Q1 2026 surge at TTM Technologies (NASDAQ: TTMI) with 30% revenue growth
Rhea-AI Filing Summary
TTM Technologies, Inc. reported strong first quarter 2026 results, with net sales of $845.98M, up from $648.67M a year earlier, driven largely by robust Data Center and Networking demand. GAAP net income rose to $49.99M, or $0.47 per diluted share, compared with $32.18M, or $0.31 per diluted share in 2025.
Non-GAAP net income increased to $80.08M, or $0.75 per diluted share, and adjusted EBITDA reached $132.88M, representing a 15.7% margin. Management noted record quarterly net sales and non-GAAP EPS, citing approximately 30% year-on-year revenue growth and double-digit gains across key end markets.
For the second quarter of 2026, TTM expects net sales between $930M and $970M and non-GAAP diluted EPS between $0.82 and $0.88. The company currently believes its first-half 2026 growth trajectory can continue at a similar pace in the second half of 2026.
Positive
- Record growth and profitability: Q1 2026 net sales rose to $845.98M with approximately 30% year-on-year revenue growth, non-GAAP EPS increased to $0.75, and adjusted EBITDA reached $132.88M with a 15.7% margin, indicating materially stronger performance.
- Strong outlook: Management projects Q2 2026 net sales of $930M–$970M and non-GAAP EPS of $0.82–$0.88 and currently believes the first-half 2026 growth trajectory can continue at roughly the same pace in the second half.
Negative
- None.
Insights
TTM posted record Q1 revenue and non-GAAP EPS with strong Q2 guidance.
TTM Technologies delivered net sales of $845.98M in Q1 2026 versus $648.67M in Q1 2025, with management citing roughly 30% year-on-year revenue growth. GAAP net income rose to $49.99M, while non-GAAP net income reached $80.08M with EPS of $0.75.
Profitability improved, as gross margin increased to 21.4% and non-GAAP operating margin to 12.8%. Adjusted EBITDA climbed to $132.88M with a 15.7% margin. End-market mix shifted toward Data Center and Networking at 36% of sales and away from Automotive.
Guidance for Q2 2026 calls for net sales of $930M–$970M and non-GAAP EPS of $0.82–$0.88, and management currently believes first-half growth can continue at a similar pace in the second half of 2026. Free cash flow was negative $85.06M, reflecting capital expenditures of $106.80M, which suggests substantial ongoing investment.
8-K Event Classification
Key Figures
Key Terms
adjusted EBITDA financial
non-GAAP net income financial
free cash flow financial
gross margin financial
Data Center and Networking financial
Aerospace and Defense financial
Earnings Snapshot
For Q2 2026, TTM estimates net sales of $930M–$970M and non-GAAP net income per diluted share of $0.82–$0.88.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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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 |
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Name of each exchange on which registered | ||
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 2.02. | Results of Operations and Financial Condition |
On April 29, 2026, TTM Technologies, Inc. (the “Registrant”) issued a press release announcing results for its first quarter 2026, which ended on March 30, 2026, and guidance for its second quarter of fiscal year 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
As previously announced, the Registrant will host a conference call on Wednesday, April 29, 2026, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss the results for its first quarter and the outlook for its second quarter of fiscal year 2026. Access to the conference call is available by registering at https://register-conf.media-server.com/register/Bl1341d5da6fbd49e29f8cc6dac04098ea. 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 webcast on the Registrant’s website at https://edge.media-server.com/mmc/p/6t354taz/.
As provided in General Instruction B.2 to Form 8-K, the information furnished in Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly provided by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits |
| Exhibit |
Description | |
| 99.1 | Press release regarding earnings results, dated April 29, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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: April 29, 2026 | /s/ Daniel J. Weber | |||||
| By: | Daniel J. Weber | |||||
| Executive Vice President, Chief Legal Officer & Secretary | ||||||
Exhibit 99.1
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Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
TTM Technologies, Inc. Reports First Quarter 2026 Results
Santa Ana, CA – April 29, 2026 – TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards (“PCB”s) and substrates, today reported results for the first quarter of 2026, which ended on March 30, 2026.
