Reports › TER › 10-Q FY2026

SEC filings, compared

What changed in Teradyne,'s 10-Q for the quarter ended March 29, 2026

Compared with the 10-Q for the quarter ended March 30, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: TERADYNE, INC · TER
This filing: 0001193125-26-201058 ↗ · filed May 1, 2026
Compared with: 0000950170-25-062503 ↗ · filed May 2, 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

39 material changes among 65 changed paragraphs · 1 held for review

17 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 1 held for review appears as a diff at the end.

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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:Revenues	1,282,494,000USD · Jan 1, 2026 to Mar 29, 2026	685,680,000USD · Jan 1, 2025 to Mar 30, 2025	+596,814,000+87%
Net income or lossus-gaap:NetIncomeLoss	398,908,000USD · Jan 1, 2026 to Mar 29, 2026	98,896,000USD · Jan 1, 2025 to Mar 30, 2025	+300,012,000+303.4%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	241,944,000USD · at Mar 29, 2026	475,632,000USD · at Mar 30, 2025	−233,688,000−49.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	265,124,000USD · Jan 1, 2026 to Mar 29, 2026	161,637,000USD · Jan 1, 2025 to Mar 30, 2025	+103,487,000+64%

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. FY2026: 0001193125-26-201058 · FY2025: 0000950170-25-062503

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

7 material additions

Part I, Item 2 · MD&A

7 of 7 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure of the formation of a joint venture, the company’s controlling ownership interest, purchase price, and segment inclusion.

The paragraph introduces a new transaction, ownership interest, financial commitment, and business dependency, changing what the company discloses about its operations and obligations.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

[added] On April 8, 2026, we and MultiLane formed a joint venture, MultiLane Test Products ("MLTP"), to which MultiLane contributed the assets of its test and measurement business. MLTP is expected 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. In connection with the formation of MLTP, we obtained a controlling 75% ownership interest in MLTP for a total purchase price of approximately $157.8 million, subject to customary post-closing adjustments. MLTP will be included in our Product Test Segment.

Cite this change

"On April 8, 2026, we and MultiLane formed a joint venture, MultiLane Test Products ("MLTP"), to which MultiLane contributed the assets of its test and measurement business. MLTP is expected 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. In connection with the formation of MLTP, we obtained a controlling 75% ownership interest in MLTP for a total purchase price of approximately $157.8 million, subject to customary post-closing adjustments. MLTP will be included in our Product Test Segment."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

02AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure of $166.7 million paid toward forming MLTP and acquiring TestInsight in April 2026.

The new paragraph discloses a specific acquisition-related cash outflow and formation payment, changing the discussion of transactions and liquidity uses.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

Our capital allocation plan will continue to be balanced between investing in organic and inorganic growth and returning cash to shareholders through share repurchases and dividends while maintaining cash balances to enable us to run the business. During the first three months of 2026 we returned $25.9 million to shareholders through $5.5 million of share buybacks and $20.4 million of [added] dividend payments. In April 2026, we paid a combined $166.7 million towards the formation of MLTP and the acquisition of TestInsight.

Cite this change

"dividend payments. In April 2026, we paid a combined $166.7 million towards the formation of MLTP and the acquisition of TestInsight."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

03AddedPart I, Item 2 › Government Regulations

Summary · quote-checked

Added disclosure describing trade-regulation compliance, governmental actions, regional competitive limitations, and potential future material costs.

The new paragraph introduces regulatory risks, compliance costs, operational constraints, and potential adverse effects, constituting substantive disclosure rather than wording or boilerplate.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

[added] We are subject to numerous U.S. and foreign laws and regulations, including, without limitation, tariffs, trade sanctions, trade barriers, trade embargoes, regulations relating to import-export control, technology transfer restrictions, and other laws and regulations. Additionally, U.S. and foreign governmental authorities have taken, and may continue to take, administrative, legislative or regulatory action that could impact our operations. We believe that our operations are in material compliance with applicable trade regulations. The costs we incurred in complying with applicable trade regulations for the three months ended March 29, 2026 were not material, however, compliance with these laws has limited our ability to compete in certain regions. It is possible that future developments, including changes in laws and regulations or government policies, could lead to material costs, and such costs may have a material adverse effect on our future business or prospects.

