[TDY] Teledyne: Q3 2026 earnings preview on imaging margins and backlog

Teledyne (TDY) is a sensor and instrumentation company that spans visible and infrared imaging, marine and environmental instruments, aerospace and defense electronics, and engineered services for the U.S. government[1]. The company plans to hold its earnings call on 2026-10-21[2] to report the third quarter of 2026, the 13 weeks ended September 27, 2026, and the Teledyne Q3 2026 earnings preview turns on imaging margins and backlog conversion. In the latest disclosed period, the second quarter of 2026, Teledyne posted record orders, sales and operating profit: net sales rose 9.8% to $1,662.5 million, GAAP diluted earnings per share were $5.37, non-GAAP diluted earnings per share rose 20.8% to $6.28, operating cash flow was $315.2 million and free cash flow was $284.7 million[3]. On July 22 the company guided third-quarter GAAP diluted EPS to $5.10-$5.25 and non-GAAP diluted EPS to $6.05-$6.15[4], and it raised full-year revenue guidance by $120 million to more than $6.53 billion[5]. Analyst estimates compiled by Drillr put third-quarter non-GAAP EPS at $6.16 (seven analysts, range $6.12-$6.21) and revenue at $1.652 billion (five analysts, range $1.642-$1.662 billion)[6], slightly above the top of company guidance and slightly below second-quarter revenue.

Three things matter most in this report. The first is whether the Digital Imaging segment can hold its margin above 24% as tariff refunds fade: the segment's non-GAAP operating margin reached 25.0% in the second quarter, but about 120 basis points came from roughly $10 million of one-time tariff refunds[7], so the third quarter will show how much of the improvement comes from infrared component growth itself. The second is whether record orders turn into revenue on schedule: orders have exceeded sales for 11 consecutive quarters[8], remaining performance obligations rose to $5,176.1 million at the end of June[9], and full-year guidance requires about $1.65 billion of revenue in each second-half quarter, making the third quarter the first test of backlog conversion. The third is whether Instrumentation margins stop falling: the segment grew second-quarter sales by 5.5% while operating income fell 0.2%, because lower-margin underwater vehicles made up more of the mix[10], and the third-quarter report will show whether that mix pressure is temporary or will last several quarters.

Company Background and Business Structure

Teledyne is a high-end sensor and instrumentation company that grows mainly by acquiring and integrating businesses, and management says about 90% of its current earnings come from businesses acquired over the past 25 years[8]. Its defense imaging business develops multi-spectrum electro-optic and infrared imaging systems, lasers, optics, radars, chemical, biological, radiological, nuclear and explosive detectors, and unmanned aerial and ground systems for border control, homeland security, law enforcement and commercial customers[1]. In the first quarter of 2025, the company paid about $702.8 million in cash for Qioptiq, the aerospace and defense electronics businesses of Excelitas, and placed them in its Aerospace and Defense Electronics segment[11].

Teledyne reports four segments, and Digital Imaging accounts for more than half of revenue. In 2025 Digital Imaging generated $3,163.9 million, or 51.7% of the company's $6,115.4 million in net sales, from infrared detectors and components, infrared cameras and surveillance systems, drones, industrial and scientific vision, medical X-ray, MEMS and high-reliability semiconductors[12][13]. Instrumentation generated $1,457.1 million, or 23.8%, across marine instruments, environmental instruments and electronic test and measurement[14]; the marine line covers underwater sensors, subsea interconnects and autonomous underwater vehicles for offshore oil and gas, naval defense and oceanographic customers[1]. Aerospace and Defense Electronics generated $1,058.7 million, or 17.3%[15], and Engineered Systems generated $435.7 million, or 7.1%, with 84.5% of its sales going to the U.S. government[16].

Teledyne's customer base is diversified, but the U.S. government and international customers both carry significant weight. In 2025 no commercial customer accounted for more than 10% of sales in any segment or for the whole company; direct and indirect sales to the U.S. government were $1,559.4 million, or 25.5% of net sales, and international sales were $2,932.6 million, with the United Kingdom, Germany, Japan, China and France as the top five foreign markets and together about 20% of total sales[17]. Because its products are technical, Teledyne sells through an internal direct sales force as well as third-party representatives and distributors, and several subsidiaries market jointly to the same customers[18].

