Revenue and earnings above the high-end of Q4 guidance
Revenue of $1.083 billion in Q4'25, up 44% from Q4'24 and up 41% from Q3'25
Q4 growth driven by strong AI-related demand in compute and memory
Revenue of $3.19 billion in 2025, up 13% from 2024

Teradyne, Inc. (NASDAQ:TER):

Q4'25

Q4'24

Q3'25

FY 2025

FY 2024

Revenue (mil)

1,083

753

769

3,190

2,820

GAAP EPS

1.63

0.90

0.75

3.47

3.32

Non-GAAP EPS

1.80

0.95

0.85

3.96

3.22

Teradyne, Inc. (NASDAQ:TER) reported revenue of $1,083 million for the fourth quarter of 2025 of which $883 million was in Semiconductor Test, $110 million in Product Test, and $89 million in Robotics. GAAP net income for the fourth quarter of 2025 was $257.2 million or $1.63 per diluted share. On a non-GAAP basis, Teradyne's net income in the fourth quarter of 2025 was $283.0 million, or $1.80 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, pension mark-to-market adjustment, and included the related tax impact on non-GAAP adjustments.

"Our Q4 results were above the high end of our guidance range, fueled by AI-related demand in compute, networking and memory within our Semi Test business. Across all of our business groups – Semi Test, Product Test, and Robotics – we experienced sequential growth, and at the company level we achieved 13% growth in 2025," said Teradyne CEO, Greg Smith. "In 2026, we expect year-over-year growth across all of our businesses, with strong momentum in compute driven by AI."

Guidance for the first quarter of 2026 is revenue of $1,150 million to $1,250 million, with GAAP net income of $1.82 to $2.19 per diluted share and non-GAAP net income of $1.89 to $2.25 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, amortization on our investment in Technoprobe, restructuring and other costs, as well as the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the fourth quarter results, along with management's business outlook, will follow at 8:30 a.m. ET, Tuesday, February 03, 2026. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. Presentation materials will be available starting at 7:30 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income exclude acquired intangible assets amortization, restructuring and other, ERP related expenses, inventory step-up, pension mark-to-market adjustment, pension actuarial gains and losses, discrete income tax adjustments, and includes the related tax impact on non-GAAP adjustments. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations as a percentage of revenue, non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne's baseline performance before gains, losses or other charges that may not be indicative of Teradyne's current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne's business plan, historical operating results and the operating results of Teradyne's competitors. Non-GAAP diluted shares include the impact of Teradyne's call option on its shares. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne's financial and operational performance, as well as facilitating meaningful comparisons of Teradyne's results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on "Investor Relations" and then selecting "Financials" and the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP performance measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne's customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visit teradyne.com. Teradyne^®is a registered trademark of Teradyne, Inc., in the U.S. and other countries.

Safe Harbor Statement

This release 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," "expect," "plan," "could," "may," "will," "believe," "estimate," "goal" or other comparable terms. Forward-looking statements in this press release address various matters, including statements regarding Teradyne's financial guidance. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics such as COVID-19; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne's best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by the U.S. or China; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China; the impact of the current conflicts in Israel; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China.

The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne's control. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. Teradyne specifically disclaims any obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

TERADYNE, INC. REPORT FOR FOURTH FISCAL QUARTER OF 2025


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Quarter Ended									Year Ended
	December 31, 2025			September 28, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Net revenues	$	1,083,337		$	769,210		$	752,884		$	3,190,024		$	2,819,880
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)		463,647			319,904			305,597			1,332,679			1,170,953
Gross profit		619,690			449,306			447,287			1,857,345			1,648,927
Operating expenses:
Selling and administrative (2)		164,693			169,144			155,739			648,874			617,047
Engineering and development		143,265			124,760			128,387			504,596			460,876
Acquired intangible assets amortization		3,451			3,514			4,656			15,270			18,764
Restructuring and other (3)		15,081			6,585			4,554			38,554			15,571
Loss (gain) on sale of business (4)		—			—			367			—			(57,119	)
Operating expenses		326,490			304,003			293,703			1,207,294			1,055,139
Income from operations		293,200			145,303			153,584			650,051			593,788
Interest and other (income) expense (5)		3,625			(2,797	)		(4,213	)		(3,209	)		(15,298	)
Income before income taxes and equity in net earnings of affiliate		289,575			148,100			157,797			653,260			609,086
Income tax provision		29,151			23,344			5,408			79,299			59,503
Income before equity in net earnings of affiliate		260,424			124,756			152,389			573,961			549,583
Equity in net earnings of affiliate		(3,204	)		(5,198	)		(6,136	)		(19,914	)		(7,211	)
Net income	$	257,220		$	119,558		$	146,253		$	554,047		$	542,372

