Analyst Consensus ?
ConsensusBuy28 ratings
Bullish1967.9%
Neutral932.1%
Bearish00.0%
2 unmapped firm ratings excluded from the percentages.
Teradyne, Inc. · TER · FY2026 Q1 · Calendar Q2 2026
Teradyne Q1 Revenue Record $1.28B on AI Demand; Q2 Guide Down Sequentially
Teradyne delivered a record Q1 with $1.282 billion in revenue and non-GAAP EPS of $2.56, beating consensus on both lines. AI-related demand now accounts for nearly 70% of sales, up from 60% in Q4 2025. New platforms — Photon 100 for silicon photonics and Omnyx for server board testing — expand the addressable market, while the MultiLane JV and TestInsight acquisition broaden the portfolio. However, Q2 guidance of $1.15 to $1.25 billion implies a sequential revenue decline of roughly 3 to 10%, and management cited limited second-half visibility. The stock fell 19.4% on the report before recovering 24.9% subsequently, suggesting investors initially focused on the sequential guide-down but later reassessed the structural AI test demand trajectory.
Reported After market closeNASDAQTechnology
$50.20B market cap
100quality score
Company context
Snapshot as of publicationTeradyne, Inc., established in 1960 and headquartered in North Reading, Massachusetts, is a global leader specializing in the creation, production, sale, and maintenance of automated testing solutions. The company's operations are categorized into four principal divisions: 1. Semiconductor Test: This segment delivers solutions for testing microchips at both the wafer and finished device package stages. These capabilities serve a wide array of sectors, including automotive, industrial, telecommunications, consumer electronics, mobile devices, cloud computing, and gaming. Notable offerings include the FLEX test platform, the J750 system for high-volume semiconductor testing, the Magnum platform specialized for memory components like flash and DRAM, and the ETS platform, which caters to the analog/mixed-signal markets for chip makers and outsourced assembly/test providers.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.56
Consensus $2
EPS surprise
+21.3%
Reported versus consensus
Reported revenue
$1.28B
Consensus $1.20B
Revenue surprise
+6.9%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$319.41Current
$116Low
$261.6Average
$550High
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 |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Jul 20, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 6, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jun 30, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Baird | Outperform | Outperform | Maintain | Jun 23, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 23, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | Apr 30, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 30, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 28, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 14, 2025 |
| Keybanc | Overweight | Downgrade | Apr 17, 2025 | |
| Northland Capital Markets | Outperform | Outperform | Maintain | Jan 31, 2025 |
| Craig-Hallum | Hold | Hold | Maintain | Oct 25, 2024 |
| TD Cowen | Outperform | Outperform | Maintain | Oct 27, 2023 |
| Loop Capital | Hold | Hold | Maintain | May 1, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 28, 2023 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 11, 2023 |
| Jefferies | Buy | Buy | Maintain | Jan 27, 2023 |
| DA Davidson | Buy | Buy | Maintain | Jul 27, 2022 |
| Rosenblatt | Buy | Buy | Maintain | Apr 28, 2022 |
| Credit Suisse | Neutral | Neutral | Maintain | Jan 28, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Oct 28, 2021 |
| CFRA | Hold | Hold | Maintain | Apr 22, 2020 |
| Citi | Buy | Buy | Maintain | Oct 25, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Oct 24, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Nov 20, 2018 |
| Pacific Crest | Overweight | Downgrade | Oct 29, 2015 | |
| Sidoti & Co. | Buy | Buy | Maintain | Sep 23, 2015 |
| ISI Group | Neutral | Buy | Downgrade | Oct 3, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $319.41. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $465 | $320.65 | +45.6% | Jul 28, 2026 |
