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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 2829, ~~2025~~2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File No. 001-06462

TERADYNE, INC.

(Exact name of registrant as specified in its charter)


Massachusetts	04-2272148
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

600 Riverpark Drive, North Reading, Massachusetts	01864
(Address of Principal Executive Offices)	(Zip Code)

978-370-2700

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading
Symbol(s)

      Name of each exchange
on which registered

      Common Stock, par value $0.125
per share

      TER

      Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Emerging growth company	☐

Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s only class of Common Stock as of ~~October~~April 27, ~~2025~~2026, was 156,~~608~~542,~~303~~162 shares.

TERADYNE, INC.

INDEX

		Page No.
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited):	1
	Condensed Consolidated Balance Sheets as of September 28, 2025, and December 31, 2024	1
	Condensed Consolidated Balance Sheets as of March 29, 2026, and December 31, 2025	1
	f
	Condensed Consolidated Statements of Operations for the Three Months Ended March 29, 2026, and March 30, 2025	2
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 28, 2025, and September 29, 2024	2
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 29, 2026, and March 30, 2025	3
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 28, 2025, and September 29, 2024	3
	Condensed Statements of Shareholders’ Equity for the Three Months Ended March 29, 2026, and March 30, 2025	4
	Condensed Statements of Shareholders’ Equity for the Three and Nine Months Ended September 28, 2025, and September 29, 2024	4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 29, 2026, and March 30, 2025	5
	d
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 28, 2025, and September 29, 2024	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3129
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	4136
Item 4.	Controls and Procedures	4136
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	4238
Item 1A.	Risk Factors	4238
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4339
Item 4.	Mine Safety Disclosures	4339
Item 5.	Other Information	4440
Item 6.	Exhibits	4542

PART I

Item 1: Financial Statements

TERADYNE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 28,2025		December 31,2024
	March 29,2026		December 31,2025
	(in thousands,except per share amount)
ASSETS
Current assets:
Cash and cash equivalents	$	~~272~~241,~~700~~944	$	~~553~~293,~~354~~751
Marketable securities		253,~~017~~653		4628,~~312~~247
Accounts receivable, less allowance for credit losses of $1,886 and $2,111 at September 28, 2025 and December 31, 2024, respectively		593,800		471,426
Accounts receivable, less allowance for credit losses of $2,482 and $2,410 at March 29, 2026 and December 31, 2025, respectively		1,107,522		786,913
Inventories, net		~~366~~362,~~752~~757		~~298~~379,~~492~~552
Prepayments		~~469~~438,~~240~~577		~~429~~427,~~086~~564
Other current assets		2218,~~649~~720		1733,~~727~~273
Total current assets		12,~~750~~173,~~158~~173		1,~~816~~949,~~397~~300
Property, plant and equipment, net		~~569~~585,~~939~~724		~~508~~562,~~171~~999
Operating lease right-of-use assets, net		6276,~~442~~222		7076,~~185~~635
Marketable securities		~~129~~148,~~658~~374		~~124~~126,~~121~~256
Deferred tax assets		~~253~~281,~~455~~776		~~222~~275,~~438~~265
Retirement plans assets		12,~~702~~078		1112,~~994~~059
Equity method investment		~~538~~522,~~001~~583		~~494~~537,~~494~~098
Other assets		7370,~~118~~743		4971,~~620~~697
Acquired intangible assets, net		5448,~~708~~979		1551,~~927~~271
Goodwill		~~519~~514,~~550~~175		~~395~~521,~~367~~019
Total assets	$	34,~~963~~433,~~731~~827	$	34,~~708~~183,~~714~~599
LIABILITIES
Current liabilities:
Accounts payable	$	~~227~~344,~~850~~681	$	~~134~~269,~~792~~185
Accrued employees’ compensation and withholdings		~~203~~156,~~850~~194		~~204~~254,~~991~~973
Deferred revenue and customer advances		~~133~~197,~~050~~127		~~107~~153,~~710~~124
Other accrued liabilities		~~138~~122,~~717~~512		90111,~~777~~845
Operating lease liabilities		1918,~~026~~438		1819,~~699~~340
Short-term debt		~~200,000~~—		—200,000
Income taxes payable		72173,~~496~~259		67106,~~610~~740
Total current liabilities		~~994~~1,~~989~~012,211		~~624~~1,~~579~~115,207
Retirement plans liabilities		~~142~~143,~~680~~354		~~133~~144,~~338~~874
Long-term deferred revenue and customer advances		4358,~~887~~371		4050,~~505~~888
Deferred tax liabilities		64,~~890~~556		15,~~038~~378
Long-term other accrued liabilities		87,~~285~~559		7,~~442~~601
Long-term operating lease liabilities		4963,~~725~~960		5763,~~922~~899
Long-term incomes taxes payable		—		24,596
Total liabilities		1,290,011		1,387,847
Total liabilities		1,246,456		889,420
Commitments and contingencies (Note R)
Commitments and contingencies (Note S)
SHAREHOLDERS’ EQUITY
Common stock, $0.125 par value, 1,000,000 shares authorized; 157,245 and 161,722 shares issued and outstanding at September 28, 2025, and December 31, 2024, respectively		19,656		20,215
Common stock, $0.125 par value, 1,000,000 shares authorized; 156,540 and 156,088 shares issued and outstanding at March 29, 2026, and December 31, 2025, respectively		19,568		19,511
Additional paid-in capital		1,~~973~~986,~~415~~089		1,~~909~~989,~~538~~911
Accumulated other comprehensive loss (gain)		3720,~~422~~379		~~(81~~41,~~220~~895	)
Retained earnings		~~686~~1,~~782~~117,780		~~970~~744,~~761~~435
Total shareholders’ equity		23,~~717~~143,~~275~~816		2,~~819~~795,~~294~~752
Total liabilities and shareholders’ equity	$	34,~~963~~433,~~731~~827	$	34,~~708~~183,~~714~~599

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025, are an integral part of the condensed consolidated financial statements.

TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 28,2025			September 29,2024			September 28,2025			September 29,2024
	March 29,2026			March 30,2025
	(in thousands, except per share amount)						~~(in thousands, except per share amount)~~
Revenues:
Products	$	~~632~~1,~~104~~142,971		$	~~612~~561,~~871~~958		$	~~1,716,718~~		$	~~1,668,181~~
Services		~~137~~139,~~106~~523			~~124~~123,~~427~~722			~~389,969~~			~~398,815~~
Total revenues		~~769~~1,~~210~~282,494			~~737~~685,~~298~~680			~~2,106,687~~			~~2,066,996~~
Cost of revenues:
Cost of products		~~270~~453,~~634~~447			~~253~~224,~~129~~142			~~727,198~~			~~704,129~~
Cost of services		4948,~~270~~098			4746,~~655~~202			~~141,834~~			~~161,228~~
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)		~~319~~501,~~904~~545			~~300~~270,~~784~~344			~~869,032~~			~~865,357~~
Gross profit		~~449~~780,~~306~~949			~~436~~415,~~514~~336			~~1,237,655~~			~~1,201,639~~
Operating expenses:
Selling and administrative		~~169~~166,~~144~~737			157,~~649~~257			~~484,182~~			~~461,307~~
Engineering and development		~~124~~135,~~760~~561			~~117~~118,~~474~~188			~~361,331~~			~~332,489~~
Acquired intangible assets amortization		32,~~514~~224			4,~~748~~573			~~11,820~~			~~14,108~~
Restructuring and other		63,~~585~~425			414,~~578~~515			~~23,472~~			~~11,018~~
Gain on sale of business		—			—			—			(57,486	)
Total operating expenses		307,947			294,533
Total operating expenses		304,003			284,449			880,805			761,436
Income from operations		473,002			120,803
Income from operations		145,303			152,065			356,850			440,203
Non-operating (income) expense:
Non-operating (income) expense:
Interest income		(2,422	)		(5,076	)
Interest income		(3,191	)		(5,076	)		(12,618	)		(19,658	)
Interest expense		3,151			795
Interest expense		1,309			808			2,909			2,998
Other (income) expense, net		6,597			6,060
Other (income) expense, net		(915	)		(2,651	)		2,875			5,574
Income before income taxes and equity in net earnings of affiliate		465,676			119,024
Income before income taxes and equity in net earnings of affiliate		148,100			158,984			363,684			451,289
Income tax provision		62,157			14,544
Income tax provision		23,344			12,260			50,148			54,095
Income before equity in net earnings of affiliate		403,519			104,480
Income before equity in net earnings of affiliate		124,756			146,724			313,536			397,194
Equity in net earnings of affiliate		(4,611	)		(5,584	)
Equity in net earnings of affiliate		(5,198	)		(1,075	)		(16,709	)		(1,075	)
Net income	$	398,908		$	98,896
Net income	$	119,558		$	145,649		$	296,827		$	396,119
Net income per common share:
Net income per common share:
Basic	$	2.55		$	0.61
Basic	$	0.75		$	0.89		$	1.85		$	2.51
Diluted	$	2.53		$	0.61
Diluted	$	0.75		$	0.89		$	1.85		$	2.42
Weighted average common shares—basic		156,410			161,501
Weighted average common shares—basic		158,595			163,002			160,021			157,951
Weighted average common shares—diluted		157,636			161,996
Weighted average common shares—diluted		159,097			164,253			160,409			163,357

TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 28,2025			September 29,2024			September 28,2025			September 29,2024
	March 29,2026			March 30,2025
	(in thousands)						~~(in thousands)~~
Net income	$	~~119~~398,~~558~~908		$	~~145~~98,~~649~~896		$	~~296,827~~		$	~~396,119~~
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $0, $0, $0, and $0, respectively		(4,351	)		37,838			117,966			22,751
Foreign currency translation adjustment, net of tax of $0, and $0, respectively		(19,933	)		39,319
Available-for-sale marketable securities:
Unrealized (losses) gains on marketable securities arising during period, net of tax of $201, $609, $316, and $205, respectively		739			2,507			1,324			885
Unrealized (losses) gains on marketable securities arising during period, net of tax of $(244), and $132, respectively		(1,540	)		620
Less: Reclassification adjustment for (gains) losses included in net income, net of tax of $0, $(2), $27, $24, respectively		—			(7	)		89			86
Less: Reclassification adjustment for (gains) losses included in net income, net of tax of $(4), and $21, respectively		(42	)		75
		739			2,500			1,413			971
		(1,582	)		695
Cash flow hedges:
Unrealized (losses) gains arising during period, net of tax of $0, $(73), $(109), and $285, respectively		—			(260	)		(381	)		1,014
Unrealized (losses) gains arising during period, net of tax of $0, and $(58), respectively		—			(202	)
Less: Reclassification adjustment for losses (gains) included in net income, net of tax of $0, $0, $(100), and $(500), respectively		—			—			(350	)		(1,780	)
Less: Reclassification adjustment for losses (gains) included in net income, net of tax of $0, and $(166), respectively		—			(582	)
		—			(~~260~~784	)		~~(731~~	)		~~(766~~	)
Defined benefit post-retirement plan:
Amortization of prior service credit, net of tax of $0, $0, $(1), and $(1), respectively		(2	)		(2	)		(6	)		(6	)
Amortization of prior service credit, net of tax of $0, and $0, respectively		(1	)		(2	)
Other comprehensive income (loss)		(321,~~614~~516	)		4039,~~076~~228			~~118,642~~			~~22,950~~
Comprehensive income	$	~~115~~377,~~944~~392		$	~~185~~138,~~725~~124		$	~~415,469~~		$	~~419,069~~

TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

	Shareholders' Equity
	Shareholders’ Equity
	CommonStock Shares			Common Stock Par Value			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Shareholders’ Equity
	(in thousands)
For the Three Months Ended September 28, 2025
For the Three Months Ended March 29, 2026
Balance, June 29, 2025		159,210		$	19,901		$	1,941,501		$	41,036		$	834,863		$	2,837,301
Balance, December 31, 2025		156,088		$	19,511		$	1,989,911		$	41,895		$	744,435		$	2,795,752
Net issuance of common stock under stock-based plans		~~206~~476			2660			14(24,~~958~~471	)								14(24,~~984~~411	)
Stock-based compensation expense								1620,~~956~~649									1620,~~956~~649
Repurchase of common stock		(~~2,171~~24	)		(~~271~~3	)								(~~248~~5,~~640~~201	)		(~~248~~5,~~911~~204	)
Cash dividends ($0.12 per share)														(18,999	)		(18,999	)
Cash dividends ($0.13 per share)														(20,362	)		(20,362	)
Net income														~~119~~398,~~558~~908			~~119~~398,~~558~~908
Other comprehensive income (loss)											(321,~~614~~516	)					(321,~~614~~516	)
Balance, September 28, 2025		157,245		$	19,656		$	1,973,415		$	37,422		$	686,782		$	2,717,275
Balance, March 29, 2026		156,540		$	19,568		$	1,986,089		$	20,379		$	1,117,780		$	3,143,816
For the Three Months Ended September 29, 2024
For the Three Months Ended March 30, 2025
Balance, June 30, 2024		161,802		$	20,225		$	1,865,351		$	(44,104	)	$	889,340		$	2,730,812
Balance, December 31, 2024		161,722		$	20,215		$	1,909,538		$	(81,220	)	$	970,761		$	2,819,294
Net issuance of common stock under stock-based plans		~~130~~432			1754			~~14,966~~13									~~14,983~~67
Stock-based compensation expense								1516,~~999~~629									1516,~~999~~629
Warrant exercises		1,223			153			(155	)								(2	)
Repurchase of common stock		(1,480	)		(185	)								(157,016	)		(157,201	)
Repurchase of common stock		(196	)		(25	)								(25,376	)		(25,401	)
Cash dividends ($0.12 per share)														(19,414	)		(19,414	)
Cash dividends ($0.12 per share)														(19,574	)		(19,574	)
Net income														98,896			98,896
Net income														145,649			145,649
Other comprehensive income (loss)											39,228						39,228
Other comprehensive income (loss)											40,076						40,076
Balance, March 30, 2025		160,674		$	20,084		$	1,926,180		$	(41,992	)	$	893,227		$	2,797,499
Balance, September 29, 2024		162,959		$	20,370		$	1,896,161		$	(4,028	)	$	990,039		$	2,902,542

	Shareholders' Equity
	CommonStock Shares			Common Stock Par Value			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Shareholders’ Equity
	(in thousands)
For the Nine Months Ended September 28, 2025
Balance, December 31, 2024		161,722		$	20,215		$	1,909,538		$	(81,220	)	$	970,761		$	2,819,294
Net issuance of common stock under stock-based plans		655			82			14,741									14,823
Stock-based compensation expense								49,136									49,136
Repurchase of common stock		(5,132	)		(641	)								(523,208	)		(523,849	)
Cash dividends ($0.36 per share)														(57,598	)		(57,598	)
Net income														296,827			296,827
Other comprehensive income (loss)											118,642						118,642
Balance, September 28, 2025		157,245		$	19,656		$	1,973,415		$	37,422		$	686,782		$	2,717,275
For the Nine Months Ended September 29, 2024
Balance, December 31, 2023		152,698		$	19,087		$	1,827,274		$	(26,978	)	$	706,514		$	2,525,897
Net issuance of common stock under stock-based plans		720			91			23,340									23,431
Stock-based compensation expense								46,817									46,817
Warrant exercises		10,036			1,254			(1,270	)								(16	)
Repurchase of common stock		(495	)		(62	)								(55,630	)		(55,692	)
Cash dividends ($0.36 per share)														(56,964	)		(56,964	)
Net income														396,119			396,119
Other comprehensive income (loss)											22,950						22,950
Balance, September 29, 2024		162,959		$	20,370		$	1,896,161		$	(4,028	)	$	990,039		$	2,902,542

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2025, are an integral part of the condensed consolidated financial statements.

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2024, are an integral part of the condensed consolidated financial statements.

TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Nine Months Ended
	For the Three Months Ended
	September 28,2025			September 29,2024
	March 29,2026			March 30,2025
	(in thousands)
Cash flows from operating activities:
Net income	$	~~296~~398,~~827~~908		$	~~396~~98,~~119~~896
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Depreciation		7930,~~484~~240			7425,~~480~~523
Stock-based compensation		4721,~~561~~902			4515,~~267~~204
Equity in net earnings of affiliate		164,~~709~~611			15,~~075~~584
Losses (gains) on investments		(43,~~722~~317	)		103,~~139~~372
Provision for excess and obsolete inventory		194,~~175~~682			154,~~516~~945
Amortization		122,~~723~~415			144,~~133~~779
Gain on sale of business		—			(57,486	)
Deferred taxes		(7,777	)		(7,811	)
Deferred taxes		(29,100	)		(26,261	)
Other		2,286			3,483
Retirement plan losses (gains)		(673	)		(2,512	)
Other		3,344			(5,041	)
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable		(~~111~~322,~~787~~017	)		~~(65~~13,~~266~~053	)
Inventories		~~(34~~20,~~618~~827	)		11(31,~~127~~049	)
Prepayments and other assets		~~(22~~4,~~599~~049	)		6113,~~438~~650
Accounts payable and other liabilities		~~121~~(15,~~447~~025	)		(639,~~666~~950	)
Deferred revenue and customer advances		2551,~~652~~964			310,~~624~~200
Retirement plans contributions		(61,~~986~~534	)		(41,~~169~~282	)
Income taxes		~~(19~~66,~~661~~276	)		~~(18~~13,~~898~~040	)
Net cash provided by operating activities		~~392~~265,~~776~~124			~~389~~161,~~619~~637
Cash flows from investing activities:
Purchases of property, plant and equipment		(~~161~~64,~~121~~733	)		(~~140~~64,~~710~~021	)
Acquisition of businesses, net of cash acquired		~~(144,380~~—	)		—(17,002	)
Purchase of investment in a business		~~(25,519~~—	)		(~~527~~3,~~060~~011	)
Purchases of marketable securities		(2740,~~465~~797	)		(3510,~~097~~753	)
Proceeds from the sale of a business, net of cash and cash equivalents sold		—			90,348
Proceeds from maturities of marketable securities		10,910			27,381
Proceeds from maturities of marketable securities		41,621			33,163
Proceeds from sales of marketable securities		27,328			5,633
Proceeds from sales of marketable securities		9,172			23,600
Net cash used for investing activities		(67,292	)		(61,773	)
Proceeds from insurance		—			873
Net cash used for investing activities		(307,692	)		(554,883	)
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility		~~200~~50,000			~~185,000~~—
Repayments of borrowings on revolving credit facility		—(250,000	)		~~(185,000~~—	)
Dividend payments		(5720,~~574~~362	)		(5619,~~936~~406	)
Repurchase of common stock		(~~518~~5,~~658~~518	)		(55157,~~053~~475	)
Payments related to net settlement of employee stock compensation awards		(1539,~~254~~437	)		(1314,~~833~~726	)
Issuance of common stock under stock purchase and stock option plans		3015,~~076~~101			3714,~~265~~792
Net cash used for financing activities		(~~361~~250,~~410~~216	)		(88176,~~557~~815	)
Effects of exchange rate changes on cash and cash equivalents		~~(4,328~~577	)		~~6,286~~(771	)
Decrease in cash and cash equivalents		(~~280~~51,~~654~~807	)		(~~247~~77,~~535~~722	)
Cash and cash equivalents at beginning of period		~~553~~293,~~354~~751			~~757~~553,~~571~~354
Cash and cash equivalents at end of period	$	~~272~~241,~~700~~944		$	~~510~~475,~~036~~632
Non-cash investing activities:
Capital expenditures incurred but not yet paid:	$	75,~~821~~420		$	37,~~679~~135

TERADYNE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

A. THE COMPANY

Teradyne, Inc. (“Teradyne”) is a leading global provider of automated test equipment and robotics solutions. Teradyne’s automated test systems are used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s robotics product offerings consist primarily of collaborative robotic arms and autonomous mobile robots used by global manufacturing, logistics and industrial customers to improve quality and increase manufacturing and material handling efficiency while reducing costs. ~~In the first quarter of 2025,~~ Teradyne identified opportunities for operational synergies amongst our production board test, defense and aerospace, and wireless test businesses leading to the creation of the Product Test division as a new segment effective March 2025. Teradyne’s automated test equipment and robotics products and services include:

•

semiconductor test (“Semiconductor Test”) systems;

•

robotics (“Robotics”) products; and

•

product test ("“Product Test"”) systems, which include ~~defense/aerospace ("Defense/Aerospace") test instrumentation and systems,~~ circuit-board test and inspection ~~("Production Board Test")~~ systems, wireless test systems ~~("Wireless Test")~~, ~~and~~ photonic integrated circuit ("“PIC"”) test solutions., and defense and aerospace test instrumentation and systems.

B. ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These condensed consolidated interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such condensed consolidated interim financial statements. The December 31, ~~2024~~2025, condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 2019, ~~2025~~2026, for the year ended December 31, ~~2024~~2025.

Preparation of Financial Statements and Use of Estimates

The preparation of consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an on-going basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions.

C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In ~~December~~November ~~2023~~2024, the Financial Accounting Standards Board ("“FASB"”) issued Accounting ~~Standard~~Standards Update ("“ASU"”) ~~2023~~2024-~~09 –~~03-“Income ~~Taxes~~Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement ~~Disclosures~~Expenses”, which requires ~~expanded~~disclosure ~~disclosures~~of ~~relating~~additional toexpense ~~the~~information ~~tax~~on ~~rate~~an ~~reconciliation,~~annual ~~income~~and ~~taxes~~interim ~~paid~~basis, ~~income~~including ~~(loss)~~the ~~before~~amounts ~~income~~of ~~tax~~inventory ~~expense~~purchases, ~~(benefit)~~employee ~~and~~compensation, ~~income tax expense (benefit)~~depreciation, ~~requiring~~and aintangible ~~greater~~asset ~~disaggregation~~amortization ofincluded ~~information~~within ~~for~~ each. ~~The~~income ~~provisions~~statement ofexpense ~~ASU~~caption. ~~2023-09~~This ~~are~~standard is effective for fiscal years beginning after December 15, ~~2024.~~2026, ~~Teradyne~~and ~~will~~interim ~~apply~~periods ~~the~~within ~~amendments~~fiscal inyears ~~this~~beginning ~~update~~after onDecember a15, ~~prospective~~2027, ~~basis.~~with ~~This~~early ~~ASU~~adoption ~~will~~permitted. ~~have~~Teradyne nois ~~impact~~currently onevaluating ~~results~~the impact of ~~operations,~~this ~~cash~~new ~~flows or financial condition~~standard.

