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TTM Technologies, Inc., a leading global manufacturer of technology products, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and technologically advanced printed circuit boards (PCBs) reported results for the third quarter 2025, which ended on September 29, 2025.
Third Quarter 2025 Highlights
- Net sales were $752.7 million, up 22% year on year
- GAAP net income of $53.1 million, or $0.50 per diluted share
- Adjusted EBITDA of $120.9 million, or 16.1% of net sales
- Non-GAAP net income of $71.0 million, or $0.67 per diluted share, a quarterly record high
- Cash flow from operations of $141.8 million, or 18.8% of net sales
Third Quarter 2025 GAAP Financial Results
Net sales in the third quarter of 2025 were $752.7 million, compared to $616.5 million in the third quarter of 2024.
GAAP operating income in the third quarter of 2025 was $71.9 million compared to GAAP operating income in the third quarter of 2024 of $51.0 million.
GAAP net income in the third quarter of 2025 was $53.1 million, or $0.50 per diluted share, compared to GAAP net income in the third quarter of 2024 of $14.3 million, or $0.14 per diluted share.
Third Quarter 2025 Non-GAAP Financial Results
Adjusted EBITDA in the third quarter of 2025 was $120.9 million, or 16.1% of net sales, compared to adjusted EBITDA of $100.6 million, or 16.3% of net sales, in the third quarter of 2024.
Non-GAAP net income in the third quarter of 2025 was $71.0 million, or $0.67 per diluted share. This compares to non-GAAP net income of $56.8 million, or $0.55 per diluted share, in the third quarter of 2024.
“We delivered another strong quarter with revenues and non-GAAP EPS above the high end of the guided range. Revenues grew 22% year on year reflecting continued demand strength in our Data Center Computing and Networking end markets, driven primarily by the requirements of generative AI. Our Medical, Industrial and Instrumentation and Aerospace and Defense end markets also experienced double-digit year on year revenue growth,” said Edwin Roks, President & CEO of TTM Technologies Inc. “Adjusted EBITDA margins were a healthy 16.1%, reflecting continued solid execution. In addition, cash flow from operations was a solid 18.8% of revenues, enabling the company to maintain its measured investment in facilities expansion to support our projected continued growth,” concluded Dr. Roks.
Business Outlook
For the fourth quarter of 2025, TTM estimates that net sales will be in the range of $730 million to $770 million, and non-GAAP net income will be in the range of $0.64 to $0.70 per diluted share.
