TTM Technologies (NASDAQ: TTMI) Q2 2026 sales reach $1.0B with higher EPS
Rhea-AI Filing Summary
TTM Technologies reported strong second quarter 2026 results. Net sales were $1.0 billion, up from $730.6 million a year earlier, with GAAP net income of $83.0 million and diluted EPS of $0.77, compared with $41.5 million and $0.40. Non-GAAP net income was $106.9 million, or $0.99 per diluted share, versus $60.8 million and $0.58. Adjusted EBITDA was $166.8 million, a margin of 16.6%, up from 15.0%, while GAAP gross and operating margins improved to 21.1% and 10.9%, respectively.
Management highlighted record quarterly net sales and non-GAAP EPS. Revenue grew 37% year on year, driven by the Data Center and Networking end market, up 91%, Medical, Industrial and Instrumentation up 33%, and Aerospace and Defense up 14% with a stronger backlog.
Cash from operations was $96.4 million, and the net leverage ratio was 0.9x. For third quarter 2026, the company forecasts net sales of $1.10–$1.14 billion and non-GAAP EPS of $1.21–$1.27. For full year 2026, it now expects net sales of about $4.4 billion and non-GAAP EPS per share approaching $5.00. Guidance excludes pending acquisitions of Swiss Technology Group AG and ILFA GmbH. The company also arranged a new $1.0 billion revolver and upsized Term Loan B to increase balance sheet flexibility.
Positive
- Second quarter 2026 net sales rose 37% to $1.0 billion, with non-GAAP diluted EPS increasing to $0.99 from $0.58 a year earlier.
- Management now expects full year 2026 net sales of approximately $4.4 billion and non-GAAP net income per share to approach $5.00, indicating a robust earnings outlook.
Negative
- None.
Filing Explained
At June 29, TTM reported $507,905 thousand of cash, $969,456 thousand of long-term debt, and negative first-half free cash flow.
The August 5 8-K records TTM Technologies’ completed second-quarter report; at
For the first two quarters, operating cash flow was
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP net income financial
free cash flow financial
Term Loan B financial
revolver financial
Earnings Snapshot
For Q3 2026, the company estimates net sales of $1.10–$1.14 billion and non-GAAP EPS of $1.21–$1.27. For full year 2026, it now expects net sales of approximately $4.4 billion and non-GAAP EPS per share to approach $5.00, excluding any impact from pending acquisitions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were TTM Technologies (TTMI) key financial results for Q2 2026?
How did TTM Technologies (TTMI) Q2 2026 non-GAAP earnings compare to GAAP results?
What guidance did TTM Technologies (TTMI) provide for Q3 and full year 2026?
Which end markets drove TTM Technologies (TTMI) growth in Q2 2026?
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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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(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 |
Name of each exchange | ||
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 August 5, 2026, TTM Technologies, Inc. (the “Registrant”) issued a press release announcing results for its second quarter 2026, which ended on June 29, 2026, and guidance for its third 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, August 5, 2026, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss the results for its second quarter and the outlook for its third quarter of fiscal year 2026. Access to the conference call is available by dialing +1 (800) 715-9871 in the US and Canada or +1 (646) 307-1963 with Passcode: 8905104. 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/xp7p4njb/. The webcast will remain accessible for one week following the live event.
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 August 5, 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: August 6, 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 Second Quarter 2026 Results
SANTA ANA, Calif. – August 5, 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 second quarter of 2026, which ended on June 29, 2026.
Second Quarter 2026 Highlights
| • | Net sales were $1.0 billion, up 37% year on year, and an all-time quarterly record |
| • | GAAP net income of $83.0 million, or $0.77 per diluted share |
| • | Adjusted EBITDA of $166.8 million, or 16.6% of net sales |
| • | Non-GAAP net income of $106.9 million, or $0.99 per diluted share, an all-time quarterly record |
| • | Cash flow from operations of $96.4 million, or 9.6% of net sales |
| • | Total book to bill of 1.49 |
| • | A&D end market was 37% of total net sales; and total program backlog was over $1.7 billion |
| • | Data Center and Networking end market was 40% of total net sales driven by continued AI demand |
Second Quarter 2026 GAAP Financial Results
Net sales in the second quarter of 2026 were $1.0 billion, compared to $730.6 million in the second quarter of 2025.
