TERADYNE (TER) Company Report

SemiTest SoC TAM is currently $6–$6.5 billion, with significant growth expected in 2027–2028 driven by data center capacity builds and rising silicon complexity, as advanced processes mature and require more test spend.
GPU test qualification is in the final “correlation” phase with a major merchant GPU customer; Teradyne anticipates incremental share gains, targeting a long-term 30%–70% split in dual-source scenarios over the next 3–4 years.
Mobile test complexity should rise in 2026, supported by 2 nm process nodes and wider memory bus widths (e.g., wafer-level packages), which increase test resource requirements per device and bolster tester usage.
Cobot business will expand U.S. manufacturing in 2026 to serve a large e-commerce customer and meet on-shore demand, with multi-year rollout of warehouse automation expected through 2028.
Memory wafer-level performance test (HBM) share climbed to ~50/50 versus Advantest from mid-2024 to end-2025, leveraging Teradyne’s Magnum 7H platform for high-performance HBM testing.

2 days ago

Transcript

Teradyne outlines growth drivers at UBS 2025 Global Technology and AI Conference

TER

New Projects/Investments

Teradyne sees its Semiconductor Test TAM at $6–6.5 billion this year, with most upside delayed into 2027–2028 as data-center compute programs ramp and increasing silicon complexity drives higher spend on test.
Its GPU test qualification is in the late correlation phase, targeting small initial volumes in 2026 with broader ramps as more ASIC programs convert to a tester-agnostic flow over 3–4 years to reach a 30–70% dual-sourcing share range.
In mobile, adoption of 2 nm logic and advanced memory packaging (e.g., wafer-level packages) will boost per-die tester resource needs, underpinning a more favorable mobile outlook for 2026.
For Cobots, Teradyne is building a U.S. manufacturing facility to serve a major e-commerce customer and meet reshoring demand, with phased deployments in distribution centers from 2026 through 2028.
In memory, its Magnum 7H wafer-level tester has grown from 0% to 50/50 share on HBM performance test, positioning it for further gains in HBM and DRAM markets.

2 days ago

Transcript

Teradyne reports Q3 2025 results

TER

Earnings

Guidance Update

Share Buyback

Q3 revenue was $769 M with non-GAAP EPS of $0.85, non-GAAP gross margin of 58.5%, OpEx of $293 M, and operating profit of 20.4%.
Semiconductor test revenue reached $606 M (SoC $440 M, up 11% sequentially; memory $128 M, up 110% sequentially), while robotics sales were $75 M (Universal Robots $62 M; Mobile Industrial Robots $13 M).
AI-driven demand powered an 18% sequential revenue increase and 49% non-GAAP EPS growth; memory test sales more than doubled, with 75% of memory revenue from DRAM.
Q4 guidance calls for $920 M–$1 B in sales, 57%–58% gross margin, OPEX at 31%–33% of sales, and non-GAAP EPS of $1.20–$1.46 on 157 M diluted shares.
In Q3, Teradyne repurchased $244 M of shares, paid $19 M in dividends, ended with $427 M in cash and marketable securities, and returned $575 M to shareholders YTD.

Oct 29, 2025, 12:30 PM

Transcript

Teradyne reports Q3 2025 earnings

TER

Earnings

Guidance Update

CFO Change

Third quarter revenue of $769 million, non-GAAP EPS of $0.85, and a non-GAAP gross margin of 58.5%.
Semiconductor test revenue of $606 million (SoC $440 million, +11% q/q; memory $128 million, +110% q/q) and robotics revenue of $75 million, flat sequentially.
Q4 guidance: revenue $920 million–$1 billion, non-GAAP EPS $1.20–$1.46, gross margin 57–58%, and operating expenses 31–33% of sales.
Michelle Turner will become CFO on November 3, 2025, while current CFO Sanjay transitions to Executive Advisor.