Cite this change

"It is possible that future developments, including changes in laws and regulations or government policies, could lead to material costs, and such costs may have a material adverse effect on our future business or prospects."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

04AddedPart I, Item 2 › First Quarter 2026 Compared to First Quarter 2025

Summary · quote-checked

Added explanation that lower cash balances and interest rates reduced interest income, while higher Revolving Credit Facility borrowings increased interest expense.

The new paragraph adds substantive MD&A drivers for changes in interest income and expense, including a dependency on higher revolving-credit borrowings.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

[added] The decrease in interest income was driven primarily by lower average cash balances and lower interest rates in the current period. The increase in interest expense was driven primarily by higher borrowings under the Revolving Credit Facility.

Cite this change

"The decrease in interest income was driven primarily by lower average cash balances and lower interest rates in the current period. The increase in interest expense was driven primarily by higher borrowings under the Revolving Credit Facility."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

05AddedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

A new liquidity table presents cash, marketable securities, total liquidity, and short-term debt balances.

The newly appearing numeric table changes the filing’s disclosure of liquidity resources and debt obligations; newly appearing tables are material under the rubric.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

|March 29, 2026 | December 31, 2025 | Change(in millions)Cash, cash equivalents and marketable securities:Cash and cash equivalents | $ | 241.9 | $ | 293.8 | $ | (51.9 | )Short-term marketable securities | 3.7 | 28.2 | (24.5 | )Long-term marketable securities | 148.4 | 126.3 | 22.1Total cash, cash equivalents and marketable securities: | $ | 394.0 | $ | 448.3 | $ | (54.3 | )|Short-term debt | $ | - | $ | 200.0 | $ | (200.0 | )

Cite this change

"Total cash, cash equivalents and marketable securities: | $ | 394.0 | $ | 448.3 | $ | (54.3 | )"

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

06AddedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure states covenant compliance under the Credit Agreement and an intention to extend the Credit Facility later in 2026.

The paragraph introduces new information about debt covenants and a planned credit-facility extension, changing the disclosed liquidity and financing obligations.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

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 of $750.0 million (the "Credit Facility"). As of March 29, 2026, Teradyne did not have an outstanding balance under the Credit Agreement. The Credit Agreement is set to expire on December 10, 2026. See [added] Note I: "Debt" for more information regarding our Credit Agreement. As of March 29, 2026, we were in compliance with all covenants under the Credit Agreement. We intend to extend the Credit Facility later in 2026.

Cite this change

"Note I: "Debt" for more information regarding our Credit Agreement. As of March 29, 2026, we were in compliance with all covenants under the Credit Agreement. We intend to extend the Credit Facility later in 2026."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

07AddedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

A new liquidity table presents cash flows and the net change in operating assets and liabilities for March 29, 2026 and March 30, 2025.

The newly appearing numeric table changes the filing’s disclosure of cash-flow information; under the rubric, a table that newly appears is material.

Filing text · FY2025 10-Q · filed May 2, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 1, 2026

|March 29, 2026 | March 30, 2025 | Change(in millions)Net cash (used for) provided by:Operating activities | 265.1 | 161.6 | 103.5Investing activities | (67.3 | ) | (61.8 | ) | (5.5 | )Financing activities | (250.2 | ) | (176.8 | ) | (73.4 | )Effects of exchange rate changes on cash and cash equivalents | 0.6 | (0.8 | ) | 1.4Net increase (decrease) in cash and cash equivalents | $ | (51.8 | ) | $ | (77.7 | ) | 25.9|Net change in operating assets and liabilities, net of businesses acquired | (195.5 | ) | 7.7 | (203.2 | )

Cite this change

"Net change in operating assets and liabilities, net of businesses acquired | (195.5 | ) | 7.7 | (203.2 | )"

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

What the company no longer says

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

9 material removals

Part I, Item 2 · MD&A

5 of 9 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Overview

Summary · quote-checked

The current filing removes disclosure of the definitive agreement to acquire Quantifi Photonics and the expected timing and conditions for closing.

