Financial Analysis

Business Acquisitions 2025 Acquisitions TransponderTech During the fourth quarter of 2025, the Company acquired the TransponderTech business headquartered in Linkoping, Sweden from Saab AB for approximately $57.9 million in cash, net of cash acquired. The TransponderTech business includes a portfolio of connected commercial maritime products, including Automatic Identification System, Very High Frequency Data Exchange System and Global Navigation Satellite System technologies. TransponderTech is part of the Digital Imaging segment. The Company funded the acquisition from cash on hand. Goodwill resulting from the TransponderTech acquisition will not be deductible for tax purposes. NL Acoustics During the third quarter of 2025, the Company acquired the redeemable noncontrolling interest of NL Acoustics for $27.2 million in cash, with the acquisition of the noncontrolling interest treated as an equity transaction during the period. Maretron During the third quarter of 2025, the Company acquired the assets of Maretron, including the brands Octoplex, MPower and MConnect product lines from Littelfuse, Inc. The Maretron business is part of the Digital Imaging segment, and the acquisition is not material for further disclosure. Micropac During the first quarter of 2025, the Company acquired Micropac Industries, Inc. (Micropac) for approximately $51.2 million in cash, net of cash acquired. Micropac, founded in 1963 and headquartered in Garland, Texas, designs and manufactures microele …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Trade Compliance Matters The Company has made voluntary disclosures to the U.S. Department of State and the U.S. Department of Commerce, including to the BIS, with respect to Teledyne FLIR shipments of products from non-U.S. jurisdictions which were not licensed due to an incorrect de minimis calculation methodology under the Export Administration Regulations. The Company has also made voluntary disclosures to export authorities in jurisdictions outside the United States for certain potential violations of local export laws. The Company accrues amounts associated with potential violations to the extent a loss, penalty or other government action becomes probable and can be reasonably estimated. An unfavorable outcome could result in substantial fines and penalties or loss or suspension of export privileges or of particular authorizations that could be material to the Companys financial position, results of operations or cash flows in and following the period in which such outcome becomes estimable or known. Environmental Remediation Obligations At December 28, 2025, the Companys reserves for environmental remediation obligations totaled $6.0 million, of which $2.9 million is included in current accrued liabilities and the remainder included in other long-term liabilities . The Company evaluates whether it may be able to recover a portion of future costs for environmental liabilities from its insurance carriers and from third parties. The timing of …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Fiscal Year Ended December 28, 2025 Fiscal Year Ended December 28, 2025 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 645.5 $ 2,518.4 $ 3,163.9 $ 1,462.1 $ 833.3 $ 552.7 $ 315.8 $ 3,163.9 Instrumentation 125.5 1,331.6 1,457.1 619.0 438.7 245.7 153.7 1,457.1 Aerospace and Defense Electronics 420.1 638.6 1,058.7 671.5 253.7 93.7 39.8 1,058.7 Engineered Systems 368.3 67.4 435.7 430.2 0.1 2.3 3.1 435.7 Total $ 1,559.4 $ 4,556.0 $ 6,115.4 $ 3,182.8 $ 1,525.8 $ 894.4 $ 512.4 $ 6,115.4 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination Fiscal Year Ended December 29, 2024 Fiscal Year Ended December 29, 2024 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 557.1 $ 2,513.7 $ 3,070.8 $ 1,365.9 $ 830.1 $ 565.9 $ 308.9 $ 3,070.8 Instrumentation 123.5 1,259.1 1,382.6 611.7 389.0 249.9 132.0 1,382.6 Aerospace and Defense Electronics 307.5 469.3 776.8 525.9 136.0 79.9 35.0 776.8 Engineered Systems 389.0 50.8 439.8 435.4 1.9 2.5 439.8 Total $ 1,377.1 $ 4,292.9 $ 5,670.0 $ 2,938.9 $ 1,355.1 $ 897.6 $ 478.4 $ 5,670.0 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination Fiscal Year Ended December 31, 2 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stockholders Equity Common stock and treasury stock activity: Common Stock Treasury Stock Balance, December 31, 2023 47,331,845 Acquired 885,321 Issued 101,043 (159,045) Balance, December 29, 2024 47,432,888 726,276 Acquired 788,104 Issued (275,111) Forfeitures (8,041) Balance, December 28, 2025 47,424,847 1,239,269 Shares issued from treasury stock include stock options exercised as well as shares issued under certain other compensation plans. Treasury Stock During 2025, the Company repurchased approximately 0.8 million shares for $400.0 million, with a weighted average price of $507.52 per share. All of the Companys 2025 share