TTM Technologies, Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
TTM Technologies (NASDAQ: TTMI) reported Q1 2026 results: net sales $846.0M (+30% YoY) and an all-time quarterly record non-GAAP net income $80.1M ($0.75/share). GAAP net income was $50.0M ($0.47/share). Adjusted EBITDA was $132.9M (15.7% of sales).
Cash from operations was $21.7M (2.6% of sales); book-to-bill 1.41; backlog $1.6B. A&D = 40% of sales; Data Center & Networking = 36% of sales. Q2 2026 guidance: net sales $930M–$970M, non-GAAP EPS $0.82–$0.88 per share.
Positive
- Net sales of $846.0M, up 30% YoY
- Non-GAAP net income reached an all-time quarterly record of $80.1M ($0.75 per diluted share)
- Adjusted EBITDA of $132.9M representing 15.7% of net sales
- Program backlog of $1.6B and book-to-bill of 1.41
- Data Center & Networking demand drove 36% of net sales; Aerospace & Defense was 40% of sales
Negative
- Cash flow from operations was only $21.7M, or 2.6% of net sales
- Company did not provide a reconciliation of expected non-GAAP EPS to GAAP due to unpredictable future items
Market Reaction – TTMI
Following this news, TTMI has gained 14.62%, reflecting a significant positive market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $157.90. This price movement has added approximately $1.82B to the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
TTMI fell 4.56% while key peer SANM rose 5.11%. Other peers (OSIS, LFUS, PLXS, OLED) were modestly negative, suggesting TTMI’s move was more company-specific around its earnings than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 04 | Q4 2025 earnings | Positive | -3.8% | Strong Q4 2025 growth with record non-GAAP income but shares fell post-release. |
| Oct 29 | Q3 2025 earnings | Positive | -2.4% | Q3 2025 sales and profitability improved, yet stock declined the next session. |
| Jul 30 | Q2 2025 earnings | Positive | -3.0% | Q2 2025 record revenues and stronger margins followed by a negative price move. |
| Apr 30 | Q1 2025 earnings | Positive | +16.6% | Q1 2025 beat with 14% sales growth and record non-GAAP EPS drove a rally. |
| Feb 05 | Q4 2024 earnings | Positive | +7.8% | Q4 2024 and FY 2024 growth plus strong cash flow sparked a solid gain. |
Earnings releases have generally been positive fundamentally, but price reactions have been mixed, with three of the last five earnings events selling off despite strong growth metrics.
Over the past five earnings cycles, TTM has delivered consistent revenue growth, including Q3 2025 net sales of $752.7M, Q4 2025 net sales of $774.3M, and Q1 2025 net sales of $648.7M. Non-GAAP EPS repeatedly set quarterly records, supported by strong demand in Aerospace & Defense and Data Center markets tied to generative AI. Market reactions, however, alternated between sharp gains (e.g., +16.63% on Q1 2025) and pullbacks (e.g., -3.78% on Q4 2025), underscoring that strong fundamentals have not always translated into immediate price strength.
Historical Comparison
Across five recent earnings releases, TTMI’s average move was about 3.04%, with both sharp rallies and selloffs, showing that sizable but not extreme reactions to results and guidance have been common.
Earnings history shows steady net sales expansion from $651.0M in Q4 2024 to $774.3M in Q4 2025, with recurring record non-GAAP EPS and growing AI-driven Data Center and Aerospace & Defense contributions.
Market Pulse Summary
This announcement delivered record Q1 2026 net sales of $846.0M, non-GAAP EPS of $0.75, and adjusted EBITDA of $132.9M (15.7% margin), supported by demand in Data Center and Aerospace & Defense. A book-to-bill of 1.41 and A&D backlog of $1.6B highlight visibility. Historically, earnings releases have produced mixed price reactions despite generally positive fundamentals, so investors may focus on execution against Q2 2026 guidance of $0.82–$0.88 non-GAAP EPS and sustained AI-driven demand.
Key Terms
adjusted ebitda financial
non-gaap net income financial
book to bill financial
AI-generated analysis. Not financial advice.
SANTA ANA, Calif., April 29, 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 first quarter of 2026, which ended on March 30, 2026.
