TTM Technologies, Inc. Reports Third Quarter 2026 Results

SANTA ANA, Calif., Oct. 22, 2026 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards (“PCB”s) and substrates, today reported results for the third quarter of 2026, which ended on September 28, 2026.

Third Quarter 2026 Highlights

Net sales were $1.2 billion, up 60% year on year, and an all-time quarterly record
GAAP net income of $84.8 million, or $0.79 per diluted share
Adjusted EBITDA of $242.3 million, or 20.1% of net sales, an all-time quarterly record
Non-GAAP net income of $157.8 million, or $1.46 per diluted share, an all-time quarterly record
Cash flow from operations of $154.7 million, or 12.9% of net sales
Total book to bill of 2.13
A&D end market was 34% of total net sales; and total A&D program backlog was $2.0 billion
Data Center and Networking end market was 41% of total net sales driven by continued AI demand

Recent Acquisition Activity

October 19, 2026 – TTM announced plans to acquire the Ophir Optics business from MKS Inc. (NASDAQ: MKSI) for $650 million, or 10.3x expected FY 2027 Adjusted EBITDA, in an all-cash transaction that is expected to be funded through a combination of cash on hand, expected future cash flow, and borrowings under TTM’s existing revolving credit facility. This proposed acquisition is not included in current guidance.
October 9, 2026 – In furtherance of TTM’s strategic initiative to expand its footprint in Europe, TTM entered into a definitive agreement with plans to acquire Merlin Circuit Technology Ltd. and Merlin Flex Ltd., two small printed circuit board fabrication factories in the United Kingdom for an undisclosed amount, with transaction funding expected to come from cash on hand. The transaction is subject to regulatory approvals and is expected to close during the fourth quarter of 2026. This proposed acquisition is not included in current guidance.
TTM previously announced the planned acquisition of ILFA GmbH, a German printed circuit manufacturer. The acquisition is expected to close during the fourth quarter of 2026 and is excluded from current guidance.
In recent weeks and up through the date of this press release, TTM has completed the previously announced acquisitions of Swiss Technology Group (“STG”) and Epiq Solutions (“Epiq”). These acquisitions are now included in current guidance.

Third Quarter 2026 GAAP Financial Results

Net sales in the third quarter of 2026 were $1.2 billion, compared to $752.7 million in the third quarter of 2025.

GAAP operating income in the third quarter of 2026 was $162.3 million. This compared to GAAP operating income in the third quarter of 2025 of $71.9 million.

GAAP net income in the third quarter of 2026 was $84.8 million, or $0.79 per diluted share. This compared to GAAP net income in the third quarter of 2025 of $53.1 million, or $0.50 per diluted share.

Third Quarter 2026 Non-GAAP Financial Results

Adjusted EBITDA in the third quarter of 2026 was $242.3 million, or 20.1% of net sales, compared to adjusted EBITDA of $120.9 million, or 16.1% of net sales, in the third quarter of 2025.

Non-GAAP net income in the third quarter of 2026 was $157.8 million, or $1.46 per diluted share, compared to non-GAAP net income of $71.0 million, or $0.67 per diluted share, in the third quarter of 2025.

“Once again, we delivered quarterly records for both net sales and non-GAAP EPS,” said Edwin Roks, CEO of TTM. “All key markets contributed to our 60% year on year growth with Data Center & Networking up 115%, Medical, Industrial & Instrumentation up 97%, and Aerospace & Defense up 21%. Our margin expansion efforts are producing results as evidenced by adjusted EBITDA margin exceeding 20% for the first time. Our cash flow from operations continues to be solid which gives us confidence that we can comfortably handle the leverage from recent acquisitions and capital investments. Following the end of the third quarter and the previously disclosed completion of the Epiq Solutions acquisition on September 30, 2026, our net leverage ratio as of September 30, 2026, was 2.8x of pro-forma adjusted TTM EBITDA. By the expected closing date of the proposed acquisition of the Ophir Optics business, we expect leverage to be within our targeted range of 1.5-2.0x,” concluded Dr. Roks.

Dr. Roks added, “TTM is well positioned for growth for the foreseeable future. We expect continued healthy growth in our key end markets, with particular strength in Data Center & Networking and Aerospace & Defense. Our close customer relationships and strong operational execution add to our confidence in this outlook. Consistent with our strategic plan, the recent acquisitions broaden our offering in differentiated, long-cycle products, add geographic diversification and provide new platforms for future growth."

Business Outlook

For the fourth quarter of 2026, TTM estimates that net sales will be in the range of $1.42 billion to $1.44 billion, and non-GAAP net income will be in the range of $1.77 to $1.83 per diluted share. These fourth quarter estimates result in full year 2026 expected net sales of $4.47 billion to $4.49 billion and expected non-GAAP net income in the range of $4.97 to $5.03 per diluted share. Our fourth quarter estimate and full year 2026 outlook now include contributions from our closed STG and Epiq acquisition and associated financing costs.

