Analyst Consensus ?
ConsensusBuy17 ratings
Bullish1270.6%
Neutral423.5%
Bearish15.9%
Teledyne Technologies Incorporated · TDY · FY2026 Q2 · Calendar Q3 2026
Teledyne Posts Record Q2 as Digital Imaging and Defense Drive Guidance Raise
Teledyne delivered its strongest quarterly orders, sales, and operating profit on record, driven by accelerating demand for infrared imaging, unmanned systems, and defense electronics. A $5 billion funded backlog and a tenth consecutive quarter of book-to-bill above 1 underscore sustained order momentum. Management raised full-year 2026 guidance for the second consecutive quarter, supported by a six-year-low leverage position that preserves acquisition and capex capacity. The key tension: margin expansion partly reflects tariff-related benefits whose durability analysts question, while supply-chain constraints in germanium and rare-earth magnets could constrain near-term production scaling. The stock's modest +0.58% abnormal move on report day was followed by a -2.94% drift over subsequent sessions, suggesting the market priced in much of the beat. At $631.35, TDY trades roughly 10%…
Reported Before market openNYSETechnology
$29.25B market cap
100quality score
Company context
Snapshot as of publicationTeledyne Technologies Incorporated develops and supplies advanced technologies primarily for industrial sectors experiencing growth, serving customers across the United States, Canada, the United Kingdom, Belgium, the Netherlands, and other international markets. The company's Instrumentation division provides sophisticated monitoring and control equipment for use in marine environments, environmental management, various industrial processes, and other specialized applications. It also offers electronic tools for testing and measurement, alongside connectivity devices for power and communication within distributed instrumentation setups and sensor networks. Its Digital Imaging segment specializes in a broad range of imaging solutions. This includes visible spectrum sensors and digital cameras vital for industrial machine vision, automated quality control, as well as medical, research, and scientific purposes. Additionally, it offers infrared and X-ray imaging technologies for industrial, governmental, and healthcare applications.…
Earnings scorecard
Reported versus consensus
Reported EPS
$6.28
Consensus $6
EPS surprise
+8.5%
Reported versus consensus
Reported revenue
$1.66B
Consensus $1.58B
Revenue surprise
+5.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$635.24Current
$465Low
$658.46Average
$830High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 23, 2026 |
| Needham | Buy | Buy | Maintain | Jul 23, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 1, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 4, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 23, 2026 |
| UBS | Buy | Buy | Maintain | Jul 24, 2025 |
| TD Securities | Buy | Buy | Maintain | Apr 24, 2025 |
| B of A Securities | Buy | Buy | Maintain | Mar 17, 2025 |
| TD Cowen | Buy | Buy | Maintain | Oct 24, 2024 |
| Goldman Sachs | Buy | Neutral | Upgrade | Aug 14, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 27, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 30, 2021 |
| CL King | Neutral | Buy | Downgrade | Jul 6, 2016 |
| KeyBanc | Underweight | Hold | Downgrade | Jan 15, 2015 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 21, 2013 |
| Drexel Hamilton | Buy | Hold | Upgrade | Jul 12, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $635.24. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Sheila Kahyaoglu | $830 | $655.35 | +30.7% | Jul 26, 2026 |
| Barclays | Analyst unavailable | $640 | $651.22 | +0.7% | Jul 24, 2026 |
| Stifel Nicolaus | Jonathan Siegmann | $775 | $662.6 | +22.0% | Jul 23, 2026 |
| Needham | James Ricchiuti | $750 | $650.5 | +18.1% | Jul 23, 2026 |
| Goldman Sachs | Analyst unavailable | $465 | $652.08 | -26.8% | Jul 6, 2026 |
| Jefferies | Greg Konrad | $775 | $640.33 | +22.0% | May 3, 2026 |
