Filing Flows › Teradyne (TER) › Q2 2026 › vs Q2 2025
Teradyne (TER) Q2 2026 vs Q2 2025 (year over year)
Teradyne's revenue rose $677M (+104%) from $652M in Q2 2025 to $1.3B in Q2 2026. The biggest changes: Product +$669M (+128%); Service +$8.5M (+7%). Gross margin 59.8% against 57.2% (+2.6 pts).
Teradyne, Q2 2026: revenue $1.3B (+104% year over year), operating margin 32.9%, net earnings $375M, operating cash flow $469M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 59.8% | 57.2% | +2.6 pts |
| Operating margin | 32.9% | 13.9% | +19.0 pts |
| Net margin | 28.2% | 12.0% | +16.2 pts |
| Free cash flow margin | 28.5% | 20.2% | +8.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product | $1.2B | $523M | $669M | +128% |
| Service | $138M | $129M | $8.5M | +7% |
| Revenue | $1.3B | $652M | $677M | +104% |
| Gross profit | $795M | $373M | $422M | +113% |
| Cost of revenue | $534M | $279M | $256M | +92% |
| Operating profit | $438M | $90.7M | $347M | +382% |
| Operating expenses | $357M | $282M | $74.5M | +26% |
| Pre-tax earnings | $442M | $90.6M | $351M | +387% |
| Research & development | $156M | $118M | $37.9M | +32% |
| SG&A | $193M | $158M | $34.7M | +22% |
| Other operating costs | $8.0M | $6.1M | $1.9M | +31% |
| Net earnings | $375M | $78.4M | $297M | +378% |
| Income tax | $66.8M | $12.3M | $54.5M | +445% |
| Depreciation & amortization | $33.6M | $31.4M | $2.3M | +7% |
| Share-based compensation | $20.1M | $16.8M | $3.2M | +19% |
| Working capital & other | $40.5M | $55.5M | −$15.0M | -27% |
| Operating cash flow | $469M | $182M | $287M | +158% |
| Free cash flow (OCF − capex) | $378M | $132M | $247M | +187% |
| Capital expenditures | $90.7M | $50.4M | $40.3M | +80% |
Questions
How much did Teradyne's revenue grow year over year in Q2 2026?
Teradyne's revenue rose $677M (+104%) from $652M in Q2 2025 to $1.3B in Q2 2026.
What drove Teradyne's revenue change in Q2 2026?
Product +$669M (+128%); Service +$8.5M (+7%).