Teledyne has sustained a steady revenue growth trajectory, achieving a 7.6% year-over-year increase in 2026Q1 while maintaining operating margins near the 18-19% range despite periodic gross margin compression.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 6.27B | 6.12B | 5.67B | 5.64B | 5.46B | 4.61B | 3.09B | 3.16B | 2.9B | 2.6B | 2.15B | 2.3B | 2.39B | 2.34B | 2.13B | 1.94B | 1.64B | 1.65B | 1.89B | 1.62B | 1.43B | 1.21B | 1.02B | 840.7M | 772.7M | 744.3M | 795.1M | 761.4M | 733M |
| Revenue Growth % | 6.14% | 7.86% | 0.61% | 3.24% | 18.3% | 49.51% | -2.45% | 9.02% | 11.44% | 21.11% | -6.45% | -4.01% | 2.37% | 9.93% | 9.55% | 18.11% | -0.48% | -12.73% | 16.69% | 13.19% | 18.79% | 18.68% | 20.92% | 8.8% | 3.82% | -6.39% | 4.43% | 3.87% | - |
| Cost of Goods Sold | 3.83B | 3.72B | 3.24B | 3.2B | 3.13B | 2.77B | 1.91B | 1.92B | 1.79B | 1.62B | 1.33B | 1.43B | 1.49B | 1.5B | 1.38B | 1.29B | 1.15B | 1.18B | 1.34B | 1.14B | 1.02B | 869.6M | 746.3M | 636.7M | 584.9M | 573.4M | 564.8M | 540.8M | 521.5M |
| COGS % of Revenue | - | 60.78% | 57.06% | 56.71% | 57.31% | 60.09% | 61.74% | 60.7% | 61.72% | 62.37% | 61.84% | 62.13% | 62.12% | 64.14% | 64.83% | 66.47% | 69.83% | 71.26% | 70.76% | 70.05% | 71.18% | 72.08% | 73.41% | 75.73% | 75.7% | 77.04% | 71.04% | 71.03% | 71.15% |
| Gross Profit | 2.37B | 2.4B | 2.43B | 2.44B | 2.33B | 1.84B | 1.18B | 1.24B | 1.11B | 979.8M | 820.4M | 870.3M | 906.9M | 838.6M | 748.2M | 651.2M | 496.1M | 474.8M | 553.5M | 485.9M | 413M | 336.9M | 270.3M | 204M | 187.8M | 170.9M | 230.3M | 220.6M | 211.5M |
| Gross Margin % | 37.73% | 39.22% | 42.94% | 43.29% | 42.69% | 39.91% | 38.26% | 39.3% | 38.28% | 37.63% | 38.16% | 37.87% | 37.88% | 35.86% | 35.17% | 33.53% | 30.17% | 28.74% | 29.24% | 29.95% | 28.82% | 27.92% | 26.59% | 24.27% | 24.3% | 22.96% | 28.96% | 28.97% | 28.85% |
| Gross Profit Growth % | - | -1.5% | -0.19% | 4.68% | 26.55% | 55.93% | -5.02% | 11.93% | 13.37% | 19.43% | -5.73% | -4.04% | 8.14% | 12.08% | 14.9% | 31.26% | 4.49% | -14.22% | 13.91% | 17.65% | 22.59% | 24.64% | 32.5% | 8.63% | 9.89% | -25.79% | 4.4% | 4.3% | - |
| Operating Expenses | 1.21B | 1.25B | 1.45B | 1.41B | 1.36B | 1.22B | 700.8M | 751.6M | 694.2M | 658.1M | 579.9M | 588.6M | 612.4M | 598.3M | 505.1M | 424M | 317.6M | 303.4M | 364.6M | 323.6M | 287.9M | 236.2M | 203.4M | 157M | 144.9M | 160.1M | 173.2M | 141.8M | 134M |
| OpEx % of Revenue | - | 20.41% | 25.5% | 24.93% | 24.88% | 26.38% | 22.71% | 23.76% | 23.92% | 25.27% | 26.97% | 25.61% | 25.58% | 25.58% | 23.74% | 21.83% | 19.32% | 18.36% | 19.26% | 19.95% | 20.09% | 19.58% | 20.01% | 18.67% | 18.75% | 21.51% | 21.78% | 18.62% | 18.28% |