First Quarter 2026 Highlights
| • | Net sales were $846 million, up 30% year on year, and an all-time quarterly record |
| • | GAAP net income of $50.0 million, or $0.47 per diluted share |
| • | Adjusted EBITDA of $132.9 million, or 15.7% of net sales |
| • | Non-GAAP net income of $80.1 million, or $0.75 per diluted share, an all-time quarterly record |
| • | Cash flow from operations of $21.7 million, or 2.6% of net sales |
| • | Total book to bill of 1.41 |
| • | A&D end market was 40% of total net sales; and total program backlog was $1.6 billion |
| • | Data Center and Networking end market was 36% of total net sales driven by continued AI demand |
First Quarter 2026 GAAP Financial Results
Net sales in the first quarter of 2026 were $846.0 million, compared to $648.7 million in the first quarter of 2025.
GAAP operating income in the first quarter of 2026 was $72.4 million. This compared to GAAP operating income in the first quarter of 2025 of $50.3 million.
GAAP net income in the first quarter of 2026 was $50.0 million, or $0.47 per diluted share. This compared to GAAP net income in the first quarter of 2025 of $32.2 million, or $0.31 per diluted share.
First Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the first quarter of 2026 was $132.9 million, or 15.7% of net sales, compared to adjusted EBITDA of $99.5 million, or 15.3% of net sales, in the first quarter of 2025.
Non-GAAP net income in the first quarter of 2026 was $80.1 million, or $0.75 per diluted share. This compares to non-GAAP net income of $52.4 million, or $0.50 per diluted share, in the first quarter of 2025.
“Our delivery of record high quarterly net sales and non-GAAP EPS reflected both the strength of the markets’ demand for our advanced technology and the high level of execution from our employees. Revenues grew 30% year on year, driven by continued robust demand in the Data Center and Networking end market supporting AI and data center buildouts. Our Medical, Industrial and Instrumentation end market also experienced strong double-digit year on year revenue growth, and our Aerospace and Defense end market grew in the double-digits year on year, which was above our expectations,” said Edwin Roks, President & CEO of TTM Technologies, Inc. “Adjusted EBITDA margin was a healthy 15.7% and cash from operations was $21.7 million, enabling the company to maintain a solid balance sheet with a net leverage ratio of 1.0x.” concluded Dr. Roks.
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Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
Business Outlook
For the second quarter of 2026, TTM estimates that net sales will be in the range of $930 million to $970 million, and non-GAAP net income will be in the range of $0.82 to $0.88 per diluted share. For fiscal year 2026, TTM currently believes that the growth trajectory projected for the first half of 2026 can continue at approximately the same pace in the second half of 2026.
With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.
Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss first quarter 2026 results and the second quarter 2026 outlook on Wednesday, April 29, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.
Access to the conference call will be available by clicking on the registration link TTM Technologies, Inc. First Quarter 2026 Conference Call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies First Quarter 2026 Webcast.
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Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
To Access a Replay of the Webcast
The replay of the webcast will remain accessible for one week following the live event on TTM’s website at TTM Technologies First Quarter 2026 Webcast.
About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.
Forward-Looking Statements
The preliminary financial results included in this press release represent the most current information available to management. TTM’s actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM’s financial closing procedures, final adjustments, completion of the review by TTM’s independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM’s current expectations, and TTM does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers, and other factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TTM’s public reports filed with the SEC.
About Our Non-GAAP Financial Measures
To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM’s adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per diluted share (“EPS”), all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.
