Revenue and earnings above mid-point of Q2 guidance ranges
Semiconductor Test drove better than expected results in Q2
Strength in Compute expected to drive stronger second half results

Teradyne, Inc. (NASDAQ:TER):

Q2'25

Q2'24

Q1'25

Revenue (mil)

652

730

686

GAAP EPS

0.49

1.14

0.61

Non-GAAP EPS

0.57

0.86

0.75

Teradyne, Inc. (NASDAQ:TER) reported revenue of $652 million for the second quarter of 2025 of which $492 million was in Semiconductor Test, $75 million in Robotics, and $85 million in Product Test. GAAP net income for the second quarter of 2025 was $78.4 million, or $0.49 per diluted share. On a non-GAAP basis, Teradyne's net income for the second quarter of 2025 was $91.6 million, or $0.57 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, and included the related tax impact on non-GAAP adjustment.

"Our Semiconductor Test Group drove better than expected results in the second quarter. System-on-a-Chip (SOC), primarily for artificial intelligence applications, was the strongest growth driver," said Teradyne CEO, Greg Smith. "Visibility into the remainder of the year has improved, and demand in compute, networking and memory is strengthening. The exact timing of program ramps and capacity adds remain uncertain, but we believe that AI will drive strong second half performance for Teradyne."

Guidance for the third quarter of 2025 is revenue of $710 million to $770 million, with GAAP net income of $0.62 to $0.80 per diluted share and non-GAAP net income of $0.69 to $0.87 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization and amortization on our investment in Technoprobe, as well as the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the second quarter results, along with management's business outlook, will follow at 8:30 a.m. ET, July 30, 2025. 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, 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 SECOND FISCAL QUARTER OF 2025


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Quarter Ended									Six Months Ended
	June 29, 2025			March 30, 2025			June 30, 2024			June 29, 2025			June 30, 2024
Net revenues	$	651,797		$	685,680		$	729,879		$	1,337,477		$	1,329,698
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)		278,785			270,344			304,035			549,128			564,572
Gross profit		373,012			415,336			425,844			788,349			765,126
Operating expenses:
Selling and administrative (2)		157,782			157,257			154,470			315,039			303,658
Engineering and development		118,382			118,188			111,816			236,570			215,015
Acquired intangible assets amortization		3,733			4,573			4,664			8,306			9,361
Restructuring and other (3)		2,372			14,515			2,012			16,887			6,440
Loss (gain) on sale of business (4)		—			—			(57,486	)		—			(57,486	)
Operating expenses		282,269			294,533			215,476			576,802			476,988
Income from operations		90,743			120,803			210,368			211,547			288,138
Interest and other (income) expense (5)		(5,816	)		1,779			(9,035	)		(4,037	)		(4,167	)
Income before income taxes		96,559			119,024			219,403			215,584			292,305
Income tax provision		12,260			14,544			33,130			26,804			41,835
Income before equity in net earnings of affiliate	$	84,299		$	104,480		$	186,273		$	188,780		$	250,470
Equity in net earnings of affiliate		(5,927	)		(5,584	)		—			(11,511	)		—
Net income	$	78,372		$	98,896		$	186,273		$	177,269		$	250,470

Net income per common share:
Basic	$	0.49		$	0.61		$	1.18		$	1.10		$	1.61
Diluted	$	0.49		$	0.61		$	1.14		$	1.10		$	1.54
Weighted average common shares - basic		159,967			161,501			157,804			160,734			155,426
Weighted average common shares - diluted (6)		160,135			161,996			163,470			161,065			162,909

Cash dividend declared per common share	$	0.12		$	0.12		$	0.12		$	0.24		$	0.24

(1)

Cost of revenues includes:

