The strong beat and raised guidance, combined with record backlog and improving balance sheet, support a bullish thesis. Watch for potential M&A given management's commentary on reviewing acquisitions with a strong balance sheet. The next catalyst is Q3 2026 earnings, with guided non-GAAP EPS of $6.05-$6.15.
Price Chart
Executive Summary
Teledyne reported record Q2 2026 results with net sales of $1.6625B (+9.8% YoY) and non-GAAP EPS of $6.28 (+20.8% YoY), beating consensus estimates of $5.79 by 8.4%. The company raised its full-year 2026 non-GAAP EPS guidance to $24.45-$24.65 from $23.85-$24.15, citing strong demand across defense and industrial end markets, particularly in Digital Imaging. Operating cash flow surged to $315.2M and net debt was reduced to $1.69B following a $450M debt repayment, signaling robust financial health and execution momentum.
Key Financial Metrics
Key Facts
- Record quarterly orders, sales ($1.6625B), and operating profit ($333.2M GAAP)
- Non-GAAP EPS of $6.28 beat consensus of $5.79 by 8.4%
- Revenue grew 9.8% YoY to $1.6625B vs consensus of $1.58B
- Full-year 2026 non-GAAP EPS guidance raised to $24.45-$24.65 from $23.85-$24.15
- Operating cash flow of $315.2M, free cash flow of $284.7M
- Net debt reduced to $1.69B from $2.12B at year-end 2025 after $450M debt repayment
- Digital Imaging segment sales up 12.7% YoY; operating income up 42.3%
- Funded backlog of approximately $5.0B at quarter-end
- Consolidated leverage ratio improved to 1.1x
Financial Impact
Non-GAAP EPS beat consensus by $0.49 (8.4%); revenue beat by ~$82.5M (5.2%); full-year guidance raised by $0.60-$0.50 at the midpoint
Risk Factors
- Geopolitical tensions (Iran conflict, trade war with China) could disrupt supply chains and demand
- Tariff impacts and potential U.S. government shutdowns pose headwinds
- Higher R&D spending and inventory reserves may pressure margins
- Integration risks from future acquisitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001094285-26-000039 |
| Document: tdy-20260722.htm | 0001094285-26-000039 |
| Document: 0001094285-26-000039-index-headers.html | 0001094285-26-000039 |
| Document: 0001094285-26-000039-index.html | 0001094285-26-000039 |
| Document: 0001094285-26-000039.txt | 0001094285-26-000039 |
| 8-K Data (Synthetic) | 0001094285-26-000039 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | Insider Cluster | $673.66 $603.79 | ▼ −10.37% | ▼ −8.62% | $618.61 (−8.17%) |
Aug 12, 2026 7w ago | 144 | $686.49 $596.50 | ▼ −13.11% | ▼ −11.21% | $618.61 (−9.89%) |
Aug 10, 2026 7w ago | 8-K | $690.25 $605.08 | ▼ −12.34% | ▼ −11.42% | $618.61 (−10.38%) |
Jul 22, 2026 10w ago | 8-K | $650.50 $648.63 | ▼ −0.29% | ▼ −3.18% | $618.61 (−4.90%) |
Apr 22, 2026 23w ago | 8-K | $652.17 $606.45 | ▼ −7.01% | ▼ −10.18% | $618.61 (−5.15%) |
US Market Status
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