Short answer
Teradyne (TER) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $3.2B (+13.1% year over year) and net income of $554M.
- Top risk flagged: Regulatory risk from the One Big Beautiful Bill Act (OBBBA, P.L. 119-21) enacted July 4, 2025, impacting U.S. federal income tax with no material 2025 impact reported
FY2025 key financial metrics · XBRL
- Revenue
- $3.2B
- +13.1% YoY
- Net income
- $554M
- +2.2% YoY
- Operating margin
- 20.4%
- −0.7 pp YoY
- Gross margin
- 58.2%
- −0.3 pp YoY
- EPS (diluted)
- $3.47
- +4.5% YoY
- ROE
- 19.8%
- +0.6 pp YoY
- Operating cash flow
- $674M
- +0.3% YoY
Source: XBRL data from the Teradyne (TER) FY2025 10-K on SEC EDGAR. USD.
Teradyne FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Provider of automated test equipment and robotics for semiconductors, wireless, storage, photonics, aerospace, and industrial sectors
- New segment: Creation of Product Test division in Q1 2025 combining board test, defense/aerospace, and wireless test businesses
- Strategic shift: Increased focus on AI-driven semiconductor testing with majority AI-related revenue in H2 2025, expected to continue in 2026
- Notable metric: $157M investment for 75% ownership in MultiLane joint venture targeting AI data center test solutions
- Unusual fact: Acquisitions of Quantifi Photonics ($127.2M) and Infineon’s automated test tech ($18.3M) expanding Product Test and Semiconductor Test segments
Management Discussion & Analysis
- Revenue growth in 2025 driven by Semiconductor Test and Product Test segments; Semiconductor Test led by AI demand and VIP compute solutions
- Acquisitions: Quantifi Photonics $127.2M (Product Test), Infineon AET $18.3M (Semiconductor Test)
- Robotics segment showed sequential Q4 2025 growth but impacted by strong USD on foreign currency revenues
- Capital allocation: $778.4M returned to shareholders via $702.1M share buybacks and $76.3M dividends in 2025
- Joint venture formation with MultiLane with $157M investment planned for 2026 to target AI Data Center test market
Risk Factors
- Regulatory risk from the One Big Beautiful Bill Act (OBBBA, P.L. 119-21) enacted July 4, 2025, impacting U.S. federal income tax with no material 2025 impact reported
- Geopolitical risk from high revenue concentration in Taiwan (36% of total revenues in 2025, up from 21% in 2024) and Korea (14%, down from 25%)
- Supply chain risk from inventory provisions of $25.8M in 2025, with $151.8M total reserves for excess and obsolete inventory as of year-end
- Competitive risk from Robotics segment revenue decline by $56.5M (15.5%) in 2025 due to lower sales of collaborative robotic arms and autonomous mobile robots
- Financial risk from concentrated customer base with top five customers accounting for 44% of consolidated revenues in 2025, up from 36% in 2024
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