	Quarter Ended									Six Months Ended
	June 29, 2025			March 30, 2025			June 30, 2024			June 29, 2025			June 30, 2024
Provision for excess and obsolete inventory	$	7,402		$	4,945		$	3,261		$	12,347		$	9,438
Inventory step-up		343			216			—			560			—
Sale of previously written down inventory		(1,105	)		(324	)		(592	)		(1,429	)		(1,314	)
	$	6,640		$	4,837		$	2,669		$	11,478		$	8,124

(2)			For the quarters ended June 29, 2025, and March 31, 2025, selling and administrative expenses included $1.1 million and $0.7 million, respectively, of expenses directly related to a planned ERP system implementation. For the six months ended June 29, 2025, selling and administrative expenses included $1.8 million of expenses directly related to a planned ERP system implementation. For the six months ended June 30, 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							Six Months Ended
	June 29, 2025			March 30, 2025		June 30, 2024		June 29, 2025		June 30, 2024
Employee severance (a)	$	2,320		$	11,395	$	2,012	$	13,715	$	4,038
Lease terminations		72			1,142		—		1,214		—
Acquisition and divestiture related expenses		(422	)		1,972		—		1,550		2,214
Other		402			6		—		408		187
	$	2,372		$	14,515	$	2,012	$	16,887	$	6,440

(a)

For the three months ended March 30, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees. For the six months ended June 29, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 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								Six Months Ended
	June 29, 2025		March 30, 2025			June 30, 2024			June 29, 2025			June 30, 2024
Pension actuarial losses (gains)	$	127	$	—		$	(250	)	$	127		$	(250	)
Loss (gain) on foreign exchange contract		—		(561	)		(4,154	)		(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 quarter ended June 30, 2024, diluted shares included 4.9 million shares from the convertible note hedge transaction. For the six months ended June 30, 2024, diluted shares included 6.9 million shares from the convertible note hedge transaction.

CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

	June 29, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	339,252	$	553,354
Marketable securities		28,638		46,312
Accounts receivable, net		433,001		471,426
Inventories, net		350,505		298,492
Prepayments		412,981		429,086
Other current assets		19,230		17,727
Total current assets		1,583,607		1,816,397
Property, plant and equipment, net		559,813		508,171
Operating lease right-of-use assets, net		67,407		70,185
Marketable securities		120,684		124,121
Deferred tax assets		239,809		222,438
Retirement plans assets		11,922		11,994
Equity method investment		545,414		494,494
Other assets		54,503		49,620
Acquired intangible assets, net		58,233		15,927
Goodwill		520,470		395,367
Total assets	$	3,761,862	$	3,708,714
Liabilities
Accounts payable	$	172,025	$	134,792
Accrued employees' compensation and withholdings		176,482		204,991
Deferred revenue and customer advances		123,989		107,710
Other accrued liabilities		110,143		90,777
Operating lease liabilities		19,770		18,699
Income taxes payable		72,856		67,610
Total current liabilities		675,265		624,579
Retirement plans liabilities		139,249		133,338
Long-term deferred revenue and customer advances		40,414		40,505
Deferred tax liabilities		6,756		1,038
Long-term other accrued liabilities		8,186		7,442
Long-term operating lease liabilities		54,691		57,922
Long-term income taxes payable		—		24,596
Total liabilities		924,561		889,420
Shareholders' equity		2,837,301		2,819,294
Total liabilities and shareholders' equity	$	3,761,862	$	3,708,714

