Reports › TER › 10-K FY2025

SEC filings, compared

What changed in Teradyne,'s 10-K for the fiscal year ended December 31, 2025

Compared with the 10-K for the fiscal year ended December 31, 2024. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant: TERADYNE, INC · TER
This filing: 0001193125-26-059002 ↗ · filed Feb 19, 2026
Compared with: 0000950170-25-023784 ↗ · filed Feb 20, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

123 material changes among 176 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:Revenues	3,190,024,000USD · Jan 1, 2025 to Dec 31, 2025	2,819,880,000USD · Jan 1, 2024 to Dec 31, 2024	+370,144,000+13.1%
Net income or lossus-gaap:NetIncomeLoss	554,047,000USD · Jan 1, 2025 to Dec 31, 2025	542,372,000USD · Jan 1, 2024 to Dec 31, 2024	+11,675,000+2.2%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	293,751,000USD · at Dec 31, 2025	553,354,000USD · at Dec 31, 2024	−259,603,000−46.9%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	674,415,000USD · Jan 1, 2025 to Dec 31, 2025	672,176,000USD · Jan 1, 2024 to Dec 31, 2024	+2,239,000+0.3%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001193125-26-059002 · FY2024: 0000950170-25-023784

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

20 material additions

Item 1A · Risk Factors

4 of 10 shown · Ordered by the model, quote-checked

01AddedItem 1A › Risks Associated with Teradyne's Markets › The market for our products is concentrated, and our business depends, in part, on obtaining orders from a few significant customers.

Summary · quote-checked

Added disclosure that two specifying customers and one direct customer each exceeded 10% of consolidated revenues in 2025.

The new paragraph discloses a customer-concentration dependency and specific revenue exposure, changing the stated risk information.

Why the model ranked it here

The disclosure identifies a significant customer-concentration dependency that could materially affect revenue if those relationships change.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] In 2025, we had two customers who specified greater than 10% of our consolidated revenues and one additional customer who directly purchased more than 10% of our consolidated revenues. The two specifying customers drove 12% and 10% of consolidated revenues. The additional direct customer accounted for 19% of consolidated revenues including certain revenues specified by our 10% specifiers.

Cite this change

"In 2025, we had two customers who specified greater than 10% of our consolidated revenues and one additional customer who directly purchased more than 10% of our consolidated revenues. The two specifying customers drove 12% and 10% of consolidated revenues. The additional direct customer accounted for 19% of consolidated revenues including certain revenues specified by our 10% specifiers."

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

02AddedItem 1A › Risks Related to Intellectual Property ("IP") and Cybersecurity › A breach of our operational or security systems could negatively affect our business and results of operations.

Summary · quote-checked

Added a risk disclosure covering operational and cybersecurity breaches, supplier and service-provider dependencies, compliance costs, and potential legal and reputational consequences.

The new paragraph introduces substantive risks, obligations, dependencies, and consequences rather than changing existing wording or formatting.

Why the model ranked it here

The new risk connects operational and cybersecurity failures at the company or its providers to business disruption, information exposure, higher costs, and reputational harm.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

We rely on various information technology networks and systems to process, transmit and store electronic information, including proprietary and confidential data, and to carry out and support a variety of business activities, including manufacturing, research and development, supply chain management, sales and accounting. We have experienced several attempted cyber-attacks of our network. None of the attempted attacks have caused a disruption to our operations or had a material adverse effect on our business or financial results. As a result of the attempts, we have taken further preventive security measures to protect our systems. Despite the preventive security measures we have implemented, we may continue to be vulnerable to attempts by third parties to gain unauthorized access to our networks or sabotage our systems. These attempts, which might be related to criminal hackers, industrial espionage or state-sponsored intrusions, include trying to covertly introduce malware to our computers, networks and systems and impersonating authorized users. Additionally, evolving geopolitical tensions or conflicts have created a heightened risk of cybersecurity attacks. In addition, third party suppliers and service providers that we rely on to manage our networks and systems and who process and store our proprietary and confidential data, including the data of our customers and suppliers, may also be subject to similar attacks. Employees and contractors may also attempt to gain unauthorized access to our systems and steal proprietary and confidential data. Such attempts could result in the misappropriation, theft, misuse, disclosure or loss or destruction of the intellectual property, or the proprietary, confidential or personal information, of Teradyne or our employees, customers, suppliers or other third parties, as well as damage to or disruptions in our information technology networks and systems. These threats are constantly evolving and expanding, such as through the increased use of artificial intelligence in our products and expanding remote work opportunities for our employees, thereby increasing the difficulty of defending against them or implementing adequate preventative measures. Attempts to gain unauthorized access to our information technology networks and systems may be successful, and in some cases, we might be unaware of an incident or its magnitude and effects. [added] A failure in or a breach of our operational or security systems or infrastructure, or those of our suppliers and other service providers, including as a result of cyber-attacks, could have a material adverse effect on our business or financial results, disrupt our business, result in the disclosure or misuse of proprietary or confidential information, damage our reputation, cause losses and increase our costs. We expect to continue to devote significant resources to the security of our information technology networks and systems. Furthermore, our efforts to comply with evolving laws and regulations related to cybersecurity may be costly and any failure to comply could result in investigations, proceedings, investor lawsuits and reputational damage.

