AI demand drives record Q1 2026 results at Teradyne (NASDAQ: TER)

Rhea-AI Filing Summary

Teradyne reported record first-quarter 2026 results, well above its guidance, driven by surging AI-related demand. Revenue reached $1.282 billion, up 87% from Q1 2025, with GAAP earnings of $2.53 per diluted share and non-GAAP earnings of $2.56 per share, both rising sharply year over year.

Semiconductor Test contributed $1.111 billion of revenue, Robotics $91 million, and Product Test $80 million. GAAP net income was $398.9 million, and gross margin was strong at $780.9 million of gross profit. Management noted that about 70% of revenue is tied to AI-related demand across compute and memory markets.

For the second quarter of 2026, Teradyne guides revenue between $1.150 billion and $1.250 billion, with GAAP EPS of $1.83 to $2.12 and non-GAAP EPS of $1.86 to $2.15. The company generated $265.1 million of operating cash flow in the quarter and declared a $0.13 per-share dividend.

Positive

• Record Q1 2026 performance: Revenue of $1.282 billion rose 87% year over year, with GAAP EPS of $2.53 and non-GAAP EPS of $2.56, both significantly higher than Q1 2025 and above the high end of prior guidance.
• Broad-based, AI-driven growth: Approximately 70% of revenue was tied to AI-related demand, and all major segments — Semiconductor Test, Product Test, and Robotics — delivered strong year-over-year growth.
• Strong profitability and cash generation: GAAP net income reached $398.9 million, non-GAAP net income was $402.9 million, and operating cash flow was $265.1 million, supporting continued investment and a higher $0.13 per-share dividend.

Negative

• None.

Insights

Semiconductor and capital equipment analyst

AI-driven demand delivered record Q1 results and solid Q2 guidance for Teradyne.

Teradyne’s Q1 2026 revenue of $1.282B, up 87% year over year, and GAAP EPS of $2.53 show a powerful upswing in test demand. About 70% of revenue tied to AI workloads suggests broad strength across compute and memory customers.

All three segments — Semiconductor Test at $1.111B, Robotics at $91M, and Product Test at $80M — grew strongly versus Q1 2025. Non-GAAP net income of $402.9M and operating cash flow of $265.1M underline healthy profitability while Teradyne continues ERP and restructuring investments.

Management’s Q2 2026 outlook for revenue between $1.150B and $1.250B with non-GAAP EPS of $1.86–$2.15 points to sustained high activity after the record quarter. Future filings may show how durable AI-related demand remains and how Robotics growth tracks against this elevated baseline.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 Revenue: $1.282B Q1 2026 GAAP EPS: $2.53 per diluted share Q1 2026 non-GAAP EPS: $2.56 per diluted share +5 more

8 metrics

Q1 2026 Revenue $1.282B Quarter ended March 29, 2026; up 87% vs Q1 2025

Q1 2026 GAAP EPS $2.53 per diluted share Quarter ended March 29, 2026

Q1 2026 non-GAAP EPS $2.56 per diluted share Excludes specified amortization, restructuring, and tax impacts

Q1 2026 GAAP Net Income $398.9M Quarter ended March 29, 2026

Q1 2026 Operating Cash Flow $265.1M Net cash provided by operating activities in Q1 2026

AI-related Revenue Mix Approximately 70% of revenue Share of Q1 2026 revenue tied to AI-related demand

Q2 2026 Revenue Guidance $1.150B–$1.250B Company outlook for second quarter 2026

Q1 2026 Dividend $0.13 per share Cash dividend declared per common share in Q1 2026

Key Terms

non-GAAP, equity method investment, ERP system implementation, restructuring and other, +1 more

5 terms

non-GAAP financial

"Non-GAAP net income for the first quarter of 2026 was $402.9 million, or $2.56 per diluted share"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

equity method investment financial

"Equity in net earnings of affiliate | (4,611) ... Equity method investment | 522,583"

An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.

ERP system implementation financial

"selling and administrative expenses included $1.7 million of expenses directly related to a planned ERP system implementation"

restructuring and other financial

"Restructuring and other consists of acquisition and divestiture related expenses, employee severance, asset impairment and other"

pension mark-to-market adjustment financial

"adjustment to exclude actuarial loss recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting"

A pension mark-to-market adjustment is an accounting change that updates a company’s reported pension assets and liabilities to current market values, like re‑pricing a long-term savings account to today’s market rates. It matters to investors because those adjustments can swing a company’s reported profits, cash needs and balance-sheet strength—similar to how suddenly changing the value of a mortgage would affect a household’s net worth and monthly obligations.

