Episode
Teradyne (TER): Revenue +104%, Guide Beat the Street — Then the Stock Erased a 15% Gap
- Published
- Jul 29, 2026
- Duration seconds
- 890
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Summary
Teradyne, Inc. (TER) Q2 2026 — Teradyne, Inc. (TER), one of the two companies that dominate automated semiconductor test equipment alongside Advantest of Japan, reported Q2 2026 (quarter ended June 28, 2026) after the close on July 28. Revenue was $1.329B, +103.9% YoY from $651.8M and up 3.6% sequentially, exceeding the high end of the company's own guidance and marking a second consecutive quarter of record revenue. GAAP gross margin was 59.8% versus 57.2% a year ago; GAAP income from operations was $437.8M (32.9% margin) versus $90.7M (13.9%); GAAP net income attributable to Teradyne $374.5M, or $2.38 per diluted share versus $0.49; non-GAAP net income $389.0M, or $2.47 per diluted share versus $0.57. Revenue split: Semiconductor Test $1,122M (84% of total), Product Test $107M, Robotics $100M. Management's headline attributed the quarter to record Memory revenue driven by continued strength in DRAM and a resurgence in NAND final test; CEO Greg Smith said all three business groups saw year-on-year market expansion and that a rapid increase in wafer fab equipment investment sets the stage for continued growth in 2027 and beyond. First half 2026: revenue $2.611B versus $1.337B, GAAP diluted EPS $4.91 versus $1.10. Q3 2026 guidance is revenue of $1,200M to $1,300M with GAAP diluted EPS of $1.79 to $2.09 and non-GAAP diluted EPS of $1.85 to $2.15. Balance sheet: cash $349.5M plus marketable securities of $167.6M against zero debt (the $200M of short-term borrowings outstanding at December 31 was repaid, and a $300M revolver draw within the quarter was repaid within the quarter); equity method investment carried at $515.0M. Q2 operating cash flow $469.1M versus $182.1M, capital expenditures $90.7M versus $50.4M, implying free cash flow of about $378M; first-half operating…