Teledyne Technologies (TDY) Q3 2026 Earnings Report
MX:TDY Q3 2026 EPS Results
- Actual EPS
- MXN 124.69
- Consensus EPS
- MXN 114.41
- Beat/Miss
- Beat by +MXN 10.28
- One Year Ago EPS
- MXN 103.35
MX:TDY Q3 2026 Revenue Results
- Actual Revenue
- MXN 31.28B
- Expected Revenue
- MXN 30.66B
- Beat/Miss
- Beat by +MXN 614.88M
- YoY Revenue Growth
- +9.53%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
Teledyne Technologies's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. Teledyne reported record third-quarter sales and operating earnings, raised full-year sales and earnings guidance for the third consecutive quarter, delivered broad-based growth across its portfolio, expanded Digital Imaging margins, generated record quarterly free cash flow, and maintained a strong backlog and balance sheet. The main challenges were declines in electronic test and measurement sales, lower commercial aerospace sales, supply-related inflation and shortages, relatively flat Varex revenue, and uncertainty beyond 2027, but these issues were outweighed by the reported growth, bookings, guidance increases, and operating momentum.
Management’s 2026 outlook is sales of $6.625 billion, a year over year increase of 8.3%, and non GAAP earnings of $25.45 per share, $1.80 per share or almost 8% higher than forecast in January and a 16% increase compared to last year; fourth quarter GAAP earnings per share are expected to be in the range of $5.68 to $5.83 and non GAAP earnings per share in the range of $6.60 to $6.70, while full year GAAP earnings per share are expected to be in the range of $21.71 to $21.87 and non GAAP earnings per share in the range of $25.40 to $25.50. Fourth quarter total company organic revenue growth is expected to be 7% to 8%, may be a little higher, and 8% is a good number; digital imaging revenue is expected to grow 10% organically, with 0.6 of acquisition, it is 10.6%, closer to 11%, with revenue around $2.5 billion, FLIR year-over-year growth of 12%, and full year digital imaging margin growth of 225 basis points; unmanned growth is expected to be 15% year over year, while the broader domain is expected to grow 11.3%-11.5%. For 2027, growth is expected to be better than low single digits, with Mid to higher single digits anticipated; digital imaging is projected at 5% to 8%, with higher single digit growth also described as a possibility.
- Record Third-Quarter Results and Raised 2026 GuidanceManagement said third-quarter sales and operating earnings were the strongest in Teledyne's history. Full-year 2026 sales guidance was raised to $6.625 billion, an 8.3% year-over-year increase versus the $6.37 billion forecast in January, while non-GAAP earnings guidance was raised to $25.45 per share, $1.80 per share or almost 8% above the January forecast and a 16% increase compared with last year.
- Strong Backlog and Order TrendsOrders have exceeded sales for 12 consecutive quarters, and funded backlog reached $5.3 billion. About 72% of the backlog is expected to be available for revenue recognition in the next 12 months. The company said backlog has grown sequentially every quarter so far this year, while the consolidated book-to-bill ratio was 1.07x.
- Digital Imaging Organic Growth AcceleratedDigital Imaging third-quarter sales increased 14.3% organically, supported by balanced growth across defense and commercial businesses. Full-year Digital Imaging organic revenue growth was clarified at 10%, with 0.6% from acquisitions, or approximately 10.6%, and revenue was expected to be around $2.5 billion.
- Infrared and Unmanned Applications Delivered Strong GrowthSales of infrared detectors for space-based imaging increased more than 25%, while revenue from infrared subsystems and cameras for unmanned air systems and unmanned maritime surface vehicles also increased more than 25%. Management said unmanned revenue was expected to grow 15% year over year from 2025 to 2026, while the broader domain including space electronics, electronic warfare, missiles, and underwater applications was expected to grow 11.3%-11.5%.
- Broad Commercial Imaging GrowthEach of Digital Imaging's larger commercial end markets increased year over year, including industrial and scientific vision sensors and cameras, health-care X-ray products, commercial thermography cameras, maritime navigation electronics, geospatial sensors and software, and MEMS. Management also said machine vision, health care, and microelectromechanical systems all performed well.
- Digital Imaging Margin ExpansionDigital Imaging non-GAAP operating margin increased 376 basis points to 25.4% in the third quarter. Management projected full-year margin expansion of 225 basis points, compared with an initial expectation of approximately 150 basis points, and said the company was targeting at least 50 basis points of annual margin improvement across its portfolio.
- FLIR Growth and Cost ActionsManagement said FLIR had reached a point where it felt comfortable with both revenue and earnings growth, projecting robust year-over-year FLIR growth of 12% across defense and commercial markets. Cost reductions taken in 2025 were contributing to results alongside volume growth.
