TTM Technologies, Inc. Reports Third Quarter 2025 Results

Rhea-AI Summary

TTM Technologies (NASDAQ: TTMI) reported third quarter 2025 results ending September 29, 2025, with net sales of $752.7M (+22% YoY) and GAAP net income $53.1M ($0.50 diluted).

Key operating metrics include adjusted EBITDA $120.9M (16.1% of sales), non-GAAP net income $71.0M ($0.67 per diluted share, a quarterly record), and cash flow from operations $141.8M (18.8% of sales).

For Q4 2025 the company estimates net sales $730M–$770M and non-GAAP EPS $0.64–$0.70; management did not provide a GAAP reconciliation for forward non-GAAP guidance.

Positive

• Net sales +22% year-over-year to $752.7M
• Non-GAAP net income a quarterly record of $71.0M ($0.67)
• Adjusted EBITDA $120.9M, 16.1% of net sales
• Cash flow from operations $141.8M (18.8% of sales)

Negative

• No GAAP reconciliation provided for Q4 2025 non-GAAP guidance
• Company notes reconciling items could materially affect GAAP results

Insights

Equity Analyst

TTM reported strong Q3 2025 growth: revenues +22%, record non-GAAP EPS, and robust cash flow supporting capex.

Revenue rose to $752.7 million, up 22% year‑over‑year, with GAAP net income of $53.1 million ($0.50 per diluted share) and non‑GAAP net income of $71.0 million ($0.67 per diluted share), a quarterly record. Adjusted EBITDA was $120.9 million, or 16.1% of sales, roughly in line with prior‑year margin levels.

Key dependencies and risks include sustaining demand in Data Center Computing and Networking and execution on facilities expansion given management cited reinvestment funded by operating cash flow of 18.8% of sales ($141.8 million). Watch the fourth quarter 2025 guidance range of $730 million to $770 million in sales and non‑GAAP EPS of $0.64 to $0.70 as near‑term indicators of revenue and margin sustainability over the next quarter.

SANTA ANA, Calif., Oct. 29, 2025 (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 printed circuit boards (“PCB”s) today reported results for the third quarter 2025, which ended on September 29, 2025.  

Third Quarter 2025 Highlights

• Net sales were $752.7 million, up 22% year on year
• GAAP net income of $53.1 million, or $0.50 per diluted share
• Adjusted EBITDA of $120.9 million, or 16.1% of net sales
• Non-GAAP net income of $71.0 million, or $0.67 per diluted share, a quarterly record high
• Cash flow from operations of $141.8 million, or 18.8% of net sales
  
  

Third Quarter 2025 GAAP Financial Results
Net sales in the third quarter of 2025 were $752.7 million, compared to $616.5 million in the third quarter of 2024.

GAAP operating income in the third quarter of 2025 was $71.9 million compared to GAAP operating income in the third quarter of 2024 of $51.0 million.

GAAP net income in the third quarter of 2025 was $53.1 million, or $0.50 per diluted share, compared to GAAP net income in the third quarter of 2024 of $14.3 million, or $0.14 per diluted share.  

Third Quarter 2025 Non-GAAP Financial Results
Adjusted EBITDA in the third quarter of 2025 was $120.9 million, or 16.1% of net sales, compared to adjusted EBITDA of $100.6 million, or 16.3% of net sales, in the third quarter of 2024.

Non-GAAP net income in the third quarter of 2025 was $71.0 million, or $0.67 per diluted share. This compares to non-GAAP net income of $56.8 million, or $0.55 per diluted share, in the third quarter of 2024.

“We delivered another strong quarter with revenues and non-GAAP EPS above the high end of the guided range. Revenues grew 22% year on year reflecting continued demand strength in our Data Center Computing and Networking end markets, driven primarily by the requirements of generative AI. Our Medical, Industrial and Instrumentation and Aerospace and Defense end markets also experienced double-digit year on year revenue growth,” said Edwin Roks, President & CEO of TTM Technologies Inc. “Adjusted EBITDA margins were a healthy 16.1%, reflecting continued solid execution. In addition, cash flow from operations was a solid 18.8% of revenues, enabling the company to maintain its measured investment in facilities expansion to support our projected continued growth,” concluded Dr. Roks.

Business Outlook
For the fourth quarter of 2025, TTM estimates that net sales will be in the range of $730 million to $770 million, and non-GAAP net income will be in the range of $0.64 to $0.70 per diluted share.  