GAAP operating income in the second quarter of 2026 was $109.1 million. This compared to GAAP operating income in the second quarter of 2025 of $61.8 million.
GAAP net income in the second quarter of 2026 was $83.0 million, or $0.77 per diluted share. This compared to GAAP net income in the second quarter of 2025 of $41.5 million, or $0.40 per diluted share.
Second Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the second quarter of 2026 was $166.8 million, or 16.6% of net sales, compared to adjusted EBITDA of $109.7 million, or 15.0% of net sales, in the second quarter of 2025.
Non-GAAP net income in the second quarter of 2026 was $106.9 million, or $0.99 per diluted share, compared to non-GAAP net income of $60.8 million, or $0.58 per diluted share, in the second quarter of 2025.
“We delivered another record high quarterly net sales and non-GAAP EPS, reflecting the strength of our strategic business model, positive market demand trends across end markets, and operational excellence from our employees. Revenues grew 37% year on year, powered largely by ongoing robust demand in the Data Center and Networking end market, which increased 91% year on year. Our Medical, Industrial and Instrumentation end market experienced 33% year on year revenue growth, and our Aerospace and Defense end market delivered 14% year on year revenue growth and a healthy improvement in backlog, reflecting our positive alignment with projected priority defense programs,” said Edwin Roks, President & CEO of TTM Technologies, Inc. “Adjusted EBITDA margin was a healthy 16.6%, providing evidence that our margin expansion efforts are currently working. Cash from operations was $96.4 million and our net leverage ratio is 0.9x.” concluded Dr. Roks.
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| Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
Dr. Roks added, “Looking forward, we are excited about TTM’s strategic position given our strong existing customer momentum in addition to our announced agreements to acquire Swiss Technology Group AG and ILFA GmbH, as part of our entry into Europe, which we expect to close in the third quarter of 2026. During the quarter, we also took steps through the recently announced $1.0 billion revolver and upsized Term Loan B to increase balance sheet flexibility and provide additional capacity for organic and inorganic investments that align with our strategy.”
Business Outlook
For the third quarter of 2026, TTM estimates that net sales will be in the range of $1.10 billion to $1.14 billion, and non-GAAP net income will be in the range of $1.21 to $1.27 per diluted share. For full year 2026, TTM now expects net sales of approximately $4.4 billion and non-GAAP net income per share to approach $5.00. Our third quarter estimate and full year outlook do not include any contribution or impact from pending acquisitions.
With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share exclude the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, reconciliations of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP have not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.
Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss second quarter 2026 results and the third quarter 2026 outlook on Wednesday, August 5, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.
Access to the conference call will be made available by dialing +1 (800) 715-9871 in the USA & Canada or +1 (646) 307-1963 with Passcode: 8905104. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies Second Quarter 2026 Webcast. The webcast will remain accessible for one week following the live event.
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| Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.
Forward-Looking Statements
The preliminary financial results included in this press release represent the most current information available to management. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM’s current expectations, and TTM does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers, and other factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TTM’s public reports filed with the SEC.
About Our Non-GAAP Financial Measures
To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM’s adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, and non-GAAP earnings per diluted share (“EPS”), all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.
