−Removed: Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies for industrial growth markets that require advanced technology and high reliability.
+Added: Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability.
These markets include aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research.
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We became an independent public company effective November 29, 1999.
−Removed: The following description of our business should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Item 7 of this Form 10-K.
+Added: The following description of our business should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Item 7 .
+Added: of this Form 10-K.
Recent Developments
−Removed: Consistent with our strategy, we completed two acquisitions each in 2024 and in 2023.
+Added: Consistent with our strategy, we completed four acquisitions in 2025 and two acquisitions in 2024.
The financial results of these acquisitions have been included since the respective date of each acquisition.
−Removed: Our 2024 and 2023 acquisitions were within the Digital Imaging and Instrumentation segments.
+Added: Our 2025 and 2024 acquisitions were within the Digital Imaging, Instrumentation, and Aerospace and Defense Electronics segments.
See Note 3 for additional information about our 2025 and 2024 business acquisitions.
−Removed: Subsequent to the end of the year, we have completed two acquisitions.
+Added: Subsequent to the end of the year, we completed one acquisition which will be included within the Instrumentation segment.
See Note 18 for additional information.
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We provide research and engineering capabilities primarily in the areas of electronics, materials, optical systems and information science to military, aerospace and industrial customers, as well as to various businesses throughout Teledyne.
−Removed: For defense applications, we also develop and manufacture multi-spectrum electro-optic/infrared imaging systems and associated products such as lasers, optics, and radars, CBRNE (“Chemical, Biological, Radiological, Nuclear and Explosive detectors”) and unmanned air and ground systems.
+Added: For defense applications, we also develop and manufacture multi-spectrum electro-optic/infrared imaging systems and associated products such as lasers, optics, and radars, CBRNE (“Chemical, Biological, Radiological, Nuclear and Explosive detectors”) and unmanned aerial and ground systems.
These sensors and instruments can be deployed as integrated solutions and with advanced target detection, identification and classification capabilities.
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Marine Instrumentation
−Removed: We offer a variety of products designed for use in harsh underwater environments, instruments that measure currents and other physical properties in the water column, systems that create acoustic images of objects beneath the water’s surface, including the bottom of a body of water, instruments for navigation and sensors that determine the geologic structure below the bottom.
+Added: We offer a variety of products designed for use in harsh underwater environments, instruments that measure currents and other physical properties in the water column, systems that create acoustic images of objects beneath the water’s surface, including the bottom of a body of water, instruments for navigation and sensors that determine the geological structure below the bottom.
We also design and manufacture vehicles that utilize and transport these sensors over and beneath the water’s surface.
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Other marine products used by the U.S.
−Removed: Navy and commercial customers include acoustic modems for networked underwater communication and optical underwater cameras and LED lighting sources.
+Added: Navy and commercial customers include acoustic modems for networked underwater communication and optical underwater cameras and light-emitting diode (“LED”) lighting sources.
We manufacture complete autonomous-operated underwater vehicles systems, including underwater gliders.
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Design and test engineers use our protocol analysis solutions, including traffic generators and emulators, to accurately and reliably monitor and test high data-rate communication interfaces and diagnose operational problems in a wide range of systems and devices to ensure that they comply with industry standards, including in the areas of cloud computing, data storage and networks.
−Removed: Our leadership in USB and video technologies provides a unique base to service the mobile, internet of things, automotive and consumer electronics test markets.
+Added: Our leadership in Universal Serial Bus (“USB”) and video technologies provides a unique base to service the mobile, internet of things, automotive and consumer electronics test markets.
We also produce protocol validation and test tools for high-performance solid-state storage devices used in both enterprise-grade data centers and in consumer computing applications.
−Removed: Our interposers and software options allow engineers to get a complete picture when testing the PCI Express interface standard by enabling a link between an oscilloscope and a protocol analyzer to show a synchronized view of both the physical and protocol layers.
−Removed: We also manufacture torque sensors and automatic data acquisition systems that are used to test critical control valves in nuclear power and industrial plants.
+Added: Our interposers and software options allow engineers to get a complete picture when testing the Peripheral Component Interconnect (“PCI”) Express interface standard by enabling a link between an oscilloscope and a protocol analyzer to show a synchronized view of both the physical and protocol layers.
