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TTM Technologies (TTMI) investor relations material
TTM Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Net sales reached $752.7 million in Q3 2025, a 22% year-over-year increase, driven by strong demand in Data Center Computing, Networking, Medical, Industrial, Instrumentation, and Aerospace & Defense, with generative AI as a key growth factor.
Non-GAAP diluted EPS was $0.67, up 22% year-over-year and above guidance; GAAP net income was $53.1 million ($0.50 per diluted share), up from $14.3 million ($0.14 per share) in Q3 2024.
Operating cash flow was $141.8 million, or 18.8% of net sales, up 118% year-over-year.
Major investments included acquisition of a new facility in Wisconsin and land in Malaysia, supporting advanced PCB manufacturing and global supply chain diversification.
Strategic focus remains on high-complexity modules and subsystems for reliability-critical industries, with ongoing expansion in Penang and Syracuse facilities.
Financial highlights
Gross margin for Q3 2025 was 20.8% (non-GAAP: 21.5%), slightly down year-over-year; operating margin rose to 9.6% from 6.0% a year ago.
Adjusted EBITDA was $120.9 million (16.1% of net sales), up 20% year-over-year.
Free cash flow for Q3 2025 was $43 million, up from $24 million in Q3 2024.
Cash and cash equivalents totaled $491.1 million at quarter end.
Stockholders' equity rose to $1.70 billion from $1.56 billion at year-end 2024.
Outlook and guidance
Q4 2025 net sales projected at $730–$770 million; non-GAAP EPS expected at $0.64–$0.70 per diluted share.
SG&A expense expected at 8.9% of net sales, R&D at 1%, interest expense at $10.2 million, and effective tax rate between 11% and 15%.
Volume production at the new Syracuse, NY facility is expected to begin in the second half of 2026.
2025 capital expenditures are projected at $265M–$285M, with $54M allocated to the Syracuse plant.
Management expects current liquidity and cash flow to meet capital, debt, and working capital needs for the next 12 months.
How sustainable is Data Center Computing growth?
What is the nature of Q3 capital expenditures?
What caused the 'Other, net' swing?
What metrics will guide TTM's future growth?
What's the timeline for Penang's second facility?
Data center capacity plans for sustained AI growth?
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Next TTM Technologies earnings date
Q4 20255 Feb, 2026
Next TTM Technologies earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
TTM Technologies Inc is a manufacturer of printed circuit boards and radio frequency components used in electronics. The company serves a wide range of end markets including aerospace and defense, automotive, industrial, computing, and telecommunications. Its capabilities span quick-turn prototyping to high-volume production. The company is headquartered in Santa Ana, California, and its shares are listed on the NASDAQ.
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