In July 2025, the FASB issued ASU 2025-05 - “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which introduces a practical expedient related to the estimation of expected

Incredit ~~November~~losses ~~2024,~~for ~~the~~current ~~FASB~~accounts ~~issued~~receivable ~~ASU~~and ~~2024-03-"Income~~current ~~Statement~~contract -assets ~~Reporting~~that ~~Comprehensive~~arise ~~Income~~from ~~-Expense~~transactions ~~Disaggregation~~accounted ~~Disclosures~~for ~~(Subtopic~~under ~~220-40):~~ASC ~~Disaggregation~~606. ofThe ~~Income~~practical ~~Statement~~expedient ~~Expenses",~~permits ~~which~~all ~~requires~~entities ~~disclosure~~to ofassume ~~additional~~that ~~expense~~current ~~information~~conditions onas anof ~~annual and interim basis, including~~ the ~~amounts~~balance ofsheet ~~inventory~~date ~~purchases,~~do ~~employee~~not ~~compensation,~~change ~~depreciation~~for ~~and~~the ~~intangible~~remaining ~~amortization~~life ~~included~~of ~~within~~the ~~each income statement expense caption~~asset. This standard is ~~effective~~in ~~for~~effect ~~fiscal~~as ~~years~~of ~~beginning after~~ December 15, ~~2026,~~2025. ~~and~~This ~~interim~~ASU ~~periods~~had ~~within~~no ~~fiscal~~impact ~~years~~on ~~beginning~~results ~~after~~of ~~December 15~~operations, ~~2027,~~cash ~~with~~flows ~~early~~or ~~adoption~~financial ~~permitted~~condition. ~~Teradyne is currently evaluating the impact of this new standard.~~

In July 2025, the FASB issued ASU 2025-05 - "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which introduces a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The practical expedient permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. Teradyne is currently evaluating the impact of this new standard and does not expect a material impact on its financial statements and related disclosures.

D. ACQUISITIONS

Quantifi Photonics

On May 31, 2025, Teradyne acquired all of the issued and outstanding shares of Quantifi Photonics ("“Quantifi"”), a privately held company in New Zealand and a leader in photonic integrated circuit ("“PIC"”) test solutions for a total purchase price of ~~approximately~~ $127.2 million~~, subject to customary working capital adjustments~~. The acquisition of Quantifi enables Teradyne to deliver scalable PIC test solutions. Teradyne'’s allocation of the purchase price was goodwill of $83.1 million, which is not deductible for tax purposes, acquired intangible assets of $43.6 million with a weighted average estimated useful life of 10.0 years, and $0.6 million of net tangible assets. The goodwill is attributable to cost synergies, assembled workforce and anticipated incremental revenue streams. ~~Teradyne's~~The ~~estimates and assumptions used in determining the estimated~~ fair values of ~~certain~~the ~~assets~~tangible and ~~liabilities~~identifiable ~~are~~intangible ~~subject~~assets toacquired ~~change~~and ~~within~~liabilities ~~the~~assumed ~~measurement~~are ~~period~~based ~~(up~~on tomanagement’s ~~one~~estimates ~~year from the acquisition date) as a result of additional information obtained with regards to facts~~ and ~~circumstances that existed as of the acquisition date~~assumptions. The results of Quantifi have been included in Teradyne'’s Product Test segment from the date of acquisition.

~~Based~~The ~~upon a preliminary valuation, the~~ total purchase price was allocated as follows:


	Purchase Price Allocation
	(in thousands)
Goodwill	$	83,068
Intangible Assets		43,600
Tangible assets acquired and liabilities assumed:
Current assets		6,148
Long-term deferred tax assets		6,271
Other non-current assets		2,516
Accounts payable and current liabilities		(1,609	)
Long-term deferred tax liabilities		(12,208	)
Other long-term liabilities		(548	)
Total purchase price	$	127,238

Teradyne estimated the fair value of intangible assets using the income and cost approaches. The fair value of Developed technology was estimated using the Multi-Period Excess Earnings Method. Acquired intangible assets are amortized on a straight-line basis over their estimated useful lives. Components of these intangible assets and their estimated useful lives at the acquisition date are as follows:


	Fair Value		Estimated Useful Life
	(in thousands)		(in years)
Developed technology	$	38,600		10.0
Trademarks and tradenames		4,400		10.0
Customer relationships		600		8.0
Total Intangible Assets	$	43,600		10.0

Teradyne has not separately disclosed Quantifi's standalone contribution to total company revenue or income from operations before income taxes or pro forma financial information because the impact of the acquisition on the condensed consolidated financial statements is not material.

Automated Test Equipment Technology

On January 31, 2025, Teradyne acquired from Infineon Technologies AG ("“Infineon"”) its automated test equipment technology and associated development team ("“AET"”) based in Regensburg, Germany for a total purchase price of 17.6 million Euros, equivalent to $18.3 million, subject to customary adjustments. AET adds resources and expertise to Teradyne and strengthens the relationship between Teradyne and Infineon. The AET acquisition was accounted for as a business combination and, accordingly, the results have been included in Teradyne'’s Semiconductor Test segment from the date of acquisition. As of the acquisition date, Teradyne'’s purchase price allocation was goodwill of $1.3 million for expected synergies from combining operations, acquired intangible assets of $6.4 million, consisting of developed technology and customer relationships, with a weighted average estimated useful life of 4.6 years, and $10.7 million of net tangible assets, including $11.7 million of inventory. The fair values of the tangible and identifiable ~~intangible assets acquired and liabilities assumed are based on management's estimates and assumptions. The acquisition was not material to Teradyne's condensed consolidated financial statements.~~

intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions. The acquisition was not material to Teradyne’s condensed consolidated financial statements.

E. REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.

		Semiconductor Test						Robotics		Product Test		Total
		System on-a-Chip		Memory		IST
	(in thousands)
For the Three Months Ended September 28, 2025
For the Three Months Ended March 29, 2026
Timing of Revenue Recognition
Point in Time		$	~~367~~808,~~404~~102	$	~~118~~193,~~878~~723	$	3318,~~575~~766	$	7388,~~213~~760	$	6961,~~579~~915	$	~~662~~1,~~649~~171,266
Over Time			7273,~~812~~705		98,~~184~~727		47,~~014~~778		12,~~874~~498		18,~~677~~520		~~106~~111,~~561~~228
Total		$	~~440~~881,~~216~~807	$	~~128~~202,~~062~~450	$	3726,~~589~~544	$	7591,~~087~~258	$	8880,~~256~~435	$	~~769~~1,~~210~~282,494
Geographical Market
Asia Pacific		$	~~409~~815,~~959~~400	$	~~126~~195,~~534~~058	$	3724,~~298~~593	$	1316,~~852~~945	$	2524,~~136~~688	$	~~612~~1,~~779~~076,684
Americas			1417,~~432~~045		16,~~029~~839		~~291~~1,951		2840,~~455~~523		5547,~~225~~524		99113,~~432~~882
Europe, Middle East and Africa			1549,~~825~~362		~~499~~553		—		3233,~~780~~790		78,~~895~~223		5691,~~999~~928
Total		$	~~440~~881,~~216~~807	$	~~128~~202,~~062~~450	$	3726,~~589~~544	$	7591,~~087~~258	$	8880,~~256~~435	$	~~769~~1,~~210~~282,494
For the Three Months Ended September 29, 2024
For the Three Months Ended March 30, 2025
Timing of Revenue Recognition
Point in Time		$	~~323~~337,~~507~~691	$	~~143~~101,~~581~~662	$	2022,~~771~~892	$	8667,~~672~~146	$	6456,~~305~~559	$	~~638~~585,~~836~~950
Over Time			68,~~848~~700		67,~~798~~745		53,~~013~~814		1,~~979~~841		1517,~~824~~630		9899,~~462~~730
Total		$	~~392~~406,~~355~~391	$	~~150~~109,~~379~~407	$	2526,~~784~~706	$	8868,~~651~~987	$	8074,~~129~~189	$	~~737~~685,~~298~~680
Geographical Market
Asia Pacific		$	~~364~~358,~~476~~103	$	~~137~~107,~~890~~681	$	2326,~~844~~016	$	1315,~~833~~062	$	2925,~~775~~546	$	~~569~~532,~~818~~408
Americas			1735,~~150~~052		~~1,325~~917		~~1,940~~690		4032,~~775~~471		4340,~~494~~785		~~104~~109,~~684~~915
Europe, Middle East and Africa			1013,~~729~~236		~~11,164~~809		—		3421,~~043~~454		67,~~860~~858		6243,~~796~~357
Total		$	~~392~~406,~~355~~391	$	~~150~~109,~~379~~407	$	2526,~~784~~706	$	8868,~~651~~987	$	8074,~~129~~189	$	~~737~~685,~~298~~680
For the Nine Months Ended September 28, 2025
Timing of Revenue Recognition
Point in Time		$	1,030,682	$	272,534	$	85,294	$	213,083	$	192,296	$	1,793,889
Over Time			212,512		25,879		13,348		5,857		55,202		312,798
Total		$	1,243,194	$	298,413	$	98,642	$	218,940	$	247,498	$	2,106,687
Geographical Market
Asia Pacific		$	1,132,944	$	292,683	$	95,782	$	44,853	$	85,583	$	1,651,845
Americas			65,404		4,023		2,860		88,086		138,239		298,612
Europe, Middle East and Africa			44,846		1,707		—		86,001		23,676		156,230
Total		$	1,243,194	$	298,413	$	98,642	$	218,940	$	247,498	$	2,106,687
For the Nine Months Ended September 29, 2024
Timing of Revenue Recognition
Point in Time		$	896,635	$	367,679	$	49,868	$	260,072	$	189,987	$	1,764,241
Over Time			211,612		21,626		15,784		6,480		47,253		302,755
Total		$	1,108,247	$	389,305	$	65,652	$	266,552	$	237,240	$	2,066,996
Geographical Market
Asia Pacific		$	1,016,674	$	357,993	$	61,014	$	48,615	$	86,079	$	1,570,375
Americas			59,912		13,631		4,638		110,415		116,799		305,395
Europe, Middle East and Africa			31,661		17,681		—		107,522		34,362		191,226
Total		$	1,108,247	$	389,305	$	65,652	$	266,552	$	237,240	$	2,066,996

Contract Balances

During the three ~~and nine~~ months ended ~~September~~March 2829, ~~2025~~2026, ~~Teradyne recognized $14.2 million~~ and ~~$64.8~~March ~~million~~30, ~~respectively~~2025, ~~that was included within the deferred revenue and customer advances balances at the beginning of the period. During the three and nine months ended September 29, 2024,~~ Teradyne recognized $1368.45 million and $6025.23 million, respectively, that was included within the deferred revenue and customer advances balances at the beginning of the period. This revenue primarily relates to undelivered hardware, extended warranties, training, application support, and post contract support. Each of these represents a distinct performance obligation. As of ~~September~~March 2829, ~~2025~~2026, Teradyne had $~~1,744~~117.4 million of unsatisfied performance obligations. ~~Teradyne~~with ~~expects~~an tooriginal ~~recognize~~duration ~~approximately~~of ~~89%~~greater than one year, of ~~the~~which ~~remaining~~50% ~~performance~~is ~~obligations~~expected into ~~the~~be ~~next~~recognized 12as ~~months~~revenue ~~and~~within the ~~remainder~~next in12 ~~1-3 years~~months.

Deferred revenue and customer advances consist of the following and are included in short and long-term deferred revenue and customer advances on the balance sheet:

	September 28,2025		December 31,2024
	March 29,2026		December 31,2025
	(in thousands)
Maintenance, service and training	$	5758,~~606~~118	$	5862,~~473~~337
Customer advances, undelivered elements and other		68130,~~316~~369		4885,~~118~~762
Extended warranty		5167,~~015~~011		4155,~~624~~913
Total deferred revenue and customer advances	$	~~176~~255,~~937~~498	$	~~148~~204,~~215~~012

Accounts Receivable

During the three and nine months ended September 28, 2025, and September 29, 2024, Teradyne sold certain trade accounts receivables on a non-recourse basis to third-party financial institutions pursuant to factoring agreements. During the three months ended September 28, 2025, and September 29, 2024, total trade accounts receivable sold under the factoring agreements were $14.4 million and $36.1 million, respectively. During the nine months ended September 28, 2025, and September 29, 2024, total trade accounts receivable sold under the factoring agreements were $37.5 million and $116.8 million, respectively. Factoring fees for the sales of receivables were recorded in interest expense and were not material. Teradyne accounted for these transactions as sales of receivables and presented cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows.

F. EQUITY METHOD INVESTMENT

On May 27, 2024, Teradyne paid 483.1 million Euros, equivalent to $524.1 million, to purchase a combination of previously issued and outstanding shares and shares newly issued by Technoprobe, S.p.A. ("“Technoprobe"”). The shares purchased represent 10% of the issued and outstanding shares of Technoprobe. Teradyne also received a board seat as part of the purchase. Teradyne accounts for this investment using the equity method as a result of being able to exercise significant influence over the operating and financial decisions of Technoprobe.

The carrying value of this equity method investment as of ~~September~~March 2829, ~~2025,~~2026 ~~was $538.0 million~~ and ~~$494.5 million as of~~ December 31, ~~2024 in the condensed consolidated balance sheets. For the three months ended September 28,~~ 2025, ~~Teradyne~~was ~~recorded a~~ $5522.26 million ~~loss related to equity in net earnings of affiliate~~ and a $2537.21 million ~~loss in other comprehensive income (loss) related to investment. For the nine months ended September 28~~, ~~2025~~respectively, ~~Teradyne recorded a $16.7 million loss related to equity~~ in ~~net~~the ~~earnings~~condensed ofconsolidated ~~affiliate~~balance ~~and an income of $60~~sheets.2 ~~million of other comprehensive income (loss) related to the equity method investment.~~ For the three ~~and nine~~ months ended ~~September~~March 29, ~~2024~~2026, Teradyne ~~recorded a loss of $1.1 million of equity in net earnings of affiliate and income of $15.4 million in other comprehensive income (loss) related this investment.~~

~~Based on the quoted closing price of Technoprobe stock as of September 28, 2025, the fair value of the publicly traded investment was $638.2 million.~~9

~~Teradyne's~~recorded a $4.6 million loss related to equity ~~method~~in ~~basis~~net ~~difference~~earnings ~~was~~of ~~calculated~~affiliate asand ~~the~~a ~~difference~~$9.9 ~~between~~million ~~the~~loss in other comprehensive income (loss) related to investment. ~~and~~For the ~~amount~~three months ended March 30, 2025, Teradyne recorded a loss of ~~underlying~~$5.6 million of equity in net ~~assets~~earnings ~~acquired.~~of ~~The~~affiliate ~~basis~~and ~~differences,~~a ~~net~~gain of ~~tax,~~$20.7 ~~will~~million bein ~~amortized~~other ~~over~~comprehensive ~~the~~income ~~estimated~~(loss) ~~useful~~related ~~lives~~to this investment.

~~Teradyne~~Based ~~made~~on anthe ~~accounting~~quoted ~~policy~~closing ~~election~~price ~~to report its share~~ of Technoprobe's ~~results~~stock onas aof ~~3-month~~March ~~lag~~29, ~~which~~2026 ~~is applied consistently from period to period. Teradyne records its share of Technoprobe's net income or loss~~ and ~~the~~March ~~amortization~~30, ~~of equity method basis difference~~2025, asthe ~~'Equity~~fair invalue ~~net earnings~~ of ~~affiliate' in~~ the ~~condensed~~publicly ~~consolidated~~traded ~~statements~~investment ofwas ~~operations~~$1,068.2 ~~Teradyne~~million ~~includes its share of Technoprobe's other comprehensive income~~ and a$411.5 ~~cumulative~~million, ~~translation adjustment in the condensed consolidated statements of comprehensive income~~respectively.

GTeradyne’s equity method basis difference was calculated as the difference between the investment and the amount of underlying equity in net assets acquired. ~~DISPOSITIONS~~The basis differences, net of tax, will be amortized over the estimated useful lives.

OnTeradyne ~~May~~made ~~27,~~an ~~2024,~~accounting ~~Teradyne~~policy ~~completed~~election ~~the~~to ~~sale~~report its share of ~~the~~Technoprobe’s ~~Device~~results ~~Interface~~on ~~Solutions~~a ~~("DIS")~~3-month ~~business~~lag, awhich ~~component~~is ofapplied ~~the~~consistently ~~Semiconductor~~from ~~Test~~period ~~segment,~~ to ~~Technoprobe for $85~~period.0 ~~million~~Teradyne inrecords ~~cash,~~its ~~net~~share of ~~cash~~Technoprobe’s ~~and~~net ~~cash~~income ~~equivalents~~or ~~sold,~~loss and athe ~~customary~~amortization ~~working~~of ~~capital~~equity ~~adjustment.~~method ~~The~~basis ~~sale~~difference, ~~resulted~~as ‘Equity in anet ~~pre-tax~~earnings ~~gain~~ of ~~$57.1~~affiliate’ ~~million recorded as 'Gain on sale of business'~~ in the condensed consolidated ~~statement~~statements of operations. ~~The~~Teradyne ~~transaction~~includes ~~did~~its ~~not~~share ~~meet~~of ~~the~~Technoprobe’s ~~criteria~~other tocomprehensive beincome ~~classified~~and as a ~~discontinued~~cumulative ~~operation,~~translation asadjustment itin ~~did~~the ~~not~~condensed ~~represent~~consolidated astatements ~~strategic~~of ~~shift~~comprehensive ~~that will have a major effect on operations and financial results~~income.

10G. INVENTORIES

H.Inventories, ~~INVENTORIES~~net consisted of the following at March 29, 2026, and December 31, 2025:

Inventories, net consisted of the following at September 28, 2025, and December 31, 2024:


	March 29, 2026		December 31, 2025
	(in thousands)
Raw material	$	261,969	$	267,566
Work-in-process		56,012		47,876
Finished goods		44,776		64,110
Total inventories, net	$	362,757	$	379,552

	September 28,2025		December 31,2024
	(in thousands)
Raw material	$	267,105	$	225,915
Work-in-process		57,050		41,964
Finished goods		42,597		30,613
Total inventories, net	$	366,752	$	298,492

Inventory reserves at March 29, 2026, and December 31, 2025, were $155.5 million and $151.8 million, respectively.

~~Inventory reserves at September 28, 2025, and December 31, 2024, were $146~~H.0 ~~million~~FINANCIAL ~~and~~INSTRUMENTS ~~$141.4 million, respectively.~~

I. FINANCIAL INSTRUMENTS

Cash Equivalents

Teradyne considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.

Marketable Securities

Teradyne’s equity and debt mutual funds are classified as Level 1 and available-for-sale debt securities are classified as Level 2. The vast majority of Level 2 securities are fixed income securities priced by second party pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available, use other observable inputs like market transactions involving identical or comparable securities.

During the three ~~and nine~~ months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, there were no transfers in or out of Level 1, Level 2, or Level 3 financial instruments.

	For the Three Months Ended				For the Nine Months Ended
	September 28,2025		September 29,2024		September 28,2025		September 29,2024
	(in millions)				(in millions)
Realized gains and losses included in 'Other (income) expense, net' in the condensed consolidated statement of operations
Realized gains	$	0.7	$	0.8	$	1.8	$	2.1
Realized losses		—		—		1.3		0.3
Unrealized gains and losses on equity securities included in 'Other (income) expense, net' in the condensed consolidated statement of operations
Unrealized gains on equity securities		3.1		2.2		7.4		5.4
Unrealized losses on equity securities		0.1		—		3.2		—

Unrealized gains and losses on available-for-sale debt securities are included in 'Accumulated other comprehensive income (loss)' in the condensed consolidated balance sheet.


	For the Three Months Ended
	March 29, 2026		March 30, 2025
	(in millions)
Realized gains and losses included in ‘Other (income) expense, net’ in the condensed consolidated statement of operations
Realized gains	$	0.7	$	0.7
Realized losses		0.1		1.2

Unrealized gains and losses on equity securities included in ‘Other (income) expense, net’ in the condensed consolidated statement of operations
Unrealized gains on equity securities	$	—	$	0.2
Unrealized losses on equity securities		4.0		3.1

Unrealized gains and losses on available-for-sale debt securities are included in ‘Accumulated other comprehensive income (loss)’ in the condensed consolidated balance sheet.

The cost of securities sold is based on average cost.

The following tables set forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of ~~September~~March 2829, ~~2025~~2026, and December 31, ~~2024~~2025.