repurchases were settled between October 2025 and December 2025. During 2024, the Company repurchased approximately 0.9 million shares for $354.0 million, with a weighted average price of $399.78 per share. All of the Companys 2024 share repurchases were settled between April 2024 and October 2024. Stock Options The Company recorded $8.9 million, $12.3 million, and $12.4 million for stock option expense for 2025, 2024 and 2023, respectively. The Company issues shares of common stock upon the exercise of stock options. During 2025 and 2024, the amount of cash received from the exercise of stock options was $48.8 million and $37.9 million, respectively. The total pretax intrinsic value of options exercised during 2025 and 2024 (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) was $73.7 mill …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Companys financial assets and liabilities carried at fair value are primarily comprised of derivative contracts used to hedge the Companys foreign currency risk. The Company has not elected to measure any additional financial instruments or other items at fair value. Financial Instruments Recorded at Fair Value The fair values of the Companys derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 hierarchy information as defined by the accounting policies (in millions): December 28, 2025 December 29, 2024 Assets: Foreign currency forward contracts $ 16.0 $ 1.0 Cross-currency swaps 6.0 Total assets recorded at fair value $ 22.0 $ 1.0 Liabilities: Foreign currency forward contracts $ (1.4) $ (16.9) Cross-currency swaps (40.4) Total liabilities recorded at fair value $ (41.8) $ (16.9) Net derivatives at fair value $ (19.8) $ (15.9) Gross derivative assets and liabilities are subject to legally enforceable master netting agreements, for which the Company has not elected to present net amounts on the consolidated balance sheets. The effect of such right of setoff on the Companys financial position were $0.4 million and $0.2 million, as of December 28, 2025, and December 29, 2024, respectively. Financial Instruments Not Recorded at Fair Value The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Acquired Intangible Assets Goodwill (in millions): Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Balance at December 31, 2023 $ 6,877.0 $ 944.8 $ 163.4 $ 17.6 $ 8,002.8 Current year acquisitions 65.6 23.6 89.2 Foreign currency changes and other (88.0) (13.1) (0.4) (101.5) Balance at December 29, 2024 6,854.6 955.3 163.0 17.6 7,990.5 Current year acquisitions 47.5 433.7 481.2 Foreign currency changes and other 163.7 31.6 20.6 215.9 Balance at December 28, 2025 $ 7,065.8 $ 986.9 $ 617.3 $ 17.6 $ 8,687.6 In the fourth quarter of 2025, the Company performed a quantitative impairment test for the FLIR reporting unit and qualitative impairment tests for all other reporting units. The results of the annual impairment tests of goodwill indicated that no impairment existed in 2025, 2024 or 2023. Balance at Year End 2025 2024 Acquired intangible assets (in millions): Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Proprietary technology $ 1,838.1 $ 1,014.5 $ 823.6 $ 1,665.5 $ 796.6 $ 868.9 Customer list/relationships/backlog 788.8 326.9 461.9 615.3 268.9 346.4 Patents 0.6 0.6 0.6 0.6 Non-compete agreements 0.9 0.9 0.9 0.9 Definite-lived trademarks 34.8 13.6 21.2 12.2 7.7 4.5 Total acquired intangible assets subject to amortization 2,663.2 1,356.5 1,306.7 2,294.5 1,074.7 1,219.8 Acquired intangible assets not subject to amortization: Indefinite- …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Income (loss) before income taxes included the following (in millions): 2025 2024 2023 Domestic operations $ 702.9 $ 527.4 $ 532.4 Foreign operations 391.6 410.5 426.5 Total income (loss) before income taxes $ 1,094.5 $ 937.9 $ 958.9 The provision for income taxes included the following (in millions): 2025 2024 2023 Current provision (benefit): Federal $ 144.4 $ 149.3 $ 91.2 State 29.7 25.5 21.4 Foreign 83.3 40.5 57.1 Total current provision (benefit) 257.4 215.3 169.7 Deferred provision (benefit): Federal (27.0) (55.8) (78.8) State (7.4) (7.7) (4.6) Foreign (24.2) (34.6) (14.0) Total deferred provision (benefit) (58.6) (98.1) (97.4) Total provision (benefit) for income taxes: Federal $ 117.4 $ 93.5 $ 12.4 State $ 22.3 $ 17.8 $ 16.8 Foreign $ 59.1 $ 5.9 $ 43.1 Total provision (benefit) for income taxes $ 198.8 $ 117.2 $ 72.3 The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate (dollars in millions): 2025 Amount % U.S. federal statutory income tax rate $ 229.9 21.0 % Domestic Federal: Tax Credits: Research and development tax credits (16.9) (1.5) Other (2.0) (0.2) Nontaxable or nondeductible items: Other (3.3) (0.3) Cross-Border Taxes: Foreign-derived intangible income (25.1) (2.3) Other (3.8) (0.3) Changes in valuation allowances 2.0 0.2 Other 15.5 1.4 Domestic state and local income taxes, net of