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Financial Results for Q2 2026 July 29, 2026
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Safe Harbor This presentation contains forward-looking statements including statements regarding T eradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this presentation address various matters, including statements regarding Teradyne’s financial guidance, future business prospects, results of operations, market size and conditions, earnings per share, mid-term earnings model, sales mix, customer product development, customer demand and sales expectations,the payment of a quarterly dividend, and the repurchase of T eradyne common stock pursuant to a share repurchase program. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which T eradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics such as COVID-19; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in T eradyne’s best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by the U.S. or other countries; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department of Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China; the impact of the Israel-Hamas conflict; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China; and the impact of trade regulations and restrictions that impact our ability to deliver certain products to and support certain customers. The risks included above are not exhaustive. For a more detailed description of the risk factors associated with T eradyne, please refer to T eradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Many of these factors are macroeconomic in nature and are, therefore, beyond T eradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this presentation which speak only as of the date of this presentation. T eradyne specifically disclaims any obligation to update any forward-looking information contained in this presentation or with respect to the announcements described herein. 2
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Business Update and Outlook Greg Smith, President and CEO 3
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Delivered Record Q2’26 Results AI-Driven RevenueRevenue Non-GAAP EPS • 104% YoY growth • Above high guidance • Semi Test up 128% YoY , Product Test up 26% YoY, Robotics up 33% YoY • 333% YoY growth • Above high guidance 4 $0.0B $0.4B $0.8B $1.2B $1.6B Q3'25 Q4'25 Q1'26 Q2'26 Non- AI Revenue AI Revenue
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WFE Projected to Reach $250B as Early as 2028, as Late as 2030 5 $0 $50 $100 $150 $200 $250 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 WFE Capex ($B) Source: Actuals: Susquehanna Financial Group (Jun 29, 2026). Cone: per-year envelope of SIG and Evercore ISI (Jul 12, 2026) blended with BofA/MS/SMBC consensus and Teradyne estimate.
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Correlation of Increase in Transistors and Bits to SOC and Memory TAMs 6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Transistors (ET) SOC TAM ($B) Transistors up ~6x since 2016 - SOC test demand up ~3x SOC TAM ($B) Transistors (ET) Transistors (ET) - forecast 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Bits (Zb) Memory TAM ($B) Memory bits up ~8x since 2016 - memory test TAM up ~4x Memory TAM ($B) Bits (Zb) Bits (Zb) - forecast Sources: TAM: VLSI Research (Apr'26 QBR), actuals only and Teradyne estimate. Transistors: TechInsights Silicon Demand Forecast Q2’26 and Teradyne estimate. Bits: TechInsights Semiconductor Forecast Q2’26 and Teradyne estimate.
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The ATE TAM Is Outpacing the Overall Semiconductor Capex 7 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ATE portion Capex ($B) Total Semiconductor Capex ($B) ATE portion (right axis) ATE portion - 2026 YTD 8% YTD Source: SEMI, Product Buy Rate Data 2016-May 2026 (Product BuyRate tab: SEMS ATE product billings / SEMS total IC equipment). 2026 row is a Jan-May year-to-date ratio, not a full-year forecast.
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ATE TAM: Expected to Reach or Exceed $20B by the End of the Decade 8 $0 $5 $10 $15 $20 $0 $50 $100 $150 $200 $250 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ATE TAM $B WFE Capex $B WFE actual ($B) Total ATE TAM actual ($B) Scenario low ($B) Scenario high ($B) Source: Actuals: VLSI Research (Apr'26 QBR). ‘26-’30 Forecast: Teradyne management estimates
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Teradyne’s Wafer to AI Data Center Strategy 9 Wafer Die Substrate Package PCB Tray Rack AI Data Center Integrated System Test (SLT, HDD) Optical Test High Speed Interconnect Test Robot Assisted Test Robot Assisted Assembly Robot Asst Ops Production Board Test ATE Test (SoC, Memory) Semiconductor Test Group Product Test Group Robotics Group Enabling the global deployment of AI
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Dual Vendor Lifecycle Key factor for share gain in Compute 1 Phase 1 Opportunity to compete 2 Phase 2 Working solution 3 Phase 3 Correlated solution 4 Phase 4 Production ramp 5 Phase 5 Fast follower Phase 6 Mature vendor 6 Gradual share gain to 30% Expected Share Range 30% to 70%
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Teradyne’s Wafer to AI Data Center Strategy 11 Wafer Die Substrate Package PCB Tray Rack AI Data Center Integrated System Test (SLT, HDD) Optical Test High Speed Interconnect Test Robot Assisted Test Robot Assisted Assembly Robot Asst Ops Production Board Test ATE Test (SoC, Memory) Semiconductor Test Group Product Test Group Robotics Group Enabling the global deployment of AI
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Second Quarter 2026 Financial Results and Third Quarter 2026 Guidance Michelle Turner, Vice President and Chief Financial Officer 12