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 third quarter 2025 results and the fourth quarter 2025 outlook on Wednesday, October 29, 2025, 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 is available by clicking on the registration link TTM Technologies, Inc. third quarter 2025 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 TTM’s website, and can be accessed by clicking on the link TTM Technologies Inc. third quarter 2025 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 Inc. third quarter 2025 webcast.

About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced PCBs. 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:
Dan Boehle
EVP, Chief Financial Officer
dan.boehle@ttmtech.com
714-327-3079

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
						Third Quarter								First Three Quarters
							2025				2024				2025				2024
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
	Net sales					$	752,736			$	616,538			$	2,132,025			$	1,791,788
	Cost of goods sold						596,000				486,650				1,696,208				1,440,954
	Gross profit						156,736				129,888				435,817				350,834
	Operating expenses:
		Selling and marketing					21,796				19,961				64,383				60,053
		General and administrative					48,598				42,567				142,091				124,841
		Research and development					7,038				8,054				22,111				23,922
		Amortization of definite-lived intangibles					6,889				6,951				20,666				28,636
		Restructuring charges					509				1,393				2,631				6,367
			Total operating expenses				84,830				78,926				251,882				243,819
	Operating income						71,906				50,962				183,935				107,015
	Interest expense						(10,399	)			(11,768	)			(32,958	)			(36,311	)
	Other, net						306				(14,177	)			(2,648	)			(1,086	)
	Income before income taxes						61,813				25,017				148,329				69,618
	Income tax provision						(8,758	)			(10,706	)			(21,566	)			(18,489	)
	Net income					$	53,055			$	14,311			$	126,763			$	51,129
	Earnings per share:
		Basic				$	0.51			$	0.14			$	1.24			$	0.50
		Diluted					0.50				0.14				1.21				0.49
	Weighted-average shares used in computing per share amounts:
		Basic					103,321				101,958				102,337				101,704
		Diluted					105,812				103,828				105,061				103,928
	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding						103,321				101,958				102,337				101,704
	Dilutive effect of performance-based stock units, restricted stock units and stock options						2,491				1,870				2,724				2,224
	Diluted shares						105,812				103,828				105,061				103,928
SELECTED BALANCE SHEET DATA
						September 29, 2025				December 30, 2024
	Cash and cash equivalents					$	491,120			$	503,932
	Accounts receivable, net						500,147				448,611
	Contract assets						446,967				381,382
	Inventories						253,687				224,985
	Total current assets						1,755,615				1,606,744
	Property, plant and equipment, net						992,193				869,957
	Total assets						3,720,528				3,472,494
	Short-term debt, including current portion of long-term debt					$	3,810			$	3,795
	Accounts payable						506,386				406,221
	Contract liabilities						149,368				170,915
	Total current liabilities						905,203				809,054
	Long-term debt, net of discount and issuance costs						912,835				914,359
	Total long-term liabilities						1,113,877				1,099,616
	Total stockholders' equity						1,701,448				1,563,824
	Total liabilities and stockholders' equity						3,720,528				3,472,494
SUPPLEMENTAL DATA
						Third Quarter								First Three Quarters
							2025				2024				2025				2024
	Gross margin						20.8	%			21.1	%			20.4	%			19.6	%
	Operating margin						9.6	%			8.3	%			8.6	%			6.0	%
	End market breakdown1:
						Third Quarter
							2025				2024
		Aerospace and Defense					45	%			45	%
		Automotive					11	%			14	%
		Data Center Computing					23	%			20	%
		Medical/Industrial/Instrumentation					14	%			14	%
		Networking					7	%			7	%
	Operating segment data1:
						Third Quarter
		Net sales:					2025				2024
			Aerospace & Defense			$	336,841			$	279,533
			Commercial				408,920				329,382
			RF&S Components				10,444				9,780
			Intersegment eliminations				(3,469	)			(2,157	)
				Total net sales		$	752,736			$	616,538
		Segment operating income:
			Aerospace & Defense			$	52,884			$	40,279
			Commercial				60,031				51,105
			RF&S Components				3,126				2,426
				Total segment operating income		$	116,041			$	93,810
		Unallocated amounts:
			Restructuring				(509	)			(1,393	)
			Acquisition-related and other charges				(15	)			(2,867	)
			Stock-based compensation				(11,611	)			(8,330	)
			Other corporate expenses				(22,775	)			(20,972	)
