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Teledyne TechnologiesTDY

Legal name
Teledyne Technologies Inc.
Sector
Other
Industry
Search, Detection, Navigation, Guidance, Aeronautical Sys
Exchange
NYSE

Stock Price $TDY

Latest filings

You are here#65 of 87 in Industrials by market cap

Filing record · 2016–202610-K1210-Q338-K120

TDY filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jun ’17Jun ’17
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $6.12B
YoY changeLargest recent move+49.5%in FY22Latest +7.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TDY Financial Metrics60 metrics

Income Statement15

Balance Sheet27

Cash Flow14

Per Share4

02—Overview

Teledyne Technologies Financial Overview 2022–2025

Updated Nov 4, 2026

Teledyne nearly doubled its earnings power in four years. Diluted EPS climbed from $10.05 in FY2021 to $18.88a in FY2025, a gain of about 88%. The thesis is simple: Teledyne absorbed the roughly $8.1 billion FLIR acquisition, then used the cash it generated to cut debt and buy back stock without stalling earnings growth.

Revenue grew from $4,614.3 million in FY2021 to $6,115.4 millionb in FY2025. The latest year was the cleanest: sales rose 7.9%, and operating income jumped 16.2% to $1,149.8 million. The path was not smooth. In FY2024, sales rose just 0.6%, and a $52.5 million trademark impairment pushed EPS down to $17.21 from $18.49. Digital Imaging, the largest segment, saw operating income fall 14.6% that year.

Cash flow is what makes the story credible. FY2025 free cash flow was $1,074.0 millionc. Long-term debt of $4,099.4 million in FY2021 gave way to total debt of $2,475.4 million at the end of FY2025, even after $821.4 million of acquisitions and $402.9 million of buybacks. At the close of FY2025 (December 27, 2025), shares closed at $517.35, or 27.4x earnings, for a market cap of $23.9 billion. One caution: the FLIR reporting unit's fair value exceeded its carrying value by only 8%.

Recent Developments (Q2 and Q3 2026)

Teledyne's growth accelerated in Q3 2026. Sales rose 9.4% to $1,684.9 milliond, and GAAP operating margin reached 20.6% versus 18.4% a year earlier. Digital Imaging led, with Q3 operating income up 48.1% to $182.7 million. GAAP EPS was $5.82 versus $4.65. Management raised full-year GAAP EPS guidance twice, to $21.71–$21.87. Net debt fell to $1,465.4 million, and the company repurchased $224.6 million of stock from September through October 19.

On August 9, Teledyne agreed to buy Varex Imaging for about $1.1 billione in cash, with closing expected in early 2027. Vice Chairman Jason VanWees retires February 1, 2027.

The bull case: margins and guidance are rising while leverage sits at 0.9x. The bear case: at 33.1x earnings as of the October 22, 2026 report date, the stock leaves little room for error, and Q2 Digital Imaging results included tariff refunds.

What to watch: Varex closing and regulatory approval; Digital Imaging margins without tariff refund benefits