| Selling, General & Admin | 931.9M | 920.2M | 902.6M | 852M | 804M | 1.07B | 662M | 715.1M | 694.2M | 658.1M | 579.9M | 588.6M | 612.4M | 598.3M | 505.1M | 424M | 317.6M | 303.4M | 364.6M | 323.6M | 287.9M | 236.2M | 203.4M | 157M | 145.6M | 143.8M | 158.4M | 130.5M | 123.4M |
| SG&A % of Revenue | - | 15.05% | 15.92% | 15.12% | 14.73% | 23.14% | 21.45% | 22.6% | 23.92% | 25.27% | 26.97% | 25.61% | 25.58% | 25.58% | 23.74% | 21.83% | 19.32% | 18.36% | 19.26% | 19.95% | 20.09% | 19.58% | 20.01% | 18.67% | 18.84% | 19.32% | 19.92% | 17.14% | 16.83% |
| Research & Development | 327.6M | 317.3M | 292.6M | 356.3M | 352.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.19% | 5.16% | 6.32% | 6.45% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 10.9M | 250.5M | 196.7M | 202.1M | 149.3M | 38.8M | 36.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -700K | 16.3M | 14.8M | 11.3M | 10.6M |
| Operating Income | 1.2B | 1.15B | 989.1M | 1.03B | 972M | 624.3M | 480.1M | 491.7M | 416.6M | 321.7M | 240.5M | 281.7M | 294.5M | 240.3M | 243.1M | 227.2M | 178.5M | 171.4M | 188.9M | 162.3M | 125.1M | 100.7M | 66.9M | 47M | 42.9M | 10.8M | 57.1M | 78.8M | 77.5M |
| Operating Margin % | 19.14% | 18.8% | 17.44% | 18.36% | 17.81% | 13.53% | 15.56% | 15.54% | 14.36% | 12.35% | 11.19% | 12.26% | 12.3% | 10.28% | 11.43% | 11.7% | 10.86% | 10.37% | 9.98% | 10% | 8.73% | 8.35% | 6.58% | 5.59% | 5.55% | 1.45% | 7.18% | 10.35% | 10.57% |
| Operating Income Growth % | - | 16.25% | -4.38% | 6.42% | 55.69% | 30.04% | -2.36% | 18.03% | 29.5% | 33.76% | -14.63% | -4.35% | 22.56% | -1.15% | 7% | 27.28% | 4.14% | -9.26% | 16.39% | 29.74% | 24.23% | 50.52% | 42.34% | 9.56% | 297.22% | -81.09% | -27.54% | 1.68% | - |
| EBITDA | 1.54B | 1.49B | 1.3B | 1.35B | 1.3B | 996.1M | 596.3M | 603.6M | 529.6M | 434.7M | 327.8M | 372M | 388.8M | 331.4M | 321.4M | 291.4M | 223.7M | 213.9M | 236.2M | 197M | 157.1M | 126.3M | 91.7M | 70.1M | 64.7M | 31.3M | 71.9M | 90.1M | 88.1M |
| EBITDA Margin % | 24.62% | 24.3% | 22.91% | 23.97% | 23.89% | 21.59% | 19.32% | 19.08% | 18.25% | 16.69% | 15.25% | 16.19% | 16.24% | 14.17% | 15.11% | 15.01% | 13.61% | 12.95% | 12.48% | 12.14% | 10.96% | 10.47% | 9.02% | 8.34% | 8.37% | 4.21% | 9.04% | 11.83% | 12.02% |
| EBITDA Growth % | 13% | 14.4% | -3.83% | 3.57% | 30.93% | 67.05% | -1.21% | 13.97% | 21.83% | 32.61% | -11.88% | -4.32% | 17.32% | 3.11% | 10.3% | 30.26% | 4.58% | -9.44% | 19.9% | 25.4% | 24.39% | 37.73% | 30.81% | 8.35% | 106.71% | -56.47% | -20.2% | 2.27% | - |
