TTM Technologies Sets All-Time Highs in Non-GAAP EPS and Revenue on Surging AI and Data Center Demand
Fourth Quarter and 2025 Results Mark New Highs on Robust Demand
TTM Technologies (NASDAQ: TTMI) reported standout results for Q4 and fiscal year 2025, delivering record non-GAAP earnings per share and a 19% year-over-year revenue increase. The company’s strong finish to the year reflects a surge in generative AI-driven demand for Data Center Computing and Networking products, alongside continued strength in Aerospace & Defense, and Medical, Industrial, and Instrumentation segments.
Non-GAAP EPS Reaches Record, Margins Expand Alongside Revenue Diversification
TTM hit an all-time high for non-GAAP net income, notching $0.70 per diluted share for Q4 and $2.46 for the full year—gains of 43% and 45% over their respective 2024 periods. Adjusted EBITDA margin climbed to 16.3% for the quarter and 15.7% for the full year, up from 14.7% and 14.4% previously, a testament to improved product mix, operating execution, and revenue fall-through.
| Key Financial Metrics | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Net Sales ($M) | 774.32 | 650.97 | 2,906.35 | 2,442.75 |
| GAAP Net Income ($M) | 50.69 | 5.17 | 177.45 | 56.30 |
| Non-GAAP Net Income ($M) | 74.82 | 51.39 | 258.97 | 177.48 |
| Non-GAAP EPS ($) | 0.70 | 0.49 | 2.46 | 1.70 |
| Adjusted EBITDA ($M) | 126.17 | 95.70 | 456.30 | 351.47 |
| Adjusted EBITDA Margin (%) | 16.3 | 14.7 | 15.7 | 14.4 |
| Operating Margin (GAAP, %) | 10.4 | 1.4 | 9.1 | 4.8 |
| Book-to-Bill Ratio | 1.35 | n/a | n/a | n/a |
Generative AI and Data Centers Propel Top-Line Growth, End-Market Diversification Strengthens
TTM’s Data Center Computing and Networking revenues now represent 36% of total sales in Q4 (up from 29% a year ago), underscoring the impact of generative AI buildouts. Aerospace & Defense, despite a modest percentage share dip, saw higher-than-market growth and remains the largest segment. Medical, Industrial, and Instrumentation achieved notable double-digit gains, reflecting TTM’s strategic push into diversified, high-value markets.
| End Market Mix | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Aerospace & Defense | 41% | 46% | 44% | 46% |
| Automotive | 9% | 12% | 10% | 13% |
| Data Center Computing | 28% | 22% | 24% | 20% |
| Medical/Industrial/Instrumentation | 14% | 13% | 14% | 14% |
| Networking | 8% | 7% | 8% | 7% |
Operating Leverage and Cash Flows Boost Financial Flexibility
Gross margin climbed to 21.4% in Q4, up two points year-over-year, and the annual free cash flow held positive despite a substantial increase in capital expenditures as TTM invests for growth. The company exited 2025 with $501 million in cash, ample liquidity, and a total backlog in Aerospace & Defense of $1.6 billion, positioning it well for continued investment and technological expansion.
Looking Ahead: Management Guides for Continued Double-Digit Growth
For Q1 2026, management expects net sales between $770 million and $810 million, with non-GAAP EPS ranging from $0.64 to $0.70. For the full year 2026, TTM projects net sales growth of 15–20%, as demand for generative AI infrastructure and diversified end-markets persists. While forward-looking estimates are subject to usual uncertainties, TTM’s strong backlog and margin improvement support the outlook for continued profitable growth.
Key Takeaway: Eye on Structural Growth Drivers
TTM’s latest results highlight the company’s ability to capture long-term secular trends such as AI data center spending, while maintaining operational discipline and balance sheet strength. For investors and industry watchers, the focus now turns to the execution of upcoming growth opportunities and how TTM leverages its financial flexibility for further innovation and expansion.
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