TTM Technologies reported third‑quarter 2025 results with net sales of $752.7 million, up 22% year‑over‑year, and GAAP operating income of $71.9 million. GAAP net income reached $53.1 million, while non‑GAAP net income was $71.0 million, translating to earnings per share of $0.67. Cash flow from operations was $141.8 million, representing 18.8% of revenue, underscoring healthy liquidity.
The company’s growth was driven by strong demand in data‑center computing and networking, fueled by generative‑AI workloads, and by double‑digit revenue expansion in the medical, industrial, and instrumentation (MII) and aerospace & defense (A&D) segments. The A&D segment recorded a record high, accounting for 45% of total sales in Q3 2025. Gross and operating margins improved, with operating income rising to 8.5% of sales. Margin headwinds from the ramp‑up of the Penang facility reduced EBITDA by approximately 195 basis points in Q3, but management expects this impact to ease in Q4 as revenue grows and efficiency improves.
Management guided fourth‑quarter 2025 net sales to $730 million–$770 million and non‑GAAP earnings per share to $0.64–$0.70. The guidance reflects the company’s strategic shift toward less cyclical, high‑margin markets and its investment in advanced manufacturing, including the Ultra‑HDI PCB facility in Syracuse, New York, which is expected to reach volume production in the second half of 2026.
TTM’s Q3 results exceeded analyst expectations for both revenue and non‑GAAP EPS, reinforcing confidence in the company’s ability to generate strong earnings while maintaining solid cash flow. The results position TTM well for continued growth in AI‑driven and defense‑related demand.
The company’s net debt to LTM EBITDA ratio was approximately 1.0, indicating a healthy balance sheet and the capacity to fund future expansion.
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