泰瑞达 2025年度报告

FellowShareholders, 2025 was a year of transformation and achievement for Teradyne.Fueled by the industry’s rapid adoption of Artificial Intelligence (AI),we delivered strong financial performance, positioning the companyfor sustained growth in the years to come. In 2025, we achieved total revenue of $3.2 billion, a 13% increase year-over-year. This growth was driven by strength in our SemiconductorTest and Product Test businesses, with exceptional momentum inAI-driven applications. Non-GAAP earnings per share (EPS) rose 23%to $3.96, reflecting our strong operating leverage and disciplinedexecution. The fourth quarter of 2025 was particularly noteworthy,with $1.1 billion in revenue making it our largest quarter of the year andthe second highest in company history. Teradyne’s durable operatingmodel continues to deliver value through market cycles. With a robustbalance sheet, we generated $450 million in free cash flow andreturned $785 million to shareholders through dividends and sharerepurchases, 174% of free cash flow. We achieved record revenue in Memory, growing share in the AI-drivenHBM and DRAM markets. While the overall memory test market grewslightly in 2025, our focus on high-growth segments enabled us tooutperform and secure incremental share. Our Integrated System Test(IST) business also achieved significant growth in 2025, driven by winsand new customer engagements in both System Level Test (SLT) forcompute and HDD, laying the foundation for continued momentumin 2026. We have seen increased synergy across our business, so in 2025,we reorganized Teradyne’s groups and divisions to better align ourproducts, improve the customer experience, and ultimately increasethe pace of innovation at Teradyne. This resulted in the formation ofthree groups: the Semiconductor Test Group which includes system-on-a-Chip (SoC), memory, system level, and hard disk drive (HDD)systems; the Product Test Group which includes circuit-board, wireless,photonic integrated circuit, and defense and aerospace test systems;and the Robotics Group which includes collaborative robots andautonomous mobile robots. The Semiconductor Test Group delivered exceptional results in 2025,growing revenue by 19% year-over-year. This group now representsnearly 80% of our total revenue, underpinning its importance toTeradyne’s long-term success. AI had the biggest hand in this groups’growth as we saw compute product revenue increase 90% year-over-year. By the end of 2025, more than 50% of our SoC product revenuecame from compute applications, compared to just 10% in 2023.This shift reflects our successful pivot away from mobile-dominatedmarkets and our ability to capture new opportunities inhigh-performance computing and networking. The Product Test Group achieved 8% revenue growth in 2025, led bystrong demand in Defense and Aerospace. Just as the AI Data Center $3.96Non-GAAP Earningsper Share $3.2BillionRevenue $450MillionFree Cash Flow Each January, we update our earnings model which we share withinvestors to provide insight into how we look at the markets we serve,competitive positioning, and ultimately, the growth and earningspower of the company. It is clear that we are in an unprecedentedperiod of growth and change in the semiconductor industry. At thebeginning of 2025, very few companies, or investors, would haveexpected the market to strengthen as much as it did. has become a major driver for our Semiconductor Test business,it is also driving growth for Product Test. Our Production Board Testbusiness tests the server trays and with our recent acquisition ofQuantifi Photonics last May, we can now test silicon photonics devicesat the wafer, CPO and module level. In 2025, our Robotics Group achieved three consecutive quartersof growth, with revenue increasing 19% sequentially in Q4. While theapplication of physical AI to the advanced robotics market is in itsearly stages, we are optimistic about the long-term potential of thesetechnologies and this market. Our strategic focus on high-growthverticals such as e-commerce, logistics, and electronics has begunto yield results. We are confident that the continued expansion ofAI into manufacturing and advanced robotics will create significantopportunities for our Robotics Group in the years ahead. Looking forward to today, while it is clear that Cloud AI will continueto power growth, many external factors will influence how quicklythat growth comes. So rather than anchoring our earnings model toa specific future year, we are framing the model around a projectedsemiconductor ATE market size of $12-14B. We expect this TAM will beachievable within this mid-term, and believe the model acknowledgesthe cyclicality of the end markets we serve. At an ATE TAM of $12-$14B,our objective is roughly $6B of revenue and $9.50 - $11.00 EPS. As we look to 2026 and beyond, we see three transformative trendsreshaping our markets. The first trend is AI-oriented, verticallyintegrated customers who demand