Financial History and Current Position

Teledyne grew 2025 revenue by 7.9%, with acquisitions supplying a meaningful share of the increase. Net sales reached $6,115.4 million, up from $5,670.0 million in 2024, including $270.1 million of incremental sales from current and prior-year acquisitions; cost of sales was 57.2% of sales, roughly flat with 57.1% in 2024, SG&A fell from 15.9% to 15.2% of sales, and corporate expense rose to $87.5 million[19]. Adding the four segments' operating income and subtracting corporate expense gives 2025 consolidated GAAP operating income of about $1,149.8 million, an operating margin of about 18.8%[12][14][15][16].

Segment growth and margins moved in different directions in 2025. Digital Imaging sales grew only 3.0%, but operating income rose 19.5% and the margin rose from 14.4% to 16.7%, mainly because 2024 carried a $49.5 million intangible asset impairment[12]; Instrumentation sales rose 5.4% and its margin rose from 26.8% to 27.5%[14]. Aerospace and Defense Electronics sales jumped 36.3% on the Qioptiq acquisition, which contributed $244.2 million, but the margin fell from 28.5% to 24.8%[15][20]; Engineered Systems sales slipped 0.9% while its margin rose from 7.5% to 10.7%[16].

Teledyne's cash generation is steady, and in 2025 it spent the cash mainly on acquisitions, buybacks and debt reduction. Operating cash flow was $1,191.3 million, capital expenditures were $117.3 million and free cash flow was $1,074.0 million, slightly below $1,108.2 million in 2024; the company spent $821.4 million on acquisitions, repurchased about 0.8 million shares for $400.0 million at a weighted average price of $507.52, and ended the year with $352.4 million of cash[21]. At December 28, 2025, total debt was $2,475.4 million and net debt was $2,123.0 million[22].

Growth accelerated over the first two quarters of 2026, and the balance sheet became noticeably lighter. First-quarter sales rose 7.6% to $1,560.1 million, GAAP diluted EPS was $4.85, non-GAAP EPS was $5.80, and quarter-end leverage was 1.3x[23]. Second-quarter sales rose 9.8% to $1,662.5 million, net income attributable to Teledyne was $251.7 million, the GAAP operating margin rose from 18.4% a year earlier to 20.0%, and the non-GAAP operating margin rose from 22.2% to 23.4%[24]. The company repaid a $450.0 million debt maturity in the second quarter; at June 28 total debt was $2,027.0 million, cash was $340.1 million, net debt was $1,686.9 million, and $1,160.7 million remained available under the $1.20 billion credit facility[22]. First-half operating cash flow was $549.2 million, the company made no repurchases in the first half, and $1.6 billion remained under its repurchase authorization[25].

Operating Model

Teledyne's revenue is the sum of its four segments, with Digital Imaging and Aerospace and Defense Electronics driven by multi-year defense orders and the commercial businesses driven by short-cycle orders. In the second quarter Digital Imaging contributed $868.7 million, Instrumentation $387.8 million, Aerospace and Defense Electronics $286.4 million and Engineered Systems $119.6 million, for a total of $1,662.5 million[26]. Instrumentation splits further into marine instruments at $181.2 million, environmental instruments at $127.1 million and test and measurement at $79.5 million[27]. On the second-quarter call, management broke the 7% full-year growth outlook into 7.5% for Digital Imaging, 5.7% for Instrumentation, 7.2% for Aerospace and Defense Electronics and 5.6% for Engineered Systems, and said commercial short-cycle growth had been raised from flat-to-low-single-digit to mid-single-digit while defense should grow at a high single-digit rate for the year[5].

Operating income equals segment operating income minus corporate expense, and margins depend mainly on product mix, research intensity and acquisition amortization. Digital Imaging's 2025 GAAP operating income of $528.2 million was after $185.3 million of acquired intangible amortization, which is why its GAAP margin was only 16.7%[12], while Instrumentation's GAAP margin reached 27.5%[14]. The direction of mix is clear: infrared components earn more than finished cameras, offshore energy instruments earn more than underwater vehicles, and commercial avionics earn more than defense electronics; management has also flagged that a higher mix of lower-margin defense products puts some pressure on margins[28]. The gap between second-quarter non-GAAP EPS of $6.28 and GAAP EPS of $5.37 comes mainly from excluded acquired intangible amortization and transaction and integration costs[24][4].