The removed paragraph disclosed a specific acquisition, its strategic purpose, expected closing period, and dependencies on closing conditions and regulatory approvals.

Why the model ranked it here

The disappearance of a specific acquisition disclosure leaves the transaction’s status, strategic rationale, and closing dependencies unclear.

Filing text · FY2025 10-Q · filed May 2, 2025

[removed] On March 10, 2025, we entered into a definitive agreement to acquire privately held Quantifi Photonics ("Quantifi"), a leader in photonic IC testing. This acquisition will enable us to deliver scalable photonic integrated circuit ("PIC") test solutions. The acquisition is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals.

Filing text · FY2026 10-Q · filed May 1, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On March 10, 2025, we entered into a definitive agreement to acquire privately held Quantifi Photonics ("Quantifi"), a leader in photonic IC testing. This acquisition will enable us to deliver scalable photonic integrated circuit ("PIC") test solutions. The acquisition is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals."

Teradyne,, Form 10-Q for FY2025, Part I, Item 2, accession 0000950170-25-062503, filed 2 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025062503/ter-20250330.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

02RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure that U.S. dollar strengthening would negatively affect Robotics revenue growth in 2025.

The removed paragraph described a foreign-currency dependency and a specific adverse revenue-growth effect, changing the disclosed exposure.

Why the model ranked it here

Removing the stated foreign-currency exposure changes the disclosed understanding of what could adversely affect Robotics revenue growth.

Filing text · FY2025 10-Q · filed May 2, 2025

[removed] While revenues in our test businesses are predominantly in U.S. dollars, the majority of our Robotics revenue is denominated in foreign currencies. Strengthening of the U.S. dollar would negatively affect Robotics revenue growth in 2025.

Filing text · FY2026 10-Q · filed May 1, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"While revenues in our test businesses are predominantly in U.S. dollars, the majority of our Robotics revenue is denominated in foreign currencies. Strengthening of the U.S. dollar would negatively affect Robotics revenue growth in 2025."

Teradyne,, Form 10-Q for FY2025, Part I, Item 2, accession 0000950170-25-062503, filed 2 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025062503/ter-20250330.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

03RemovedPart I, Item 2 › First Quarter 2025 Compared to First Quarter 2024

Summary · quote-checked

The segment revenue percentage table for the three months ended March 30, 2025 and March 31, 2024 was removed.

The removal eliminates a numeric table describing the company’s business-segment revenue mix, which is a substantive change in disclosed information under the rubric.

Why the model ranked it here

The missing segment mix table reduces visibility into how revenue is distributed across the company’s businesses.

Filing text · FY2025 10-Q · filed May 2, 2025

~~[removed] |[removed] For the Three Months Ended[removed] March 30, 2025 | March 31, 2024[removed] Semiconductor Test | 79 | % | 72 | %[removed] Robotics | 10 | 15[removed] Product Test | 11 | 13[removed] 100 | % | 100 | %~~

Filing text · FY2026 10-Q · filed May 1, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"| For the Three Months Ended March 30, 2025 | March 31, 2024 Semiconductor Test | 79 | % | 72 | % Robotics | 10 | 15 Product Test | 11 | 13 100 | % | 100 | %"

Teradyne,, Form 10-Q for FY2025, Part I, Item 2, accession 0000950170-25-062503, filed 2 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025062503/ter-20250330.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

04RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The current filing removes the explanation of changes in operating liabilities and their component drivers.

Removing an MD&A cash-flow explanation eliminates substantive information about the company’s operating-liability changes and contributing amounts, not merely a period roll-forward.

Why the model ranked it here

Removing the operating-liability drivers makes the company’s cash-flow changes and their underlying sources less transparent.

Filing text · FY2025 10-Q · filed May 2, 2025

[removed] The change in operating liabilities was due to growth in accounts payable of $48.0 million, a $13.0 million uptick in income taxes, and a $10.2 million increase in deferred revenue and customer advance payments, partially offset by a $58.0 million decrease in accrued other and a $1.3 million decline is retirement plan contributions.