| UBS | Timothy Arcuri | $500 | $340.06 | +56.5% | Jul 20, 2026 |
| Susquehanna | Analyst unavailable | $550 | $463.21 | +72.2% | Jun 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $550 | $436.86 | +72.2% | Jun 29, 2026 |
| Robert W. Baird | Analyst unavailable | $446 | $457 | +39.6% | Jun 23, 2026 |
| Morgan Stanley | Shane Brett | $387 | $351.03 | +21.2% | Apr 30, 2026 |
| Evercore ISI | Vedvati Shrotre | $370 | $345.56 | +15.8% | Apr 30, 2026 |
| Goldman Sachs | Analyst unavailable | $350 | $348.74 | +9.6% | Apr 30, 2026 |
| Robert W. Baird | Analyst unavailable | $350 | $306.33 | +9.6% | Apr 30, 2026 |
| Stifel Nicolaus | Brian Chin | $390 | $402 | +22.1% | Apr 28, 2026 |
| Evercore ISI | Analyst unavailable | $430 | $401.98 | +34.6% | Apr 27, 2026 |
| UBS | Analyst unavailable | $440 | $375.21 | +37.8% | Apr 21, 2026 |
| Susquehanna | Analyst unavailable | $415 | $364.21 | +29.9% | Apr 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $400 | $364.21 | +25.2% | Apr 9, 2026 |
| Morgan Stanley | Shane Brett | $306 | $318.09 | -4.2% | Feb 11, 2026 |
| Northland Securities | Gus Richard | $270 | $281.29 | -15.5% | Feb 4, 2026 |
| Stifel Nicolaus | Brian Chin | $325 | $280.38 | +1.8% | Feb 4, 2026 |
| Susquehanna | Analyst unavailable | $335 | $279.6 | +4.9% | Feb 4, 2026 |
| Robert W. Baird | Analyst unavailable | $305 | $282.98 | -4.5% | Feb 4, 2026 |
| Goldman Sachs | Analyst unavailable | $300 | $282.98 | -6.1% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $288 | $282.98 | -9.8% | Feb 3, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $270 | $278.68 | -15.5% | Feb 3, 2026 |
| Evercore ISI | Analyst unavailable | $280 | $246.76 | -12.3% | Feb 2, 2026 |
| RBC Capital | Analyst unavailable | $270 | $252.9 | -15.5% | Feb 2, 2026 |
| Stifel Nicolaus | Analyst unavailable | $280 | $251.87 | -12.3% | Jan 30, 2026 |
| UBS | Analyst unavailable | $275 | $234.49 | -13.9% | Jan 26, 2026 |
| Stifel Nicolaus | Analyst unavailable | $270 | $226.08 | -15.5% | Jan 14, 2026 |
| Susquehanna | Analyst unavailable | $275 | $217.26 | -13.9% | Jan 12, 2026 |
| Vertical Research | Robert Jamieson | $220 | $218.05 | -31.1% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $240 | $190.54 | -24.9% | Dec 16, 2025 |
| Goldman Sachs | James Schneider | $230 | $193.4 | -28.0% | Dec 15, 2025 |
| Stifel Nicolaus | Analyst unavailable | $225 | $179.63 | -29.6% | Dec 2, 2025 |
| Robert W. Baird | Richard Eastman | $195 | $184.17 | -38.9% | Oct 31, 2025 |
| UBS | Timothy Arcuri | $200 | $174.76 | -37.4% | Oct 30, 2025 |
| Susquehanna | Brian Chin | $215 | $174.76 | -32.7% | Oct 30, 2025 |
| Goldman Sachs | Analyst unavailable | $148 | $174.61 | -53.7% | Oct 30, 2025 |
| Northland Securities | Gus Richard | $186 | $173.94 | -41.8% | Oct 30, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $180 | $173.25 | -43.6% | Oct 29, 2025 |
| Industrial Alliance Securities | Analyst unavailable | $175 | $146.02 | -45.2% | Oct 28, 2025 |
| UBS | Analyst unavailable | $165 | $138.16 | -48.3% | Oct 20, 2025 |
| Morgan Stanley | Shane Brett | $136 | $139.13 | -57.4% | Oct 14, 2025 |
| Stifel Nicolaus | Analyst unavailable | $119 | $132.08 | -62.7% | Oct 13, 2025 |
| Northland Securities | Gus Richard | $161 | $141.17 | -49.6% | Oct 7, 2025 |
| Susquehanna | Mehdi Hosseini | $200 | $119.85 | -37.4% | Sep 22, 2025 |
| Goldman Sachs | Analyst unavailable | $85 | $107.65 | -73.4% | Jul 30, 2025 |
| Morgan Stanley | Analyst unavailable | $100 | $107.65 | -68.7% | Jul 30, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $105 | $90.39 | -67.1% | Jun 24, 2025 |
| Morgan Stanley | Analyst unavailable | $81 | $86.74 | -74.6% | Mar 14, 2025 |
| UBS | Timothy Arcuri | $130 | $87.16 | -59.3% | Mar 12, 2025 |
| Stifel Nicolaus | Brian Chin | $110 | $87.07 | -65.6% | Mar 12, 2025 |
| Vertical Research | Analyst unavailable | $135 | $108.54 | -57.7% | Mar 7, 2025 |
| Susquehanna | Mehdi Hosseini | $165 | $135.88 | -48.3% | Jan 22, 2025 |
| Robert W. Baird | Richard Eastman | $140 | $127.94 | -56.2% | Jul 29, 2024 |
| Citigroup | Atif Malik | $162 | $125.23 | -49.3% | Jul 26, 2024 |
| Craig-Hallum | Christian Schwab | $124 | $125.69 | -61.2% | Jul 26, 2024 |
| Susquehanna | Mehdi Hosseini | $145 | $124.34 | -54.6% | Jul 26, 2024 |
| Northland Securities | Gus Richard | $126 | $125 | -60.6% | Jul 26, 2024 |
| Stifel Nicolaus | Brian Chin | $140 | $124.34 | -56.2% | Jul 25, 2024 |
| Northland Securities | Gus Richard | $136 | $151.45 | -57.4% | Jul 18, 2024 |
| KeyBanc | Steve Barger | $180 | $154.8 | -43.6% | Jul 12, 2024 |
| UBS | Timothy Arcuri | $170 | $144.74 | -46.8% | Jun 18, 2024 |
| KeyBanc | Steve Barger | $149 | $139.51 | -53.4% | May 21, 2024 |
| Goldman Sachs | Toshiya Hari | $161 | $131.91 | -49.6% | May 20, 2024 |
| Morgan Stanley | Joseph Moore | $116 | $108.33 | -63.7% | Apr 8, 2024 |
| Citigroup | Analyst unavailable | $125 | $107.99 | -60.9% | Feb 6, 2023 |
| Goldman Sachs | Toshiya Hari | $106 | $96.08 | -66.8% | Jul 27, 2022 |
| Goldman Sachs | Toshiya Hari | $149 | $106.88 | -53.4% | Mar 12, 2022 |
| Craig-Hallum | Christian Schwab | $138 | $112.12 | -56.8% | Jan 30, 2022 |
| Robert W. Baird | Robert Mason CFA | $142 | $112.02 | -55.5% | Jan 28, 2022 |
| Rosenblatt Securities | Kevin Garrigan | $165 | $111.14 | -48.3% | Jan 27, 2022 |
| Susquehanna | Mehdi Hosseini | $150 | $111.14 | -53.0% | Jan 27, 2022 |
| Deutsche Bank | Sidney Ho | $120 | $111.14 | -62.4% | Jan 27, 2022 |
| Loop Capital Markets | Scott Graham | $202 | $158.1 | -36.8% | Jan 13, 2022 |
| Bank of America Securities | Vivek Arya | $205 | $156.46 | -35.8% | Jan 10, 2022 |
| Cowen & Co. | Krish Sankar | $150 | $136.79 | -53.0% | Oct 28, 2021 |
| D.A. Davidson | Thomas Diffely | $140 | $111.25 | -56.2% | Oct 7, 2021 |
| Wolfe Research | Blake Gendron | $158 | $131.98 | -50.5% | Apr 28, 2021 |
Track every rating change on TER the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-19.4%
Event window
SPY move
-0.0%
Same window
Abnormal move
-19.4%
Stock minus SPY
Volume
4.5×
Versus trailing sessions
Subsequent drift
+24.9%
Up to 20 sessions
TERSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 revenue reached a record $1.282 billion, up from $1.083 billion in Q4 2025. AI rose to nearly 70% of revenue from 60% the prior quarter. Two new platforms launched: Photon 100 (silicon photonics testing, targeting a $300 to $700 million TAM) and Omnyx (server board testing). The MultiLane JV was completed and the TestInsight acquisition closed. First merchant GPU production test orders were received and will ship in Q2. Capex outlook shifted to increasing. Q2 was guided to $1.15 to $1.25 billion in revenue and $1.86 to $2.15 EPS, a sequential step-down from Q1.
Guidance delta
Q2 revenue guided to $1.15 to $1.25 billion versus Q1 actual of $1.282 billion, a sequential decline of approximately 3 to 10%. Q2 EPS guided to $1.86 to $2.15 versus Q1 actual of $2.56. Management characterized guidance as consistent with its full-year trajectory and maintained its evergreen target model of $6 billion revenue at a $12 to $14 billion ATE TAM. Guidance sentiment: maintained.
Key takeaways
- Record Q1 revenue of $1.282 billion with AI at nearly 70% of sales, up from 60% in Q4 2025
- Non-GAAP EPS of $2.56 beat consensus by 21.3%; revenue beat by 6.9%
- Photon 100 launches silicon photonics testing into a new $300 to $700 million TAM
- First merchant GPU production test orders received; shipping in Q2
- Q2 guidance of $1.15 to $1.25 billion revenue implies a sequential decline despite strong AI momentum
Management priorities
- Scale production and shipments of Photon 100 silicon photonics testers
- Accelerate Omnyx deployment for server board and tray assembly testing
- Expand merchant GPU testing program with fast-follower projects into late 2026 and 2027
- Invest in R&D and capex to support AI, compute, memory, and robotics growth
- Leverage TestInsight software tools for virtual test environments and faster time-to-market
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T21:41:34.525189+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T21:41:34.522484+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.