In addition, we are initiating our preliminary 2027 full year forecast with expected net sales in the range of $6.5 billion to $6.75 billion and expected non-GAAP net income in the range of $8.10 to $8.90 per diluted share. Our initial 2027 full year forecast includes contributions from recently closed acquisitions and associated financing costs while excluding the impacts of planned or potential acquisitions that have not been closed.

With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.

Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss third quarter 2026 results and the fourth quarter 2026 outlook today, October 22, 2026, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). The conference call will include forward-looking statements.

Access to the conference call will be available by clicking on the registration link TTM Technologies, Inc. Third Quarter 2026 Conference Call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies Third Quarter 2026 Webcast. The webcast will remain accessible for one week following the live event.

About TTM

TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements

The preliminary financial results included in this press release represent the most current information available to management. TTM’s actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM’s financial closing procedures, final adjustments, completion of the review by TTM’s independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers, and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of TTM’s public reports filed with the SEC.

About Our Non-GAAP Financial Measures

To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM’s adjusted EBITDA, pro-forma adjusted TTM EBITDA, adjusted EBITDA margin, non-GAAP net income, and non-GAAP earnings per diluted share (“EPS”), all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466 7737

- Tables Follow -

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)


					Third Quarter						First Three Quarters
						2026			2025			2026			2025

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

	Net sales				$	1,203,855		$	752,736		$	3,053,885		$	2,132,025
	Cost of goods sold					911,991			596,000			2,368,982			1,696,208

	Gross profit					291,864			156,736			684,903			435,817

	Operating expenses:
		Selling and marketing				25,142			21,796			75,626			64,383
		General and administrative				87,554			48,598			218,406			142,091
		Research and development				9,646			7,038			25,432			22,111
		Amortization of definite-lived intangibles				6,889			6,889			20,666			20,666
		Restructuring charges				380			509			1,016			2,631
			Total operating expenses			129,611			84,830			341,146			251,882

	Operating income					162,253			71,906			343,757			183,935

	Interest expense					(12,809	)		(10,399	)		(33,905	)		(32,958	)
	Loss on extinguishment of debt					-			-			(747	)		-
	Realized and unrealized losses on derivative instruments					(6,103	)		-			(20,097	)		-
	Other, net					(1,640	)		306			(7,535	)		(2,648	)

	Income before income taxes					141,701			61,813			281,473			148,329
	Income tax provision					(56,898	)		(8,758	)		(63,635	)		(21,566	)

	Net income				$	84,803		$	53,055		$	217,838		$	126,763

	Earnings per share:
		Basic			$	0.80		$	0.51		$	2.08		$	1.24
		Diluted				0.79			0.50			2.03			1.21

	Weighted-average shares used in computing per share amounts:
		Basic				105,665			103,321			104,596			102,337
		Diluted				107,699			105,812			107,455			105,061

	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding					105,665			103,321			104,596			102,337
	Dilutive effect of performance-based stock units, restricted stock units and stock options					2,034			2,491			2,859			2,724
	Diluted shares					107,699			105,812			107,455			105,061


SELECTED BALANCE SHEET DATA
					September 28, 2026			December 29, 2025
	Cash and cash equivalents				$	876,347		$	501,234
	Accounts receivable, net					836,362			563,741
	Contract assets					793,552			468,006
	Inventories					325,432			250,057
	Total current assets					2,961,717			1,855,406
	Property, plant and equipment, net					1,286,879			1,010,710
	Total assets					5,562,920			3,840,331

	Short-term debt, including current portion of long-term debt				$	184,000		$	3,815
	Accounts payable					1,032,661			543,538
	Contract liabilities					202,342			175,627
	Total current liabilities					1,773,485			962,197
	Long-term debt, net of discount and issuance costs					1,459,872			912,336
	Total long-term liabilities					1,746,993			1,115,881
	Total stockholders' equity					2,042,442			1,762,253
	Total liabilities and stockholders' equity					5,562,920			3,840,331


SUPPLEMENTAL DATA
					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	Gross margin					24.2	%		20.8	%		22.4	%		20.4	%
	Operating margin					13.5	%		9.6	%		11.3	%		8.6	%

					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	End market breakdown¹:
		Aerospace and Defense				34	%		45	%		37	%		45	%
		Automotive				7	%		11	%		8	%		11	%
		Data Center and Networking				41	%		30	%		39	%		30	%
		Medical, Industrial, and Instrumentation				18	%		14	%		16	%		14	%

					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	Operating segment data¹:
		Net sales:
			Aerospace & Defense		$	416,540		$	344,482		$	1,150,954		$	995,915
			Commercial			787,882			408,920			1,904,530			1,137,249
			Intersegment eliminations			(567	)		(666	)		(1,599	)		(1,139	)
				Total net sales	$	1,203,855		$	752,736		$	3,053,885		$	2,132,025

