10-K · February 17, 2026
TTM Technologies reported full-year 2025 net sales of approximately $2.9 billion and delivered sequential margin improvement through the year (Q4 gross margin 21.4% and operating margin 10.4%). The company emphasizes a…
Earnings analysis · 10-Q
TTMI earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
TTM Technologies reported strong financial performance for Q1 2026, with revenues rising 30.4% year-over-year to $846 million, significantly surpassing estimates by $59.6 million. EPS increased to $0.75, reflecting…
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TTM Technologies reported strong financial performance for Q1 2026, with revenues rising 30.4% year-over-year to $846 million, significantly surpassing estimates by $59.6 million. EPS increased to $0.75, reflecting operational improvements despite higher operating expenses. Management anticipates continued robust revenue growth driven by demand in data centers and networking sectors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.75
What stood out
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Strong Revenue Beat
Revenue totaled $845.976 million, exceeding estimates by $59.6 million, a 30.4% increase YoY.
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Increased EPS
Diluted EPS rose to $0.75 from $0.31 YoY, exceeding expectations by 15.4%.
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Improved Margins
Gross margin improved to 21.4%, up from 20.2% YoY, indicating enhanced operational efficiency.
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Higher Operating Income
Operating income increased to $72.449 million, up 43.9% from $50.260 million YoY.
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Segment Growth in Commercial
Commercial segment revenues surged 48.8% to $495.043 million, driven by data center demand.
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Cash Flow Recovery
Operating cash flow improved to $21.7 million, compared to a cash outflow of $10.7 million in the prior year.
What to watch
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Increased Operating Expenses
Operating expenses rose to $108.732 million from $80.712 million YoY, due to higher labor and stock-based compensation costs.
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Foreign Exchange Risks
Other expenses grew by $4.7 million due to foreign exchange losses, impacting profitability.
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Dependency on Major Customers
Sales to the top 10 customers accounted for 56% of net sales, posing revenue concentration risks.
Management's outlook
Management expects Q2 2026 revenue between $930 million and $970 million, with EPS forecasted between $0.82 and $0.88.
Earlier filings 4
10-K · February 21, 2025
TTM Technologies positions itself as a global leader in advanced PCBs and RF/microwave systems, reporting approximately $2.4 billion in net sales in 2024 and operating 23 specialized facilities with ~16,400 employees.…
10-Q · May 7, 2024
TTM reported quarter net sales of $570,113 (in thousands), up from $544,437 in the year-ago quarter, with gross profit rising to $103,719 (in thousands) and GAAP diluted EPS turning positive to $0.10 from a loss of…
10-Q · November 7, 2023
TTM reported net sales of $572,582,000 for the quarter ended October 2, 2023 and a GAAP diluted (loss) per share of $(0.36). Revenue declined versus the prior-year quarter ($671,080,000) and the company recorded a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.