TERADYNE, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TERADYNE, INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,753	2,137	2,101	2,295	3,121	3,703	3,155	2,676	2,820	3,190
Cost of revenue	794	913	880	955	1,336	1,496	1,288	1,140	1,171	1,333
Gross profit	959	1,221	1,220	1,340	1,786	2,207	1,867	1,537	1,649	1,857
Research and development	292	307	302	323	375	428	441	418	461	505
Selling, general and administrative	317	349	391	437	465	548	558	577	617	649
Selling and marketing							310	319	351	367
General and administrative							154	159	166	169
Operating expenses	1,022	696	747	786	857	1,006	1,035	1,036	1,055	1,207
Operating income	-63	525	474	554	928	1,201	832	501	594	650
Interest expense	3.64	21.7	21.8	22.2	24.2	17.8	3.72	3.81	3.59	6.85
Interest income	9.3	17.8	20.5	17	5.98	2.63	6.38	27.3	24.8	15.7
Other non-operating income	2.25	2.93	-4.67	-22.6	-9.19	-24.6	5.79	0.96	-5.89	-5.64
Pre-tax income	-55.1	524	468	526	901	1,161	840	526	609	653
Income tax	-11.6	267	16	58.3	117	146	125	76.8	59.5	79.3
Net income	-43.4	258	452	467	784	1,015	716	449	542	554
EBITDA	57	633	587	674	1,055	1,326	943	612	714	778
EPS, basic	-0.21	1.30	2.41	2.74	4.72	6.15	4.52	2.91	3.41	3.48
EPS, diluted	-0.21	1.28	2.35	2.60	4.28	5.53	4.22	2.73	3.32	3.47
Shares, basic (weighted)	203	198	188	170	166	165	158	154	159	159
Shares, diluted (weighted)	203	202	193	179	183	184	170	164	163	160
Dividend per share	0.24	0.28	0.36	0.36	0.40	0.40	0.44	0.44	0.48	0.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	308	430	927	774	914	1,122	855	758	553	294
Receivables	192	273	291	362	498	551	491	422	471	787
Inventory	136	108	154	197	222	243	325	310	298	380
Other current assets	8.04	112	171	189	9.25	9.45	14.4	38	17.7	33.3
Total current assets	1,624	2,270	1,732	1,659	2,415	2,576	2,258	2,162	1,816	1,949
Property, plant and equipment	254	268	280	320	395	387	419	445	508	563
Lease right-of-use assets				57.5	54.6	68.8	73.7	73.4	70.2	76.6
Goodwill	223	252	382	416	454	426	403	416	395	521
Intangible assets	100	79.1	125	125	101	75.6	53.5	35.4	15.9	51.3
Other non-current assets	12.2	12.3	11.5	10.3	9.38	24.1	28.9	38.6	49.6	71.7
Total assets	2,762	3,110	2,707	2,787	3,652	3,809	3,501	3,487	3,709	4,184
Accounts payable	95.4	86.4	101	127	134	153	140	180	135	269
Accrued liabilities	110	142	149	164	220	254	212	192	205	255
Short-term debt										200
Total current liabilities	373	454	476	539	701	805	746	660	625	1,115
Lease liabilities				45.8	42.1	56.2	64.2	65.1	57.9	63.9
Total liabilities	934	1,156	1,184	1,307	1,442	1,245	1,050	961	889	1,388
Paid-in capital	1,594	1,638	1,672	1,720	1,765	1,812	1,756	1,827	1,910	1,990
Retained earnings	230	272	-158	-242	387	737	726	707	971	744
Treasury stock	-446	-200	-824	-1,323	-88.5	-600	-1,352	-401	-199	-709
Other comprehensive income	-20.2	18.8	-13	-18.9	33.5	-5.95	-49.9	-27	-81.2	41.9
Shareholders' equity	1,829	1,954	1,522	1,480	2,207	2,562	2,451	2,526	2,819	2,796
Total equity	1,829	1,954	1,522	1,480	2,207	2,562	2,451	2,526	2,819	2,796
Total liabilities and equity	2,762	3,110	2,707	2,787	3,652	3,809	3,501	3,487	3,709	4,184
Shares outstanding	199	196	176	166	0.17	162	156	153	162	156