federal effect (a) 17.5 1.6 Foreign tax effects Other foreign jurisdictions (b) 17.5 1.6 Worldwide changes …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Operating Leases Teledyne has more than 150 long-term operating lease agreements for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for non-lease components such as utilities, taxes, insurance and maintenance expense. The Company accounts for lease and non-lease components as a single lease component when the payments are fixed. Variable payments included in the lease agreement are expensed as incurred. No lease agreement imposes a restriction on the Companys ability to engage in financing transactions or enter into further lease agreements. At December 28, 2025, and December 29, 2024, Teledyne has right-of-use assets of $156.1 million and $128.6 million, respectively, included in non-current other assets, net, on the consolidated balance sheets. At December 28, 2025, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions): 2026 $ 40.9 2027 37.2 2028 29.1 2029 22.1 2030 18.7 Thereafter 51.7 Total minimum lease payments 199.7 Less: Imputed interest (33.0) Current portion (included in current accrued liabilities) (32.0) Present value of minimum lease payments, net of current portion (included in other long-term liabilities) $ 134.7 The weighted average remaining lease term for operating leases is approximately 6.6 years, and the weighted average discount rate is approximately 4.93%. Rental expense under op …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt Long-Term Debt (dollars in millions): December 28, 2025 December 29, 2024 $1.2 billion credit facility due June 2029 $ $ 1.60% Fixed Rate Senior Notes due April 2026 450.0 450.0 2.25% Fixed Rate Senior Notes due April 2028 700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030 427.3 485.0 2.75% Fixed Rate Senior Notes due April 2031 910.7 1,030.0 Other debt 1.0 1.2 Debt discount and debt issuance costs (13.6) (17.2) Total debt, net 2,475.4 2,649.0 Less: Current portion of long-term debt (450.1) (0.3) Total long-term debt, net of current portion $ 2,025.3 $ 2,648.7 As of December 28, 2025, no borrowings were outstanding under the $1.20 billion credit facility. Excluding interest and fees, no payments are due under the $1.20 billion unsecured credit facility until it matures in June 2029. Borrowings under the credit facility and term loan are at variable rates which are, at the Companys option, tied to a base rate, Eurocurrency rate or equivalent as defined in the Companys credit agreements. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $1,171.0 million at December 28, 2025. The credit agreement requires the Company to comply with various financial and operating covenants and at December 28, 2025, the Company was in compliance with these covenants. At December 28, 2025, Teledyne had $53.4 million in outstanding letters of credit. During 2025, the Company repurchased and ret …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction focuses on the rate reconciliation and income taxes paid. ASU 2023-09 was effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU as of December 30, 2024, and applied the amendments in this ASU prospectively to the 2025 period presented in the financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Inco me Statement Expenses. This standard requires public entities, on an interim and annual basis, to provide disclosure of specified information about costs and expenses in the notes to the financial statemen ts. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 8 …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension Plans and Postretirement Benefits Pension Plans Teledyne has two domestic qualified defined benefit pension plans covering substantially all U.S. employees hired before January 1, 2004. As of January 1, 2004, new Teledyne hires participate in a defined contribution plan only. The Company also has several small domestic non-qualified and foreign-based defined benefit pension plans. The measurement date for the Companys pension plans is December 31. The Companys U.S. domestic qualified pension plans purchased group annuity contracts from insurance companies and paid a total annuity premium of $15.9 million and $17.8 million in 2025 and 2024, respectively. These annuity contracts transfer the obligation to the insurance companies to guarantee the full payment of all annuity payments to existing retired pension plan participants or their surviving beneficiaries. These annuity contracts assume all investment risk associated with the assets that were delivered as the annuity contract premiums. These annuity contracts covered 211 and 286 of existing retired pension plan participants at the time of purchase in 2025 and 2024, respectively. The domestic qualified pension plans allow participants to elect a lump-sum payment at retirement. In 2025, 2024 and 2023, the