Oct 29, 2025, 12:30 PM

Transcript

Teradyne reports Q3 2025 results and robust Q4 outlook

TER

Earnings

Guidance Update

CFO Change

Q3 sales $769 million, non-GAAP EPS $0.85, gross margin 58.5%, op profit 20.4%
Semicon test revenue $606 million (SoC $440 million, +11% seq; memory $128 million, +110% seq) led by AI compute and memory
Q4 guidance: sales $920M–$1.0B, non-GAAP EPS $1.20–$1.46, gross margin 57%–58%, OPEX 31%–33% of sales
Michelle Turner to become CFO effective Nov 3, 2025

Oct 29, 2025, 12:30 PM

Transcript

Teradyne reports Q3 2025 results

TER

Earnings

Guidance Update

In Q3 2025, Teradyne delivered $769 M in revenue, achieved a 58.5% non-GAAP gross margin, and reported $0.85 non-GAAP EPS, all near the high end of guidance.
Revenue increased 18% QoQ and non-GAAP EPS rose 49% QoQ, driven by strength in SoC and memory testing.
By segment, Semiconductor Test sales were $606 M (+23% QoQ), Product Test $88 M (+4% QoQ), and Robotics $75 M (flat QoQ).
For Q4 2025, the company guides revenue of $920 M–$1 000 M and non-GAAP EPS of $1.20–$1.46.

Oct 29, 2025, 12:30 PM

Presentation

Teradyne reports Q3 2025 results

TER

Earnings

Guidance Update

Teradyne reported revenue of $769 million, up 4% year-over-year, driven by $606 M in Semiconductor Test, $88 M in Product Test, and $75 M in Robotics.
GAAP net income was $119.6 million (EPS $0.75), while non-GAAP net income was $135.9 million (EPS $0.85).
Management cited strong AI-related demand in compute and memory and expects Q4’25 sales to increase 25% sequentially and 27% year-over-year.
Q4’25 guidance calls for $920 million to $1,000 million in revenue, with GAAP EPS of $1.12–$1.39 and non-GAAP EPS of $1.20–$1.46.

Oct 29, 2025, 11:00 AM

8-K

Teradyne reports Q3 earnings beat, strong Q4 revenue outlook

TER

Earnings

Guidance Update

Q3 EPS of $0.85 beat the Zacks Consensus Estimate of $0.78 by 8.97%.
Q4 revenue guidance of $920 million–$1 billion exceeds market expectations, driven by sustained AI-related semiconductor test demand.
Robust profitability: operating margin 19.22%, net margin 16.59%, gross margin 59.14%; strong balance sheet with a current ratio of 2.35 and debt/equity of 0.03.
Shares rose over 10% in after-hours trading on the earnings beat and bullish outlook.

Oct 28, 2025, 10:57 PM

Morningstar

Teradyne reports Q3 2025 results

TER

Earnings

Guidance Update

Revenue Acceleration/Inflection

Teradyne reported Q3’25 revenue of $769 million, up 4% year-over-year; segment revenues were $606 M in Semiconductor Test, $88 M in Product Test, and $75 M in Robotics.
GAAP EPS of $0.75 and non-GAAP EPS of $0.85 per diluted share in Q3’25.
For Q4’25, Teradyne guides revenue of $920 M to $1,000 M (up 25% sequentially and 27% year-over-year), with GAAP net income of $1.12–$1.39 per share and non-GAAP net income of $1.20–$1.46 per share.
Management cited strong AI-related demand across compute, networking, and memory testing as the driver for outperformance and expects continued growth in Q4.

Oct 28, 2025, 9:00 PM

Press Release

Teradyne unveils Magnum 7H memory tester

TER

Product Launch

Teradyne launched the Magnum 7H, a next-generation memory tester for high-bandwidth memory (HBM) devices integrated with GPUs and accelerators in generative AI servers.
The tester supports HBM2E, HBM3, HBM3E, HBM4 and HBM4E, offering end-to-end testing from wafer-level base die to post-singulated devices at up to 4.5 Gbps.
Configurable with up to 9,216 digital pins and 2,560 power pins, the Magnum 7H delivers a 1.6× throughput increase in mass production environments.
Volume shipments and device production on Magnum 7H are ramping at the largest HBM manufacturers, addressing rising AI and cloud infrastructure testing needs.

Aug 4, 2025, 1:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for TERADYNE.

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