Teledyne (TDY) Q2 FY26 earnings call

Earnings call· Jun 2026 (Q2 FY26)· Information Technology· Jul 22, 2026

Source: earnings call transcript

Teledyne delivered a record-breaking second quarter, driven by robust organic growth in Digital Imaging and sustained demand across its diverse portfolio of sensors and integrated platforms. The company raised its full-year outlook for both revenue and non-GAAP EPS, reflecting strong execution and an improving short-cycle commercial environment. Despite M&A valuation challenges and supply chain headwinds, Teledyne maintains significant capital deployment flexibility with its lowest leverage in six years.

You’re reading a preview. Opening the full call uses 1 concall credit.

TDY operating KPIs by quarter

TDY operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Book-to-bill	1.05 ratio But if you come back and look at it as a whole, big picture, our book-to-bill across the company is 1.05x. Source: earnings call transcript	1.09 ratio And the overall book-to-bill ratio of 1.09. Source: earnings call transcript	1.07 ratio So total for Q4 is 1.07. Source: earnings call transcript	1.16 ratio Given stronger sales in the first quarter, but also record orders and backlog with a book-to-bill of 1.16, which is our tenth consecutive quarter of book-to-bill of over 1, we're comfortable in increasing both our expected sales and earnings for 2026. Source: earnings call transcript	1.23 ratio Overall, our book-to-bill was 1.23, led by digital hedging, which was higher than 1.4% -- 1.4x. Source: earnings call transcript	—	+6%
Book-to-bill Instrumentation	1.04 ratio Our instruments book-to-bill is 1.04x. Source: earnings call transcript	0.9 ratio In the Instrumentation segment, we had a book-to-bill overall of 0.9, a little higher in T&M, for example, 0.98; Environmental closer to 0.95; marine closer to 0.8, about 0.8. Source: earnings call transcript	—	—	—	1.07 ratio And overall, we think if you look at the different segments, even in instruments that George talked about and you just mentioned, our book-to-bill is 1.07. Source: earnings call transcript	—
Book-to-bill Digital Imaging	1.11 ratio Overall, Digital Imaging book-to-bill is 1.11x. Source: earnings call transcript	1.12 ratio Third quarter Digital Imaging book-to-bill was 1.12x. Source: earnings call transcript	1.06 ratio Digital imaging is above 1 or 1.06. Source: earnings call transcript	~1.38 ratio Digital Imaging right now is looking like about 1.38 in book-to-bill in instruments, a lot of short-cycle stuff, but it's still holding above 1, just slightly over 1. Source: earnings call transcript	—	~1.2 ratio If you add them all up, they all did very well and digital imaging book-to-bill as a whole, both what we call our legacy and player had a book-to-bill of about 1.2x. Source: earnings call transcript	—
Backlog	~$4B Well, the Qioptiq backlog that we acquired increased about $60 million because of the 2 new programs overall backlog, I think year-over-year is at the highest we've had, including Qioptiq, it's about I'm going to say about $4 billion, which for us is pretty healthy. Source: earnings call transcript	—	—	~$4.6B We have about $4.6 billion in our backlog right now, and those will translate into revenue. Source: earnings call transcript	~$5B Orders have now exceeded sales for the 11th consecutive quarter, and we ended June with approximately $5 billion of funded backlog. Source: earnings call transcript	~$5.3B For all of Teledyne, orders have exceeded sales for 12 consecutive quarters and funded backlog is now approximately $5.3 billion. Source: earnings call transcript	—
Book-to-bill Aerospace and Defense Electronics	—	0.84 ratio And then in Aerospace and Defense Electronics, again, longer cycle business, lumpiness in some larger orders, book-to-bill ratio was 0.84, and Engineered Systems was over 2x in the quarter. Source: earnings call transcript	1.25 ratio Aerospace and defense is higher at 1.25. Source: earnings call transcript	—	—	1.29 ratio However, Third quarter bookings were very strong in both the defense and aerospace markets, with a segment book-to-bill ratio of 1.29. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.