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TERADYNE, INC 8-K Report, Financial Results (Apr 29, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 29, 2025
Period End
April 28, 2025
Security
TER
In the record · 2016–202610-K1110-Q328-K91

TER filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 91 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’17Jun ’17
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Jun ’22Jun ’22
  4. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed April 29, 2025. Cited figures are marked; the original filing is the authoritative source.

Teradyne (NASDAQ: TER) reported first quarter 2025 results (quarter ended March 30, 2025) with revenue of $686 milliona, up 14% year over year from $600 million, and ahead of the high end of its guidance range.

The growth was driven primarily by Semiconductor Test ($543 millionb), with System-on-a-Chip (SOC) testing for mobile applications the strongest contributor. Robotics contributed $69 million and Product Test $74 million. GAAP net income was $98.9 million, or $0.61 per diluted share, while non-GAAP EPS was $0.75, excluding acquired intangible amortization, restructuring charges, and the related tax effects.

Sequentially, revenue declined from $753 millionc in Q4 2024 and GAAP EPS fell from $0.90, though first-quarter results beat the top end of guidance on the non-GAAP side. Management's outlook was cautious. CEO Greg Smith said visibility into the second half of 2025 is limited and that the impact of trade policy on end-market demand remains in flux.

For Q2 2025, Teradyne guided to revenue of $610 million to $680 milliond, GAAP EPS of $0.35 to $0.58, and non-GAAP EPS of $0.41 to $0.64. The midpoint of the revenue range implies a sequential decline and a meaningful step down from Q1 levels. Management reiterated its long-term positioning around AI, electrification, and verticalization.

Capital allocation was a key announcement. The board approved a share repurchase program of up to $1 billion, expanded from a prior 2025 target of $400 million, to be completed by the end of 2026.

In the quarter, Teradyne repurchased $157.5 million of stock, which together with a $14.5 million restructuring charge (mainly about 150 Robotics employee severances) and a $64 million capex outlay reduced operating cash balances. Cash and marketable securities declined to roughly $508 million from $600 million at year-end, though operating cash flow was strong at $161.6 million.

02—Key points

Key Highlights

  1. Q1 2025 revenue of $686 million rose 14% year over year, led by Semiconductor Test ($543 million), and came in toward the high end of guidance.
  2. GAAP EPS of $0.61 and non-GAAP EPS of $0.75, compared with $0.40 GAAP and $0.51 non-GAAP in Q1 2024.
  3. Q2 2025 guidance of $610-680 million in revenue, $0.35-0.58 GAAP EPS, and $0.41-0.64 non-GAAP EPS, signaling a sequential slowdown and wide range.
  4. Board approved a share repurchase program of up to $1 billion through the end of 2026, up from a $400 million 2025 target; $157.5 million was repurchased in Q1 alone.
  5. Management cited limited second-half visibility and uncertainty from trade policy affecting end-market demand.
  6. Robotics restructuring drove a $14.5 million restructuring charge, including about $11.4 million in employee severance affecting roughly 150 employees.
  7. Operating cash flow of $161.6 million strongly exceeded net income, while cash and marketable securities fell to about $508 million amid buybacks and capex of $64 million.

03—Questions

Frequently Asked Questions

  1. How did Teradyne perform in the first quarter of 2025?

    Teradyne reported revenue of $686 million, up 14% from $600 million a year earlier and toward the high end of guidance. GAAP net income was $98.9 million, or $0.61 per diluted share, and non-GAAP EPS was $0.75. Semiconductor Test drove most of the growth, with SOC testing for mobile as the strongest contributor.

  2. What is the outlook for the second quarter of 2025?

    Teradyne guided Q2 2025 revenue to $610-680 million, GAAP EPS to $0.35-0.58, and non-GAAP EPS to $0.41-0.64. The guidance implies a sequential decline from Q1, and management said visibility into the second half is limited.

  3. What is the new share repurchase program?

    The board increased the buyback program to up to $1 billion, from a prior 2025 target of $400 million, with completion expected by the end of 2026. Teradyne repurchased $157.5 million of stock in Q1 2025, which was a significant use of cash in the quarter.

  4. Why do GAAP and non-GAAP EPS differ?

    Non-GAAP results exclude acquired intangible asset amortization, restructuring and other charges, ERP-related expenses, and the equity method investment amortization in some periods, along with the related tax effects. In Q1 2025, the $14.5 million restructuring charge, mostly Robotics severance, and $4.6 million of intangible amortization account for most of the $0.14 gap per share.

  5. What risks did management highlight?

    Management pointed to uncertainty over trade policy and its effect on end-market demand, along with limited visibility for the second half of 2025. The forward-looking statements also cite U.S. and China export controls, tariffs, customer concentration, and macroeconomic conditions.

04—Continue

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