- Instrumentation Environmental and Marine GrowthInstrumentation third-quarter sales increased 1.9% year over year. Marine instrument sales increased 2%, primarily due to defense-related interconnect sales for U.S. Virginia- and Columbia-class submarine programs, while environmental instrument sales increased 7.1%, led by gas-monitoring instrumentation and more modest growth in laboratory and life-sciences instruments.
- Instrumentation Orders ImprovedInstrumentation orders increased 18% year over year, producing a record book-to-bill ratio of 1.23x. Management said instrumentation margins were sequentially higher for the second consecutive quarter and expected continued sequential margin improvement through the year.
- Aerospace and Defense Electronics GrowthAerospace and Defense Electronics third-quarter sales increased 4.3%, including 7.4% growth in defense electronics. Segment bookings were strong in both defense and aerospace, with a 1.29x book-to-bill ratio, and non-GAAP segment margin increased 86 basis points year over year.
- Engineered Systems Revenue GrowthEngineered Systems third-quarter revenue increased 7.8%, driven primarily by greater sales of marine and other manufacturing programs.
- Strong Cash Flow GenerationThird-quarter cash flow from operating activities increased to $352.5 million from $343.1 million in 2025. Free cash flow reached a third-quarter record of $319.5 million, compared with $313.9 million in 2025.
- Share Repurchases and Financial FlexibilityTeledyne repurchased $224.6 million of stock at a weighted average price of approximately $607 per share during the quarter. Over the past three years, the company deployed nearly $980 million to repurchase shares at a total weighted average price of $479 per share. Despite the repurchases and pending Varex acquisition, management said leverage was at its lowest level in six years and that it had more than ample flexibility to continue compounding earnings growth.
- Varex Acquisition ProgressThe regulatory process for the pending Varex acquisition was underway, with a special stockholder meeting scheduled for October 28 and closing still anticipated in early 2027. Management described Varex's high-energy oncology X-ray detectors and photon detectors as complementary to Teledyne's existing health-care products.
- Expected Varex Margin OpportunityManagement said Varex's revenue had been relatively flat but believed Teledyne could improve its margins through 80/20 programs, reduced public-company costs, and broader operating practices. The transaction was expected to be almost first-year accretive, with initial revenue potentially declining somewhat as smaller, earnings-dilutive customers and products are addressed, followed by an expected return to mid-single-digit growth.
- Positive Fourth-Quarter and 2026 Earnings OutlookFourth-quarter 2026 guidance was $5.68 to $5.83 for GAAP EPS and $6.60 to $6.70 for non-GAAP EPS. Full-year 2026 guidance was $21.71 to $21.87 for GAAP EPS and $25.40 to $25.50 for non-GAAP EPS. Management indicated that fourth-quarter total-company organic revenue growth of 7% to 8% was in view.
- Positive Near-Term Growth OutlookManagement said virtually all businesses were moving in a positive direction simultaneously, with balanced growth across end markets and geographies. For 2027, management expected growth to be better than historical low single digits, with mid to higher single-digit growth anticipated, while Digital Imaging was viewed as capable of approximately 5% to 8% growth or higher.
- Pricing Actions Offset Supply-Related InflationThe company reported shortages in some components and higher-than-normal inflation specific to affected areas. Management said it had been successful in obtaining price increases and described the year's pricing performance as probably one of its better price increases across the portfolio.
MX:TDY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 124.63- | 116.89 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 114.41124.69 | 103.35 | 20.65% (+21.34) | |
| Jul 22, 2026 | 2026 (Q2) | 107.51116.52 | 96.48 | 20.77% (+20.04) | |
| Apr 22, 2026 | 2026 (Q1) | 101.57107.62 | 91.85 | 17.17% (+15.77) | |
| Jan 21, 2026 | 2025 (Q4) | 108.21116.89 | 102.42 | 14.13% (+14.47) | |
| Oct 22, 2025 | 2025 (Q3) | 101.51103.35 | 94.63 | 9.22% (+8.72) | |
| Jul 23, 2025 | 2025 (Q2) | 93.6596.48 | 84.98 | 13.54% (+11.50) | |
| Apr 23, 2025 | 2025 (Q1) | 91.3491.85 | 84.42 | 8.79% (+7.42) | |
| Jan 22, 2025 | 2024 (Q4) | 96.95102.42 | 100.94 | 1.47% (+1.48) | |
| Oct 23, 2024 | 2024 (Q3) | 92.2594.63 | 93.7 | 0.99% (+0.93) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
