TTM Technologies, Inc. Reports Third Quarter 2026 Results
Completed acquisitions are included in guidance, while the planned $650 million Ophir Optics purchase remains excluded.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
TTM Technologies (NASDAQ: TTMI) reported record third-quarter 2026 sales of $1.2 billion, up 60% from a year earlier. GAAP net income rose to $84.8 million, or $0.79 per diluted share, from $53.1 million, or $0.50. Adjusted EBITDA, an adjusted earnings measure, reached $242.3 million, with margin rising to 20.1% from 16.1%. Operating cash flow was $154.7 million.
TTM expects fourth-quarter sales of $1.42 billion–$1.44 billion and adjusted diluted earnings of $1.77–$1.83. Its preliminary 2027 forecast calls for sales of $6.5 billion–$6.75 billion and adjusted diluted earnings of $8.10–$8.90. Guidance includes completed STG and Epiq acquisitions but excludes pending deals. TTM also plans to acquire MKS's Ophir Optics business for $650 million in cash. Net leverage after the Epiq closing was 2.8x on September 30; TTM expects 1.5–2.0x by Ophir's expected closing.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter sales rose 60% year over year to a quarterly record $1.2 billion.
- Moderate pointGAAP net income rose to $84.8 million from $53.1 million; diluted EPS increased to $0.79 from $0.50.
- Moderate pointGAAP operating income rose to $162.3 million from $71.9 million in third-quarter 2025.
- Moderate pointGross margin increased to 24.2% from 20.8% in third-quarter 2025.
- Moderate pointOperating margin increased to 13.5% from 9.6% in third-quarter 2025.
- Moderate pointAdjusted EBITDA reached $242.3 million versus $120.9 million; margin increased to 20.1% from 16.1%.
- Moderate pointNon-GAAP net income reached $157.8 million versus $71.0 million; diluted EPS rose to $1.46 from $0.67.
- Moderate pointOperating cash flow totaled $154.7 million, or 12.9% of third-quarter sales.
- Moderate pointBook-to-bill was 2.13, with aerospace and defense program backlog totaling $2.0 billion.
- Moderate pointData Center and Networking sales grew 115% year over year, representing 41% of third-quarter sales.
- Moderate pointMedical, Industrial and Instrumentation sales grew 97% year over year.
- Moderate pointAerospace and Defense sales grew 21% year over year, representing 34% of third-quarter sales.
- Moderate pointCommercial segment operating income rose to $166.279 million from $60.031 million in third-quarter 2025.
- Moderate pointAerospace and Defense segment operating income rose to $77.041 million from $56.010 million in third-quarter 2025.
- Moderate pointCash increased to $876.347 million at September 28, 2026, from $501.234 million at December 29, 2025.
- Moderate pointSTG and Epiq acquisitions completed; both now contribute to current guidance.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed Ophir Optics acquisition: $650 million cash, or 10.3x expected fiscal 2027 adjusted EBITDA. 6% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Definitive agreement signed for Merlin Circuit Technology and Merlin Flex, expanding TTM's planned European footprint.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter sales guidance: $1.42 billion–$1.44 billion; non-GAAP diluted EPS expected at $1.77–$1.83.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 sales expected at $4.47 billion–$4.49 billion; non-GAAP diluted EPS at $4.97–$5.03.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Preliminary 2027 sales forecast: $6.5 billion–$6.75 billion; non-GAAP diluted EPS expected at $8.10–$8.90.
3 minor points
- Minor pointFirst-three-quarter sales rose to $3,053.885 million from $2,132.025 million in 2025.
- Minor pointFirst-three-quarter GAAP net income rose to $217.838 million from $126.763 million; diluted EPS reached $2.03 versus $1.21.
- Minor point. Forward-looking: it has not happened yet and may not happen.TTM targets net leverage of 1.5–2.0x by the expected Ophir acquisition closing.
Negative
- Moderate pointLong-term debt increased to $1,459.872 million at September 28, 2026, from $912.336 million at December 29, 2025.
- Moderate pointNet leverage was 2.8x pro-forma adjusted trailing-12-month EBITDA on September 30, following the Epiq acquisition.
- Moderate pointThird-quarter income tax provision increased to $56.898 million from $8.758 million a year earlier.
