TTM Technologies Q3营收12亿美元创纪录、Non-GAAP EPS 1.46超预期，Q4与2027指引强劲，但盘前卖事实跌约6%

----- d282109d8k.htm -----
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):
October 22, 2026
TTM TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware
000-31285
91-1033443
(State of
Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
200 East Sandpointe
,
Suite 400
Santa Ana
,
California
92707
(Address of principal executive offices)
(Zip Code)
(714)
327-3000
Registrant’s telephone number, including area code
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 October 22, 2026, TTM Technologies, Inc. (the “Registrant”) issued a press release announcing results for its third quarter 2026, which ended on September 28, 2026, and guidance for its fourth 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 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
(d) Exhibits
The following exhibits are filed with this Report:
Exhibit
Number
Description
99.1
Press release regarding earnings results, dated October 22, 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: October 22, 2026
/s/ Daniel J. Weber
By:
Daniel J. Weber
Executive Vice President, Chief Legal Officer & Secretary

----- d282109dex991.htm -----
EX-99.1
2
d282109dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466 7737
TTM Technologies, Inc. Reports Third Quarter 2026 Results
SANTA ANA, Calif. – October 22, 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 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.
Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466
7737
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.
Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466
7737
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.
Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466
7737
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.
- 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 breakdown
1
:
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 data
1
:
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
RECONCILIATIONS
2
Third Quarter
First Three Quarters
2026
2025
2026
2025
Non-GAAP
gross profit reconciliation
3
:
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 reconciliation
4
:
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 reconciliation
5
:
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 taxes
6
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 reconciliation
7
:
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
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, 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.
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, 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.