TTM Tech | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 1.004 B

Revenue: As of FY2026 Q2, the actual value is USD 1.004 B, beating the estimate of USD 965.05 M.

EPS: As of FY2026 Q2, the actual value is USD 0.77, beating the estimate of USD 0.6767.

EBIT: As of FY2026 Q2, the actual value is USD 119.55 M.

Second Quarter 2026 Performance Highlights

TTM Technologies, Inc. reported net sales of $1.0 billion, a 37% year-over-year increase and an all-time quarterly record. The company achieved a GAAP net income of $83.0 million and a non-GAAP net income of $106.9 million, also an all-time quarterly record. Adjusted EBITDA stood at $166.8 million, representing 16.6% of net sales. Cash flow from operations was $96.4 million, or 9.6% of net sales. The total book-to-bill ratio was 1.49, and total program backlog exceeded $1.7 billion. The net leverage ratio was 0.9x.

GAAP Financial Results

GAAP operating income for the second quarter of 2026 was $109.1 million, compared to $61.8 million in the second quarter of 2025. GAAP net income was $83.0 million, an increase from $41.5 million in the prior year period.

Non-GAAP Financial Results

Adjusted EBITDA for the second quarter of 2026 was $166.8 million, or 16.6% of net sales, up from $109.7 million, or 15.0% of net sales, in the second quarter of 2025. Non-GAAP net income was $106.9 million, compared to $60.8 million in the second quarter of 2025.

Segment Revenue

Aerospace & Defense (A&D): Net sales were $382.75 million in Q2 2026, up from $335.183 million in Q2 2025, representing 14% year-on-year revenue growth. This segment accounted for 37% of total net sales in Q2 2026, down from 45% in Q2 2025. Commercial: Net sales were $621.605 million in Q2 2026, significantly up from $395.624 million in Q2 2025. Intersegment Eliminations: These were - $0.301 million in Q2 2026, compared to - $0.186 million in Q2 2025.

Revenue by End Market

Aerospace and Defense: This market represented 37% of total net sales in Q2 2026, down from 45% in Q2 2025. Automotive: This market accounted for 8% of total net sales in Q2 2026, compared to 11% in Q2 2025. Data Center and Networking: This market represented 40% of total net sales in Q2 2026, up from 29% in Q2 2025, driven by continued AI demand and an increase of 91% year-on-year. Medical, Industrial, and Instrumentation: This market maintained 15% of total net sales in Q2 2026, consistent with Q2 2025, and experienced 33% year-on-year revenue growth.

Operational Metrics

Gross Profit: Gross profit was $211.858 million in Q2 2026, up from $148.109 million in Q2 2025. Gross Margin: Gross margin was 21.1% in Q2 2026, compared to 20.3% in Q2 2025. Non-GAAP gross margin was 21.9% in Q2 2026, up from 20.9% in Q2 2025. Operating Expenses: Total operating expenses were $102.803 million in Q2 2026, compared to $86.340 million in Q2 2025. This included selling and marketing expenses of $25.490 million (Q2 2026) vs $21.316 million (Q2 2025), general and administrative expenses of $62.107 million (Q2 2026) vs $49.719 million (Q2 2025), research and development expenses of $7.978 million (Q2 2026) vs $7.009 million (Q2 2025), amortization of definite-lived intangibles of $6.888 million (Q2 2026) vs $6.888 million (Q2 2025), and restructuring charges of $0.340 million (Q2 2026) vs $1.408 million (Q2 2025). Operating Margin: Operating margin was 10.9% in Q2 2026, compared to 8.5% in Q2 2025. Non-GAAP operating margin was 13.8% in Q2 2026, up from 11.1% in Q2 2025.

Cash Flow

Operating Cash Flow: Operating cash flow was $96.429 million in Q2 2026, compared to $97.804 million in Q2 2025. Free Cash Flow: Free cash flow was $46.013 million in Q2 2026, compared to $37.570 million in Q2 2025.

Balance Sheet Data (as of June 29, 2026)

Cash and cash equivalents: $507.905 million. Accounts receivable, net: $720.143 million. Inventories: $307.972 million. Total current assets: $2,249.899 million. Total assets: $4,415.709 million. Long-term debt, net: $969.456 million. Total stockholders’ equity: $1,934.428 million.

Business Outlook

For the third quarter of 2026, TTM Technologies, Inc. estimates net sales to be in the range of $1.10 billion to $1.14 billion. Non-GAAP net income per diluted share is projected between $1.21 and $1.27. For the full year 2026, the company expects net sales of approximately $4.4 billion and non-GAAP net income per share to approach $5.00.