TTM Technologies Reports Q4 & Fiscal Year 2025 Results

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TTM Technologies, Inc. (TTM), a leading global manufacturer of technology products, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards (PCBs) and substrates, today reported results for the fourth quarter and fiscal 2025, which ended on December 29, 2025.

Fourth Quarter 2025 Highlights

• Net sales were $774.3 million, up 19% year on year
• GAAP net income of $50.7 million, or $0.48 per diluted share
• Adjusted EBITDA of $126.2 million, or 16.3% of net sales
• Non-GAAP net income of $74.8 million, or $0.70 per diluted share, an all-time quarterly record high
• Cash flow from operations of $62.9 million, or 8.1% of net sales
• Total book to bill of 1.35 for the fourth quarter
• A&D program backlog $1.6 billion
• Data Center Computing and Networking combined end market revenues increased to 36% of total company revenues driven by generative AI demand

Fourth Quarter 2025 GAAP Financial Results

Net sales in the fourth quarter of 2025 were $774.3 million, compared to $651.0 million in the fourth quarter of 2024.

GAAP operating income in the fourth quarter of 2025 was $80.7 million. This compared to GAAP operating income in the fourth quarter of 2024 of $9.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment.

GAAP net income in the fourth quarter of 2025 was $50.7 million, or $0.48 per diluted share. This compared to GAAP net income in the fourth quarter of 2024 of $5.2 million, or $0.05 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment.

Fourth Quarter 2025 Non-GAAP Financial Results

Adjusted EBITDA in the fourth quarter of 2025 was $126.2 million, or 16.3% of net sales, compared to adjusted EBITDA of $95.7 million, or 14.7% of net sales, in the fourth quarter of 2024.

Non-GAAP net income in the fourth quarter of 2025 was $74.8 million, or $0.70 per diluted share. This compares to non-GAAP net income of $51.4 million, or $0.49 per diluted share, in the fourth quarter of 2024.

“We delivered another strong quarter with both revenues and non-GAAP EPS at or above the high end of the guided range. Revenues grew 19% reflecting continued demand strength in the Data Center Computing and Networking end markets supporting AI and data center buildouts. Our Medical, Industrial and Instrumentation end market experienced healthy double-digit revenue growth while Aerospace and Defense experienced higher than market growth,” said Edwin Roks, President & CEO of TTM Technologies Inc. “Adjusted EBITDA margins were 16.3%, reflecting continued solid execution,” concluded Dr. Roks.

Full Year 2025 Results

Net sales for 2025 increased to $2.9 billion from $2.4 billion in 2024, a 19.0% increase.

GAAP operating income for 2025 was $264.7 million. This compares to a GAAP operating income for 2024 of $116.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment.

GAAP net income for 2025 was $177.4 million, or $1.68 per diluted share. This compares to GAAP net income for 2024 of $56.3 million, or $0.54 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment.

On a non-GAAP basis, net income for 2025 was $259.0 million, or $2.46 per diluted share. This compares to 2024 non-GAAP net income of $177.5 million, or $1.70 per diluted share.

Adjusted EBITDA for 2025 was $456.3 million, or 15.7% of net sales, compared to $351.5 million, or 14.4% of net sales, for 2024.

"Our employees delivered powerful growth and profitability results in 2025 for TTM. Revenue growth of 19% was largely driven by generative AI in the Data Center Computing and Networking end markets and continued strength in the Aerospace and Defense, and Medical, Industrial, and Instrumentation end markets. Revenue fall through, favorable product mix, and improved execution helped to grow margins and non-GAAP EPS," continued Roks. “We continue to push forward and execute upon strategic priorities by capitalizing on our growth opportunities through leading product innovation and optimized technological and geographic capacity.”

Business Outlook

For the first quarter of 2026, TTM estimates that net sales will be in the range of $770 million to $810 million, and non-GAAP net income will be in the range of $0.64 to $0.70 per diluted share. For fiscal year 2026, TTM estimates that net sales will grow in the 15% to 20% range.

With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.