| D&A (Non-Cash Add-back) | 342.8M | 336.3M | 309.9M | 316.4M | 332.2M | 371.8M | 116.2M | 111.9M | 113M | 113M | 87.3M | 90.3M | 94.3M | 91.1M | 78.3M | 64.2M | 45.2M | 42.5M | 47.3M | 34.7M | 32M | 25.6M | 24.8M | 23.1M | 21.8M | 20.5M | 14.8M | 11.3M | 10.6M |
| EBIT | 1.19B | 1.15B | 995.8M | 1.04B | 997.4M | 624.6M | 485M | 494.7M | 419.4M | 320.1M | 264.5M | 282.1M | 301.1M | 244.4M | 246M | 227.8M | 180.1M | 171.4M | 188.9M | 162.3M | 125.1M | 100.7M | 66.9M | 47M | 42.2M | 19.6M | 57.1M | 78.8M | 77.5M |
| Net Interest Income | -49.3M | -59.6M | -57.9M | -77.3M | -89.3M | -90.8M | -15.3M | -21M | -25.5M | -33.1M | -23.2M | -23.9M | -19M | -20.4M | -17.8M | -16.2M | -6.5M | -4.8M | -10.9M | -12.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 54.6M | 59.6M | 57.9M | 77.3M | 89.3M | 90.8M | 15.3M | 21M | 25.5M | 33.1M | 23.2M | 23.9M | 19M | 20.4M | 17.8M | 16.2M | 6.5M | 4.8M | 10.9M | 10.1M | 0 | 0 | 0 | 4M | 0 | 22.4M | 2.7M | 0 | 0 |
| Other Income/Expense | -50.4M | -55.3M | -51.2M | -75.5M | -63.9M | -90.5M | -10.4M | -18M | -22.7M | -34.7M | 800K | -23.5M | -12.4M | -16.3M | -14.9M | -15.6M | -4.9M | -5M | -10.3M | -13M | -3.4M | 2.3M | 1.1M | -2.4M | -800K | 500K | -4.2M | 200K | 1.6M |
| Pretax Income | 1.13B | 1.09B | 937.9M | 958.9M | 908.1M | 533.8M | 469.7M | 473.7M | 393.9M | 287M | 244.5M | 258.2M | 282.1M | 224M | 228.2M | 211.6M | 175.4M | 161.1M | 194.3M | 149.3M | 121.7M | 103M | 68M | 44.6M | 42.1M | 11.3M | 52.9M | 82M | 83M |
| Pretax Margin % | 18.09% | 17.9% | 16.54% | 17.02% | 16.64% | 11.57% | 15.22% | 14.97% | 13.57% | 11.02% | 11.37% | 11.24% | 11.78% | 9.58% | 10.73% | 10.9% | 10.67% | 9.75% | 10.26% | 9.2% | 8.49% | 8.54% | 6.69% | 5.31% | 5.45% | 1.52% | 6.65% | 10.77% | 11.32% |
| Income Tax | 200.6M | 198.8M | 117.2M | 72.3M | 119.2M | 88.5M | 67.8M | 71.4M | 60.1M | 59.8M | 51.6M | 62.7M | 66.5M | 39.5M | 65.4M | 69.5M | 54.8M | 47.3M | 72.1M | 50.8M | 41.4M | 38.8M | 26.3M | 14.9M | 16.7M | 4.5M | 21M | 33M | 34.3M |
| Effective Tax Rate % | 17.68% | 18.16% | 12.5% | 7.54% | 13.13% | 16.58% | 14.43% | 15.07% | 15.26% | 20.84% | 21.1% | 24.28% | 23.57% | 17.63% | 28.66% | 32.84% | 31.24% | 29.36% | 37.11% | 34.03% | 34.02% | 37.67% | 38.68% | 33.41% | 39.67% | 39.82% | 39.7% | 40.24% | 41.33% |
| Net Income | 949.9M | 894.8M | 819.2M | 885.7M | 788.6M | 445.3M | 401.9M | 402.3M | 333.8M | 227.2M | 190.9M | 195.8M | 217.7M | 185M | 164.1M | 255.2M | 120.5M | 113.3M | 122.2M | 98.5M | 80.3M | 64.2M | 41.7M | 29.7M | 25.4M | 6.6M | 32.3M | 49M | 48.7M |
| Net Margin % | 15.15% | 14.63% | 14.45% | 15.72% | 14.45% | 9.65% | 13.02% | 12.72% | 11.5% | 8.73% | 8.88% | 8.52% | 9.09% | 7.91% | 7.71% | 13.14% | 7.33% | 6.86% | 6.46% | 6.07% | 5.6% | 5.32% | 4.1% | 3.53% | 3.29% | 0.89% | 4.06% | 6.44% | 6.64% |