Company made lump sum payments of $12.3 million, $9.0 million and $17.3 million, respectively, from the domestic qualified pension plans assets to certain participants in the plan. Each year, beginning with 2014, the …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition and Contract Balances The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each segment, as the Company believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. With the exception of the Engineered Systems segment, net sales in each segment is primarily derived from fixed-price contracts. Net sales in the Engineered Systems segment are typically between 45% and 55% fixed-price contracts in a given reporting period, with the balance of net sales related to cost-reimbursable type contracts. For 2025, 2024 and 2023, approximately 46%, 50%, and 49%, respectively, of net sales in the Engineered Systems segment was derived from fixed-price contracts. Fiscal Year Ended December 28, 2025 Fiscal Year Ended December 28, 2025 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 645.5 $ 2,518.4 $ 3,163.9 $ 1,462.1 $ 833.3 $ 552.7 $ 315.8 $ 3,163.9 Instrumentation 125.5 1,331.6 1,457.1 619.0 438.7 245.7 153.7 1,457.1 Aerospace and Defense Electronics 420.1 638.6 1,058.7 671.5 253.7 93.7 39.8 1,058.7 Engineered Systems 368.3 67.4 435.7 430.2 0.1 2.3 3.1 435.7 Total $ 1,559.4 $ 4,556.0 $ 6,115.4 $ 3,182.8 $ 1,525.8 $ 894.4 $ 512.4 $ 6,115.4 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commer …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segments Teledynes businesses are aligned in four reportable segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics, and Engineered Systems. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product and service type, production process, distribution methods, type of customer, management organization, sales growth potential and long-term profitability. The Companys Executive Chairman, who has been identified as the Chief Operating Decision Maker, uses operating income (loss) as the measure of profit or loss to assess the performance of each segment by comparing actual results to the budget and prior year, and to allocate resources. The Digital Imaging segment includes high-performance sensors, cameras and systems, within the visible, infrared and X-ray spectra for use in industrial, government and medical applications, as well as MEMS and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, electronic test and measurement equipment and harsh environment interconnect products. The Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acqui …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Fiscal Year The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2025 was a 52-week fiscal year and ended on December 28, 2025. Fiscal year 2024 was a 52-week fiscal year and ended on December 29, 2024. Fiscal year 2023 was a 52-week fiscal year and ended on December 31, 2023. References to the years 2025, 2024 and 2023 are intended to refer to the respective fiscal year unless otherwise noted. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Teledyne and its majority-owned subsidiaries. Intercompany accounts and intercompany transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current period presentation, including the presentation of the proceeds from (payments on) fixed rate senior notes and proceeds from (payments on) other debt on separate cash flow statement lines. Business Acquisitions Business acquisitions are accounted for under the acquisition method by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Foreign Currency Translation The Companys foreign entities accounts are generally measured using local currency as the functional currenc …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Events In the first quarter of 2026, the Company acquired DD-Scientific Holdings Limited and its subsidiary DD-Scientific Limited (together, DD-Scientific) for approximately $53.0 million in cash, net of cash acquired and subject to certain adjustments. DD-Scientific, founded in 2011 and headquartered in Fareham, UK, develops and manufactures high-performance gas sensors for critical applications in industries including industrial safety, healthcare and environmental compliance. DD-Scientific will be included within the Instrumentation segment. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Business Acquisitions 2026 Acquisitions DD-Scientific In the first quarter of 2026, the Company acquired DD-Scientific Holdings Limited and its subsidiary DD-Scientific Limited (together, DD-Scientific) for approximately $53.6 million in cash, net of cash acquired and certain adjustments. DD-Scientific, founded in 2011 and headquartered in Fareham, UK, develops and manufactures high-performance gas sensors for critical applications in industries including industrial safety, healthcare and environmental compliance. DD-Scientific is included within the Instrumentation segment. Goodwill resulting from the DD-Scientific acquisition will not be deductible for tax purposes. 