million in Product Test, and $96 million in
Robotics. On a GAAP-basis, net income attributable to Teradyne for the third
quarter of 2026 was $342.4 million, or $2.17 per diluted share. On a non-GAAP
basis, net income attributable to Teradyne for the third quarter of 2026 was
$359.9 million, or $2.29 per diluted share, which excluded acquired intangible
asset amortization, restructuring and other charges, and the related tax impact
on non-GAAP adjustments. “Our wafer to data center strategy and the breadth of
our portfolio sustained positive momentum in Q3,” said CEO Greg Smith. “Demand
extended across the AI value chain, from memory and hard disk drive test to
high-speed interconnect and robotics, driving results above the high end of our
guidance. With multiple growth engines across test and robotics, we approach
2027 with a more diversified business and an expanding set of opportunities.”
Guidance for the fourth quarter of 2026 is revenue of $1,250 million to $1,350
million, with GAAP net income attributable to Teradyne of $1.88 to $2.18 per
diluted share and non-GAAP net income attributable to Teradyne of $1.95 to $2.25
per diluted share. Non-GAAP guidance excludes acquired intangible asset
amortization and amortization on our investment in Technoprobe, as well as the
related tax impact on non-GAAP adjustments. Webcast A conference call to discuss
the third quarter results, along with management’s business outlook, will follow
at 8:30 a.m. ET, October 28, 2026. Interested investors should access the
webcast at www.teradyne.com and click on “Investors” at least five minutes
before the call begins. Presentation materials will be available starting at
7:30 a.m. ET. A replay will be available on the Teradyne website at
www.teradyne.com/investors .
Page2
Non-GAAP Results
In addition to disclosing results that are determined in accordance with GAAP,
Teradyne also discloses non-GAAP results of operations that exclude certain
income items and charges. These results are provided as a complement to results
provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP
net income attributable to Teradyne excludes acquired intangible assets
amortization, restructuring and other, ERP related expenses, inventory step-up,
pension mark-to-market adjustment, pension actuarial gains and losses, discrete
income tax adjustments, and the related tax impact on non-GAAP adjustments. GAAP
requires that these items be included in determining income from operations and
net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP
income from operations as a percentage of revenue, non-GAAP net income as a
percentage of revenue, and non-GAAP net income per share are non-GAAP
performance measures presented to provide meaningful supplemental information
regarding Teradyne’s baseline performance before gains, losses or other charges
that may not be indicative of Teradyne’s current core business or future
outlook. These non-GAAP performance measures are used to make operational
decisions, to determine employee compensation, to forecast future operational
results, and for comparison with Teradyne’s business plan, historical operating
results and the operating results of Teradyne’s competitors. Management believes
each of these non-GAAP performance measures provides useful supplemental
information for investors, allowing greater transparency to the information used
by management in its operational decision making and in the review of Teradyne’s
financial and operational performance, as well as facilitating meaningful
comparisons of Teradyne’s results in the current period compared with those in
prior and future periods. A reconciliation of each available GAAP to non-GAAP
financial measure discussed in this press release is contained in the attached
exhibits and on the Teradyne website at www.teradyne.com by clicking on
“Investor Relations” and then selecting “Financials” and the “GAAP to Non-GAAP
Reconciliation” link. The non-GAAP performance measures discussed in this press
release may not be comparable to similarly titled measures used by other
companies. The presentation of non-GAAP measures is not meant to be considered
in isolation, as a substitute for, or superior to, financial measures or
information provided in accordance with GAAP.
About Teradyne
Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test
equipment and advanced robotics systems. Its test solutions for semiconductors
and electronics products enable Teradyne's customers to consistently deliver on
their quality standards. Its advanced robotics business includes collaborative
robots and mobile robots that support manufacturing and warehouse operations for
companies of all sizes. For more information, visitteradyne.com. Teradyne®is a
registered trademark of Teradyne, Inc., in the U.S. and other countries.