- Minor pointShort-term debt increased to $184 million at September 28, 2026, from $3.815 million at December 29, 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Ophir funding is expected to include revolving-credit borrowings, alongside cash on hand and expected future cash flow.
10 minor points
- Minor pointMerlin acquisitions remain subject to regulatory approvals, with closing expected in fourth-quarter 2026.
- Minor pointILFA acquisition remains pending, with closing expected in fourth-quarter 2026.
- Minor pointThird-quarter interest expense increased to $12.809 million from $10.399 million a year earlier.
- Minor pointThird-quarter derivative losses totaled $6.103 million, versus none in third-quarter 2025.
- Minor pointThird-quarter acquisition-related and other charges rose to $13.564 million from $0.015 million a year earlier.
- Minor pointThird-quarter stock-based compensation increased to $24.090 million from $11.611 million a year earlier.
- Minor pointThird-quarter selling and marketing expense rose to $25.142 million from $21.796 million a year earlier.
- Minor pointThird-quarter general and administrative expense rose to $87.554 million from $48.598 million a year earlier.
- Minor pointThird-quarter research and development expense rose to $9.646 million from $7.038 million a year earlier.
- Minor pointFirst-three-quarter debt extinguishment loss totaled $0.747 million, versus none in the comparable 2025 period.
News Explained
Two other acquisitions are also pending; the Merlin deal's price is undisclosed, while the release expects both Merlin and ILFA to close in Q4 2026.
The Ophir Optics purchase from MKS remains proposed, not completed, at
TTM has also entered a definitive agreement to acquire two UK PCB factories for an undisclosed amount; the deal is subject to regulatory approvals and is expected to close in
Details
Market move: TTMI -11.22% vs previous close. Q3 2026 earnings report
On Oct 22, the day this news came out, the latest delayed price for TTMI is 11.22% below the previous close. Our momentum scanner has recorded 19 alerts for this stock so far that day. The latest delayed price is $90.69. Relative volume is exceptionally heavy at 28.9x the average.
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Key Figures
- Net sales
- $1.2 billion; up 60% year on year
- Third quarter 2026
- GAAP net income
- $84.8 million; $0.79 per diluted share
- Third quarter 2026
- Adjusted EBITDA
- $242.3 million; 20.1% of net sales
- Third quarter 2026
- Non-GAAP net income
- $157.8 million; $1.46 per diluted share
- Third quarter 2026
- Net sales outlook
- $1.42 billion to $1.44 billion
- Fourth quarter 2026 estimate
- Non-GAAP net income outlook
- $1.77 to $1.83 per diluted share
- Fourth quarter 2026 estimate
- Net sales forecast
- $6.5 billion to $6.75 billion
- Preliminary full-year 2027 forecast
- Non-GAAP net income forecast
- $8.10 to $8.90 per diluted share
- Preliminary full-year 2027 forecast
Previous Earnings Reports
-
Reported record quarterly sales and non-GAAP earnings, with higher year-over-year sales.
-
Reported higher sales and record non-GAAP net income, alongside improved quarterly earnings.
-
Reported quarterly and full-year sales growth, with record non-GAAP net income.
-
Reported third-quarter sales and GAAP net income above the prior-year period.
-
Reported higher quarterly sales and net income, with improved operating margins.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
non-gaap financial
book to bill financial
pro-forma financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SANTA ANA, Calif., Oct. 22, 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 third quarter of 2026, which ended on September 28, 2026.
Third Quarter 2026 Highlights
- Net sales were
$1.2 billion , up60% year on year, and an all-time quarterly record - GAAP net income of
$84.8 million , or$0.79 per diluted share - Adjusted EBITDA of
$242.3 million , or20.1% of net sales, an all-time quarterly record - Non-GAAP net income of
$157.8 million , or$1.46 per diluted share, an all-time quarterly record - Cash flow from operations of
$154.7 million , or12.9% of net sales - Total book to bill of 2.13
- A&D end market was
34% of total net sales; and total A&D program backlog was$2.0 billion - Data Center and Networking end market was
41% of total net sales driven by continued AI demand
Recent Acquisition Activity
- October 19, 2026 – TTM announced plans to acquire the Ophir Optics business from MKS Inc. (NASDAQ: MKSI) for
$650 million , or 10.3x expected FY 2027 Adjusted EBITDA, in an all-cash transaction that is expected to be funded through a combination of cash on hand, expected future cash flow, and borrowings under TTM’s existing revolving credit facility. This proposed acquisition is not included in current guidance. - October 9, 2026 – In furtherance of TTM’s strategic initiative to expand its footprint in Europe, TTM entered into a definitive agreement with plans to acquire Merlin Circuit Technology Ltd. and Merlin Flex Ltd., two small printed circuit board fabrication factories in the United Kingdom for an undisclosed amount, with transaction funding expected to come from cash on hand. The transaction is subject to regulatory approvals and is expected to close during the fourth quarter of 2026. This proposed acquisition is not included in current guidance.
