TER · Teradyne, Inc
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. 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.
- + 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
- − 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%
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Semiconductor Equipment & Materials — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
TER
this stock
Teradyne, Inc
|
$62.28B | +108.2% | +13.1% | 54.7 | 5.2% |
|
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$703.84B | +71.5% | — | — | 0.4% |
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$394.43B | +89.2% | +51.7% | 54.7 | 2.1% |
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AMAT
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$386.29B | +99.2% | -12.6% | 42.0 | 1.8% |
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KLAC
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$245.53B | — | +11.7% | 51.3 | 1.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| TER | +1.1% | +15.2% | +12.5% | +15.2% | +108.2% |
| SPY | -1.2% | -0.4% | +13.1% | -0.4% | +12.1% |
| vs SPY | +2.3% | +15.6% | -0.6% | +15.6% | +96.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.