Net income per common share:
Basic	$	1.64		$	0.75		$	0.90		$	3.48		$	3.41
Diluted	$	1.63		$	0.75		$	0.90		$	3.47		$	3.32
Weighted average common shares - basic		156,412			158,595			162,478			159,119			159,083
Weighted average common shares - diluted (6)		157,651			159,097			163,184			159,719			163,314

Cash dividend declared per common share	$	0.12		$	0.12		$	0.12		$	0.48		$	0.48

(1)

Cost of revenues includes:

	Quarter Ended									Year Ended
	December 31, 2025			September 28, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Provision for excess and obsolete inventory	$	6,607		$	6,829		$	3,406		$	25,782		$	18,921
Inventory step-up		348			351			—			1,258			—
Legal settlement		—			—			—			—			3,600
Sale of previously written down inventory		(494	)		(1,726	)		(441	)		(3,649	)		(2,227	)
	$	6,461		$	5,454		$	2,965		$	23,391		$	20,294

(2)		For the quarters ended December 31, 2025, September 28, 2025, and the year ended December 31, 2025, selling and administrative expenses included $1.9 million, $1.1 million, and $4.8 million, respectively, of expenses directly related to a planned ERP system implementation. For the year ended December 31, 2024, selling and administrative expenses included an equity charge of $1.7 million for the modification of Teradyne executives' retirement agreements.

(3)		Restructuring and other consists of:

	Quarter Ended						Year Ended
	December 31, 2025		September 28, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Employee severance (a)	$	10,851	$	4,786	$	378	$	29,351	$	5,234
Asset impairment		3,329		328		1,284		4,870		1,284
Acquisition and divestiture related expenses		602		173		—		2,250		2,214
Other		299		1,298		2,892		2,083		6,840
	$	15,081	$	6,585	$	4,554	$	38,554	$	15,572

	(a)		For the three months ended December 31, 2025 employee severance relates primarily to Robotics restructuring which impacted approximately 200 employees. For the year ended December 31, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 400 employees.

(4)		On May 27, 2024, Teradyne sold Teradyne's Device Interface Solution ("DIS") business, a component of the Semiconductor Test segment, to Technoprobe S.p.A. ("Technoprobe"), for $85.0 million, net of cash and cash equivalents sold and a working capital adjustment.

(5)		Interest and other includes:

	Quarter Ended								Year Ended
	December 31, 2025		September 28, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Pension actuarial losses (gains)	$	1,338	$	—		$	(1,842	)	$	1,465		$	(4,355	)
Pension settlement loss (gain)		18		(800	)		—			(782	)		—
Loss (gain) on foreign exchange contract		—		—			—			(561	)		9,765

(6)

Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the year ended December 31, 2024, diluted shares included 3.6 million shares from the convertible note hedge transaction.


CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

	December 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	293,751	$	553,354
Marketable securities		28,247		46,312
Accounts receivable, net		773,567		471,426
Inventories, net		379,552		298,492
Prepayments		427,564		429,086
Other current assets		33,273		17,727
Total current assets		1,935,954		1,816,397
Property, plant and equipment, net		562,999		508,171
Operating lease right-of-use assets, net		76,635		70,185
Marketable securities		126,256		124,121
Deferred tax assets		275,265		222,438
Retirement plans assets		12,059		11,994
Equity method investment		537,098		494,494
Other assets		71,697		49,620
Acquired intangible assets, net		51,271		15,927
Goodwill		521,019		395,367
Total assets	$	4,170,253	$	3,708,714
Liabilities
Accounts payable	$	269,185	$	134,792
Accrued employees' compensation and withholdings		254,973		204,991
Deferred revenue and customer advances		139,778		107,710
Other accrued liabilities		111,845		90,777
Operating lease liabilities		19,340		18,699
Short-term debt		200,000		—
Income taxes payable		106,740		67,610
Total current liabilities		1,101,861		624,579
Retirement plans liabilities		144,874		133,338
Long-term deferred revenue and customer advances		50,888		40,505
Deferred tax liabilities		5,378		1,038
Long-term other accrued liabilities		7,601		7,442
Long-term operating lease liabilities		63,899		57,922
Long-term income taxes payable		—		24,596
Total liabilities		1,374,501		889,420
Shareholders' equity		2,795,752		2,819,294
Total liabilities and shareholders' equity	$	4,170,253	$	3,708,714


