TTM TECHNOLOGIES INC (TTMI)
Income Statement
Consolidated Statement of Income
TTM TECHNOLOGIES, INC. (TTMI)
Year Ended (In thousands, except shares and per share data)
| Dec 29, 2025 | Dec 30, 2024 | Jan 1, 2024 | |
|---|---|---|---|
| Net sales | $2,906,345 | $2,442,753 | $2,232,567 |
| Aerospace and Defense | $1,281,536 | $1,130,781 | $1,030,509 |
| Automotive | $302,194 | $315,125 | $351,477 |
| Data Center Computing | $683,393 | $501,417 | $313,429 |
| Medical/Industrial/Instrumentation | $409,461 | $335,155 | $360,712 |
| Networking | $229,761 | $160,275 | $176,440 |
| Cost of goods sold | $2,304,659 | $1,965,378 | $1,819,299 |
| Gross profit | $601,686 | $477,375 | $413,268 |
| Selling and marketing | $85,460 | $80,030 | $76,922 |
| General and administrative | $192,149 | $170,107 | $149,631 |
| Research and development | $28,992 | $31,845 | $27,272 |
| Amortization of definite-lived intangibles | $27,554 | $35,550 | $48,675 |
| Impairment of goodwill | $32,600 | $44,100 | |
| Restructuring charges | $2,847 | $11,200 | $24,352 |
| Gain on sale of SH E-MS property | |||
| Total operating expenses | $337,002 | $361,332 | $370,952 |
| Operating income | $264,684 | $116,043 | $42,316 |
| Interest expense | $(45,334) | $(47,515) | $(48,124) |
| Loss on extinguishment of debt | $(1,154) | ||
| Term Loan Due September 2024 | $(1,154) | ||
| Gain on sale of subsidiary | $1,270 | ||
| Other, net | $(9,013) | $15,421 | $5,989 |
| Total other expense, net | $(54,347) | $(32,094) | $(42,019) |
| Income before income taxes | $210,337 | $83,949 | $297 |
| Income tax provision | $(32,889) | $(27,650) | $(19,015) |
| Net income (loss) | $177,448 | $56,299 | $(18,718) |
| Basic earnings (loss) per share | 1.73 | 0.55 | -0.18 |
| Diluted earnings (loss) per share | 1.68 | 0.54 | -0.18 |
Balance Sheet
Consolidated Balance Sheets
TTM TECHNOLOGIES, INC. (TTMI)
As of December 29, 2025 and December 30, 2024 (In thousands, except shares and per share data)
| Dec 29, 2025 | Dec 30, 2024 | |
|---|---|---|
| Cash and cash equivalents | $501,234 | $503,932 |
| Accounts receivable, net | $563,741 | $448,611 |
| Contract assets | $468,006 | $381,382 |
| Inventories | $250,057 | $224,985 |
| Receivable from sale of Shanghai E-MS (SH E-MS) property | ||
| Prepaid expenses and other current assets | $72,368 | $47,834 |
| Total current assets | $1,855,406 | $1,606,744 |
| Property, plant, and equipment, net | $1,010,710 | $869,957 |
| Operating lease right-of-use assets | $80,914 | $78,252 |
| Goodwill | $670,135 | $670,135 |
| Definite-lived intangibles, net | $154,922 | $191,819 |
| Deposits and other non-current assets | $68,244 | $55,587 |
| Total assets | $3,840,331 | $3,472,494 |
| Short-term debt, including current portion of long-term debt | $3,815 | $3,795 |
| Accounts payable | $543,538 | $406,221 |
| Contract liabilities | $175,627 | $170,915 |
| Accrued salaries, wages, and benefits | $132,967 | $108,149 |
| Other current liabilities | $106,250 | $119,974 |
| Total current liabilities | $962,197 | $809,054 |
| Long-term debt, net of discount and issuance costs | $912,336 | $914,359 |
| Operating lease liabilities | $87,524 | $77,509 |
| Other long-term liabilities | $116,021 | $107,748 |
| Total long-term liabilities | $1,115,881 | $1,099,616 |
| Commitments and contingencies (Note 11) | ||
| Common stock, $0.001 par value; 300,000 shares authorized; 115,197 and 113,161 shares issued as of December 29, 2025 and December 30, 2024, respectively; 103,379 and 101,997 shares outstanding as of December 29, 2025 and December 30, 2024, respectively | $115 | $113 |
| Treasury stock - common stock at cost; 11,818 and 11,164 shares as of December 29, 2025 and December 30, 2024, respectively | $(174,744) | $(157,570) |
| Additional paid-in capital | $951,942 | $910,741 |
| Retained earnings | $1,015,870 | $838,422 |
| Accumulated other comprehensive loss | $(30,930) | $(27,882) |
| Total stockholders’ equity | $1,762,253 | $1,563,824 |