2025 Acquisitions TransponderTech During the fourth quarter of 2025, the Company acquired the TransponderTech business headquartered in Linkoping, Sweden from Saab AB for approximately $58.2 million in cash, net of cash acquired. The TransponderTech business includes a portfolio of connected commercial maritime products, including Automatic Identification System, Very High Frequency Data Exchange System and Global Navigation Satellite System technologies. TransponderTech is part of the Digital Imaging segment. The Company funded the acquisition from cash on hand. Goodwill resulting from the TransponderTech acquisition will not be deductible for tax purposes. NL Acoustics During the third quarter of 2025, the Company acquired the redeemable noncontrolling interest of NL Acoustics for $27.2 million in cash, with t …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Trade Compliance Matters The Company has made voluntary disclosures for certain potential violations of trade compliance laws to applicable U.S. Government authorities, including the U.S. Department of State and the U.S. Department of Commerce. The Company has also made voluntary disclosures to authorities in jurisdictions outside the United States for certain potential violations of local export and import laws. The Company accrues amounts associated with potential violations to the extent a loss, penalty or other government action becomes probable and can be reasonably estimated. An unfavorable outcome could result in substantial fines and penalties or loss or suspension of export privileges or of particular authorizations that could be material to the Companys financial position, results of operations or cash flows in and following the period in which such outcome becomes estimable or known. In February 2026, Teledyne FLIR LLC, together with certain of its legacy affiliates, reached a settlement agreement with the U.S. Department of Commerces Bureau of Industry and Security (BIS), concerning alleged export control compliance issues and subsequently paid a civil penalty of $1.0 million. These matters largely relate to historical conduct at FLIR Systems, Inc., which was acquired by Teledyne in May 2021. There were 19 proposed charges of alleged export violations, including inaccurate application of the BIS de minimis rule to foreign-produced pro …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Long-Term Debt Balance at Long-Term Debt (in millions): June 28, 2026 December 28, 2025 $1.2 billion credit facility due June 2029 $ $ 1.60% Fixed Rate Senior Notes due April 2026 450.0 2.25% Fixed Rate Senior Notes due April 2028 700.0 700.0 2.50% Fixed Rate Senior Notes due August 2030 427.3 427.3 2.75% Fixed Rate Senior Notes due April 2031 910.8 910.7 Other debt 0.8 1.0 Debt discount and debt issuance costs (11.9) (13.6) Total debt, net 2,027.0 2,475.4 Less: Current portion of long-term debt (0.1) (450.1) Total long-term debt, net of current portion $ 2,026.9 $ 2,025.3 At June 28, 2026, $1,160.7 million was available under the $1.2 billion credit facility after reductions of $39.3 million in outstanding letters of credit. The Companys bank credit agreements require the Company to comply with various financial and operating covenants, and at June 28, 2026, the Company was in compliance with these covenants. At June 28, 2026, Teledyne has $64.2 million in outstanding letters of credit, including $39.3 million against our credit facility. In the second quarter of 2026, the Company repaid $450.0 million of its Fixed Rate Senior Notes due April 2026. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Second Quarter Ended June 28, 2026 Second Quarter Ended June 28, 2026 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All Other Total Net sales: Digital Imaging $ 185.6 $ 683.1 $ 868.7 $ 410.6 $ 244.7 $ 134.2 $ 79.2 $ 868.7 Instrumentation 34.8 353.0 387.8 150.4 127.7 64.7 45.0 387.8 Aerospace and Defense Electronics 97.6 188.8 286.4 165.0 78.1 23.4 19.9 286.4 Engineered Systems 103.9 15.7 119.6 118.4 0.7 0.5 119.6 Total $ 421.9 $ 1,240.6 $ 1,662.5 $ 844.4 $ 450.5 $ 223.0 $ 144.6 $ 1,662.5 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination Six Months Ended June 28, 2026 Six Months Ended June 28, 2026 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 371.0 $ 1,314.6 $ 1,685.6 $ 813.3 $ 468.8 $ 259.8 $ 143.7 $ 1,685.6 Instrumentation 65.6 683.6 749.2 293.7 241.5 124.8 89.2 749.2 Aerospace and Defense Electronics 198.3 365.6 563.9 334.3 150.3 47.5 31.8 563.9 Engineered Systems 192.1 31.8 223.9 221.6 0.8 1.5 223.9 Total $ 827.0 $ 2,395.6 $ 3,222.6 $ 1,662.9 $ 860.6 $ 432.9 $ 266.2 $ 3,222.6 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination Second Quarter Ended June 29, 2025 Second Quarter Ended June 29, 2025 