Safe Harbor Statement
This release contains forward-looking statements including statements regarding
Teradyne’s future business prospects, financial performance or position and
results of operations. You can identify forward-looking statements by their use
of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking
statements in this press release address various matters, including statements
regarding Teradyne’s financial guidance. Investors are cautioned that such
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements due to
known and unknown risks, uncertainties, assumptions, and other factors. Such
factors include, but are not limited to, macroeconomic factors and slowdowns or
downturns in economic conditions generally and in the markets in which Teradyne
operates; decreased or delayed product demand from one or more significant
customers; a slowdown or inability in the development, delivery and acceptance
of new products; the ability to grow the Robotics business; the impact of
increased research and development spending; the impact of epidemics or
pandemics; the impact of a supply shortage on our supply chain and contract
manufacturers; the consummation and success of any mergers or acquisitions;
unexpected cash needs; the business judgment of the board of directors that a
declaration of a dividend or the repurchase of common stock is not in Teradyne’s
best interests; changes to U.S. or global tax regulations or guidance; the
impact of any tariffs or export controls imposed by the U.S. or China; the
impact of U.S. Department of Commerce or other government agency regulations
relating to Huawei, HiSilicon and other customers or potential customers; the
impact of U.S. Department of Commerce export control regulations for certain
U.S. products and technology sold to military end users or for military end-use
Page3
in China; the impact of the current or future geopolitical conflicts; the impact
of regulations published by the U.S. Department of Commerce relating to
semiconductors and semiconductor manufacturing equipment destined for certain
end uses in China.
The risks included above are not exhaustive. For a more detailed description of
the risk factors associated with Teradyne, please refer to Teradyne’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2025. Many of these
factors are macroeconomic in nature and are, therefore, beyond Teradyne’s
control. We caution readers not to place undue reliance on any forward-looking
statements included in this press release which speak only as to the date of
this press release. Teradyne specifically disclaims any obligation to update any
forward-looking information contained in this press release or with respect to
the announcements described herein.
Page4
TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2026 CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands)
Se… June Se… Nine Se… Sep…
Qua… 27, 28, 28, Mon… 27, 28,
End… 20… 2026 20… End… 20… 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,… $ 1,3… $ 76… $ 3,… $ 2,1…
re…
Co…
of
re…
(e…
of
ac…
in… 53… 534… 31… 1,… 869…
as…
am…
sh…
se…
be…
(1)
Gr… 77… 794… 44… 2,… 1,2…
pr…
Op…
ex…
Se…
and 19… 192… 16… 55… 484…
ad…
(2)
En…
and 16… 156… 12… 45… 361…
de…
Ac…
in… 5,… 4,9… 3,… 12… 11,…
as…
am…
Re…
and 1,… 3,0… 6,… 8,… 23,…
ot…
(3)
Op… 36… 356… 30… 1,… 880…
ex…
In…
fr… 40… 437… 14… 1,… 356…
op…
In…
and
ot… (2… ) (5,… ) (2… ) (8… ) (6,… )
(i…
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(4)
In…
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in…
ta…
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tax 59… 66,… 23… 18… 50,…
pr…
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eq…
in $ 34… $ 376… $ 12… $ 1,… $ 313…
net
ea…
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to
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in…
at… $ 34… $ 374… $ 11… $ 1,… $ 296…
to
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co…
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Di… $ 2.… $ 2.38 $ 0.… $ 7.… $ 1.85
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sh…
-
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sh…
-
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de… $ 0.… $ 0.13 $ 0.… $ 0.… $ 0.36
per
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(1) Cost of revenues includes:
Sep… Ju… Sep… Ni… Sep… Se…
Qua… 27, 28, 28, Mo… 27, 28,
End… 2026 20… 2025 En… 2026 20…
──────────────────────────────────────────────────────────────────────────────
Pr…
for
ex… $ 10,… $ 3,… $ 6,8… $ 19,… $ 19…
and
ob…
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st…
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pr… (202 ) (5… ) (1,… ) (1,… ) (3… )
wr…
do…
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$ 10,… $ 3,… $ 5,4… $ 18,… $ 16…
(2) For the quarters ended September 27, 2026, June 28, 2026, and September 28,
2025, selling and administrative expenses included $3.7 million, $2.5 million,
and $1.1 million, respectively, of expenses directly related to an ERP system
implementation. For the nine months ended September 27, 2026 and September 28,
2025, selling and administrative expenses included $7.9 million and $2.9
million, respectively, of expenses directly related to an ERP system
implementation.