- TTM previously announced the planned acquisition of ILFA GmbH, a German printed circuit manufacturer. The acquisition is expected to close during the fourth quarter of 2026 and is excluded from current guidance.
- In recent weeks and up through the date of this press release, TTM has completed the previously announced acquisitions of Swiss Technology Group (“STG”) and Epiq Solutions (“Epiq”). These acquisitions are now included in current guidance.
Third Quarter 2026 GAAP Financial Results
Net sales in the third quarter of 2026 were
GAAP operating income in the third quarter of 2026 was
GAAP net income in the third quarter of 2026 was
Third Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the third quarter of 2026 was
Non-GAAP net income in the third quarter of 2026 was
“Once again, we delivered quarterly records for both net sales and non-GAAP EPS,” said Edwin Roks, CEO of TTM. “All key markets contributed to our
Dr. Roks added, “TTM is well positioned for growth for the foreseeable future. We expect continued healthy growth in our key end markets, with particular strength in Data Center & Networking and Aerospace & Defense. Our close customer relationships and strong operational execution add to our confidence in this outlook. Consistent with our strategic plan, the recent acquisitions broaden our offering in differentiated, long-cycle products, add geographic diversification and provide new platforms for future growth."
Business Outlook
For the fourth quarter of 2026, TTM estimates that net sales will be in the range of
In addition, we are initiating our preliminary 2027 full year forecast with expected net sales 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 third quarter 2026 results and the fourth quarter 2026 outlook today, October 22, 2026, at 8:30 a.m. Eastern Time (5:30 a.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. Third 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 Third 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. 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, pro-forma adjusted TTM 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) | |||||||||||||||||||||
| Third Quarter | First Three Quarters | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
| Net sales | $ | 1,203,855 | $ | 752,736 | $ | 3,053,885 | $ | 2,132,025 | |||||||||||||
| Cost of goods sold | 911,991 | 596,000 | 2,368,982 | 1,696,208 | |||||||||||||||||
| Gross profit | 291,864 | 156,736 | 684,903 | 435,817 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Selling and marketing | 25,142 | 21,796 | 75,626 | 64,383 | |||||||||||||||||
| General and administrative | 87,554 | 48,598 | 218,406 | 142,091 | |||||||||||||||||
| Research and development | 9,646 | 7,038 | 25,432 | 22,111 | |||||||||||||||||
| Amortization of definite-lived intangibles | 6,889 | 6,889 | 20,666 | 20,666 | |||||||||||||||||
| Restructuring charges | 380 | 509 | 1,016 | 2,631 | |||||||||||||||||
| Total operating expenses | 129,611 | 84,830 | 341,146 | 251,882 | |||||||||||||||||
| Operating income | 162,253 | 71,906 | 343,757 | 183,935 | |||||||||||||||||
| Interest expense | (12,809 | ) | (10,399 | ) | (33,905 | ) | (32,958 | ) | |||||||||||||
| Loss on extinguishment of debt | - | - | (747 | ) | - | ||||||||||||||||
| Realized and unrealized losses on derivative instruments | (6,103 | ) | - | (20,097 | ) | - | |||||||||||||||
| Other, net | (1,640 | ) | 306 | (7,535 | ) | (2,648 | ) | ||||||||||||||
| Income before income taxes | 141,701 | 61,813 | 281,473 | 148,329 | |||||||||||||||||
