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Teledyne Technologies Reports Third Quarter Results

Teledyne Technologies

THOUSAND OAKS, Calif., October 21, 2026--Teledyne Technologies Incorporated (NYSE:TDY)

  • All-time record quarterly sales, operating profit and non-GAAP diluted earnings per share

  • Third quarter net sales of $1,684.9 million, an increase of 9.4% compared with last year

  • Third quarter GAAP diluted earnings per share of $5.82, an increase of 25.2% compared with last year

  • Third quarter non-GAAP diluted earnings per share of $6.72, an increase of 20.6% compared with last year

  • Third quarter cash from operations of $352.5 million and free cash flow of $319.5 million

  • Raising full year 2026 GAAP diluted earnings per share outlook to $21.71 to $21.87 compared with the prior outlook of $20.73 to $20.99, and raising full year 2026 non-GAAP earnings per share outlook to $25.40 to $25.50, compared with the prior outlook of $24.45 to $24.65

  • Announced pending acquisition of Varex Imaging Corporation for approximately $1.1 billion

  • Quarter-end consolidated leverage ratio of 0.9x

  • Stock repurchases in September and through October 19th totaling $224.6 million at a weighted average price of $607.03 per share

Teledyne today reported third quarter 2026 net sales of $1,684.9 million compared with net sales of $1,539.5 million for the third quarter of 2025, an increase of 9.4%. The third quarter of 2026 net sales included $11.7 million in incremental sales from recent acquisitions. Net income attributable to Teledyne was $272.8 million ($5.82 diluted earnings per share) for the third quarter of 2026 compared with $220.7 million ($4.65 diluted earnings per share) for the third quarter of 2025, an increase of 23.6%. The third quarter of 2026 included $55.2 million of pretax acquired intangible asset amortization expense and $0.2 million of pretax transaction and integration costs. Excluding those items, non-GAAP net income attributable to Teledyne for the third quarter of 2026 was $315.1 million ($6.72 diluted earnings per share). The third quarter of 2025 included $55.1 million of pretax acquired intangible asset amortization expense, $0.7 million of pretax transaction and integration costs, $1.4 million of pretax inventory step-up expense, and $0.2 million of income tax expense from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the third quarter of 2025 was $264.5 million ($5.57 diluted earnings per share). Operating margin was 20.6% for the third quarter of 2026 compared with 18.4% for the third quarter of 2025. Excluding the items discussed above, non-GAAP operating margin for the third quarter of 2026 was 23.9% compared with 22.1% for the third quarter of 2025.

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