Teradyne (TER) financial statements
Teradyne reported revenue of $3.2B in fiscal 2025, up 6.9% a year over 9 years.
Net income was $554M and the operating margin 20.4%, against -3.6% in 2016.
Free cash flow was $450M, and the company returned $76M in dividends and $702M in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Teradyne's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.1B | $2.1B | $2.3B | $3.1B | $3.7B | $3.2B | $2.7B | $2.8B | $3.2B |
| Cost of revenue | $794M | $913M | $880M | $955M | $1.3B | $1.5B | $1.3B | $1.1B | $1.2B | $1.3B |
| Gross profit | $959M | $1.2B | $1.2B | $1.3B | $1.8B | $2.2B | $1.9B | $1.5B | $1.6B | $1.9B |
| Research and development | $292M | $307M | $302M | $323M | $375M | $428M | $441M | $418M | $461M | $505M |
| Selling, general and admin | $317M | $349M | $391M | $437M | $465M | $548M | $558M | $577M | $617M | $649M |
| Operating income | -$63M | $525M | $474M | $554M | $928M | $1.2B | $832M | $501M | $594M | $650M |
| Interest expense | $4M | $22M | $22M | $22M | $24M | $18M | $4M | $4M | $4M | $7M |
| Pre-tax income | -$55M | $524M | $468M | $526M | $901M | $1.2B | $840M | $526M | $609M | $653M |
| Income tax | -$12M | $267M | $16M | $58M | $117M | $146M | $125M | $77M | $60M | $79M |
| Net income | -$43M | $258M | $452M | $467M | $784M | $1.0B | $716M | $449M | $542M | $554M |
| EPS (diluted) | -$0.21 | $1.28 | $2.35 | $2.60 | $4.28 | $5.53 | $4.22 | $2.73 | $3.32 | $3.47 |
| Diluted shares | 203M | 202M | 193M | 179M | 183M | 184M | 170M | 164M | 163M | 160M |
| Gross margin | 54.7% | 57.2% | 58.1% | 58.4% | 57.2% | 59.6% | 59.2% | 57.4% | 58.5% | 58.2% |
| Operating margin | -3.6% | 24.6% | 22.6% | 24.1% | 29.7% | 32.4% | 26.4% | 18.7% | 21.1% | 20.4% |
| Net margin | -2.5% | 12.1% | 21.5% | 20.4% | 25.1% | 27.4% | 22.7% | 16.8% | 19.2% | 17.4% |
Balance sheet
Fiscal years, from Teradyne's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.8B | $1.1B | $911M | $1.4B | $1.1B | $855M | $758M | $553M | $294M |
| Receivables | $192M | $273M | $291M | $362M | $498M | $551M | $491M | $422M | $471M | $787M |
| Inventory | $136M | $108M | $154M | $197M | $222M | $243M | $325M | $310M | $298M | $380M |
| Total current assets | $1.6B | $2.3B | $1.7B | $1.7B | $2.4B | $2.6B | $2.3B | $2.2B | $1.8B | $1.9B |
| Property, plant and equipment | $254M | $268M | $280M | $320M | $395M | $387M | $419M | $445M | $508M | $563M |
| Goodwill | $223M | $252M | $382M | $416M | $454M | $426M | $403M | $416M | $395M | $521M |
| Total assets | $2.8B | $3.1B | $2.7B | $2.8B | $3.7B | $3.8B | $3.5B | $3.5B | $3.7B | $4.2B |
| Total current liabilities | $373M | $454M | $476M | $539M | $701M | $805M | $746M | $660M | $625M | $1.1B |
| Total liabilities | $934M | $1.2B | $1.2B | $1.3B | $1.4B | $1.2B | $1.0B | $961M | $889M | $1.4B |
| Shareholders' equity | $1.8B | $2.0B | $1.5B | $1.5B | $2.2B | $2.6B | $2.5B | $2.5B | $2.8B | $2.8B |
| Net debt | -$308M | -$430M | -$927M | -$774M | -$914M | -$1.1B | -$855M | -$758M | -$553M | -$294M |
Cash flow
Fiscal years, from Teradyne's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $455M | $626M | $477M | $579M | $869M | $1.1B | $578M | $585M | $672M | $674M |
| Capital spending | $85M | $105M | $114M | $135M | $185M | $132M | $163M | $160M | $198M | $224M |
| Free cash flow | $370M | $521M | $363M | $444M | $684M | $966M | $415M | $426M | $474M | $450M |
| Stock-based compensation | $31M | $34M | $34M | $38M | $45M | $46M | $48M | $58M | $60M | $64M |
| Dividends paid | $49M | $55M | $67M | $61M | $66M | $66M | $70M | $68M | $76M | $76M |
| Share buybacks (net) | -$146M | -$200M | -$823M | -$500M | -$88M | -$600M | -$752M | -$397M | -$199M | -$702M |
| Free cash flow margin | 21.1% | 24.4% | 17.3% | 19.4% | 21.9% | 26.1% | 13.1% | 15.9% | 16.8% | 14.1% |
| Dividends per share | $0.24 | $0.27 | $0.35 | $0.34 | $0.36 | $0.36 | $0.41 | $0.41 | $0.47 | $0.48 |
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Open TER in InvestinglyQuestions
What was Teradyne's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Teradyne generate?
$450M in fiscal 2025 (operating cash flow minus capital spending).
From Teradyne's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.