| Barclays | Analyst unavailable | $614 | $651.75 | -3.3% | Apr 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $750 | $660.81 | +18.1% | Apr 23, 2026 |
| Jefferies | Analyst unavailable | $770 | $672.97 | +21.2% | Feb 23, 2026 |
| Stifel Nicolaus | Jonathan Siegmann | $720 | $628.76 | +13.3% | Jan 22, 2026 |
| Barclays | Analyst unavailable | $599 | $621.79 | -5.7% | Jan 22, 2026 |
| Barclays | Guy Hardwick | $579 | $549.02 | -8.9% | Jan 12, 2026 |
| Needham | Analyst unavailable | $615 | $543.45 | -3.2% | Oct 23, 2025 |
| Stifel Nicolaus | Analyst unavailable | $645 | $543.73 | +1.5% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $584 | $543.73 | -8.1% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $620 | $571.93 | -2.4% | Oct 15, 2025 |
| Barclays | Analyst unavailable | $606 | $588.57 | -4.6% | Oct 7, 2025 |
| Jefferies | Sheila Kahyaoglu | $550 | $463.6 | -13.4% | Oct 30, 2024 |
| Goldman Sachs | Noah Poponak | $488 | $436.61 | -23.2% | Sep 19, 2024 |
| Needham | James Ricchiuti | $455 | $362.5 | -28.4% | Apr 25, 2024 |
| Goldman Sachs | Noah Poponak | $495 | $402.49 | -22.1% | Aug 14, 2023 |
| Credit Suisse | Analyst unavailable | $503 | $419.8 | -20.8% | Dec 13, 2022 |
| Morgan Stanley | Analyst unavailable | $488 | $405.69 | -23.2% | Dec 12, 2022 |
| Morgan Stanley | Analyst unavailable | $445 | $400 | -29.9% | Aug 16, 2022 |
Track every rating change on TDY the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+0.5%
Event window
SPY move
-0.1%
Same window
Abnormal move
+0.6%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
-2.9%
Up to 20 sessions
TDYSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 2026 sales rose 9.8% year-over-year with non-GAAP EPS up 20.8%, beating consensus EPS of $5.79 with $6.28 actual and revenue estimates of $1.578B with $1.663B actual. Digital Imaging led with infrared detector sales growing over 20%. The unmanned systems business reached approximately $575 million, up ~12% YoY. Funded backlog hit a record $5 billion. Management raised full-year revenue guidance by $120 million and non-GAAP EPS by $0.55. Net leverage fell to 1.1, the lowest in six years, with interest expense not beginning until 2028. A $30 million government commitment was secured to expand Engineered Systems manufacturing capacity. Capex is expected to increase roughly 30% year-over-year. The Canadian government committed to a ~$300 million C2MI MEMS foundry partnership.
Guidance delta
Full-year 2026 revenue guidance raised by $120 million and non-GAAP EPS guidance raised by $0.55. This follows the prior quarter's raise to $6.415 billion revenue and $24 mid-point EPS. Guidance sentiment: raised. Management tone: confident.
Key takeaways
- Record Q2 sales up 9.8% and non-GAAP EPS up 20.8%, beating consensus on both metrics (EPS $6.28 vs $5.79 est; revenue $1.663B vs $1.578B est).
- Funded backlog reached $5 billion, with book-to-bill above 1 for the tenth consecutive quarter.
- Digital Imaging led growth with infrared detector sales up over 20%, driven by space, defense, and commercial demand.
- Unmanned systems business estimated at $575 million, up approximately 12% year-over-year.
- Full-year 2026 guidance raised for the second consecutive quarter — revenue up $120M and non-GAAP EPS up $0.55.
- Net leverage at 1.1, lowest in six years, preserving capacity for further M&A and capex of roughly 30% YoY growth.
Management priorities
- Expand space imaging business to $400-450 million by year-end 2026.
- Launch new unmanned platforms including Black Hornet 4.
- Increase capex approximately 30% YoY to scale production capacity.
- Pursue midsize acquisitions around $1 billion while integrating Qioptiq, DD-Scientific, and Micropac.
- Leverage cross-selling opportunities across recent acquisitions.
- Capitalize on government missile, munitions, and hypersonics programs.
Related earnings events
TechnologySources
- Earnings call transcript and parsed analysis · 2026-07-22T21:03:48.552536+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T12:01:32.468084+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T12:01:32.465336+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.