	September 28, 2025
	March 29, 2026
	Quoted Pricesin ActiveMarkets forIdenticalInstruments(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Total
	(in thousands)
Assets
Cash	$	~~180~~193,~~730~~259	$	—	$	—	$	~~180~~193,~~730~~259
Cash equivalents		9147,~~970~~762		—923		—		9148,~~970~~685
Available-for-sale securities:
U.S. Treasury securities		—		44,759		—		44,759
Corporate debt securities		—		57,288		—		57,288
Corporate debt securities		—		36,748		—		36,748
U.S. Treasury securities		—		12,627		—		12,627
Debt mutual funds		1412,~~766~~045		—		—		1412,~~766~~045
Certificates of deposit and time deposits		—		1,613		—		1,613
Non-U.S. government securities		—		9,731		—		9,731
U.S. government agency securities		—		1,098		—		1,098
Certificates of deposit and time deposits		—		1,329		—		1,329
Non-U.S. government securities		—		937		—		937
Equity securities:
Mutual funds		5459,~~754~~007		—		—		5459,~~754~~007
	$	~~342~~312,~~220~~073	$	8581,~~155~~898	$	—	$	~~427~~393,~~375~~971
Derivative assets		—		~~310~~1,145		—		~~310~~1,145
Total	$	~~342~~312,~~220~~073	$	8583,~~465~~043	$	—	$	~~427~~395,~~685~~116
Liabilities
Derivative liabilities		—		12,~~129~~994		—	$	12,~~129~~994
Total	$	—	$	12,~~129~~994	$	—	$	12,~~129~~994
Reported as follows:
	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Assets
Cash and cash equivalents	$	~~272~~241,~~700~~021	$	—923	$	—	$	~~272~~241,~~700~~944
Long-term marketable securities		6971,~~520~~052		6077,~~138~~322		-—		~~129~~148,~~658~~374
Marketable securities		—		253,~~017~~653		—		253,~~017~~653
Prepayments		—		~~310~~1,145		—		~~310~~1,145
Total	$	~~342~~312,~~220~~073	$	8583,~~465~~043	$	—	$	~~427~~395,~~685~~116
Liabilities
Other current liabilities	$	—	$	12,~~129~~994	$	—	$	12,~~129~~994
Total	$	—	$	12,~~129~~994	$	—	$	12,~~129~~994

	December 31, 2024
	December 31, 2025
	Quoted Pricesin ActiveMarkets forIdenticalInstruments(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Total
	(in thousands)
Assets
Cash	$	~~261~~214,~~176~~712	$	—	$	—	$	~~261~~214,~~176~~712
Cash equivalents		~~283~~78,~~037~~068		~~9,141~~971		—		~~292~~79,~~178~~039
Available-for-sale securities:
U.S. Treasury securities		—		44,~~942~~143		—		44,~~942~~143
Corporate debt securities		—		3536,~~696~~384		—		3536,~~696~~384
Certificates of deposit and time deposits		—		211,~~689~~354		—		211,~~689~~354
Debt mutual funds		814,~~951~~331		—		—		814,~~951~~331
U.S. government agency securities		—		3,970		—		3,970
Non-U.S. government securities		—		924		—		924
Non-U.S. government securities		—		773		—		773
Equity securities:
Mutual Funds		5457,~~412~~367		—		—		5457,~~412~~367
	$	~~607~~364,~~576~~478	$	~~116~~83,~~211~~776	$	—	$	~~723~~448,~~787~~254
Derivative assets		—		1,~~665~~175		—		1,~~665~~175
Total	$	~~607~~364,~~576~~478	$	~~117~~84,~~876~~951	$	—	$	~~725~~449,~~452~~429
Liabilities
Derivative liabilities		—		~~1,324~~928		—		~~1,324~~928
Total	$	—	$	~~1,324~~928	$	—	$	~~1,324~~928
Reported as follows:
	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Assets
Cash and cash equivalents	$	~~544~~292,~~213~~780	$	~~9,141~~971	$	—	$	~~553~~293,~~354~~751
Marketable securities		—		46,312		—		46,312
Long-term marketable securities		71,698		54,558		—		126,256
Long-term marketable securities		63,363		60,758		—		124,121
Marketable securities		—		28,247		—		28,247
Prepayments		—		1,~~665~~175		—		1,~~665~~175
Total	$	~~607~~364,~~576~~478	$	~~117~~84,~~876~~951	$	—	$	~~725~~449,~~452~~429
Liabilities
Other current liabilities	$	—	$	~~1,324~~928	$	—	$	~~1,324~~928
Total	$	—	$	~~1,324~~928	$	—	$	~~1,324~~928

The carrying amounts and fair values of Teradyne’s financial instruments at ~~September~~March 2829, ~~2025~~2026, and December 31, ~~2024~~2025, were as follows:

September 28, 2025

December 31, 2024

March 29, 2026

December 31, 2025

Carrying Value

Fair Value

Carrying Value

Fair Value

(in thousands)

Assets

Cash and cash equivalents

~~272~~241,~~700~~944

~~553~~293,~~354~~751

Marketable securities

~~154~~152,~~675~~027

~~170~~154,~~433~~503

Derivative assets

~~310~~1,145

1,~~665~~175

Liabilities

Derivative liabilities

12,~~129~~994

~~1,324~~928

The fair values of accounts receivable, net and accounts payable approximate the carrying value due to the short-term nature of these instruments.

The following table summarizes the composition of available-for-sale marketable securities at ~~September~~March 2829, ~~2025~~2026:

	September 28, 2025
	March 29, 2026
	Available-for-Sale
	Cost		UnrealizedGain		Unrealized(Loss)			Fair MarketValue		Fair MarketValue ofInvestmentswith UnrealizedLosses
	(in thousands)
U.S. Treasury securities	$	49,271	$	63	$	(4,575	)	$	44,759	$	21,338
Corporate debt securities	$	62,249	$	110	$	(5,071	)	$	57,288	$	49,277
Corporate debt securities		40,281		280		(3,813	)		36,748		24,216
U.S. Treasury securities		17,472		11		(4,856	)		12,627		12,112
Debt mutual funds		1412,~~945~~254		—		(~~179~~209	)		1412,~~766~~045		2,~~972~~929
Certificates of deposit and time deposits		1,613		—		—			1,613		—
Non-U.S. government securities		10,005		—		(274	)		9,731		8,830
U.S. government agency securities		1,098		—		—			1,098		1,098
Certificates of deposit and time deposits		1,329		—		—			1,329		—
Non-U.S. government securities		937		—		—			937		—
	$	103,309	$	121	$	(10,410	)	$	93,020	$	73,148
	$	108,145	$	343	$	(8,567	)	$	99,921	$	49,624

Reported as follows:

	Cost		UnrealizedGain		Unrealized(Loss)			Fair MarketValue		Fair MarketValue ofInvestmentswith UnrealizedLosses
	(in thousands)
Marketable securities	$	253,~~012~~656	$	251	$	(204	)	$	253,~~017~~653	$	61,~~517~~953
Long-term marketable securities		8399,~~133~~653		~~318~~120		(810,~~547~~406	)		7489,~~904~~367		4371,~~107~~195
	$	~~108~~103,~~145~~309	$	~~343~~121	$	(810,~~567~~410	)	$	9993,~~921~~020	$	4973,~~624~~148

The following table summarizes the composition of available-for-sale marketable securities at December 31, ~~2024~~2025:

	December 31, 2024
	December 31, 2025
	Available-for-Sale
	Cost		UnrealizedGain		Unrealized(Loss)			Fair MarketValue		Fair MarketValue ofInvestmentswith UnrealizedLosses
	(in thousands)
U.S. Treasury securities	$	4948,~~879~~723	$	1490	$	(4,~~951~~670	)	$	44,~~942~~143	$	3013,~~530~~891
Corporate debt securities		40,~~395~~090		79293		(43,~~778~~999	)		3536,~~696~~384		2722,~~824~~941
Certificates of deposit and time deposits		21,689		—		—			21,689		—
Debt mutual funds		14,508		—		(177	)		14,331		3,020
Debt mutual funds		9,299		—		(348	)		8,951		3,238
Certificates of deposit and time deposits		1,354		—		—			1,354		—
U.S. government agency securities		3,966		5		(1	)		3,970		1,946
Non-U.S. government securities		924		—		—			924		—
Non-U.S. government securities		773		—		—			773		—
	$	105,599	$	383	$	(8,846	)	$	97,136	$	39,852
	$	126,001	$	98	$	(10,078	)	$	116,021	$	63,538

Reported as follows:

	Cost		UnrealizedGain		Unrealized(Loss)			Fair MarketValue		Fair MarketValue ofInvestmentswith UnrealizedLosses
	(in thousands)
Marketable securities	$	4628,~~349~~213	$	1641	$	(537	)	$	4628,~~312~~247	$	102,~~454~~293
Long-term marketable securities		7977,~~652~~386		82342		(108,~~025~~839	)		6968,~~709~~889		5337,~~084~~559
	$	~~126~~105,~~001~~599	$	98383	$	(108,~~078~~846	)	$	~~116~~97,~~021~~136	$	6339,~~538~~852

As of March 29, 2026, the fair market value of investments with unrealized losses less than one year and greater than one year totaled $39.7 million and $33.5 million, respectively. As of December 31, 2025, the fair market value of investments with unrealized losses for less than one year and greater than one year totaled $1.1 million and $38.8 million, respectively.

AsTeradyne ofreviews ~~September~~its ~~28,~~investments ~~2025,~~to ~~the~~identify ~~fair~~and ~~market~~evaluate ~~value of~~ investments ~~with~~that ~~unrealized~~have ~~losses~~an ~~less~~indication ~~than~~of ~~one~~possible ~~year and greater than one year totaled $11~~impairment.8 ~~million~~Based ~~and~~on ~~$37.8~~this ~~million~~review, ~~respectively.~~Teradyne Asdetermined ofthat ~~December 31, 2024,~~ the ~~fair market value of investments with~~ unrealized losses ~~for~~related ~~less~~to ~~than~~these ~~one~~investments ~~year~~at ~~and~~March ~~greater~~29, ~~than~~2026, ~~one~~and ~~year~~December ~~totaled~~31, ~~$22.6~~2025, ~~million~~were ~~and~~not ~~$40.9~~other ~~million,~~than ~~respectively~~temporary.

~~Teradyne~~The ~~reviews~~contractual ~~its~~maturities ~~investments~~of ~~to identify and evaluate~~ investments ~~that~~in ~~have~~available-for-sale ansecurities ~~indication~~held ~~of possible impairment. Based on this review, Teradyne determined that the unrealized losses related to these investments~~ at ~~September~~March 2829, ~~2025~~2026, ~~and December 31, 2024,~~ were ~~not~~as ~~other~~follows: ~~than temporary.~~

The contractual maturities of investments in available-for-sale securities held at September 28, 2025, were as follows:


	March 29, 2026
	Cost		Fair Market Value
	(in thousands)
Due within one year	$	3,656	$	3,653
Due after 1 year through 5 years		10,079		9,871
Due after 5 years through 10 years		13,104		12,974
Due after 10 years		64,221		54,482
Total	$	91,060	$	80,980

	September 28, 2025
	Cost		Fair MarketValue
	(in thousands)
Due within one year	$	25,012	$	25,017
Due after 1 year through 5 years		24,346		24,202
Due after 5 years through 10 years		8,575		8,683
Due after 10 years		35,267		27,253
Total	$	93,200	$	85,155

Contractual maturities of investments in available-for-sale securities held at March 29, 2026, exclude debt mutual funds with a fair market value of $12.0 million as they do not have a contractual maturity date.

Contractual maturities of investments in available-for-sale securities held at September 28, 2025, exclude debt mutual funds with a fair market value of $14.8 million as they do not have a contractual maturity date.

Derivatives

Teradyne conducts business in various foreign countries, with certain transactions denominated in local currencies. As a result, Teradyne is exposed to risks relating to changes in foreign currency exchange rates. Teradyne’s foreign currency risk management objective is to minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, and changes in its cash inflows attributable to the forecasted cash flows from certain foreign currency denominated revenues.

To minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, Teradyne enters into foreign currency forward contracts. The change in fair value of these derivatives is recorded directly in earnings and is used to offset the change in value of monetary assets and liabilities denominated in foreign currencies.

Teradyne also enters into foreign currency forward and option contracts designated as cash flow hedges to hedge the risk of changes in its cash inflows attributable to changes in foreign currency exchange rates. The cash flow hedges have maturities of less than six months and mature in the period of revenue recognition for certain products and services in backlog and forecasted to be recognized in a future period. Teradyne evaluates cash flow hedges for effectiveness at inception based on the critical terms match method. The hedges are not expected to incur any ineffectiveness however a quarterly qualitative assessment of effectiveness is done to determine if the critical terms match method remains appropriate to use. The change in fair value of the contracts is recorded in accumulated other comprehensive income (loss) and reclassified to earnings at maturity date.

Teradyne does not use derivative financial instruments for speculative purposes.

At ~~September~~March 2829, ~~2025~~2026, and December 31, ~~2024~~2025, Teradyne had the following contracts to buy and sell non-U.S. currencies for U.S. dollars and other non-U.S. currencies with the following notional amounts:

	Gross Notional Value
	Net Notional Value
	September 28,2025		December 31,2024
	March 29,2026		December 31,2025
	(in millions)
Currency Hedged (Buy/Sell)
U.S. dollar/Taiwan dollar	$	2428.96	$	1427.50
U.S. dollar/Japanese yen		814.72		1216.69
U.S. dollar/Danish krone		7.0		—
U.S. dollar/Euro		13.4		—
U.S. dollar/Korean won		4.04		47.27
U.S. dollar/British pound sterling		1.85		1.29
Singapore dollar/U.S. dollar		4889.18		2862.96
Euro/U.S. dollar		16.9		22.3
Danish krone/U.S. dollar		12.0		—
Danish krone/Chinese yuan		106.35		~~10.5~~—
Philippine peso/U.S. dollar		1.87		91.48
Chinese yuan/U.S. dollar		0.96		10.67
Danish krone/U.S. dollar		0.8		16.9
Euro/U.S. dollar		—		20.4
Total	$	~~125~~172.27	$	~~122~~139.10

The change in the fair value of the outstanding contracts ~~was~~resulted in a net loss of $01.8 million and a net ~~loss~~gain of $0.62 million at ~~September~~March 2829, ~~2025~~2026, and December 31, ~~2024~~2025, respectively.

Unrealized gains and losses on foreign currency forward contracts and foreign currency remeasurement gains and losses on monetary assets and liabilities are included in '‘Other (income) expense, net'’ in the condensed consolidated statement of operations.

At September 28, 2025, and December 31, 2024, Teradyne had the following cash flow hedge contracts to buy and sell non-U.S. currencies for U.S. dollars with the following notional amounts:

	Gross Notional Value
	September 28,2025		December 31,2024
	(in millions)
Currency Hedged (Buy/Sell)
U.S. dollar/Japanese yen	$	—	$	15.6
Total	$	—	$	15.6

The fair value of the outstanding cash flow hedge contracts was a gain of $0.9 million at December 31, 2024.

Unrealized gains and losses on foreign currency cash flow hedge contracts are included in accumulated other comprehensive income (loss). At maturity, the gains or losses associated with cash flow hedge contracts are recorded to revenue.

~~On November 7, 2023, in connection with Teradyne's agreement to acquire a 10% investment in Technoprobe, Teradyne purchased a call option to buy 481.0 million Euros.~~ The ~~expiration~~following ~~date~~table ofsummarizes the ~~option~~fair ~~was~~value ~~April~~of ~~26,~~derivative ~~2024.~~instruments Onas ~~April~~of ~~12,~~March ~~2024, Teradyne entered into a forward to buy 481.0 million Euros which expired on May 23, 2024. For the nine months ended September~~ 29, ~~2024~~2026, aand ~~realized~~December ~~loss of $9.8 million was recorded in 'Other (income) expense~~31, ~~net'~~2025: ~~in the condensed consolidated statement of operations.~~


	Balance Sheet Location	March 29, 2026			December 31, 2025
		(in thousands)
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets		1,145			1,175
Foreign exchange forward contracts	Other current liabilities		(2,994	)		(928	)
Total derivatives		$	(1,849	)	$	247

The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three months ended March 29, 2026, and March 30, 2025:


		For the Three Months Ended
	Location of (Gains) Losses Recognized in Statement of Operations	March 29, 2026		March 30, 2025
		(in thousands)
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts (1)	Other (income) expense, net	$	1,086	$	(166	)
Derivatives designated as hedging instruments:
Foreign exchange forward and option contracts	Revenue		—		(747	)
Total Derivatives		$	1,086	$	(913	)

(1)

The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. For the three months ended March 29, 2026 and March 30, 2025, net losses from

~~The~~remeasurement ~~following~~of ~~table~~monetary ~~summarizes~~assets ~~the~~and ~~fair~~liabilities ~~value~~denominated ofin ~~derivative~~foreign ~~instruments~~currencies aswere of$1.4 ~~September~~million ~~28, 2025,~~ and ~~December~~$2.2 31million, ~~2024:~~ respectively.

	Balance Sheet Location	September 28,2025			December 31,2024
		(in thousands)
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets		310			725
Foreign exchange forward contracts	Other current liabilities		(1,129	)		(1,324	)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts	Other current assets		—			940
Total derivatives		$	(819	)	$	341

See Note I: “Debt” regarding derivatives related to the convertible senior notes.

~~The~~I. ~~following~~DEBT ~~table summarizes the effect of derivative instruments recognized in the statement of operations for the three and nine months ended September 28, 2025, and September 29, 2024:~~

		For the Three Months Ended				For the Nine Months Ended
	Location of (Gains) LossesRecognized in Statementof Operations	September 28,2025		September 29,2024		September 28,2025			September 29,2024
		(in thousands)				(in thousands)
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts (1)	Other (income) expense, net	$	218	$	4,829	$	174		$	686
Foreign exchange option contracts	Other (income) expense, net		—		—		—			9,764
Derivatives designated as hedging instruments:
Foreign exchange forward and option contracts	Revenue		—		—		(449	)		(2,280	)
Total Derivatives		$	218	$	4,829	$	(275	)	$	8,170

The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. For the three and nine months ended September 28, 2025, net losses from remeasurement of monetary assets and liabilities denominated in foreign currencies were $2.8 million and $6.2 million, respectively. For the three and nine months ended September 29, 2024, net losses (gains) from remeasurement of monetary assets and liabilities denominated in foreign currencies were $(2.9) million and $3.1 million, respectively.

See Note J: “Debt” regarding derivatives related to the convertible senior notes.

J. DEBT

Convertible Senior Notes

On December 12, 2016, Teradyne completed a private offering of $460.0 million aggregate principal amount of 1.25% convertible senior unsecured notes (the “Notes”). The Notes matured on December 15, 2023.

Concurrent with the offering of the Notes, Teradyne entered into convertible note hedge transactions (the “Note Hedge Transactions”) with the initial purchasers or their affiliates (the “Option Counterparties”). The Note Hedge Transactions covered, subject to customary anti-dilution adjustments, the number of shares of the common stock that underlie the Notes. Separately and concurrent with the pricing of the Notes, Teradyne entered into warrant transactions with the Option Counterparties (the “Warrant Transactions”) in which it sold net-share-settled (or, at its election subject to certain conditions, cash-settled) warrants to the Option Counterparties. The Warrant Transactions, which began expiring on March 18, 2024, and continued to expire through July 10, 2024, covered, subject to customary anti-dilution adjustments, approximately 1.3 million shares of common stock. During the three and nine months ended September 29, 2024, 1.3 million and 14.7 million warrants expired, resulting in the issuance of 1.2 million and 10.0 million shares of Teradyne common stock, respectively.

Revolving Credit Facility

On May 1, 2020, Teradyne entered into a credit agreement (the “Credit Agreement”) with Truist Bank, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement ~~provided~~provides for a three-year, senior secured revolving credit facility of $400.0 million (the “Credit Facility”). On December 10, 2021, the Credit Agreement was amended to extend the maturity date of the Credit Facility to December 10, 2026. On October 5, 2022, the Credit Agreement was amended to increase the amount of the Credit Facility to $750.0 million from $400.0 million. On November 7, 2023, the Credit Agreement was amended to allow for the purchase of the shares of Technoprobe. The Credit Agreement provides that, subject to customary conditions, Teradyne may seek to obtain from existing or new lenders the available incremental amount under the Credit Facility, not to exceed the greater of $200.0 million or 15% of consolidated EBIDTA. The interest rate applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.00% to 0.75% per annum or SOFR plus a margin ranging from 1.10% to 1.85% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.15% to 0.25% per annum, based on the then applicable consolidated leverage ratio. Teradyne is not required to repay any loans under the Credit Facility prior to maturity, subject to certain customary exceptions. Teradyne is permitted to prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, other than customary SOFR breakage costs. The Credit Agreement contains customary events of default, representations, warranties and affirmative and negative covenants that, among other things, limit Teradyne’s ability to sell assets, grant liens on assets, incur other secured indebtedness and make certain investments and restricted payments, all subject to exceptions set forth in the Credit Agreement. The Credit Agreement also requires Teradyne to satisfy two financial ratios measured as of the end of each fiscal quarter: a consolidated leverage ratio and an interest coverage ratio. The Credit Facility is guaranteed by certain of Teradyne’s domestic subsidiaries and collateralized by assets of Teradyne and such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries.

17As of March 29, 2026, Teradyne did not have an outstanding balance under the Credit Agreement. As of December 31, 2025, Teradyne had an outstanding balance of $200 million under the Credit Agreement. The weighted-average interest rate on the outstanding borrowings as of December 31, 2025 was 4.86%. During the three months ended March 29, 2026, Teradyne paid $2.9 million in interest related to its debt from the Credit Facility. As of March 29, 2026, Teradyne was in compliance with all covenants under the Credit Agreement. Teradyne intends to extend the Credit Facility later in 2026.

~~On December 10, 2021, the Credit Agreement was amended to extend the maturity date of the Credit Facility to December 10, 2026~~J. OnPREPAYMENTS October 5, 2022, the Credit Agreement was amended to increase the amount of the Credit Facility to $750.0 million from $400.0 million. On November 7, 2023, the Credit Agreement was amended to allow for the purchase of the shares of Technoprobe.