A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
- Tables Follow -
TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
| Second Quarter | First Two Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS |
||||||||||||||||
| Net sales |
$ | 1,004,054 | $ | 730,621 | $ | 1,850,030 | $ | 1,379,289 | ||||||||
| Cost of goods sold |
792,196 | 582,512 | 1,456,991 | 1,100,208 | ||||||||||||
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| Gross profit |
211,858 | 148,109 | 393,039 | 279,081 | ||||||||||||
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| Operating expenses: |
||||||||||||||||
| Selling and marketing |
25,490 | 21,316 | 50,484 | 42,587 | ||||||||||||
| General and administrative |
62,107 | 49,719 | 130,852 | 93,493 | ||||||||||||
| Research and development |
7,978 | 7,009 | 15,786 | 15,073 | ||||||||||||
| Amortization of definite-lived intangibles |
6,888 | 6,888 | 13,777 | 13,777 | ||||||||||||
| Restructuring charges |
340 | 1,408 | 636 | 2,122 | ||||||||||||
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| Total operating expenses |
102,803 | 86,340 | 211,535 | 167,052 | ||||||||||||
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| Operating income |
109,055 | 61,769 | 181,504 | 112,029 | ||||||||||||
| Interest expense |
(10,496 | ) | (11,095 | ) | (21,096 | ) | (22,559 | ) | ||||||||
| Loss on extinguishment of debt |
(747 | ) | — | (747 | ) | — | ||||||||||
| Unrealized loss on derivative instruments |
(13,994 | ) | — | (13,994 | ) | — | ||||||||||
| Other, net |
(2,571 | ) | (5,149 | ) | (5,895 | ) | (2,954 | ) | ||||||||
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| Income before income taxes |
81,247 | 45,525 | 139,772 | 86,516 | ||||||||||||
| Income tax benefit (provision) |
1,800 | (3,995 | ) | (6,737 | ) | (12,808 | ) | |||||||||
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| Net income |
$ | 83,047 | $ | 41,530 | $ | 133,035 | $ | 73,708 | ||||||||
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| Earnings per share: |
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| Basic |
$ | 0.80 | $ | 0.41 | $ | 1.28 | $ | 0.72 | ||||||||
| Diluted |
0.77 | 0.40 | 1.24 | 0.70 | ||||||||||||
| Weighted-average shares used in computing per share amounts: |
||||||||||||||||
| Basic |
104,291 | 101,857 | 104,061 | 101,861 | ||||||||||||
| Diluted |
107,583 | 104,873 | 107,334 | 104,701 | ||||||||||||
| Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: |
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| Weighted-average shares outstanding |
104,291 | 101,857 | 104,061 | 101,861 | ||||||||||||
| Dilutive effect of performance-based stock units, restricted stock units and stock options |
3,292 | 3,016 | 3,273 | 2,840 | ||||||||||||
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| Diluted shares |
107,583 | 104,873 | 107,334 | 104,701 | ||||||||||||
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| SELECTED BALANCE SHEET DATA | ||||||||||||||||
| June 29, 2026 | December 29, 2025 | |||||||||||||||
| Cash and cash equivalents |
$ | 507,905 | $ | 501,234 | ||||||||||||
| Accounts receivable, net |
720,143 | 563,741 | ||||||||||||||
| Contract assets |
596,036 | 468,006 | ||||||||||||||
| Inventories |
307,972 | 250,057 | ||||||||||||||
| Total current assets |
2,249,899 | 1,855,406 | ||||||||||||||
| Property, plant and equipment, net |
1,187,809 | 1,010,710 | ||||||||||||||
| Total assets |
4,415,709 | 3,840,331 | ||||||||||||||
| Short-term debt, including current portion of long-term debt |
$ | 4,000 | $ | 3,815 | ||||||||||||
| Accounts payable |
812,987 | 543,538 | ||||||||||||||
| Contract liabilities |
186,770 | 175,627 | ||||||||||||||
| Total current liabilities |
1,263,967 | 962,197 | ||||||||||||||
| Long-term debt, net of discount and issuance costs |
969,456 | 912,336 | ||||||||||||||
| Total long-term liabilities |
1,217,314 | 1,115,881 | ||||||||||||||
| Total stockholders’ equity |
1,934,428 | 1,762,253 | ||||||||||||||
| Total liabilities and stockholders’ equity |
4,415,709 | 3,840,331 | ||||||||||||||
| SUPPLEMENTAL DATA | ||||||||||||||||
| Second Quarter | First Two Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Gross margin |
21.1 | % | 20.3 | % | 21.2 | % | 20.2 | % | ||||||||
| Operating margin |