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Quarter Ended						Six Months Ended
	June 29, 2025			June 30, 2024			June 29, 2025			June 30, 2024
Cash flows from operating activities:
Net income	$	78,372		$	186,273		$	177,269		$	250,470
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		27,312			25,573			52,835			48,927
Stock-based compensation		16,827			14,935			32,031			30,693
Equity in net earnings of affiliate		5,927			—			11,511			—
Amortization		4,077			4,631			8,856			9,397
Provision for excess and obsolete inventory		7,402			3,261			12,347			9,438
Losses (gains) on investments		(4,450	)		2,624			(1,078	)		13,090
Loss (gain) on sale of business		—			(57,486	)		—			(57,486	)
Deferred taxes		(7,187	)		(7,161	)		(14,998	)		(16,830	)
Retirement plan actuarial losses (gains)		127			(250	)		127			(250	)
Other		(317	)		453			3,168			1,240
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable		36,443			(46,156	)		49,496			(54,211	)
Inventories		7,342			24,034			(23,707	)		17,102
Prepayments and other assets		17,230			11,101			30,879			22,190
Accounts payable and other liabilities		27,085			52,539			17,135			(53,009	)
Deferred revenue and customer advances		2,857			4,183			13,056			2,739
Retirement plans contributions		(4,294	)		(1,353	)		(5,576	)		(2,774	)
Income taxes		(32,665	)		(1,132	)		(19,625	)		2,622
Net cash provided by operating activities		182,088			216,069			343,726			223,348
Cash flows from investing activities:
Purchases of property, plant and equipment		(50,408	)		(44,846	)		(114,429	)		(88,869	)
Investments in businesses		(2,357	)		(524,653	)		(5,368	)		(524,653	)
Purchases of marketable securities		(6,396	)		(11,715	)		(17,150	)		(27,757	)
Acquisitions of businesses, net of cash and cash equivalents		(127,378	)		—			(144,380	)		—
Proceeds from the sale of a business, net of cash and cash equivalents sold		—			87,172			—			87,172
Proceeds from maturities of marketable securities		5,223			12,420			32,603			26,858
Proceeds from sales of marketable securities		2,854			555			8,487			21,289
Proceeds from life insurance		—			—			—			873
Net cash used for investing activities		(178,462	)		(481,067	)		(240,237	)		(505,087	)
Cash flows from financing activities:
Payments of borrowings on revolving credit facility		—			(185,000	)		—			(185,000	)
Dividend payments		(19,177	)		(19,000	)		(38,584	)		(37,370	)
Repurchase of common stock		(117,398	)		(8,189	)		(274,873	)		(30,306	)
Payments related to net settlement of employee stock compensation awards		(229	)		(319	)		(14,954	)		(13,434	)
Proceeds from borrowings on revolving credit facility		—			185,000			—			185,000
Issuance of common stock under stock purchase and stock option plans		—			4,902			14,792			21,836
Net cash used for financing activities		(136,804	)		(22,606	)		(313,619	)		(59,274	)
Effects of exchange rate changes on cash and cash equivalents		(3,202	)		2,105			(3,972	)		5,346
Decrease in cash and cash equivalents		(136,380	)		(285,499	)		(214,102	)		(335,667	)
Cash and cash equivalents at beginning of period		475,632			707,403			553,354			757,571
Cash and cash equivalents at end of period	$	339,252		$	421,904		$	339,252		$	421,904

GAAP to Non-GAAP Earnings Reconciliation (In millions, except per share amounts)

	Quarter Ended
	June 29, 2025		% of Net Revenues			March 30, 2025		% of Net Revenues			June 30, 2024			% of Net Revenues
Net revenues	$	651.8				$	685.7				$	729.9
Gross profit GAAP		373.0		57.2	%		415.3		60.6	%		425.8			58.3	%
Inventory step-up		0.3		0.0	%		0.2		0.0	%		—			—
Gross profit non-GAAP		373.3		57.3	%		415.5		60.6	%		425.8			58.3	%
Income from operations - GAAP		90.7		13.9	%		120.8		17.6	%		210.4			28.8	%
Acquired intangible assets amortization		3.7		0.6	%		4.6		0.7	%		4.7			0.6	%
Restructuring and other (1)		2.4		0.4	%		14.5		2.1	%		2.0			0.3	%
ERP related expenses (2)		1.1		0.2	%		0.7		0.1	%		—			—
Inventory step-up		0.3		0.0	%		0.2		0.0	%		—			—
Loss (gain) on sale of business (3)		—		—			—		—			(57.5	)		-7.9	%
Income from operations - non-GAAP	$	98.2		15.1	%	$	140.8		20.5	%	$	159.6			21.9	%

