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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 interconnect products, including printed circuit boards (PCBs) and substrates, reported results for the first quarter of 2026, which ended on March 30, 2026.
First Quarter 2026 Highlights
- Net sales were $846 million, up 30% year on year, and an all-time quarterly record
- GAAP net income of $50.0 million, or $0.47 per diluted share
- Adjusted EBITDA of $132.9 million, or 15.7% of net sales
- Non-GAAP net income of $80.1 million, or $0.75 per diluted share, an all-time quarterly record
- Cash flow from operations of $21.7 million, or 2.6% of net sales
- Total book to bill of 1.41
- A&D end market was 40% of total net sales; and total program backlog was $1.6 billion
- Data Center and Networking end market was 36% of total net sales driven by continued AI demand
First Quarter 2026 GAAP Financial Results
Net sales in the first quarter of 2026 were $846.0 million, compared to $648.7 million in the first quarter of 2025.
GAAP operating income in the first quarter of 2026 was $72.4 million. This compared to GAAP operating income in the first quarter of 2025 of $50.3 million.
GAAP net income in the first quarter of 2026 was $50.0 million, or $0.47 per diluted share. This compared to GAAP net income in the first quarter of 2025 of $32.2 million, or $0.31 per diluted share.
First Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the first quarter of 2026 was $132.9 million, or 15.7% of net sales, compared to adjusted EBITDA of $99.5 million, or 15.3% of net sales, in the first quarter of 2025.
Non-GAAP net income in the first quarter of 2026 was $80.1 million, or $0.75 per diluted share. This compares to non-GAAP net income of $52.4 million, or $0.50 per diluted share, in the first quarter of 2025.
“Our delivery of record high quarterly net sales and non-GAAP EPS reflected both the strength of the markets’ demand for our advanced technology and the high level of execution from our employees. Revenues grew 30% year on year, driven by continued robust demand in the Data Center and Networking end market supporting AI and data center buildouts. Our Medical, Industrial and Instrumentation end market also experienced strong double-digit year on year revenue growth, and our Aerospace and Defense end market grew in the double-digits year on year, which was above our expectations,” said Edwin Roks, President & CEO of TTM Technologies, Inc. “Adjusted EBITDA margin was a healthy 15.7% and cash from operations was $21.7 million, enabling the company to maintain a solid balance sheet with a net leverage ratio of 1.0x.” concluded Dr. Roks.
Business Outlook
For the second quarter of 2026, TTM estimates that net sales will be in the range of $930 million to $970 million, and non-GAAP net income will be in the range of $0.82 to $0.88 per diluted share. For fiscal year 2026, TTM currently believes that the growth trajectory projected for the first half of 2026 can continue at approximately the same pace in the second half of 2026.
