Company file · TER
Teradyne
Semiconductor Test was Teradyne's fastest-growing segment in FY2025, up 18.8%
Revenue rose 13.1% to $3.2B in FY2025, from $2.8B in FY2024. Net income rose 2.2% to $554M. Semiconductor Test was the largest segment, at 79% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Teradyne (Nasdaq: TER) took in $3.2B of revenue (up 13.1% on fiscal 2024); net income was $554M (up 2.2%). The most recent quarter, ended Sep 27, 2026, brought revenue of $1.3B, up 69.8% year over year, with net income of $342M. Semiconductor Test was the biggest single line by segment: 79% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Sep 27, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 19, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026 · 10-Q filed Oct 30, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Semiconductor Test$2.5B79%+18.8%
- Product Test$358M11%+8.1%
- Robotics$308M10%−15.5%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Semiconductor Test (79%), Product Test (11%) and Robotics (10%), as shares of total revenue. Total revenue was $3.2B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Teradyne 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026
By segment
Source: Teradyne 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 13.1% in FY2025 to $3.2B, from $2.8B a year earlier. 10-K, FY2025
- Net income rose 2.2% in FY2025 to $554M, from $542M. 10-K, FY2025
- Operating cash flow rose 0.3% in FY2025 to $674M. 10-K, FY2025
- Diluted shares fell 2.2% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
The bear case
- Robotics revenue fell 15.5% in FY2025 to $308M. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include chip cycles; customer concentration; export rules and trade. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Teradyne is in the semiconductor materials & equipment industry, part of the information technology sector. The SEC files it under Instruments For Meas & Testing Of Electricity & Elec Signals.
Teradyne reports 3 segments: Semiconductor Test, Product Test and Robotics.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the semiconductor materials & equipment industry. They are not a summary of Teradyne’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
- Customer concentrationA few large customers can account for much of sales.
- Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
- Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
- Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $2.7B | $2.8B | $3.2B |
| Net income | $449M | $542M | $554M |
| Operating cash flow | $585M | $672M | $674M |
| Cash & equivalents (year end) | $758M | $553M | $294M |
| Diluted shares | 164M | 163M | 160M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Market cap and enterprise value
- How to read a 10-K
- Forward-looking statements
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 27, 2026 |
| 10-Q | Jul 31, 2026 | Jun 28, 2026 |
| 10-Q | May 1, 2026 | Mar 29, 2026 |
| DEF 14A | Mar 27, 2026 | Mar 25, 2026 |
| 10-K | Feb 19, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Teradyne
How does Teradyne make money?
In fiscal 2025, revenue totaled $3.2B. By segment in FY2025: Semiconductor Test (79%), Product Test (11%) and Robotics (10%), as shares of total revenue. Total revenue was $3.2B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What was Teradyne's revenue in fiscal 2025?
Revenue came to $3.2B in the year ended Dec 31, 2025. Going back two years, it was $2.7B in fiscal 2023 and $2.8B in fiscal 2024, so the latest year was up 13.1%. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
Is Teradyne profitable?
Yes, by US accounting rules (GAAP): net income was $554M in fiscal 2025, up 2.2% from $542M a year earlier. For the quarter ended Sep 27, 2026, net income was $342M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What did Teradyne report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 27, 2026 shows revenue of $1.3B, against $769M in the same quarter a year before (up 69.8%), and net income of $342M, against $120M (up 186.4%). Source: 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026.
What are the main risks Teradyne faces?
Teradyne's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the semiconductor materials & equipment industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.
Where do these Teradyne numbers come from?
Two filings Teradyne made with the SEC: its fiscal 2025 10-K, filed Feb 19, 2026, and its 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Teradyne
- Lone Pine Capital: 1,493,080 shares, reported value $722.4M at Jun 30, 2026 (−20.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- ARK Investment Management: 644,782 shares, reported value $312.0M at Jun 30, 2026 (−48.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 469,082 shares, reported value $227.0M at Jun 30, 2026 (−44.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 458,710 shares, reported value $221.9M at Jun 30, 2026 (−79.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 218,100 shares, reported value $105.5M at Jun 30, 2026 (+32.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Bridgewater Associates: 98,627 shares, reported value $47.7M at Jun 30, 2026 (−70.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 67,515 shares, reported value $32.7M at Jun 30, 2026 (−80.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 41,303 shares, reported value $20.0M at Jun 30, 2026 (−93.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 2,101 shares, reported value $1.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 266 shares, reported value $0.1M at Sep 30, 2026 (+32.3% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in TER
- The editor holds no position in Teradyne (TER). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell TER from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 5, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold TER, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| TeradyneTER | FY2025 | $3.2B | +13.1% | $554M |
| Applied MaterialsAMAT | FY2025 | $28.4B | +4.4% | $7.0B |
| Lam ResearchLRCX | FY2026 | $23.2B | +26.0% | $7.3B |
| KLAKLAC | FY2026 | $13.6B | +11.7% | $4.8B |
| Qnity ElectronicsQ | FY2025 | $4.8B | +9.7% | $729M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.