TTM Technologies (TTMI) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached a record $1,203.9M, up 60% YoY; adjusted EBITDA margin was a record 20.1% and non-GAAP diluted EPS was a record $1.46.

• AI-driven Data Center & Networking demand and strength in Aerospace & Defense and other end markets supported growth; strong bookings and backlog underpin the outlook.

Financial highlights

• Q3 net sales were $1,203.9M vs. $752.7M; GAAP operating income was $162.3M vs. $71.9M, and net income was $84.8M vs. $53.1M.

• Non-GAAP net income was $157.8M, or $1.46 diluted EPS, vs. $71.0M and $0.67; adjusted EBITDA was $242.3M vs. $120.9M.

• Operating cash flow was $154.7M vs. $141.8M YoY; free cash flow was $74.8M vs. $42.6M.

Outlook and guidance

• Q4 2026 guidance is $1.42B–$1.44B net sales and $1.77–$1.83 non-GAAP diluted EPS; FY2026 guidance is $4.47B–$4.49B sales and $4.97–$5.03 EPS.

• Preliminary FY2027 guidance is $6.5B–$6.75B net sales and $8.10–$8.90 non-GAAP diluted EPS; it includes closed acquisitions and financing but excludes unclosed planned acquisitions.

• FY2026 A&D sales are expected to grow ~20% YoY, including ~8% organic growth; Data Center & Networking sales are expected to more than double, and MI&I sales to grow nearly 70%.

• All end markets are expected to deliver YoY revenue growth in Q4; N+M products are expected to reach ~50% of Data Center & Networking activity in 2027, from ~30% currently.