TER · 10-Q · 2026Q3 · Full report
Liquidity and Cash Position
TERADYNE, INC · 2026-10-30 · Importance 91 · Surprise 88 · No source text
Cash, cash equivalents, and marketable securities increased $176.6 million from December 31, 2025, to $624.9 million at September 27, 2026. Operating activities generated $1,047.9 million in cash during the first nine months of 2026, compared with $392.8 million in the prior-year period. In August 2026, Teradyne entered a five-year, $1.0 billion senior secured revolving credit facility expiring in August 2031; it had no borrowings outstanding and was in compliance with all covenants at September 27, 2026. Teradyne reported $200.0 million of short-term debt at December 31, 2025, and none at September 27, 2026.
Key facts
- In August 2026, Teradyne entered into a credit agreement providing a five-year, $1.0 billion senior secured revolving credit facility, replacing its prior revolving credit facility that was set to expire in December 2026 before voluntary early termination. source
- Teradyne expects its cash, cash equivalents, marketable securities, and senior secured revolving credit facility to be sufficient to pay quarterly dividends and meet working capital and expenditure needs for at least the next twelve months. source
- As of September 27, 2026, Teradyne had $624.9 million of cash, cash equivalents and marketable securities, an increase of $176.6 million during the nine months ended that date, primarily as a result of operating cash inflows. source
- During the nine months ended September 27, 2026, Teradyne's operating liabilities increased by $488.2 million, primarily due to a $347.6 million increase in accounts payable and other liabilities. source
- Teradyne's operating activities provided $1,047.9 million of cash during the nine months ended September 27, 2026; changes in operating assets and liabilities used $218.3 million of cash. source
- Teradyne's financing activities during the nine months ended September 27, 2026 included $200.0 million of net repayments of borrowings on its Credit Facilities. source
- Teradyne's 2026 Credit Agreement is set to expire in August 2031; as of September 27, 2026, Teradyne had no borrowings under the facility and was in compliance with all covenants. source
- Teradyne's interest expense increased $4.1 million in the nine months ended September 27, 2026, primarily due to outstanding debt balances during portions of 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +19.2% | Teradyne's operating activities provided $1,047.9 million of cash during the nine months ended September 27, 2026; changes in operating… |
| liability | negative | realized | -9.0% | During the nine months ended September 27, 2026, Teradyne's operating liabilities increased by $488.2 million, primarily due to a $347.6… |
| cash | negative | realized | -4.0% | Teradyne's operating activities provided $1,047.9 million of cash during the nine months ended September 27, 2026; changes in operating… |
| liability | positive | realized | +3.7% | Teradyne's financing activities during the nine months ended September 27, 2026 included $200.0 million of net repayments of borrowings on… |
| cash | negative | realized | -3.7% | Teradyne's financing activities during the nine months ended September 27, 2026 included $200.0 million of net repayments of borrowings on… |
| cash | positive | realized | +3.2% | As of September 27, 2026, Teradyne had $624.9 million of cash, cash equivalents and marketable securities, an increase of $176.6 million… |