Cite this change

"A failure in or a breach of our operational or security systems or infrastructure, or those of our suppliers and other service providers, including as a result of cyber-attacks, could have a material adverse effect on our business or financial results, disrupt our business, result in the disclosure or misuse of proprietary or confidential information, damage our reputation, cause losses and increase our costs."

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

03AddedItem 1A › Risks Related to Operations › Our operating results are likely to fluctuate significantly.

Summary · quote-checked

Added customer demand factors that may cause operating results to fluctuate.

The new disclosure identifies customer ordering, inventory, replacement, and expansion-project decisions as operational dependencies affecting results, adding substantive risk content.

Why the model ranked it here

The disclosure highlights dependence on customer ordering, inventory, replacement, and expansion decisions as drivers of operating-result volatility.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] customer demand considerations, including the size and timing of customer orders, customers' decisions to accelerate, decelerate or delay shipments, customers' decisions on how to manage their inventory, customers' rate of replacement of our consumable products or their decisions to delay expansion projects;

Cite this change

"customer demand considerations, including the size and timing of customer orders, customers' decisions to accelerate, decelerate or delay shipments, customers' decisions on how to manage their inventory, customers' rate of replacement of our consumable products or their decisions to delay expansion projects;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

04AddedItem 1A › Risks Related to Teradyne's Finances › We may not fully realize the benefits of our acquisitions or strategic alliances.

Summary · quote-checked

Added a risk describing acquisition underperformance, related charges, impairment, and potential adverse effects on financial position and operating results.

The new paragraph discloses substantive acquisition, goodwill, intangible-asset, and contingent-consideration risks, including potential charges affecting results and financial position.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] Following an acquisition, we may not achieve the revenue or net income levels that justify the acquisition. Acquisitions may also result in one-time charges (such as acquisition-related expenses, write-offs or restructuring charges) or in the future, impairment of goodwill or acquired intangible assets, or adjustments to contingent consideration liabilities that adversely affect our operating results. We review our amortizable intangible assets for impairment at the reporting unit level when events or changes in circumstances indicate the carrying value may not be recoverable and we test goodwill for impairment at least annually. Factors that may be considered in assessing whether goodwill or intangible assets may be impaired include a decline in our stock price or market capitalization, reduced estimates of reporting unit future cash flows and slower growth rates in our industries. We have in the past recorded, and may in the future be required to record, a significant charge in our consolidated financial statements during the period in which any impairment of our goodwill or amortizable intangible assets is determined, negatively affecting our financial position and results of operations. Our valuation methodology for assessing impairment requires management to make judgments and assumptions based on experience and to rely heavily on projections of future operating performance. Because we operate in highly competitive environments, projections of our future operating results and cash flows may vary significantly from our actual results.

Cite this change

"Following an acquisition, we may not achieve the revenue or net income levels that justify the acquisition."

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

05AddedItem 1A › Risks Related to Teradyne's Finances › We have incurred indebtedness and may incur additional indebtedness.

Summary · quote-checked

Added a risk statement that indebtedness could increase vulnerability to adverse economic, industry and competitive conditions.

The new text discloses an adverse consequence of indebtedness, adding substantive risk information rather than merely updating wording or formatting.

