Earnings release
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August 5 , 2026 TTM Technologies ™ TTM Technologies , Inc. Reports Second Quarter 2026 Results SANTA ANA , Calif . , Aug. 05 , 2026 ( GLOBE NEWSWIRE ) -- TTM Technologies , Inc. ( NASDAQ : TTMI ) ( “ TTM ” ) , a leading global manufacturer of technology products , including mission systems , radio frequency ( " RF " ) components , RF microwave / microelectronic assemblies , and technologically advanced interconnect products , including printed circuit boards ( " PCB's ) and substrates , today reported results for the second quarter of 2026 , which ended on June 29 , 2026 . Second Quarter 2026 Highlights • Net sales were $ 1.0 billion , up 37 % year on year , and an all - time quarterly record • GAAP net income of $ 83.0 million , or $ 0.77 per diluted share • Adjusted EBITDA of $ 166.8 million , or 16.6 % of net sales • Non - GAAP net income of $ 106.9 million , or $ 0.99 per diluted share , an all - time quarterly record • Cash flow from operations of $ 96.4 million , or 9.6 % of net sales • Total book to bill of 1.49 • A & D end market was 37 % of total net sales ; and total program backlog was over $ 1.7 billion • Data Center and Networking end market was 40 % of total net sales driven by continued Al demand Second Quarter 2026 GAAP Financial Results Net sales in the second quarter of 2026 were $ 1.0 billion , compared to $ 730.6 million in the second quarter of 2025 . GAAP operating income in the second quarter of 2026 was $ 109.1 million . This compared to GAAP operating income in the second quarter of 2025 of $ 61.8 million . GAAP net income in the second quarter of 2026 was $ 83.0 million , or $ 0.77 per diluted share . This compared to GAAP net income in the second quarter of 2025 of $ 41.5 million , or $ 0.40 per diluted share . Second Quarter 2026 Non - GAAP Financial Results Adjusted EBITDA in the second quarter of 2026 was $ 166.8 million , or 16.6 % of net sales , compared to adjusted EBITDA of $ 109.7 million , or 15.0 % of net sales , in the second quarter
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of 2025. Non-GAAP net income in the second quarter of 2026 was $106.9 million, or $0.99 per diluted share, compared to non-GAAP net income of $60.8 million, or $0.58 per diluted share, in the second quarter of 2025. “We delivered another record high quarterly net sales and non-GAAP EPS, reflecting the strength of our strategic business model, positive market demand trends across end markets, and operational excellence from our employees. Revenues grew 37% year on year, powered largely by ongoing robust demand in the Data Center and Networking end market, which increased 91% year on year. Our Medical, Industrial and Instrumentation end market experienced 33% year on year revenue growth, and our Aerospace and Defense end market delivered 14% year on year revenue growth and a healthy improvement in backlog, reflecting our positive alignment with projected priority defense programs,” said Edwin Roks, President & CEO of TTM Technologies, Inc. “Adjusted EBITDA margin was a healthy 16.6%, providing evidence that our margin expansion efforts are currently working. Cash from operations was $96.4 million and our net leverage ratio is 0.9x.” concluded Dr. Roks. Dr. Roks added, “Looking forward, we are excited about TTM’s strategic position given our strong existing customer momentum in addition to our announced agreements to acquire Swiss Technology Group AG and ILFA GmbH, as part of our entry into Europe, which we expect to close in the third quarter of 2026. During the quarter, we also took steps through the recently announced $1.0 billion revolver and upsized Term Loan B to increase balance sheet flexibility and provide additional capacity for organic and inorganic investments that align with our strategy.” Business Outlook For the third quarter of 2026, TTM estimates that net sales will be in the range of $1.10 billion to $1.14 billion, and non-GAAP net income will be in the range of $1.21 to $1.27 per diluted share. For full year 2026, TTM now expects net sales of approximately $4.4 billion and non-GAAP net income per share to approach $5.00. Our third quarter estimate and full year outlook do not include any contribution or impact from pending acquisitions. With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share exclude the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, reconciliations of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP have not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information. Live Webcast/Conference Call
