Teradyne, Inc. · NASDAQ:TER
Teradyne — Q1 2026 Earnings Presentation
20 slides from Teradyne's earnings presentation, Apr 29, 2026
Slide 1: Financial Results for Q1 2026
Financial Results for Q1 2026 April 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 Q1'26 Results
Delivered Record Q1’26 Results Revenue Non-GAAP EPS ~70% AI Driven Revenue(1) • 87% YoY growth • 241% YoY growth • up from ~60% in Q4’25 • 18% QoQ growth • 42% QoQ growth 70% • Above high guidance • Above high guidance 60% 50% 40% Q3'25 Q4'25 Q1'26 4 (1) Approximate percentages
Slide 5: Trends Driving Growth
Trends Driving Growth Verticalization Electrification Artificial Intelligence 5
Slide 6: Teradyne Enables Scaling the AI Data Center
Teradyne Enables Scaling the AI Data Center Partnering with verticalized customers to maximize yield and quality at each stage of the process Wafer Die Substrate Package PCB Tray Rack AI Data Center ATE Test (SoC, Memory) TestInsights Integrated System Test (SLT, HDD) Production Board Test Optical T
Slide 7: SoC Market Transformation
SoC Market Transformation 2026 TAM Trend Compute Auto/Industrial Mobile 2020 2021 2022 2023 2024 2025 2026 7
Slide 8: Memory Market Transformation
Memory Market Transformation 2026 TAM Trend(1) FLASH DRAM 2020 2021 2022 2023 2024 2025 2026 8 (1) 2026 TAM trend is relative to 2025 TAM
Slide 9: New Production Introductions
New Production Introductions Semiconductor Test Product Test Photon100 Omnyx 9
Slide 10: First Quarter 2026 Financial Results and Second Quarter 2026 Guidance
First Quarter 2026 Financial Results and Second Quarter 2026 Guidance Michelle Turner, Vice President and Chief Financial Officer 10
Slide 11: Q1'26 Non-GAAP Results
Q1’26 Non-GAAP Results $ in millions, except EPS Q1’25 Actual(1) Q4’25 Actual(1) Q1’26 Actual(1) Sales (2) 100% $686M 100% $1,083M 100% $1,282M Semiconductor Test 79% $543M 82% $883M 87% $1,111M Product Test 11% $74M 10% $110M 6% $80M Robotics 10% $69M 8% $89M 7% $91M Gross Margin 60.6% $416M 57.2%
Slide 12: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation $ in millions Q1’25 Actual Q4’25 Actual Q1’26 Actual Cash and Marketable Securities $622M $448M $394M Inventory $345M $380M $363M DSO 60 days 67 days 76 days Capital Additions $64M $63M $65M Depreciation and Amortization (1) $46M $52M $55M Free Cash Flow(2) $98M $2
Slide 13: Q2'26 Non-GAAP Guidance
Q2’26 Non-GAAP Guidance $ in millions, except EPS Q1’26 Actual(1) Q2’26 Guidance(1) Sales $1,282M $1,150M - $1,250M Gross Margin 60.9% 58.0% - 59.0% OPEX 23.4% 28.0% - 27.0% Operating Profit 37.5% 30.0% - 32.0% Income Taxes (& effective tax rate) 15.5% 15.5% EPS $2.56 $1.86 - $2.15 Diluted Shares 15
Slide 14: The Big Picture: Earnings Recap
The Big Picture: Earnings Recap Q1’26 Q2’26 Outlook(1) $6B Target Model • $1.3B record revenue • $1.2B revenue at mid guidance • Assumes ATE TAM of ~$12B - • $2.56 record Non-GAAP EPS • $2.00 Non-GAAP EPS at mid $14B • 87% YoY growth; all segments guidance • ~$6B revenue and ~$9.50 - grew • 55%-60%
Slide 15: TERADYNE
TERADYNE
Slide 16: Supplemental Information
Supplemental Information 16
Slide 17: History of Capital Allocation
History of Capital Allocation Since 2015, 86M shares repurchased at an average price of ~$55 per share $ in millions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1’2026 Cumulative Buybacks(1) $300 $146 $200 $823 $500 $88 $600 $752 $401 $199 $709 $6 $4,723 Dividends $51 $49 $55 $67 $61 $66
Slide 18: 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 19: 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 20: TERADYNE
TERADYNE