Why the model ranked it here

The disclosure makes the company’s indebtedness relevant to its vulnerability when economic, industry, or competitive conditions worsen.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] increase our vulnerability to adverse changes in general economic, industry and competitive conditions;

Cite this change

"increase our vulnerability to adverse changes in general economic, industry and competitive conditions;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

06AddedItem 1A › Risks Related to Operations › Our operating results are likely to fluctuate significantly.

Summary · quote-checked

Adds legal, tax, accounting and regulatory changes, including import/export restrictions and tariffs affecting China, as a potential source of operating-result fluctuation.

The new text identifies legal and regulatory changes, tariffs, and China-related export restrictions as risks to operating results, adding substantive risk disclosure.

Why the model ranked it here

The new risk identifies regulatory changes, tariffs, and export restrictions involving China as potential sources of operating-result volatility.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] legal, tax, accounting or regulatory changes (including changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to China) or changes in the interpretation or enforcement of existing requirements;

Cite this change

"legal, tax, accounting or regulatory changes (including changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to China) or changes in the interpretation or enforcement of existing requirements;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

07AddedItem 1A › Risks Related to Operations › Our operating results are likely to fluctuate significantly.

Summary · quote-checked

Added a risk concerning the ability to increase sales in line with increased manufacturing capacity.

The new text discloses a capacity-related sales dependency that was absent from the prior report, potentially affecting operating results.

Why the model ranked it here

The disclosure indicates that increased manufacturing capacity creates a dependency on the company’s ability to generate corresponding sales.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] our ability to increase sales in line with our increased manufacturing capacity;

Cite this change

"our ability to increase sales in line with our increased manufacturing capacity;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

08AddedItem 1A › Risks Associated with Operating a Global Business › We are subject to risks of operating internationally.

Summary · quote-checked

Added disclosure of the expense and complexity of complying with U.S. and foreign import and export regulations.

The new text identifies a regulatory compliance burden associated with international operations, adding a substantive obligation-related risk.

Why the model ranked it here

The new risk highlights added expense and complexity from complying with international import and export requirements.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] expense and complexity of complying with U.S. and foreign import and export regulations;

Cite this change

"expense and complexity of complying with U.S. and foreign import and export regulations;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

09AddedItem 1A › Risks Associated with Operating a Global Business › We are subject to risks of operating internationally.

Summary · quote-checked

Added a risk concerning restrictions on transferring funds internationally.

The new text identifies a specific operational risk associated with global business, rather than merely rephrasing or rolling forward existing disclosure.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] restrictions on the transfer of funds;

Cite this change

"restrictions on the transfer of funds;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

10AddedItem 1A › Risks Related to Operations › Our operating results are likely to fluctuate significantly.

Summary · quote-checked

Added foreign currency exchange rate fluctuations as a risk affecting operating results.

The new paragraph identifies foreign currency exchange rate fluctuations as an operating-results risk, adding a substantive exposure not present in the prior filing.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] foreign currency exchange rate fluctuations;

Cite this change

"foreign currency exchange rate fluctuations;"

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

Show fewer in Item 1A

Item 7 · MD&A

4 of 10 shown · Ordered by the model, quote-checked

01AddedItem 7 › Overview

Summary · quote-checked

Added disclosure of an agreement to form a joint venture involving a $157 million investment and 75% ownership.

The paragraph introduces a new transaction, investment, ownership structure, business purpose, and closing conditions, changing disclosed obligations and dependencies.

Why the model ranked it here

The newly disclosed joint venture changes the company’s investment commitments, ownership structure, and business dependencies.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] On January 29, 2026, we and MultiLane, a leading high-speed input/output ("I/O") test and measurement company, announced an agreement to form a joint venture, MultiLane Test Products ("MLTP"). MLTP is being created to serve the growing demand from the AI Data Center equipment market by accelerating the development of test solutions for critical high speed data connections. Under the agreement, MultiLane will contribute all the assets related to its test and measurement business to the joint venture and we will invest approximately $157 million in exchange for 75% ownership of MLTP. This transaction is expected to close in the first half of 2026 and is subject to customary closing conditions.

Cite this change

"Under the agreement, MultiLane will contribute all the assets related to its test and measurement business to the joint venture and we will invest approximately $157 million in exchange for 75% ownership of MLTP."

