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Sep 28, 2025
Teledyne Q3 2025 Earnings Report
Teledyne reported record Q3 2025 results, driven by strong revenue and cash flow performance, despite a decline in net income year-over-year.
Key Takeaways
Teledyne achieved record quarterly revenue and free cash flow in Q3 2025, although GAAP net income declined due to acquisition-related amortization and lower tax benefits compared to the prior year. Aerospace and Defense led segment growth, while Digital Imaging remained stable. Operating margins remained solid, and full-year guidance was raised.
Revenue grew to $1.5395 billion, a 6.7% increase from Q3 2024.
GAAP EPS was $4.65, while non-GAAP EPS reached a record $5.57.
Free cash flow hit a record $313.9 million, up from $228.7 million last year.
Aerospace and Defense Electronics saw 37.6% revenue growth year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Teledyne raised its full-year 2025 guidance for both GAAP and non-GAAP EPS, driven by strong Q3 performance and backlog growth, particularly in defense-related businesses.
Positive Outlook
- Full-year GAAP EPS raised to $17.83–$18.05.
- Full-year non-GAAP EPS raised to $21.45–$21.60.
- Record backlog and order flow driven by Teledyne FLIR.
- Strong free cash flow enables flexibility for M&A or buybacks.
- Aerospace & Defense expected to sustain growth from acquisitions.
Challenges Ahead
- Q3 GAAP net income declined 15.8% year-over-year.
- Digital Imaging operating income slightly down due to higher R&D spend.
- Engineered Systems saw an 8.1% drop in revenue.
- Government shutdowns may impact near-term contract awards.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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