THOUSAND OAKS, Calif. - April 22, 2026 - Teledyne Technologies Incorporated (NYSE:TDY)
- Record first quarter sales, non-GAAP diluted earnings per share and operating margin
- First quarter net sales of $1,560.1 million, an increase of 7.6% compared with last year
- First quarter GAAP diluted earnings per share of $4.85
- First quarter non-GAAP diluted earnings per share of $5.80, an increase of 17.2% compared with last year
- First quarter cash from operations of $234.0 million and free cash flow of $204.3 million
- Raising full year 2026 GAAP diluted earnings per share outlook to $20.08 to $20.44 compared with the prior outlook of $19.76 to $20.22, and raising full year 2026 non-GAAP earnings per share outlook to $23.85 to $24.15, compared with the prior outlook of $23.45 to $23.85
- Acquired DD-Scientific
- Quarter-end consolidated leverage ratio of 1.3x
- Further reduction in gross debt with a $450 million debt maturity payment made after quarter-end
Teledyne today reported first quarter 2026 net sales of $1,560.1 million compared with net sales of $1,449.9 million for the first quarter of 2025, an increase of 7.6%. The first quarter of 2026 net sales included $33.3 million in incremental sales from recent acquisitions. Net income attributable to Teledyne was $226.8 million ($4.85 diluted earnings per share) for the first quarter of 2026 compared with $188.6 million ($3.99 diluted earnings per share) for the first quarter of 2025, an increase of 20.3%. The first quarter of 2026 included $57.6 million of pretax acquired intangible asset amortization expense, $0.2 million of pretax transaction and integration costs, and $0.5 million of income tax expense from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the first quarter of 2026 was $271.4 million ($5.80 diluted earnings per share). The first quarter of 2025 included $52.0 million of pretax acquired intangible asset amortization expense, $6.8 million of pretax transaction and integration costs, and $0.6 million of pretax inventory step-up expense. Excluding those items, non-GAAP net income attributable to Teledyne for the first quarter of 2025 was $234.0 million ($4.95 diluted earnings per share). Operating margin was 18.9% for the first quarter of 2026 compared with 17.9% for the first quarter of 2025. Excluding the items discussed above, non-GAAP operating margin for the first quarter of 2026 was 22.6% compared with 22.0% for the first quarter of 2025.
"We started 2026 with record first quarter sales, non-GAAP earnings per share and operating margin with sales and non-GAAP earnings increasing 7.6% and 17.2%, respectively," said Robert Mehrabian, Executive Chairman. "Organic growth was strongest in our Digital Imaging segment, where infrared detectors and systems for space, airborne, marine and land applications, as well as complete unmanned aerial systems contributed significantly. Furthermore, our industrial imaging and X-ray businesses each returned to year-over-year growth. Total operating margin increased despite greater research and development expense, and while we completed an acquisition and capital expenditures significantly increased, net leverage declined."
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