| Income tax provision | (56,898 | ) | (8,758 | ) | (63,635 | ) | (21,566 | ) | |||||||||||||
| Net income | $ | 84,803 | $ | 53,055 | $ | 217,838 | $ | 126,763 | |||||||||||||
| Earnings per share: | |||||||||||||||||||||
| Basic | $ | 0.80 | $ | 0.51 | $ | 2.08 | $ | 1.24 | |||||||||||||
| Diluted | 0.79 | 0.50 | 2.03 | 1.21 | |||||||||||||||||
| Weighted-average shares used in computing per share amounts: | |||||||||||||||||||||
| Basic | 105,665 | 103,321 | 104,596 | 102,337 | |||||||||||||||||
| Diluted | 107,699 | 105,812 | 107,455 | 105,061 | |||||||||||||||||
| Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: | |||||||||||||||||||||
| Weighted-average shares outstanding | 105,665 | 103,321 | 104,596 | 102,337 | |||||||||||||||||
| Dilutive effect of performance-based stock units, restricted stock units and stock options | 2,034 | 2,491 | 2,859 | 2,724 | |||||||||||||||||
| Diluted shares | 107,699 | 105,812 | 107,455 | 105,061 | |||||||||||||||||
| SELECTED BALANCE SHEET DATA | |||||||||||||||||||||
| September 28, 2026 | December 29, 2025 | ||||||||||||||||||||
| Cash and cash equivalents | $ | 876,347 | $ | 501,234 | |||||||||||||||||
| Accounts receivable, net | 836,362 | 563,741 | |||||||||||||||||||
| Contract assets | 793,552 | 468,006 | |||||||||||||||||||
| Inventories | 325,432 | 250,057 | |||||||||||||||||||
| Total current assets | 2,961,717 | 1,855,406 | |||||||||||||||||||
| Property, plant and equipment, net | 1,286,879 | 1,010,710 | |||||||||||||||||||
| Total assets | 5,562,920 | 3,840,331 | |||||||||||||||||||
| Short-term debt, including current portion of long-term debt | $ | 184,000 | $ | 3,815 | |||||||||||||||||
| Accounts payable | 1,032,661 | 543,538 | |||||||||||||||||||
| Contract liabilities | 202,342 | 175,627 | |||||||||||||||||||
| Total current liabilities | 1,773,485 | 962,197 | |||||||||||||||||||
| Long-term debt, net of discount and issuance costs | 1,459,872 | 912,336 | |||||||||||||||||||
| Total long-term liabilities | 1,746,993 | 1,115,881 | |||||||||||||||||||
| Total stockholders' equity | 2,042,442 | 1,762,253 | |||||||||||||||||||
| Total liabilities and stockholders' equity | 5,562,920 | 3,840,331 | |||||||||||||||||||
| SUPPLEMENTAL DATA | |||||||||||||||||||||
| Third Quarter | First Three Quarters | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Gross margin | 24.2 | % | 20.8 | % | 22.4 | % | 20.4 | % | |||||||||||||
| Operating margin | 13.5 | % | 9.6 | % | 11.3 | % | 8.6 | % | |||||||||||||
| Third Quarter | First Three Quarters | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| End market breakdown1: | |||||||||||||||||||||
| Aerospace and Defense | 34 | % | 45 | % | 37 | % | 45 | % | |||||||||||||
| Automotive | 7 | % | 11 | % | 8 | % | 11 | % | |||||||||||||
| Data Center and Networking | 41 | % | 30 | % | 39 | % | 30 | % | |||||||||||||
| Medical, Industrial, and Instrumentation | 18 | % | 14 | % | 16 | % | 14 | % | |||||||||||||
| Third Quarter | First Three Quarters | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Operating segment data1: | |||||||||||||||||||||
| Net sales: | |||||||||||||||||||||
| Aerospace & Defense | $ | 416,540 | $ | 344,482 | $ | 1,150,954 | $ | 995,915 | |||||||||||||
| Commercial | 787,882 | 408,920 | 1,904,530 | 1,137,249 | |||||||||||||||||
| Intersegment eliminations | (567 | ) | (666 | ) | (1,599 | ) | (1,139 | ) | |||||||||||||
| Total net sales | $ | 1,203,855 | $ | 752,736 | $ | 3,053,885 | $ | 2,132,025 | |||||||||||||
