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TER · Teradyne, Inc
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$400.64 -2.38 (-0.59%)
S&P 500 member Nasdaq-100 member Russell 1000 member Rebalance outlook locked
Market Cap
$62.28B
Shares
156.34M
Volume · Sep 30 1.53M Avg daily vol (3M) 3.12M
All earnings calls

Earnings call · FY2026 Q2

Teradyne, Inc (TER) Q2 2026 Earnings Call

Concluded Jul 29, 2026
Jul 29, 2026 0 turns
Period
FY2026 Q2
Runtime
—
Sources
3 artifacts
Slides 23 8-K 10-Q

Executive readout · one minute

What matters this quarter

Teradyne reported a second consecutive quarter of record revenue of $1,329M (up 104% YoY) and non-GAAP EPS of $2.47 (up over 300% YoY), driven by AI demand across all three segments. The company tightened full-year guidance to 50%-52% of annual revenue in 1H with a stronger second half outlook, while Q3 guidance of $1.2B-$1.3B and $1.85-$2.15 non-GAAP EPS represents a sequential decline from the record Q2.

Dual-vendor compute customer strategy and share gains 53 AI-driven revenue growth and data center strategy 45 ATE TAM expansion driven by WFE and advanced packaging 30 Memory test growth (HBM, DRAM, NAND) 29 Networking growth (CPO, XPO, copper, pluggables) 20 Auto/Industrial/Flash recovery 12

Management tone

Confident

Net tone +82 · low hedging

Grounding quotes
  • “For the second quarter in a row, we delivered record revenue, and once again, AI was the driver.”
  • “At more than 60%, AI-driven revenue is the key proof point that our wafer-to-AI data center strategy is delivering results.”
  • “I'd like to use my time today to set context for what we believe is a multi-year growth phase for our entire business driven by the continued ai build out”
  • “with the ramp of merchant GPU and the initial dual-platform qualification in our second major hyperscaler we are positioned to gain share in the core compute segment”

Forward guidance

3 guided metrics

Management's latest ranges and targets are included below.

Research coverage

3 live sources

Open each available source without leaving this research workspace.

Revenue $1.33B +103.9% YoY
Diluted EPS $2.38 +385.7% YoY
Gross margin 59.8% +2.6 pp YoY
Net income $374.53M +377.9% YoY

Research materials

Open the source you need; every reader stays inside this workspace.

Presentation 23 pages 8-K earnings release Filed Jul 29, 2026 10-Q report Filed Jul 31, 2026 Company webcastOpen the original investor-relations page

Key takeaways

What improved, and what deserves a closer read.

↑ Constructive signals

  • Record memory revenue with book-to-bill over 2 and 2026 memory TAM likely >40% larger than 2025
  • Compute revenue grew nearly 600% YoY; completed second hyperscaler correlation and shipped first merchant GPU order
  • Free cash flow of $378M in Q2; first half FCF of $579M up 150% YoY
  • Tightened full-year revenue outlook: 1H weighted to 50%-52% of annual with stronger 2H

↓ Risks & pressure points

  • Q3 guidance implies sequential revenue decline at midpoint and EPS step-down from $2.47 to ~$2.00
  • Gross margin guided down to 58%-59% in Q3 from 59.8% in Q2 on mix and new product launches
  • Compute revenue expected to decline in 2H on order timing after being flat Q/Q in Q2
  • Mobile revenue remains muted and below historical levels
  • OPEX rising to 29%-30% of sales in Q3 from continued R&D and go-to-market investment
  • Q3 non-GAAP operating margin guided to 28%-30%, below Q2's 33.7%

Key moments

Read the management remarks selected from the transcript.

“Our optimism around 2026 and 2027 and through the midterm has grown. We are leaning further into investments to capture opportunities across the value chain, both organically and inorganically. And we are investing in next generation products across our entire portfolio.” Greg Smith, CEO
“Based on current customer order visibility, we are updating our first half weighted revenue to 50% to 52% of annual revenue. The outlook for the second half has strengthened, and we've narrowed the range from three months ago with increased visibility and continued robust demand signals from our customers.” Michelle Turner, CFO

Forward guidance

From the 8-K filed Jul 29, 2026.

Metric Guided
Revenue Initiated
third quarter of 2026
 $1.2B – $1.3B
GAAP net income attributable to Teradyne per diluted share Initiated
third quarter of 2026
 $1.79 – $2.09
Non-GAAP net income attributable to Teradyne per diluted share Initiated
third quarter of 2026
 $1.85 – $2.15

Quarter detail

How the reported period landed and where the business moved.

Revenue · segments

Semiconductor Test$1.12B +128.1% YoY
Product Test$107.25M +26.1% YoY
Robotics$99.92M +33.5% YoY

Capital returned

Buybacks · derived
$68.72M
Full-screen source Call document

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