TTM Technologies sets 2026 targets and refinancing

TTM Technologies, Inc. used its 2026 Investor Day to share new long-term financial targets and refinancing plans.

Rhea-AI Filing Summary

TTM Technologies, Inc. used its 2026 Investor Day to share new long-term financial targets and refinancing plans. The company reiterated its fiscal 2026 revenue expectation of $4.0 billion and set target ranges for a non-GAAP operating margin of 13%–15% and an Adjusted EBITDA margin of 16%–18%. For 2026, it expects cash flow from operations of $300–$320 million and slightly positive free cash flow.

TTM is also pursuing a repriced and upsized $400 million Term Loan due May 2030, aiming to cut its borrowing cost on that facility by 50 basis points, and is seeking Revolving Credit facilities of up to $1 billion maturing in 2031 to replace its existing U.S. and Asia asset-based lines, with both transactions expected to close in June 2026 subject to customary conditions.

Insights

Equity and credit analyst

TTM pairs 2026 growth and margin targets with sizable refinancing plans.

TTM Technologies outlines an ambition to reach $4.0 billion of revenue in fiscal 2026, with non-GAAP operating margins of 13%–15% and Adjusted EBITDA margins of 16%–18%. These targets, plus operating cash flow of $300–$320 million, frame management’s view of medium-term scale and profitability.

On the balance sheet, the company is pursuing a repriced and upsized $400 million Term Loan due May 2030, expected to lower its borrowing cost on that facility by 50 basis points if completed. It is also arranging new Revolving Credit facilities of up to $1 billion maturing in 2031 to replace existing U.S. and Asia ABL lines.

These transactions remain subject to definitive documentation and customary closing conditions, with an anticipated closing in June 2026. Subsequent company filings may clarify final terms, actual interest savings and how closely realized results track the 2026 revenue, margin and cash flow targets.

8-K Event Classification

Item 7.01 — Regulation FD Disclosure

1 item

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

2026 revenue expectation: $4.0 billion Non-GAAP operating margin target: 13%–15% Adjusted EBITDA margin target: 16%–18% +4 more

7 metrics

2026 revenue expectation $4.0 billion Fiscal year 2026 target reiterated at Investor Day

Non-GAAP operating margin target 13%–15% Fiscal year 2026 range

Adjusted EBITDA margin target 16%–18% Fiscal year 2026 range

Cash flow from operations $300–$320 million Expected for fiscal year 2026

Term Loan size $400 million Repriced and upsized Term Loan due May 2030

Term Loan rate reduction 50 basis points Expected reduction in cost of borrowing on Term Loan

Revolving Credit capacity $1 billion Available borrowings under facilities maturing in 2031

Key Terms

non-GAAP operating margin, Adjusted EBITDA margin, free cash flow, Term Loan, +2 more

6 terms

non-GAAP operating margin financial

"provide fiscal year 2026 target ranges for non-GAAP operating margin of 13% to 15%"

Non-GAAP operating margin is a way companies show how much profit they make from their main business activities, excluding certain expenses or income they consider unusual or non-recurring. It helps investors see how well the company is performing in its normal operations, without the effects of one-time costs or gains that might distort the picture.

Adjusted EBITDA margin financial

"provide fiscal year 2026 target ranges for non-GAAP operating margin of 13% to 15% and Adjusted EBITDA margin of 16% to 18%"

Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.

free cash flow financial

"cash flow from operations is expected to be in the range of $300-$320 million and free cash flow, a non-GAAP measure, is expected to be slightly positive"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Term Loan financial

"repriced and upsized Term Loan due May 2030 in the aggregate principal amount of $400 million"

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

Revolving Credit facilities financial

"obtain commitments for Revolving Credit facilities that provide for available borrowings of up to $1 billion, maturing in 2031"

A revolving credit facility is a bank-backed borrowing arrangement that lets a company draw, repay and redraw funds up to an agreed limit, much like a business credit card. It matters to investors because it provides flexible short-term cash for operations, growth or emergencies without issuing new shares; the size, cost and attached conditions affect a company’s financial health, liquidity and risk profile.

forward-looking statements regulatory

"Cautionary Note Regarding Forward-Looking Statements This Report contains forward-looking statements that relate to future events"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What 2026 revenue target did TTM Technologies (TTMI) share at Investor Day?

TTM Technologies reiterated a fiscal 2026 revenue expectation of $4.0 billion. This figure frames the company’s medium-term growth ambitions and underpins its related targets for profitability, cash generation, and capital structure described during the 2026 Investor Day presentations.

What profitability goals did TTM Technologies (TTMI) set for fiscal 2026?

For 2026, TTM Technologies targets a non-GAAP operating margin of 13%–15% and an Adjusted EBITDA margin of 16%–18%. These margin ranges reflect management’s view of achievable profitability on the projected $4.0 billion revenue base.

