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Teradyne (TER)
NASDAQ:TER
Earnings Data
Report Date
Apr 28, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.03Last Year’s EPS
0.75Same Quarter Last Year
Moderate Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented very strong operational and financial results, led by an AI-driven surge across Semiconductor Test, with record-like quarterly revenue, large sequential growth, strong margins, robust cash generation, and an ambitious midterm target earnings model. Offsetting these positives are recurring concerns about revenue lumpiness, customer concentration, inventory write-downs, and limited visibility into the second half of 2026 (including merchant GPU timing). On balance, the highlights (broad revenue/earnings beat, AI-powered demand, clear pathway to materially higher midterm earnings, and healthy capital returns) materially outweigh the lowlights, though execution and timing risks remain.Company Guidance
Quarterly Revenue and EPS Beat
Q4 sales of $1.083 billion and non-GAAP EPS of $1.80 were both above the high end of guidance; Q4 was the highest revenue quarter of 2025 and the company's second-highest quarter ever.
Strong Sequential Growth Driven by AI
Company reported 41% sequential revenue growth in Q4; AI-driven demand accounted for >60% of revenue in Q4 (40–50% in Q3) and is expected to drive >70% of revenue in Q1 2026.
Semiconductor Test Strength (SoC & Memory)
Semi Test revenue was $883M in Q4. SoC revenue was $647M, up 47% quarter-over-quarter; memory revenue was $206M, up 61% quarter-over-quarter and a record sales quarter for memory. Full-year Semiconductor Test grew 19% YoY; SoC test revenue grew 23% YoY; compute grew 90% YoY.
Full Year Revenue and EPS Growth
Full year 2025 revenue was $3.2 billion, up 13% YoY; non-GAAP EPS was $3.96, a 23% increase versus prior year.
Improved Profitability and Cash Generation
Q4 non-GAAP gross margin 57.2% and operating profit rate 29%; non-GAAP operating profit dollars roughly doubled to $314M quarter-on-quarter; Q4 free cash flow $219M and $450M for the full year.
Aggressive Shareholder Returns and Strong Liquidity Management
Returned $204M to shareholders in Q4 and $785M for the full year (174% of free cash flow); ended 2025 with $448M of cash and marketable securities and emphasized opportunistic capital allocation for M&A and buybacks.
Positive Group-Level Momentum
Product Test grew double digits in Q4 and full year Product Test up 8% driven by defense/aerospace and successful Quantifi Photonics integration; Robotics revenue $89M (up 19% from Q3) with a meaningful e-commerce ramp (>5% of Robotics revenue in Q4).
Ambitious Evergreen Target Earnings Model
At an assumed ATE TAM of $12–$14B, Teradyne targets roughly $6B revenue, 59–61% gross margin, 27–29% OpEx, 30–34% operating profit, and non-GAAP EPS of $9.50–$11, implying ~2x revenue and ~2.5x EPS vs 2025 over the midterm.
Strategic Business Development
Announced majority-owned joint venture with MultiLane to address high-speed I/O and data-center interconnect test demand (expected close in H1 2026) and noted new HDD and SLT customer wins and broader IST customer diversification; expecting HDD revenue to roughly double from 2025 to 2026.
TER Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TER Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 02, 2026 | $249.43 | $282.86 | +13.41% |
Oct 28, 2025 | $144.21 | $173.74 | +20.47% |
Jul 29, 2025 | $90.35 | $107.42 | +18.89% |
Apr 28, 2025 | $76.55 | $74.61 | -2.53% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Teradyne (TER) report earnings?
Teradyne (TER) is schdueled to report earning on Apr 28, 2026, After Close (Confirmed).
What is Teradyne (TER) earnings time?
Teradyne (TER) earnings time is at Apr 28, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TER EPS forecast?
TER EPS forecast for the fiscal quarter 2026 (Q1) is 2.03.
