Teledyne Technologies (TDY) FY2024 results: revenue $5.7 billion, up 0.6% on the year

Teledyne Technologies Inc. (TDY) reported revenue of $5.7 billion for fiscal 2024, the year ended 29 December 2024, up 0.6% on the year before. Net income was $819 million, down 7.5%, and diluted earnings per share $17.21. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$5.7 billion

+0.6% on the year

FY2017FY2024

Operating margin

17.4%

18.4% a year earlier

FY2017FY2024

Net income

$819 million

-7.5% on the year

FY2017FY2024

Diluted EPS

$17.21

-6.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	5,670	5,636	5,459	+0.6%
Cost of revenue	3,235	3,196	3,128	+1.2%
Gross profit	2,435	2,439	2,330	-0.2%
Gross margin	42.9%	43.3%	42.7%
Research and development	293	356	352	-17.9%
Selling, general and administrative	903	852	804	+5.9%
Operating income	989	1,034	972	-4.4%
Operating margin	17.4%	18.4%	17.8%
Interest expense	57.9	77.3	89.3	-25.1%
Pre-tax income	938	959	908	-2.2%
Income tax	117	72.3	119	+62.1%
Effective tax rate	12.5%	7.5%	13.1%
Net income	819	886	789	-7.5%
Net margin	14.4%	15.7%	14.4%
Diluted EPS	$17.21	$18.49	$16.53	-6.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,192	836	487	+42.6%
Capital expenditure	83.7	115	92.6	-27.2%
Free cash flow	1,108	721	394	+53.7%
Free cash flow margin	19.5%	12.8%	7.2%
Cash from investing	-207	-190	-175
Cash from financing	-946	-652	-110
Depreciation and amortisation	310	316	332	-2.1%
Buybacks	354	0.0	0.0
Diluted shares, weighted	48m	48m	48m	-0.6%
Shares outstanding at period end	47m	47m	47m	-1.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	9,549	9,221	8,169	+3.6%
Redeemable equity	6.0	4.6	3.7	+30.4%
Debt	2,649	3,245	3,921	-18.4%
Operating lease liabilities	110	123	126	-11.2%
Other liabilities	1,886	1,934	2,135	-2.4%
Total liabilities and equity	14,200	14,528	14,354	-2.3%
Fixed assets	745	777	770	-4.1%
Goodwill	7,990	8,003	7,873	-0.2%
Intangible assets	2,013	2,278	2,441	-11.6%
Cash and equivalents	650	648	638	+0.2%
Receivables	901	900	884	+0.2%
Inventory	914	918	891	-0.4%
Other assets	987	1,004	858	-1.8%
Total assets	14,200	14,528	14,354	-2.3%

10-K for the year ended 29 December 2024, filed 21 February 2025: the filing.