Teledyne reported record quarterly orders, sales, and free cash flow, with strong defense (FLIR, unmanned) and marine instrument growth. FY2026 guidance is in line with consensus, with no segment expected to contract. Management highlighted M&A pipeline and opportunistic buybacks, while cautious on short-cycle recovery pace. Q4 2025 free cash flow record at $339M; full year FCF ~$1.1B for second straight year.
Teledyne reported record quarterly orders, sales, and free cash flow, with strong defense (FLIR, unmanned) and marine instrument growth. FY2026 guidance is in line with consensus, with no segment expected to contract. Management highlighted M&A pipeline and opportunistic buybacks, while cautious on short-cycle recovery pace. Q4 2025 free cash flow record at $339M; full year FCF ~$1.1B for second straight year.
Teledyne reported record quarterly orders, sales, and free cash flow, with strong defense (FLIR, unmanned) and marine instrument growth. FY2026 guidance is in line with consensus, with no segment expected to contract. Management highlighted M&A pipeline and opportunistic…
Guidance · revenue to $6.37B
Digital imaging margins reached record 24.7% (with 50bps contingent liability tailwind); guidance implies continued improvement.
Defense awards: OPFL loitering munition contract and SDA tracking layer sensor selection (north of $100M over years).
Guidance is in line with consensus; management expresses reasonable confidence but no upward revision, indicating a neutral near-term outlook despite operational improvements.
Management increased capital expenditures by 40% in the prior year and plans to continue investing in capex and R&D, particularly in high-performing areas like infrared sensors and cameras, especially when attractive acquisitions are not available.
Management expressed confidence in the 2026 outlook, citing record performance, strong order momentum, and no expected contraction in any short-cycle business.
“memory and storage suppliers are also reasonably large customers of our test and measurement instrumentation businesses. So if they spend incremental CapEx for their memories, then that's generally good for us because that's a higher margi…”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $23.45–$23.85inline 컨센서스 대비 | $23.65 | GUIDED |
| EPS | FY2026 Q1 | $5.40–$5.50 | $5.45 | GUIDED |
| Revenue | FY2026 | $6.37Binline 컨센서스 대비 | $6.37B | GUIDED |
| 제시 시점 | 지표 | 목표 기간 | 가이던스 | 실제 | 결과 |
|---|---|---|---|---|---|
| FY2026 Q1 | EPS | FY2026 Q2 | $5.70–$5.80 | $6.28 | Met / beat |
| FY2025 Q3 | EPS | FY2025 Q4 | $4.76–$4.98 | $6.30 | Met / beat |
Teledyne's test & measurement business benefits from memory maker capex cycles; higher memory prices could spur equipment investment from these customers, offsetting any input cost pressure.
Yeah, thanks, Joe. First, we don't see a risk, net risk, in that area. Some of our businesses, as you said, specifically more geared towards test and measurement instrumentation, do use memory and may have some constraints in supply, cost, inflation. Ironically, memory and storage suppliers are also reasonably large customers of our test and measurement instrumentation businesses. So if they spend incremental CapEx for their memories, then that's generally good for us because that's a higher margin contribution business for us. But coming back to what I summarized, Net risk is not big.