The Credit Agreement provides that, subject to customary conditions, Teradyne may seek to obtain from existing or new lenders the available incremental amount under the Credit Facility, not to exceed the greater of $200.0 million or 15% of consolidated EBIDTA. The interest rate applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.00% to 0.75% per annum or SOFR plus a margin ranging from 1.10% to 1.85% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.15% to 0.25% per annum, based on the then applicable consolidated leverage ratio.

Teradyne is not required to repay any loans under the Credit Facility prior to maturity, subject to certain customary exceptions. Teradyne is permitted to prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, other than customary SOFR breakage costs.

The Credit Agreement contains customary events of default, representations, warranties and affirmative and negative covenants that, among other things, limit Teradyne’s ability to sell assets, grant liens on assets, incur other secured indebtedness and make certain investments and restricted payments, all subject to exceptions set forth in the Credit Agreement. The Credit Agreement also requires Teradyne to satisfy two financial ratios measured as of the end of each fiscal quarter: a consolidated leverage ratio and an interest coverage ratio.

The Credit Facility is guaranteed by certain of Teradyne’s domestic subsidiaries and collateralized by assets of Teradyne and such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries.

On May 16, 2024, Teradyne borrowed $185.0 million under the Credit Agreement to support the acquisition of 10% of the issued and outstanding shares of Technoprobe. Teradyne fully repaid its borrowings on the revolving credit facility during the second quarter of 2024.

On September 4, 2025, and September 19, 2025, Teradyne borrowed a combined $200.0 million under the Credit Agreement to support the upcoming ramp for Semiconductor Test and the strategy to return cash to shareholders through share repurchases, dividends, and inorganic growth opportunities. The average interest rate on the borrowings is 5.29%. As of September 28, 2025, Teradyne has not paid any interest on its outstanding balance from the Credit Facility.

The company accounts for this arrangement under ASC 470 Debt. All borrowings are recorded as short-term or long-term debt in the condensed consolidated balance sheet in accordance with Teradyne's ability and intent to repay the debt, as well as the contractual due date. When amounts are drawn on the revolver, interest is accrued and recognized within other accrued liabilities in the condensed consolidated balance sheet and expensed within Other (income) expense, net within the condensed consolidated statement of operations.

As of October 30, 2025, Teradyne has $250.0 million outstanding from the Credit Facility, and Teradyne was in compliance with all covenants under the Credit Agreement.

K. PREPAYMENTS

Prepayments consist of the following:

	September 28,2025		December 31,2024
	March 29,2026		December 31,2025
	(in thousands)
Contract manufacturer and supplier prepayments	$	~~404~~381,~~485~~319	$	~~365~~364,~~875~~170
Prepaid maintenance and other services		1819,~~324~~884		2216,~~176~~662
Prepaid taxes		1411,~~595~~774		229,~~211~~861
Other prepayments		3125,~~836~~600		1836,~~824~~871
Total prepayments	$	~~469~~438,~~240~~577	$	~~429~~427,~~086~~564

1817

LK. PRODUCT WARRANTY

Teradyne generally provides a one-year warranty on its products, commencing upon installation, acceptance or shipment. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. Related costs are charged to the warranty accrual as incurred. The balance below is included in other accrued liabilities.

For the Three Months Ended

~~For the Nine Months Ended~~

September 28,2025

September 29,2024

September 28,2025

September 29,2024

March 29,2026

March 30,2025

(in thousands)

~~(in thousands)~~

Balance at beginning of period

1219,~~238~~150

1512,~~244~~962

~~12,962~~

~~15,698~~

Accruals for warranties issued during the period

58,~~038~~750

25,~~149~~946

~~15,194~~

~~8,331~~

Accruals related to pre-existing warranties

(~~255~~304

)

(~~545~~552

)

~~(1,177~~

)

~~(1,513~~

)

Settlements made during the period

(34,~~881~~216

)

(25,~~990~~280

)

~~(13,839~~

)

~~(8,658~~

)

Balance at end of period

1323,~~140~~380

13,~~858~~076

~~13,140~~

~~13,858~~

When Teradyne receives ~~revenue~~payment for extended warranties, beyond one year, it is deferred and recognized on a straight-line basis over the contract period. Related costs are expensed as incurred. The balance below is included in short and long-term deferred revenue and customer advances.

For the Three Months Ended

~~For the Nine Months Ended~~

September 28,2025

September 29,2024

September 28,2025

September 29,2024

March 29,2026

March 30,2025

(in thousands)

~~(in thousands)~~

Balance at beginning of period

4655,~~751~~913

3341,~~512~~624

~~41,624~~

~~34,897~~

Deferral of new extended warranty revenue

1017,~~573~~778

97,~~714~~938

~~28,216~~

~~22,316~~

Recognition of extended warranty deferred revenue

(6,~~309~~680

)

(45,~~297~~250

)

~~(18,825~~

)

~~(18,284~~

)

Balance at end of period

5167,~~015~~011

3844,~~929~~312

~~51,015~~

~~38,929~~

ML. STOCK-BASED COMPENSATION

Under Teradyne’s stock compensation plans, Teradyne grants time-based restricted stock units, performance-based restricted stock units and stock options, and employees are eligible to purchase Teradyne’s common stock through its Employee Stock Purchase Plan (“ESPP”).

Service-based restricted stock unit awards granted to employees vest in equal annual installments over four years. Restricted stock unit awards granted to non-employee directors vest after a one-year period, with 100% of the award vesting on the earlier of (a) the first anniversary of the grant date or (b) the date of the following year’s Annual Meeting of Shareholders. Teradyne expenses the cost of the restricted stock unit awards subject to time-based vesting, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which the restrictions lapse.

Performance-based restricted stock units (“PRSUs”) granted to Teradyne’s executive officers may have a performance metric based on relative total shareholder return (“TSR”). For PRSUs granted beginning in 2026, Teradyne’s three-‑year TSR performance iswill be measured against all other companies within the S&P 500. PRSUs granted prior to 2026, including those that remain outstanding and unvested, will continue to be measured against the New York Stock Exchange (“NYSE”) Composite Index for their full three‑year performance periods. The final number of TSR PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The TSR PRSUs will vest upon the three-year anniversary of the grant date. The TSR PRSUs are valued using a Monte Carlo simulation model. The number of units expected to be earned, based upon the achievement of the TSR market condition, is factored into the grant date Monte Carlo valuation. Compensation expense is recognized on a straight-line basis over the shorter of the three-year service period or the period from the grant to the date described in the retirement provisions below.

PRSUs granted to Teradyne’s executive officers may also have a performance metric based on three-year cumulative non-GAAP profit before interest and tax (“PBIT”) as a percent of Teradyne’s revenue. Non-GAAP PBIT is a financial measure equal to GAAP income from operations less restructuring and other, net; amortization of acquired intangible assets; acquisition and divestiture related charges or credits; pension actuarial gains and losses; non-cash convertible debt interest expense; and other non-recurring gains and charges such as ERP implementation related costs and equity modification charges. The final number of PBIT PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The PBIT PRSUs will vest upon the three-year anniversary of the grant date. Compensation expense is recognized on a straight-line basis over the shorter of the three-year

1918

and charges such as ERP implementation related costs and equity modification charges. The final number of PBIT PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The PBIT PRSUs will vest upon the three-year anniversary of the grant date. Compensation expense is recognized on a straight-line basis over the shorter of the three-year service period or the period from the grant date to the date described in the retirement provisions below. Compensation expense for executive officers meeting the retirement provisions prior to the grant date is recognized during the year following the grant. Compensation expense is recognized based on the number of units that are earned based upon the three-year Teradyne PBIT as a percent of Teradyne’s revenue, provided the executive officer remains an employee at the end of the three-year period subject to the retirement and termination eligibility provisions noted below.

If a PRSU recipient’s employment ends prior to the determination of the performance percentage due to (1) permanent disability or death or (2) retirement or termination other than for cause, after attaining both at least age 60 and at least 10 years of service, then all or a portion of the recipient’s PRSUs (based on the actual performance percentage achieved on the determination date) will vest on the date the performance percentage is determined. Except as set forth in the preceding sentence, no PRSUs will vest if the executive officer is no longer an employee at the end of the three-year period. Stock options to purchase Teradyne’s common stock at 100% of the fair market value on the grant date vest in equal annual installments over four years from the grant date and have a maximum term of seven years.

On January 22, 2024, the Board enacted the Executive Retirement Policy for Restricted Stock Unit and Option Vesting (the "“Retirement Policy"”). Under the Retirement Policy, an executive officer that is over the age of 65 and has 10 or more years of service as of the effective date of his or her retirement will be eligible for continued vesting of his or her unvested time-based restricted stock units and stock options granted prior to his or her retirement date.

During the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, Teradyne granted 0.62 million and 0.65 million of service-based restricted stock unit awards to employees at a weighted average grant date fair value of $~~111~~267.7208 and $95114.9851, respectively~~, and less than 0~~.1 ~~million and 0.1 million of service-based restricted stock unit awards to non-employee directors at a weighted average grant date fair value of $79.78 and $120.38, respectively.~~

During the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, Teradyne granted 0.1 million and 0.1 million of PBIT PRSUs with a weighted average grant date fair value of $~~106~~267.4463 and $94114.5147, respectively.

During the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, Teradyne granted 0.1 million and 0.1 million of TSR PRSUs, with a weighted average grant date fair value of $~~107~~440.4494 and $~~102~~120.5180, respectively. The grant date fair value was estimated using the Monte Carlo simulation model with the following assumptions:

	For the Nine Months Ended
	For the Three Months Ended
	September 28,2025			September 29,2024
	March 29,2026			March 30,2025
Risk-free interest rate		43.16	%		34.92	%
Teradyne volatility-historical		4147.85	%		4241.47	%
NYSE Composite Index volatility-historical		14.6	%		15.6	%
S&P 500 Constituents volatility-historical		27.6	%
Dividend yield		0.4	%		0.5	%
NYSE Composite Index volatility-historical					14.9	%
Dividend yield		0.2	%		0.4	%

Expected volatility was based on the historical volatility of Teradyne’s stock and the companies within the S&P 500 for shares granted in 2026 and the NYSE Composite Index for shares granted prior to 2026 over the most recent three-year period. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of the applicable grant. Dividend yield was based upon an estimated annual dividend amount of $0.4852 per share divided by Teradyne’s stock price on the grant dates, which have a weighted average grant date stock price of $~~108~~269.6707 for the ~~2025~~2026 grants, and an estimated annual dividend amount of $0.48 per share divided by Teradyne’s stock price on the grant date of $95115.8379 for the ~~2024~~2025 grant.

During the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, Teradyne granted 0.1 million and 0.1 million of service-based stock options to executive officers at a weighted average grant date fair value of $41101.9361 and $3744.5065, respectively.

The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions:

	For the Nine Months Ended
	For the Three Months Ended
	September 28,2025			September 29,2024
	March 29,2026			March 30,2025
Expected life (years)		43.05			4.0
Risk-free interest rate		43.27	%		4.03	%
Volatility-historical		4346.9	%		4644.30	%
Dividend yield		0.42	%		0.54	%

20Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.52 per share divided by Teradyne’s stock price on the grant date, which have a weighted average grant date stock price of $269.07 for the 2026 grant and an estimated annual dividend amount of $0.48 per share divided by Teradyne’s stock price on the grant date of $115.79 for the 2025 grant.

~~Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant~~M. ~~Volatility~~ACCUMULATED ~~was~~OTHER ~~determined~~COMPREHENSIVE ~~using~~INCOME ~~historical~~(LOSS) volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.48 per share divided by Teradyne’s stock price on the grant date, which have a weighted average grant date stock price of $109.29 for the 2025 grant and an estimated annual dividend amount of $0.48 per share divided by Teradyne’s stock price on the grant date of $95.14 for the 2024 grant.

N. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in accumulated other comprehensive income (loss), which are presented net of tax, consist of the following:

	ForeignCurrencyTranslationAdjustment			Unrealized(Losses) Gains onMarketableSecurities			Unrealized (Losses) Gains on Cash Flow Hedges			RetirementPlans PriorServiceCredit			Total
	(in thousands)
Nine Months Ended September 28, 2025
Three Months Ended March 29, 2026
Balance at December 31, 2025, net of tax of $0, $(1,892), $0, $(1,136), respectively	$	47,328		$	(6,571	)	$	—		$	1,138		$	41,895
Other comprehensive (loss) gain before reclassifications, net of tax of $0, $(244), $0, $0, respectively		(19,933	)		(1,540	)		—			—			(21,473	)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $0, $(4), $0, $0, respectively		—			(42	)		—			(1	)		(43	)
Net current period other comprehensive loss, net of tax of $0, $(248), $0, $0, respectively		(19,933	)		(1,582	)		—			(1	)		(21,516	)
Balance at March 29, 2026, net of tax of $0, $(2,140), $0, $(1,136), respectively	$	27,395		$	(8,153	)	$	—		$	1,137		$	20,379
Three Months Ended March 30, 2025
Balance at December 31, 2024, net of tax of $0, $(2,174), $209, $(1,134), respectively	$	(75,289	)	$	(7,807	)	$	731		$	1,145		$	(81,220	)
Other comprehensive (loss) gain before reclassifications, net of tax of $0, $316, $(109), $0, respectively		117,966			1,324			(381	)		—			118,909
Other comprehensive (loss) gain before reclassifications, net of tax of $0, $132, $(58), $0, respectively		39,319			620			(202	)		—			39,737
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $0, $27, $(100), $(1), respectively		—			89			(350	)		(6	)		(267	)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $0, $21, $(166), $0, respectively		—			75			(582	)		(2	)		(509	)
Net current period other comprehensive loss, net of tax of $0, $343, $(209), $(1), respectively		117,966			1,413			(731	)		(6	)		118,642
Net current period other comprehensive loss, net of tax of $0, $153, $(224), $0, respectively		39,319			695			(784	)		(2	)		39,228
Balance at September 28, 2025, net of tax of $0, $(1,831), $0, $(1,135), respectively	$	42,677		$	(6,394	)	$	—		$	1,139		$	37,422
Balance at March 30, 2025, net of tax of $0, $(2,021), $(15), $(1,134), respectively	$	(35,970	)	$	(7,112	)	$	(53	)	$	1,143		$	(41,992	)
Nine Months Ended September 29, 2024
Balance at December 31, 2023, net of tax of $0, $(1,728), $142, $(1132), respectively	$	(22,442	)	$	(6,194	)	$	506		$	1,152		$	(26,978	)
Other comprehensive (loss) gain before reclassifications, net of tax of $0, $205, $285, $0, respectively		22,751			885			1,014			—			24,650
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $0, $24, $(500), $(1), respectively		—			86			(1,780	)		(6	)		(1,700	)
Net current period other comprehensive loss, net of tax of $0, $229, $(215), $(1), respectively		22,751			971			(766	)		(6	)		22,950
Balance at September 29, 2024, net of tax of $0, $(1,499), $(73), $(1,133), respectively	$	309		$	(5,223	)	$	(260	)	$	1,146		$	(4,028	)

~~Reclassifications out of accumulated other comprehensive income (loss) to the statement of operations for the three and nine months ended September 28, 2025, and September 29, 2024, were as follows:~~ 20

Details about Accumulated Other Comprehensive Income (Loss) Components	For the Three Months Ended				For the Nine Months Ended						Affected Line Itemin the Statementsof Operations
	September 28,2025		September 29,2024		September 28,2025			September 29,2024
	(in thousands)				(in thousands)
Available-for-sale marketable securities:
Unrealized (losses) gains, net of tax of $0, 2, $(27), $(24), respectively	$	—	$	7	$	(89	)	$	(86	)	Other (income) expense, net
Cash flow hedges:
Unrealized (losses) gains, net of tax of $0, $0, $100, $500, respectively		—		—		350			1,780		Revenue
Defined benefit pension and postretirement plans:
Amortization of prior service credit, net of tax of $0, $0, $1, $1, respectively		2		2		6			6		(a)
Total reclassifications, net of tax of $0, $2, $74, $477, respectively	$	2	$	9	$	267		$	1,700		Net income

Reclassifications out of accumulated other comprehensive income (loss) to the statement of operations for the three months ended March 29, 2026, and March 30, 2025, were as follows:

The amortization of prior service credit is included in the computation of net periodic postretirement benefit cost. See Note R: “Retirement Plans.”


Details about Accumulated Other Comprehensive Income (Loss) Components	For the Three Months Ended					Affected Line Item in the Statements of Operations
	March 29, 2026		March 30, 2025
	(in thousands)
Available-for-sale marketable securities:
Unrealized (losses) gains, net of tax of $4, $(21), respectively	$	42	$	(75	)	Other (income) expense, net
Cash flow hedges:
Unrealized (losses) gains, net of tax of $0, $166, respectively		—		582		Revenue
Defined benefit pension and postretirement plans:
Amortization of prior service credit, net of tax of $0, $0, respectively		1		2		(a)
Total reclassifications, net of tax of $4, $145, respectively	$	43	$	509		Net income

(a)

21The amortization of prior service credit is included in the computation of net periodic postretirement benefit cost. See Note Q: “Retirement Plans.”

ON. GOODWILL AND ACQUIRED INTANGIBLE ASSETS

Goodwill

Goodwill is considered impaired when the carrying value of a reporting unit exceeds its estimated fair value. Teradyne performs its annual goodwill impairment test as required under the provisions of Accounting Standards Codification ("“ASC"”) 350-10, “Intangibles—Goodwill and Other” on December 31 of each fiscal year unless there are negative qualitative factors relating to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other relevant events and changes during an interim period. The presence of such factors could, under certain circumstances, be a triggering event that causes us to perform a goodwill impairment test. The Company did not identify a triggering event and no impairment test of goodwill was required.

AtThe ~~June~~changes ~~29,~~in ~~2025,~~ the ~~Company~~carrying ~~identified~~amount aof ~~triggering~~goodwill ~~event~~by ~~for~~reportable ~~the~~segments ~~Robotics~~for ~~reporting unit and performed an interim impairment test of~~ the ~~related~~three ~~goodwill~~months ~~and~~ended ~~long-lived~~March ~~assets~~29, ~~including intangible assets. Based on the analysis performed~~2026, ~~Teradyne~~were ~~did~~as ~~not~~follows: ~~record an impairment.~~

At September 28, 2025, Teradyne assessed the above factors for all reporting units, including the Robotics reporting unit, and performed a triggering event assessment, concluding that no events or circumstances occurred that indicated it was more likely than not that the fair value was below its carrying amount. Accordingly, the Company did not identify a triggering event and no quantitative impairment test of goodwill was required.


	Robotics			Semiconductor Test			Product Test			Total
	(in thousands)
Balance at December 31, 2025
Goodwill	$	416,401		$	263,598		$	603,586		$	1,283,585
Accumulated impairment losses		—			(260,540	)		(502,026	)		(762,566	)
Total Goodwill		416,401			3,058			101,560			521,019
Foreign currency translation adjustment		(6,834	)		(10	)		—			(6,844	)
Balance at March 29, 2026
Goodwill	$	409,567		$	263,588		$	603,586		$	1,276,741
Accumulated impairment losses		—			(260,540	)		(502,026	)		(762,566	)
Total Goodwill	$	409,567		$	3,048		$	101,560		$	514,175

~~The changes in the carrying amount of goodwill by reportable segments for the nine months ended September 28, 2025, were as follows:~~ 21

	Robotics		Semiconductor Test			ProductTest			Total
	(in thousands)
Balance at December 31, 2024
Goodwill	$	375,298	$	262,117		$	520,518		$	1,157,933
Accumulated impairment losses		—		(260,540	)		(502,026	)		(762,566	)
Total Goodwill		375,298		1,577			18,492			395,367
AET acquisition		—		1,257			—			1,257
Quantifi acquisition		—		—			83,068			83,068
Foreign currency translation adjustment		39,648		210			—			39,858
Balance at September 28, 2025
Goodwill	$	414,946	$	263,584		$	603,586		$	1,282,116
Accumulated impairment losses		—		(260,540	)		(502,026	)		(762,566	)
Total Goodwill	$	414,946	$	3,044		$	101,560		$	519,550

Intangible Assets

Teradyne reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. For the three months ended March 29, 2026, the Company did not record any intangible asset impairment.

Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet:

	GrossCarryingAmount (1)		AccumulatedAmortization (1)			Foreign Currency Translation Adjustment			NetCarryingAmount
	(in thousands)
Balance at September 28, 2025
Balance at March 29, 2026
Developed technology	$	~~250~~225,~~025~~435	$	(~~208~~188,~~314~~330	)	$	60		$	4137,~~771~~165
Customer relationships		5649,~~480~~120		(5144,~~335~~942	)		204			54,~~349~~382
Tradenames and trademarks		40,487		(31,~~853~~955	)		(1,~~046~~100	)		7,~~588~~432
Total intangible assets	$	~~346~~315,~~992~~042	$	(~~291~~265,~~502~~227	)	$	(~~782~~836	)	$	5448,~~708~~979
Balance at December 31, 2024
Balance at December 31, 2025
Developed technology	$	~~267~~250,~~706~~025	$	(~~255~~211,~~448~~662	)	$	~~(5,820~~60	)	$	638,~~438~~423
Customer relationships		5256,~~109~~480		(4951,~~562~~953	)		204			24,~~751~~731
Tradenames and trademarks		5940,~~007~~487		(5031,~~805~~339	)		(1,~~464~~031	)		68,~~738~~117
Total intangible assets	$	~~378~~346,~~822~~992	$	(~~355~~294,~~815~~954	)	$	(~~7,080~~767	)	$	1551,~~927~~271

(1)

22In the three months ended March 29, 2026, $32.0 million of amortizable intangible assets became fully amortized and have been eliminated from the gross carrying amount and accumulated amortization.