| Total liabilities and stockholders' equity | $3,840,331 | $3,472,494 |
Cash Flow
Consolidated Statement of Cash Flows
TTM TECHNOLOGIES, INC. (TTMI)
Year Ended (In thousands, except shares and per share data)
| Dec 29, 2025 | Dec 30, 2024 | Jan 1, 2024 | |
|---|---|---|---|
| Net income (loss) | $177,448 | $56,299 | $(18,718) |
| Depreciation of property, plant, and equipment | $110,274 | $105,233 | $99,155 |
| Amortization of definite-lived intangible assets | $36,897 | $44,892 | $61,576 |
| Amortization of debt discount and issuance costs | $2,157 | $2,042 | $2,205 |
| Loss on extinguishment of debt | $1,154 | ||
| Term Loan Due September 2024 | $1,154 | ||
| Deferred income taxes | $3,349 | $(1,722) | $(11,347) |
| Stock-based compensation | $41,668 | $29,780 | $22,887 |
| Cost of goods sold | $12,866 | $9,342 | $7,455 |
| Selling and marketing | $4,648 | $3,845 | $3,205 |
| General and administrative | $23,616 | $15,322 | $11,088 |
| Research and development | $538 | $1,271 | $1,139 |
| Impairment of goodwill | $32,600 | $44,100 | |
| Gain on sale of subsidiary | $(1,270) | ||
| Gain on sale of SH E-MS property | |||
| Other | $5,376 | $(1,899) | $(516) |
| Accounts receivable, net | $(115,130) | $(35,054) | $49,936 |
| Contract assets | $(86,624) | $(89,332) | $42,589 |
| Inventories | $(25,072) | $(11,910) | $(45,392) |
| Prepaid expenses and other assets | $(22,489) | $(2,688) | $(6,034) |
| Accounts payable | $138,971 | $49,719 | $(34,582) |
| Contract liabilities | $4,712 | $44,407 | $22,527 |
| Accrued salaries, wages, and benefits | $24,038 | $9,588 | $(16,447) |
| Other liabilities | $(3,693) | $4,939 | $(24,539) |
| Net cash provided by operating activities | $291,882 | $236,894 | $187,284 |
| Purchases of property, plant, and equipment and other assets | $(292,565) | $(185,739) | $(160,242) |
| Proceeds from capital-related government incentives | $17,844 | ||
| Proceeds from sale of property, plant, and equipment and other assets | $781 | $32,868 | $505 |
| Proceeds from sale of SH E-MS property | $6,737 | $61,769 | |
| Proceeds from sale of subsidiary, net of cash disposed | $6,039 | ||
| Acquisition of Gritel Holding Co., Inc. and ISC Farmingdale Corp. | |||
| Proceeds from sale of the Mobility business unit, net of cash disposed | |||
| Investment in unconsolidated joint venture | |||
| Other | $(76) | $(101) | |
| Net cash used in investing activities | $(273,940) | $(146,210) | $(92,030) |
| Repurchases of common stock | $(17,875) | $(34,479) | $(24,432) |
| Repayment of long-term debt borrowings | $(3,795) | $(9,596) | $(291,572) |
| Customer deposits | $1,500 | ||
| Proceeds from exercise of stock options | $236 | ||
| Proceeds from long-term debt borrowings | $8,416 | $234,818 | |
| Payment of debt issuance costs | $(1,162) | $(5,487) | |
| Proceeds from borrowings of revolving loan | $50,000 | ||
| Refund of customer deposits | $(7,500) | ||
| Payment of original issue discount | $(3,500) | ||
| Other | $(987) | ||
| Net cash used in financing activities | $(20,921) | $(36,821) | $(47,673) |
| Effect of foreign currency exchange rates on cash and cash equivalents | $281 | $(139) | $(122) |
| Net (decrease) increase in cash and cash equivalents | $(2,698) | $53,724 | $47,459 |
| Cash and cash equivalents at end of period | |||
| Cash and cash equivalents at end of period | |||
| Cash paid, net for interest | $46,197 | $48,988 | $47,884 |
| Cash paid, net for income taxes | $37,437 | $18,766 | $53,751 |
| Net cash provided by operating activities from discontinued operations | |||
| Net cash provided by investing activities from discontinued operations | |||
| Property, plant, and equipment recorded in accounts payable and other current liabilities | $62,842 | $77,403 | $117,299 |
| Cashless rollover of debt | $340,395 | $115,182 | |
| Cashless extinguishment of debt for issuance of new long-term debt borrowing | |||
| Receivable from sale of SH E-MS property | |||
| Issuance of common stock for warrant settlement |