$TER

TERADYNE INC

CIK:0000097210|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Revenues:
Total revenues	$ 1,328,990	$ 651,797	$ 2,611,484	$ 1,337,477
Cost of revenues:
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)	534,372	278,785	1,035,916	549,128
Gross profit	794,618	373,012	1,575,568	788,349
Operating expenses:
Selling and administrative	192,520	157,782	359,257	315,039
Engineering and development	156,284	118,382	291,845	236,570
Acquired intangible assets amortization	4,972	3,733	7,196	8,306
Restructuring and other	3,032	2,372	6,457	16,887
Total operating expenses	356,808	282,269	664,755	576,802
Income from operations	437,810	90,743	910,813	211,547
Non-operating (income) expense:
Interest income	(3,182)	(4,351)	(5,604)	(9,427)
Interest expense	2,964	805	6,115	1,600
Other (income) expense, net	(5,591)	(2,270)	1,006	3,790
Income before income taxes and equity in net earnings of affiliate	443,619	96,559	909,296	215,584
Income tax provision	66,788	12,260	128,945	26,804
Income before equity in net earnings of affiliate	376,831	84,299	780,351	188,780
Equity in net earnings of affiliate	(1,946)	(5,927)	(6,557)	(11,511)
Consolidated net income	374,885	78,372	773,794	177,269
Less: Net income attributable to noncontrolling interests	352	0	352	0
Net income attributable to Teradyne	$ 374,533	$ 78,372	$ 773,442	$ 177,269
Earnings per common share attributable to Teradyne:
Basic	$ 2.39	$ 0.49	$ 4.94	$ 1.1
Diluted	$ 2.38	$ 0.49	$ 4.91	$ 1.1
Weighted average common shares—basic	156,470	159,967	156,440	160,734
Weighted average common shares—diluted	157,693	160,135	157,664	161,065
Product [Member]
Revenues:
Total revenues	$ 1,191,327	$ 522,657	$ 2,334,298	$ 1,084,614
Cost of revenues:
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)	487,221	232,422	940,667	456,564
Service [Member]
Revenues:
Total revenues	137,663	129,140	277,186	252,863
Cost of revenues:
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)	$ 47,151	$ 46,363	$ 95,249	$ 92,564

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities:
Consolidated net income	$ 773,794	$ 177,269
Adjustments to reconcile consolidated net income from operations to net cash provided by operating activities:
Depreciation	58,884	52,835
Stock-based compensation	41,964	32,031
Equity in net earnings of affiliate	6,557	11,511
Losses (gains) on investments	(4,923)	(1,078)
Provision for excess and obsolete inventory	8,281	12,347
Amortization	7,421	8,856
Deferred taxes	(18,230)	(14,998)
Retirement plan actuarial losses (gains)	(157)	127
Other	2,760	3,168
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable	(302,176)	49,496
Inventories	(7,852)	(23,707)
Prepayments and other assets	(59,621)	30,879
Accounts payable and other liabilities	121,803	17,135
Deferred revenue and customer advances	50,863	13,056
Retirement plans contributions	(3,098)	(5,576)
Income taxes	57,992	(19,625)
Net cash provided by operating activities	734,262	343,726
Cash flows from investing activities:
Purchases of property, plant and equipment	(155,439)	(114,429)
Acquisition of businesses, net of cash and cash equivalents acquired	(165,611)	(144,380)
Purchase of investment in a business	(10,030)	(5,368)
Purchases of marketable securities	(48,235)	(17,150)
Proceeds from maturities of marketable securities	11,069	32,603
Proceeds from sales of marketable securities	29,615	8,487
Net cash used for investing activities	(338,631)	(240,237)
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility	350,000	0
Repayments of borrowings on revolving credit facility	(550,000)	0
Dividend payments	(40,710)	(38,584)
Repurchase of common stock	(74,238)	(274,873)
Payments related to net settlement of employee stock compensation awards	(41,113)	(14,954)
Issuance of common stock under stock purchase and stock option plans	15,101	14,792
Net cash used for financing activities	(340,960)	(313,619)
Effects of exchange rate changes on cash and cash equivalents	1,116	(3,972)
(Decrease) increase in cash and cash equivalents	55,787	(214,102)
Cash and cash equivalents at beginning of period	293,751	553,354
Cash and cash equivalents at end of period	349,538	339,252
Non-cash investing activities:
Capital expenditures incurred but not yet paid:	$ 9,791	$ 4,722

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 28, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 349,538

$ 293,751

Marketable securities

5,291

28,247

Accounts receivable, less allowance for credit losses of $2,835 and $2,410 at June 28, 2026 and December 31, 2025, respectively

1,109,711

786,913

Inventories, net

403,297

379,552

Prepayments

468,174

427,564

Other current assets

30,011

33,273

Total current assets

2,366,022

1,949,300

Property, plant and equipment, net

634,839

562,999

Operating lease right-of-use assets, net

94,302

76,635

Marketable securities

162,274

126,256

Deferred tax assets

289,582

275,265

Retirement plans assets

12,140

12,059

Equity method investment

514,957

537,098

Other assets

85,774

71,697

Acquired intangible assets, net

101,910

51,271

Goodwill

663,817

521,019

Total assets

4,925,617

^[1]

4,183,599

Current liabilities:

Accounts payable

383,422

269,185

Accrued employees' compensation and withholdings

220,690

254,973

Deferred revenue and customer advances

193,840

153,124

Other accrued liabilities

133,399

111,845

Operating lease liabilities

17,258

19,340

Short-term debt

200,000

Income taxes payable

164,907

106,740

Total current liabilities

1,113,516

1,115,207

Retirement plans liabilities

151,436

144,874

Long-term deferred revenue and customer advances

62,985

50,888

Deferred tax liabilities

12,929

5,378

Long-term other accrued liabilities

28,569

7,601

Long-term operating lease liabilities

82,869

63,899

Total liabilities

1,452,304

1,387,847

Commitments and contingencies (Note R)

EQUITY

Common stock, $0.125 par value, 1,000,000 shares authorized; 156,378 and 156,088 shares issued and outstanding at June 28, 2026, and December 31, 2025, respectively

19,547

19,511

Additional paid-in capital

2,003,232

1,989,911

Accumulated other comprehensive loss (gain)

10,756

41,895

Retained earnings

1,403,627

744,435

Total Teradyne shareholders' equity

3,437,162

2,795,752

Equity attributable to noncontrolling interests

36,151

Total equity

3,473,313

2,795,752

Total liabilities and equity

$ 4,925,617

$ 4,183,599

[1]	Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities, and certain other assets.