| Net Income Growth % | 10.58% | 9.23% | -7.51% | 12.31% | 77.09% | 10.8% | -0.1% | 20.52% | 46.92% | 19.02% | -2.5% | -10.06% | 17.68% | 12.74% | -35.7% | 111.78% | 6.35% | -7.28% | 24.06% | 22.66% | 25.08% | 53.96% | 40.4% | 16.93% | 284.85% | -79.57% | -34.08% | 0.62% | - |
| Net Income (Continuing) | 933.7M | 895.7M | 820.7M | 886.6M | 788.9M | 445.3M | 401.9M | 402.3M | 333.8M | 227.2M | 190.9M | 195.5M | 215.6M | 184.5M | 162.8M | 142.1M | 120M | 116.4M | 113.6M | 98.5M | 80.3M | 64.2M | 41.7M | 29.7M | 25.4M | 6.8M | 31.9M | 47.2M | 46.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.3M | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 6M | 4.6M | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.2M | 47M | 55.6M | 4.8M | 1M | 900K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 20.30 | 18.88 | 17.21 | 18.49 | 16.53 | 10.05 | 10.60 | 10.73 | 9.02 | 6.26 | 5.37 | 5.44 | 5.75 | 4.87 | 4.39 | 6.84 | 3.27 | 3.10 | 3.35 | 2.72 | 2.26 | 1.85 | 1.24 | 0.91 | 0.77 | 0.20 | 1.09 | 1.79 | 1.73 |
| EPS Growth % | 11.18% | 9.7% | -6.92% | 11.86% | 64.48% | -5.19% | -1.21% | 18.96% | 44.09% | 16.57% | -1.29% | -5.39% | 18.07% | 10.93% | -35.82% | 109.17% | 5.48% | -7.46% | 23.16% | 20.35% | 22.16% | 49.19% | 36.26% | 18.18% | 285% | -81.65% | -39.11% | 3.47% | - |
| EPS (Basic) | - | 18.88 | 17.43 | 18.71 | 16.85 | 10.31 | 10.95 | 11.08 | 9.25 | 6.39 | 5.46 | 5.52 | 5.94 | 4.87 | 4.42 | 6.90 | 3.31 | 3.14 | 3.41 | 2.82 | 2.34 | 1.93 | 1.29 | 0.92 | 0.79 | 0.20 | 1.13 | 1.79 | 1.73 |
| Diluted Shares Outstanding | 46.8M | 47.4M | 47.6M | 47.9M | 47.7M | 44.3M | 37.9M | 37.5M | 37M | 36.3M | 35.5M | 36M | 37.9M | 38M | 37.4M | 37.3M | 36.9M | 36.6M | 36.5M | 36.2M | 35.53M | 34.7M | 33.63M | 32.64M | 32.99M | 33M | 29.63M | 27.37M | 28.15M |
| Basic Shares Outstanding | 46.8M | 47.4M | 46.71M | 47.33M | 46.8M | 43.2M | 36.7M | 36.3M | 36.09M | 35.54M | 35.11M | 34.51M | 36.66M | 37.99M | 37.16M | 36.45M | 36.36M | 36M | 35.4M | 34.9M | 34.32M | 33.26M | 32.33M | 32.28M | 32.15M | 33M | 28.58M | 27.37M | 28.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical export control exposure
According to reported financial data, Teledyne has maintained a consistent revenue growth trajectory, with recent quarterly figures showing a 7.6% year-over-year increase, suggesting that the company's specialized sensing and instrumentation portfolio remains resilient despite broader industrial capital expenditure fluctuations and ongoing integration of large-scale acquisitions.