A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
- Tables Follow -
TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
| First Quarter | ||||||||
| 2026 | 2025 | |||||||
| Net sales |
$ | 845,976 | $ | 648,668 | ||||
| Cost of goods sold |
664,795 | 517,696 | ||||||
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|
|
|
|
|||||
| Gross profit |
181,181 | 130,972 | ||||||
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|
|
|||||
| Operating expenses: |
||||||||
| Selling and marketing |
24,994 | 21,271 | ||||||
| General and administrative |
68,745 | 43,774 | ||||||
| Research and development |
7,808 | 8,064 | ||||||
| Amortization of definite-lived intangibles |
6,889 | 6,889 | ||||||
| Restructuring charges |
296 | 714 | ||||||
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|||||
| Total operating expenses |
108,732 | 80,712 | ||||||
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|||||
| Operating income |
72,449 | 50,260 | ||||||
| Interest expense |
(10,600 | ) | (11,464 | ) | ||||
| Other, net |
(3,324 | ) | 2,195 | |||||
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|||||
| Income before income taxes |
58,525 | 40,991 | ||||||
| Income tax provision |
(8,537 | ) | (8,813 | ) | ||||
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|||||
| Net income |
$ | 49,988 | $ | 32,178 | ||||
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| Earnings per share: |
||||||||
| Basic |
$ | 0.48 | $ | 0.32 | ||||
| Diluted |
0.47 | 0.31 | ||||||
| Weighted-average shares used in computing per share amounts: |
||||||||
| Basic |
103,832 | 101,866 | ||||||
| Diluted |
107,084 | 104,530 | ||||||
| Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: |
||||||||
| Weighted-average shares outstanding |
103,832 | 101,866 | ||||||
| Dilutive effect of performance-based stock units, restricted stock units and stock options |
3,252 | 2,664 | ||||||
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| Diluted shares |
107,084 | 104,530 | ||||||
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SELECTED BALANCE SHEET DATA
| March 30, 2026 | December 29, 2025 | |||||||
| Cash and cash equivalents |
$ | 410,049 | $ | 501,234 | ||||
| Accounts receivable, net |
618,082 | 563,741 | ||||||
| Contract assets |
513,029 | 468,006 | ||||||
| Inventories |
280,210 | 250,057 | ||||||
| Total current assets |
1,913,806 | 1,855,406 | ||||||
| Property, plant and equipment, net |
1,067,253 | 1,010,710 | ||||||
| Total assets |
3,981,030 | 3,840,331 | ||||||
| Short-term debt, including current portion of long-term debt |
$ | 3,851 | $ | 3,815 | ||||
| Accounts payable |
607,896 | 543,538 | ||||||
| Contract liabilities |
174,529 | 175,627 | ||||||
| Total current liabilities |
1,015,495 | 962,197 | ||||||
| Long-term debt, net of discount and issuance costs |
911,842 | 912,336 | ||||||
| Total long-term liabilities |
1,127,874 | 1,115,881 | ||||||
| Total stockholders’ equity |
1,837,661 | 1,762,253 | ||||||
| Total liabilities and stockholders’ equity |
3,981,030 | 3,840,331 | ||||||
SUPPLEMENTAL DATA
| First Quarter | ||||||||
| 2026 | 2025 | |||||||
| Gross margin |
21.4 | % | 20.2 | % | ||||
| Operating margin |
8.6 | % | 7.7 | % | ||||
| First Quarter | ||||||||
| 2026 | 2025 | |||||||
| End market breakdown1: |
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| Aerospace and Defense |
40 | % | 48 | % | ||||
| Automotive |
8 | % | 11 | % | ||||
| Data Center and Networking |
36 | % | 28 | % | ||||
| Medical, Industrial, and Instrumentation |
16 | % | 13 | % | ||||
| First Quarter | ||||||||
| 2026 | 2025 | |||||||
| Operating segment data1: |
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| Net sales: |
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| Aerospace & Defense |
$ | 351,664 | $ | 316,250 | ||||
| Commercial |
495,043 | 332,705 | ||||||
| Intersegment eliminations |
(731 | ) | (287 | ) | ||||
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| Total net sales |
$ | 845,976 | $ | 648,668 | ||||
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| Segment operating income: |
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| Aerospace & Defense |
54,779 | 42,369 | ||||||
| Commercial |
81,568 | 43,649 | ||||||
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| Total segment operating income |
$ | 136,347 | $ | 86,018 | ||||
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| Unallocated amounts: |
||||||||
| Restructuring |
(296 | ) | (714 | ) | ||||
| Acquisition-related and other charges |
(197 | ) | — | |||||
| Stock-based compensation |
(24,356 | ) | (8,787 | ) | ||||
| Other corporate expenses |
(29,825 | ) | (17,033 | ) | ||||
| Amortization of definite-lived intangibles |
(9,224 | ) | (9,224 | ) | ||||
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| Total operating income |