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Q2’26 Non-GAAP Results 13 $ in millions, except EPS Q2’25 Actual(1) Q1’26 Actual(1) Q2’26 Actual(1) Sales 100% $652M 100% $1,282M 100% $1,329M Semiconductor Test 75% $492M 87% $1,111M 84% $1,122M Product Test 13% $85M 6% $80M 8% $107M Robotics 12% $75M 7% $91M 8% $100M Gross Margin 57.3% $373M 60.9% $781M 59.8% $795M R&D 18.2% $118M 10.6% $136M 11.8% $156M SG&A 24.0% $157M 12.9% $165M 14.3% $190M OPEX 42.2% $275M 23.4% $301M 26.1% $346M Operating Profit 15.1% $98M 37.5% $480M 33.7% $448M Income Taxes (& effective tax rate) 13.5% $14M 15.5% $73M 15.5% $70M EPS $0.57 $2.56 $2.47 Diluted Shares 160M 158M 158M (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com
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Balance Sheet & Capital Allocation 14 $ in millions Q2’25 Actual Q1’26 Actual Q2’26 Actual Cash and Marketable Securities $489M $394M $517M Inventory $351M $363M $403M DSO 60 days 76 days 76 days Capital Additions $50M $65M $91M Depreciation and Amortization(1) $48M $55M $54M Free Cash Flow(2) $132M $200M $378M Capital Return Buybacks(3) $119M $6M $69M Dividends $19M $20M $20M (1) Includes depreciation, stock-based compensation, amortization of acquired intangible assets Teradyne calculates free cash flow as: GAAP Cash flow from operations, excluding discontinued operations, less property, plant and equipment additions; See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com (1) Inclusive of excise taxes, as applicable
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Q3’26 Non-GAAP Guidance 15 $ in millions, except EPS Q2’26 Actual(1) Q3’26 Guidance(1) Sales $1,329M $1,200M - $1,300M Gross Margin 59.8% 58.0% - 59.0% OPEX 26.1% 30.0% - 29.0% Operating Profit 33.7% 28.0% - 30.0% Income Taxes (& effective tax rate) 15.5% 15.5% EPS $2.47 $1.85 - $2.15 Diluted Shares 158M 158M (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com
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The Big Picture: Earnings Recap See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com(1) At the midpoint 16 Q3’26 Outlook(1)Q2’26 1H'26 • $1.25B revenue at mid guidance • $2.00 Non-GAAP EPS at mid guidance • 2H 48%-50% of full year revenue on broad based strengthening beyond compute • $2.6B record revenue, up ~100% over 1H'25 • $5.02 of Non-GAAP EPS, up ~275% over 1H'25 • Driven by all things AI • $1.3B record revenue • $2.47 Non-GAAP EPS • 104% YoY growth • Semi Test up 128% YoY, Product Test up 26% YoY , Robotics up 33% YoY
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Supplemental Information 18
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History of Capital Allocation Since 2015, 87M shares repurchased at an average price of ~$55 per share 19 $ in millions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H’26 Cumulative Buybacks(1) $300 $146 $200 $823 $500 $88 $600 $752 $401 $199 $709 $74 $4,792 Dividends $51 $49 $55 $67 $61 $66 $66 $70 $68 $76 $76 $41 $747 Acquisitions/ Investments (2) $283 $15 $1 $194 $115 $9 $12 - - $442 $170 $176 $1,417 Total $633 $210 $257 $1,085 $676 $163 $678 $822 $468 $717 $955 $291 $6,956 Free Cash Flow(3) $323 $370 $521 $370 $444 $684 $966 $415 $426 $474 $450 $579 $6,023 % of FCF Returned(4) 109% 53% 49% 240% 126% 23% 69% 198% 110% 58% 174% 20% 92% 20% 11% 69% Acquisitions/Earn-out Payments Dividends Buybacks (1) Inclusive of excise taxes, as applicable (2) Net acquisitions includes acquisitions, minority investments and divestitures Teradyne calculates free cash flow as: GAAP Cash flow from operations, excluding discontinued operations, less property, plant and equipment additions net of gov’t subsidies; See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com (1) Teradyne calculates % of FCF returned as Buybacks plus Dividends divided by Free Cash Flow Cumulative Capital Allocation Breakdown 2015 – Q2’2026
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Teradyne Non-GAAP Target Earnings Model Target Earnings Model(1) 2025 Target Model ATE TAM ~$9.0B $12-14B TER Revenue $3.2B ~$6.0B Gross Margin % 58.3% ~59% - 61% OPEX % 36.0% ~29% - 27% Operating Profit 22.3% ~30% - 34% Non-GAAP EPS $3.96 ~$9.50 - $11.00 Growth Drivers SemiT est: AI – Compute and Memory growth, recovery in Mobility and Auto/Ind markets, IST growth tied to System Level T est and Hard Disk Drive Product T est: Compute, Optical Transceiver and Photonics market growth with demand pull from high-speed internet and data centers Robotics: Physical AI expanding addressable market and reducing implementation complexity. Realign to Ecommerce, Logistics, Semi and Electronics verticals. 1 Target Earnings Model Updated as of 2/3/2026 (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com 2025 Target Model SemiTest Product Test Robotics Segment Revenue $3.2B ~$6.0B~15-25% CAGR off FY25 Market Dynamics SemiT est: AI advancements lead to more test complexity and longer test times, and new power architectures for data centers Product T est: rapid growth of AI accelerated computing including photonics and high-performance interconnect Robotics: Higher growth driven by skilled labor shortages, reshoring and rapid build-out of data center equipment 20
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Product vs Service Revenue Detail 21 $ in millions Q2’25 Actual Q1’26 Actual Q2’26 Actual Total Company Sales $652M $1,282M $1,329M Product Revenue $523M $1,142M $1,191M Service Revenue $129M $139M $138M SemiTest Sales $492M $1,111M $1,122M Product Revenue $395M $1,006M $1,019M Service Revenue $97M $104M $103M
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GAAP to Non-GAAP Reconciliation In addition to disclosing results that are determined in accordance with GAAP , T eradyne also discloses in this presentation and on the earnings call non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP . These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with the Company’s business plan, historical operating results and the operating results of the Company’s competitors. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of the Company’s financial and operational performance, as well as facilitating meaningful comparisons of the Company’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this presentation is contained on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP performance measures discussed in this presentation may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP . 22