Teradyne,, Form 10-K for FY2025, Item 7, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

02AddedItem 7 › Interest and Other

Summary · quote-checked

New MD&A disclosure reports lower interest income, higher interest expense, and borrowing from the credit facility during 2025.

The paragraph adds substantive information about cash balance, interest-rate effects, and credit-facility borrowing, indicating a changed financing or liquidity disclosure.

Why the model ranked it here

Borrowing from the credit facility alongside lower cash and interest income signals a meaningful change in financing and liquidity.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] Interest income decreased by $9.1 million primarily due to lower interest rates and a reduced cash balance compared to 2024. Interest expense increased by $3.2 million primarily due to borrowing from the credit facility during 2025.

Cite this change

"Interest income decreased by $9.1 million primarily due to lower interest rates and a reduced cash balance compared to 2024. Interest expense increased by $3.2 million primarily due to borrowing from the credit facility during 2025."

Teradyne,, Form 10-K for FY2025, Item 7, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

03AddedItem 7 › Capital Resources and Material Cash Requirement

Summary · quote-checked

Added disclosure of a $2.0 billion stock repurchase program and 2025 repurchases totaling $702.1 million.

The new paragraph discloses a repurchase authorization and completed capital use, adding information about a material commitment and cash outflow.

Why the model ranked it here

The repurchase authorization and completed purchases disclose a substantial use of capital and an ongoing commitment to return cash to shareholders.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] In January 2023, our Board of Directors approved a repurchase program for up to $2.0 billion of common stock. In 2025, we repurchased 6.3 million shares of common stock for $702.1 million, which excludes related excise tax, at an average price of $112.21 per share. In 2024, we repurchased 1.7 million shares of common stock for $198.6 million, which excludes related excise tax, at an average price of $114.63 per share. The cumulative repurchases as of December 31, 2025, under the 2023 repurchase program, were 12.0 million shares of common stock for $1,297.3 million, which excludes related excise tax, at an average price per share of $109.38.

Cite this change

"In January 2023, our Board of Directors approved a repurchase program for up to $2.0 billion of common stock. In 2025, we repurchased 6.3 million shares of common stock for $702.1 million, which excludes related excise tax, at an average price of $112.21"

Teradyne,, Form 10-K for FY2025, Item 7, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

04AddedItem 7 › Capital Resources and Material Cash Requirement

Summary · quote-checked

Added a table presenting cash, marketable securities and short-term debt balances and changes.

A newly appearing numeric table discloses the existence and amounts of liquidity resources and short-term debt, which is material under the table rule.

Why the model ranked it here

The new table gives readers a consolidated view of available liquidity and short-term debt that was not previously disclosed.

Filing text · FY2024 10-K · filed Feb 20, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 19, 2026

|2025 | 2024 | 2024-2025 Change. | (in millions)Cash, cash equivalents and marketable securities:Cash and cash equivalents | 293.8 | 553.4 | (259.6 | )Short-term marketable securities | 28.2 | 46.3 | (18.1 | )Long-term marketable securities | 126.3 | 124.1 | 2.1Total cash, cash equivalents and marketable securities: | $ | 448.3 | $ | 723.8 | $ | (275.5 | )|Short-term debt | $ | 200.0 | $ | - | $ | 200.0

Cite this change

"Cash, cash equivalents and marketable securities:"

Teradyne,, Form 10-K for FY2025, Item 7, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

Show all 10 in Item 7 (6 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

25 material removals

Item 1A · Risk Factors

2 of 12 shown · Ordered by the model, quote-checked

01RemovedItem 1A › Risks Associated with Teradyne's Markets › The market for our products is concentrated, and our business depends, in part, on obtaining orders from a few significant customers.

Summary · quote-checked

Removed disclosure that Samsung-related revenues accounted for 12.5% of consolidated revenues in 2024.

The removed paragraph disclosed a specific customer concentration and revenue dependency, which is a substantive risk-factor disclosure under the rubric.

Why the model ranked it here

The removed disclosure eliminates visibility into dependence on a major customer and the potential effect of that relationship on consolidated revenue.

Filing text · FY2024 10-K · filed Feb 20, 2025

[removed] We estimate consolidated revenues driven by Samsung, a customer of our Semiconductor Test and Wireless Test Segments, combining direct sales to that customer with sales to the customer's OSATs, accounted for 12.5% of our consolidated revenues in 2024.

