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Jun 30
TTM Technologies Q2 2025 Earnings Report
TTM Technologies reported strong second quarter 2025 results, with revenues and non-GAAP EPS exceeding guidance, driven by demand in Aerospace and Defense, Medical, Industrial and Instrumentation, Data Center Computing, and Networking end markets.
Key Takeaways
TTM Technologies delivered a strong second quarter in 2025, with net sales increasing by 21% year-over-year to $730.6 million. The company achieved a record quarterly non-GAAP EPS of $0.58, surpassing the high end of their guidance. Growth was primarily fueled by robust demand in the Aerospace and Defense, Medical, Industrial and Instrumentation, Data Center Computing, and Networking sectors, with generative AI requirements contributing to the latter two.
Net sales for Q2 2025 reached $730.6 million, marking a 21% increase compared to Q2 2024.
Non-GAAP diluted EPS was a record $0.58, exceeding the guided range.
GAAP net income for the quarter was $41.5 million, or $0.40 per diluted share.
Adjusted EBITDA was $109.7 million, representing 15.0% of sales, an increase from 14.0% in the prior year.
TTM Technologies
TTM Technologies
TTM Technologies Revenue by Segment
Revenue by Segment
Aerospace & Defense Revenue
CapyFin.comCommercial Revenue
CapyFin.comRF&S Components Revenue
CapyFin.com Forward Guidance
For the third quarter of 2025, TTM Technologies estimates revenues to be between $690 million and $730 million, with non-GAAP net income per diluted share projected to be in the range of $0.57 to $0.63.
Positive Outlook
- Projected non-GAAP net income per diluted share of $0.57 to $0.63 for Q3 2025.
- Continued focus on supporting regional diversification of customers’ PCB supply chains.
- Acquisition of a facility in Wisconsin and land rights in Penang to support future growth.
- Strong demand in key end markets like Aerospace and Defense, Data Center Computing, and Networking is expected to continue.
- Management's confidence in sustained solid execution and double-digit non-GAAP operating margins.
Challenges Ahead
- Revenue guidance for Q3 2025 ($690 million to $730 million) suggests a potential slight sequential decrease from Q2 2025's $730.6 million.
- Inability to predict certain GAAP reconciling items for non-GAAP net income per diluted share without unreasonable effort.
- Future impact of restructuring actions, impairment charges, and unusual gains and losses are difficult to predict.
- Highly variable and unpredictable nature of reconciling items could materially impact GAAP net income per diluted share.
- No specific negative forward-looking statements were explicitly mentioned beyond the inherent uncertainties of financial projections.
Revenue & Expenses
Visualization of income flow from segment revenue to net income