10.9 | % | 8.5 | % | 9.8 | % | 8.1 | % | ||||||||
| Second Quarter | First Two Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| End market breakdown1: |
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| Aerospace and Defense |
37 | % | 45 | % | 39 | % | 47 | % | ||||||||
| Automotive |
8 | % | 11 | % | 8 | % | 11 | % | ||||||||
| Data Center and Networking |
40 | % | 29 | % | 38 | % | 28 | % | ||||||||
| Medical, Industrial, and Instrumentation |
15 | % | 15 | % | 15 | % | 14 | % | ||||||||
| Second Quarter | First Two Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating segment data1: |
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| Net sales: |
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| Aerospace & Defense |
$ | 382,750 | $ | 335,183 | $ | 734,414 | $ | 651,433 | ||||||||
| Commercial |
621,605 | 395,624 | 1,116,648 | 728,329 | ||||||||||||
| Intersegment eliminations |
(301 | ) | (186 | ) | (1,032 | ) | (473 | ) | ||||||||
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| Total net sales |
$ | 1,004,054 | $ | 730,621 | $ | 1,850,030 | $ | 1,379,289 | ||||||||
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| Segment operating income: |
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| Aerospace & Defense |
63,861 | 48,145 | 118,640 | 90,514 | ||||||||||||
| Commercial |
112,676 | 60,069 | 194,244 | 103,718 | ||||||||||||
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| Total segment operating income |
$ | 176,537 | $ | 108,214 | $ | 312,884 | $ | 194,232 | ||||||||
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| Unallocated amounts: |
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| Restructuring |
(340 | ) | (1,408 | ) | (636 | ) | (2,122 | ) | ||||||||
| Acquisition-related and other charges |
(4,749 | ) | — | (4,946 | ) | — | ||||||||||
| Stock-based compensation |
(13,292 | ) | (9,188 | ) | (37,648 | ) | (17,975 | ) | ||||||||
| Other corporate expenses |
(39,877 | ) | (26,625 | ) | (69,702 | ) | (43,658 | ) | ||||||||
| Amortization of definite-lived intangibles |
(9,224 | ) | (9,224 | ) | (18,448 | ) | (18,448 | ) | ||||||||
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| Total operating income |
$ | 109,055 | $ | 61,769 | $ | 181,504 | $ | 112,029 | ||||||||
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| RECONCILIATIONS2 | ||||||||||||||||
| Second Quarter | First Two Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Non-GAAP gross profit reconciliation3: |
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| GAAP gross profit |
$ | 211,858 | $ | 148,109 | $ | 393,039 | $ | 279,081 | ||||||||
| Add back item: |
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| Amortization of definite-lived intangibles |
2,336 | 2,336 | 4,671 | 4,671 | ||||||||||||
| Stock-based compensation |
3,771 | 2,827 | 7,438 | 5,500 | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
1,785 | (283 | ) | 3,279 | (1,059 | ) | ||||||||||
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| Non-GAAP gross profit |
$ | 219,750 | $ | 152,989 | $ | 408,427 | $ | 288,193 | ||||||||
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| Non-GAAP gross margin |
21.9 | % | 20.9 | % | 22.1 | % | 20.9 | % | ||||||||
| Non-GAAP operating income reconciliation4: |
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| GAAP operating income |
$ | 109,055 | $ | 61,769 | $ | 181,504 | $ | 112,029 | ||||||||
| Add back items: |
||||||||||||||||
| Amortization of definite-lived intangibles |
9,224 | 9,224 | 18,448 | 18,448 | ||||||||||||
| Stock-based compensation |
13,292 | 9,188 | 37,648 | 17,975 | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
1,785 | (283 | ) | 3,279 | (1,059 | ) | ||||||||||
| Restructuring, acquisition-related and other charges |
5,089 | 1,523 | 5,582 | 2,237 | ||||||||||||
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| Non-GAAP operating income |
$ | 138,445 | $ | 81,421 | $ | 246,461 | $ | 149,630 | ||||||||
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| Non-GAAP operating margin |
13.8 | % | 11.1 | % | 13.3 | % | 10.8 | % | ||||||||
| Non-GAAP net income and EPS reconciliation5: |
||||||||||||||||
| GAAP net income |
$ | 83,047 | $ | 41,530 | $ | 133,035 | $ | 73,708 | ||||||||
| Add back items: |
||||||||||||||||
| Amortization of definite-lived intangibles |