Cash flow equals profit plus depreciation and amortization minus working capital, and because capital spending is light, most of the remaining cash goes to acquisitions. Second-quarter depreciation and amortization was $85.7 million and capital expenditures were $30.5 million[22]; the company plans to invest about $150 million in capital expenditures in 2026[25], roughly 30% more than in 2025, to add capacity for high-demand defense products[8]. Management said Teledyne has about $1.2 billion of untapped credit facilities and up to about $4 billion of total acquisition capacity, and it is pursuing small and mid-sized deals of up to about $1 billion in both defense and commercial markets[29]; on August 10 it signed a merger agreement with Varex Imaging that is currently scheduled to close in early calendar 2027[30].

Industry and Competitive Position

Teledyne's competitive position rests on sensing technology that runs from space to the deep ocean, and it sells both components and complete systems. On the first-quarter call, management said the company supplies visible and infrared detectors not only to its own drone businesses but to almost every drone maker in the world, and that drones, nano drones, loitering drones and surveillance systems were all growing within FLIR Defense[31]. In missiles and munitions, direct microwave and energetic component revenue runs at $200-$250 million a year, and with related electronic warfare and radar programs, defense-related sales make up 30%-35% of annual company revenue, supplying programs including AMRAAM, PAC-3, Hellfire, Javelin and new hypersonic programs[32].

Teledyne's strengths are vertical integration and acquisition integration, while its weaknesses are key materials and a Chinese market exposed to geopolitics. About 48% of 2025 sales went to international customers, and about 25% came from U.S. government agencies or their prime contractors[19]. At the same time, China has restricted exports of gallium, germanium and related materials, which has affected the production and pricing of some Teledyne digital imaging and aerospace and defense products, has added two Teledyne legal entities to its Unreliable Entity List or Export Control List, and is home to many key direct and indirect suppliers[33]; China has also restricted exports of certain rare earth minerals used in Teledyne products[34].

The available comparison has clear limits, and readers should not treat it as a peer benchmark. The material covers only Teledyne's own segment disclosures and management statements, with no like-for-like revenue, margin or order data for competitors, so claims of technology leadership are mainly the company's own. Digital Imaging also discloses only year-over-year dollar changes by product line, not product-line totals[35], so outside readers cannot directly calculate the size or margin of the infrared business and must infer it from segment data and those increments.

Core Debates

Digital Imaging posted a record 25.0% margin in the second quarter, but about 120 basis points came from one-time tariff refunds. As refunds fade in the third quarter, can growth in infrared and unmanned systems keep the margin above 24%?

This question matters because Digital Imaging drives most of Teledyne's profit growth. The segment accounted for 51.7% of 2025 revenue[12], and its second-quarter non-GAAP operating income rose from $165.9 million to $217.6 million, an increase of $51.7 million[36] that accounts for nearly all of the company's non-GAAP operating income growth. On roughly $860 million of quarterly sales, each percentage point of segment margin moves operating income by about $8.6 million, or about $0.14 per share.

The current evidence shows that the growth is real, but the margin contains a one-time element. Second-quarter Digital Imaging sales rose 12.7% to $868.7 million[36], with sales of infrared detectors, components and subsystems up $29.0 million, surveillance systems up $15.5 million, industrial and scientific imaging up $9.1 million and X-ray products up $7.1 million[35]; infrared detectors and components rose $47.9 million over the first half, implying a first-quarter increase of about $18.9 million[37]. Management said infrared detectors for space imaging and infrared subsystems for unmanned systems each grew more than 20%, and that the segment's non-GAAP operating margin reached 25%[38], with a segment book-to-bill above 1.4[39]; the same margin was 23.2% in the first quarter[40]. Management also explained that about $10 million of tariff refunds landed almost entirely in Digital Imaging and added about 120 basis points, leaving the margin below 24% without them, although in dollar terms the refunds were nearly offset by higher R&D, inventory reserves and other accruals[7].

