Earnings release
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Exhibit 99.1 Teradyne Reports Third Quarter 2026 Results • Revenue up 70% and earnings up over 150% from Q3'25, exceeding the high end of our Q3 Guidance • Record revenue in Memory and Integrated Systems Test driven by all things AI • Robotics delivered its highest third quarter revenue to date and achieved profitability Q3'26 Q3'25 Q2'26 Revenue (mil) $ 1,306 $ 769 $ 1,329 GAAP EPS $ 2.17 $ 0.75 $ 2.38 Non-GAAP EPS $ 2.29 $ 0.85 $ 2.47 NORTH READING, Mass. – October 27, 2026 – Teradyne, Inc. (NASDAQ: TER) reported revenue of $1,306 million for the third quarter of 2026 of which $1,072 million was in Semiconductor Test, $138 million in Product Test, and $96 million in Robotics. On a GAAP-basis, net income attributable to Teradyne for the third quarter of 2026 was $342.4 million, or $2.17 per diluted share. On a non-GAAP basis, net income attributable to Teradyne for the third quarter of 2026 was $359.9 million, or $2.29 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, and the related tax impact on non-GAAP adjustments. “Our wafer to data center strategy and the breadth of our portfolio sustained positive momentum in Q3,” said CEO Greg Smith. “Demand extended across the AI value chain, from memory and hard disk drive test to high-speed interconnect and robotics, driving results above the high end of our guidance. With multiple growth engines across test and robotics, we approach 2027 with a more diversified business and an expanding set of opportunities.” Guidance for the fourth quarter of 2026 is revenue of $1,250 million to $1,350 million, with GAAP net income attributable to Teradyne of $1.88 to $2.18 per diluted share and non-GAAP net income attributable to Teradyne of $1.95 to $2.25 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization and amortization on our investment in Technoprobe, as well as the related tax impact on non-GAAP adjustments. Webcast A conference call to discuss the third quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, October 28, 2026. Interested investors should access the webcast at www.teradyne.com and click on “Investors” at least five minutes before the call begins. Presentation materials will be available starting at 7:30 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.
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Page 2 Non-GAAP Results In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income attributable to Teradyne excludes acquired intangible assets amortization, restructuring and other, ERP related expenses, inventory step-up, pension mark-to-market adjustment, pension actuarial gains and losses, discrete income tax adjustments, and the related tax impact on non-GAAP adjustments. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations as a percentage of revenue, non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investor Relations” and then selecting “Financials” and the “GAAP to Non-GAAP Reconciliation” link. The non- GAAP performance measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP. About Teradyne Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne's customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc., in the U.S. and other countries. Safe Harbor Statement This release contains forward-looking statements including statements regarding Teradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this press release address various matters, including statements regarding Teradyne’s financial guidance. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne’s best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by the U.S. or China; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department of Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use
