Teradata：2Q26财报 - 期待下半年更强劲

研报英文原文证据摘录

M

Update

August 5, 2026 02:24 AM GMT

Morgan Stanley & Co. LLC

Teradata | North America

Erik W Woodring

Equity Analyst

2Q26 Earnings - Looking For a

Stronger 2H

Rauf Ural

Research Associate

Maya C Neuman

Research Associate

What’s Changed

Teradata (TDC.N)

From

To

Price Target

$40.00

$35.00

Dylan Liu

Research Associate

Teradata (TDC.N, TDC UN)

AlphaSignals Earnings Reaction

IT Hardware | United States of America

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

1H fundamentals were better than expected, but the flowthrough to 2H isn't materializing despite mgmt's positive tone on

platform adoption, new products, and customer wins. CY26 EPS

moves modestly higher thanks to 2Q beat, but 2H

outperformance is required to get valuation back on track.

Key Takeaways

2Q beat on revenue, recurring revenue, EPS and FCF; full-year EPS and FCF

guides move higher, marking continued execution.

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

ModelWare EPS ($)

Prior ModelWare EPS

($)

P/E

EPS ($)§

Div yld (%)

EPS ($)**

Prior EPS ($)**

Quarterly EPS ($)

seeing accelerated growth; 2H strength required to get valuation back on track.

Quarter

2025

Q1

Q2

Q3

Q4

0.66

0.47

0.72

0.74

rates strengthening, and pipeline growing across TDC Factory, AI Studio, and

more.

2.58

2.70

2.63

2.90

2.84

3.15

2.98

11.8

2.40

2.58

12.7

2.67

2.70

2.63

11.9

2.89

2.90

2.84

10.9

3.24

3.15

2.98

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

§ = Consensus data is provided by Refinitiv Estimates

** = Based on consensus methodology

e = Morgan Stanley Research estimates

But, we were looking for a stronger 2H in a world where AI beneficiaries are

Underlying fundamentals solid: deferred revs +8% Y/Y, RPO improving, renewal

Overweight

Cautious

$35.00

$34.39

$3,274

$41.70-19.99

2026e 2026e

Prior Current

0.66

0.62

0.88a

0.69a

0.58

0.56

2027e 2027e

Prior Current

0.69

0.72

0.74

0.71

0.73

0.75

…