Earnings Snapshot

Revenue: $1.2825B · Guidance included

Q1 2026

Revenue $1.2825B +87% vs Q1 2025

GAAP EPS (diluted) $2.53 Higher vs $0.61 in Q1 2025

Non-GAAP EPS (diluted) $2.56 Higher vs $0.75 in Q1 2025

GAAP Net Income $398.9M Higher vs $98.9M in Q1 2025

Guidance

For Q2 2026, Teradyne guides revenue of $1.150B–$1.250B, GAAP EPS of $1.83–$2.12, and non-GAAP EPS of $1.86–$2.15.

Understanding 8-K Material Events →

false000009721000000972102026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 28, 2026

TERADYNE, INC.

(Exact Name of Registrant as Specified in Charter)

Massachusetts		001-06462		04-2272148
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

600 Riverpark Drive, North Reading, MA		01864
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (978) 370-2700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.125 per share		TER		Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2026, Teradyne, Inc. (“Teradyne”) issued a press release regarding its financial results for the first quarter ended March 29, 2026. Teradyne’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit		Description
99.1		Press Release dated April 28, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				TERADYNE, INC.
Dated: April 29, 2026				By:		/s/ MICHELLE TURNER
				Name:		Michelle Turner
				Title:		Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

Teradyne Reports First Quarter 2026 Results

•Record revenue and earnings both above the high end of our Q1 Guidance

•Revenue of $1.282B up 87%, GAAP EPS of $2.53 and non-GAAP EPS of $2.56, both up significantly from Q1’25

•Record results driven by AI-related demand strength across compute segments and memory

		Q1'26				Q1'25				Q4'25
Revenue (mil)		$	1,282			$	686			$	1,083
GAAP EPS		$	2.53			$	0.61			$	1.63
Non-GAAP EPS		$	2.56			$	0.75			$	1.80

NORTH READING, Mass. – April 28, 2026 – Teradyne, Inc. (NASDAQ:TER) reported revenue of $1,282 million for the first quarter of 2026 of which $1,111 million was in Semiconductor Test, $91 million in Robotics, and $80 million in Product Test. GAAP net income for the first quarter of 2026 was $398.9 million, or $2.53 per diluted share. On a non-GAAP basis, Teradyne’s net income for the first quarter of 2026 was $402.9 million, or $2.56 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, and the related tax impact on non-GAAP adjustments.

"Our Q1 results reached a new record high. With approximately 70% of our revenue tied to AI-related demand, our results reflect the strength of our wafer to AI data center strategy. All of our business groups - Semiconductor Test, Product Test, and Robotics - delivered strong year-over-year growth which we expect to continue with robust AI driven momentum as the catalyst,” said Teradyne CEO Greg Smith.

Guidance for the second quarter of 2026 is revenue of $1,150 million to $1,250 million, with GAAP net income of $1.83 to $2.12 per diluted share and non-GAAP net income of $1.86 to $2.15 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 first quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, April 29, 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.

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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 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. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. 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, visit teradyne.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

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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.

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TERADYNE, INC. REPORT FOR FIRST FISCAL QUARTER OF 2026

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands)

		Quarter Ended
		March 29, 2026				December 31, 2025				March 30, 2025
Net revenues		$	1,282,494			$	1,083,337			$	685,680
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)			501,545				463,647				270,344
Gross profit			780,949				619,690				415,336
Operating expenses:
Selling and administrative (2)			166,737				164,693				157,257
Engineering and development			135,561				143,265				118,188
Acquired intangible assets amortization			2,224				3,451				4,573
Restructuring and other (3)			3,425				15,081				14,515
Operating expenses			307,947				326,490				294,533
Income from operations			473,002				293,200				120,803
Interest and other (income) expense (4)			7,326				3,625				1,779
Income before income taxes			465,676				289,575				119,024
Income tax provision			62,157				29,151				14,544
Income before equity in net earnings of affiliate		$	403,519			$	260,424			$	104,480
Equity in net earnings of affiliate			(4,611	)			(3,204	)			(5,584	)
Net income		$	398,908			$	257,220			$	98,896
Net income per common share:
Basic		$	2.55			$	1.64			$	0.61
Diluted		$	2.53			$	1.63			$	0.61
Weighted average common shares - basic			156,410				156,412				161,501
Weighted average common shares - diluted			157,636				157,651				161,996
Cash dividend declared per common share		$	0.13			$	0.12			$	0.12