Page5
(3) Restructuring and other consists of:
Septe… June Septe… Nine Septe… Sept…
Quar… 27, 28, 28, Mont… 27, 28,
Ended 2026 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Empl…
seve… $ 1,185 $ 1,404 $ 4,786 $ 3,443 $ 18,5…
(a)
Acqu…
and
dive… 373 1,532 173 4,516 2,043
rela…
expe…
Asset — — 328 — 1,542
impa…
Other 439 96 1,298 496 1,386
$ 1,997 $ 3,032 $ 6,585 $ 8,455 $ 23,4…
(a) For the nine months ended September 28, 2025, employee severance relates
primarily to Robotics restructuring which impacted approximately 150 employees.
(4) Interest and other includes:
Ni…
Qu… Mo…
En… En…
Se… Ju… Se… Se… Se…
27, 28, 28, 27, 28,
20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
P…
s… $ (71 ) $ — $ (8… ) $ (71 ) $ (… )
l…
(…
P…
a… — (1… ) — (1… ) 1…
l…
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on — — — — (… )
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Page6
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
September 27, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 460,742 $ 293,751
Marketable securities 5,847 28,247
Accounts receivable, net 1,110,798 786,913
Inventories, net 574,992 379,552
Prepayments 613,658 427,564
Other current assets 24,185 33,273
Total current assets 2,790,222 1,949,300
Property, plant and equipment, net 679,603 562,999
Operating lease right-of-use assets, 121,652 76,635
net
Marketable securities 158,276 126,256
Deferred tax assets 311,092 275,265
Retirement plans assets 12,240 12,059
Equity method investment 518,559 537,098
Other assets 97,111 71,697
Acquired intangible assets, net 96,662 51,271
Goodwill 663,776 521,019
Total assets $ 5,449,193 $ 4,183,599
LIABILITIES
Current liabilities:
Accounts payable $ 516,967 $ 269,185
Accrued employees’ compensation and 261,288 254,973
withholdings
Deferred revenue and customer 211,683 153,124
advances
Other accrued liabilities 146,332 111,845
Operating lease liabilities 17,061 19,340
Short-term debt — 200,000
Income taxes payable 188,105 106,740
Total current liabilities 1,341,436 1,115,207
Retirement plans liabilities 152,910 144,874
Long-term deferred revenue and
customer 58,342 50,888
advances
Deferred tax liabilities 10,841 5,378
Long-term other accrued liabilities 28,649 7,601
Long-term operating lease liabilities 120,054 63,899
Total liabilities 1,712,232 1,387,847
Redeemable noncontrolling interests 49,065 —
EQUITY
Total Teradyne shareholders' equity 3,687,896 2,795,752
Total liabilities, redeemable $ 5,449,193 $ 4,183,599
noncontrolling interests and equity
Page7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Septe… Sept… Nine Sept… Septe…
Quar… 27, 28, Months 27, 28,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash
flows
from
oper…
acti…
Cons…
net $ 347,7… $ 119,… $ 1,12… $ 296,8…
inco…
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to
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net
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to
net
cash
prov…
by
oper…
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Depr… 31,372 26,6… 90,2… 79,484
Stoc… 21,684 15,5… 63,6… 47,561
comp…
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in
net (3,281 ) 5,198 3,277 16,709
earn…
of
affi…
Amor… 5,504 3,867 12,9… 12,723
Prov…
for
exce… 10,932 6,829 19,2… 19,175
and
obso…
inve…
Loss…
(gai… (2,153 ) (3,6… ) (7,0… ) (4,722 )
on
inve…
Defe… (22,9… ) (14,… ) (41,… ) (29,1… )
taxes
Reti…
plan
actu… (71 ) (800 ) (228 ) (673 )
loss…
(gai…