Filing text · FY2025 10-K · filed Feb 19, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"We estimate consolidated revenues driven by Samsung, a customer of our Semiconductor Test and Wireless Test Segments, combining direct sales to that customer with sales to the customer's OSATs, accounted for 12.5% of our consolidated revenues in 2024."

Teradyne,, Form 10-K for FY2024, Item 1A, accession 0000950170-25-023784, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025023784/ter-20241231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

02RemovedItem 1A › Risks Related to Legal and Regulatory Compliance › The implementation of tariffs on our products may have a material impact on our business.

Summary · quote-checked

Removed disclosure about newly imposed or proposed tariffs and their potential effects on the business.

The removed paragraph identified specific tariff actions, jurisdictions, ongoing evaluation, and potential business effects, constituting a substantive regulatory risk disclosure rather than wording or boilerplate.

Why the model ranked it here

The removed disclosure concerned newly imposed or proposed tariffs and their possible effects on the company’s business, removing a current regulatory exposure from view.

Filing text · FY2024 10-K · filed Feb 20, 2025

[removed] In February, 2025, President Trump issued executive orders directing the United States to impose new or additional tariffs on certain imports from Canada, Mexico and China and subsequently announced his intention to pause such tariffs on Canada and Mexico. While we do not believe any tariffs announced to date will have a material adverse effect on our business, financial condition or results of operations, we are still evaluating the potential impact of these tariffs and any additional tariffs implemented by the Trump administration as well as any retaliatory actions by the impacted countries to our business and financial condition and outlook. The actual impact on any new tariffs is subject to a number of factors including the effective date, duration, amount, scope and nature of the tariffs, any retaliatory actions any impacted country may take, and any mitigating actions that are available.

Filing text · FY2025 10-K · filed Feb 19, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In February, 2025, President Trump issued executive orders directing the United States to impose new or additional tariffs on certain imports from Canada, Mexico and China and subsequently announced his intention to pause such tariffs on Canada and Mexico."

Teradyne,, Form 10-K for FY2024, Item 1A, accession 0000950170-25-023784, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025023784/ter-20241231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

Show all 12 in Item 1A (10 more, in filing order)

Item 7 · MD&A

3 of 13 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Supply Chain Constraints and Inflationary Pressures

Summary · quote-checked

Removed disclosure describing past supply shortages, inflationary cost pressures, and the expectation that supply constraints would not materially affect 2025 financial results.

The removed paragraph disclosed supply-chain exposure, inflationary effects, historical impacts, and management’s forward-looking assessment; its deletion changes the substance of the MD&A disclosure.

Why the model ranked it here

Removing the supply-chain and inflation discussion eliminates management’s stated assessment of operational exposure and expected financial effects.

Filing text · FY2024 10-K · filed Feb 20, 2025

[removed] The global supply shortage of electrical components, including semiconductor chips, impacted our supply chain in the first half of 2023. In the second half of 2023 and the full year of 2024, we saw improvements related to supply constraints and, consequently, did not experience material increases in our lead times and costs for components. In addition, in 2023 and 2024, inflationary pressures contributed to increased costs for product components and wage inflation, which had a minimal impact on our cost of products, gross margin and profit for the year. While our businesses could be impacted by supply constraints in the future, we do not anticipate supply chain constraints will have a material impact on our financial results in 2025.

Filing text · FY2025 10-K · filed Feb 19, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The global supply shortage of electrical components, including semiconductor chips, impacted our supply chain in the first half of 2023. In the second half of 2023 and the full year of 2024, we saw improvements related to supply constraints and, consequently, did not experience material increases in our lead times and costs for components. In addition, in 2023 and 2024, inflationary pressures contributed to increased costs for product components and wage inflation, which had a minimal impact on our cost of products, gross margin and profit for the year. While our businesses could be impacted by supply constraints in the future, we do not anticipate supply chain constraints will have a material impact on our financial results in 2025."

Teradyne,, Form 10-K for FY2024, Item 7, accession 0000950170-25-023784, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025023784/ter-20241231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

02RemovedItem 7 › Gross Profit

Summary · quote-checked

The current filing omits the paragraph describing quarterly inventory valuation, obsolete inventory reserves, and excess inventory write-downs.