First Quarter 2026 Highlights
- Net sales were
$846 million , up30% year on year, and an all-time quarterly record - GAAP net income of
$50.0 million , or$0.47 per diluted share - Adjusted EBITDA of
$132.9 million , or15.7% of net sales - Non-GAAP net income of
$80.1 million , or$0.75 per diluted share, an all-time quarterly record - Cash flow from operations of
$21.7 million , or2.6% of net sales - Total book to bill of 1.41
- A&D end market was
40% of total net sales; and total program backlog was$1.6 billion - Data Center and Networking end market was
36% of total net sales driven by continued AI demand
First Quarter 2026 GAAP Financial Results
Net sales in the first quarter of 2026 were
GAAP operating income in the first quarter of 2026 was
GAAP net income in the first quarter of 2026 was
First Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the first quarter of 2026 was
Non-GAAP net income in the first quarter of 2026 was
“Our delivery of record high quarterly net sales and non-GAAP EPS reflected both the strength of the markets’ demand for our advanced technology and the high level of execution from our employees. Revenues grew
Business Outlook
For the second quarter of 2026, TTM estimates that net sales will be in the range of
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 excludes primarily 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, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has 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
TTM will host a conference call and webcast to discuss first quarter 2026 results and the second quarter 2026 outlook on Wednesday, April 29, 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 available by clicking on the registration link TTM Technologies, Inc. First Quarter 2026 Conference Call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. 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 First Quarter 2026 Webcast.
To Access a Replay of the Webcast
The replay of the webcast will remain accessible for one week following the live event on TTM’s website at TTM Technologies First Quarter 2026 Webcast.
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. TTM’s actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM’s financial closing procedures, final adjustments, completion of the review by TTM’s independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. 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, 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 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) | |||||||
| First Quarter | |||||||
| 2026 | 2025 | ||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||
| Net sales | $ | 845,976 | $ | 648,668 | |||
| Cost of goods sold | 664,795 | 517,696 | |||||
| Gross profit | 181,181 | 130,972 | |||||
| Operating expenses: | |||||||
| Selling and marketing | 24,994 | 21,271 | |||||
| General and administrative | 68,745 | 43,774 | |||||
| Research and development | 7,808 | 8,064 | |||||
| Amortization of definite-lived intangibles | 6,889 | 6,889 | |||||
| Restructuring charges | 296 | 714 | |||||
| Total operating expenses | 108,732 | 80,712 | |||||
| Operating income | 72,449 | 50,260 | |||||
| Interest expense | (10,600 | ) | (11,464 | ) | |||
| Other, net | (3,324 | ) | 2,195 | ||||
| Income before income taxes | 58,525 | 40,991 | |||||
| Income tax provision | (8,537 | ) | (8,813 | ) | |||
| Net income | $ | 49,988 | $ | 32,178 | |||
| Earnings per share: | |||||||
| Basic | $ | 0.48 | $ | 0.32 | |||
| Diluted | 0.47 | 0.31 | |||||
| Weighted-average shares used in computing per share amounts: | |||||||
| Basic | 103,832 | 101,866 | |||||
| Diluted | 107,084 | 104,530 | |||||
| Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: | |||||||
| Weighted-average shares outstanding | 103,832 | 101,866 | |||||
| Dilutive effect of performance-based stock units, restricted stock units and stock options | 3,252 | 2,664 | |||||
| Diluted shares | 107,084 | 104,530 | |||||
| SELECTED BALANCE SHEET DATA | |||||||
| March 30, 2026 | December 29, 2025 | ||||||
| Cash and cash equivalents | $ | 410,049 | $ | 501,234 | |||
| Accounts receivable, net | 618,082 | 563,741 | |||||
| Contract assets | 513,029 | 468,006 | |||||
| Inventories | 280,210 | 250,057 | |||||
| Total current assets | 1,913,806 | 1,855,406 | |||||
| Property, plant and equipment, net | 1,067,253 | 1,010,710 | |||||
| Total assets | 3,981,030 | 3,840,331 | |||||
| Short-term debt, including current portion of long-term debt | $ | 3,851 | $ | 3,815 | |||
| Accounts payable | 607,896 | 543,538 | |||||
| Contract liabilities | 174,529 | 175,627 | |||||
| Total current liabilities | 1,015,495 | 962,197 | |||||
| Long-term debt, net of discount and issuance costs | 911,842 | 912,336 | |||||
| Total long-term liabilities | 1,127,874 | 1,115,881 | |||||
| Total stockholders' equity | 1,837,661 | 1,762,253 | |||||