| Segment operating income: | |||||||||||||||||||||
| Aerospace & Defense | 77,041 | 56,010 | 195,681 | 146,524 | |||||||||||||||||
| Commercial | 166,279 | 60,031 | 360,523 | 163,749 | |||||||||||||||||
| Total segment operating income | $ | 243,320 | $ | 116,041 | $ | 556,204 | $ | 310,273 | |||||||||||||
| Unallocated amounts: | |||||||||||||||||||||
| Restructuring | (380 | ) | (509 | ) | (1,016 | ) | (2,631 | ) | |||||||||||||
| Acquisition-related and other charges | (13,564 | ) | (15 | ) | (18,510 | ) | (15 | ) | |||||||||||||
| Stock-based compensation | (24,090 | ) | (11,611 | ) | (61,738 | ) | (29,586 | ) | |||||||||||||
| Other corporate expenses | (33,809 | ) | (22,775 | ) | (103,511 | ) | (66,433 | ) | |||||||||||||
| Amortization of definite-lived intangibles | (9,224 | ) | (9,225 | ) | (27,672 | ) | (27,673 | ) | |||||||||||||
| Total operating income | $ | 162,253 | $ | 71,906 | $ | 343,757 | $ | 183,935 | |||||||||||||
| RECONCILIATIONS2 | |||||||||||||||||||||
| Third Quarter | First Three Quarters | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Non-GAAP gross profit reconciliation3: | |||||||||||||||||||||
| GAAP gross profit | $ | 291,864 | $ | 156,736 | $ | 684,903 | $ | 435,817 | |||||||||||||
| Add back item: | |||||||||||||||||||||
| Amortization of definite-lived intangibles | 2,335 | 2,336 | 7,006 | 7,007 | |||||||||||||||||
| Stock-based compensation | 5,315 | 3,720 | 12,753 | 9,220 | |||||||||||||||||
| Unrealized (gain) loss on commodity hedge | (516 | ) | (776 | ) | 2,763 | (1,835 | ) | ||||||||||||||
| Non-GAAP gross profit | $ | 298,998 | $ | 162,016 | $ | 707,425 | $ | 450,209 | |||||||||||||
| Non-GAAP gross margin | 24.8 | % | 21.5 | % | 23.2 | % | 21.1 | % | |||||||||||||
| Non-GAAP operating income reconciliation4: | |||||||||||||||||||||
| GAAP operating income | $ | 162,253 | $ | 71,906 | $ | 343,757 | $ | 183,935 | |||||||||||||
| Add back items: | |||||||||||||||||||||
| Amortization of definite-lived intangibles | 9,224 | 9,225 | 27,672 | 27,673 | |||||||||||||||||
| Stock-based compensation | 24,090 | 11,611 | 61,738 | 29,586 | |||||||||||||||||
| Unrealized (gain) loss on commodity hedge | (516 | ) | (776 | ) | 2,763 | (1,835 | ) | ||||||||||||||
| Restructuring, acquisition-related and other charges | 13,945 | 581 | 19,527 | 2,818 | |||||||||||||||||
| Non-GAAP operating income | $ | 208,996 | $ | 92,547 | $ | 455,457 | $ | 242,177 | |||||||||||||
| Non-GAAP operating margin | 17.4 | % | 12.3 | % | 14.9 | % | 11.4 | % | |||||||||||||
| Non-GAAP net income and EPS reconciliation5: | |||||||||||||||||||||
| GAAP net income | $ | 84,803 | $ | 53,055 | $ | 217,838 | $ | 126,763 | |||||||||||||
| Add back items: | |||||||||||||||||||||
| Amortization of definite-lived intangibles | 9,224 | 9,225 | 27,672 | 27,673 | |||||||||||||||||
| Stock-based compensation | 24,090 | 11,611 | 61,738 | 29,586 | |||||||||||||||||
| Non-cash interest expense | 753 | 542 | 1,895 | 1,609 | |||||||||||||||||
| Loss on extinguishment of debt | - | - | 747 | - | |||||||||||||||||
| Unrealized (gain) loss on commodity hedge | (516 | ) | (776 | ) | 2,763 | (1,835 | ) | ||||||||||||||
| Unrealized (gain) loss on foreign exchange | 4,738 | 502 | 3,529 | 8,466 | |||||||||||||||||
| Realized and unrealized losses on derivative instruments | 6,103 | - | 20,097 | - | |||||||||||||||||
| Restructuring, acquisition-related and other charges | 9,848 | 561 | 15,430 | 2,818 | |||||||||||||||||
| Income taxes6 | 18,732 | (3,764 | ) | (6,973 | ) | (10,931 | ) | ||||||||||||||
