Disclosed is a fan-out buffer which includes a first channel that includes a first delay circuit adjusting a first delay time of a calibration test signal depending on a first delay control signal, a second channel that includes a second delay circuit adjusting a second delay time of the calibration test signal depending on a second delay control signal, a first edge-to-pulse converter that detects a first edge included in a first time domain reflectometry (TDR) waveform of an output terminal of the first channel and generates a first start pulse signal including a first pulse, a second edge-to-pulse converter that generates a second start pulse signal including a second pulse, a stop pulse signal generator that generates a stop pulse signal including a first stop pulse, and a first delay control signal generator that calculates a phase difference generates the first delay control signal.