Filing text · FY2026 10-Q · filed May 1, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The change in operating liabilities was due to growth in accounts payable of $48.0 million, a $13.0 million uptick in income taxes, and a $10.2 million increase in deferred revenue and customer advance payments, partially offset by a $58.0 million decrease in accrued other and a $1.3 million decline is retirement plan contributions."

Teradyne,, Form 10-Q for FY2025, Part I, Item 2, accession 0000950170-25-062503, filed 2 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025062503/ter-20250330.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

05RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The liquidity discussion no longer reports the increase in operating assets and its accounts receivable, inventory, and other asset drivers.

The removed paragraph disclosed substantive working-capital movements and their drivers, not merely a date or comparison-period roll-forward.

Why the model ranked it here

The omitted working-capital discussion removes context for changes in receivables, inventory, and other operating assets.

Filing text · FY2025 10-Q · filed May 2, 2025

[removed] The increase in operating assets during the three months ended March 31, 2024, was primarily due to an $8.1 million and $6.9 million rise in accounts receivable and inventories, respectively, partially offset by a $11.1 million decrease in other assets.

Filing text · FY2026 10-Q · filed May 1, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The increase in operating assets during the three months ended March 31, 2024, was primarily due to an $8.1 million and $6.9 million rise in accounts receivable and inventories, respectively, partially offset by a $11.1 million decrease in other assets."

Teradyne,, Form 10-Q for FY2025, Part I, Item 2, accession 0000950170-25-062503, filed 2 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000095017025062503/ter-20250330.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

Show all 9 in Part I, Item 2 (4 more, in filing order)

What the company says differently

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

23 material changes

Part I, Item 2 · MD&A

5 of 23 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Overview

Summary · quote-checked

The disclosed acquisition changed from Infineon’s AET technology and team to TestInsight’s outstanding shares and semiconductor test software business.

The paragraph identifies a different acquisition, counterparty, acquired asset, purchase price, and business description, changing the disclosed transaction and related dependency or capability.

Why the model ranked it here

The filing now describes a different acquisition, changing the company’s disclosed technology, business capabilities, counterparty, and transaction exposure.

Filing text · FY2025 10-Q · filed May 2, 2025

On ~~[removed] January 31, 2025,~~ we acquired ~~[removed] from Infineon Technologies AG ("Infineon") its automated test equipment technology and associated development team ("AET") based in Regensburg, Germany~~ for a total purchase price of ~~[removed] 17.6 million Euro, equivalent to $18.3 million. AET adds resources and expertise to our company and strengthens the relationship between Teradyne and Infineon. AET is~~ included in our Semiconductor Test ~~[removed] segment.~~

Filing text · FY2026 10-Q · filed May 1, 2026

On [added] April 16, 2026, we acquired [added] all of the issued and outstanding shares of TestInsight Ltd. ("TestInsight") for a total purchase price of [added] $29.0 million, subject to customary post-closing adjustments. TestInsight is a leading provider of semiconductor test development, validation, and conversion software widely used across the industry. TestInsight will be included in our Semiconductor Test [added] Segment.

Cite this change

"On April 16, 2026, we acquired all of the issued and outstanding shares of TestInsight Ltd. ("TestInsight") for a total purchase price of $29.0 million, subject to customary post-closing adjustments."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

02ChangedPart I, Item 2 › First Quarter 2026 Compared to First Quarter 2025

Summary · quote-checked

Revenue changes shifted substantially: Semiconductor Test growth accelerated with an AI-related compute driver, while Robotics and Product Test moved from declines to increases with different drivers.

The paragraph changes revenue directions, magnitudes, and stated business drivers, including a newly specified artificial-intelligence application driver; this is substantively different MD&A disclosure.

Why the model ranked it here

The filing shows a major shift in segment performance, with artificial-intelligence demand driving Semiconductor Test growth and previously declining businesses reporting increases.