The financial chain runs from defense and commercial demand to earnings per share, and the key open question is what makes up the margin. Space payload, drone and counter-drone, and border surveillance orders, together with short-cycle demand for industrial vision and medical X-ray, drive shipments of infrared detectors, components, subsystems and surveillance systems and therefore segment sales; the share of high-margin infrared components, tariff refunds and R&D spending then set the segment margin, which flows into consolidated operating income and non-GAAP EPS. Teledyne has begun receiving the tariff refunds it filed for after the Supreme Court's IEEPA ruling, while it continues to pay other tariffs[41]. An alternative reading is that the second-quarter margin depended on refunds and a favorable component mix, and that if cameras and drone deliveries regain share and R&D keeps rising in the third quarter, the margin will return to about 23%; the available evidence cannot separate these two readings.

The third-quarter report should answer three questions: whether the Digital Imaging non-GAAP operating margin is at least 24.0% and whether the company discloses third-quarter refund amounts; whether segment sales come in near $860 million; and whether the year-over-year increase in infrared detector and component sales is at least $25 million. If the margin falls back below the first quarter's 23.2%, the second-quarter improvement came mainly from refunds; if the infrared increase is below $15 million, defense and space demand is slowing.

Teledyne's orders have exceeded sales for 11 straight quarters, lifting its order backlog to $5.18 billion. Can that backlog turn into revenue on schedule in the third quarter, bringing sales near $1.65 billion and earnings per share within or above guidance?

This question matters because the company has already raised its full-year targets, and the third quarter is the first chance to test them. Teledyne raised full-year revenue guidance by $120 million to more than $6.53 billion[5] and lifted full-year non-GAAP EPS guidance from $23.85-$24.15 to $24.45-$24.65[3]. First-half sales were $3,222.6 million[26], so reaching the full-year target requires about $1.65 billion of revenue in each second-half quarter; management has also noted a tougher year-over-year comparison in fourth-quarter Digital Imaging[42], so the pace of third-quarter conversion directly affects the room left for the year.

The current evidence shows strong demand, which makes delivery pace the open issue. The second-quarter book-to-bill was 1.23[8], and remaining performance obligations rose from $4,867.4 million at March 29[43] to $5,176.1 million at June 28, about 72% of which the company expects to recognize as revenue within 12 months[9]. Management confirmed that the unmanned and space businesses are each on track to grow more than 10% in 2026, but said most new defense orders are multi-year programs and gave no split between short- and long-term orders[39]. Second-quarter Aerospace and Defense Electronics sales rose 8.2% to $286.4 million, with defense electronics up $20.8 million, and Engineered Systems sales rose 8.4%[44]. Management also said there is potential upside of $30-$40 million in revenue across businesses if current demand trends hold, and that its conservative guidance reflects key-material supply and tariff and oil-price policy uncertainty rather than slowing demand[42].

The financial chain starts with U.S. and European defense budgets, runs through orders and backlog, and is ultimately limited by capacity and materials. Defense budgets, demand for unmanned systems, missiles and munitions, and space programs generate multi-year orders, and book-to-bill above one lifts remaining performance obligations; those obligations become consolidated revenue only as capacity and material supply allow delivery, and operating leverage then magnifies them into non-GAAP EPS. Remaining performance obligations include only firm orders and exclude unexercised contract options and potential orders under indefinite-delivery contracts[9], so they differ from the "$5 billion in funded backlog" cited on the call. An alternative reading is that most new orders are multi-year programs whose revenue will be recognized over longer periods, and that with germanium and rare earth magnet constraints, a rising backlog may not show up in third-quarter revenue at the same pace.

The third-quarter report should show whether consolidated revenue is at least $1.62 billion and whether it exceeds the second quarter's $1,662.5 million, where non-GAAP EPS lands relative to the $6.05-$6.15 guidance[4], and whether remaining performance obligations stay above $5,176.1 million. If remaining performance obligations fall below the end-of-March level of $4,867.4 million, the order-growth case weakens; if revenue is below $1.62 billion while backlog keeps rising, the bottleneck is delivery rather than demand.

Instrumentation grew second-quarter sales by 5.5% but earned no more profit, because more low-margin underwater vehicles were sold. Can the segment's margin return to about 27% in the third quarter, its level a year earlier?

This question matters because Instrumentation is one of Teledyne's highest-margin segments, and a decline there would offset gains in Digital Imaging. In 2025 the segment earned $400.4 million of operating income at a 27.5% GAAP margin[14], about 32% of the four segments' combined operating income. On roughly $390 million of quarterly sales, each percentage point of segment margin moves operating income by about $3.9 million.

