TTM Technologies, Inc. Reports Second Quarter 2026 Results
Rhea-AI Summary
TTM Technologies (NASDAQ: TTMI) reported record second quarter 2026 results, with net sales of $1.0 billion, up 37% year over year, and GAAP net income of $83.0 million or $0.77 per diluted share. Non-GAAP net income reached an all-time quarterly high of $106.9 million, or $0.99 per diluted share, and adjusted EBITDA was $166.8 million, representing a 16.6% margin.
Cash from operations was $96.4 million (9.6% of sales) and free cash flow was $46.0 million. Total book-to-bill was 1.49; Aerospace & Defense contributed 37% of sales with program backlog above $1.7 billion, while Data Center and Networking contributed 40%, driven by continued AI demand and 91% year-on-year growth. The company guided third quarter 2026 net sales to $1.10–$1.14 billion and non-GAAP EPS to $1.21–$1.27, and now expects full year 2026 net sales of about $4.4 billion with non-GAAP EPS approaching $5.00, excluding any impact from pending European acquisitions.
Positive
- Net sales $1.0B, up 37% year on year in Q2 2026
- Non-GAAP EPS $0.99 vs. $0.58 a year ago, record quarter
- Adjusted EBITDA $166.8M, margin improved to 16.6% from 15.0%
- Data Center & Networking revenue +91% YoY, now 40% of sales
- Book-to-bill 1.49 and A&D program backlog above $1.7B
- 2026 outlook: about $4.4B net sales, non-GAAP EPS nearing $5.00
Negative
- Unrealized loss on derivative instruments $14.0M in Q2 2026
- Free cash flow negative $39.0M for first two quarters of 2026
- Total operating expenses $102.8M, up from $86.3M year on year
- Long-term debt $969.5M at June 29, 2026, up from $912.3M
News Explained
European acquisitions remain pending, while added borrowing capacity—not a disclosed purchase price—supports planned investment.
TTM says its agreements to acquire Swiss Technology Group AG and ILFA GmbH remain pending, with closing expected in the
The release describes financing capacity rather than a stated purchase consideration or cash payment, so the transaction economics are not established here.
The specified milestone is the expected
Market Reaction – TTMI
Following this news, TTMI has gained 2.86%, reflecting a moderate positive market reaction. Argus tracked a trough of -4.4% from its starting point during tracking. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $135.00. Trading volume is above average at 1.6x the average, suggesting increased trading activity.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Q1 earnings | Positive | +15.1% | Record sales and non-GAAP earnings accompanied by higher Q2 guidance |
| Feb 04 | Q4 earnings | Positive | -3.8% | Record quarterly earnings and annual results followed by negative price reaction |
| Oct 29 | Q3 earnings | Positive | -2.4% | Revenue growth and quarterly record non-GAAP earnings preceded a negative reaction |
| Jul 30 | Q2 earnings | Positive | -3.0% | Revenue growth, margin expansion, and strong cash flow preceded a negative reaction |
| Apr 30 | Q1 earnings | Positive | +16.6% | Record revenue and non-GAAP earnings accompanied by positive market response |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
TTMI's tag-specific earnings history showed positive earnings releases followed by divergence in three of five events, despite strong reported operating results.
Key Terms
adjusted ebitda financial
book to bill financial
non-gaap net income financial
net leverage ratio financial
printed circuit boards technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 , up37% 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 , or16.6% 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 , or9.6% 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 AI demand
Second Quarter 2026 GAAP Financial Results
Net sales in the second quarter of 2026 were
GAAP operating income in the second quarter of 2026 was
GAAP net income in the second quarter of 2026 was
Second Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the second quarter of 2026 was
Non-GAAP net income in the second quarter of 2026 was
“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
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
Business Outlook
For the third 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 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
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 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 | |||||||||||
| 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 | |||||||
| 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 breakdown1: | |||||||||||||||
| 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 data1: | |||||||||||||||
| 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 | ) | |||||||
| 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 | |||||||
| RECONCILIATIONS2 | |||||||||||||||
| Second Quarter | First Two Quarters | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Non-GAAP gross profit reconciliation3: | |||||||||||||||
| 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 reconciliation4: | |||||||||||||||
| 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 | |||||||||||
| 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 reconciliation5: | |||||||||||||||
| 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 taxes6 | (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 reconciliation7: | |||||||||||||||
| 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 | ) | |||||||||
| 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. |
| 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. |
