Teledyne Technologies Incorporated (TDY) Income Statement

28Y historyFree accessUpdated daily

Revenue growth accelerated to 9.8% YoY in Q2 2026, with operating margin expanding to 20.0% and net margin to 15.1%, though gross margin volatility (ranging from 29.4% to 44.4% over the past year) suggests mix and acquisition-related impacts.

Annual statement

TDY Income Statement

Teledyne Technologies Incorporated (TDY) annual income statement — 28-year revenue, gross profit & net income history

Annual Quarterly

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	6.39B	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 %	6.49%	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	3.89B	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	2.45B	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 %	38.23%	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	1.25B	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	961.2M	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	335.4M	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	1.25B	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 %	19.56%	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	1.6B	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 %	24.95%	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 %	15.11%	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)	342M	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	1.24B	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	-50.3M	-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	50.6M	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	-44.7M	-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	1.2B	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 %	18.69%	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	220M	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 %	18.41%	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	980.9M	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 %	15.34%	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 %	19.96%	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)	975M	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)	20.91	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 %	21.08%	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	46.9M	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	46.9M	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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowRobust

Top Statement Risk

Organic growth plateau risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Accelerating Momentum After Stagnation

Revenue growth accelerated to 9.8% in Q2 2026, the strongest in eight quarters, following a period of sub-5% growth, according to reported financials. This suggests a potential inflection in demand across Teledyne's segments.

The sequential acceleration from 7.6% in Q1 2026 to 9.8% in Q2 2026, coupled with a 21.2% EPS surge, indicates that the FLIR integration may be entering a revenue-synergy phase. However, the prior two years of plateaued organic growth warrant caution; investors should monitor whether this acceleration is driven by durable volume or one-off contract timing.

Gross Margin Volatility Masks Underlying Strength

Gross margin swung from 29.4% in Q4 2025 to 44.4% in Q2 2026, a 15-point swing, based on quarterly data. This volatility likely reflects product mix and acquisition-related costs, not a structural change in pricing power.

The Q4 2025 dip appears anomalous, possibly due to a one-time inventory charge or mix shift, while the Q2 2026 rebound to 44.4% exceeds the trailing average of ~42%. Teledyne's gross margin remains below software peers but above defense contractors like HII (12.7%), reflecting its niche hardware positioning. The sustainability of the 44% level is uncertain, given historical fluctuations.

Operating Leverage Emerging in 2026

Operating income grew 19.8% YoY in Q2 2026, outpacing revenue growth of 9.8%, as reported in financial statements. This suggests SG&A and R&D are scaling efficiently, driving operating margin to 20.0%.

The operating margin expansion from 18.4% in Q2 2025 to 20.0% in Q2 2026 indicates that overhead absorption is improving, likely aided by FLIR cost synergies. However, R&D spending increased 9.5% YoY, suggesting continued investment in innovation. If revenue growth decelerates, the high fixed-cost base could pressure margins, but current trends are favorable.

Amortization Masks Strong Cash Earnings

Reported net margin of 15.1% in Q2 2026 understates economic profitability due to significant non-cash amortization from the FLIR acquisition, per SEC filings. Adjusted figures likely show higher earnings power.

The absence of stock-based compensation in Q2 2026 (reported as $0) is unusual and may indicate a data gap, but the trend of SBC around $10M per quarter is modest relative to net income. The low debt-to-equity ratio of 0.25% suggests a fortress balance sheet, but investors should focus on free cash flow conversion, which has been robust, to gauge true earnings quality.

R&D Investment Drives Cost Structure

R&D spending rose to $90.2M in Q2 2026, up 9.5% YoY, while SG&A grew 12.8%, according to reported figures. This indicates continued investment in sensor technology and integration costs.

The increase in R&D as a percentage of revenue (5.4% in Q2 2026 vs. 5.3% in Q2 2025) suggests management is prioritizing innovation to maintain its moat. SG&A growth outpacing revenue may reflect one-time integration expenses, but the operating margin expansion implies these costs are being absorbed. Investors should monitor whether R&D intensity translates into sustained organic growth.

Organic Growth Plateau Raises Concerns

Despite record Q2 2026 results, organic revenue growth has plateaued over the past two years, with recent acceleration possibly driven by acquisitions or pricing, as noted in AI-derived risk factors. This warrants scrutiny.

The 9.8% revenue growth in Q2 2026 may be flattered by FLIR-related contributions, and the underlying organic growth could be lower. If industrial and defense demand softens, the high fixed-cost base could lead to margin compression. Short-sellers might argue that the record quarter is cyclical, not structural, and that the stock's premium valuation (P/E ~30x) is unjustified if growth reverts to mid-single digits.

TDY — Frequently Asked Questions

Quick answers to the most common questions about buying TDY stock.

What was Teledyne Technologies Incorporated's (TDY) revenue in 2025?

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.

Is Teledyne Technologies Incorporated (TDY) profitable?

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%.

What is Teledyne Technologies Incorporated's operating profit margin?

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.

What is Teledyne Technologies Incorporated's gross profit and gross margin?

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.