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Page 3 in China; the impact of the current or future geopolitical conflicts; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China. The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. Teradyne specifically disclaims any obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
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Page 4 TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2026 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) Quarter Ended Nine Months Ended September 27, 2026 June 28, 2026 September 28, 2025 September 27, 2026 September 28, 2025 Net revenues $ 1,305,950 $ 1,328,990 $ 769,210 $ 3,917,434 $ 2,106,687 Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) 534,674 534,372 319,904 1,570,588 869,032 Gross profit 771,276 794,618 449,306 2,346,846 1,237,655 Operating expenses: Selling and administrative (2) 198,968 192,520 169,144 558,224 484,182 Engineering and development 163,092 156,284 124,760 454,938 361,331 Acquired intangible assets amortization 5,251 4,972 3,514 12,447 11,820 Restructuring and other (3) 1,997 3,032 6,585 8,455 23,472 Operating expenses 369,308 356,808 304,003 1,034,064 880,805 Income from operations 401,968 437,810 145,303 1,312,782 356,850 Interest and other (income) expense (4) (2,323) (5,809) (2,797) (806) (6,834) Income before income taxes 404,291 443,619 148,100 1,313,588 363,684 Income tax provision 59,833 66,788 23,344 188,778 50,148 Income before equity in net earnings of affiliate $ 344,458 $ 376,831 $ 124,756 $ 1,124,810 $ 313,536 Equity in net earnings of affiliate 3,281 (1,946) (5,198) (3,277) (16,709) Consolidated net income 347,739 374,885 119,558 1,121,533 296,827 Less: Net income attributable to noncontrolling interests 5,332 352 — 5,684 — Net income attributable to Teradyne $ 342,407 $ 374,533 $ 119,558 $ 1,115,849 $ 296,827 Earnings per common share attributable to Teradyne Basic $ 2.19 $ 2.39 $ 0.75 $ 7.14 $ 1.85 Diluted $ 2.17 $ 2.38 $ 0.75 $ 7.08 $ 1.85 Weighted average common shares - basic 156,262 156,470 158,595 156,381 160,021 Weighted average common shares - diluted 157,502 157,693 159,097 157,610 160,409 Cash dividend declared per common share $ 0.13 $ 0.13 $ 0.12 $ 0.39 $ 0.36 (1) Cost of revenues includes: Quarter Ended Nine Months Ended September 27, 2026 June 28, 2026 September 28, 2025 September 27, 2026 September 28, 2025 Provision for excess and obsolete inventory $ 10,932 $ 3,599 $ 6,829 $ 19,213 $ 19,175 Inventory step-up — — 351 118 910 Sale of previously written down inventory (202) (563) (1,726) (1,062) (3,155) $ 10,730 $ 3,036 $ 5,454 $ 18,269 $ 16,930 (2) For the quarters ended September 27, 2026, June 28, 2026, and September 28, 2025, selling and administrative expenses included $3.7 million, $2.5 million, and $1.1 million, respectively, of expenses directly related to an ERP system implementation. For the nine months ended September 27, 2026 and September 28, 2025, selling and administrative expenses included $7.9 million and $2.9 million, respectively, of expenses directly related to an ERP system implementation.
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Page 5 (3) Restructuring and other consists of: Quarter Ended Nine Months Ended September 27, 2026 June 28, 2026 September 28, 2025 September 27, 2026 September 28, 2025 Employee severance (a) $ 1,185 $ 1,404 $ 4,786 $ 3,443 $ 18,501 Acquisition and divestiture related expenses 373 1,532 173 4,516 2,043 Asset impairment — — 328 — 1,542 Other 439 96 1,298 496 1,386 $ 1,997 $ 3,032 $ 6,585 $ 8,455 $ 23,472 (a) For the nine months ended September 28, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees. (4) Interest and other includes: Quarter Ended Nine Months Ended September 27, 2026 June 28, 2026 September 28, 2025 September 27, 2026 September 28, 2025 Pension settlement loss (gain) $ (71) $ — $ (800) $ (71) $ (800) Pension actuarial losses (gains) — (157) — (157) 127 Loss (gain) on foreign exchange contract — — — — (561)