InAggregate ~~the~~intangible ~~nine~~asset ~~months~~amortization ~~ended~~expense ~~September~~was ~~28, 2025,~~ $812.82 million ofand ~~amortizable~~$4.6 ~~intangible~~million, ~~assets~~respectively, ~~became~~for ~~fully~~the ~~amortized~~three ~~and~~months ~~have~~ended ~~been~~March ~~eliminated~~29, ~~from~~2026, ~~the gross carrying amount~~ and ~~accumulated~~March ~~amortization~~30, 2025.

Aggregate intangible asset amortization expense was $3.5 million and $11.8 million, respectively, for the three and nine months ended September 28, 2025, and $4.7 million and $14.1 million, respectively, for the three and nine months ended September 29, 2024.

Estimated intangible asset amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

Year	AmortizationExpense
	(in thousands)
2025	$	3,409
2026	$	6,005
2026		8,215
2027		6,955
2027		6,999
2028		6,874
2028		6,918
2029		5,536
2029		5,557
2030		4,436
Thereafter		2319,~~610~~173

~~P. NET INCOME PER COMMON SHARE~~ 22

O. NET INCOME PER COMMON SHARE

The following table sets forth the computation of basic and diluted net income per common share:

	For the Three Months Ended				~~For the Nine Months Ended~~
	September 28,2025		September 29,2024		September 28,2025		September 29,2024
	March 29,2026		March 30,2025
	(in thousands, except per share amounts)				~~(in thousands, except per share amounts)~~
Net income for basic and diluted net income per share	$	~~119~~398,~~558~~908	$	~~145~~98,~~649~~896	$	~~296,827~~	$	~~396,119~~
Weighted average common shares-basic		~~158~~156,~~595~~410		~~163~~161,~~002~~501		~~160,021~~		~~157,951~~
Effect of dilutive potential common shares:
Restricted stock units		~~495~~1,148		~~768~~444		~~366~~		~~637~~
Stock options		474		135		3		13
Employee stock purchase plan		34		1046		19		5
Convertible note hedge warrant shares (1)		—		460		—		4,751
Dilutive potential common shares		1,226		495
Dilutive potential common shares		502		1,251		388		5,406
Weighted average common shares-diluted		157,636		161,996
Weighted average common shares-diluted		159,097		164,253		160,409		163,357
Net income per common share-basic	$	2.55	$	0.61
Net income per common share-basic	$	0.75	$	0.89	$	1.85	$	2.51
Net income per common share-diluted	$	2.53	$	0.61
Net income per common share-diluted	$	0.75	$	0.89	$	1.85	$	2.42

~~Convertible~~The ~~notes~~computation ~~hedge~~of ~~warrant~~diluted ~~shares~~net ~~were~~income ~~calculated~~per ~~using~~common ~~the~~share ~~difference~~for ~~between~~ the ~~average~~three ~~Teradyne~~months ~~stock~~ended ~~price~~March ~~for~~29, ~~the~~2026, ~~period~~ and ~~the~~March ~~warrant~~30, ~~price~~2025, ~~multiplied~~excludes by the ~~number~~effect of ~~warrant~~the ~~shares.~~potential ~~The~~vesting ~~result~~ of ~~this~~less ~~calculation,~~than ~~representing~~0.1 ~~the~~million, ~~total~~and ~~intrinsic~~0.5 ~~value~~million, respectively, of ~~the~~restricted ~~warrant,~~stock ~~was~~units ~~divided~~because by the ~~average~~effect ~~Teradyne~~would ~~stock~~have ~~price~~been ~~for the period~~anti-dilutive.

~~The computation of diluted net income per common share for the three and nine months ended September 28, 2025, excludes the effect of the potential vesting of 0~~P.2 ~~million~~RESTRUCTURING ~~and~~AND ~~0.7~~OTHER ~~million, respectively, of restricted stock units because the effect would have been anti-dilutive.~~

~~The~~During ~~computation of diluted net income per common share for~~ the three ~~and nine~~ months ended ~~September~~March 29, ~~2024~~2026, ~~excludes~~Teradyne ~~the~~recorded ~~effect~~$3.4 million of ~~the~~restructuring ~~potential~~and ~~vesting~~other ofcharges, 0.$1.7 million of which were acquisition and 0divestiture related expenses.5 ~~million~~During the three months ended March 29, ~~respectively~~2026, ofTeradyne ~~restricted~~made ~~stock~~$4.3 ~~units~~million ~~because~~of ~~the~~severance ~~effect~~payments ~~would~~related ~~have~~to ~~been~~the ~~anti-dilutive~~2025 Robotics restructurings.

QDuring the three months ended March 30, 2025, Teradyne consolidated its Robotics go-to-market and other central functions to better serve its customers. ~~RESTRUCTURING~~As ~~AND~~a ~~OTHER~~result, Teradyne recorded $11.4 million of employee severance charges, $9.2 million of which is related to the Robotics restructuring which impacted approximately 150 employees. During the three months ended March 30, 2025, Teradyne made $4.2 million of Robotics severance payments. Additionally, Teradyne recorded $2.0 million of acquisition and divestiture related costs and $1.1 million related to asset impairment.

~~During the three months ended September 28, 2025, Teradyne recorded $4~~Q.8 ~~million~~RETIREMENT ofPLANS ~~severance charges, $3.6 million of which is related to headcount reductions in Robotics. During the three months ended September 28, 2025, Teradyne made $1.1 million~~

of Robotics severance payments. Teradyne expects all Robotics severance payments to be made prior to the end of the third quarter of 2026.

During the three months ended September 29, 2024, Teradyne recorded restructuring and other charges primarily related to $1.3 million of severance charges related to headcount reductions principally in Robotics.

During the nine months ended September 28, 2025, Teradyne recorded $18.5 million of severance charges, $13.5 million of which is related to the Robotics restructuring which impacted approximately 150 employees, $2.2 million of which is related to Product Test and $1.4 million of which is related to Semiconductor Test. During the nine months ended September 28, 2025, Teradyne made $9.2 million of Robotics severance payments. Teradyne expects all Robotics severance payments to be made prior to the end of the third quarter of 2026. Additionally, Teradyne recorded $2.0 million of acquisition and divestiture expenses related primarily to the Quantifi Acquisition and $1.5 million of charges related to lease terminations.

During the nine months ended September 29, 2024, Teradyne recorded restructuring and other charges primarily related to $5.3 million of severance and other charges, related to headcount reductions of 87 people primarily in Robotics and Semiconductor Test, which included charges related to a voluntary early retirement program for employees meeting certain conditions, and $2.2 million of acquisition and divestiture expenses related to the Technoprobe transactions.

R. RETIREMENT PLANS

ASC 715, “Compensation—Retirement Benefits,” requires an employer with defined benefit plans or other postretirement benefit plans to recognize an asset or a liability on its balance sheet for the overfunded or underfunded status of the plans as defined by ASC 715. The pension asset or liability represents a difference between the fair value of the pension plan’s assets and the projected benefit obligation at December 31. Teradyne uses a December 31 measurement date for all its plans.

Defined Benefit Pension Plans

Teradyne has defined benefit pension plans covering a portion of domestic employees and employees of certain non-U.S. subsidiaries. Benefits under these plans are based on employees’ years of service and compensation. Teradyne’s funding policy is to make contributions to these plans in accordance with local laws and to the extent that such contributions are tax deductible. The assets of the U.S. qualified pension plan consist primarily of fixed income and equity securities. In addition, Teradyne has an unfunded supplemental executive defined benefit plan in the United States to provide retirement benefits in excess of levels allowed by the Employment Retirement Income Security Act (“ERISA”) and the Internal Revenue Code (the “IRC”), as well as unfunded qualified foreign plans.

~~During~~In the three months ended ~~September~~March 2829, ~~2025~~2026, ~~Teradyne~~and ~~recognized~~March a30, ~~non-cash~~2025, ~~settlement~~Teradyne ~~gain~~contributed of $0.89 million ~~related~~and to$0.8 ~~lump~~million, ~~sum~~respectively, ~~distributions paid~~ to ~~retired~~the ~~or terminated employees~~U.S. ~~The~~supplemental ~~charge~~executive isdefined ~~the~~benefit ~~result~~pension ofplan, ~~the~~and ~~aggregate~~$0.3 ofmillion ~~the cumulative lump sum distributions exceeded the total annual service~~ and ~~interest costs~~$0.3 ~~Due~~million, ~~to the remeasurement~~respectively, ~~the~~to ~~reduction~~certain inqualified pension ~~benefit~~plans ~~obligation~~for ~~and pension assets was $4~~non-U.~~7 million~~S. subsidiaries.

During the three months ended September 29, 2024, Teradyne purchased a group annuity contract for its retiree participants in the U.S. qualified pension plan. Under the group annuity, the accrued pension obligation for 132 retiree participants were transferred to an insurance company. The reduction in the pension benefit obligation and pension assets was $23~~.4 million. During the three and nine months ended September 29, 2024, Teradyne recorded settlement expense of $0.4 million related to the retiree group annuity transaction.~~

InFor the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, Teradyne’s ~~contributed~~net ~~$2.4~~periodic ~~million~~pension ~~and~~cost ~~$2.3~~was ~~million,~~comprised ~~respectively,~~of to the ~~U.S.~~following: ~~supplemental executive defined benefit pension plan, and $3.6 million and $0.8 million, respectively, to certain qualified pension plans for non-U.S. subsidiaries.~~


	For the Three Months Ended
	March 29, 2026						March 30, 2025
	United States			Foreign			United States			Foreign
	(in thousands)
Service cost	$	143		$	299		$	214		$	124
Interest cost		1,359			349			1,709			262
Expected return on plan assets		(975	)		(54	)		(1,317	)		(22	)
Total net periodic pension cost	$	527		$	594		$	606		$	364

For the three and nine months ended September 28, 2025, and September 29, 2024, Teradyne’s net periodic pension cost was comprised of the following:

	For the Three Months Ended
	September 28, 2025						September 29, 2024
	UnitedStates			Foreign			UnitedStates			Foreign
	(in thousands)
Service cost	$	153		$	149		$	216		$	119
Interest cost		1,426			300			1,590			256
Expected return on plan assets		(989	)		(24	)		(1,204	)		(23	)
Net actuarial loss (gain)		—			—			(2,262	)		—
Settlement loss (gain)		(800	)		—			—			—
Settlement expense		—			—			394			—
Total net periodic pension cost	$	(210	)	$	425		$	(1,266	)	$	352

	For the Nine Months Ended
	September 28, 2025						September 29, 2024
	UnitedStates			Foreign			UnitedStates			Foreign
	(in thousands)
Service cost	$	462		$	437		$	665		$	360
Interest cost		4,299			892			4,883			766
Expected return on plan assets		(2,970	)		(71	)		(3,737	)		(58	)
Net actuarial loss (gain)		41			—			(2,151	)		(242	)
Settlement loss (gain)		(800	)		—			—			—
Settlement expense		—			—			394			(24	)
Total net periodic pension cost	$	1,032		$	1,258		$	54		$	802

Postretirement Benefit Plan

In addition to receiving pension benefits, Teradyne employees in the United States who meet early retirement eligibility requirements as of their termination dates may participate in Teradyne’s Welfare Plan, which includes medical and dental benefits up to age 65. Death benefits provide a fixed sum to retirees’ survivors and are available to all retirees. Substantially all of Teradyne’s current U.S. employees could become eligible for these benefits and the existing benefit obligation relates primarily to those employees. During the ~~nine~~three months ended ~~September~~March 2830, 2025, Teradyne recorded special termination benefit charges associated with a voluntary early retirement program.

For the three ~~and nine~~ months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, Teradyne’s net periodic postretirement benefit cost was comprised of the following:

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 28,2025			September 29,2024			September 28,2025			September 29,2024
	March 29,2026			March 30,2025
	(in thousands)						~~(in thousands)~~
Service cost	$	97		$	910		$	27		$	28
Interest cost		7668			7273			~~229~~			~~217~~
Amortization of prior service credit		(21	)		(2	)		(7	)		(7	)
Special termination benefits		—			—684			~~684~~			~~462~~
Net actuarial loss (gain)		—			—			87			(94	)
Total net periodic postretirement benefit cost	$	74		$	765
Total net periodic postretirement benefit cost	$	83		$	79		$	1,020		$	606

25R. COMMITMENTS AND CONTINGENCIES

S. COMMITMENTS AND CONTINGENCIES

Purchase Commitments

As of ~~September~~March 2829, ~~2025~~2026, Teradyne had entered into purchase commitments for certain components and materials. The purchase commitments covered by the agreements aggregate to approximately $~~730~~1,486.0 million, of which $~~715~~1,452.76 million is for less than one year.

Legal Claims

Teradyne is subject to various legal proceedings and claims which have arisen in the ordinary course of business such as, but not limited to, patent, employment, commercial and environmental matters. Teradyne believes that it has meritorious defenses against all pending claims and intends to vigorously contest them. While it is not possible to predict or determine the outcomes of any pending claims or to provide possible ranges of losses that may arise, Teradyne believes the potential losses associated with all of these actions are unlikely to have a material adverse effect on its business, financial position or results of operations.

Guarantees and Indemnification Obligations

Teradyne provides indemnification, to the extent permitted by law, to its officers, directors, employees and agents for liabilities arising from certain events or occurrences, while the officer, director, employee, or agent, is or was serving, at Teradyne’s request in such capacity. Teradyne may enter into indemnification agreements with certain of its officers and directors. With respect to acquisitions, Teradyne provides indemnifications to or assumes indemnification obligations for the current and former directors, officers and employees of the acquired companies in accordance with the acquired companies’ by-laws and charter. As a matter of ~~practice, Teradyne has maintained directors’ and officers’ liability insurance coverage including coverage for directors and officers of acquired companies.~~

practice, Teradyne has maintained directors’ and officers’ liability insurance coverage including coverage for directors and officers of acquired companies.

Teradyne enters into agreements in the ordinary course of business with customers, resellers, distributors, integrators and suppliers. Most of these agreements require Teradyne to defend and/or indemnify the other party against intellectual property infringement claims brought by a third party with respect to Teradyne’s products. From time to time, Teradyne also indemnifies customers and business partners for damages, losses and liabilities they may suffer or incur relating to personal injury, personal property damage, product liability, breach of confidentiality obligations and environmental claims relating to the use of Teradyne’s products and services or resulting from the acts or omissions of Teradyne, its employees, authorized agents or subcontractors. On occasion, Teradyne has also provided guarantees to customers regarding the delivery and performance of its products in addition to the warranty described below.

As a matter of ordinary course of business, Teradyne warrants that its products will substantially perform in accordance with its standard published specifications in effect at the time of delivery. Most warranties have a one-year duration commencing from installation. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based upon historical experience. When Teradyne receives revenue for extended warranties beyond the standard duration, the revenue is deferred and recognized on a straight-line basis over the contract period. Related costs are expensed as incurred. As of ~~September~~March 2829, ~~2025~~2026, and December 31, ~~2024~~2025, Teradyne had a product warranty accrual of $1323.14 million and $1319.02 million, respectively, included in other accrued liabilities and revenue deferrals related to extended warranties of $5167.0 million and $4155.69 million, respectively, included in short and long-term deferred revenue and customer advances.

In addition, in the ordinary course of business, Teradyne provides minimum purchase guarantees to certain vendors to ensure continuity of supply against the market demand. Although some of these guarantees provide penalties for cancellations and/or modifications to the purchase commitments as the market demand decreases, most of the guarantees do not. Therefore, as the market demand decreases, Teradyne re-evaluates these guarantees and determines what charges, if any, should be recorded.

With respect to its agreements covering product, business or entity divestitures and acquisitions, Teradyne provides certain representations, warranties and covenants to purchasers and agrees to indemnify and hold such purchasers harmless against breaches of such representations, warranties and covenants. Many of the indemnification claims have a definite expiration date while some remain in force indefinitely. With respect to its acquisitions, Teradyne may, from time to time, assume the liability for certain events or occurrences that took place prior to the date of acquisition.

As a matter of ordinary course of business, Teradyne occasionally guarantees certain indebtedness obligations of its subsidiary companies, limited to the borrowings from financial institutions, purchase commitments to certain vendors and lease commitments to landlords.

Based on historical experience and information known as of ~~September~~March 2829, ~~2025~~2026, and December 31, ~~2024~~2025, except for product warranty, Teradyne has not recorded any liabilities for these guarantees and obligations because the amount would be immaterial.

TS. INCOME TAXES

The effective tax rate for the three months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, was 1513.83% and 712.82%, respectively. The increase in the effective tax rate from the three months ended ~~September~~March 2930, ~~2024~~2025, to the three months ended ~~September~~March 2829, ~~2025~~2026, is primarily attributable to ~~decreases~~lower in benefits ~~related~~from ~~to reserves for uncertain~~ tax ~~positions~~credits, ~~tax~~lower ~~credits~~benefits ~~and~~related ~~the~~to ~~international provision of the~~ U.S. ~~Tax~~taxation ~~Cuts~~of international income, and ~~Jobs~~higher ~~Act~~expense ofrelated ~~2017~~to Pillar Two. These impacts were partially offset by anincreased ~~increase~~benefits infrom ~~benefit~~equity ~~from~~compensation and a projected shift in the geographic distribution of income.

~~The~~On ~~effective~~a ~~tax~~quarterly ~~rate~~basis, ~~for~~Teradyne evaluates the ~~nine~~realizability ~~months~~of ~~ended~~the ~~September~~deferred ~~28,~~tax ~~2025,~~assets by jurisdiction and ~~September~~assesses ~~29,~~the ~~2024,~~need ~~was~~for ~~13.8%~~a ~~and~~valuation 12allowance.0% As of March 29, ~~respectively.~~2026, ~~The~~Teradyne ~~increase~~believes inthat it will ultimately realize the ~~effective~~deferred tax ~~rate~~assets ~~from~~recorded on the ~~nine~~condensed ~~months~~consolidated ~~ended~~balance ~~September~~sheet. 29However, ~~2024,~~should toTeradyne believe that it is more-likely-than-not that the ~~nine~~deferred ~~months~~tax ~~ended~~assets ~~September~~would ~~28,~~not ~~2025~~be realized, isthe ~~primarily~~tax ~~attributable~~provision towould ~~decreases~~increase in ~~benefits~~the ~~related~~period toin ~~reserves~~which ~~for~~Teradyne ~~uncertain~~determined ~~tax~~that ~~positions~~the ~~and~~realizability ~~tax~~was ~~credits~~not ~~partially~~likely. ~~offset~~Teradyne byconsiders anthe ~~increase~~probability inof ~~benefit~~future ~~from~~taxable aincome ~~projected~~and ~~shift~~historical profitability, among other factors, in assessing the ~~geographic~~realizability ~~distribution~~ of ~~income~~the deferred tax assets.

OnAs ~~a quarterly basis, Teradyne evaluates the realizability~~ of ~~the~~both ~~deferred~~March ~~tax~~29, ~~assets~~2026, ~~by jurisdiction~~ and ~~assesses~~December ~~the need for a valuation allowance. As of September 28~~31, 2025, Teradyne ~~believes~~had ~~that it will ultimately realize the deferred tax assets recorded on the condensed consolidated balance sheet~~$6.9 ~~However,~~million should Teradyne believe that it is more-likely-than-not that the deferred tax assets would not be realized, the tax provision would increase in the period in which Teradyne determined that the realizability was not likely. Teradyne considers the probability of ~~future~~gross ~~taxable~~reserves ~~income~~for ~~and~~uncertain ~~historical profitability, among other factors, in assessing the realizability of the deferred~~ tax ~~assets~~positions.

Teradyne recognizes interest and penalties related to income tax matters in income tax expense. As of ~~both~~March ~~September 28~~29, ~~2025~~2026, and December 31, ~~2024~~2025, ~~Teradyne~~$0.3 ~~had~~million and $60.83 million, respectively, of ~~reserves~~interest and penalties were accrued for uncertain tax positions.

As of September 28, 2025, Teradyne estimates that it is reasonably possible that the balance of unrecognized tax benefits may decrease approximately $0.7 million in the next twelve months because of a lapse of statutes of limitation. The estimated decrease relates to U.S. federal research and development credits.25

~~Teradyne~~Expense ~~recognizes interest and penalties related to income tax matters in income tax expense. As~~ of ~~September~~less ~~28,~~than ~~2025, and December 31, 2024,~~ $0.31 million ~~and~~was ~~$0.3~~recorded ~~million,~~for ~~respectively,~~each of ~~interest and penalties were accrued for uncertain tax positions. For~~ the ~~nine~~three months ended ~~September~~March ~~28, 2025, and September~~ 29, ~~2024~~2026, ~~an expense of $0.0 million~~ and aMarch ~~benefit of $1.0 million~~30, ~~respectively,~~2025 ~~was recorded~~ for interest and penalties related to income tax items.

Teradyne qualifies for a tax holiday in Singapore by fulfilling the requirements of an agreement with the Singapore Economic Development Board under which certain headcount and spending requirements must be met~~, which is scheduled to expire on December 31, 2025~~. The tax savings ~~due~~attributable to the Singapore tax holiday for ~~the~~three ~~nine~~ months ended ~~September~~March 2829, ~~2025~~2026 and March 30, 2025 were $78.43 million, or $0.05 per diluted share~~. The tax savings due to the tax holiday for the nine months ended September 29~~, ~~2024,~~and ~~were~~ $~~10.~~2.0 million, or $0.0601 per diluted share, respectively. In December 2025, Teradyne isentered ~~working~~into an agreement with the Singapore Economic Development Board onwhich aextended ~~new~~our Singapore tax holiday ~~with~~under substantially similar terms to the ~~current~~ agreement which expired on December 31, 2025. The new tax holiday is scheduled to expire on December 31, 2035.