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TTM will host a conference call and webcast to discuss second quarter 2026 results and the third quarter 2026 outlook on Wednesday, August 5, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements. Access to the conference call will be made available by dialing +1 (800) 715-9871 in the USA & Canada or +1 (646) 307-1963 with Passcode: 8905104. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies Second Quarter 2026 Webcast . The webcast will remain accessible for one week following the live event. About TTM TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com . Forward-Looking Statements The preliminary financial results included in this press release represent the most current information available to management. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward- looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers, and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of TTM’s public reports filed with the SEC. About Our Non-GAAP Financial Measures To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM’s adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, and non-GAAP earnings per diluted share (“EPS”), all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance. A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be
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comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Contact : Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 - Tables Follow - TTM TECHNOLOGIES, INC. Selected Unaudited Financial Information (In thousands, except per share data) Second Quarter First Two Quarters 2026 2025 2026 2025 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS Net sales $ 1,004,054 $ 730,621 $ 1,850,030 $ 1,379,289 Cost of goods sold 792,196 582,512 1,456,991 1,100,208 Gross profit 211,858 148,109 393,039 279,081 Operating expenses: Selling and marketing 25,490 21,316 50,484 42,587 General and administrative 62,107 49,719 130,852 93,493 Research and development 7,978 7,009 15,786 15,073 Amortization of definite-lived intangibles 6,888 6,888 13,777 13,777 Restructuring charges 340 1,408 636 2,122 Total operating expenses 102,803 86,340 211,535 167,052 Operating income 109,055 61,769 181,504 112,029
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Interest expense (10,496 ) (11,095 ) (21,096 ) (22,559 ) Loss on extinguishment of debt (747 ) - (747 ) - Unrealized loss on derivative instruments (13,994 ) - (13,994 ) - Other, net (2,571 ) (5,149 ) (5,895 ) (2,954 ) Income before income taxes 81,247 45,525 139,772 86,516 Income tax benefit (provision) 1,800 (3,995 ) (6,737 ) (12,808 ) Net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Earnings per share: Basic $ 0.80 $ 0.41 $ 1.28 $ 0.72 Diluted 0.77 0.40 1.24 0.70 Weighted-average shares used in computing per share amounts: Basic 104,291 101,857 104,061 101,861 Diluted 107,583 104,873 107,334 104,701 Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: Weighted-average shares outstanding 104,291 101,857 104,061 101,861 Dilutive effect of performance-based stock units, restricted stock units and stock options 3,292 3,016 3,273 2,840 Diluted shares 107,583 104,873 107,334 104,701 SELECTED BALANCE SHEET DATA
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June 29, 2026 December 29, 2025 Cash and cash equivalents $ 507,905 $ 501,234 Accounts receivable, net 720,143 563,741 Contract assets 596,036 468,006 Inventories 307,972 250,057 Total current assets 2,249,899 1,855,406 Property, plant and equipment, net 1,187,809 1,010,710 Total assets 4,415,709 3,840,331 Short-term debt, including current portion of long-term debt $ 4,000 $ 3,815 Accounts payable 812,987 543,538 Contract liabilities 186,770 175,627 Total current liabilities 1,263,967 962,197 Long-term debt, net of discount and issuance costs 969,456 912,336 Total long-term liabilities 1,217,314 1,115,881 Total stockholders' equity 1,934,428 1,762,253 Total liabilities and stockholders' equity 4,415,709 3,840,331 SUPPLEMENTAL DATA Second Quarter First Two Quarters 2026 2025 2026 2025 Gross margin 21.1 % 20.3 % 21.2 % 20.2 % Operating margin 10.9 % 8.5 % 9.8 % 8.1 % Second Quarter First Two Quarters 2026 2025 2026 2025 End market breakdown 1 : Aerospace and Defense 37 % 45 % 39 % 47 % Automotive 8 % 11 % 8 % 11 % Data Center and Networking 40 % 29 % 38 % 28 % Medical, Industrial, and Instrumentation 15 % 15 % 15 % 14 % Second Quarter First Two Quarters 2026 2025 2026 2025 Operating segment data 1 : Net sales: Aerospace & Defense $ 382,750 $ 335,183 $ 734,414 $ 651,433 Commercial 621,605 395,624 1,116,648 728,329 Intersegment eliminations (301 ) (186 ) (1,032 ) (473 )