			Amortization of definite-lived intangibles				(9,225	)			(9,286	)
				Total operating income		$	71,906			$	50,962
RECONCILIATIONS2
						Third Quarter								First Three Quarters
							2025				2024				2025				2024
	Non-GAAP gross profit reconciliation3:
		GAAP gross profit				$	156,736			$	129,888			$	435,817			$	350,834
		Add back item:
			Amortization of definite-lived intangibles				2,336				2,335				7,007				7,006
			Stock-based compensation				3,720				2,719				9,220				6,689
			Unrealized (gain) loss on commodity hedge				(776	)			(79	)			(1,835	)			(1,265	)
			Other charges				-				871				-				709
		Non-GAAP gross profit				$	162,016			$	135,734			$	450,209			$	363,973
		Non-GAAP gross margin					21.5	%			22.0	%			21.1	%			20.3	%
	Non-GAAP net income and EPS reconciliation4:
		GAAP net income				$	53,055			$	14,311			$	126,763			$	51,129
		Add back items:
			Amortization of definite-lived intangibles				9,225				9,286				27,673				35,642
			Stock-based compensation				11,611				8,330				29,586				21,697
			Non-cash interest expense				542				493				1,609				1,517
			(Gain) loss on sale of property, plant and equipment				-				-				-				(14,420	)
			Unrealized (gain) loss on commodity hedge				(776	)			(79	)			(1,835	)			(1,265	)
			Unrealized (gain) loss on foreign exchange				502				16,207				8,466				12,009
			Restructuring, acquisition-related and other charges				561				4,260				2,818				19,306
			Income taxes5				(3,764	)			3,975				(10,931	)			476
		Non-GAAP net income				$	70,956			$	56,783			$	184,149			$	126,091
		Non-GAAP earnings per diluted share				$	0.67			$	0.55			$	1.75			$	1.21
	Adjusted EBITDA reconciliation6:
		GAAP net income				$	53,055			$	14,311			$	126,763			$	51,129
		Add back items:
			Income tax provision				8,758				10,706				21,566				18,489
			Interest expense				10,399				11,768				32,958				36,311
			Amortization of definite-lived intangibles				9,225				9,286				27,673				35,642
			Depreciation expense				27,580				27,829				82,135				78,709
			Stock-based compensation				11,611				8,330				29,586				21,697
			(Gain) loss on sale of property, plant and equipment				-				-				-				(14,420	)
			Unrealized (gain) loss on commodity hedge				(776	)			(79	)			(1,835	)			(1,265	)
			Unrealized (gain) loss on foreign exchange				502				16,207				8,466				12,009
			Restructuring, acquisition-related and other charges				561				2,265				2,818				17,473
		Adjusted EBITDA				$	120,915			$	100,623			$	330,130			$	255,774
		Adjusted EBITDA margin					16.1	%			16.3	%			15.5	%			14.3	%
	Free cash flow reconciliation:
		Operating cash flow				$	141,803			$	65,090			$	228,952			$	150,840
		Capital expenditures, net					(99,233	)			(40,859	)			(222,687	)			(100,110	)
		Free cash flow				$	42,570			$	24,231			$	6,265			$	50,730
	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.
	2 This information provides a reconciliation of non-GAAP gross profit, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations. Prior year results have been revised to exclude the impact of unrealized (gain) loss on foreign exchange from non-GAAP net income, non-GAAP EPS, and adjusted EBITDA - refer to the revised historical non-GAAP financial information in the Form 8-K filed on February 5, 2025 for further information.
	3 Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, and other charges.
	4 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, (gain) loss on sale of property, plant and equipment, 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.
	5 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.
	6 Adjusted EBITDA is defined as earnings before income taxes provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, (gain) loss on sale of property, plant and equipment, 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.

FAQ

What were TTM (TTMI) third quarter 2025 net sales and YoY growth?

Net sales were $752.7M, reflecting a 22% year-over-year increase.

How much non-GAAP EPS did TTMI report for Q3 2025?

TTM reported non-GAAP net income $0.67 per diluted share, a quarterly record.

What was TTM's adjusted EBITDA and margin in Q3 2025?

Adjusted EBITDA was $120.9M, equal to 16.1% of net sales.

What guidance did TTMI give for Q4 2025 revenue and EPS?

TTM estimated Q4 2025 net sales $730M–$770M and non-GAAP EPS $0.64–$0.70.

Did TTM reconcile its forward non-GAAP guidance to GAAP for Q4 2025?

No; TTM stated it did not provide a GAAP reconciliation for its Q4 2025 non-GAAP guidance.

How much operating cash flow did TTMI generate in Q3 2025?

TTM generated $141.8M of cash flow from operations, or 18.8% of net sales.