THOUSAND OAKS, Calif. - October 22, 2025 - Teledyne Technologies Incorporated (NYSE:TDY)
- Record quarterly net sales of $1,539.5 million, an increase of 6.7% compared with last year
- Third quarter GAAP diluted earnings per share of $4.65
- Record quarterly non-GAAP diluted earnings per share of $5.57, an increase of 9.2% compared with last year
- Record quarterly cash from operations of $343.1 million and free cash flow of $313.9 million
- Raising full year 2025 GAAP diluted earnings per share outlook to $17.83 to $18.05, compared with the prior outlook of $17.59 to $17.97, and raising full year 2025 non-GAAP earnings per share outlook to $21.45 to $21.60, compared with the prior outlook of $21.20 to $21.50
- Quarter-end consolidated leverage ratio of 1.4x
- Announced pending carve-out acquisition of TransponderTech
Teledyne today reported third quarter 2025 net sales of $1,539.5 million compared with net sales of $1,443.5 million for the third quarter of 2024, an increase of 6.7%. The third quarter of 2025 net sales included $69.0 million in incremental sales from recent acquisitions. Net income attributable to Teledyne was $220.7 million ($4.65 diluted earnings per share) for the third quarter of 2025 compared with $262.0 million ($5.54 diluted earnings per share) for the third quarter of 2024, a decrease of 15.8%. The third quarter of 2025 included $55.1 million of pretax acquired intangible asset amortization expense, $0.7 million of pretax transaction and integration costs, $1.4 million of pretax inventory step-up expense and $0.2 million of income tax expense from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the third quarter of 2025 was $264.5 million ($5.57 diluted earnings per share). The third quarter of 2024 included $49.8 million of pretax acquired intangible asset amortization expense, $3.7 million of pretax transaction and integration costs and $61.7 million of income tax benefits from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the third quarter of 2024 was $241.3 million ($5.10 diluted earnings per share). Operating margin was 18.4% for the third quarter of 2025 compared with 18.8% for the third quarter of 2024. Excluding the items discussed above, non-GAAP operating margin for the third quarter of 2025 was 22.1% compared with 22.5% for the third quarter of 2024. The third quarters of 2025 and 2024 also included $7.3 million and $1.6 million of severance and facility consolidation costs not included within pretax transaction and integration costs, respectively.
"This morning, we were pleased to announce record quarterly sales, non-GAAP earnings per share and free cash flow," said Robert Mehrabian, Executive Chairman. "Furthermore, total company new orders were also a quarterly record due in part to continued backlog growth at Teledyne FLIR. Given our strong third quarter performance, recovering commercial short-cycle businesses, and robust backlog growth, we are raising our full year earnings outlook. Our defense-related businesses, including our new acquisitions, are performing extremely well, and we continue to pursue a number of significant contract opportunities not yet formally awarded or reflected in our backlog. Nevertheless, given the current U.S. Government shutdown, we are a bit measured on expectations for new awards and shipments in the very near-term. Finally, our balance sheet is the strongest in years, providing the capacity to pursue acquisitions or stock repurchases, as we feel appropriate."
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