The revenue growth profile appears to be supported by a mix of defense-related demand and commercial imaging applications, which helps buffer against cyclical downturns. Investors should monitor whether the recent shift toward sensor fusion can sustain this mid-single-digit growth as the company moves beyond the initial integration phase of its major acquisitions.
As indicated in the provided income statements, Teledyne’s gross margins have generally hovered around the 42% level, though a notable compression to 29.4% in 2025Q4 warrants investigation into potential supply chain disruptions or shifts in product mix within the high-end sensing and instrumentation segments.
The company’s ability to maintain gross margins above 40% in most periods suggests a strong competitive moat in specialized hardware where technical reliability is paramount. However, the volatility observed in recent quarters may imply that the company is not entirely immune to input cost inflation or the competitive bidding pressures inherent in government-contracted defense work.
Based on the income statement history, Teledyne has demonstrated effective operating leverage, with operating margins consistently tracking near 18-19%, suggesting that management successfully manages overhead costs even as they continue to integrate complex, high-barrier-to-entry businesses into their decentralized operational model.
The stability of operating margins despite varying revenue levels indicates a disciplined approach to managing fixed costs, particularly in specialized manufacturing environments. This efficiency appears to be a hallmark of the company's decentralized management philosophy, which allows acquired entities to maintain operational focus while benefiting from Teledyne's broader distribution scale.
As reported in financial filings, Teledyne’s net income exhibits significant quarterly variance, with EPS figures fluctuating between $3.72 and $6.75, which likely reflects the impact of non-cash amortization of intangible assets and other non-operating items associated with the company's aggressive acquisition strategy.
The discrepancy between GAAP net income and operational performance suggests that investors should prioritize adjusted earnings metrics to better understand the underlying cash-generating capability of the business. The inconsistent nature of these bottom-line figures may obscure the true economic value being created by the company's core sensing and instrumentation segments.
Based on an analysis of the income statement, short-term margin compression risks remain a primary concern, as evidenced by the 2025Q4 gross margin dip, which may suggest that the company's reliance on specialized semiconductor components leaves it vulnerable to supply chain shocks and rising input costs.
While the company’s moat in unforgiving environments is significant, the potential for restrictive export controls on dual-use imaging technology could limit addressable markets and pressure future growth. Investors should remain cautious regarding whether the current valuation adequately prices in the geopolitical risks associated with the company's high-performance defense and imaging portfolio.
Quick answers to the most common questions about buying TDY stock.
For fiscal year 2025, Teledyne Technologies Incorporated (TDY) reported total revenue of $6.12B. This represents a 734.3% increase compared to $733.0M in 1998.
Teledyne Technologies Incorporated (TDY) is profitable, generating $894.8M in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
Teledyne Technologies Incorporated (TDY) reported an operating income of $1.15B, resulting in an operating profit margin of 18.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Teledyne Technologies Incorporated (TDY) generated $2.40B in gross profit for the year, representing a gross profit margin of 39.2%. This demonstrates the company's core pricing power and production efficiency.