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Total net sales $ 1,004,054 $ 730,621 $ 1,850,030 $ 1,379,289 Segment operating income: Aerospace & Defense 63,861 48,145 118,640 90,514 Commercial 112,676 60,069 194,244 103,718 Total segment operating income $ 176,537 $ 108,214 $ 312,884 $ 194,232 Unallocated amounts: Restructuring (340 ) (1,408 ) (636 ) (2,122 ) Acquisition-related and other charges (4,749 ) - (4,946 ) - Stock-based compensation (13,292 ) (9,188 ) (37,648 ) (17,975 ) Other corporate expenses (39,877 ) (26,625 ) (69,702 ) (43,658 ) Amortization of definite-lived intangibles (9,224 ) (9,224 ) (18,448 ) (18,448 ) Total operating income $ 109,055 $ 61,769 $ 181,504 $ 112,029 RECONCILIATIONS 2 Second Quarter First Two Quarters 2026 2025 2026 2025 Non-GAAP gross profit reconciliation 3 : GAAP gross profit $ 211,858 $ 148,109 $ 393,039 $ 279,081 Add back item: Amortization of definite-lived intangibles 2,336 2,336 4,671 4,671 Stock-based compensation 3,771 2,827 7,438 5,500 Unrealized (gain) loss on commodity hedge 1,785 (283 ) 3,279 (1,059 ) Non-GAAP gross profit $ 219,750 $ 152,989 $ 408,427 $ 288,193 Non-GAAP gross margin 21.9 % 20.9 % 22.1 % 20.9 % Non-GAAP operating income reconciliation 4 : GAAP operating income $ 109,055 $ 61,769 $ 181,504 $ 112,029 Add back items: Amortization of definite-lived intangibles 9,224 9,224 18,448 18,448 Stock-based compensation 13,292 9,188 37,648 17,975
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Unrealized (gain) loss on commodity hedge 1,785 (283 ) 3,279 (1,059 ) Restructuring, acquisition- related and other charges 5,089 1,523 5,582 2,237 Non-GAAP operating income $ 138,445 $ 81,421 $ 246,461 $ 149,630 Non-GAAP operating margin 13.8 % 11.1 % 13.3 % 10.8 % Non-GAAP net income and EPS reconciliation 5 : GAAP net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Add back items: Amortization of definite-lived intangibles 9,224 9,224 18,448 18,448 Stock-based compensation 13,292 9,188 37,648 17,975 Non-cash interest expense 588 536 1,142 1,067 Loss on extinguishment of debt 747 - 747 - Unrealized (gain) loss on commodity hedge 1,785 (283 ) 3,279 (1,059 ) Unrealized (gain) loss on foreign exchange (226 ) 5,750 (1,209 ) 7,964 Unrealized loss on derivative instruments 13,994 - 13,994 - Restructuring, acquisition- related and other charges 5,089 1,543 5,582 2,257 Income taxes 6 (20,661 ) (6,727 ) (25,705 ) (7,167 ) Non-GAAP net income $ 106,879 $ 60,761 $ 186,961 $ 113,193 Non-GAAP earnings per diluted share $ 0.99 $ 0.58 $ 1.74 $ 1.08 Second Quarter First Two Quarters 2026 2025 2026 2025 Adjusted EBITDA reconciliation 7 : GAAP net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Add back items: Income tax (benefit) provision (1,800 ) 3,995 6,737 12,808 Interest expense 10,496 11,095 21,096 22,559 Amortization of definite-lived intangibles 9,224 9,224 18,448 18,448 Depreciation expense 31,122 27,692 60,414 54,555 Stock-based compensation 13,292 9,188 37,648 17,975 Loss on extinguishment of debt 747 - 747 - Unrealized (gain) loss on commodity hedge 1,785 (283 ) 3,279 (1,059 )
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Unrealized (gain) loss on foreign exchange (226 ) 5,750 (1,209 ) 7,964 Unrealized loss on derivative instruments 13,994 - 13,994 - Restructuring, acquisition- related and other charges 5,089 1,543 5,463 2,257 Adjusted EBITDA $ 166,770 $ 109,734 $ 299,652 $ 209,215 Adjusted EBITDA margin 16.6 % 15.0 % 16.2 % 15.2 % Free cash flow reconciliation: Operating cash flow $ 96,429 $ 97,804 $ 118,172 $ 87,149 Capital expenditures, net (50,416 ) (60,234 ) (157,217 ) (123,454 ) Free cash flow $ 46,013 $ 37,570 $ (39,045 ) $ (36,305 ) 1 Prior year end market revenue has been recasted due to merged Data Center Computing and Networking end markets. The operating segment data has been recasted also due to strategically realigning the RF and Specialty Components (RF&S Components) segment within the A&D segment during the quarter ended March 30, 2026. 2 This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the most comparable GAAP metric in our consolidated condensed statements of operations. 3 Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, and unrealized (gain) loss on commodity hedge. 4 Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, restructuring, acquisition-related, and other charges. 5 This information provides non-GAAP net income and non-GAAP EPS, which are non- GAAP financial measures. Management believes that both measures -- which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, unrealized loss on derivative instruments, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations. 6 Income tax adjustments reflect the difference between income taxes based on a non- GAAP tax rate and a forecasted annual GAAP tax rate.
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7 Adjusted EBITDA is defined as earnings before income tax (benefit) provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, unrealized loss on derivative instruments, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America. Source: TTM Technologies, Inc.