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Page 6 CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 27, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 460,742 $ 293,751 Marketable securities 5,847 28,247 Accounts receivable, net 1,110,798 786,913 Inventories, net 574,992 379,552 Prepayments 613,658 427,564 Other current assets 24,185 33,273 Total current assets 2,790,222 1,949,300 Property, plant and equipment, net 679,603 562,999 Operating lease right-of-use assets, net 121,652 76,635 Marketable securities 158,276 126,256 Deferred tax assets 311,092 275,265 Retirement plans assets 12,240 12,059 Equity method investment 518,559 537,098 Other assets 97,111 71,697 Acquired intangible assets, net 96,662 51,271 Goodwill 663,776 521,019 Total assets $ 5,449,193 $ 4,183,599 LIABILITIES Current liabilities: Accounts payable $ 516,967 $ 269,185 Accrued employees’ compensation and withholdings 261,288 254,973 Deferred revenue and customer advances 211,683 153,124 Other accrued liabilities 146,332 111,845 Operating lease liabilities 17,061 19,340 Short-term debt — 200,000 Income taxes payable 188,105 106,740 Total current liabilities 1,341,436 1,115,207 Retirement plans liabilities 152,910 144,874 Long-term deferred revenue and customer advances 58,342 50,888 Deferred tax liabilities 10,841 5,378 Long-term other accrued liabilities 28,649 7,601 Long-term operating lease liabilities 120,054 63,899 Total liabilities 1,712,232 1,387,847 Redeemable noncontrolling interests 49,065 — EQUITY Total Teradyne shareholders' equity 3,687,896 2,795,752 Total liabilities, redeemable noncontrolling interests and equity $ 5,449,193 $ 4,183,599
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Page 7 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Quarter Ended Nine Months Ended September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 Cash flows from operating activities: Consolidated net income $ 347,739 $ 119,558 $ 1,121,533 $ 296,827 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation 31,372 26,649 90,256 79,484 Stock-based compensation 21,684 15,531 63,649 47,561 Equity in net earnings of affiliate (3,281) 5,198 3,277 16,709 Amortization 5,504 3,867 12,925 12,723 Provision for excess and obsolete inventory 10,932 6,829 19,213 19,175 Losses (gains) on investments (2,153) (3,644) (7,076) (4,722) Deferred taxes (22,934) (14,101) (41,163) (29,100) Retirement plan actuarial losses (gains) (71) (800) (228) (673) Other 999 175 3,757 3,344 Changes in operating assets and liabilities, net of businesses acquired: Accounts receivable (556) (161,283) (302,733) (111,787) Inventories (170,942) (10,911) (178,794) (34,618) Prepayments and other assets (165,319) (53,478) (224,940) (22,599) Accounts payable and other liabilities 225,812 104,311 347,615 121,447 Deferred revenue and customer advances 13,182 12,596 64,045 25,652 Retirement plans contributions (1,506) (1,410) (4,605) (6,986) Income taxes 23,152 (36) 81,144 (19,661) Net cash provided by operating activities 313,614 49,051 1,047,875 392,776 Cash flows from investing activities: Purchases of property, plant and equipment (86,324) (46,692) (241,762) (161,121) Acquisitions of businesses, net of cash and cash equivalents acquired — — (165,611) (144,380) Purchase of investments in a business (10,870) (20,151) (20,900) (25,519) Purchases of marketable securities (1,769) (10,315) (50,004) (27,465) Proceeds from maturities of marketable securities 811 9,018 11,880 41,621 Proceeds from sales of marketable securities 993 684 30,607 9,172 Net cash used for investing activities (97,159) (67,456) (435,790) (307,692) Cash flows from financing activities: Proceeds from borrowings on revolving credit facility — 200,000 350,000 200,000 