(1)Cost of revenues includes:

		Quarter Ended
		March 29, 2026				December 31, 2025				March 30, 2025
Provision for excess and obsolete inventory		$	4,682			$	6,607			$	4,945
Inventory step-up			118				348				216
Sale of previously written down inventory			(297	)			(494	)			(324	)
		$	4,503			$	6,461			$	4,837

(2)For the quarters ended March 29, 2026, December 31, 2025, and March 30, 2025, selling and administrative expenses included $1.7 million, $1.9 million, and $0.7 million, respectively, of expenses directly related to a planned ERP system implementation.

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(3)Restructuring and other consists of:

		Quarter Ended
		March 29, 2026				December 31, 2025				March 30, 2025
Acquisition and divestiture related expenses		$	1,699			$	602			$	1,972
Employee severance (a)			854				10,851				11,395
Asset impairment			—				3,329				1,142
Other			872				299				6
		$	3,425			$	15,081			$	14,515

(a)For the three months ended December 31, 2025, and March 30, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 200 and 150 employees, respectively.

(4)Interest and other includes:

		Quarter Ended
		March 29, 2026				December 31, 2025				March 30, 2025
Pension actuarial losses (gains)		$	—			$	1,338			$	—
Pension settlement loss (gain)			—				18				—
Loss (gain) on foreign exchange contract			—				—				(561	)

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CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

		March 29, 2026				December 31, 2025
Assets
Cash and cash equivalents		$	241,944			$	293,751
Marketable securities			3,653				28,247
Accounts receivable, net			1,107,522				786,913
Inventories, net			362,757				379,552
Prepayments			438,577				427,564
Other current assets			18,720				33,273
Total current assets			2,173,173				1,949,300
Property, plant and equipment, net			585,724				562,999
Operating lease right-of-use assets, net			76,222				76,635
Marketable securities			148,374				126,256
Deferred tax assets			281,776				275,265
Retirement plans assets			12,078				12,059
Equity method investment			522,583				537,098
Other assets			70,743				71,697
Acquired intangible assets, net			48,979				51,271
Goodwill			514,175				521,019
Total assets		$	4,433,827			$	4,183,599
Liabilities
Accounts payable		$	344,681			$	269,185
Accrued employees’ compensation and withholdings			156,194				254,973
Deferred revenue and customer advances			197,127				153,124
Other accrued liabilities			122,512				111,845
Operating lease liabilities			18,438				19,340
Short-term debt			—				200,000
Income taxes payable			173,259				106,740
Total current liabilities			1,012,211				1,115,207
Retirement plans liabilities			143,354				144,874
Long-term deferred revenue and customer advances			58,371				50,888
Deferred tax liabilities			4,556				5,378
Long-term other accrued liabilities			7,559				7,601
Long-term operating lease liabilities			63,960				63,899
Total liabilities			1,290,011				1,387,847
Shareholders’ equity			3,143,816				2,795,752
Total liabilities and shareholders’ equity		$	4,433,827			$	4,183,599

