TTM Technologies (TTMI) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales reached $774.3 million, up 19% year-over-year, with non-GAAP EPS of $0.70 per share, both exceeding guidance and setting records.

• Full year 2025 net sales were $2.91 billion, up 19%, with non-GAAP EPS of $2.46, and strong growth in Data Center Computing, Networking, and Aerospace & Defense.

• Four of five end markets posted double-digit sales growth, led by Data Center Computing (up 57% in Q4) and Networking (up 23% in Q4), while Automotive declined.

• Strategy centers on advanced interconnect technologies, with 80% of net sales tied to AI and defense megatrends, and investments in global manufacturing capacity.

• All growth targets and earnings doubling ambitions are based on organic growth, not M&A.

Financial highlights

• Q4 2025 net sales: $774.3 million; full year: $2.91 billion.

• Q4 2025 GAAP net income: $50.7 million ($0.48/share); full year: $177.4 million ($1.68/share).

• Q4 2025 non-GAAP net income: $74.8 million ($0.70/share); full year: $259 million ($2.46/share).

• Q4 2025 adjusted EBITDA: $126.2 million (16.3% margin); full year: $456.3 million (15.7% margin).

• Q4 2025 operating cash flow: $62.9 million (8.1% of sales); full year: $291.9 million (10% of sales).

Outlook and guidance

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

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

• Q1 2026 profitability expected to be seasonally lower due to higher labor costs from Chinese New Year.

• 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.