TTM Technologies posts strong Q2 2026 results

TTM Technologies reported strong second quarter 2026 results.

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 June 29, 2026, it showed cash and equivalents of $507,905 thousand alongside long-term debt of $969,456 thousand, leaving the disclosed balance sheet with both liquidity and debt financing.

For the first two quarters, operating cash flow was $118,172 thousand, capital expenditures were $157,217 thousand, and reported free cash flow was $(39,045) thousand; the filing therefore shows positive operating cash flow but negative cash flow after capital expenditures.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q2 2026 net sales: $1.0 billion Q2 2026 GAAP diluted EPS: $0.77 Q2 2026 non-GAAP diluted EPS: $0.99 +5 more

8 metrics

Q2 2026 net sales $1.0 billion Net sales in the second quarter of 2026 versus $730.6 million in Q2 2025

Q2 2026 GAAP diluted EPS $0.77 GAAP earnings per diluted share for the second quarter of 2026

Q2 2026 non-GAAP diluted EPS $0.99 Non-GAAP earnings per diluted share for the second quarter of 2026

Adjusted EBITDA Q2 2026 $166.8 million Adjusted EBITDA in the second quarter of 2026, 16.6% of net sales

Adjusted EBITDA margin Q2 2026 16.6% Adjusted EBITDA as a percentage of net sales in Q2 2026

Cash from operations Q2 2026 $96.4 million Cash generated from operating activities during the second quarter of 2026

Q3 2026 net sales guidance $1.10–$1.14 billion Estimated net sales range for the third quarter of 2026

Full year 2026 net sales outlook $4.4 billion Expected net sales for full year 2026 as indicated by management

Key Terms

Adjusted EBITDA, non-GAAP net income, non-GAAP earnings per diluted share, free cash flow, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA in the second quarter of 2026 was $166.8 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP net income financial

"Non-GAAP net income in the second quarter of 2026 was $106.9 million"

Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.

non-GAAP earnings per diluted share financial

"non-GAAP net income per share to approach $5.00"

Non-GAAP earnings per diluted share is a company’s reported profit for each share after adjusting standard accounting results to remove certain one-time or unusual items, then spreading that adjusted profit across all current and potential shares (including options or convertible securities). Think of it as a “cleaned-up” per-share profit that aims to show underlying business performance; investors use it to compare ongoing results over time but should view it alongside standard GAAP figures for a full picture.

free cash flow financial

"Free cash flow | | $ | 46,013 | | | $ | 37,570"

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 B financial

"upsized Term Loan B to increase balance sheet flexibility"

A Term Loan B (TLB) is a large, syndicated loan made to a company that is typically sold to institutional investors rather than held by banks; think of it as a long-term mortgage from a group of investors with higher interest and smaller early payments. It matters to investors because it changes a company’s debt cost, repayment schedule and credit risk—factors that affect profit, cash flow and the market value of both the company’s equity and its traded debt.

revolver financial

"recently announced $1.0 billion revolver and upsized Term Loan B"

A revolver is a revolving credit facility — a line of borrowing a company can draw, repay and draw again as needed, similar to a corporate credit card for short-term cash needs. It matters to investors because it provides liquidity and flexibility to cover expenses, smooth cash flow swings, or bridge financing gaps; the size, cost and covenants of the revolver affect a company’s interest costs, financial health and default risk.

Earnings Snapshot

Net sales: $1.0 billion · Guidance included

Second quarter 2026

Net sales $1.0 billion up from $730.6 million in the second quarter of 2025

GAAP net income $83.0 million up from $41.5 million in the second quarter of 2025

GAAP diluted EPS $0.77 up from $0.40 in the second quarter of 2025

Non-GAAP diluted EPS $0.99 up from $0.58 in the second quarter of 2025

Adjusted EBITDA $166.8 million up from $109.7 million in the second quarter of 2025

Guidance

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.

FAQ

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

What were TTM Technologies (TTMI) key financial results for Q2 2026?

Net sales were $1.0 billion in Q2 2026, up from $730.6 million in Q2 2025. GAAP net income was $83.0 million, or $0.77 per diluted share, compared with $41.5 million and $0.40 a year earlier.