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

		Quarter Ended
		March 29, 2026				March 30, 2025
Cash flows from operating activities:
Net income		$	398,908			$	98,896
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			30,240				25,523
Stock-based compensation			21,902				15,204
Equity in net earnings of affiliate			4,611				5,584
Amortization			2,415				4,779
Provision for excess and obsolete inventory			4,682				4,945
Losses (gains) on investments			3,317				3,372
Deferred taxes			(7,777	)			(7,811	)
Other			2,286				3,483
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable			(322,017	)			13,053
Inventories			20,827				(31,049	)
Prepayments and other assets			4,049				13,650
Accounts payable and other liabilities			(15,025	)			(9,950	)
Deferred revenue and customer advances			51,964				10,200
Retirement plans contributions			(1,534	)			(1,282	)
Income taxes			66,276				13,040
Net cash provided by operating activities			265,124				161,637
Cash flows from investing activities:
Purchases of property, plant and equipment			(64,733	)			(64,021	)
Purchase of investment in a business			—				(3,011	)
Purchases of marketable securities			(40,797	)			(10,753	)
Acquisition of businesses, net of cash and cash equivalents acquired			—				(17,002	)
Proceeds from maturities of marketable securities			10,910				27,381
Proceeds from sales of marketable securities			27,328				5,633
Net cash used for investing activities			(67,292	)			(61,773	)
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility			50,000				—
Repayments of borrowings on revolving credit facility			(250,000	)			—
Dividend payments			(20,362	)			(19,406	)
Repurchase of common stock			(5,518	)			(157,475	)
Payments related to net settlement of employee stock compensation awards			(39,437	)			(14,726	)
Issuance of common stock under stock purchase and stock option plans			15,101				14,792
Net cash used for financing activities			(250,216	)			(176,815	)
Effects of exchange rate changes on cash and cash equivalents			577				(771	)
(Decrease) increase in cash and cash equivalents			(51,807	)			(77,722	)
Cash and cash equivalents at beginning of period			293,751				553,354
Cash and cash equivalents at end of period		$	241,944			$	475,632

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GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)

	Quarter Ended
	March 29, 2026				% of Net Revenues												December 31, 2025				% of Net Revenues												March 30, 2025				% of Net Revenues
Net revenues	$	1,282.5															$	1,083.3															$	685.7
Gross profit GAAP		780.9				60.9	%											619.7				57.2	%											415.3				60.6	%
Inventory step-up		0.1				0.0	%											0.3				0.0	%											0.2				0.0	%
Gross profit non-GAAP		781.0				60.9	%											620.0				57.2	%											415.5				60.6	%
Income from operations - GAAP		473.0				36.9	%											293.2				27.1	%											120.8				17.6	%
Restructuring and other (1)		3.4				0.3	%											15.1				1.4	%											14.5				2.1	%
Acquired intangible assets amortization		2.2				0.2	%											3.5				0.3	%											4.6				0.7	%
ERP related expenses (2)		1.7				0.1	%											1.9				0.2	%											0.7				0.1	%
Inventory step-up		0.1				0.0	%											0.3				0.0	%											0.2				0.0	%
Income from operations - non-GAAP	$	480.4				37.5	%										$	314.0				29.0	%										$	140.8				20.5	%
									Net Income per Common Share																Net Income per Common Share																Net Income per Common Share
	March 29, 2026				% of Net Revenues				Basic				Diluted				December 31, 2025				% of Net Revenues				Basic				Diluted				March 30, 2025				% of Net Revenues				Basic				Diluted
Net income - GAAP	$	398.9				31.1	%		$	2.55			$	2.53			$	257.2				23.7	%		$	1.64			$	1.63			$	98.9				14.4	%		$	0.61			$	0.61
Amortization of equity method investment		7.7				0.6	%			0.05				0.05				7.6				0.7	%			0.05				0.05				7.4				1.1	%			0.05				0.05
Restructuring and other (1)		3.4				0.3	%			0.02				0.02				15.1				1.4	%			0.10				0.10				14.5				2.1	%			0.09				0.09
Acquired intangible assets amortization		2.2				0.2	%			0.01				0.01				3.5				0.3	%			0.02				0.02				4.6				0.7	%			0.03				0.03
ERP related expenses (2)		1.7				0.1	%			0.01				0.01				1.9				0.2	%			0.01				0.01				0.7				0.1	%			0.00				0.00
Inventory step-up		0.1				0.0	%			0.00				0.00				0.3				0.0	%			0.00				0.00				0.2				0.0	%			0.00				0.00
Pension mark-to-market adjustment (3)		—				—				—				—				1.3				0.1	%			0.01				0.01				—				—				—				—
Pension settlement loss (gain)		—				—				—				—				0.1				0.0	%			0.00				0.00				—				—				—				—
Loss (gain) of foreign exchange contract		—				—				—				—				—				—				—				—				(0.6	)			-0.1	%			(0.00	)			(0.00	)
Exclude discrete tax adjustments		(9.3	)			-0.7	%			(0.06	)			(0.06	)			0.4				0.0	%			0.00				0.00				0.9				0.1	%			0.01				0.01
Non-GAAP tax adjustments		(1.8	)			-0.1	%			(0.01	)			(0.01	)			(4.3	)			-0.4	%			(0.03	)			(0.03	)			(5.1	)			-0.7	%			(0.03	)			(0.03	)
Net income - non-GAAP	$	402.9				31.4	%		$	2.58			$	2.56			$	283.0				26.1	%		$	1.81			$	1.80			$	121.5				17.7	%		$	0.75			$	0.75
GAAP and non-GAAP weighted average common shares - basic		156.4																156.4																161.5
GAAP and non-GAAP weighted average common shares - diluted		157.6																157.7																162.0