| Total liabilities and stockholders' equity | 3,981,030 | 3,840,331 | |||||
| SUPPLEMENTAL DATA | |||||||
| First Quarter | |||||||
| 2026 | 2025 | ||||||
| Gross margin | 21.4 | % | 20.2 | % | |||
| Operating margin | 8.6 | % | 7.7 | % | |||
| First Quarter | |||||||
| 2026 | 2025 | ||||||
| End market breakdown1: | |||||||
| Aerospace and Defense | 40 | % | 48 | % | |||
| Automotive | 8 | % | 11 | % | |||
| Data Center and Networking | 36 | % | 28 | % | |||
| Medical, Industrial, and Instrumentation | 16 | % | 13 | % | |||
| First Quarter | |||||||
| 2026 | 2025 | ||||||
| Operating segment data1: | |||||||
| Net sales: | |||||||
| Aerospace & Defense | $ | 351,664 | $ | 316,250 | |||
| Commercial | 495,043 | 332,705 | |||||
| Intersegment eliminations | (731 | ) | (287 | ) | |||
| Total net sales | $ | 845,976 | $ | 648,668 | |||
| Segment operating income: | |||||||
| Aerospace & Defense | 54,779 | 42,369 | |||||
| Commercial | 81,568 | 43,649 | |||||
| Total segment operating income | $ | 136,347 | $ | 86,018 | |||
| Unallocated amounts: | |||||||
| Restructuring | (296 | ) | (714 | ) | |||
| Acquisition-related and other charges | (197 | ) | - | ||||
| Stock-based compensation | (24,356 | ) | (8,787 | ) | |||
| Other corporate expenses | (29,825 | ) | (17,033 | ) | |||
| Amortization of definite-lived intangibles | (9,224 | ) | (9,224 | ) | |||
| Total operating income | $ | 72,449 | $ | 50,260 | |||
| RECONCILIATIONS2 | |||||||
| First Quarter | |||||||
| 2026 | 2025 | ||||||
| Non-GAAP gross profit reconciliation3: | |||||||
| GAAP gross profit | $ | 181,181 | $ | 130,972 | |||
| Add back item: | |||||||
| Amortization of definite-lived intangibles | 2,335 | 2,335 | |||||
| Stock-based compensation | 3,667 | 2,673 | |||||
| Unrealized (gain) loss on commodity hedge | 1,494 | (776 | ) | ||||
| Non-GAAP gross profit | $ | 188,677 | $ | 135,204 | |||
| Non-GAAP gross margin | 22.3 | % | 20.8 | % | |||
| Non-GAAP operating income reconciliation4: | |||||||
| GAAP operating income | $ | 72,449 | $ | 50,260 | |||
| Add back items: | |||||||
| Amortization of definite-lived intangibles | 9,224 | 9,224 | |||||
| Stock-based compensation | 24,356 | 8,787 | |||||
| Unrealized (gain) loss on commodity hedge | 1,494 | (776 | ) | ||||
| Restructuring, acquisition-related and other charges | 493 | 714 | |||||
| Non-GAAP operating income | $ | 108,016 | $ | 68,209 | |||
| Non-GAAP operating margin | 12.8 | % | 10.5 | % | |||
| First Quarter | |||||||
| 2026 | 2025 | ||||||
| Non-GAAP net income and EPS reconciliation5: | |||||||
| GAAP net income | $ | 49,988 | $ | 32,178 | |||
| Add back items: | |||||||
| Amortization of definite-lived intangibles | 9,224 | 9,224 | |||||
| Stock-based compensation | 24,356 | 8,787 | |||||
| Non-cash interest expense | 554 | 531 | |||||
| Unrealized (gain) loss on commodity hedge | 1,494 | (776 | ) | ||||
| Unrealized (gain) loss on foreign exchange | (983 | ) | 2,214 | ||||
| Restructuring, acquisition-related and other charges | 493 | 714 | |||||
| Income taxes6 | (5,044 | ) | (440 | ) | |||
| Non-GAAP net income | $ | 80,082 | $ | 52,432 | |||
| Non-GAAP earnings per diluted share | $ | 0.75 | $ | 0.50 | |||
| Adjusted EBITDA reconciliation7: | |||||||
| GAAP net income | $ | 49,988 | $ | 32,178 | |||
| Add back items: | |||||||
| Income tax provision | 8,537 | 8,813 | |||||
| Interest expense | 10,600 | 11,464 | |||||
| Amortization of definite-lived intangibles | 9,224 | 9,224 | |||||
| Depreciation expense | 29,292 | 26,863 | |||||
| Stock-based compensation | 24,356 | 8,787 | |||||
| Unrealized (gain) loss on commodity hedge | 1,494 | (776 | ) | ||||
| Unrealized (gain) loss on foreign exchange | (983 | ) | 2,214 | ||||
| Restructuring, acquisition-related and other charges | 374 | 714 | |||||
| Adjusted EBITDA | $ | 132,882 | $ | 99,481 | |||
| Adjusted EBITDA margin | 15.7 | % | 15.3 | % | |||
| Free cash flow reconciliation: | |||||||
| Operating cash flow | $ | 21,743 | $ | (10,655 | ) | ||
| Capital expenditures, net | (106,801 | ) | (63,220 | ) | |||
| Free cash flow | $ | (85,058 | ) | $ | (73,875 | ) | |
1 Prior year end market revenue and operating segment data has been recasted in connection with the Company's previously disclosed change in organization structure - refer to the recasted historical selected unaudited financial information in the Form 8-K filed on July 30, 2025 for further information. The prior year end market revenue has been recasted also 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 financial information 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, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, 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.
7 Adjusted EBITDA is defined as earnings before income taxes provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, 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.