03—Filings

Recent SEC Filings

  1. 8-KTeledyne Technologies 8-K Report, Financial Results (Oct 21, 2026)Teledyne Technologies Incorporated (NYSE: TDY) furnished a press release with its third quarter 2026 financial results, dated October 21, 2026, as Exhibit 99.1 to this Item 2.02 Current Report. The company reported all-time record quarterly sales, operating profit and non-GAAP diluted earnings per share. Third quarter net sales were $1,684.9 million, up 9.4% from $1,539.5 million, while GAAP diluted EPS was $5.82 (up 25.2% as stated in the release headline) and non-GAAP diluted EPS was $6.72 (up 20.6%). Digital Imaging drove the results, with segment net sales of $903.0 million (up 15.0%) and operating income of $182.7 million (up 48.1%). Third quarter cash from operations was $352.5 million and free cash flow was $319.5 million. The company raised its full-year 2026 GAAP diluted EPS outlook to $21.71 to $21.87 (from $20.73 to $20.99) and its non-GAAP diluted EPS outlook to $25.40 to $25.50 (from $24.45 to $24.65). Fourth quarter 2026 outlook calls for GAAP diluted EPS of $5.68 to $5.83 and non-GAAP diluted EPS of $6.60 to $6.70. Management also disclosed a pending cash acquisition of Varex Imaging Corporation for approximately $1.1 billion, expected to close in early 2027 subject to regulatory and Varex stockholder approvals, and $224.6 million of stock repurchases in September through October 19, 2026. Balance sheet metrics remained solid, with net debt of $1,465.4 million as of September 27, 2026, down from $2,123.0 million at December 28, 2025, and a quarter-end consolidated leverage ratio of 0.9x. Cash and cash equivalents were $562.4 million, and $1,158.4 million was available under the $1.20 billion credit facility.
  2. 8-KTeledyne Technologies 8-K/A Report, Executive Changes (Oct 2, 2026)Teledyne Technologies Incorporated filed this Amendment to its October 2, 2026 Form 8-K to disclose compensation arrangements that were not finally determined or available when the Original Filing was made on September 28, 2026. The Original Filing reported that Jason VanWees will retire as Vice Chairman of Teledyne effective February 1, 2027. This amendment adds the terms of the Separation, Cooperation and General Release Agreement that Teledyne and Mr. VanWees entered into on September 25, 2026, which becomes effective October 3, 2026 after a seven-day revocation period. Under the Separation Agreement, Mr. VanWees retires as Vice Chairman on February 1, 2027 and then serves as strategic advisor to the Executive Chairman through his Separation Date of May 3, 2027. During that advisory period he will receive his regular base salary and may take remaining accrued vacation. Through December 31, 2027, he will also provide reasonable assistance and cooperation to Teledyne and its affiliates on matters tied to his employment. In exchange for these commitments, including cooperation and non-solicitation provisions, Teledyne will pay him a lump sum of $170,000, less standard deductions and withholding, within 30 days after the Separation Date. The agreement also contains a general release of claims, limited non-solicitation and non-disparagement provisions, non-disclosure agreements, and other customary terms. The full agreement is filed as Exhibit 10.1 and incorporated by reference.
  3. 8-KTeledyne Technologies 8-K Report, Executive Changes (Sep 28, 2026)Teledyne Technologies Incorporated (NYSE: TDY) filed an 8-K on September 28, 2026 under Item 5.02 to report that Jason VanWees, Vice Chairman, will retire from his position effective February 1, 2027, when he will be age 55. The filing attaches a press release (Exhibit 99.1) that also announces Mary Grace DeForest's appointment as Corporate Vice President of Investor Relations and Mergers and Acquisitions, effective November 1, 2026. DeForest is currently Senior Vice President and General Manager of Teledyne Microwave. The press release credits VanWees with leading the identification and acquisition of 75 complementary businesses for cumulative consideration of $12.8 billion, and with leading Teledyne's discussions with the investment community for decades. It also cites a compound annual shareholder return greater than 17% over nearly 27 years as an independent company, with sales and market capitalization growing approximately 8x and over 100x, respectively, over the same period. Robert Mehrabian, Executive Chairman, states that he and VanWees have been equal partners overseeing growth strategy and capital allocation. The filing describes a planned, overlapping transition: VanWees's retirement and DeForest's appointment are structured to ensure continuity in the investor relations and M&A role. No financial results or guidance are included in this filing.
  4. 8-KTeledyne Technologies 8-K Report, Regulation FD Disclosure (Aug 10, 2026)On August 10, 2026, Teledyne Technologies Incorporated (TDY) and Varex Imaging Corporation (VREX) announced a definitive merger agreement under which Teledyne will acquire all outstanding Varex common shares for $18.90 per share in cash. The filing states the aggregate transaction value is approximately $1.1 billion, taking into account Varex's equity awards and net debt as of April 3, 2026. The transaction was unanimously approved by both companies' Boards of Directors. According to the joint press release, Varex makes X-ray tubes, flat panel and photon counting detectors, and connect and control accessories used in medical diagnostic imaging, non-destructive inspection, security and vehicle inspection, and analysis and measurement applications. Teledyne's Executive Chairman Robert Mehrabian characterized the products as complementary with minimal overlap, noting Varex provides detectors suited for high-radiation environments such as oncology and advanced photon counting detectors that Teledyne does not offer. Varex's CEO Sunny Sanyal described the deal as providing a substantial premium for Varex shareholders. The transaction is expected to close in early 2027, subject to customary closing conditions including regulatory approvals and Varex stockholder approval. Varex will file a proxy statement for a special stockholder meeting. The filing is announced under Regulation FD, and the press release is furnished as Exhibit 99.1.
  5. 8-KTeledyne Technologies 8-K Report, Financial Results (Jul 22, 2026)Teledyne Technologies Incorporated (NYSE:TDY) reported second quarter 2026 results in Exhibit 99.1, describing the quarter as the strongest in the company's history for orders, sales and operating profit. Net sales were $1,662.5 million, up 9.8% from $1,513.7 million a year earlier. GAAP net income attributable to Teledyne was $251.7 million, or $5.37 per diluted share, compared with $209.9 million, or $4.43, in the prior-year quarter. Non-GAAP diluted EPS was $6.28, compared with $5.20 a year earlier, an increase of 20.8%. Operating margin was 20.0% on a GAAP basis and 23.4% on a non-GAAP basis. Digital Imaging drove the results, with net sales of $868.7 million (up 12.7%) and operating income of $170.2 million (up 42.3%), supported by infrared detectors and systems for defense and commercial uses. Instrumentation sales rose 5.5% to $387.8 million while its operating income was roughly flat at $101.4 million, reflecting unfavorable product mix. Aerospace and Defense Electronics and Engineered Systems also grew sales, to $286.4 million and $119.6 million respectively. Management reported approximately $5.0 billion of funded backlog and repaid $450 million of gross debt at the beginning of the quarter, leaving net debt at $1,686.9 million versus $2,123.0 million at December 28, 2025. The company raised its full-year 2026 outlook, with GAAP diluted EPS now expected at $20.73 to $20.99 (previously $20.08 to $20.44) and non-GAAP diluted EPS at $24.45 to $24.65 (previously $23.85 to $24.15). Third-quarter 2026 guidance is GAAP EPS of $5.10 to $5.25 and non-GAAP EPS of $6.05 to $6.15. The filing also notes management's continued review of acquisitions and a list of risk factors, including the 2026 conflict involving the United States and Iran, tariffs, and supply chain constraints.
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04—See also

Related Companies

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