Repayments of borrowings on revolving credit facility — — (550,000) — Dividend payments (20,314) (18,990) (61,024) (57,574) Repurchase of common stock (99,264) (243,785) (173,502) (518,658) Debt issuance costs (2,686) — (2,686) — Payments related to net settlement of employee stock compensation awards (1,040) (300) (42,153) (15,254) Issuance of common stock under stock purchase and stock option plans 18,607 15,284 33,708 30,076 Net cash used for financing activities (104,697) (47,791) (445,657) (361,410) Effects of exchange rate changes on cash and cash equivalents (554) (356) 563 (4,328) (Decrease) increase in cash and cash equivalents 111,204 (66,552) 166,991 (280,654) Cash and cash equivalents at beginning of period 349,538 339,252 293,751 553,354 Cash and cash equivalents at end of period $ 460,742 $ 272,700 $ 460,742 $ 272,700
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Page 8 GAAP to Non-GAAP Earnings Reconciliation (In millions, except per share amounts) Quarter Ended September 27,2026 % of Net Revenues June 28,2026 % of Net Revenues September 28,2025 % of Net Revenues Net revenues $1,306.0 $1,329.0 $769.2 Gross profit GAAP 771.3 59.1% 794.6 59.8% 449.3 58.4% Inventory step-up — — — — 0.4 0.1% Gross profit non-GAAP 771.3 59.1% 794.6 59.8% 449.7 58.5% Income from operations - GAAP 402.0 30.8% 437.8 32.9% 145.3 18.9% Acquired intangible assets amortization 5.3 0.4% 5.0 0.4% 3.5 0.5% Restructuring and other (1) 2.0 0.2% 3.0 0.2% 6.6 0.9% ERP related expenses (2) 3.7 0.3% 2.5 0.2% 1.1 0.1% Inventory step-up — — — — 0.4 0.1% Income from operations - non-GAAP $412.9 31.6% $448.3 33.7% $156.9 20.4% Earnings per Common Share attributable to Teradyne Earnings per Common Share attributable to Teradyne Earnings per Common Share attributable to Teradyne September 27,2026 % of Net Revenues Basic Diluted June 28,2026 % of Net Revenues Basic Diluted September 28,2025 % of Net Revenues Basic Diluted Net income attributable to Teradyne - GAAP $342.4 26.2% $ 2.19 $ 2.17 $374.5 28.2% $ 2.39 $ 2.38 $119.6 15.5% $ 0.75 $ 0.75 Amortization of equity method investment 7.6 0.6% 0.05 0.05 7.6 0.6% 0.05 0.05 7.7 1.0% 0.05 0.05 Acquired intangible assets amortization 5.3 0.4% 0.03 0.03 5.0 0.4% 0.03 0.03 3.5 0.5% 0.02 0.02 ERP related expenses (2) 3.7 0.3% 0.02 0.02 2.5 0.2% 0.02 0.02 1.1 0.1% 0.01 0.01 Restructuring and other (1) 2.0 0.2% 0.01 0.01 3.0 0.2% 0.02 0.02 6.6 0.9% 0.04 0.04 Non-GAAP noncontrolling interest adjustment (0.6) -0.0% (0.00) (0.00) — — — — — — — — Pension settlement loss (gain) (0.1) -0.0% (0.00) (0.00) — — — — (0.8) -0.1% (0.01) (0.01)Pension actuarial losses (gains) (3) — — — — (0.2) -0.0% (0.00) (0.00) — — — — Inventory step-up — — — — — — — — 0.4 0.1% 0.00 0.00 Exclude discrete tax adjustments (0.1) -0.0% (0.00) (0.00) (1.7) -0.1% (0.01) (0.01) (0.6) -0.1% (0.00) (0.00)Non-GAAP tax adjustments (0.3) -0.0% (0.00) (0.00) (1.7) -0.1% (0.01) (0.01) (1.6) -0.2% (0.01) (0.01)Net income attributable to Teradyne - non-GAAP $359.9 27.6% $ 2.30 $ 2.29 $389.0 29.3% $ 2.49 $ 2.47 $135.9 17.7% $ 0.86 $ 0.85 GAAP and non-GAAP weighted average common shares - basic 156.3 156.5 158.6 GAAP and non-GAAP weighted average common shares - diluted 157.5 157.7 159.1
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Page 9 (1)Restructuring and other consists of: Quarter Ended September 27, 2026 June 28, 2026 September 28, 2025 Employee severance $ 1.2 $ 1.4 $ 4.8 Acquisition and divestiture related expenses 0.4 1.5 0.2 Asset impairment — — 0.3 Other 0.4 0.1 1.3 $ 2.0 $ 3.0 $ 6.6 (2)For the quarters ended September 27, 2026, June 28, 2026, and September 28, 2025, selling and administrative expenses included costs directly related to an ERP system implementation. (3)For the quarter ended June 28, 2026, adjustment to exclude actuarial gain recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.