Other 999 175 3,757 3,344
Chan…
in
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asse…
and
liab…
net
of
busi…
acqu…
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rece…
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Prep…
and (165,… ) (53,… ) (224… ) (22,5… )
other
asse…
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paya…
and 225,8… 104,… 347,… 121,4…
other
liab…
Defe…
reve…
and 13,182 12,5… 64,0… 25,652
cust…
adva…
Reti…
plans (1,506 ) (1,4… ) (4,6… ) (6,986 )
cont…
Inco… 23,152 (36 ) 81,1… (19,6… )
taxes
Net
cash
prov… 313,6… 49,0… 1,04… 392,7…
by
oper…
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Cash
flows
from
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of
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of — — (165… ) (144,… )
cash
and
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in a
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mark…
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Proc…
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matu… 811 9,018 11,8… 41,621
of
mark…
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from
sales 993 684 30,6… 9,172
of
mark…
secu…
Net
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used (97,1… ) (67,… ) (435… ) (307,… )
for
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of
borr…
on — — (550… ) —
revo…
cred…
faci…
Divi… (20,3… ) (18,… ) (61,… ) (57,5… )
paym…
Repu…
of (99,2… ) (243… ) (173… ) (518,… )
comm…
stock
Debt
issu… (2,686 ) — (2,6… ) —
costs
Paym…
rela…
to
net
sett… (1,040 ) (300 ) (42,… ) (15,2… )
of
empl…
stock
comp…
awar…
Issu…
of
comm…
stock
under
stock 18,607 15,2… 33,7… 30,076
purc…
and
stock
opti…
plans
Net
cash
used (104,… ) (47,… ) (445… ) (361,… )
for
fina…
acti…
Effe…
of
exch…
rate
chan… (554 ) (356 ) 563 (4,328 )
on
cash
and
cash
equi…
(Dec…
incr…
in
cash 111,2… (66,… ) 166,… (280,… )
and
cash
equi…
Cash
and
cash
equi… 349,5… 339,… 293,… 553,3…
at
begi…
of
peri…
Cash
and
cash
equi… $ 460,7… $ 272,… $ 460,… $ 272,7…
at
end
of
peri…
Page8
GAAP to Non-GAAP Earnings Reconciliation (In millions, except per share amounts)
Sep… % of June % of Sep… % of
Qua… 27, Net 28, Net 28, Net
End… 2026 Rev… 2026 Rev… 2025 Rev…
──────────────────────────────────────────────────────────────────────────────
Net $ 1,3… $ 1,3… $ 769…
re…
Gr…
pr… 771… 59.1 % 794… 59.8 % 449… 58.4 %
GA…
In… — — — — 0.4 0.1 %
st…
Gr…
pr… 771… 59.1 % 794… 59.8 % 449… 58.5 %
no…
In…
fr…
op… 402… 30.8 % 437… 32.9 % 145… 18.9 %
-
GA…
Ac…
in… 5.3 0.4 % 5.0 0.4 % 3.5 0.5 %
as…
am…
Re…
and 2.0 0.2 % 3.0 0.2 % 6.6 0.9 %
ot…
(1)
ERP
re… 3.7 0.3 % 2.5 0.2 % 1.1 0.1 %
ex…
(2)
In… — — — — 0.4 0.1 %
st…
In…
fr…
op… $ 412… 31.6 % $ 448… 33.7 % $ 156… 20.4 %
-
no…
──────────────────────────────────────────────────────────────────────────────
Page9
(1) Restructuring and other consists of:
September
September 27, June 28, 28,
Quarter Ended 2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Employee $ 1.2 $ 1.4 $ 4.8
severance
Acquisition
and
divestiture 0.4 1.5 0.2
related
expenses
Asset — — 0.3
impairment
Other 0.4 0.1 1.3
$ 2.0 $ 3.0 $ 6.6
(2) For the quarters ended September 27, 2026, June 28, 2026, and September 28,
2025, selling and administrative expenses included costs directly related to an
ERP system implementation. (3) For the quarter ended June 28, 2026, adjustment
to exclude actuarial gain recognized under GAAP in accordance with Teradyne’s
mark-to-market pension accounting.