How did TTM Technologies (TTMI) Q2 2026 non-GAAP earnings compare to GAAP results?

In Q2 2026, non-GAAP net income was $106.9 million, or $0.99 per diluted share. This compares with GAAP net income of $83.0 million and GAAP diluted EPS of $0.77, highlighting higher profitability on a non-GAAP basis.

What guidance did TTM Technologies (TTMI) provide for Q3 and full year 2026?

For Q3 2026, TTM 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 about $4.4 billion and non-GAAP EPS per share to approach $5.00.

Which end markets drove TTM Technologies (TTMI) growth in Q2 2026?

Revenue grew 37% year on year, led by Data Center and Networking, up 91%. The Medical, Industrial and Instrumentation end market rose 33%, while Aerospace and Defense grew 14% and reported a healthy improvement in backlog.

What is TTM Technologies (TTMI) liquidity and leverage position as of June 29, 2026?

As of June 29, 2026, TTM held $507.9 million in cash and cash equivalents. For Q2 2026, cash from operations was $96.4 million, and management reported a net leverage ratio of 0.9x, supported by a new $1.0 billion revolver and upsized Term Loan B.

How is TTM Technologies (TTMI) using acquisitions to support its strategy?

TTM highlighted agreements to acquire Swiss Technology Group AG and ILFA GmbH as part of its entry into Europe. These pending acquisitions, expected to close in Q3 2026, are excluded from current Q3 and full-year 2026 guidance figures.

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

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Available on EDGAR 08/06/2026 - 06:05 AM Accepted by SEC EDGAR 08/05/2026 - 09:28 PM Learn about SEC filing dates

TTM TECHNOLOGIES INC false 0001116942 0001116942 2026-08-05 2026-08-05

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): August 5, 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, CA		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 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 Number		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

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.

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.

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
Gross profit			211,858				148,109				393,039				279,081
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
Total operating expenses			102,803				86,340				211,535				167,052
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	)
Income before income taxes			81,247				45,525				139,772				86,516
Income tax benefit (provision)			1,800				(3,995	)			(6,737	)			(12,808	)
Net income		$	83,047			$	41,530			$	133,035			$	73,708
Earnings per share:
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:
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
Diluted shares			107,583				104,873				107,334				104,701
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:
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:
Net sales:
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	)
Total net sales		$	1,004,054			$	730,621			$	1,850,030			$	1,379,289
Segment operating income:
Aerospace & Defense			63,861				48,145				118,640				90,514
Commercial			112,676				60,069				194,244				103,718
Total segment operating income		$	176,537			$	108,214			$	312,884			$	194,232
Unallocated amounts:
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	)
Total operating income		$	109,055			$	61,769			$	181,504			$	112,029
RECONCILIATIONS2
		Second Quarter								First Two Quarters
		2026				2025				2026				2025
Non-GAAP gross profit reconciliation3:
GAAP gross profit		$	211,858			$	148,109			$	393,039			$	279,081
Add back item:
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	)
Non-GAAP gross profit		$	219,750			$	152,989			$	408,427			$	288,193
Non-GAAP gross margin			21.9	%			20.9	%			22.1	%			20.9	%
Non-GAAP operating income reconciliation4:
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
Non-GAAP operating income		$	138,445			$	81,421			$	246,461			$	149,630
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	)
Non-GAAP net income		$	106,879			$	60,761			$	186,961			$	113,193
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:
GAAP net income		$	83,047			$	41,530			$	133,035			$	73,708
Add back items:
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
Adjusted EBITDA		$	166,770			$	109,734			$	299,652			$	209,215
Adjusted EBITDA margin			16.6	%			15.0	%			16.2	%			15.2	%
Free cash flow reconciliation:
Operating cash flow		$	96,429			$	97,804			$	118,172			$	87,149
Capital expenditures, net			(50,416	)			(60,234	)			(157,217	)			(123,454	)
Free cash flow		$	46,013			$	37,570			$	(39,045	)		$	(36,305	)

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.

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