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Teledyne Technologies

Teledyne Technologies (TDY) Q2 2026 Earnings

Reported Jul 22, 2026 at 7:21 AM ET · SEC Source

Q2 26 EPS

$6.28

BEAT +8.41%

Est. $5.79

Q2 26 Revenue

$1.66B

BEAT +5.25%

Est. $1.58B

vs S&P Since Q2 26

-1.5%

TRAILING MARKET

TDY +2.4% vs S&P +4.0%

Market Reaction

Did TDY Beat Earnings? Q2 2026 Results

Teledyne Technologies delivered a standout second quarter, with results that cleared Wall Street's bar by a wide margin and extended the company's streak of consensus EPS beats to five consecutive quarters. Non-GAAP diluted EPS of $6.28 topped the $5… Read more Teledyne Technologies delivered a standout second quarter, with results that cleared Wall Street's bar by a wide margin and extended the company's streak of consensus EPS beats to five consecutive quarters. Non-GAAP diluted EPS of $6.28 topped the $5.79 consensus estimate by 8.41%, while revenue of $1.66 billion beat expectations by 5.25% and grew 9.8% year-over-year. The primary engine behind the outperformance was Digital Imaging, where sales climbed 12.7% to $868.70 million on strong demand for infrared detectors and defense surveillance systems, with GAAP operating income in the segment surging 42.3% as favorable product mix and tariff refunds boosted margins. Company-wide GAAP operating margin expanded to 20.0% from 18.4% a year ago, while operating cash flow jumped to $315.20 million from $226.60 million, allowing Teledyne to repay $450.00 million in gross debt and reduce its leverage ratio to 1.1x. Management raised its full-year 2026 non-GAAP EPS outlook to $24.45 to $24.65, up from the prior range of $23.85 to $24.15, with analysts already eyeing the company's approximately $5.00 billion funded backlog as a durable revenue foundation.

Key Takeaways

  • • Higher sales of infrared imaging detectors, components and subsystems for defense and commercial applications
  • • Stronger offshore energy and defense markets driving marine instrumentation growth
  • • Higher defense electronics sales of $20.8 million in Aerospace and Defense Electronics
  • • Favorable product mix and tariff refunds in Digital Imaging
  • • Organic growth greatest in Digital Imaging segment with infrared detectors for space, airborne/marine unmanned systems, and counter-unmanned applications
  • • Lower income tax payments contributing to stronger cash generation

TDY Forward Guidance & Outlook

Teledyne raised its full year 2026 outlook. Management expects Q3 2026 GAAP diluted EPS of $5.10 to $5.25 and non-GAAP diluted EPS of $6.05 to $6.15. Full year 2026 GAAP diluted EPS is expected to be $20.73 to $20.99 (raised from $20.08 to $20.44), and full year 2026 non-GAAP diluted EPS is expected to be $24.45 to $24.65 (raised from $23.85 to $24.15). The non-GAAP outlook excludes certain transaction and integration costs and acquired intangible asset amortization.

24/7 Wall St

TDY YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

TDY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“This morning, we were pleased to announce the strongest quarterly orders, sales and operating profit in the company's history. 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.”

— Robert Mehrabian, Q2 2026 Earnings Press Release

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