							Net Income per Common Share												Net Income per Common Share												Net Income per Common Share
	June 29, 2025			% of Net Revenues			Basic			Diluted			March 30, 2025			% of Net Revenues			Basic			Diluted			June 30, 2024			% of Net Revenues			Basic			Diluted
Net income - GAAP	$	78.4			12.0	%	$	0.49		$	0.49		$	98.9			14.4	%	$	0.61		$	0.61		$	186.3			25.5	%	$	1.18		$	1.14
Amortization of equity method investment		7.4			1.1	%		0.05			0.05			7.4			1.1	%		0.05			0.05			—			—			—			—
Acquired intangible assets amortization		3.7			0.6	%		0.02			0.02			4.6			0.7	%		0.03			0.03			4.7			0.6	%		0.03			0.03
Restructuring and other (1)		2.4			0.4	%		0.02			0.01			14.5			2.1	%		0.09			0.09			2.0			0.3	%		0.01			0.01
ERP related expenses (2)		1.1			0.2	%		0.01			0.01			0.7			0.1	%		0.00			0.00			—			—			—			—
Inventory step-up		0.3			0.0	%		0.00			0.00			0.2			0.0	%		0.00			0.00			—			—			—			—
Pension mark-to-market adjustment (4)		0.1			0.0	%		0.00			0.00			—			—			—			—			(0.3	)		0.0	%		(0.00	)		(0.00	)
Loss (gain) on sale of business (3)		—			—			—			—			—			—			—			—			(57.5	)		-7.9	%		(0.36	)		(0.35	)
Loss (gain) on foreign exchange contract		—			—			—			—			(0.6	)		-0.1	%		(0.00	)		(0.00	)		(4.2	)		-0.6	%		(0.03	)		(0.03	)
Exclude discrete tax adjustments		0.0			0.0	%		0.00			0.00			0.9			0.1	%		0.01			0.01			10.5			1.4	%		0.07			0.06
Non-GAAP tax adjustments		(1.8	)		-0.3	%		(0.01	)		(0.01	)		(5.1	)		-0.7	%		(0.03	)		(0.03	)		(1.5	)		-0.2	%		(0.01	)		(0.01	)
Net income - non-GAAP	$	91.6			14.1	%	$	0.57		$	0.57		$	121.5			17.7	%	$	0.75		$	0.75		$	140.0			19.2	%	$	0.89		$	0.86

GAAP and non-GAAP weighted average common shares - basic		160.0												161.5												157.8
GAAP and non-GAAP weighted average common shares - diluted (5)		160.1												162.0												163.5

(1)

Restructuring and other consists of:

	Quarter Ended
	June 29, 2025			March 30, 2025		June 30, 2024
Employee severance (a)	$	2.3		$	11.4	$	2.0
Lease terminations		0.1			2.0		—
Acquisition and divestiture related expenses		(0.4	)		1.1		—
Other		0.4			—		—
	$	2.4		$	14.5	$	2.0

(a)

For the quarter ended March 30, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees.

(2)			For the quarters ended June 29, 2025, and March 30, 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 June 29, 2025, and June 30, 2024, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.

(5)			For the quarters ended June 30, 2024, non-GAAP weighted average diluted common shares included 4.9 million shares from the convertible note hedge transaction.

	Six Months Ended
	June 29, 2025		% of Net Revenues			June 30, 2024			% of Net Revenues
Net Revenues	$	1,337.5				$	1,329.7
Gross profit GAAP		788.3		58.9	%		765.1			57.5	%
Inventory step-up		0.6		0.0	%		—			—
Gross profit non-GAAP		788.9		59.0	%		765.1			57.5	%
Income from operations - GAAP		211.5		15.8	%		288.1			21.7	%
Restructuring and other (1)		16.9		1.3	%		6.4			0.5	%
Acquired intangible assets amortization		8.3		0.6	%		9.4			0.7	%
ERP related expenses (2)		1.8		0.1	%		—			—
Inventory step-up		0.6		0.0	%		—			—
Equity modification charge (3)		—		—			1.7			0.1	%
Loss (gain) on sale of business (4)		—		—			(57.5	)		-4.3	%
Income from operations - non-GAAP	$	239.1		17.9	%	$	248.1			18.7	%