Customer Type Geograph …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units. The Company also has non-employee director stock compensation plans pursuant to which common stock, stock options and restricted stock units have been issued to its directors. The Company issues shares of common stock upon the exercise of stock options. The Company uses the BlackScholes option pricing model to determine the fair value of stock options. Stock-based compensation expense was $13.9 million and $19.5 million for the second quarter and first six months of 2026, respectively, and $11.3 million and $20.2 million for the second quarter and first six months of 2025, respectively. Stock option activity for the second quarter and first six months of 2026 is as follows: Second Quarter Six Months Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Beginning balance 806,107 $ 322.63 946,782 $ 306.37 Granted (a) 47,251 $ 656.69 47,251 $ 656.69 Exercised (13,867) $ 233.35 (150,110) $ 214.34 Canceled (1,931) $ 453.23 (6,363) $ 303.24 Ending balance 837,560 $ 342.65 837,560 $ 342.65 Exercisable at end of period 734,323 $ 313.25 734,323 $ 313.25 (a) In the second quarter of 2026, the Company granted stock options with a grant date fair value of $253.85 per share. Restricted stock activity for the second quarter and first six months of 2026 is as follows: Second Quarter Six Month …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurement The Companys financial assets and liabilities carried at fair value are primarily comprised of derivative contracts used to hedge the Companys foreign currency risk. The Company has not elected to measure any additional financial instruments or other items at fair value. Financial Instruments Recorded at Fair Value The fair values of the Companys derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 hierarchy information as defined by the accounting policies (in millions): Balance at June 28, 2026 December 28, 2025 Assets: Foreign currency forward contracts $ 1.7 $ 16.0 Cross-currency swaps 5.8 6.0 Total assets recorded at fair value $ 7.5 $ 22.0 Liabilities: Foreign currency forward contracts $ (19.8) $ (1.4) Cross-currency swaps (26.9) (40.4) Total liabilities recorded at fair value $ (46.7) $ (41.8) Net derivatives at fair value $ (39.2) $ (19.8) Gross derivative assets and liabilities are subject to legally enforceable master netting agreements, for which the Company has not elected to present net amounts on the condensed consolidated balance sheets. The effect of such right of setoff on the Companys financial position was $0.4 million and $0.4 million as of June 28, 2026, and December 28, 2025, respectively. Financial Instruments Not Recorded at Fair Value The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Acquired Intangible Assets Goodwill The carrying value of goodwill by segment was as follows (in millions): Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Balance at December 28, 2025 $ 7,065.8 $ 986.9 $ 617.3 $ 17.6 $ 8,687.6 Current year acquisitions 35.7 35.7 Foreign currency changes and other (48.5) (10.3) (2.6) (61.4) Balance at June 28, 2026 $ 7,017.3 $ 1,012.3 $ 614.7 $ 17.6 $ 8,661.9 Acquired intangible assets Acquired intangible assets consisted of the following (in millions): June 28, 2026 December 28, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Proprietary technology $ 1,807.8 $ 1,077.6 $ 730.2 $ 1,838.1 $ 1,014.5 $ 823.6 Customer list/relationships/backlog 784.6 346.7 437.9 788.8 326.9 461.9 Patents 0.6 0.6 0.6 0.6 Non-compete agreements 0.9 0.9 0.9 0.9 Definite-lived trademarks 42.7 17.3 25.4 34.8 13.6 21.2 Total acquired intangible assets subject to amortization 2,636.6 1,443.1 1,193.5 2,663.2 1,356.5 1,306.7 Acquired intangible assets not subject to amortization: Indefinite-lived trademarks 790.7 790.7 793.4 793.4 Total acquired intangible assets $ 3,427.3 $ 1,443.1 $ 1,984.2 $ 3,456.6 $ 1,356.5 $ 2,100.1 An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The income tax provision is calculated using an estimated annual effective tax rate based upon estimates of annual income, permanent items, statutory tax rates and planned tax strategies in the various jurisdictions in which the Company operates, except that certain loss jurisdictions and discrete items such as the resolution of uncertain tax positions and stock-based accounting income tax benefits are treated separately. Second Quarter Six Months (dollars in millions) 2026 2025 2026 2025 Provision (benefit) for income taxes (a) $ 69.6 $ 50.2 $ 121.5 $ 100.3 Income (loss) before income taxes $ 321.3 $ 260.6 $ 600.0 $ 499.5 Effective tax rate 21.7% 19.3% 20.3% 20.1% (a) The second quarter of 2026 and 2025 includes net discrete income tax benefits of $1.2 million and $8.4 million, respectively. The first six months of 2026 and 2025 includes net discrete income tax benefits of $9.2 million and $12.1 million, respectively.

