TTM Technologies (TTMI) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales reached $774.3 million, up 19% year-over-year, exceeding guidance, with full-year sales at $2.91 billion, also up 19%.

• Non-GAAP EPS for Q4 was a record $0.70 per diluted share; Adjusted EBITDA margin was 16.3%.

• Strong growth in Data Center Computing, Networking, Medical, Industrial, Instrumentation, and Aerospace & Defense end markets, with four out of five end markets posting double-digit sales growth.

• Strategic focus on Advanced Interconnect technologies and expansion into complex modules and subsystems.

• 80% of net sales tied to AI and defense megatrends; capacity expansion ongoing in China, Malaysia, Canada, and the U.S.

Financial highlights

• Q4 net sales: $774.3M (up 19% YoY); full-year net sales: $2.91B (up 19% YoY).

• Q4 GAAP net income: $50.7M ($0.48/share), up 880% YoY; full-year GAAP net income: $177.4M ($1.68/share), up 215% YoY.

• Q4 non-GAAP net income: $74.8M ($0.70/share), up 43% YoY; full-year non-GAAP net income: $259M ($2.46/share), up 44% YoY.

• Q4 Adjusted EBITDA: $126.2M (16.3% margin); full-year Adjusted EBITDA: $456.3M (15.7% margin).

• Cash flow from operations: $63M in Q4 (8.1% of sales); $292M for 2025 (10% of sales), up 23% YoY.

Outlook and guidance

• Q1 2026 net sales projected at $770M–$810M; non-GAAP EPS $0.64–$0.70.

• Full-year 2026 net sales expected to grow 15%–20% over 2025.

• Q1 2026 profitability to be seasonally lower due to higher operating costs (e.g., Chinese New Year labor costs).

• Continued double-digit growth forecasted in Data Center Computing, Medical/Industrial/Instrumentation, and Networking for Q1 2026.

• SG&A expected at 8.5% of net sales; R&D at 1% of net sales for Q1 2026.