Teradyne Q1 2025 Financial Summary

Teradyne reported first quarter 2025 revenue of $686 million, up 14% from the same period last year, led by strong growth in its Semiconductor Test division. GAAP net income was $98.9 million or $0.61 per diluted share, while non-GAAP net income was $121.5 million or $0.75 per diluted share. The performance exceeded company guidance on both revenue and earnings.

Key highlights:
- Semiconductor Test revenue reached $543 million.
- Robotics revenue was $69 million and Product Test contributed $74 million.
- Non-GAAP gross margin was 60.6%.
- Operating income margin on a non-GAAP basis was 20.5%.

Expenses:
- Engineering and development spending was $118 million.
- Restructuring and related charges totaled $14.5 million, mainly due to employee severance in the Robotics segment, affecting around 150 staff.

Cash flow and capital allocation:
- Operating cash flow was $161.6 million.
- Capital expenditures were $64 million.
- The company repurchased $157.5 million in shares and declared a dividend of $0.12 per share.
- Cash and equivalents at quarter-end were $475.6 million.

Outlook:
- Q2 2025 revenue guidance is between $610 million and $680 million.
- GAAP EPS is projected between $0.35 and $0.58.
- Non-GAAP EPS is expected to range from $0.41 to $0.64.

Additional update:
- Teradyne’s Board approved a $1 billion share repurchase program to be completed by the end of 2026, up from the previous $400 million target.