The removed paragraph discloses inventory valuation procedures and accounting treatment for obsolete and excess inventory, representing substantive information about an obligation and exposure.

Why the model ranked it here

Removing the inventory-reserve policy obscures how obsolete and excess inventory exposures are identified and measured.

Filing text · FY2024 10-K · filed Feb 20, 2025

[removed] We assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed within the forecasted demand window, is written down to estimated net realizable value.

Filing text · FY2025 10-K · filed Feb 19, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"We assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed within the forecasted demand window, is written down to estimated net realizable value."

Teradyne,, Form 10-K for FY2024, Item 7, accession 0000950170-25-023784, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025023784/ter-20241231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

03RemovedItem 7 › Capital Resources and Material Cash Requirements

Summary · quote-checked

Removed disclosure of convertible debt payments, employee compensation settlement payments, and common-stock issuance proceeds.

The removed text describes specific cash uses and an offsetting financing source, changing the disclosed cash-flow activity rather than merely updating wording or periods.

Why the model ranked it here

Removing the financing cash-flow discussion obscures debt repayments, employee-compensation settlements, and the offsetting stock-issuance proceeds.

Filing text · FY2024 10-K · filed Feb 20, 2025

Financing activities during 2023 used cash of $501.9 million, due to $397.2 million used for the repurchase of 3.9 million shares of common stock at an average price of $102.47 per share, $67.9 million used for dividend payments, $50.3 million used for the [removed] payments of convertible debt principal, and $20.8 million used for payments related to net settlement of employee stock compensation awards, partially offset by $34.3 million from the issuance of common stock under employee stock purchase and stock option plans.

Filing text · FY2025 10-K · filed Feb 19, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"payments of convertible debt principal, and $20.8 million used for payments related to net settlement of employee stock compensation awards, partially offset by $34.3 million from the issuance of common stock under employee stock purchase and stock option plans."

Teradyne,, Form 10-K for FY2024, Item 7, accession 0000950170-25-023784, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025023784/ter-20241231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

Show all 13 in Item 7 (10 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

78 material changes

Item 1A · Risk Factors

3 of 41 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Related to Teradyne's Finances › We have incurred indebtedness and may incur additional indebtedness.

Summary · quote-checked

The disclosure changes from fully repaid prior borrowings to later borrowings, partial repayment, and potential additional indebtedness.

Debt status, borrowing purposes, repayment status, and the possibility of significant additional indebtedness changed substantively, altering the disclosed financing exposure.

Why the model ranked it here

The company now reports substantial new borrowing to fund manufacturing expansion and shareholder returns, materially changing its financing exposure.

Filing text · FY2024 10-K · filed Feb 20, 2025

On May 1, 2020, we entered into a three-year, senior secured revolving credit facility of up to $400.0 ~~[removed] million.~~ On December 10, 2021, the credit agreement was amended to extend the maturity date of the ~~[removed] credit facility~~ to December 10, 2026. On October 5, 2022, the credit agreement was amended to increase the amount of the ~~[removed] credit facility~~ to $750.0 million from $400.0 million. The amended credit agreement provides that, subject to customary conditions, we may seek to obtain from existing or new lenders the available incremental amount under the credit facility, not to exceed the greater of $200.0 million or 15% of consolidated EBIDTA. We could borrow funds under this ~~[removed] credit facility~~ at any time for general corporate purposes and working capital. On ~~[removed] May 16, 2024, we borrowed $185.0~~ million under ~~[removed] this credit facility, primarily to fund our acquisition of the 10% equity interest in Technoprobe discussed above. By~~ December 31, ~~[removed] 2024, we had fully repaid all amounts borrowed under the credit facility. As of February 20, 2025, there are no outstanding borrowings under the credit facility.~~