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-43.4	258	452	467	784	1,015	716	449	542	554
Depreciation and amortization	120	108	113	121	127	125	111	111	120	128
Stock-based compensation	30.8	34.1	33.6	37.9	44.9	45.6	48.2	57.7	60.1	64
Deferred income tax	-62.9	37.1	28.3	-9.46	-15.7	-17.3	-38.7	-37.6	-46.4	-52.1
Change in receivables	18.3	-80.6	-17.9	-70.4	-129	-57.8	50.6	71	-52.7	-306
Change in inventory	34.3	45	-29.5	-27.4	-8.44	6.5	-80.8	5.33	8.71	-28.4
Change in payables	6.82	43.6	13.7
Cash from operations	455	626	477	579	869	1,098	578	585	672	674
Capital expenditures	-85.3	-105	-114	-135	-185	-132	-163	-160	-198	-224
Acquisitions			-169	-79.7	0.15	-12	0	0	0	-144
Sales and maturities of investments	243	702	1,270	612	480	660	223	85	38.4	49
Cash from investing	-640	-263	923	-157	-570	120	43.8	-180	-622	-369
Share buybacks	-146	-200	-823	-500	-88.5	-600	-752	-397	-199	-702
Dividends paid	-48.6	-55.4	-67.3	-61.3	-66.5	-66	-69.7	-67.9	-76.4	-76.3
Cash from financing	228	-245	-903	-574	-158	-1,009	-893	-502	-252	-562
Exchange rate effect		3.45	0.44	-0.57	-0.66	-2.07
Net change in cash	43.2	122	497	-153	140	208	-267	-97.2	-204	-260
Free cash flow	370	521	363	444	684	966	415	426	474	450
Interest paid	0.45	6.45	6.21	6	6.44	4.24	1.5	0.3	0.77	3.16
Income taxes paid	40.4	53.8	72.8	81.4	107	172	193	140	121	115

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $398.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.2%	Gross profit / revenue.
Operating margin	30.2%	Operating income / revenue.
EBITDA margin	33.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	30.2%	Pre-tax income / revenue.
Net margin	25.8%	Net income / revenue.
FCF margin	17.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.9%	Cash from operations / revenue.
Effective tax rate	13.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.4%	Net income / average total assets.
Return on invested capital (ROIC)	37.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.5%	Research and development expense / revenue.
SG&A / revenue	15.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.9%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-6.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-8.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.12x	Current assets / current liabilities.
Quick ratio	1.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	29.5%	Total liabilities / total assets.
Interest coverage	119x	Operating income / interest expense.
Working capital	$1.25B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	7.03x	Revenue / average property, plant and equipment.
Inventory turnover	4.51x	Cost of revenue / average inventory.
Days inventory	81 days	365 x average inventory / cost of revenue.
Receivables turnover	4.02x	Revenue / average receivables.
Days sales outstanding	91 days	365 x average receivables / revenue.
Days payables	77 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	95 days	Days inventory + days sales outstanding - days payables.
FCF conversion	69.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.31	Revenue / diluted weighted shares.
FCF per share	$5.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.75	Cash from operations / diluted weighted shares.
Book value per share	$21.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.08	Tangible book value / shares outstanding.
Cash per share	$2.24	(Cash + short-term investments) / shares outstanding.
Payout ratio	6.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	9.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	62.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$62.28B	Share price x shares outstanding.
Enterprise value	$61.93B	Market cap + total debt - cash - short-term investments.
P/E	54.1x	Market cap / net income. Only when net income is positive.
P/S	14.0x	Market cap / revenue.
P/B	18.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	23.3x	Market cap / tangible book value, when positive.
P/FCF	77.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	58.5x	Market cap / cash from operations, when positive.
EV/Sales	13.9x	Enterprise value / revenue.
EV/EBIT	45.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	41.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	77.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was TERADYNE, INC's revenue in fiscal 2025?

TERADYNE, INC reported revenue of $3.19B for fiscal 2025, 13.1% higher than the year before.

Was TERADYNE, INC profitable in fiscal 2025?

Yes. Net income was $554.0M, a net margin of 17.4%.

How much free cash flow did TERADYNE, INC generate in fiscal 2025?

Cash from operations of $674.4M minus capital expenditures of $224.0M left free cash flow of $450.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to TERADYNE, INC