On ~~The~~January ~~Organization~~5, 2026, the Organisation for Economic ~~Cooperation~~Co-operation and Development (~~the “~~OECD”/G20) ~~has~~Inclusive ~~introduced~~Framework released a ~~framework~~‘side-by-side’ toarrangement ~~implement~~that provides a ~~global~~safe ~~minimum~~harbor ~~tax~~for ofU.S.-headquartered ~~15%~~multinationals. ~~for~~The ~~certain~~arrangement ~~multinational~~effectively ~~companies,~~recognizes ~~referred~~the toU.S. tax system as complying with the Pillar Two. ~~While~~GloBE itrules isfor ~~uncertain~~fiscal ~~whether~~years beginning on or after January 1, 2026. Under this arrangement, the ~~United~~Company ~~States~~expects ~~will~~its ~~enact~~U.S.-parented ~~legislation~~group and foreign subsidiaries to ~~adopt~~be ~~Pillar~~exempt ~~Two,~~from ~~certain~~the ~~countries~~Income Inclusion Rule (IIR) and the Undertaxed Profits Rule (UTPR) in ~~which~~foreign ~~Teradyne~~jurisdictions ~~operates~~that ~~have~~adopt ~~enacted~~this ~~Pillar~~safe ~~Two~~harbor. ~~legislation~~As a result, ~~and~~we ~~other~~do ~~countries~~not ~~are~~expect into ~~the~~have ~~process~~a ofmaterial ~~introducing~~impact ~~draft~~from ~~Pillar~~top-up ~~Two~~taxes ~~legislation~~under the IIR and UTPR. Teradyne iscontinues ~~closely~~to ~~monitoring~~monitor ~~these~~the ~~developments~~implementation ~~and~~of ~~evaluating~~Qualified ~~the~~Domestic ~~potential~~Minimum ~~future~~Top-up ~~impact~~Taxes on(QDMTTs) ~~its~~in ~~effective~~foreign ~~tax~~jurisdictions, ~~rate.~~which remain unaffected by the side-by-side arrangement.

On July 4, 2025, ~~H.R. 1, commonly referred to as~~ the "One Big Beautiful Bill Act" (“OBBBA”), ~~was~~P.L. ~~signed~~119-21) ~~into~~was ~~law~~enacted, ~~enacting~~introducing significant changes to U.S. ~~corporate~~federal income tax law. AsKey provisions include a permanent extension of ~~September~~100% ~~28,~~bonus ~~2025~~depreciation, ~~the~~immediate ~~condensed~~expensing ~~consolidated~~of ~~financial~~research ~~statements~~and ~~were~~experimental ~~not~~expenditures, ~~materially~~and ~~impacted~~modifications byto the ~~OBBBA~~business interest expense deduction. ~~Teradyne~~The ~~continues~~OBBBA also reduces deduction rates related to ~~evaluate~~foreign ~~the~~income ~~provisions~~and ofexport ~~the~~sales income. The OBBBA ~~and~~is ~~will~~not ~~incorporate~~expected ~~any~~to ~~necessary~~have ~~adjustments~~a asmaterial ~~further~~impact ~~guidance~~on ~~becomes~~Teradyne’s ~~available~~consolidated financial statements for the year ended December 31, 2026.

27T. SEGMENT INFORMATION

UTeradyne has three reportable segments (Semiconductor Test, Robotics, and Product Test). ~~SEGMENT~~As ~~INFORMATION~~of March 29, 2026, each of Teradyne’s reportable segments represents an individual operating segment.

As of December 31, 2024, Teradyne had two reportable segments (Semiconductor Test and Robotics) and four operating segments (Semiconductor Test, System Test, Wireless Test, and Robotics). Effective March 2025, Teradyne's Chief Operating Decision Maker ("CODM") (Teradyne's Chief Executive Officer) placed Regan Mills as President, Product Test, which as of that date included Production Board Test, Defense/Aerospace, and Wireless Test. As noted in 'Note D. Acquisitions' and based on the underlying business activities and established reporting structure, upon acquisition, PIC Testing was aggregated into Product Test. As a result, Teradyne has three reportable segments (Semiconductor Test, Robotics, and Product Test). As of September 28, 2025, each of Teradyne's reportable segments represents an individual operating segment. All prior period disclosures have been recast to conform to the current segment structure and presentation requirements.

The Semiconductor Test segment includes operations related to the design, manufacturing and marketing of semiconductor test products and services inclusive of storage and system level test products. The Robotics segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms and autonomous mobile robots. The Product Test segment includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace test, circuit-board test, wireless test systems, and silicon photonics testing. Each reportable segment has a segment manager who is accountable to and maintains regular contact with Teradyne’s CODM to discuss operating activities, financial results, forecasts, and plans for the segment.

The CODM uses business segment income (loss) before income taxes predominantly in the annual budgeting and forecasting process. The CODM also uses this measure when making decisions about the allocation of operating and capital resources to each segment. The accounting policies of the business segments are the same as those described in Teradyne’s Annual Report on Form 10-K in Note B: “Accounting Policies.”

2826

Segment information for the three ~~and nine~~ months ended ~~September~~March 2829, ~~2025~~2026, and ~~September~~March 2930, ~~2024~~2025, is as follows:

	SemiconductorTest		Robotics			Product Test		Total Reportable Segments		Corporateand Eliminations			Consolidated
	(in thousands)
Three months ended September 28, 2025
Three months ended March 29, 2026
Revenues	$	~~605~~1,~~867~~110,801	$	7591,~~087~~258		$	8880,~~256~~435	$	~~769~~1,~~210~~282,494	$	—		$	~~769~~1,~~210~~282,494
Less:
Cost of revenues		~~248~~413,~~971~~855		3245,~~974~~185			3234,~~323~~564		~~314~~493,~~268~~604		—			~~314~~493,~~268~~604
Engineering and development		8593,~~331~~296		1412,~~395~~262			1314,~~106~~339		~~112~~119,~~832~~897		—			~~112~~119,~~832~~897
Selling and marketing		5863,~~983~~831		2321,~~400~~188			1213,~~703~~113		9598,~~086~~132		—			9598,~~086~~132
General and administrative		2726,~~161~~839		98,~~746~~758			6,~~108~~486		4342,~~015~~083		~~(298~~—	)		42,~~717~~083
Other segment items (1)(2)		3444,~~589~~928		124,~~139~~829			87,~~120~~226		5456,~~848~~983		16,~~359~~119			5663,~~207~~102
Income (loss) before taxes (2)		~~150~~468,~~832~~052		(~~17,567~~964	)		154,~~896~~707		~~149~~471,~~161~~795		(16,~~061~~119	)		~~148~~465,~~100~~676
Total assets (3)		12,~~564~~087,~~196~~713		~~739~~692,~~066~~054			~~371~~356,~~793~~238		23,~~675~~136,~~055~~005		1,~~288~~297,~~676~~822			34,~~963~~433,~~731~~827
Property additions		4058,~~341~~493		12,~~450~~831			43,~~901~~409		4664,~~692~~733		—			4664,~~692~~733
Depreciation and amortization expense		2224,~~979~~689		4,~~615~~327			23,~~919~~565		3032,~~513~~581		374			3032,~~516~~655
Three months ended September 29, 2024
Three months ended March 30, 2025
Revenues	$	~~568~~542,~~518~~504	$	8868,~~651~~987		$	8074,~~129~~189	$	~~737~~685,~~298~~680	$	—		$	~~737~~685,~~298~~680
Less:
Cost of revenues		~~223~~202,~~828~~747		3632,~~367~~292			30,~~057~~035		~~290~~265,~~252~~074		—			~~290~~265,~~252~~074
Engineering and development		7480,~~007~~211		1715,~~438~~855			11,~~857~~539		~~103~~107,~~302~~605		—			~~103~~107,~~302~~605
Selling and marketing		4651,~~332~~697		2924,~~408~~514			1211,~~901~~737		8887,~~641~~948		—			8887,~~641~~948
General and administrative		2326,~~208~~552		159,~~292~~865			54,~~394~~969		4341,~~894~~386		~~(1,356~~—	)		4241,~~538~~386
Other segment items (1)(2)		3325,~~722~~495		1423,~~352~~638			67,~~762~~273		5456,~~836~~406		(18,~~255~~237	)		5364,~~581~~643
Income (loss) before taxes (2)		~~167~~155,~~421~~802		(2437,~~206~~177	)		138,~~158~~636		~~156~~127,~~373~~261		2(8,~~611~~237	)		~~158~~119,~~984~~024
Total assets (3)		1,~~360~~396,~~277~~660		~~794~~742,~~277~~621			~~202~~205,~~927~~840		2,~~357~~345,~~481~~121		1,~~412~~360,~~247~~716			3,~~769~~705,~~728~~837
Property additions		4259,~~802~~732		62,~~441~~676			2,~~598~~778		5165,~~841~~186		—			5165,~~841~~186
Depreciation and amortization expense		2122,~~278~~865		75,~~338~~941			1,~~684~~506		30,~~300~~312		(1110	)		30,~~289~~302
Nine months ended September 28, 2025
Revenues	$	1,640,249	$	218,940		$	247,498	$	2,106,687	$	—		$	2,106,687
Less:
Cost of revenues		658,919		99,421			95,448		853,788		—			853,788
Engineering and development		247,668		44,319			37,319		329,306		—			329,306
Selling and marketing		163,270		72,155			36,103		271,528		—			271,528
General and administrative		79,845		29,490			16,773		126,108		2,383			128,491
Other segment items (1)(2)		88,150		46,832			21,771		156,753		3,137			159,890
Income (loss) before taxes (2)		402,397		(73,277	)		40,084		369,204		(5,520	)		363,684
Total assets (3)		1,564,196		739,066			371,793		2,675,055		1,288,676			3,963,731
Property additions		143,666		7,654			10,966		162,286		—			162,286
Depreciation and amortization expense		69,239		16,624			6,351		92,214		(7	)		92,207
Nine months ended September 29, 2024
Revenues	$	1,563,204	$	266,552		$	237,240	$	2,066,996	$	—		$	2,066,996
Less:
Cost of revenues		647,625		108,229			86,984		842,838		—			842,838
Engineering and development		210,616		49,412			34,546		294,574		—			294,574
Selling and marketing		138,432		82,809			37,103		258,344		—			258,344
General and administrative		65,794		40,938			15,758		122,490		398			122,888
Other segment items (1)(2)		92,714		41,263			19,904		153,881		(56,818	)		97,063
Income (loss) before taxes (2)		408,023		(56,099	)		42,945		394,869		56,420			451,289
Total assets (3)		1,360,277		794,277			202,927		2,357,481		1,412,247			3,769,728
Property additions		115,041		19,760			5,909		140,710		—			140,710
Depreciation and amortization expense		62,542		20,896			5,149		88,587		26			88,613

(1)

For each reportable segment, the other segment items category includes equity and variable compensation, acquired intangible assets amortization, inventory step-up, and restructuring and other charges.

(2)

Included in Corporate and Eliminations are interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, severance charges, pension and postretirement plan actuarial gains (losses), acquisition and divestiture related expenses, and ERP implementation related costs~~, and an expense for the modification of outstanding equity awards~~.

(3)

Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities, and certain other assets.

29U. SHAREHOLDERS’ EQUITY

V. SHAREHOLDERS’ EQUITY

Stock Repurchase Program

In January 2023, Teradyne’s Board of Directors cancelled its January 2021 repurchase program and approved a new repurchase program for up to $2.0 billion of common stock. As of January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax, which is included as part of the cost basis of the shares acquired. ~~Teradyne intends to repurchase up to a total of $1.0 billion of its common stock in 2025 and 2026 based on market conditions.~~

During the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, Teradyne repurchased 5less than 0.1 million shares of common stock for a total cost of $~~523~~5.5 million at an average price of $~~102~~229.0100 per share. The cumulative repurchases under the January 2023 repurchase program as of ~~September~~March 2829, ~~2025~~2026, were 1012.80 million shares of common stock for $1,~~123~~314.42 million at an average price per share of $~~104~~109.2162.

During the ~~nine~~three months ended ~~September~~March 2930, ~~2024~~2025, Teradyne repurchased 01.5 million shares of common stock for a total cost of $55158.17 million at an average price of $~~111~~107.3221 per share.

The total cost of shares acquired includes commissions and related excise tax and is recorded as a reduction to retained earnings.

~~Dividend~~ Dividends

Holders of Teradyne’s common stock are entitled to receive dividends when they are declared by Teradyne’s Board of Directors.

In January 2025, May 2025, and August 2025, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.12 per share. Dividend payments for the three and nine months ended September 28, 2025, were $19.0 million and $57.6 million, respectively.27

In January ~~2024~~2026, ~~May 2024,~~ and ~~August~~January ~~2024~~2025, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.13 and $0.12 per share, respectively. Dividend payments for the three ~~and nine~~ months ended ~~September~~March 29, ~~2024~~2026, and March 30, 2025 were $1920.64 million and $5719.04 million, respectively.

WV. SUBSEQUENT EVENTS

On ~~October~~April 288, ~~2025~~2026, ~~the~~Teradyne ~~Company~~and ~~announced~~MultiLane ~~the~~formed ~~appointment~~a ofjoint ~~Michelle~~venture, ~~Turner~~MultiLane asTest ~~Chief~~Products ~~Financial Officer~~(“MLTP”), ~~effective~~to ~~November~~which 3,MultiLane ~~2025.~~contributed ~~This~~the ~~leadership~~assets ~~change~~of ~~was~~its ~~approved~~test ~~subsequent~~and measurement business. MLTP is expected to serve the ~~end~~growing ofdemand from the ~~reporting~~AI ~~period~~Data ~~and~~Center ~~will~~equipment ~~become~~market ~~effective~~by ~~following~~accelerating the ~~filing~~development of ~~this~~test ~~Quarterly~~solutions ~~Report~~for oncritical ~~Form~~high ~~10-Q.~~speed ~~The~~data ~~appointment~~connections. ~~does~~In ~~not~~connection ~~impact~~with the ~~Company’s~~formation ~~financial~~of ~~condition~~MLTP, orTeradyne ~~results~~obtained ofa ~~operations~~controlling as75% ownership interest in MLTP for a total purchase price of ~~September~~approximately 28$157.8 million, ~~2025~~subject to customary post-closing adjustments. MLTP will be included in the Product Test Segment.

30On April 16, 2026, Teradyne acquired all of the issued and outstanding shares of TestInsight Ltd. (“TestInsight”) for a total purchase price of $29.0 million, subject to customary post-closing adjustments. TestInsight is a leading provider of semiconductor test development, validation, and conversion software widely used across the industry. TestInsight will be included in the Semiconductor Test Segment.

Due to the limited time since the date of these transactions, certain business combination disclosures are not available or included in this filing.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Statements in this Quarterly Report on Form 10-Q which are not historical facts, so called “forward-looking statements,” are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in our filings with the Securities and Exchange Commission. See also Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025. Readers are cautioned not to place undue reliance on these forward-looking statements which reflect management’s analysis only as of the date hereof. We assume no obligation to update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting forward-looking statements, except as may be required by law.

Overview

We are a leading global provider of automated test equipment and robotics products. Our automated test systems are used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Our robotics product offerings consist primarily of collaborative robotic arms and autonomous mobile robots used by global manufacturing, logistics and industrial customers to improve quality and increase manufacturing and material handling efficiency, while reducing costs. In the first quarter of 2025, we identified opportunities for operational synergies amongst our production board test, defense and aerospace, and wireless test businesses leading to the creation of the Product Test division as a new segment effective March 2025. Our automated test equipment and robotics products and services include:

•

semiconductor test (“Semiconductor Test”) systems;

•

robotics (“Robotics”) products; and

•

product test ("“Product Test"”) systems, which includes ~~defense/aerospace ("Defense/Aerospace") test instrumentation and systems,~~ circuit-board test and inspection ~~("Production Board Test")~~ systems, wireless test systems ~~("Wireless Test")~~, ~~and~~ photonic integrated circuit ("“PIC"”) test solutions, and defense and aerospace test instrumentation and systems.

The market for our test products is concentrated with a limited number of significant customers accounting for a substantial portion of the purchases of test equipment. A few customers drive significant demand for our products both through direct sales and sales to the customer’s supply partners. We expect that sales of our test products will continue to be concentrated with a limited number of significant customers for the foreseeable future.

~~Artificial~~During ~~Intelligence~~the ~~applications~~first ~~and~~quarter ~~data~~of ~~center~~2026, ~~power~~our ~~demand~~Semiconductor ~~drove~~Test ~~strong~~segment ~~third~~delivered ~~quarter~~record ~~performance~~results, ~~with~~driven ~~our~~primarily ~~customers~~by ~~accelerating~~continued ~~development~~strength in Artificial Intelligence (“AI”)–related demand across compute and ~~ramping~~memory ~~production~~applications ~~for~~resulting ain ~~wide~~Semiconductor ~~range~~Test ofrevenue ~~devices~~alone exceeding $1.0 Webillion ~~expect~~for ~~this~~the ~~acceleration~~first time. AI-related customer demand continues to ~~continue~~be ~~and~~significant ~~even~~in ~~expand~~the ~~into~~quarter, reflecting the ~~fourth~~investments ~~quarter~~by ~~and~~hyperscalers, ~~into~~vertically ~~2026~~integrated producers, and ~~are~~merchant ~~currently~~compute ~~investing~~customers in ~~sales,~~AI ~~engineering,~~data ~~and~~center ~~support~~infrastructure. toMemory ~~pursue~~test ~~these~~revenue remained at near-record levels, driven by robust demand for high bandwidth memory (“HBM”) and ~~additional,~~DRAM ~~market~~test ~~opportunities~~solutions insupporting ~~Semiconductor~~AI ~~Test~~compute deployments. The first quarter results reflect our ongoing focus on AI-dominant testing requirements. Our Robotics segment achieved its fourth consecutive quarter of sequential revenue ingrowth, which is notable given the ~~third~~typical ~~quarter~~seasonality associated with this business. Demand was ~~flat~~supported ~~with~~by ~~second~~customer ~~quarter~~engagement ~~sales~~across ~~due~~e‑commerce, toelectronics ~~ongoing~~manufacturing, ~~business~~semiconductor, ~~environment~~and ~~challenges.~~AI ~~Our~~data ~~focus~~center inend markets. In the ~~Robotics~~Product ~~segment~~Test ~~remains~~Group, onfirst ~~operating~~quarter ~~expense~~revenue ~~management~~increased year over year, supported by continued strength in defense and aerospace applications. Across the company, our ~~channel~~first ~~transformation~~quarter ~~strategy~~results asreflect westrong ~~transition~~execution ~~toward~~and ~~serving~~the ~~large~~benefits ~~direct~~of ~~customers~~prior investments in product development, manufacturing capacity, and ~~building~~strategic apartnerships, ~~Robotics~~which ~~organization~~we ~~that~~expect ~~can~~to ~~grow~~continue ~~profitably~~to support our performance over the ~~mid-term.~~course of 2026.

On ~~May~~April 318, ~~2025~~2026, we ~~acquired~~and ~~privately~~MultiLane ~~held~~formed ~~Quantifi~~a ~~Photonics~~joint venture, MultiLane Test Products (~~"Quantifi"~~“MLTP”), ato ~~leader~~which inMultiLane ~~PIC~~contributed ~~test~~the ~~solutions~~assets ~~for~~of aits ~~total~~test ~~purchase~~and ~~price~~measurement ofbusiness. ~~approximately~~MLTP ~~$127.2~~is ~~million.~~expected ~~This~~to ~~acquisition~~serve ~~enables~~the growing demand from the ~~delivery~~AI ofData ~~scalable~~Center ~~PIC~~equipment market by accelerating the development of test solutions ~~and~~for iscritical ~~included~~high inspeed ~~our~~data ~~Product~~connections. ~~Test~~In ~~segment.~~connection ~~Over~~with ~~time~~the formation of MLTP, we ~~also~~obtained ~~intend~~a tocontrolling ~~leverage~~75% ~~the~~ownership ~~engineering~~interest ~~expertise~~in ~~and~~MLTP ~~technology~~for toa ~~enhance~~total ~~functionality~~purchase ~~and~~price ~~create~~of ~~additional~~approximately ~~differentiation~~$157.8 inmillion, ~~our~~subject ~~Semiconductor~~to ~~Test~~customary ~~business,~~post-closing ~~specifically~~adjustments. ~~with~~MLTP ~~integration~~will ~~into~~be included in our ~~UltraFlexPlus~~Product ~~platform~~Test Segment.

On ~~January~~April 3116, ~~2025~~2026, we acquired ~~Infineon~~all ~~Technologies~~of ~~AG's~~the ~~("Infineon")~~issued ~~automated~~and ~~test~~outstanding ~~equipment~~shares ~~technology~~of ~~and~~TestInsight ~~associated~~Ltd. ~~development team~~ (~~"AET"~~“TestInsight”) ~~based in Regensburg, Germany~~ for a total purchase price of 17$29.60 million ~~Euros~~, ~~equivalent~~subject to ~~$18.3~~customary ~~million~~post-closing adjustments. ~~AET~~TestInsight ~~adds~~is ~~resources~~a ~~and~~leading ~~expertise~~provider toof ~~our~~semiconductor ~~company~~test ~~and~~development, ~~strengthens~~validation, ~~the~~and ~~relationship~~conversion ~~between~~software ~~Teradyne~~widely ~~and~~used ~~this~~across ~~key~~the ~~customer~~industry. ~~AET~~TestInsight iswill be included in our Semiconductor Test ~~segment~~Segment.