Filing text · FY2025 10-K · filed Feb 19, 2026

On May 1, 2020, we entered into a three-year, senior secured revolving credit facility of up to $400.0 [added] million (the "Credit Facility"). On December 10, 2021, the credit agreement was amended to extend the maturity date of the [added] Credit Facility to December 10, 2026. On October 5, 2022, the credit agreement was amended to increase the amount of the [added] Credit Facility to $750.0 million from $400.0 million. The amended credit agreement provides that, subject to customary conditions, we may seek to obtain from existing or new lenders the available incremental amount under the credit facility, not to exceed the greater of $200.0 million or 15% of consolidated EBIDTA. We could borrow funds under this [added] Credit Facility at any time for general corporate purposes and working capital. On [added] September 4, 2025, September 19, 2025, and October 7, 2025, Teradyne borrowed a combined $250.0 million under [added] the Credit Facility to support the ramp-up in manufacturing capabilities for Semiconductor Test and the strategy to return cash to shareholders through share repurchases, dividends, and inorganic growth opportunities. On December 31, [added] 2025, we repaid $50 million of the outstanding borrowings. Further, we may incur significant additional secured and unsecured indebtedness in the future.

Cite this change

"On September 4, 2025, September 19, 2025, and October 7, 2025, Teradyne borrowed a combined $250.0 million under the Credit Facility to support the ramp-up in manufacturing capabilities for Semiconductor Test and the strategy to return cash to shareholders through share repurchases, dividends, and inorganic growth opportunities."

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

02ChangedItem 1A › Risks Associated with Teradyne's Markets › The market for our products is concentrated, and our business depends, in part, on obtaining orders from a few significant customers.

Summary · quote-checked

The disclosure identifies significant customers as global and reports higher five-largest-customer concentration, with the latest aggregate share increasing from 36% to 44%.

The updated concentration figure changes the stated exposure to customer dependency; the period roll-forward and “global” descriptor are secondary wording changes.

Why the model ranked it here

The company discloses a materially greater reliance on a concentrated group of significant customers, increasing dependence on customer demand.

Filing text · FY2024 10-K · filed Feb 20, 2025

The market for our products is concentrated with a limited number of significant customers accounting for a substantial portion of the purchases of test equipment. In each of the years, ~~[removed] 2024, 2023 and 2022,~~ our five largest direct customers in aggregate accounted for ~~[removed] 36%, 32% and 26%~~ of consolidated revenues, respectively.

Filing text · FY2025 10-K · filed Feb 19, 2026

The market for our products is concentrated with a limited number of significant [added] global customers accounting for a substantial portion of the purchases of test equipment. In each of the years, [added] 2025, 2024 and 2023, our five largest direct customers in aggregate accounted for [added] 44%, 36% and 32% of consolidated revenues, respectively.

Cite this change

"The market for our products is concentrated with a limited number of significant global customers accounting for a substantial portion of the purchases of test equipment. In each of the years, 2025, 2024 and 2023, our five largest direct customers in aggregate accounted for 44%, 36% and 32% of consolidated revenues, respectively."

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

03ChangedItem 1A › Risks Associated with Teradyne's Markets › The market for our products is concentrated, and our business depends, in part, on obtaining orders from a few significant customers.

Summary · quote-checked

The disclosure shifts from warranty, product liability, and recall risks to dependence on significant customers and limited contractual recourse.

A product-liability and recall risk was removed, while a customer-concentration dependency and potential revenue impact were added; both substantively change disclosed risks.

Why the model ranked it here

The company now highlights revenue exposure from losing significant customers while acknowledging limited contractual protection against abrupt purchasing decisions.

Filing text · FY2024 10-K · filed Feb 20, 2025

We invest significant resources in the design, manufacturing and testing of our products. However, from time to time, we discover design or manufacturing defects in our products after they have been shipped and, as a result, we have incurred development and remediation costs and settled warranty and product liability claims. In addition, when our products contain defects or have reliability, quality or safety issues, we have conducted a product recall which resulted in significant repair or replacement costs and [removed] substantial delays in product shipments and may damage our reputation which could make it more difficult to sell our products. We could continue to have warranty and product liability claims or product recalls in the future. Any of these results could have a material adverse effect on our business, results of operations or financial condition.

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] If we were to lose any of our significant customers, if our products fail to meet changes in customers' demands or if we suffer a material reduction in our customers' purchase orders, our revenue could decline and our operating results and financial condition could be materially and adversely affected. We would have no or limited contractual recourse if our significant customers decided to stop buying and using our products with limited advance notice to us.

Cite this change

"If we were to lose any of our significant customers, if our products fail to meet changes in customers' demands or if we suffer a material reduction in our customers' purchase orders, our revenue could decline and our operating results and financial condition could be materially and adversely affected. We would have no or limited contractual recourse if our significant customers decided to stop buying and using our products with limited advance notice to us."