The current evidence shows revenue growing while mix holds profit back. Second-quarter Instrumentation sales rose 5.5% to $387.8 million, while operating income fell 0.2% to $101.4 million, taking the GAAP margin from 27.6% a year earlier to about 26.1%[10]; the first-quarter margin was about 24.5%[45]. By product line, marine instruments generated $181.2 million, up 5.7% from $171.5 million a year earlier, environmental instruments $127.1 million and test and measurement $79.5 million[27]; $6.1 million of the $7.2 million environmental increase came from a recent acquisition, and the company attributed the higher cost-of-sales ratio and lower margin explicitly to unfavorable product mix[46]. Management said defense-related marine instruments grew about 20%, offshore energy instruments grew modestly, and the margin improved 160 basis points from the first quarter[38].

The financial chain depends on the balance between naval programs and offshore energy demand. Offshore energy investment, naval unmanned undersea programs, and short-cycle demand for gas detection and test and measurement drive shipments across the three product lines and therefore segment sales; the mix between low-margin underwater vehicles and high-margin energy instruments then sets the segment margin and flows into consolidated operating income. Management has listed oil-price volatility as a source of uncertainty for energy end-market demand[28]. An alternative reading is that defense underwater vehicles are becoming the main growth engine for marine instruments and carry structurally lower margins than offshore energy products, so a return to a margin above 27% may take several quarters rather than happen in the third quarter.

The third-quarter report should show whether the Instrumentation GAAP operating margin is at least 27.2%, whether segment sales are at least $384 million, and whether environmental instruments grow again excluding acquisitions. If the margin falls below the second quarter's 26.1%, mix pressure is deepening; if marine instruments decline year over year, energy and naval demand are weakening at the same time.

Risks and Falsifiers

The first risk is the supply of germanium and rare earth magnets, which directly limits production and delivery of infrared and defense products. Management said more than $1 billion of annual revenue depends on germanium and rare earth magnet supplies, and although the company has invested in mitigation such as germanium scrap recycling, these supply risks are one reason for its cautious guidance[28]; against 2025 net sales of $6,115.4 million, that is about 16% of revenue, concentrated in Digital Imaging and Aerospace and Defense Electronics[33]. If third-quarter revenue is at least $1.62 billion and the company reports no delivery delays caused by material shortages, this risk is falsified for the period.

The second risk is the integration and capital-allocation pressure from acquiring Varex Imaging. The roughly $1.1 billion deal is expected to close in early 2027 and still needs regulatory approval and adoption by Varex stockholders[30]; once completed it would add medical and industrial X-ray component businesses and use most of the roughly $1.2 billion of untapped credit facilities[29]. If the deal closes on schedule and Teledyne keeps net leverage around 1.1x before closing[3], this risk does not materialize.

The third risk is that tariff refunds and favorable mix disappear in the third quarter while R&D and inventory reserves keep rising, pulling the Digital Imaging margin down. The exposure is Digital Imaging operating income, which was $170.2 million on a GAAP basis in the second quarter[36], and higher inventory reserves were already among the reasons second-quarter costs rose[35]; each percentage point of margin lost on roughly $860 million of quarterly sales costs about $8.6 million. If the third-quarter Digital Imaging non-GAAP operating margin is at least 24.0% and the company discloses no refunds above $5 million, this risk is falsified.

The fourth risk is that multi-year defense orders deliver more slowly than they are booked, so backlog rises while revenue and EPS fall behind the guided pace. The exposure is consolidated revenue and non-GAAP EPS: full-year revenue guidance is above $6.53 billion, requiring about $1.65 billion per second-half quarter[5], and management acknowledged that most new defense orders are multi-year programs[39]. If third-quarter consolidated revenue is at least $1.62 billion and non-GAAP EPS is at least $6.05, this risk is falsified.

The fifth risk is that oil-price volatility weighs on offshore energy instruments while low-margin underwater vehicles keep a high share, so the Instrumentation margin keeps falling year over year. Management has named oil-price volatility as an uncertainty for energy end-market demand[28], and the segment's cost-of-sales ratio already rose on unfavorable mix in the second quarter[46]; each percentage point of margin lost on roughly $390 million of quarterly sales costs about $3.9 million. If the third-quarter Instrumentation GAAP operating margin is at least 27.2%, this risk is falsified.

