TERADATA CORP /DE/ — Form 8-K
Filed August 4, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Teradata reported Q2 2026 recurring revenue of $363M (up 3% YoY), total ARR of $1.509B (up 1% YoY), and GAAP operating margin of 11.7% (up 580 bps). The company received a $480M gross settlement from SAP in H1 2026, which generated $315M after-tax benefit to FY 2026 operating cash flow guidance ($665-685M). Management raised FY 2026 non-GAAP EPS to $2.65-2.73 and adjusted FCF to $330-350M, but guided Q3 2026 recurring revenue decline of -4% to -2% YoY and full-year flat to +2% growth.
Why this rating
SAP settlement is one-time $315M boost (~15% of $2.1B market cap), masking underlying Q3 guidance decline. Modest recurring revenue growth (+3%) with margin expansion shows operational improvement, but forward guidance weakness offsets. Material but non-structural.
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