+Added: We manufacture torque sensors and automatic data acquisition systems that are used to test critical control valves in nuclear power and industrial plants.
Our torque sensors are also used in other markets, including automotive and power tools.
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This segment also designs and manufactures electrochemical energy systems and manufactures specialty electronics for demanding military applications.
−Removed: Our core business base includes National Aeronautics and Space Administration (“NASA”), the U.S.
−Removed: Department of Defense, the U.S.
+Added: Our core business base includes the National Aeronautics and Space Administration (“NASA”), the U.S.
+Added: Department of War, the U.S.
Department of Energy, foreign militaries and commercial customers.
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Approximately 90% of our net sales to international customers during 2025 were made to customers in 30 foreign countries.
−Removed: In 2024, the top five countries for sales to international customers, ranked by net sales, were the United Kingdom, China, Germany, Japan and France and represented approximately 19% of our total net sales.
+Added: In 2025, the top five countries for sales to international customers, ranked by net sales, were the United Kingdom (“UK”), Germany, Japan, China and France and represented approximately 20% of our total net sales.
There were no sales to individual countries outside of the United States in excess of 10% of our sales.
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Government, including direct sales to agencies as a prime contractor and indirect sales as a subcontractor, was as follows (in millions):
−Removed: Government sales by segment:
2025 2024 2023
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Government customer is the U.S.
+Added: Department of War (formerly referred to as the U.S.
Department of Defense), with total net sales of $1,203.6 million and $1,062.7 million in 2025 and 2024, respectively.
−Removed: With the exception of the Engineered Systems segment, no U.S Government program in 2024 or 2023 accounted for more than 10% of net sales for any of our segments or for the total Company.
−Removed: In 2024 and 2023, the largest program with the U.S.
−Removed: Government within the Engineered Systems segment was the Marshall Operations, Systems, Services, and Integration II (“MOSSI II”) contract with the NASA Marshall Space Flight Center, which represented approximately 16% and approximately 17% of Engineered Systems net sales, respectively.
+Added: With the exception of the Engineered Systems segment, no U.S.
+Added: Government program in 2025 or 2024 accounted for more than 10% of net sales for any of our segments or for the total Company.
As described in greater detail under Item 1A.
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In 2025, approximately 81% of our U.S.
−Removed: Government prime contracts and subcontracts were fixed-price type contracts, compared to 79% in 2023, with the remaining U.S.
+Added: Government prime contracts and subcontracts were fixed-price type contracts, compared with 78% in 2024, with the remaining U.S.
Government contracts related to cost-reimbursable contracts (“cost-type”) contracts.
Under fixed-price type contracts, we bear the inherent risk that actual performance cost may exceed the fixed contract price.
−Removed: Such contracts are typically not subject to renegotiation of profits if we fail to anticipate technical problems, estimate costs accurately or control costs during performance.
+Added: Such contracts are typically not subject to renegotiation if we fail to anticipate technical problems, estimate costs accurately or control costs during performance.
Additionally, U.S.
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Several Teledyne businesses, including across our segments, are marketing and selling products collaboratively to certain customers.
−Removed: Because of the diversity of products sold and the number of markets we serve, we encounter a wide variety of competitors, none of which we believe offer the same product and service lines or serve all of the same markets as we do.
+Added: Because of the diversity of products we sell and the number of markets we serve, we encounter a wide variety of competitors, none of which we believe offer the same product and service lines or serve all of the same markets as we do.
Although we have certain advantages that we believe help us compete effectively in our markets, each of our markets is highly competitive.
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in space, on aircraft and drones, on land, on the sea surface, in the water column, and on the seafloor.
−Removed: They operate around the clock, measuring greenhouse gases from space, precisely monitoring air and water quality throughout the world, and continuously profiling the Earth’s oceans.
−Removed: Applications of our instruments provide scientists information that spans time from the origin of the universe to providing real-time data regarding air pollution and dangerous storms, such as time-critical warning of hurricanes and tsunamis.