Teradyne,, Form 10-K for FY2025, Item 1A, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

Show all 41 in Item 1A (38 more, in filing order)

Item 7 · MD&A

2 of 37 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Capital Resources and Material Cash Requirement

Summary · quote-checked

The disclosure changes from fully repaid borrowings with no outstanding balance to $200.0 million outstanding and adds covenant-compliance information.

Debt utilization and outstanding borrowings changed substantively, altering the disclosed liquidity and obligation profile; the current paragraph also states compliance with all covenants.

Why the model ranked it here

Borrowings changed from fully repaid to outstanding debt, and the added covenant disclosure changes the company’s liquidity and obligation profile.

Filing text · FY2024 10-K · filed Feb 20, 2025

[removed] On May 1, 2020, we entered into a credit agreement providing a three-year, senior secured revolving credit facility of $400 million. On December 10, 2021, the credit agreement was amended to extend the senior secured revolving credit facility ~~[removed] to December 10, 2026. On October 5, 2022, the credit agreement was amended to increase the amount of the credit facility to $750.0 million from $400.0 million. On November 7, 2023,~~ the Credit Agreement [removed] was amended to allow for the purchase of the shares of Technoprobe. On May 16, 2024, we borrowed $185.0 million under the credit agreement to partially fund the acquisition of 10% of the issued and outstanding shares of Technoprobe. We fully repaid our borrowings on the revolving credit facility prior to December 31, 2024. As of February ~~[removed] 20, 2025, there are no outstanding borrowings~~ under the ~~[removed] credit facility.~~

Filing text · FY2025 10-K · filed Feb 19, 2026

[added] Our Third Amended and Restated Revolving Credit Agreement, amended as of November 7, 2023 (the "Credit Agreement") provides a six-year, senior secured revolving credit facility [added] of $750.0 million (the "Credit Facility"). During 2025, we borrowed a combined $250.0 million under the Credit Agreement [added] to fund our capital allocation strategy, of which $200.0 million was outstanding as of year-end. The Credit Agreement is set to expire on December 10, 2026. See Note L: "Debt" for more information regarding our Credit Agreement. As of February [added] 19, 2026, we were in compliance with all covenants under the [added] Credit Agreement.

Cite this change

"During 2025, we borrowed a combined $250.0 million under the Credit Agreement to fund our capital allocation strategy, of which $200.0 million was outstanding as of year-end."

Teradyne,, Form 10-K for FY2025, Item 7, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

02ChangedItem 7 › Capital Resources and Material Cash Requirement

Summary · quote-checked

Liquidity disclosure now includes a senior secured revolving credit facility and omits the primary cash source and several specified cash commitments.

The paragraph substantively changes stated liquidity sources and removes specific obligations, including convertible debt payments, repurchases, dividends, leases, inventory purchases and facility construction.

Why the model ranked it here

The liquidity discussion now depends on a revolving credit facility while omitting several previously identified cash sources and commitments.

Filing text · FY2024 10-K · filed Feb 20, 2025

We [removed] expect operations to continue to be the primary source of cash to operate the business and meet material cash commitments, including any payments of convertible debt principal, our stock repurchase program, our quarterly dividends, our office lease obligations, contractual obligations related to inventory purchases and the construction of new facilities. We believe our cash, cash equivalents and marketable securities balance will be sufficient to pay our quarterly dividend and meet our working capital and expenditure needs for at least the next twelve months. Inflation has not had a significant long-term impact on earnings.

Filing text · FY2025 10-K · filed Feb 19, 2026

We [added] believe our cash, cash equivalents, marketable securities and senior secured revolving credit facility will be sufficient to pay our quarterly dividend and meet our working capital and expenditure needs for at least the next twelve months. Inflation has not had a significant long-term impact on earnings.

Cite this change

"We believe our cash, cash equivalents, marketable securities and senior secured revolving credit facility will be sufficient to pay our quarterly dividend and meet our working capital and expenditure needs for at least the next twelve months."

Teradyne,, Form 10-K for FY2025, Item 7, accession 0001193125-26-059002, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-059002?ref=quote

Show all 37 in Item 7 (35 more, in filing order)

Get this when TER files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 12 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.