9,224 | 9,224 | 18,448 | 18,448 | ||||||||||||
| Stock-based compensation |
13,292 | 9,188 | 37,648 | 17,975 | ||||||||||||
| Non-cash interest expense |
588 | 536 | 1,142 | 1,067 | ||||||||||||
| Loss on extinguishment of debt |
747 | — | 747 | — | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
1,785 | (283 | ) | 3,279 | (1,059 | ) | ||||||||||
| Unrealized (gain) loss on foreign exchange |
(226 | ) | 5,750 | (1,209 | ) | 7,964 | ||||||||||
| Unrealized loss on derivative instruments |
13,994 | — | 13,994 | — | ||||||||||||
| Restructuring, acquisition-related and other charges |
5,089 | 1,543 | 5,582 | 2,257 | ||||||||||||
| Income taxes6 |
(20,661 | ) | (6,727 | ) | (25,705 | ) | (7,167 | ) | ||||||||
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| Non-GAAP net income |
$ | 106,879 | $ | 60,761 | $ | 186,961 | $ | 113,193 | ||||||||
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| Non-GAAP earnings per diluted share |
$ | 0.99 | $ | 0.58 | $ | 1.74 | $ | 1.08 | ||||||||
| Second Quarter | First Two Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Adjusted EBITDA reconciliation7: |
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| GAAP net income |
$ | 83,047 | $ | 41,530 | $ | 133,035 | $ | 73,708 | ||||||||
| Add back items: |
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| Income tax (benefit) provision |
(1,800 | ) | 3,995 | 6,737 | 12,808 | |||||||||||
| Interest expense |
10,496 | 11,095 | 21,096 | 22,559 | ||||||||||||
| Amortization of definite-lived intangibles |
9,224 | 9,224 | 18,448 | 18,448 | ||||||||||||
| Depreciation expense |
31,122 | 27,692 | 60,414 | 54,555 | ||||||||||||
| Stock-based compensation |
13,292 | 9,188 | 37,648 | 17,975 | ||||||||||||
| Loss on extinguishment of debt |
747 | — | 747 | — | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
1,785 | (283 | ) | 3,279 | (1,059 | ) | ||||||||||
| Unrealized (gain) loss on foreign exchange |
(226 | ) | 5,750 | (1,209 | ) | 7,964 | ||||||||||
| Unrealized loss on derivative instruments |
13,994 | — | 13,994 | — | ||||||||||||
| Restructuring, acquisition-related and other charges |
5,089 | 1,543 | 5,463 | 2,257 | ||||||||||||
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| Adjusted EBITDA |
$ | 166,770 | $ | 109,734 | $ | 299,652 | $ | 209,215 | ||||||||
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| Adjusted EBITDA margin |
16.6 | % | 15.0 | % | 16.2 | % | 15.2 | % | ||||||||
| Free cash flow reconciliation: |
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| Operating cash flow |
$ | 96,429 | $ | 97,804 | $ | 118,172 | $ | 87,149 | ||||||||
| Capital expenditures, net |
(50,416 | ) | (60,234 | ) | (157,217 | ) | (123,454 | ) | ||||||||
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| Free cash flow |
$ | 46,013 | $ | 37,570 | $ | (39,045 | ) | $ | (36,305 | ) | ||||||
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| 1 | Prior year end market revenue has been recasted due to merged Data Center Computing and Networking end markets. The operating segment data has been recasted also due to strategically realigning the RF and Specialty Components (RF&S Components) segment within the A&D segment during the quarter ended March 30, 2026. |
| 2 | This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the most comparable GAAP metric in our consolidated condensed statements of operations. |
| 3 | Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, and unrealized (gain) loss on commodity hedge. |
| 4 | Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, restructuring, acquisition-related, and other charges. |
| 5 | This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures — which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, unrealized loss on derivative instruments, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items — provide additional useful information to investors regarding the Company’s ongoing financial condition and results of operations. |
| 6 | Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate. |
| 7 | Adjusted EBITDA is defined as earnings before income tax (benefit) provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, unrealized loss on derivative instruments, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America. |