What to Watch Next

• Digital Imaging margin: The segment's non-GAAP operating margin was 25.0% in the second quarter, below 24% excluding refunds, and 23.2% in the first quarter. Watch whether it is at least 24.0% and whether refunds are disclosed; a reading below 23.2% would mean the improvement came mainly from refunds.
• Digital Imaging sales and infrared growth: Second-quarter segment sales were $868.7 million and the infrared increase was $29.0 million. Watch for sales near $860 million and an infrared increase of at least $25 million; an increase below $15 million would point to slowing defense and space demand.
• Backlog conversion into revenue and EPS: Second-quarter revenue was $1,662.5 million and non-GAAP EPS was $6.28, against third-quarter EPS guidance of $6.05-$6.15. Watch for revenue of at least $1.62 billion and EPS relative to guidance; revenue below $1.62 billion with rising backlog would point to a delivery bottleneck.
• Remaining performance obligations: $5,176.1 million at the end of June versus $4,867.4 million at the end of March. Watch whether they stay above $5,176.1 million; a drop below $4,867.4 million would weaken the order-growth case.
• Instrumentation margin and sales: 26.1% and $387.8 million in the second quarter. Watch for a margin of at least 27.2% and sales of at least $384 million; a margin below 26.1% would mean mix pressure is deepening.
• Marine and environmental instruments: Marine sales were $181.2 million, and environmental sales included $6.1 million from an acquisition. Watch for year-over-year marine growth and organic environmental growth; a marine decline would mean energy and naval demand are weakening together.

Conclusion

Teledyne's results rest on three forces: growth in infrared components and unmanned and space systems within Digital Imaging, the conversion of multi-year defense orders into revenue, and the naval-versus-energy product mix within Instrumentation. The company's financial position is the strongest in years, with second-quarter sales of $1,662.5 million, non-GAAP EPS of $6.28, and net debt reduced to $1,686.9 million at the end of June with leverage of 1.1x[3][22]. The central unresolved relationship sits here as well: about 120 basis points of Digital Imaging's 25.0% second-quarter margin came from one-time refunds[7], while the $5,176.1 million of remaining performance obligations[9] is constrained by material supply and the timing of multi-year programs, and the third quarter is the first time both are tested together.

Since the second-quarter report, outside commentary has not produced an independent interpretation that can be relied on. The outside material on Teledyne in this period consists mainly of short deal notes and industry-consolidation commentary after the August 10 announcement of the Varex Imaging acquisition[30], routine reiterations of brokers' views on the stock, and reports on changes in institutional holdings; these pieces either center on views of the share price or stay qualitative, and none offers verifiable independent analysis of the Digital Imaging margin, backlog conversion or Instrumentation mix. Readers therefore have only the company's own disclosures and management's statements to rely on, and the third-quarter report should be judged against the figures the company discloses.

The combination that would materially strengthen the current understanding is third-quarter revenue of at least $1.62 billion, non-GAAP EPS within or above the $6.05-$6.15 range, a Digital Imaging margin still at or above 24.0% as refunds fade, remaining performance obligations above $5,176.1 million, and an Instrumentation margin back above 27.2%. Conversely, a Digital Imaging margin below 23.2%, revenue below $1.62 billion while backlog keeps rising, or an Instrumentation margin below 26.1% alongside a year-over-year marine decline would weaken the view that demand is strong and margins are sustainable, and would suggest the second-quarter records relied more on one-time items and favorable mix.

Sources

[1] TDY 10-K filed 2026-02-20 · business segments and defense imaging · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[2] Drillr earnings calendar (updated 2026-10-14) · TDY 2026-10-21 call · 2026-10-14 · Drillr earnings calendar