$ | 72,449 | $ | 50,260 | ||||
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| RECONCILIATIONS2 |
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| First Quarter | ||||||||
| 2026 | 2025 | |||||||
| Non-GAAP gross profit reconciliation3: |
||||||||
| GAAP gross profit |
$ | 181,181 | $ | 130,972 | ||||
| Add back item: |
||||||||
| Amortization of definite-lived intangibles |
2,335 | 2,335 | ||||||
| Stock-based compensation |
3,667 | 2,673 | ||||||
| Unrealized (gain) loss on commodity hedge |
1,494 | (776 | ) | |||||
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| Non-GAAP gross profit |
$ | 188,677 | $ | 135,204 | ||||
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| Non-GAAP gross margin |
22.3 | % | 20.8 | % | ||||
| Non-GAAP operating income reconciliation4: |
||||||||
| GAAP operating income |
$ | 72,449 | $ | 50,260 | ||||
| Add back items: |
||||||||
| Amortization of definite-lived intangibles |
9,224 | 9,224 | ||||||
| Stock-based compensation |
24,356 | 8,787 | ||||||
| Unrealized (gain) loss on commodity hedge |
1,494 | (776 | ) | |||||
| Restructuring, acquisition-related and other charges |
493 | 714 | ||||||
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| Non-GAAP operating income |
$ | 108,016 | $ | 68,209 | ||||
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| Non-GAAP operating margin |
12.8 | % | 10.5 | % | ||||
| First Quarter | ||||||||
| 2026 | 2025 | |||||||
| Non-GAAP net income and EPS reconciliation5: |
||||||||
| GAAP net income |
$ | 49,988 | $ | 32,178 | ||||
| Add back items: |
||||||||
| Amortization of definite-lived intangibles |
9,224 | 9,224 | ||||||
| Stock-based compensation |
24,356 | 8,787 | ||||||
| Non-cash interest expense |
554 | 531 | ||||||
| Unrealized (gain) loss on commodity hedge |
1,494 | (776 | ) | |||||
| Unrealized (gain) loss on foreign exchange |
(983 | ) | 2,214 | |||||
| Restructuring, acquisition-related and other charges |
493 | 714 | ||||||
| Income taxes6 |
(5,044 | ) | (440 | ) | ||||
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| Non-GAAP net income |
$ | 80,082 | $ | 52,432 | ||||
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| Non-GAAP earnings per diluted share |
$ | 0.75 | $ | 0.50 | ||||
| Adjusted EBITDA reconciliation7: |
||||||||
| GAAP net income |
$ | 49,988 | $ | 32,178 | ||||
| Add back items: |
||||||||
| Income tax provision |
8,537 | 8,813 | ||||||
| Interest expense |
10,600 | 11,464 | ||||||
| Amortization of definite-lived intangibles |
9,224 | 9,224 | ||||||
| Depreciation expense |
29,292 | 26,863 | ||||||
| Stock-based compensation |
24,356 | 8,787 | ||||||
| Unrealized (gain) loss on commodity hedge |
1,494 | (776 | ) | |||||
| Unrealized (gain) loss on foreign exchange |
(983 | ) | 2,214 | |||||
| Restructuring, acquisition-related and other charges |
374 | 714 | ||||||
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|||||
| Adjusted EBITDA |
$ | 132,882 | $ | 99,481 | ||||
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|||||
| Adjusted EBITDA margin |
15.7 | % | 15.3 | % | ||||
| Free cash flow reconciliation: |
||||||||
| Operating cash flow |
$ | 21,743 | $ | (10,655 | ) | |||
| Capital expenditures, net |
(106,801 | ) | (63,220 | ) | ||||
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|
|||||
| Free cash flow |
$ | (85,058 | ) | $ | (73,875 | ) | ||
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| 1 | Prior year end market revenue and operating segment data has been recasted in connection with the Company’s previously disclosed change in organization structure - refer to the recasted historical selected unaudited financial information in the Form 8-K filed on July 30, 2025 for further information. The prior year end market revenue has been recasted also due to merged Data Center Computing and Networking end markets. The operating segment data has been recasted also due to strategically realigning the RF and Specialty Components (RF&S Components) segment within the A&D segment during the quarter ended March 30, 2026. |
| 2 | This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations. |
| 3 | Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, and unrealized (gain) loss on commodity hedge. |
| 4 | Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, restructuring, acquisition-related, and other charges. |
| 5 | This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures — which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items — provide additional useful information to investors regarding the Company’s ongoing financial condition and results of operations. |
| 6 | Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate. |
| 7 | Adjusted EBITDA is defined as earnings before income taxes provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America. |