−Removed: The prominence and importance of sustainability and Environmental, Social and Governance (“ESG”) initiatives have dramatically increased.
−Removed: In November 2022, we published our second Corporate Social Responsibility (“CSR”) report, in which we disclose and highlight some of our most recent efforts focused on sustainability and ESG.
−Removed: We published supplements to the CSR report in 2023 and 2024 to include updated financial information and other information in the report.
−Removed: The CSR report together with its supplements, which is not incorporated by reference in this document, is available at the Corporate Social Responsibility link on our website at www.teledyne.com under the tab “Who We Are”.
+Added: They operate around the clock, measuring greenhouse gases (“GHGs”) from space, precisely monitoring air and water quality throughout the world, and continuously profiling the Earth’s oceans.
+Added: Applications of our instruments provide scientists with information that spans time from the origin of the universe to providing real-time data regarding air pollution and dangerous storms, such as time-critical warnings of hurricanes and tsunamis.
+Added: In November 2022, we published our second Corporate Social Responsibility (“CSR”) report, in which we disclose and highlight some of our most recent efforts focused on sustainability and environmental social and governance (“ESG”).
+Added: We published supplements to the CSR report in 2023, 2024 and 2025, which included updated information.
+Added: The CSR report together with its supplements, which is not incorporated by reference in this document, is available at the CSR link on our website at www.teledyne.com under the tab “Who We Are”.
The CSR report and its supplements include data on Teledyne’s combined direct emissions (“Scope 1”) and indirect emissions from purchased energy (“Scope 2”), workplace safety, water usage, waste generation and recycling and workplace demographics.
−Removed: In 2021, we compiled the first global inventory of our greenhouse gas (“GHG”) emissions (starting with fiscal year 2020) and have developed a GHG monitoring and management plan.
−Removed: We have set a goal to reduce our combined Scope 1 and Scope 2 in company operations, normalized for revenue, by 40% from 2020 levels by the end of 2040.
−Removed: Going forward, we will continue to evaluate our emission reduction goals, while at the same time providing the tools and technologies enabling environmental science and climatology across the globe.
−Removed: More information about our carbon footprint and GHG emission reduction efforts and goals, and the contributions that Teledyne products make to carbon monitoring and environmental and climate science, can be found in our CSR report.
−Removed: Pursuant to the mandate in their respective charters, the Audit Committee of our Board of Directors (the “Board”) regularly reviews matters related to compliance with environmental laws and the health and safety of employees, and the Nominating and Governance Committee of our Board reviews and evaluates our policies and practices and monitors our efforts in areas of legal and social responsibility, sustainability and other ESG matters.
+Added: In 2021, we compiled the first global inventory of our GHG emissions (starting with fiscal year 2020) and have developed a GHG monitoring and management plan.
+Added: We have set a goal to reduce our combined Scope 1 and Scope 2 emissions in company operations, normalized for revenue, by 40% from 2020 levels by the end of 2040.
+Added: Going forward, we will continue to evaluate our emission reduction goals, while at the same time providing the tools and technologies that enable environmental science and climatology across the globe.
+Added: More information about our carbon footprint and GHG emission reduction efforts and goals, and the contributions that Teledyne products make to carbon monitoring and environmental and climate science can be found in our CSR report and its supplements.
+Added: Pursuant to the mandate in their respective charters, the Audit Committee of our Board of Directors (the “Board”) regularly reviews matters related to compliance with environmental laws and the health and safety of employees, and the Nominating and Governance Committee of our Board reviews and evaluates our policies and practices and monitors our efforts in the areas of legal and social responsibility, sustainability, and other governance matters.
Human Capital
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We also have vacation and sick leave policies that provide employees with flexibility to take time away from work for relaxation or to recover from illness.
−Removed: The majority of our employees (including all full-time employees in the United States, Canada and the United Kingdom) have access to our employee assistance program which includes third-party counseling and mental health services at no cost to the employee when life events impact an employee.
+Added: The majority of our employees (including all full-time employees in the United States, Canada and the UK) have access to our employee assistance program, which includes third-party counseling and mental health services at no cost to the employee when life events impact an employee.
We are committed to identifying and developing the talents of our next generation of leaders.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.