THOUSAND OAKS, Calif. - July 22, 2026 - Teledyne Technologies Incorporated (NYSE:TDY)
- All time record quarterly orders, sales and operating profit
- Second quarter net sales of $1,662.5 million, an increase of 9.8% compared with last year
- Second quarter GAAP diluted earnings per share of $5.37
- Second quarter non-GAAP diluted earnings per share of $6.28, an increase of 20.8% compared with last year
- Second quarter cash from operations of $315.2 million and free cash flow of $284.7 million
- Raising full year 2026 GAAP diluted earnings per share outlook to $20.73 to $20.99 compared with the prior outlook of $20.08 to $20.44, and raising full year 2026 non-GAAP earnings per share outlook to $24.45 to $24.65, compared with the prior outlook of $23.85 to $24.15
- Quarter-end consolidated leverage ratio of 1.1x
Teledyne today reported second quarter 2026 net sales of $1,662.5 million compared with net sales of $1,513.7 million for the second quarter of 2025, an increase of 9.8%. The second quarter of 2026 net sales included $12.2 million in incremental sales from recent acquisitions. Net income attributable to Teledyne was $251.7 million ($5.37 diluted earnings per share) for the second quarter of 2026 compared with $209.9 million ($4.43 diluted earnings per share) for the second quarter of 2025, an increase of 19.9%. The second quarter of 2026 included $56.0 million of pretax acquired intangible asset amortization expense, $0.2 million of pretax transaction and integration costs, and $0.5 million of income tax benefits from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the second quarter of 2026 was $294.3 million ($6.28 diluted earnings per share). The second quarter of 2025 included $54.6 million of pretax acquired intangible asset amortization expense, $1.9 million of pretax transaction and integration costs, $1.2 million of pretax inventory step-up expense and $7.7 million of income tax benefits from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the second quarter of 2025 was $246.3 million ($5.20 diluted earnings per share). Operating margin was 20.0% for the second quarter of 2026 compared with 18.4% for the second quarter of 2025. Excluding the items discussed above, non-GAAP operating margin for the second quarter of 2026 was 23.4% compared with 22.2% for the second quarter of 2025.
"This morning, we were pleased to announce the strongest quarterly orders, sales, and operating profit in the company's history," said Robert Mehrabian, Executive Chairman. "Sales and non-GAAP earnings increased 9.8% and 20.8%, respectively, and we ended the quarter with approximately $5.0 billion of funded backlog. Organic growth was greatest in our Digital Imaging segment, where infrared detectors and systems for space and airborne and marine unmanned systems, as well as counter unmanned applications, each increased considerably. Furthermore, we achieved growth in our other segments and each product line within the Instrumentation segment. At the beginning of the quarter, we repaid $450 million of gross debt, and given the strength of our balance sheet, we continue to review a number of acquisitions."
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