~~While~~Our ~~revenues~~capital inallocation ~~our~~plan ~~test~~will ~~businesses~~continue ~~are~~to ~~predominantly~~be balanced between investing in ~~U.S.~~organic ~~dollars,~~and ~~the~~inorganic ~~majority~~growth ofand ~~our~~returning ~~Robotics~~cash ~~revenue~~to isshareholders ~~denominated~~through inshare ~~foreign~~repurchases ~~currencies.~~and ~~Strengthening~~dividends ofwhile maintaining cash balances to enable us to run the Ubusiness.S. ~~dollar~~During ~~has,~~the ~~and~~first ~~will~~three ~~continue~~months of 2026 we returned $25.9 million to, ~~negatively~~shareholders ~~affect~~through ~~Robotics~~$5.5 ~~revenue~~million ~~throughout~~of ~~2025~~share buybacks and $20.4 million of

Our capital allocation plan will continue to be balanced between investing in organic and inorganic growth and returning cash to shareholders through share repurchases and dividends. During the first nine months of 2025 we completed the acquisitions of Quantifi and AET and additionally, we returned $576.3 million to shareholders through $518.7 million of share buybacks and $57.6 million of dividend payments.29

31dividend payments. In April 2026, we paid a combined $166.7 million towards the formation of MLTP and the acquisition of TestInsight.

OnGovernment July 4, 2025, H.R. 1, commonly referred to as the "One Big Beautiful Bill Act" (“OBBBA”), was signed into law, enacting significant changes to U.S. corporate tax law. The OBBBA modified and made permanent several provisions of the Tax Cuts and Jobs Act, including reductions in scheduled increases for the rate of taxation of foreign income, immediate deductibility of U.S. research and development expenses, and reinstatement of 100% bonus depreciation for qualified property. As of September 28, 2025, the condensed consolidated financial statements were not materially impacted by the OBBBA. Teradyne continues to evaluate the provisions of the OBBBA and will incorporate any necessary adjustments as further guidance becomes available.Regulations

~~While~~We itare issubject ~~difficult~~ to ~~quantify~~numerous ~~the~~U.S. ~~exact~~and ~~impact~~foreign laws and regulations, ~~current~~including, without limitation, tariffs, trade ~~restrictions~~sanctions, ~~are~~trade ~~limiting~~barriers, ~~our~~trade ~~ability~~embargoes, toregulations berelating ~~competitive~~to ~~particularly~~import-export incontrol, ~~certain~~technology ~~markets~~transfer restrictions, ~~where~~and other ~~companies~~laws ~~are~~and ~~not~~regulations. ~~subjected~~Additionally, U.S. and foreign governmental authorities have taken, and may continue to ~~the~~take, ~~same~~administrative, ~~restrictions~~legislative or regulatory action that could impact our operations. ~~Current~~We ~~tariffs~~believe ~~have~~that ~~not~~our ~~had~~operations aare in material ~~impact~~compliance onwith ~~our~~applicable ~~business~~trade ~~operations~~regulations. orThe ~~financial~~costs ~~results~~we incurred in complying with applicable trade regulations for the three months ended March 29, 2026 were not material, however, ~~the~~compliance ~~global~~with ~~trade~~these ~~environment~~laws ~~remains~~has ~~dynamic~~limited ~~and~~our ~~subject~~ability to ~~change.~~compete Wein ~~continue~~certain toregions. ~~monitor~~It ~~developments~~is inpossible ~~international~~that ~~trade~~future ~~policy~~developments, including ~~potential~~ changes toin ~~tariffs~~laws and regulations or government policies, ~~further~~could ~~export~~lead ~~controls~~to material costs, and ~~other~~such ~~regulatory~~costs ~~measures~~may ~~that~~have ~~could~~a ~~affect~~material ~~our~~adverse ~~supply~~effect ~~chain,~~on ~~cost~~our ~~structure,~~future business or ~~market access~~prospects.

~~For~~We ~~information~~have ~~regarding~~paid ~~risks~~certain ~~associated~~tariffs ~~with~~on ~~import-export~~imported ~~control~~products ~~regulations~~under ~~and~~the ~~similar~~International ~~applicable~~Emergency ~~laws~~Economic ~~and~~Powers ~~regulations~~Act (“IEEPA”) since the inception of the IEEPA tariffs in 2025. On April 20, ~~see~~2026, ~~Part~~U.S. IICustoms -and ~~Item~~Border 1AProtection ~~"Risk~~(“CBP”) ~~Factors-~~began ~~Risks~~accepting ~~Related~~refund claims related to ~~Legal~~these tariffs. While we have submitted refund requests, the timing and ~~Regulatory~~impact ~~Compliance"~~of ~~included~~any ~~elsewhere~~potential inrefunds ~~our~~remain ~~Annual~~uncertain, ~~Report~~however, onwe ~~Form~~do ~~10-K~~not ~~for~~expect the ~~fiscal~~impact ~~year~~to ~~ended~~be ~~December~~material ~~31,~~to ~~2024~~our financial position or results of operations.

For information regarding risks associated with import-export control regulations and similar applicable laws and regulations, see Part II - Item 1A “Risk Factors- Risks Related to Legal and Regulatory Compliance” included elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Critical Accounting Policies and Estimates

We have identified the policies which are critical to understanding our business and our results of operations. The impact and any associated risks related to these estimates on our business operations is discussed throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations where such policies affect our reported and expected financial results. There have been no significant changes during the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, to the items disclosed as our critical accounting policies and estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025.

Critical accounting estimates are complex and may require significant judgment by management. Changes to the underlying assumptions may have a material impact on our financial condition and results of operations. These estimates may change, as new events occur and additional information is obtained. Actual results could differ significantly from these estimates under different assumptions or conditions.

Preparation of Financial Statements and Use of Estimates

The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts reported in the financial statements. Actual results may differ significantly from these estimates under different assumptions or conditions.

3230

SELECTED RELATIONSHIPS WITHIN THE CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 28,2025			September 29,2024			September 28,2025			September 29,2024
	March 29,2026			March 30,2025
Percentage of revenues:
Revenues:
Products		8289	%		8382	%		81	%		81	%
Services		1811			1718			19			19
Total revenues		100			100			~~100~~			~~100~~
Cost of revenues:
Cost of products		35			3433			35			34
Cost of services		64			67			7			8
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)		4239			4139			41			42
Gross profit		5861			5961			59			58
Operating expenses:
Selling and administrative		2213			2123			23			22
Engineering and development		1611			1617			17			16
Acquired intangible assets amortization		—			1			1			1
Restructuring and other		1—			12			1			1
Gain on sale of business		—			—			—			(3	)
Total operating expenses		24			43
Total operating expenses		40			39			42			37
Income from operations		37			18
Income from operations		19			21			17			21
Non-operating (income) expense:
Non-operating (income) expense:
Interest income		—			(1	)
Interest income		—			(1	)		(1	)		(1	)
Interest expense		—			—
Interest expense		—			—			—			—
Other (income) expense, net		1			1
Other (income) expense, net		—			—			—			1
Income before income taxes and equity in net earnings of affiliate		36			17
Income before income taxes and equity in net earnings of affiliate		19			22			17			22
Income tax provision		5			2
Income tax provision		3			2			2			3
Income before equity in net earnings of affiliate		31			15
Income before equity in net earnings of affiliate		16			20			15			19
Equity in net earnings of affiliate		—			(1	)
Equity in net earnings of affiliate		(1	)		(0	)		(1	)		(0	)
Net income		31	%		14	%
Net income		16	%		20	%		14	%		19	%

3331

Results of Operations

~~Third~~First Quarter ~~2025~~2026 Compared to ~~Third~~First Quarter ~~2024~~2025

Revenues

Revenues by our reportable segments were as follows:

	For the Three Months Ended
	September 28,2025		September 29,2024		DollarChange
	March 29,2026		March 30,2025		DollarChange
	(in millions)
Semiconductor Test	$	~~605~~1,110.98	$	~~568~~542.5	$	37568.43
Product Test		88.3		80.1		8.2
Robotics		91.3		69.0		22.3
Robotics		75.1		88.7		(13.6	)
Product Test		80.4		74.2		6.2
	$	~~769~~1,282.25	$	~~737~~685.37	$	31596.98

The increase in Semiconductor Test revenues of $37568.43 million, or 6104.68%, was driven primarily by higher sales in compute related to artificial intelligence applications. The increase in ~~Product~~Robotics ~~Test~~ revenues of $822.23 million, or 1032.23%, was ~~driven~~primarily bydue ~~higher~~to ~~Defense/Aerospace~~increased sales of collaborative robotic arms, partially offset by decreased sales of autonomous mobile robots. The ~~decrease~~increase in ~~Robotics~~Product Test revenues of $~~13.~~6.2 million, or 158.34%, was driven primarily ~~due~~by tohigher ~~lower~~Defense/Aerospace sales ~~of collaborative robotic arms~~.

Revenues by country as a percentage of total revenues were as follows (1):

	For the Three Months Ended
	September 28,2025			September 29,2024
	March 29,2026			March 30,2025
Taiwan		3741	%		2628	%
China		17			13
Korea		19			12
United States		12			12
China		11			19
Korea		12			26
United States		7			11
Europe		7			86
Malaysia		54			2
Philippines		3			2
Singapore		3			8
Thailand		3			2
Philippines		2			4
Thailand		1			2
Japan		1			2
Singapore		1			2
Rest of World		4			6
Rest of World		2			5
		100	%		100	%

(1)

Revenues attributable to a country are based on location of customer site.

Gross Profit

Our gross profit was as follows:

	For the Three Months Ended
	September 28,2025			September 29,2024			Dollar/PointChange
	March 29,2026			March 30,2025			Dollar/PointChange
	(in millions)
Gross profit	$	~~449~~780.39		$	~~436~~415.53		$	12365.86
Percent of total revenues		5860.49	%		5960.26	%		(0.83	)

Gross profit as a percent of revenue ~~decreased~~increased by 0.83 points, primarily due to ~~product~~volume ~~mix~~increase in Semiconductor Test.

3432

Selling and Administrative

Selling and administrative expenses were as follows:

	For the Three Months Ended
	September 28,2025			September 29,2024			DollarChange
	March 29,2026			March 30,2025			DollarChange
	(in millions)
Selling and administrative	$	~~169~~166.17		$	157.63		$	119.54
Percent of total revenues		2213.0	%		2122.49	%

The increase of $119.54 million in selling and administrative expenses was primarily driven by strategic investments in Semiconductor Test.

Engineering and Development

Engineering and development expenses were as follows:

	For the Three Months Ended
	September 28,2025			September 29,2024			DollarChange
	March 29,2026			March 30,2025			DollarChange
	(in millions)
Engineering and development	$	~~124~~135.86		$	~~117~~118.52		$	717.34
Percent of total revenues		1610.26	%		1517.92	%

The increase of $717.34 million in engineering and development expenses was primarily driven by strategic investments in Semiconductor Test.

Restructuring and Other

During the three months ended ~~September~~March 2829, ~~2025~~2026, we recorded $43.84 million of ~~severance~~restructuring and other charges, $31.67 million of which iswere ~~related~~acquisition toand ~~headcount~~divestiture ~~reductions~~related ~~in Robotics~~expenses. During the three months ended ~~September~~March 2829, ~~2025~~2026, we made $14.13 million of ~~Robotics~~ severance payments. Werelated ~~expect all Robotics severance payments~~ to ~~be made prior to~~ the ~~end~~2025 ofRobotics ~~the third quarter of 2026~~restructurings.

During the three months ended ~~September~~March 2930, ~~2024~~2025, we consolidated our Robotics go-to-market functions to better serve ourcustomers. As a result, we recorded ~~restructuring~~$11.4 ~~and~~million ~~other~~of employee severance charges, ~~primarily~~$9.2 million of which is related to the Roboticsrestructuring which impacted approximately 150 employees. Additionally, we recorded $12.30 million of ~~severance~~acquisition ~~charges~~and divestiture related tocosts ~~headcount~~and ~~reductions~~$1.1 ~~principally~~million inrelated ~~Robotics~~to lease terminations.

Interest and Other

	For the Three Months Ended
	September 28,2025			September 29,2024			DollarChange
	March 29,2026			March 30,2025			DollarChange
	(in millions)
Interest income	$	(3.2.4	)	$	(5.1	)	$	12.97
Interest expense		1.3.2			0.8		$	02.54
Other (income) expense, net		(06.96	)		(26.71	)	$	10.85

The decrease in interest income was driven primarily by lower average cash balances and lower interest rates in the current period. The increase in interest expense was driven primarily by higher borrowings under the Revolving Credit Facility.

3533

Income (Loss) Before Income Taxes and Equity in Net Earnings of Affiliate

	For the Three Months Ended
	September 28,2025			September 29,2024			DollarChange
	March 29,2026			March 30,2025			DollarChange
	(in millions)
Semiconductor Test	$	~~150~~468.81		$	~~167~~155.48		$	~~(16~~312.63	)
Product Test		154.97			138.26			2(3.79	)
Robotics		(171.60	)		(2437.2	)		636.62
Corporate and Eliminations (1)		(16.1	)		2(8.62	)		(32.71	)
	$	~~148~~465.17		$	~~159~~119.0		$	~~(10~~346.97	)

(1)

Included in Corporate and Eliminations are interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, severance charges, pension and postretirement plan actuarial gains (losses), and acquisition and divestiture related expenses~~, and gain on sale of business~~.

The ~~decrease~~increase in income before income taxes and equity in net earnings of affiliate in Semiconductor Test was driven primarily by ~~product~~higher ~~mix~~sales in compute related to artificial intelligence applications. The decrease in income before income taxes and ~~investments~~equity in net earnings of affiliate in Product Test was driven primarily by strategic ~~projects~~investments, partially offset by higher ~~volume~~revenue. The ~~increase~~decrease in ~~income~~loss before income taxes and equity in net earnings of affiliate in Robotics was primarily due to higher revenue and lower operating expenses primarily as a result of restructuring actions taken in 2025.

Income Taxes

Nine Months 2025 Compared to Nine Months 2024

Revenues

Revenues by our reportable segments were as follows:

	For the Nine Months Ended
	September 28,2025		September 29,2024		DollarChange
	(in millions)
Semiconductor Test	$	1,640.2	$	1,563.2	$	77.0
Product Test		247.5		237.2		10.3
Robotics		218.9		266.6		(47.7	)
	$	2,106.7	$	2,067.0	$	39.7

The increase in Semiconductor Test revenues of $77.0 million, or 4.9%, was driven primarily by higher sales in mobility and compute related to artificial intelligence applications. The decrease in Robotics revenues of $47.7 million, or 17.9%, was primarily due to lower sales of collaborative robotic arms. The increase in Product Test revenues of $10.3 million, or 4.3%, was primarily due to higher sales in Wireless Test.

Revenues by country as a percentage of total revenues were as follows (1):

	For the Nine Months Ended
	September 28,2025			September 29,2024
Taiwan		33	%		20	%
China		17			11
United States		12			13
Korea		10			28
Europe		7			9
Malaysia		4			2
Philippines		4			2
Singapore		4			2
Japan		2			7
Thailand		2			2
Rest of World		5			4
		100	%		100	%

Revenues attributable to a country are based on location of customer site.

Gross Profit

Our gross profit was as follows:

	For the Nine Months Ended
	September 28,2025			September 29,2024			Dollar/PointChange
	(in millions)
Gross profit	$	1,237.7		$	1,201.6		$	36.1
Percent of total revenues		58.7	%		58.1	%		0.6

Gross profit as a percent of revenue increased by 0.6 points, primarily due to product mix in Semiconductor Test.

Selling and Administrative

Selling and administrative expenses were as follows:

	For the Nine Months Ended
	September 28,2025			September 29,2024			DollarChange
	(in millions)
Selling and administrative	$	484.2		$	461.3		$	22.9
Percent of total revenues		23.0	%		22.3	%

The increase of $22.9 million in selling and administrative expenses was primarily due to higher spending in Semiconductor Test partially offset by lower spending in Robotics.

Engineering and Development

Engineering and development expenses were as follows:

	For the Nine Months Ended
	September 28,2025			September 29,2024			DollarChange
	(in millions)
Engineering and development	$	361.3		$	332.5		$	28.8
Percent of total revenues		17.2	%		16.1	%

The increase of $28.8 million in engineering and development expenses was primarily due to higher spending in Semiconductor Test partially offset by lower spending in Robotics.

Restructuring and Other

During the nine months ended September 28, 2025, we recorded $18.5 million of severance charges, $13.5 million of which is related to the Robotics restructuring which impacted approximately 150 employees, $2.2 million of which is related to Product Test and $1.4 million of which is related to Semiconductor Test. During the nine months ended September 28, 2025, we made $9.2 million of Robotics severance payments. We expect all Robotics severance payments to be made prior to the end of the third quarter of 2026. Additionally, we recorded $2.0 million of acquisition and divestiture expenses related primarily to the Quantifi Acquisition and $1.5 million of charges related to lease terminations.

During the nine months ended September 29, 2024, we recorded restructuring and other charges primarily related to $5.3million of severance and other charges, related to headcount reductions of 87 people primarily in Robotics and Semiconductor Test,which included charges related to a voluntary early retirement program for employees meeting certain conditions, and $2.2 million ofacquisition and divestiture expenses related to the Technoprobe transactions.

Gain on Sale of Business

During the nine months ended September 29, 2024, we recorded a gain of $57.5 million associated with the sale of DIS to Technoprobe.

Interest and Other

	For the Nine Months Ended
	September 28,2025			September 29,2024			DollarChange
	(in millions)
Interest income	$	(12.6	)	$	(19.7	)	$	7.1
Interest expense		2.9			3.0			(0.1	)
Other (income) expense, net		2.9			5.6			(2.7	)

Interest income decreased by $7.1 million primarily due to lower cash balances. In the period ended September 29, 2024, other (income) expense, net included the change in value of our call option purchased in connection with the acquisition of Technoprobe. The call option expired on May 23, 2024.

Income (Loss) Before Income Taxes and Equity in Net Earnings of Affiliate

	For the Nine Months Ended
	September 28,2025			September 29,2024			DollarChange
	(in millions)
Semiconductor Test	$	402.4		$	408.0		$	(5.6	)
Product Test		40.1			42.9			(2.8	)
Robotics		(73.3	)		(56.1	)		(17.2	)
Corporate and Eliminations (1)		(5.5	)		56.4			(61.9	)
	$	363.7		$	451.3		$	(87.6	)

Included in Corporate and Eliminations are gain on sale of business, interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, severance charges, pension and postretirement plan actuarial gains (losses), acquisition and divestiture related expenses, and gain on sale of business.

The decrease in income before income taxes and equity in net earnings of affiliate in Semiconductor Test was driven primarily by higher spending in selling and administrative and engineering and development, partially offset by higher sales in mobility and compute for artificial intelligence applications. The decrease in income before income taxes and equity in net earnings of affiliate in Robotics was primarily due to lower sales of collaborative robotic arms, partially offset by lower operating expenses. The decrease in income before income taxes and equity in net earnings of affiliate in Product Test was primarily due to strategic investments.

Income Taxes

The effective tax rate for the nine months ended September 28, 2025, and September 29, 2024, was 13.8% and 12.0%, respectively. The increase in the effective tax rate from the nine months ended September 29, 2024, to the nine months ended September 28, 2025, is primarily attributable to decreases in benefits related to reserves for uncertain tax positions and tax credits partially offset by an increase in benefit from a projected shift in the geographic distribution of income.

Contractual Obligations

There have been no changes outside of the ordinary course of business to our contractual obligations as disclosed in our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025.

Liquidity and Capital Resources

~~Our~~Sources ~~cash,~~of ~~cash equivalents and marketable securities balances decreased by $296.4 million in the nine months ended September 28, 2025, to $427.4 million.~~ Liquidity

Operating activities during the nine months ended September 28, 2025, provided cash of $392.8 million. Changes in operating assets and liabilities used cash of $48.6 million due to a $169.0 million increase in operating assets and a $120.5 million increase in operating liabilities.


	March 29, 2026		December 31, 2025		Change
	(in millions)
Cash, cash equivalents and marketable securities:
Cash and cash equivalents	$	241.9	$	293.8	$	(51.9	)
Short-term marketable securities		3.7		28.2		(24.5	)
Long-term marketable securities		148.4		126.3		22.1
Total cash, cash equivalents and marketable securities:	$	394.0	$	448.3	$	(54.3	)

Short-term debt	$	—	$	200.0	$	(200.0	)

~~The~~Our ~~increase~~cash, incash ~~operating~~equivalents ~~assets~~and ~~was~~marketable ~~primarily~~securities ~~due~~balances todecreased ~~increases~~by $54.3 million in ~~accounts~~the ~~receivable~~three months ended March 29, ~~inventories~~2026, ~~and~~to ~~prepayments~~$394.0 ~~and~~million. ~~other~~Cash ~~assets~~decreased primarily due to net repayments of ~~$111.8~~borrowings ~~million,~~on ~~$34.6~~revolving ~~million,~~credit ~~and~~facility of $22200.60 million, ~~respectively~~partially offset by operating cash proceeds.

