TTM Technologies, Inc.

Second-quarter 2026 net sales were $1.0 billion, versus $731 million in Q2 2025, up 37% year over year. GAAP operating income was $109.1 million versus $61.8 million a year ago; GAAP net income was $83 million, or $0.77 per diluted share, versus $41.5 million, or $0.40 per share. Non-GAAP net income was $106.9 million, or $0.99 per diluted share, versus $60.8 million, or $0.58 per share. Gross margin was 21.9%, up 100 basis points year over year; operating margin was 13.8% versus 11.1%; adjusted EBITDA was $166.8 million, or 16.6% of sales, versus $109.7 million, or 15.0%. Cash flow from operations was $96.4 million and free cash flow was $46.0 million. For Q3 2026, management guided to sales of $1.10 billion to $1.14 billion and non-GAAP EPS of $1.21 to $1.27. Full-year 2026 sales are now expected to be approximately $4.4 billion and non-GAAP earnings to approach $5 per share. The company also said it expects a sequential uptick in Q4. The Q3 guide assumes SG&A of about 7% of sales, R&D of about 1%, interest expense of about $11.3 million, and an effective tax rate of 13% to 17%.

Edwin Roks framed the quarter as evidence that TTM is benefiting from two major megatrends, AI and defense, which he said account for about 80% of net sales. He emphasized that the company is ahead of its prior plan to exceed $4 billion in 2026 sales and said 2026 earnings are already above prior expectations, while reaffirming confidence in 15% to 20% organic revenue growth in 2027 and 2028. His tone was confident and expansive, focusing on ramping N+M, Syracuse Ultra-HDI, and the company’s push into Europe through acquisitions.

Dan Boehle highlighted the financial step-up in margins and earnings, with gross margin at 21.9%, operating margin at 13.8%, and adjusted EBITDA margin at 16.6%. He noted operating cash flow of $96.4 million and free cash flow of $46.0 million, and said the company approved about $45 million more in expected capital expenditures, reflecting accelerated investment. He also outlined Q3 guidance for $1.10 billion to $1.14 billion in sales and $1.21 to $1.27 of non-GAAP EPS, plus full-year sales of about $4.4 billion and EPS approaching $5.

Analysts pressed on the revenue and margin contribution from N+M, and management said about $600 million of related revenue is expected in the second half, with roughly one-third in Q3 and two-thirds in Q4 as yields improve. Questions also focused on A&D pipeline visibility, and management pointed to a $1.7 billion backlog, over $7 billion of qualified pipeline, and strong demand tied to Golden Dome, munitions, and communications programs. Analysts asked about Penang, Wisconsin, supply chain constraints, and the European acquisitions; management said Penang is nearing breakeven with some N+M work already there, Wisconsin is not a rush project, and the Europe deals are expected to close in Q3 with limited near-term financial disclosure until then.