							Net Income per Common Share												Net Income per Common Share
	June 29, 2025			% of Net Revenues			Basic			Diluted			June 30, 2024			% of Net Revenues			Basic			Diluted
Net income - GAAP	$	177.3			13.3	%	$	1.10		$	1.10		$	250.5			18.8	%	$	1.61		$	1.54
Restructuring and other (1)		16.9			1.3	%		0.11			0.10			6.4			0.5	%		0.04			0.04
Amortization of equity method investment		14.8			1.1	%		0.09			0.09			—			—			—			—
Acquired intangible assets amortization		8.3			0.6	%		0.05			0.05			9.4			0.7	%		0.06			0.06
ERP related expenses (2)		1.8			0.1	%		0.01			0.01			—			—			—			—
Inventory step-up		0.6			0.0	%		0.00			0.00			—			—			—			—
Pension mark-to-market adjustment (5)		0.1			0.0	%		0.00			0.00			(0.3	)		0.0	%		(0.00	)		(0.00	)
Loss (gain) on foreign exchange contract		(0.6	)		0.0	%		(0.00	)		(0.00	)		9.8			0.7	%		0.06			0.06
Equity modification charge (3)		—			—			—			—			1.7			0.1	%		0.01			0.01
Loss (gain) on sale of business (4)		—			—			—			—			(57.5	)		-4.3	%		(0.37	)		(0.35	)
Exclude discrete tax adjustments		0.9			0.1	%		0.01			0.01			8.2			0.6	%		0.05			0.05
Non-GAAP tax adjustments		(6.9	)		-0.5	%		(0.04	)		(0.04	)		(5.7	)		-0.4	%		(0.04	)		(0.03	)
Net income - non-GAAP	$	213.2			15.9	%	$	1.33		$	1.32		$	222.6			16.7	%	$	1.43		$	1.37

GAAP and non-GAAP weighted average common shares - basic		160.7												155.4
GAAP weighted average common shares - diluted (6)		161.1												162.9

(1)

Restructuring and other consists of:

	Six Months Ended
	June 29, 2025		June 30, 2024
Employee severance (a)	$	13.7	$	4.0
Acquisition and divestiture related expenses		1.6		2.2
Lease terminations		1.2		—
Other		0.4		0.2
	$	16.9	$	6.4

(a)

For the six months ended June 29, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees.

(2)			For the six months ended June 29, 2025, selling and administrative expenses included costs directly related to a planned ERP system implementation.

(3)			For the six months ended June 30, 2024, selling and administrative expenses included an equity charge of $1.7 million for the modification of Teradyne's executives' retirement agreements.

(4)			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.

(5)			For the six months ended June 29, 2025, and June 30, 2024, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.

(6)			For the six months ended June 30, 2024, non-GAAP weighted average diluted common shares included 6.9 million shares from the convertible note hedge transaction.

GAAP to Non-GAAP Reconciliation of Third Quarter 2025 guidance:

GAAP and non-GAAP third quarter revenue guidance:	$710 million			to	$770 million
GAAP net income per diluted share	$	0.62			$	0.80
Exclude acquired intangible assets amortization		0.03			$	0.03
Exclude equity method investment amortization		0.05			$	0.05
Non-GAAP tax adjustments		(0.01	)		$	(0.01	)
Non-GAAP net income per diluted share	$	0.69			$	0.87

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/20250729675700/en/

Teradyne, Inc.

Traci Tsuchiguchi 978-370-2444

Vice President of Corporate Relations

Teradyne Reports Second Quarter 2025 Results