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Teradyne cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$227M in Q3 2026 · $1.0B over twelve months

Operating cash flow$314M
Capital spending−$86.3M
Free cash flow+$227M
Cash / net income0.9×
Cash conversion cycle84 days

Analysis

In Q3 2026, Teradyne generated $314M of operating cash flow and spent $86.3M on capital projects, leaving free cash flow of $227M.

Over the twelve months to Sep 27, 2026, operating cash flow was $1.3B; the largest uses were buybacks ($357M), capital spending ($305M), net borrowing (+) / repaid (−) ($200M); besides operations, cash came from shares issued ($35.5M); the cash balance rose by $188M.

Operating cash flow was $314M against net income of $348M — 0.9× profit, roughly in line with earnings. The largest differences: payables +$226M, inventory −$171M, prepaid and other assets −$165M.

Its cash conversion cycle was 84 days (receivables 77 + inventory 83 − payables 77).

Free cash flow

Teradyne: free cash flow by quarterTeradyne: free cash flow by quarter$225MQ4 2024$97.6MQ1 2025$132MQ2 2025$2.4MQ3 2025$219MQ4 2025$200MQ1 2026$378MQ2 2026$227MQ3 2026
Operating cash flow less capital spending.
Teradyne: operating cash flow against capital spendingTeradyne: operating cash flow against capital spendingOperating cash flowCapital spending$283M$57.4MQ4 2024$162M$64.0MQ1 2025$182M$50.4MQ2 2025$49.0M$46.7MQ3 2025$282M$62.9MQ4 2025$265M$64.7MQ1 2026$469M$90.7MQ2 2026$314M$86.3MQ3 2026
Latest (Q3 2026): Operating cash flow $314M, Capital spending $86.3M.

Capital allocation, year by year

Teradyne: where the cash came from (up) and went (down), by fiscal yearTeradyne: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$343MFY2021: Shares issued $32.7MFY2021: Capital spending −$132MFY2021: Acquisitions −$12.0MFY2021: Buybacks −$600MFY2021: Dividends −$66.0M$1.1BFY2021FY2022: Operating cash flow $578MFY2022: Net borrowing −$66.8MFY2022: Shares issued $28.7MFY2022: Asset sales $3.4MFY2022: Capital spending −$163MFY2022: Buybacks −$752MFY2022: Dividends −$69.7M$610MFY2022FY2023: Operating cash flow $585MFY2023: Net borrowing −$50.3MFY2023: Shares issued $34.3MFY2023: Capital spending −$160MFY2023: Buybacks −$397MFY2023: Dividends −$67.9M$619MFY2023FY2024: Operating cash flow $672MFY2024: Shares issued $37.3MFY2024: Asset sales $90.3MFY2024: Capital spending −$198MFY2024: Buybacks −$199MFY2024: Dividends −$76.4M$800MFY2024FY2025: Operating cash flow $674MFY2025: Net borrowing $200MFY2025: Shares issued $31.9MFY2025: Capital spending −$224MFY2025: Acquisitions −$144MFY2025: Buybacks −$702MFY2025: Dividends −$76.3M$906MFY2025
Over these 5 years operating cash flow totalled $3.6B; the largest uses were buybacks ($2.6B) and capital spending ($877M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$461M
Debtnone
Net cash$461M

Teradyne funds itself: free cash flow was $1.0B over the last twelve months, with $461M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Teradyne: sources (+) and uses (−) of cash, Q3 2026Teradyne: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$314MCash drawn (+) / kept (−)−$111MBuybacks−$99.3MCapital spending−$86.3MDividends−$20.3MShares issued$18.6MOther investing−$10.8MOther financing−$2.7MTaxes on employees’ shares−$1.0MExchange rates−$553K
Teradyne: sources (+) and uses (−) of cash, TTM to Q3 2026Teradyne: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.3BBuybacks−$357MCapital spending−$305MNet borrowing (+) / repaid (−)−$200MCash drawn (+) / kept (−)−$188MAcquisitions−$166MDividends−$79.8MTaxes on employees’ shares−$42.6MShares issued$35.5MOther investing−$26.5MOther financing−$2.7MExchange rates$1.7M

From profit to cash

Teradyne: net income to operating cash flow, Q3 2026Teradyne: net income to operating cash flow, Q3 2026Net income$348MDepreciation & amortization$36.9MStock-based pay$21.7MDeferred taxes−$22.9MGains on investments−$2.2MOther non-cash$997KReceivables−$557KInventory−$171MPayables$226MDeferred revenue$13.2MPrepaid and other assets−$165MIncome taxes payable$23.2MOperating cash flow$314M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202677837784
Q2 202676656279
Q1 202665655476
Q4 202560765085
Q3 20256110257106
Q2 20256211459117
Q1 20256010653113
Q4 2024599145105

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$314M−$86.3M—−$99.3M−$20.3M—$18.6M−$111M$227M
Q2 2026$469M−$90.7M−$166M−$68.7M−$20.3M——−$108M$378M
Q1 2026$265M−$64.7M—−$5.5M−$20.4M−$200M$15.1M$51.8M$200M
Q4 2025$282M−$62.9M—−$183M−$18.7M—$1.8M−$21.1M$219M
Q3 2025$49.0M−$46.7M—−$244M−$19.0M$200M$15.3M$66.6M$2.4M
Q2 2025$182M−$50.4M−$127M−$117M−$19.2M——$136M$132M
Q1 2025$162M−$64.0M−$17.0M−$157M−$19.4M—$14.8M$77.7M$97.6M
Q4 2024$283M−$57.4M—−$144M−$19.5M—$65K−$43.3M$225M

Teradyne: income statement and cash flow

Teradyne, Q3 2026: revenue $1.3B (+70% year over year), operating margin 30.8%. The chart follows the revenue to costs, profit and cash.

Teradyne: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.