TTM Technologies (TTMI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net sales of $1.0 billion, up 37% year-over-year, driven by strong demand in Data Center & Networking, Medical, Industrial & Instrumentation, and Aerospace & Defense end markets.

• Non-GAAP EPS reached $0.99 per diluted share, a 71% year-on-year increase, and Adjusted EBITDA margin was 16.6%, both all-time highs.

• Book-to-bill ratio improved to 1.49, with a $1.7 billion Aerospace & Defense backlog supporting future growth.

• Strategic acquisitions in Europe (STG and ILFA) to expand Medical and A&D markets, expected to close in Q3 2026.

• Major growth drivers include artificial intelligence and defense, with 80% of net sales tied to these megatrends.

Financial highlights

• Net sales: $1,004.1 million in Q2 2026, a 37% increase from $730.6 million in Q2 2025.

• GAAP net income: $83.0 million ($0.77 per diluted share), up from $41.5 million ($0.40) year-on-year.

• Non-GAAP net income: $106.9 million ($0.99 per diluted share), up 76% year-on-year.

• Adjusted EBITDA: $166.8 million (16.6% of sales) vs. $109.7 million (15.0%) year-on-year.

• Gross margin: 21.9% non-GAAP (up 100 bps year-on-year); operating margin: 13.8% non-GAAP (up 270 bps year-on-year).

• Free cash flow: $46.0 million in Q2 2026 vs. $37.6 million in Q2 2025.

Outlook and guidance

• Q3 2026 net sales projected at $1.10–$1.14 billion; non-GAAP EPS $1.21–$1.27 per diluted share.

• Full year 2026 sales expected at ~$4.4 billion; non-GAAP EPS to approach $5 per diluted share.

• Organic revenue growth of 15%-20% targeted for 2027 and 2028.

• Guidance excludes impact from pending acquisitions.

• Volume production at the new Syracuse, NY facility expected to commence in the second half of 2026.