[3] TDY 8-K filed 2026-07-22 · Q2 2026 highlights · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[4] TDY 8-K filed 2026-07-22 · Q3 and full-year 2026 outlook · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[5] TDY Q2 2026 earnings call 2026-07-22 · 2026 guidance · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[6] Drillr analyst_financial_estimates (updated 2026-10-14) · TDY quarter ending 2026-09-28 · 2026-10-14 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] TDY Q2 2026 earnings call 2026-07-22 · tariff benefit and margin Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] TDY Q2 2026 earnings call 2026-07-22 · orders, backlog and cash highlights · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] TDY 10-Q filed 2026-07-24 · remaining performance obligations at June 28, 2026 · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[10] TDY 8-K filed 2026-07-22 · Instrumentation Q2 2026 review · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[11] TDY 10-K filed 2026-02-20 · 2025 Qioptiq acquisition · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[12] TDY 10-K filed 2026-02-20 · Digital Imaging segment table 2025 vs 2024 · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[13] TDY 10-K filed 2026-02-20 · Digital Imaging 2025 drivers · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[14] TDY 10-K filed 2026-02-20 · Instrumentation segment table 2025 vs 2024 · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[15] TDY 10-K filed 2026-02-20 · Aerospace and Defense Electronics segment table 2025 vs 2024 · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[16] TDY 10-K filed 2026-02-20 · Engineered Systems segment table 2025 vs 2024 · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[17] TDY 10-K filed 2026-02-20 · customers, international and U.S. Government sales · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[18] TDY 10-K filed 2026-02-20 · marketing and sales channels · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[19] TDY 10-K filed 2026-02-20 · consolidated results of operations 2025 · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[20] TDY 10-K filed 2026-02-20 · Aerospace and Defense Electronics 2025 drivers · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[21] TDY 10-K filed 2026-02-20 · 2025 cash flow, free cash flow and repurchases · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[22] TDY 8-K filed 2026-07-22 · Q2 2026 cash flow and net debt · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[23] TDY 8-K filed 2026-04-22 · Q1 2026 highlights · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=8-K&dateb=&owner=include&count=40

[24] TDY 8-K filed 2026-07-22 · Q2 2026 net income and operating margin · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[25] TDY 10-Q filed 2026-07-24 · six-month 2026 cash flows, capex plan and buyback capacity · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[26] TDY 10-Q filed 2026-07-24 · Q2 and six-month 2026 segment results · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[27] TDY 10-Q filed 2026-07-24 · Instrumentation product-line sales · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[28] TDY Q2 2026 earnings call 2026-07-22 · stated risks · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[29] TDY Q2 2026 earnings call 2026-07-22 · M&A capacity Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] VREX 10-Q filed 2026-08-10 · pending merger with Teledyne · 2026-08-10 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=varex+imaging&type=10-Q&dateb=&owner=include&count=40

[31] TDY Q1 2026 earnings call 2026-04-22 · FLIR defense and drone detector Q&A · 2026-04-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[32] TDY Q2 2026 earnings call 2026-07-22 · missiles and munitions Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[33] TDY 10-K filed 2026-02-20 · export restrictions and germanium risk · 2026-02-20 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-K&dateb=&owner=include&count=40

[34] TDY 10-Q filed 2026-04-24 · tariffs, rare earths and IEEPA ruling · 2026-04-24 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-Q&dateb=&owner=include&count=40

[35] TDY 10-Q filed 2026-07-24 · Digital Imaging Q2 2026 product drivers · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[36] TDY 8-K filed 2026-07-22 · Digital Imaging Q2 2026 review · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[37] TDY 10-Q filed 2026-07-24 · Digital Imaging six-month 2026 product drivers · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[38] TDY Q2 2026 earnings call 2026-07-22 · segment performance · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[39] TDY Q2 2026 earnings call 2026-07-22 · orders and unmanned/space Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[40] TDY Q1 2026 earnings call 2026-04-22 · segment performance and growth mix · 2026-04-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] TDY 10-Q filed 2026-07-24 · IEEPA tariff refunds · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm

[42] TDY Q2 2026 earnings call 2026-07-22 · second-half conservatism Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[43] TDY 10-Q filed 2026-04-24 · remaining performance obligations at March 29, 2026 · 2026-04-24 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-Q&dateb=&owner=include&count=40

[44] TDY 8-K filed 2026-07-22 · Aerospace and Defense Electronics and Engineered Systems Q2 2026 review · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000039/q2-2026earningsrelease.htm

[45] TDY 10-Q filed 2026-04-24 · Q1 2026 segment table · 2026-04-24 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001094285&type=10-Q&dateb=&owner=include&count=40

[46] TDY 10-Q filed 2026-07-24 · Instrumentation Q2 2026 cost and mix · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/0001094285/000109428526000043/tdy-20260628.htm