| Non-GAAP net income | $ | 157,775 | $ | 70,956 | $ | 344,736 | $ | 184,149 | |||||||||||||
| Non-GAAP earnings per diluted share | $ | 1.46 | $ | 0.67 | $ | 3.21 | $ | 1.75 | |||||||||||||
| Third Quarter | First Three Quarters | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Adjusted EBITDA reconciliation7: | |||||||||||||||||||||
| GAAP net income | $ | 84,803 | $ | 53,055 | $ | 217,838 | $ | 126,763 | |||||||||||||
| Add back items: | |||||||||||||||||||||
| Income tax (benefit) provision | 56,898 | 8,758 | 63,635 | 21,566 | |||||||||||||||||
| Interest expense | 12,809 | 10,399 | 33,905 | 32,958 | |||||||||||||||||
| Amortization of definite-lived intangibles | 9,224 | 9,225 | 27,672 | 27,673 | |||||||||||||||||
| Depreciation expense | 34,310 | 27,580 | 94,724 | 82,135 | |||||||||||||||||
| Stock-based compensation | 24,090 | 11,611 | 61,738 | 29,586 | |||||||||||||||||
| Loss on extinguishment of debt | - | - | 747 | - | |||||||||||||||||
| Unrealized (gain) loss on commodity hedge | (516 | ) | (776 | ) | 2,763 | (1,835 | ) | ||||||||||||||
| Unrealized (gain) loss on foreign exchange | 4,738 | 502 | 3,529 | 8,466 | |||||||||||||||||
| Realized and unrealized losses on derivative instruments | 6,103 | - | 20,097 | - | |||||||||||||||||
| Restructuring, acquisition-related and other charges | 9,848 | 561 | 15,311 | 2,818 | |||||||||||||||||
| Adjusted EBITDA | $ | 242,307 | $ | 120,915 | $ | 541,959 | $ | 330,130 | |||||||||||||
| Adjusted EBITDA margin | 20.1 | % | 16.1 | % | 17.7 | % | 15.5 | % | |||||||||||||
| Free cash flow reconciliation: | |||||||||||||||||||||
| Operating cash flow | $ | 154,711 | $ | 141,803 | $ | 272,883 | $ | 228,952 | |||||||||||||
| Capital expenditures, net | (79,921 | ) | (99,233 | ) | (237,138 | ) | (222,687 | ) | |||||||||||||
| Free cash flow | $ | 74,790 | $ | 42,570 | $ | 35,745 | $ | 6,265 | |||||||||||||
| 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, realized and unrealized losses 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, realized and unrealized losses 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. | |||||||||||||||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TTM Technologies' third-quarter 2026 earnings and sales?
TTM reported $1.2 billion in sales and GAAP diluted earnings of $0.79 for third-quarter 2026. Sales increased 60% year over year, while GAAP net income rose to $84.8 million from $53.1 million. Non-GAAP diluted earnings were $1.46, compared with $0.67 a year earlier.
What is TTM Technologies' preliminary 2027 outlook?
TTM expects preliminary full-year 2027 sales of $6.5 billion to $6.75 billion and non-GAAP diluted earnings of $8.10 to $8.90. The forecast includes recently completed acquisitions and associated financing costs, but excludes planned or potential acquisitions that have not closed.
How does TTM Technologies plan to fund the Ophir Optics acquisition?
TTM expects to fund the $650 million all-cash transaction through cash on hand, expected future cash flow and borrowings under its existing revolving credit facility. The proposed purchase from MKS is priced at 10.3x expected fiscal 2027 adjusted EBITDA.
Which pending acquisitions are excluded from TTM Technologies' current guidance?
The proposed Ophir Optics, Merlin and ILFA acquisitions are excluded from current guidance. The Merlin transaction requires regulatory approvals and is expected to close in fourth-quarter 2026. The ILFA acquisition is also expected to close in fourth-quarter 2026.