TERADYNE, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$3.2B
Gross margin	58.2%
Operating income	$650.1M
Net income	$554.0M
Diluted EPS	$3.47
Cash & equivalents	$293.8M
Total assets	$4.2B
Long-term debt	— not reported

Key takeaway

Teradyne borrowed a combined $250 million under its revolving credit facility in September and October 2025 to fund manufacturing capacity ramp-up and shareholder returns, then repaid $50 million by year-end.

🔒 4 more takeaways in the full analysis

Beneath the surface

Cash and equivalents of $293.8 million dropped sharply (down $259.6 million year-over-year) even as the company took on $250 million in new borrowings, suggesting cash was deployed heavily toward buybacks, dividends, and capex rather than accumulating on the balance sheet.

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