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Quarter Ended						Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Cash flows from operating activities:
Net income	$	257,220		$	146,253		$	554,047		$	542,372
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		31,961			26,497			111,445			100,977
Stock-based compensation		16,437			14,855			63,999			60,122
Equity in net earnings of affiliate		3,204			6,136			19,914			7,211
Amortization		3,813			4,631			16,536			18,764
Provision for excess and obsolete inventory		6,607			3,406			25,782			18,922
Losses (gains) on investments		(698	)		(83	)		(5,420	)		10,056
Loss (gain) on sale of business		—			367			—			(57,119	)
Deferred taxes		(22,967	)		(20,099	)		(52,067	)		(46,360	)
Retirement plan actuarial losses (gains)		1,356			(1,842	)		683			(4,355	)
Other		8,661			2,751			12,005			(2,290	)
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable		(180,468	)		12,607			(292,255	)		(52,659	)
Inventories		6,194			(2,420	)		(28,424	)		8,707
Prepayments and other assets		16,008			58,016			(6,591	)		119,454
Accounts payable and other liabilities		87,402			9,279			208,848			(54,386	)
Deferred revenue and customer advances		13,628			8,552			39,280			12,176
Retirement plans contributions		(1,497	)		(1,645	)		(8,483	)		(5,814	)
Income taxes		34,777			15,296			15,116			(3,602	)
Net cash provided by operating activities		281,638			282,557			674,415			672,176
Cash flows from investing activities:
Purchases of property, plant and equipment		(62,888	)		(57,385	)		(224,009	)		(198,095	)
Investments in businesses		—			(5,000	)		(25,519	)		(532,060	)
Purchases of marketable securities		(5,535	)		(10,700	)		(32,999	)		(45,796	)
Acquisition of businesses, net of cash and cash equivalents acquired		—			—			(144,380	)		—
Proceeds from the sale of a business, net of cash and cash equivalents sold		—			—			—			90,348
Proceeds from maturities of marketable securities		7,330			5,190			48,951			38,353
Proceeds from sales of marketable securities		167			436			9,339			24,035
Proceeds from life insurance		—			—			—			873
Net cash used for investing activities		(60,926	)		(67,459	)		(368,617	)		(622,342	)
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility		50,000			—			250,000			185,000
Payments of borrowings on revolving credit facility		(50,000	)		—			(50,000	)		(185,000	)
Dividend payments		(18,739	)		(19,487	)		(76,313	)		(76,423	)
Repurchase of common stock		(183,437	)		(143,521	)		(702,095	)		(198,574	)
Payments related to net settlement of employee stock compensation awards		(448	)		(267	)		(15,702	)		(14,100	)
Issuance of common stock under stock purchase and stock option plans		1,784			65			31,860			37,330
Net cash used for financing activities		(200,840	)		(163,210	)		(562,250	)		(251,767	)
Effects of exchange rate changes on cash and cash equivalents		1,179			(8,570	)		(3,151	)		(2,284	)
Increase (decrease) in cash and cash equivalents		21,051			43,318			(259,603	)		(204,217	)
Cash and cash equivalents at beginning of period		272,700			510,036			553,354			757,571
Cash and cash equivalents at end of period	$	293,751		$	553,354		$	293,751		$	553,354

GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)

	Quarter Ended
	December 31, 2025		% of Net Revenues			September 28, 2025		% of Net Revenues			December 31, 2024		% of Net Revenues
Net revenues	$	1,083.3				$	769.2				$	752.9
Gross profit - GAAP		619.7		57.2	%		449.3		58.4	%		447.3		59.4	%
Inventory step-up		0.3		0.0	%		0.4		0.1	%		—		—
Gross profit - non-GAAP		620.0		57.2	%		449.7		58.5	%		447.3		59.4	%
Income from operations - GAAP		293.2		27.1	%		145.3		18.9	%		153.6		20.4	%
Restructuring and other (1)		15.1		1.4	%		6.6		0.9	%		4.6		0.6	%
Acquired intangible assets amortization		3.5		0.3	%		3.5		0.5	%		4.7		0.6	%
ERP related expenses (2)		1.9		0.2	%		1.1		0.1	%		—		—
Inventory step-up		0.3		0.0	%		0.4		0.1	%		—		—
Loss (gain) on sale of business (3)		—		—			—		—			0.4		0.0	%
Income from operations - non-GAAP	$	314.0		29.0	%	$	156.9		20.4	%	$	163.2		21.7	%

							Net Income per Common Share												Net Income per Common Share												Net Income per Common Share
	December 31, 2025			% of Net Revenues			Basic			Diluted			September 28, 2025			% of Net Revenues			Basic			Diluted			December 31, 2024			% of Net Revenues			Basic			Diluted
Net income - GAAP	$	257.2			23.7	%	$	1.64		$	1.63		$	119.6			15.5	%	$	0.75		$	0.75		$	146.3			19.4	%	$	0.90		$	0.90
Restructuring and other (1)		15.1			1.4	%		0.10			0.10			6.6			0.9	%		0.04			0.04			4.6			0.6	%		0.03			0.03
Amortization of equity method investment		7.6			0.7	%		0.05			0.05			7.7			1.0	%		0.05			0.05			8.0			1.1	%		0.05			0.05
Acquired intangible assets amortization		3.5			0.3	%		0.02			0.02			3.5			0.5	%		0.02			0.02			4.7			0.6	%		0.03			0.03
ERP related expenses (2)		1.9			0.2	%		0.01			0.01			1.1			0.1	%		0.01			0.01			—			—			—			—
Pension mark-to-market adjustment (4)		1.3			0.1	%		0.01			0.01			—			—			—			—			(1.8	)		-0.2	%		(0.01	)		(0.01	)
Inventory step-up		0.3			0.0	%		0.00			0.00			0.4			0.1	%		0.00			0.00			—			—			—			—
Pension settlement loss (gain)		0.1			0.0	%		0.00			0.00			(0.8	)		-0.1	%		(0.01	)		(0.01	)		—			—			—			—
Loss (gain) on sale of business (3)		—			—			—			—			—			—			—			—			0.4			0.1	%		0.00			0.00
Exclude discrete tax adjustments		0.4			0.0	%		0.00			0.00			(0.6	)		-0.1	%		(0.00	)		(0.00	)		(8.0	)		-1.1	%		(0.05	)		(0.05	)
Non-GAAP tax adjustments		(4.3	)		-0.4	%		(0.03	)		(0.03	)		(1.6	)		-0.2	%		(0.01	)		(0.01	)		0.9			0.1	%		0.01			0.01
Net income - non-GAAP	$	283.0			26.1	%		1.81			1.80		$	135.9			17.7	%	$	0.86		$	0.85		$	155.0			20.6	%	$	0.95		$	0.95

GAAP and non-GAAP weighted average common shares - basic		156.4												158.6												162.5
GAAP and non-GAAP weighted average common shares - diluted		157.7												159.1												163.2

(1)

Restructuring and other consists of:

	Quarter Ended
	December 31, 2025		September 28, 2025		December 31, 2024
Employee severance	$	10.9	$	4.8	$	0.4
Asset impairment		3.3		0.3		1.3
Acquisition and divestiture related expenses		0.6		0.2		—
Other		0.3		1.3		2.9
	$	15.1	$	6.6	$	4.6

	(a)	For the quarter ended December 31, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 200 employees.

(2)		For the quarters ended December 31, 2025, and September 28, 2025, selling and administrative expenses included costs directly related to a planned ERP system implementation.

(3)		On May 27, 2024, Teradyne sold DIS, a component of the Semiconductor Test segment, to Technoprobe, for $85.0 million, net of cash and cash equivalents sold and a working capital adjustment.

(4)		For the quarters ended December 31, 2025, and December 31, 2024, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.

	Twelve Months Ended
	December 31, 2025		% of Net Revenues			December 31, 2024			% of Net Revenues
Net Revenues	$	3,190.0				$	2,819.9
Gross profit - GAAP		1,857.3		58.2	%		1,648.9			58.5	%
Inventory step-up		1.3		0.0	%		—			—
Legal settlement (1)		—		—			3.6			0.1	%
Gross profit - non-GAAP		1,858.6		58.3	%		1,652.5			58.6	%
Income from operations - GAAP		650.1		20.4	%		593.8			21.1	%
Restructuring and other (2)		38.6		1.2	%		15.6			0.6	%
Acquired intangible assets amortization		15.3		0.5	%		18.8			0.7	%
ERP related expenses (3)		4.8		0.2	%		—			—
Inventory step-up		1.3		0.0	%		—			—
Legal settlement (1)		—		—			3.6			0.1	%
Equity modification charge (4)		—		—			1.7			0.1	%
Loss (gain) on sale of business (5)		—		—			(57.1	)		-2.0	%
Income from operations - non-GAAP	$	710.1		22.3	%	$	576.3			20.4	%