What 2026 cash flow outlook did TTM Technologies (TTMI) provide?

TTM Technologies expects fiscal 2026 cash flow from operations of $300–$320 million and free cash flow to be slightly positive. This guidance indicates anticipated cash generation after operating needs and capital spending, based on the company’s current plans.

What are the key features of TTM Technologies’ (TTMI) planned 2030 Term Loan?

The company is pursuing a $400 million Term Loan due May 2030, repriced and upsized versus its existing facility. If completed, the transaction is expected to reduce its borrowing cost on the Term Loan by 50 basis points, subject to closing conditions.

What new revolving credit facilities is TTM Technologies (TTMI) arranging?

TTM Technologies is seeking Revolving Credit facilities providing up to $1 billion of available borrowings, maturing in 2031. These facilities are intended to replace its existing U.S. ABL Revolving Facility and Asia ABL Facility, with closing targeted alongside the Term Loan.

When does TTM Technologies (TTMI) expect to close its refinancing transactions?

The company expects to close both the repriced Term Loan and the new Revolving Credit facilities in June 2026. Completion is subject to definitive documentation and satisfaction of customary closing conditions as described in the disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/27/2026 - 06:02 AM Learn about SEC filing dates

TTM TECHNOLOGIES INC false 0001116942 0001116942 2026-05-27 2026-05-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 27, 2026

TTM TECHNOLOGIES, INC.

(Exact name of Registrant as specified in its charter)

Delaware		000-31285		91-1033443
(State of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

200 East Sandpointe, Suite 400
Santa Ana, California				92707
(Address of principal executive offices)				(Zip Code)

(714) 327-3000

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		TTMI		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

TTM Technologies, Inc. (the “Company”) is furnishing this Current Report on Form 8-K (this “Report”) in connection with its previously announced 2026 Investor Day being presented today, May 27, 2026, beginning at 8:30 a.m. Eastern Time, at the Nasdaq Exchange in New York City. During today’s presentations from key executives, the Company will reiterate its recently raised $4.0 billion revenue expectation for fiscal year 2026 and will also provide fiscal year 2026 target ranges for non-GAAP operating margin of 13% to 15% and Adjusted EBITDA margin of 16% to 18%. Also for fiscal year 2026, cash flow from operations is expected to be in the range of $300-$320 million and free cash flow, a non-GAAP measure, is expected to be slightly positive.

Additionally during today’s presentations, the Company will reference that it has taken steps to obtain allocated commitments in respect of a repriced and upsized Term Loan due May 2030 in the aggregate principal amount of $400 million, which the Company expects to close in June 2026, subject to completion of definitive documentation and satisfaction of customary closing conditions. If completed, the repricing transaction is expected to reduce the Company’s cost of borrowing on the Term Loan facility by 50 basis points.

The Company will also reference today that it has taken steps to obtain commitments for Revolving Credit facilities that provide for available borrowings of up to $1 billion, maturing in 2031, which are intended to replace the Company’s existing U.S. ABL Revolving Facility and ABL Facility in Asia. TTM Technologies expects to close the transaction concurrently with the closing of the Term Loan transaction in June 2026, subject to completion of definitive documentation and satisfaction of customary closing conditions.

The registration link to the webcast is currently available on the Company’s website and will continue to be available following the event. A transcript of the webcast and the slides shown during the presentation will also be available on the “Investor Relations” section of the Company’s website following the event.

The information furnished in this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Cautionary Note Regarding Forward-Looking Statements

This Report contains forward-looking statements that relate to future events, including but not limited to the consummation of the refinancing transactions. The Company cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect the Company’s current expectations, and the Company 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 Company statements will not be realized. The statements also involve risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from the forward-looking statements. For a description of additional factors that may cause the Company’s actual events or results to differ from any forward-looking statements, please review the information set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the Securities and Exchange Commission.

Non-GAAP Financial Measures

With respect to the Company’s fiscal year 2026 outlook for non-GAAP operating margin and Adjusted EBITDA margin, the Company is 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. The Company’s expected non-GAAP operating margin excludes primarily the future impact of restructuring actions, impairment charges, and stock-based compensation. The Company’s expected Adjusted EBITDA margin excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, stock-based compensation 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 the most comparable U.S. GAAP financial measures for future periods.

Accordingly, the Company has not provided the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, for its expected fiscal year 2026 non-GAAP operating margin and Adjusted EBITDA margin 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.

The Company presents non-GAAP financial information to enable investors to see the Company through the eyes of management and to provide better insight into the Company’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. The Company compensates for these limitations by providing full disclosure of each non-GAAP financial measure and historical reconciliations 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

				TTM TECHNOLOGIES, INC.
Date: May 27, 2026						/s/ Daniel J. Weber
				By:		Daniel J. Weber
						Executive Vice President, Chief Legal Officer & Secretary

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