Page10
Nine Septemb… Septemb…
Months 27, % of Net 28, % of Net
Ended 2026 Revenues 2025 Revenues
──────────────────────────────────────────────────────────────────────────────
Net $ 3,917.4 $ 2,106.7
Revenu…
Gross
profit 2,346.8 59.9 % 1,237.7 58.8 %
GAAP
Invent… 0.1 0.0 % 0.9 0.0 %
step-up
Gross
profit 2,346.9 59.9 % 1,238.6 58.8 %
non-GA…
Income
from 1,312.8 33.5 % 356.9 16.9 %
operat…
- GAAP
Acquir…
intang… 12.4 0.3 % 11.8 0.6 %
assets
amorti…
Restru…
and 8.5 0.2 % 23.5 1.1 %
other
(1)
ERP
related 7.9 0.2 % 2.9 0.1 %
expens…
(2)
Invent… 0.1 0.0 % 0.9 0.0 %
step-up
Income
from
operat… $ 1,341.7 34.3 % $ 396.0 18.8 %
-
non-GA…
… …
… …
… …
% … % …
… … … … … …
… … … … … …
… … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … … % $ … $ … … $ …
… … % … … … …
… … % … … … …
… … % … … … …
… … % … … … …
… … % … … … …
… ) … % … ) — — —
… ) … % … ) … … …
… ) … % … ) … … ) …
— — — … … ) …
… ) … % … ) … … …
… ) … % … ) … … ) …
$ … … % $ … $ … … $ …
… …
… …
Page11
(1) Restructuring and other consists of:
September 27, September 28,
Nine Months Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Acquisition and
divestiture related $ 4.5 $ 2.0
expenses
Employee severance (a) 3.4 18.5
Asset impairment — 1.5
Other 0.5 1.4
$ 8.5 $ 23.4
(a) For the nine months ended September 28, 2025, employee severance relates
primarily to Robotics restructuring which impacted approximately 150 employees.
(2) For the nine months ended September 27, 2026 and September 28, 2025, selling
and administrative expenses included costs directly related to an ERP system
implementation. (3) For the nine months ended September 27, 2026, and September
28, 2025, adjustments to exclude actuarial gains and losses, respectively,
recognized under GAAP in accordance with Teradyne’s mark-to-market pension
accounting.
Page12
GAAP to Non-GAAP Reconciliation of Fourth Quarter 2026 guidance:
GAAP and non-GAAP
fourth quarter
revenue
guidance: $1,250 million to $1,350 million
──────────────────────────────────────────────────────────────────────────────
GAAP net income
attributable to $ 1.88 $ 2.18
Teradyne
per diluted share
Exclude acquired
intangible assets 0.03 $ 0.03
amortization
Exclude equity
method investment 0.05 $ 0.05
amortization
Non-GAAP tax (0.01 ) $ (0.01 )
adjustments
Non-GAAP net
income
attributable to $ 1.95 $ 2.25
Teradyne per
diluted share
For press releases and other information of interest to investors, please visit
Teradyne’s homepage at http://www.teradyne.com.
Contact: Teradyne, Inc.
Amy McAndrews 978-370-3945
Vice President of Corporate Relations