~~The~~Our ~~increase~~Third inAmended ~~operating~~and ~~liabilities~~Restated ~~was~~Revolving ~~due~~Credit toAgreement, ~~increases~~amended inas ~~accounts~~of ~~payable~~November ~~and~~7, ~~other~~2023 ~~liabilities~~(the ~~and~~“Credit inAgreement”) ~~deferred~~provides ~~revenue~~a ~~and~~six-year, ~~customer~~senior ~~advances~~secured revolving credit facility of $~~121~~750.40 million ~~and~~(the ~~$25~~“Credit Facility”).7 ~~million~~As of March 29, ~~respectively~~2026, ~~partially~~Teradyne ~~offset~~did bynot ~~decreases~~have inan ~~income~~outstanding ~~taxes~~balance ~~and~~under ~~retirement~~the ~~plans~~Credit ~~of $19~~Agreement.7 ~~million~~The ~~and~~Credit ~~$7.0~~Agreement ~~million~~is set to expire on December 10, ~~respectively~~2026. See

Investing activities during the nine months ended September 28, 2025, used cash of $307.7 million due to $161.1 million used for the purchase of property, plant & equipment, $144.4 million used for the acquisition of businesses, $27.5 million used for the purchase of marketable securities, and $25.5 million used for the purchase of investments in businesses, partially offset by $41.6 million and $9.2 million in proceeds from the maturities and sales of marketable securities, respectively.34

~~Financing~~Note ~~activities~~I: ~~during~~“Debt” ~~the~~for ~~nine~~more ~~months~~information ~~ended~~regarding ~~September~~our ~~28,~~Credit ~~2025, consumed cash of $361~~Agreement.4 ~~million~~As ~~due to $518.7 million used for the repurchase~~ of ~~5.1~~March ~~million~~29, ~~shares~~2026, ofwe ~~common~~were ~~stock~~in atcompliance anwith ~~average~~all ~~price~~covenants ofunder ~~$102.01~~the ~~per~~Credit ~~share, $57~~Agreement.6 ~~million~~We ~~utilized~~intend ~~for dividend payments and $15.3 million used for payment related~~ to ~~net~~extend ~~settlements of employee stock compensation awards, partially offset by $200.0 million from borrowings on our revolving credit facility and $30.1 million from~~ the ~~issuance~~Credit ofFacility ~~common~~later ~~stock~~in ~~under employee stock purchase and stock option plans~~2026.

~~Operating~~Cash activities during the nine months ended September 29, 2024, provided cash of $389.6 million. Changes in operating assets and liabilities used cash of $75.8 million due to a $7.3 million decrease in operating assets and a $83.1 million decrease in operating liabilities. Flows

The decrease in operating assets was primarily due to decreases in other assets and inventory of $61.4 million and $11.1 million, respectively, partially offset by a $65.3 million increase in accounts receivable, driven by higher sales in the third quarter.


	March 29, 2026			March 30, 2025			Change
	(in millions)
Net cash (used for) provided by:
Operating activities		265.1			161.6			103.5
Investing activities		(67.3	)		(61.8	)		(5.5	)
Financing activities		(250.2	)		(176.8	)		(73.4	)
Effects of exchange rate changes on cash and cash equivalents		0.6			(0.8	)		1.4
Net increase (decrease) in cash and cash equivalents	$	(51.8	)	$	(77.7	)		25.9

Net change in operating assets and liabilities, net of businesses acquired		(195.5	)		7.7			(203.2	)

~~The~~Operating decrease in operating liabilities was due to a $32.3 million decrease in accrued employee compensation, $25.9 million decrease in accounts payable, $18.9 million decrease in income taxes, $4.2 million decrease in retirement plans, and $5.5 million decrease in accrued other, partially offset by a $3.6 million increase in deferred revenue and customer advances.Activities

~~Investing~~Operating activities during the ~~nine~~three months ended ~~September~~March 29, ~~2024~~2026, ~~used~~provided cash of $~~554~~265.91 million. ~~due~~Changes toin ~~$527.1~~operating ~~million~~assets ~~usedfor~~and ~~the~~liabilities, ~~purchases~~net of ~~investment,~~businesses acquired used cash of $~~140~~195.75 million ~~used~~due ~~for~~to ~~the~~a ~~purchase~~$297.1 ofmillion ~~property,~~increase ~~plant~~in operating assets and ~~equipment,~~a $35101.17 million ~~used~~increase ~~for~~in ~~thepurchase~~operating ofliabilities. ~~marketable~~The ~~securities,~~increase ~~partially~~in ~~offset~~operating byassets ~~$90.3~~was ~~million~~primarily indue ~~proceeds~~to ~~from~~increases ~~the~~in ~~sale~~accounts receivable of ~~a business,~~ $23322.60 million. ~~and~~The ~~$33.2million~~increase in ~~proceeds~~operating ~~from~~liabilities ~~the~~was ~~sales~~primarily ~~and~~due ~~maturities~~to increases in income taxes and ~~marketable~~in ~~securities,~~deferred ~~respectively,~~revenue and customer advances of $066.93 million inand ~~proceeds~~$52.0 ~~from~~million, ~~lifeinsurance~~respectively.

~~Financing~~Operating activities during the ~~nine~~three months ended ~~September~~March 2930, ~~2024~~2025, ~~used~~provided cash of $88161.6 million. Changes in operating assets and liabilities used cash of $7.7 million due to a $~~185~~12.0 million ~~used~~increase ~~for~~in ~~proceeds~~operating ~~from~~liabilities, ~~borrowings~~partially onoffset ~~revolving~~by ~~credit~~a ~~facility~~$4.3 ofmillion ~~which~~increase in operating assets. The change in operating assets was primarily due to a $~~185~~31.0 million increase in ~~payments~~inventories, ~~were~~partially ~~paid~~offset ~~back~~by a $13.1 million and $13.7 million decrease in ~~full~~accounts ~~during~~receivable ~~the~~and ~~quarter~~other assets, respectively. The change in operating liabilities was due to growth in accounts payable of $5648.90 million, ~~used~~a ~~for~~$13.0 ~~dividend~~million ~~payment~~uptick in income taxes, and a $5510.12 million ~~used~~increase ~~for~~in ~~the~~deferred ~~repurchase~~revenue ofand 0customer advance payments, partially offset by a $58.50 million ~~shares~~decrease ofin ~~common~~accrued ~~stock~~other atand an a $1.3 million decline in retirement plan contributions.

39Investing Activities

~~average~~Investing ~~price~~activities ofduring the three months ended March 29, 2026, included $~~111~~64.327 ~~per~~million ~~share~~used for the purchases of property, plant & equipment and $1340.8 million used for ~~payment~~the ~~related~~purchases ~~to net settlements~~ of ~~employee~~marketable ~~stock compensationawards~~securities, partially offset by $3727.3 million ~~from~~provided ~~the~~by ~~issuance~~proceeds from sales of ~~common~~marketable ~~stock~~securities ~~under~~and ~~employee~~$10.9 ~~stock~~million ~~purchase~~provided ~~and~~by ~~stock~~proceeds ~~option~~from ~~plans~~maturities of marketable securities.

InInvesting ~~January~~activities ~~2025,~~during ~~May~~the ~~2025~~three ~~and~~months ~~August~~ended March 30, 2025, ~~our~~included ~~Board~~$64.0 ofmillion ~~Directors~~used ~~declared~~for athe ~~quarterly~~purchase ~~cash~~of ~~dividend~~property, ofplant and equipment, $017.120 ~~per~~million ~~share~~used for the acquisition of business, net of cash acquired, $10.8 ~~Dividend~~million ~~payments~~used for the ~~three~~purchase of marketable securities, and ~~nine~~$3.0 ~~months~~million ~~ended~~used ~~September~~for ~~28,~~investments ~~2025~~in businesses, ~~were~~partially offset by $1927.04 million in proceeds from the maturities of marketable securities and $575.6 million, ~~respectively.~~in proceeds from the sale of marketable securities.

InFinancing January 2024, May 2024, and August 2024, our Board of Directors declared a quarterly cash dividend of $0.12 per share. Dividend payments for the three and nine months ended September 29, 2024, were $19.6 million and $57.0 million, respectively.Activities

~~During~~Financing activities during the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, weincluded ~~repurchased 5~~$200.10 million ~~shares~~in ofnet ~~common~~repayments ~~stock~~of ~~for~~borrowings ~~$518.7~~on ~~million,~~revolving ~~which~~credit ~~excludes related excise tax~~facility, ~~at an average price of~~ $~~102~~39.014 ~~per~~million ~~share.~~used Wefor ~~intend~~payments torelated ~~repurchase up~~ to ~~$1.0~~net ~~billion~~settlement of ~~common~~employee stock incompensation ~~2025 and 2026~~awards, ~~subject to market conditions~~$20.4 ~~The~~million ~~cumulative~~used ~~repurchases~~for ~~under~~dividend ~~the 2023 repurchase program as of September 28~~payments, ~~2025,~~and ~~were 10~~$5.85 million ~~shares~~used ~~of common stock~~ for ~~$1,113.8~~the ~~million,~~repurchase ~~which~~common ~~excludes related excise tax~~stock, atpartially anoffset ~~average~~by ~~price per share of~~ $~~104~~15.~~21.~~1 ~~During~~million ~~the~~provided ~~nine~~by ~~months~~issuance ~~ended September 29, 2024, we repurchased 0.5 million shares~~ of common stock ~~for~~under ~~$55.1~~stock ~~million,~~purchase ~~which~~and ~~excludes~~stock ~~related~~options ~~excise tax, at an average price of $111~~plans.~~32 per share.~~

Financing activities during the three months ended March 30, 2025, included $157.5 million used for the repurchase of 1.5 million shares of common stock at an average price of $107.21 per share, $19.4 million used for dividend payments and $14.7 million used for payments related to net settlements of employee stock compensation awards, partially offset by $14.8 million in proceeds from the issuance of common stock under employee stock purchase and stock option plans.

Material Cash Requirements

In January 2026 and January 2025, our Board of Directors declared a quarterly cash dividend of $0.13 and $0.12 per share, respectively. Dividend payments for the three months ended March 29, 2026, and March 30, 2025, were $20.4 million and $19.4 million, respectively.

In January 2023, our Board of Directors approved a repurchase program for up to $2.0 billion of common stock. During the three months ended March 29, 2026, we repurchased less than 0.1 million shares of common stock for $5.5 million, which excludes related excise tax, at an average price of $229.00 per share. The cumulative repurchases under the 2023 repurchase program as of March 29, 2026, were 12.0 million shares of common stock for $1,302.8 million, which excludes related excise tax, at an average price per share of $109.62. During the three months ended March 30, 2025, we repurchased 1.5 million shares of common stock for $157.5 million, which excludes related excise tax, at an average price of $107.21 per share.

While we have previously declared a quarterly cash dividend and authorized a share repurchase program, we may reduce or eliminate the cash dividend or share repurchase program in the future. Cash dividends and stock repurchases are subject to the discretion of our Board of Directors, which will consider, among other things, our earnings, capital requirements and financial condition.

OnWe ~~May~~believe 1,our ~~2020~~cash, wecash ~~entered into a credit agreement (the "Credit Agreement") providing a three-year~~equivalents, ~~senior~~marketable ~~secured~~securities ~~revolving~~and ~~credit facility of $400.0 million. On December 10, 2021, the Credit Agreement was amended to extend the~~ senior secured revolving credit facility towill ~~December~~be ~~10,~~sufficient ~~2026. On October 5, 2022, the Credit Agreement was amended~~ to ~~increase~~pay ~~the~~our ~~amount~~quarterly ofdividend ~~the~~and ~~credit~~meet ~~facility~~our toworking ~~$750.0~~capital ~~million~~and ~~from~~expenditure ~~$400.0~~needs ~~million. On November 7, 2023, the Credit Agreement was amended to allow~~ for ~~the~~at ~~purchase~~least of the ~~shares~~next oftwelve ~~Technoprobe~~months. OnInflation ~~September~~has 4,not ~~2025,~~had ~~and September 19, 2025, we borrowed~~ a ~~combined~~significant ~~$200.0~~long-term ~~million~~impact ~~under~~on ~~the Credit Agreement to fund out capital allocation strategy~~earnings. As of ~~October~~March 3029, ~~2025~~2026, ~~there~~we iswere ~~$250.0~~in ~~million~~compliance ~~outstanding~~with ~~from~~all covenants under the Credit ~~Facility~~Agreement.

We believe our cash, cash equivalents, marketable securities and senior secured revolving credit facility will be sufficient to pay our quarterly dividend and meet our working capital and expenditure needs for at least the next twelve months. Inflation has not had a significant long-term impact on earnings. As of September 28, 2025, we were in compliance with all covenants under the Credit Agreement.

Equity Compensation Plans

In addition to our 1996 Employee Stock Purchase Program as discussed in Note MS: “Stock-Based Compensation” in our ~~2024~~2025 Annual Report on Form 10-K, we have a 2006 Equity and Cash Compensation Incentive Plan (the “2006 Equity Plan”).

The purpose of the 1996 Employee Stock Purchase Plan is to encourage stock ownership by all eligible employees of Teradyne. The purpose of the 2006 Equity Plan is to provide equity ownership and compensation opportunities in Teradyne to our employees, officers and directors. Both plans were approved by our shareholders.

Recently Issued Accounting Pronouncements

InFor ~~December~~a ~~2023,~~description ~~the~~of ~~FASB~~accounting ~~issued~~changes ~~ASU~~and ~~2023-09~~recent ~~–“Income~~accounting ~~Taxes (Topic 740): Improvements to Income Tax Disclosures”~~pronouncements, ~~which~~including ~~requires expanded disclosures relating to~~ the ~~tax~~expected ~~rate~~dates ~~reconciliation,~~of ~~income~~adoption ~~taxes paid, income (loss) before income tax expense (benefit)~~ and ~~income~~estimated ~~tax expense (benefit)~~effects, ~~requiring~~if ~~a greater disaggregation of information for each. The provisions of ASU 2023-09 are effective for fiscal years beginning after December 15~~any, ~~2024. We will apply the amendments in this update~~ on aour ~~prospective~~consolidated ~~basis.~~financial ~~This~~statements, ~~ASU~~see ~~will~~Note ~~have~~C: no“Recently ~~impact~~Issued onAccounting ~~results~~Pronouncements” of ~~operations,~~this ~~cash~~Form ~~flows or financial condition~~10-Q.

In November 2024, the FASB issued ASU 2024-03-"Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which requires disclosure of additional expense information on an annual and interim basis, including the amounts of inventory purchases, employee compensation, depreciation and intangible amortization included within each income statement expense caption. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments in this update should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this new standard.

In July 2025, the FASB issued ASU 2025-05 - "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which introduces a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The practical expedient permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The amendments in this update should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this new standard and do not expect a material impact on the financial statements and related disclosures.

Item 3: Quantitative and Qualitative Disclosures about Market Risks

For “Quantitative and Qualitative Disclosures about Market Risk” affecting Teradyne, see Part 2 Item 7A, “Quantitative and Qualitative Disclosures about Market Risks,” in our Annual Report on Form 10-K filed with the SEC on February 2019, ~~2025~~2026. There were no material changes in our exposure to market risk from those set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025.

Item 4: Controls and Procedures

As of the end of the period covered by this report, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) or Rule 15d-15(f) promulgated under the Exchange Act. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that material information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including ensuring that such material information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 28, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 36

41There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 29, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1: Legal Proceedings

We are subject to various legal proceedings and claims which have arisen in the ordinary course of business such as, but not limited to, patent, employment, commercial and environmental matters. Teradyne believes that it has meritorious defenses against all pending claims and intends to vigorously contest them. While it is not possible to predict or determine the outcomes of any pending claims or to provide possible ranges of losses that may arise, Teradyne believes the potential losses associated with all of these actions are unlikely to have a material adverse effect on its business, financial position or results of operations.

Item 1A: Risk Factors

In addition to other information set forth in this Form 10-Q, including the risk discussed below, you should carefully consider the factors discussed in Part I, “Item 1A: Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025, filed with the SEC on February 2019, ~~2025~~2026, which could materially affect our business, financial condition or future results. The risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025, remain applicable to our business.

The risks described in our Annual Report on Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

4238

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

In January 2023, Teradyne’s Board of Directors cancelled our 2021 repurchase program and approved a new repurchase program for up to $2.0 billion of common stock. During the ~~nine~~three months ended ~~September~~March 2829, ~~2025~~2026, we repurchased 50.102 million shares of common stock for a total cost of $~~523~~5.5 million at an average price of $~~102~~229.0100 per share. We record share repurchases at cost, which includes broker commissions and related excise taxes. During the ~~nine~~three months ended ~~September~~March 2930, ~~2024~~2025, we repurchased 01.5 million shares of common stock for $55158.17 million at an average price of $~~111~~107.3221 per share.

The following table includes information with respect to repurchases we made of our common stock during the three months ended ~~September~~March 2829, ~~2025~~2026, (in thousands except per share price):

Period	TotalNumber ofShares(or Units)Purchased			AveragePrice Paid perShare (or Unit)			Total Number ofShares (or Units)Purchased as Part ofPublicly AnnouncedPlans or Programs		Maximum Number(or Approximate DollarValue) of Shares (orUnits) that may Yet BePurchased Under thePlans or Programs (2)
June 30, 2025 - July 27, 2025		368		$	93.99			367	$	1,088,262
January 1, 2026 - January 25, 2026		17		$	220.76			16	$	687,764
July 28, 2025 - August 24, 2025		344		$	106.17			342	$	1,052,245
January 26, 2026 - February 22, 2026		181		$	244.59			8	$	685,844
August 25, 2025 - September 28, 2025		1,463		$	119.91			1,463	$	876,589
February 23, 2026 - March 29, 2026		1		$	319.17			—	$	685,844
		2,175	(1)		113.35	(1)		2,172
		199	(1)		243.10	(1)		24

(1)

Includes approximately ~~three~~175,362 ~~thousand~~ shares at an average price of $~~104~~245.7604 withheld from employees for the payment of taxes.

(2)

As of January 1, 2023, share repurchases net of share issuances are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred is included as part of the cost basis of shares repurchased in the Condensed Consolidated Statements of Convertible Common Shares and Stockholders’ Equity.

We satisfy U.S. federal and state minimum withholding tax obligations due upon the vesting and the conversion of restricted stock units into shares of our common stock, by automatically withholding from the shares being issued, a number of shares with an aggregate fair market value on the date of such vesting and conversion that would satisfy the minimum withholding amount due.

Item 4: Mine Safety Disclosures

Not Applicable

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Item 5: Other Information

~~10b 5~~10b5-1 Trading Plans

Our officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (“Section 16 Officers”) and directors from time to time enter into contracts, instructions or written plans for the purchase or sale of our securities that are intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We refer to these contracts, instructions, and written plans as “Rule 10b5-1 trading plans” and each one as a “Rule 10b5-1 trading plan.” During our fiscal quarter ended ~~September~~March 2829, ~~2025~~2026, nothe following Section 16 Officers or directors adopted, modified or terminated Rule 10b5-1 trading plans.:

44Gregory Smith, President and Chief Executive Officer

Gregory Smith, our President and Chief Executive Officer, entered into a new Rule 10b5-1 trading plan on February 12, 2026. The Rule 10b5-1 trading plan provides that Mr. Smith, acting through a broker, may sell up to an aggregate of 44,597 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is May 15, 2026. Mr. Smith’s plan is scheduled to terminate on February 26, 2027, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Smith or the broker, or as otherwise provided in the plan.

Ryan Driscoll, Vice President and General Counsel

Ryan Driscoll, our Vice President and General Counsel, entered into a new Rule 10b5-1 trading plan on February 5, 2026. The Rule 10b5-1 trading plan provides that Mr. Driscoll, acting through a broker, may sell up to an aggregate of 680 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is May 7, 2026. Mr. Driscoll’s plan is scheduled to terminate on December 31, 2026, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Driscoll or the broker, or as otherwise provided in the plan.

Shannon Poulin, President of Semiconductor Test

Shannon Poulin, the President of our Semiconductor Test Division, entered into a new Rule 10b5-1 trading plan on February 19, 2026. The Rule 10b5-1 trading plan provides that Mr. Poulin, acting through a broker, may sell up to an aggregate of 4,432 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is May 21, 2026. Mr. Poulin’s plan is scheduled to terminate on March 31, 2027, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Poulin or the broker, or as otherwise provided in the plan.

Regan Mills, President of Product Test

Regan Mills, the President of our Product Test Division, entered into a new Rule 10b5-1 trading plan on March 10, 2026. The Rule 10b5-1 trading plan provides that Mr. Mills, acting through a broker, may sell up to an aggregate of 1,369 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is January 27, 2027. Mr. Mills’ plan is scheduled to terminate on April 6, 2027, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Mills or the broker, or as otherwise provided in the plan.

Marilyn Matz, Director

Marilyn Matz, a member of our Board of Directors, entered into a new Rule 10b5-1 trading plan on February 13, 2026. The Rule 10b5-1 trading plan provides that Ms. Matz, acting through a broker, may sell up to an aggregate of 14,400 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is May 15, 2026. Ms. Matz’s plan is scheduled to terminate on May 14, 2027, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Ms. Matz or the broker, or as otherwise provided in the plan.

Mercedes Johnson, Director

Mercedes Johnson, a member of our Board of Directors, entered into a new Rule 10b5-1 trading plan on March 4, 2026. The Rule 10b5-1 trading plan provides that Ms. Johnson, acting through a broker, may sell up to an aggregate of 2,000 shares. Subject to price limits, the first date that sales of any shares are permitted to be made under the trading arrangement is June 2, 2026. Ms.

Johnson’s plan is scheduled to terminate on May 28, 2027, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Ms. Johnson or the broker, or as otherwise provided in the plan.

Item 6: Exhibits

ExhibitNumber		Description
10.1		Separation and Release of Claims Agreement, dated as of August 28, 2025, by and between Ujjwal Kumar and Teradyne, Inc. (filed herewith) *
31.1		Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) of Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2		Certification of Principal Financial Officer, pursuant to Rule 13a-14(a) of Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1		Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2		Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (formatted as Inline XBRL, and contained in Exhibit 101)
*		Management Contract or Compensatory Plan

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TERADYNE, INC. Registrant /s/ ~~SANJAY~~MICHELLE ~~MEHTA~~TURNER ~~Sanjay~~Michelle ~~MehtaVice~~TurnerVice President,Chief Financial Officer and Treasurer(Duly Authorized Officerand Principal Financial Officer)~~October~~May 301, ~~2025~~2026

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