IncomeTaxDisclosureTextBlock

Recent Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Inco me Statement Expenses. This standard requires public entities, on an interim and annual basis, to provide disclosure of specified information about costs and expenses in the notes to the financial statemen ts. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements. Other ASUs issued but not effective until after June 28, 2026, are not expected to have a material effect on the Companys consolidated financial position, annual results of operations and/or cash flows. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension Plans Second Quarter Six Months (in millions) 2026 2025 2026 2025 Service costbenefits earned during the period $ 1.2 $ 1.5 $ 2.4 $ 3.0 Pension non-service cost (income) Interest cost on benefit obligation $ 7.3 $ 7.9 $ 14.6 $ 15.8 Expected return on plan assets (13.2) (13.4) (26.4) (26.8) Amortization of net prior service cost (income) 0.1 0.1 Amortization of net actuarial loss (gain) 3.2 2.9 6.4 5.7 Pension non-service cost (income) $ (2.7) $ (2.6) $ (5.3) $ (5.2) …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition and Contract Balances Approximately 60% of the Companys revenue was recognized at a point in time, with the remaining 40% of revenue recognized over time. The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each segment, as management believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Second Quarter Ended June 28, 2026 Second Quarter Ended June 28, 2026 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All Other Total Net sales: Digital Imaging $ 185.6 $ 683.1 $ 868.7 $ 410.6 $ 244.7 $ 134.2 $ 79.2 $ 868.7 Instrumentation 34.8 353.0 387.8 150.4 127.7 64.7 45.0 387.8 Aerospace and Defense Electronics 97.6 188.8 286.4 165.0 78.1 23.4 19.9 286.4 Engineered Systems 103.9 15.7 119.6 118.4 0.7 0.5 119.6 Total $ 421.9 $ 1,240.6 $ 1,662.5 $ 844.4 $ 450.5 $ 223.0 $ 144.6 $ 1,662.5 (a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination Six Months Ended June 28, 2026 Six Months Ended June 28, 2026 Customer Type Geographic Region (c) (in millions) U.S. Govt. (a) Other (b) Total United States Europe Asia All other Total Net sales: Digital Imaging $ 371.0 $ 1,314.6 $ 1,685.6 $ 813.3 $ 468.8 $ 259.8 $ 143.7 $ 1,685.6 Instrumentation 65.6 683.6 749.2 293.7 241.5 124.8 89.2 749.2 Aero …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segments Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. The Companys customers include government agencies, aerospace prime contractors, energy exploration and production companies, major industrial companies, and airlines. The Company has four reportable segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics, and Engineered Systems. Segment results include net sales and operating income by segment but exclude corporate expenses. Corporate expense primarily includes administrative expenses relating to the corporate office not allocated to the segments. In 2026, the Company completed one acquisition, and the financial results of this acquisition have been included since the date of the acquisition and is part of the Instrumentation segment. In 2025, the Company completed four acquisitions, and the financial results of these acquisitions have been included since the date of the acquisition and are part of the Digital Imaging and Aerospace and Defense Electronics segments. See Note 2 to these condensed consolidated financial statements for information regarding these 2026 and 2025 acquisitions. Information for the Companys business segments was as follows (in millions): Second Quarter Ended June 28, 2026 Digital Imaging Instrumentation Aerospace and Defense Electronics Engineered Systems Total Net sales (a) $ 868.7 $ 387.8 $ 286.4 $ …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing