THOUSAND OAKS, Calif. - January 21, 2026 - Teledyne Technologies Incorporated (NYSE:TDY)
- All-time record quarterly and full year net sales, non-GAAP diluted earnings per share and non-GAAP operating margin
- Fourth quarter net sales of $1,612.3 million, an increase of 7.3% compared with last year
- Fourth quarter GAAP diluted earnings per share of $5.84
- Fourth quarter non-GAAP diluted earnings per share of $6.30, an increase of 14.1% compared with last year
- Fourth quarter cash from operations of $379.0 million and free cash flow of $339.2 million
- Issuing full year 2026 GAAP diluted earnings per share outlook of $19.76 to $20.22 and full year 2026 non-GAAP earnings per share outlook of $23.45 to $23.85
- Completed carve-out acquisition of TransponderTech
- Full year capital deployment of approximately $850.0 million for acquisitions
- Fourth quarter stock repurchases of $400.0 million, at a weighted average price of $507.52 per share
- Quarter-end consolidated leverage ratio of 1.4x
- Recently acquired DD-Scientific on January 14, 2026
Teledyne today reported fourth quarter 2025 net sales of $1,612.3 million compared with net sales of $1,502.3 million for the fourth quarter of 2024, an increase of 7.3%. The fourth quarter of 2025 net sales included $73.0 million in incremental sales from recent acquisitions. Net income attributable to Teledyne was $275.6 million ($5.84 diluted earnings per share) for the fourth quarter of 2025 compared with $198.5 million ($4.20 diluted earnings per share) for the fourth quarter of 2024, an increase of 38.8%. The fourth quarter of 2025 included $54.9 million of pretax acquired intangible asset amortization expense, $0.8 million of pretax transaction and integration costs, $0.2 million of pretax inventory step-up expense, and $20.8 million of income tax benefits from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the fourth quarter of 2025 was $297.5 million ($6.30 diluted earnings per share). The fourth quarter of 2024 included $49.7 million of pretax acquired intangible asset amortization expense, $52.5 million of pre-tax non-cash trademark impairments, $1.5 million of pretax transaction and integration costs, and $16.6 million of income tax benefits from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the fourth quarter of 2024 was $260.9 million ($5.52 diluted earnings per share). Operating margin was 20.4% for the fourth quarter of 2025 compared with 15.8% for the fourth quarter of 2024. Excluding the items discussed above, non-GAAP operating margin for the fourth quarter of 2025 was 23.9% compared with 22.7% for the fourth quarter of 2024.
"We concluded 2025 with the best quarterly orders, sales, and non-GAAP earnings and operating margin in the company's history," said Robert Mehrabian, Executive Chairman. "Throughout Teledyne, our defense businesses remained healthy, and our shorter cycle commercial businesses continued to recover with most product families increasing either sequentially or year-over-year. In Digital Imaging, Teledyne FLIR performed very well with particular strength in unmanned and other defense surveillance systems, while within Marine Instrumentation we achieved record sales of autonomous underwater vehicles. In the fourth quarter, we were awarded our first production-rate contract in the loitering munition market, and we were selected to supply space-based infrared detectors to the majority of prime contractors on the newly awarded U.S. Space Development Agency Tranche 3 Tracking Layer program. In terms of capital deployment, 2025 was our second largest year in history. However, having generated over $1.0 billion in free cash flow for two consecutive years, we maintained a strong balance sheet with ample financial flexibility."
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