Teledyne Technologies Incorporated

teledyne.com

What Do They Do?

Sells digital imaging sensors, cameras and systems to industrial, scientific and government customers.

How Do They Make Money?

Customers buy standard or lightly customized products, generally paid for when delivered; engineered design, development and manufacturing contracts bring in revenue as work progresses.

revenue

Segment	Share	How money arrives
Digital Imaging Mix	52% FY2022: 57%	Mix
Instrumentation Mix	24% FY2022: 23%	Mix
Aerospace and Defense Electronics Mix	17% FY2022: 13%	Mix
Engineered Systems Mix	7.1% FY2022: 7.5%	Mix

Who Are Their Customers?

Government agencies and militaries, commercial and industrial businesses, and research and aerospace users buy Teledyne's products through its direct sales force, third-party sales representatives and distributors.

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 18 cents into free cash flow.

Operating income, FY2025

19% of revenue

▲ +16% vs FY2024 ($989.1M, 17%)

Net income, FY2025

15% of revenue

▲ +9% vs FY2024 ($819.2M, 14%)

Free cash flow, FY2025

18% of revenue

▼ −3% vs FY2024 ($1.1B, 20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 27, 2026

Revenue: ▲ +9%; vs $1.5B in Q3 FY2025
Net income: ▲ +24%; vs $220.7M in Q3 FY2025

Digital Imaging share of revenue vs 51.0% in Q3 FY2025

Aug 10, 2026 Agrees to acquire Varex Imaging in an all-cash transaction
Jul 22, 2026 Raises full-year 2026 earnings-per-share outlook Raised GAAP diluted earnings-per-share outlook to $20.73 to $20.99 and non-GAAP outlook to $24.45 to $24.65.

Growing. Revenue grew 33% in 4 years, from $4.6B in FY2021 to $6.1B in FY2025, about 7% a year.

Revenue over time

Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments