Slide 1: Financial Results for Q2 2026
Financial Results for Q2 2026 July 29, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation 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,”
Slide 3: Business Update and Outlook
Business Update and Outlook Greg Smith, President and CEO 3
Slide 4: Delivered Record Q2'26 Results
Delivered Record Q2’26 Results Revenue Non-GAAP EPS AI-Driven Revenue • 104% YoY growth • 333% YoY growth $1.6B • Above high guidance • Above high guidance $1.2B $0.8B • Semi Test up 128% YoY, Product Test up 26% YoY, $0.4B Robotics up 33% YoY $0.0B Q3'25 Q4'25 Q1'26 Q2'26 Non- AI Revenue AI Revenue
Slide 5: WFE Projected to Reach $250B as Early as 2028, as Late as 2030
WFE Projected to Reach $250B as Early as 2028, as Late as 2030 $250 $200 $150 WFE Capex ($B) $100 $50 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 Source: Actuals: Susquehanna Financial Group (Jun 29, 2026). Cone: per-year envelope of SIG and Evercore ISI (Jul 12,
Slide 6: Correlation of Increase in Transistors and Bits to SOC and Memory TAMs
Correlation of Increase in Transistors and Bits to SOC and Memory TAMs Transistors up ~6x since 2016 - SOC test demand up ~3x Memory bits up ~8x since 2016 - memory test TAM up ~4x Memory TAM ($B) Transistors (ET) SOC TAM ($B) Bits (Zb) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 202
Slide 7: The ATE TAM Is Outpacing the Overall Semiconductor Capex
The ATE TAM Is Outpacing the Overall Semiconductor Capex ATE portion Capex ($B) 8% YTD 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total Semiconductor Capex ($B) ATE portion (right axis) ATE portion - 2026 YTD Source: SEMI, Product Buy Rate Data 2016-May 2026 (Product BuyRate tab: SEMS AT
Slide 8: ATE TAM: Expected to Reach or Exceed $20B by the End of the Decade
ATE TAM: Expected to Reach or Exceed $20B by the End of the Decade $250 $20 $200 $15 WFE Capex $B ATE TAM $B $150 $10 $100 $5 $50 $0 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 WFE actual ($B) Total ATE TAM actual ($B) Scenario low ($B) Scenario high ($B) Source: Ac
Slide 9: Teradyne's Wafer to AI Data Center Strategy
Teradyne’s Wafer to AI Data Center Strategy Enabling the global deployment of AI Wafer Die Substrate Package PCB Tray Rack AI Data Center ATE Test (SoC, Memory) Semiconductor Test Group Integrated System Test (SLT, HDD) Production Board Test Optical Test Product Test Group High Speed Interconnect Te
Slide 10: Dual Vendor Lifecycle
Dual Vendor Lifecycle Key factor for share gain in Compute 1 2 3 4 5 6 Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Phase 6 Opportunity to Working solution Correlated Production ramp Fast follower Mature vendor compete solution Expected Share Gradual share Range gain to 30% 30% to 70%
Slide 11: Teradyne's Wafer to AI Data Center Strategy
Teradyne’s Wafer to AI Data Center Strategy Enabling the global deployment of AI Wafer Die Substrate Package PCB Tray Rack AI Data Center ATE Test (SoC, Memory) Semiconductor Test Group Integrated System Test (SLT, HDD) Production Board Test Optical Test Product Test Group High Speed Interconnect Te
Slide 12: Second Quarter 2026 Financial Results and Third Quarter 2026 Guidance
Second Quarter 2026 Financial Results and Third Quarter 2026 Guidance Michelle Turner, Vice President and Chief Financial Officer 12
Slide 13: Q2'26 Non-GAAP Results
Q2’26 Non-GAAP Results $ in millions, except EPS Q2’25 Actual(1) Q1’26 Actual(1) Q2’26 Actual(1) Sales 100% $652M 100% $1,282M 100% $1,329M Semiconductor Test 75% $492M 87% $1,111M 84% $1,122M Product Test 13% $85M 6% $80M 8% $107M Robotics 12% $75M 7% $91M 8% $100M Gross Margin 57.3% $373M 60.9% $7
Slide 14: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation $ in millions Q2’25 Actual Q1’26 Actual Q2’26 Actual Cash and Marketable Securities $489M $394M $517M Inventory $351M $363M $403M DSO 60 days 76 days 76 days Capital Additions $50M $65M $91M Depreciation and Amortization (1) $48M $55M $54M Free Cash Flow(2) $132M $
Slide 15: Q3'26 Non-GAAP Guidance
Q3’26 Non-GAAP Guidance $ in millions, except EPS Q2’26 Actual(1) Q3’26 Guidance(1) Sales $1,329M $1,200M - $1,300M Gross Margin 59.8% 58.0% - 59.0% OPEX 26.1% 30.0% - 29.0% Operating Profit 33.7% 28.0% - 30.0% Income Taxes (& effective tax rate) 15.5% 15.5% EPS $2.47 $1.85 - $2.15 Diluted Shares 15
Slide 16: The Big Picture: Earnings Recap
The Big Picture: Earnings Recap Q2’26 1H'26 Q3’26 Outlook(1) • $1.3B record revenue • $2.6B record revenue, up ~100% • $1.25B revenue at mid guidance • $2.47 Non-GAAP EPS over 1H'25 • $2.00 Non-GAAP EPS at mid • 104% YoY growth • $5.02 of Non-GAAP EPS, up guidance ~275% over 1H'25 • 2H 48%-50% of fu
Slide 17: TERADYNE
TERADYNE
Slide 18: Supplemental Information
Supplemental Information 18
Slide 19: History of Capital Allocation
History of Capital Allocation Since 2015, 87M shares repurchased at an average price of ~$55 per share $ in millions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H’26 Cumulative Buybacks(1) $300 $146 $200 $823 $500 $88 $600 $752 $401 $199 $709 $74 $4,792 Dividends $51 $49 $55 $67 $61 $66
Slide 20: Teradyne Non-GAAP Target Earnings Model
Teradyne Non-GAAP Target Earnings Model Target Earnings Model(1) Segment Revenue 2025 Target Model ATE TAM ~$9.0B $12-14B ~15-25% CAGR off FY25 ~$6.0B TER Revenue $3.2B ~$6.0B Gross Margin % 58.3% ~59% - 61% $3.2B OPEX % 36.0% ~29% - 27% Operating Profit 22.3% ~30% - 34% Non-GAAP EPS $3.96 ~$9.50 -
Slide 21: Product vs Service Revenue Detail
Product vs Service Revenue Detail $ in millions Q2’25 Actual Q1’26 Actual Q2’26 Actual Total Company Sales $652M $1,282M $1,329M Product Revenue $523M $1,142M $1,191M Service Revenue $129M $139M $138M SemiTest Sales $492M $1,111M $1,122M Product Revenue $395M $1,006M $1,019M Service Revenue $97M $10
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses in this presentation and on the earnings call non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complemen
Slide 23: TERADYNE
TERADYNE