		Segment operating income:
			Aerospace & Defense			77,041			56,010			195,681			146,524
			Commercial			166,279			60,031			360,523			163,749
				Total segment operating income	$	243,320		$	116,041		$	556,204		$	310,273

		Unallocated amounts:
			Restructuring			(380	)		(509	)		(1,016	)		(2,631	)
			Acquisition-related and other charges			(13,564	)		(15	)		(18,510	)		(15	)
			Stock-based compensation			(24,090	)		(11,611	)		(61,738	)		(29,586	)
			Other corporate expenses			(33,809	)		(22,775	)		(103,511	)		(66,433	)
			Amortization of definite-lived intangibles			(9,224	)		(9,225	)		(27,672	)		(27,673	)
				Total operating income	$	162,253		$	71,906		$	343,757		$	183,935


RECONCILIATIONS²
					Third Quarter						First Three Quarters
						2026			2025			2026			2025

	Non-GAAP gross profit reconciliation³:
		GAAP gross profit			$	291,864		$	156,736		$	684,903		$	435,817
		Add back item:
			Amortization of definite-lived intangibles			2,335			2,336			7,006			7,007
			Stock-based compensation			5,315			3,720			12,753			9,220
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
		Non-GAAP gross profit			$	298,998		$	162,016		$	707,425		$	450,209
		Non-GAAP gross margin				24.8	%		21.5	%		23.2	%		21.1	%

	Non-GAAP operating income reconciliation⁴:
		GAAP operating income			$	162,253		$	71,906		$	343,757		$	183,935
		Add back items:
			Amortization of definite-lived intangibles			9,224			9,225			27,672			27,673
			Stock-based compensation			24,090			11,611			61,738			29,586
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
			Restructuring, acquisition-related and other charges			13,945			581			19,527			2,818
		Non-GAAP operating income			$	208,996		$	92,547		$	455,457		$	242,177
		Non-GAAP operating margin				17.4	%		12.3	%		14.9	%		11.4	%

	Non-GAAP net income and EPS reconciliation⁵:
		GAAP net income			$	84,803		$	53,055		$	217,838		$	126,763
		Add back items:
			Amortization of definite-lived intangibles			9,224			9,225			27,672			27,673
			Stock-based compensation			24,090			11,611			61,738			29,586
			Non-cash interest expense			753			542			1,895			1,609
			Loss on extinguishment of debt			-			-			747			-
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
			Unrealized (gain) loss on foreign exchange			4,738			502			3,529			8,466
			Realized and unrealized losses on derivative instruments			6,103			-			20,097			-
			Restructuring, acquisition-related and other charges			9,848			561			15,430			2,818
			Income taxes⁶			18,732			(3,764	)		(6,973	)		(10,931	)
		Non-GAAP net income			$	157,775		$	70,956		$	344,736		$	184,149
		Non-GAAP earnings per diluted share			$	1.46		$	0.67		$	3.21		$	1.75

					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	Adjusted EBITDA reconciliation⁷:
		GAAP net income			$	84,803		$	53,055		$	217,838		$	126,763
		Add back items:
			Income tax (benefit) provision			56,898			8,758			63,635			21,566
			Interest expense			12,809			10,399			33,905			32,958
			Amortization of definite-lived intangibles			9,224			9,225			27,672			27,673
			Depreciation expense			34,310			27,580			94,724			82,135
			Stock-based compensation			24,090			11,611			61,738			29,586
			Loss on extinguishment of debt			-			-			747			-
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
			Unrealized (gain) loss on foreign exchange			4,738			502			3,529			8,466
			Realized and unrealized losses on derivative instruments			6,103			-			20,097			-
			Restructuring, acquisition-related and other charges			9,848			561			15,311			2,818
		Adjusted EBITDA			$	242,307		$	120,915		$	541,959		$	330,130
		Adjusted EBITDA margin				20.1	%		16.1	%		17.7	%		15.5	%

	Free cash flow reconciliation:
		Operating cash flow			$	154,711		$	141,803		$	272,883		$	228,952
		Capital expenditures, net				(79,921	)		(99,233	)		(237,138	)		(222,687	)
		Free cash flow			$	74,790		$	42,570		$	35,745		$	6,265


	¹Prior 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.


	²This 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.


	³Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, and unrealized (gain) loss on commodity hedge.

	⁴Non-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.


	⁵This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, realized and unrealized losses on derivative instruments, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.



	^.
	⁶Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.

	⁷Adjusted EBITDA is defined as earnings before income tax (benefit) provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, realized and unrealized losses on derivative instruments, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.

TTM Technologies, Inc. Reports Third Quarter 2026 Results

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