Filing text · FY2025 10-Q · filed May 2, 2025

The increase in Semiconductor Test revenues of ~~[removed] $107.7~~ million, or ~~[removed] 24.8%,~~ was driven primarily by higher sales ~~[removed] for mobility. The decrease~~ in Robotics revenues of ~~[removed] $18.7~~ million, or ~~[removed] 21.3%,~~ was primarily due to ~~[removed] lower~~ sales of collaborative robotic ~~[removed] arms due to market weakness. The decrease~~ in Product Test revenues of ~~[removed] $3.2~~ million, or ~~[removed] 4.1%, was primarily due to lower sales in Defense/Aerospace and Production Board Test, partially offset by an increase in wireless tester~~ sales.

Filing text · FY2026 10-Q · filed May 1, 2026

The increase in Semiconductor Test revenues of [added] $568.3 million, or [added] 104.8%, was driven primarily by higher sales [added] in compute related to artificial intelligence applications. The increase in Robotics revenues of [added] $22.3 million, or [added] 32.3%, was primarily due to [added] increased sales of collaborative robotic [added] arms, partially offset by decreased sales of autonomous mobile robots. The increase in Product Test revenues of [added] $6.2 million, or [added] 8.4%, was driven primarily by higher Defense/Aerospace sales.

Cite this change

"The increase in Semiconductor Test revenues of $568.3 million, or 104.8%, was driven primarily by higher sales in compute related to artificial intelligence applications. The increase in Robotics revenues of $22.3 million, or 32.3%, was primarily due to increased sales of collaborative robotic arms, partially offset by decreased sales of autonomous mobile robots. The increase in Product Test revenues of $6.2 million, or 8.4%, was driven primarily by higher Defense/Aerospace sales."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The financing cash-flow narrative changed from share repurchases and dividends to include substantial revolving-credit repayments and different financing amounts.

The paragraph adds a borrowing repayment and changes the composition and amounts of financing activities, altering the disclosed liquidity and capital-use picture.

Why the model ranked it here

The financing narrative now includes substantial repayment of revolving borrowings, materially changing the company’s disclosed use of cash and capital structure.

Filing text · FY2025 10-Q · filed May 2, 2025

Financing activities during the three months ended March ~~[removed] 31, 2024, used cash of $36.7 million due to $22.1 million used for the repurchase of 0.2 million shares of common stock at an average price of $100.31 per share, $18.4~~ million used for dividend ~~[removed] payments and $13.1~~ million used for ~~[removed] payment related to net settlements of employee stock compensation awards,~~ partially offset by ~~[removed] $16.9 million from the~~ issuance of common stock under ~~[removed] employee~~ stock purchase and stock ~~[removed] option~~ plans.

Filing text · FY2026 10-Q · filed May 1, 2026

Financing activities during the three months ended March [added] 29, 2026, included $200.0 million in net repayments of borrowings on revolving credit facility, $39.4 million used for payments related to net settlement of employee stock compensation awards, $20.4 million used for dividend [added] payments, and $5.5 million used for [added] the repurchase common stock, partially offset by [added] $15.1 million provided by issuance of common stock under stock purchase and stock [added] options plans.

Cite this change

"Financing activities during the three months ended March 29, 2026, included $200.0 million in net repayments of borrowings on revolving credit facility, $39.4 million used for payments related to net settlement of employee stock compensation awards, $20.4 million used for dividend payments, and $5.5 million used for the repurchase common stock, partially offset by $15.1 million provided by issuance of common stock under stock purchase and stock options plans."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

04ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The cash balance decline and ending balance changed, and the current paragraph adds net repayments of borrowings as a primary cash-use explanation.

The added borrowing-repayment driver introduces a substantive liquidity explanation; the updated balances also change the stated liquidity position beyond a simple period roll-forward.

Why the model ranked it here

The liquidity discussion now attributes cash reduction primarily to borrowing repayments and reports a materially lower balance of readily available funds.