Page 9

(1)Restructuring and other consists of:

	Quarter Ended
	March 29, 2026										December 31, 2025										March 30, 2025
Acquisition and divestiture related expenses	$	1.7									$	0.6									$	2.0
Employee severance (a)		0.9										10.9										11.4
Asset impairment		—										3.3										1.1
Other		0.9										0.3										—
	$	3.5									$	15.1									$	14.5

(a)For the quarters ended December 31, 2025 and March 30, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 200 and 150 employees, respectively.

(2)For the quarters ended March 29, 2026, December 31, 2025 and March 30, 2025, selling and administrative expenses included costs directly related to a planned ERP system implementation.

(3)For the quarter ended December 31, 2025, adjustment to exclude actuarial loss recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

Page 10

GAAP to Non-GAAP Reconciliation of Second Quarter 2026 guidance:

GAAP and non-GAAP second quarter revenue guidance:			$1,150 million			to	$1,250 million
GAAP net income per diluted share			$	1.83			$	2.12
Exclude acquired intangible assets amortization				0.01			$	0.01
Exclude equity method investment amortization				0.03			$	0.03
Non-GAAP tax adjustments				(0.01	)		$	(0.01	)
Non-GAAP net income per diluted share			$	1.86			$	2.15

For press releases and other information of interest to investors, please visit Teradyne’s homepage at https://www.teradyne.com.

Contact:	Teradyne, Inc.
	Amy McAndrews 978-370-3945
	Vice President of Corporate Relations

FAQ

How did Teradyne (TER) perform in Q1 2026?

Teradyne delivered record Q1 2026 results with revenue of $1.282 billion, up 87% year over year. GAAP EPS was $2.53 and non-GAAP EPS was $2.56, both significantly higher than Q1 2025 and above the company’s prior Q1 guidance range.

What drove Teradyne’s strong Q1 2026 financial results?

Teradyne’s record Q1 2026 was driven by AI-related demand, representing about 70% of revenue. All business groups — Semiconductor Test, Product Test, and Robotics — showed strong year-over-year growth, reflecting robust demand across compute segments and memory testing applications.

What were Teradyne’s segment revenues in Q1 2026?

In Q1 2026, Teradyne reported $1.111 billion in Semiconductor Test revenue, $91 million in Robotics revenue, and $80 million in Product Test revenue. These contributions together produced total company revenue of $1.282 billion for the quarter, a record level for Teradyne.

What earnings guidance did Teradyne provide for Q2 2026?

For Q2 2026, Teradyne forecasts revenue between $1.150 billion and $1.250 billion. It expects GAAP diluted EPS of $1.83 to $2.12 and non-GAAP diluted EPS of $1.86 to $2.15, excluding specified amortization and related tax adjustments from the non-GAAP measures.

How profitable was Teradyne in Q1 2026 on a GAAP and non-GAAP basis?

Teradyne generated GAAP net income of $398.9 million, or $2.53 per diluted share, in Q1 2026. On a non-GAAP basis, excluding items like amortization and restructuring, net income was $402.9 million, or $2.56 per diluted share, reflecting strong underlying profitability.

What was Teradyne’s cash flow from operations in Q1 2026?

In Q1 2026, Teradyne produced $265.1 million in cash flow from operating activities. This cash generation came alongside rapid revenue and earnings growth, supporting continued investment, dividends, and other capital allocation decisions detailed in the company’s financial statements.

Did Teradyne change its dividend in Q1 2026?

Yes. Teradyne declared a $0.13 cash dividend per common share for Q1 2026, compared with $0.12 per share in the comparable Q1 2025 period. The increased dividend reflects management’s capital return approach alongside strong earnings and cash flow performance.

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