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Page 10 Nine Months Ended September 27,2026 % of Net Revenues September 28,2025 % of Net Revenues Net Revenues $ 3,917.4 $ 2,106.7 Gross profit GAAP 2,346.8 59.9% 1,237.7 58.8% Inventory step-up 0.1 0.0% 0.9 0.0% Gross profit non-GAAP 2,346.9 59.9% 1,238.6 58.8% Income from operations - GAAP 1,312.8 33.5% 356.9 16.9% Acquired intangible assets amortization 12.4 0.3% 11.8 0.6% Restructuring and other (1) 8.5 0.2% 23.5 1.1% ERP related expenses (2) 7.9 0.2% 2.9 0.1% Inventory step-up 0.1 0.0% 0.9 0.0% Income from operations - non-GAAP $ 1,341.7 34.3% $ 396.0 18.8% Earnings per Common Share attributable to Teradyne Earnings per Common Share attributable to Teradyne September 27,2026 % of Net Revenues Basic Diluted September 28,2025 % of Net Revenues Basic Diluted Net income attributable to Teradyne - GAAP $ 1,115.8 28.5% $ 7.14 $ 7.08 $ 296.8 14.1% $ 1.85 $ 1.85 Amortization of equity method investment 22.9 0.6% 0.15 0.15 22.5 1.1% 0.14 0.14 Acquired intangible assets amortization 12.4 0.3% 0.08 0.08 11.8 0.6% 0.07 0.07 Restructuring and other (1) 8.5 0.2% 0.05 0.05 23.5 1.1% 0.15 0.15 ERP related expenses (2) 7.9 0.2% 0.05 0.05 2.9 0.1% 0.02 0.02 Inventory step-up 0.1 0.0% 0.00 0.00 0.9 0.0% 0.01 0.01 Non-GAAP noncontrolling interest adjustment (0.6) -0.0% (0.00) (0.00) — — — — Pension actuarial losses (gains) (3) (0.2) -0.0% (0.00) (0.00) 0.1 0.0% 0.00 0.00 Pension settlement loss (gain) (0.1) -0.0% (0.00) (0.00) (0.8) -0.0% (0.01) (0.00)Loss (gain) on foreign exchange contract — — — — (0.6) -0.0% (0.00) (0.00)Exclude discrete tax adjustments (11.0) -0.3% (0.07) (0.07) 0.4 0.0% 0.00 0.00 Non-GAAP tax adjustments (4.0) -0.1% (0.03) (0.03) (8.4) -0.4% (0.05) (0.05) Net income attributable to Teradyne - non-GAAP $ 1,151.8 29.4% $ 7.37 $ 7.31 $ 349.1 16.6% $ 2.18 $ 2.18 GAAP and non-GAAP weighted average common shares - basic 156.4 160.0 GAAP and non-GAAP weighted average common shares - diluted 157.6 160.4
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Page 11 (1)Restructuring and other consists of: Nine Months Ended September 27, 2026 September 28, 2025 Acquisition and divestiture related expenses $ 4.5 $ 2.0 Employee severance (a) 3.4 18.5 Asset impairment — 1.5 Other 0.5 1.4 $ 8.5 $ 23.4 (a) For the nine months ended September 28, 2025, employee severance relates primarily to Robotics restructuring which impacted approximately 150 employees. (2)For the nine months ended September 27, 2026 and September 28, 2025, selling and administrative expenses included costs directly related to an ERP system implementation. (3)For the nine months ended September 27, 2026, and September 28, 2025, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.
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Page 12 GAAP to Non-GAAP Reconciliation of Fourth Quarter 2026 guidance: GAAP and non-GAAP fourth quarter revenue guidance: $1,250 million to $1,350 million GAAP net income attributable to Teradyne per diluted share $ 1.88 $ 2.18 Exclude acquired intangible assets amortization 0.03 $ 0.03 Exclude equity method investment amortization 0.05 $ 0.05 Non-GAAP tax adjustments (0.01) $ (0.01) Non-GAAP net income attributable to Teradyne per diluted share $ 1.95 $ 2.25 For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com. Contact: Teradyne, Inc. Amy McAndrews 978-370-3945 Vice President of Corporate Relations