Filing text · FY2025 10-Q · filed May 2, 2025

Our cash, cash equivalents and marketable securities balances decreased by ~~[removed] $102.3~~ million in the three months ended March ~~[removed] 30, 2025, to $621.5 million.~~

Filing text · FY2026 10-Q · filed May 1, 2026

Our cash, cash equivalents and marketable securities balances decreased by [added] $54.3 million in the three months ended March [added] 29, 2026, to $394.0 million. Cash decreased primarily due to net repayments of borrowings on revolving credit facility of $200.0 million, partially offset by operating cash proceeds.

Cite this change

"Our cash, cash equivalents and marketable securities balances decreased by $54.3 million in the three months ended March 29, 2026, to $394.0 million. Cash decreased primarily due to net repayments of borrowings on revolving credit facility of $200.0 million, partially offset by operating cash proceeds."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

05ChangedPart I, Item 2 › Government Regulations

Summary · quote-checked

Disclosure changed from anticipated tariff impacts to tariffs paid under IEEPA and submitted refund claims with uncertain timing and impact.

The paragraph now states an incurred tariff obligation, identifies IEEPA and CBP, and discusses refund claims, materially changing the disclosed exposure and uncertainty.

Why the model ranked it here

The filing moves from hypothetical tariff exposure to tariffs already paid and refund claims with uncertain resolution, making the risk realized and financially consequential.

Filing text · FY2025 10-Q · filed May 2, 2025

~~[removed] In the first quarter of 2025, the US government announced a number of tariffs which could impact our businesses.~~ On April ~~[removed] 9, 2025, a 90 day pause was instituted on some of the previously announced tariffs. Currently, we are assessing the potential~~ impact of ~~[removed] the tariffs. Based on currently available information~~ we do not ~~[removed] anticipate a material~~ impact to ~~[removed] our costs as a result of the tariffs. However, the impact to end customer demand remains unclear as the global economy works through trade negotiations.~~

Filing text · FY2026 10-Q · filed May 1, 2026

[added] We have paid certain tariffs on imported products under the International Emergency Economic Powers Act ("IEEPA") since the inception of the IEEPA tariffs in 2025. On April [added] 20, 2026, U.S. Customs and Border Protection ("CBP") began accepting refund claims related to these tariffs. While we have submitted refund requests, the timing and impact of [added] any potential refunds remain uncertain, however, we do not [added] expect the impact to [added] be material to our financial position or results of operations.

Cite this change

"We have paid certain tariffs on imported products under the International Emergency Economic Powers Act ("IEEPA") since the inception of the IEEPA tariffs in 2025."

Teradyne,, Form 10-Q for FY2026, Part I, Item 2, accession 0001193125-26-201058, filed 1 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97210/000119312526201058/ter-20260329.htm

Comparison: https://yearover.com/reports/ter/0001193125-26-201058?ref=quote

Show all 23 in Part I, Item 2 (18 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

Held for review

These changes failed one of our checks: the model's summary did not match the filing text. The diff is shown; the model text is withheld until a person has looked.

1 change held

HeldPart I, Item 2 › First Quarter 2026 Compared to First Quarter 2025

Filing text · FY2025 10-Q · filed May 2, 2025

The effective tax rate for the three months ended March ~~[removed] 30, 2025~~ and March ~~[removed] 31, 2024, was 12.2% and 11.9%,~~ respectively. The increase in the effective tax rate from the three months ended March ~~[removed] 31, 2024, to~~ three months ended March ~~[removed] 30, 2025,~~ is primarily attributable to ~~[removed] a decrease in benefit related to uncertain tax positions, net of an increase in benefit~~ related to ~~[removed] tax credits.~~

Filing text · FY2026 10-Q · filed May 1, 2026

The effective tax rate for the three months ended March [added] 29, 2026, and March [added] 30, 2025, was 13.3% and 12.2%, respectively. The increase in the effective tax rate from the three months ended March [added] 30, 2025, to the three months ended March [added] 29, 2026, is primarily attributable to [added] lower benefits from tax credits, lower benefits related to U.S. taxation of international income, and higher expense related to [added] Pillar Two. These impacts were partially offset by increased benefits from equity compensation and a projected shift in the geographic distribution of income.

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