							Net Income per Common Share												Net Income per Common Share
	December 31, 2025			% of Net Revenues			Basic			Diluted			December 31, 2024			% of Net Revenues			Basic			Diluted
Net income - GAAP	$	554.0			17.4	%	$	3.48		$	3.47		$	542.4			19.2	%	$	3.39		$	3.32
Restructuring and other (2)		38.6			1.2	%		0.24			0.24			15.6			0.6	%		0.10			0.10
Amortization of equity method investment		30.1			0.9	%		0.19			0.19			10.4			0.4	%		0.07			0.06
Acquired intangible assets amortization		15.3			0.5	%		0.10			0.10			18.8			0.7	%		0.12			0.11
ERP related expenses (3)		4.8			0.2	%		0.03			0.03			—			—			—			—
Pension mark-to-market adjustment (6)		1.5			0.0	%		0.01			0.01			(4.4	)		-0.2	%		(0.03	)		(0.03	)
Inventory step-up		1.3			0.0	%		0.01			0.01			—			—			—			—
Loss (gain) on foreign exchange contract		(0.6	)		0.0	%		(0.00	)		(0.00	)		9.8			0.3	%		0.06			0.06
Pension settlement loss (gain)		(0.8	)		0.0	%		(0.01	)		(0.01	)		—			—			—			—
Legal settlement (1)		—			—			—			—			3.6			0.1	%		0.02			0.02
Equity modification charge (4)		—			—			—			—			1.7			0.1	%		0.01			0.01
Loss (gain) on sale of business (5)		—			—			—			—			(57.1	)		-2.0	%		(0.36	)		(0.35	)
Exclude discrete tax adjustments		0.5			0.0	%		0.00			0.00			(8.7	)		-0.3	%		(0.05	)		(0.05	)
Non-GAAP tax adjustments		(12.6	)		-0.4	%		(0.08	)		(0.08	)		(6.9	)		-0.2	%		(0.04	)		(0.04	)
Net income - non-GAAP	$	632.1			19.8	%	$	3.97		$	3.96		$	525.1			18.6	%	$	3.29		$	3.22

GAAP and non-GAAP weighted average common shares - basic		159.1												159.8
GAAP and non-GAAP weighted average common shares - diluted (7)		159.7												163.3

(1)		For the twelve months ended December 31, 2024, legal settlement includes charges for a settlement following a judgment against the Company for infringement of expired patents.

(2)		Restructuring and other consists of:

	Twelve Months Ended
	December 31, 2025		December 31, 2024
Employee severance (a)	$	29.4	$	5.2
Asset impairment		4.9		1.3
Acquisition and divestiture related expenses		2.3		2.2
Other		2.1		6.8
	$	38.6	$	15.6

(a)

For the twelve months ended December 31, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 400 employees.

(3)		For the twelve months ended December 31, 2025, selling and administrative expenses included costs directly related to a planned ERP system implementation.

(4)		For the twelve months ended December 31, 2024, selling and administrative expenses included an equity charge of $1.7 million for the modification of Teradyne's executives' retirement agreements.

(5)		On May 27, 2024, Teradyne sold DIS, a component of the Semiconductor Test segment, to Technoprobe, for $85.0 million, net of cash and cash equivalents sold and a working capital adjustment.

(6)		For twelve months ended December 31, 2025, and December 31, 2024, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.

(7)		For the twelve months ended December 31, 2024, non-GAAP weighted average diluted common shares included 3.6 million shares from the convertible note hedge transaction.

GAAP to Non-GAAP Reconciliation of First Quarter 2026 guidance:

GAAP and non-GAAP first quarter revenue guidance:	$1,150 million			to	$1,250 million
GAAP net income per diluted share	$	1.82			$	2.19
Exclude acquired intangible assets amortization		0.03				0.03
Exclude equity method investment amortization		0.04				0.04
Non-GAAP tax adjustments		(0.01	)			(0.01	)
Non-GAAP net income per diluted share	$	1.89			$	2.25

For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260202176532/en/

For more information:

Amy McAndrews

Investor Relations

Tel 978.370.3945

Investor.relations@teradyne.com

Teradyne Reports Fourth Quarter and Full Year 2025 Results