TTM TECHNOLOGIES INC (TTMI)

Latest 10-Q (filed 2026-08-05)

Income Statement

Consolidated Statement of Income

TTM TECHNOLOGIES, INC. (TTMI)

Three and Six Months Ended (In thousands, except shares and per share data)

Jun 29, 2026 (Q2) Jun 30, 2025 (Q2) Jun 29, 2026 (YTD) Jun 30, 2025 (YTD)
    Net sales $1,004,054 $730,621 $1,850,030 $1,379,289
Aerospace and Defense $371,165 $325,092 $712,722 $632,510
Automotive $79,465 $81,424 $149,235 $152,778
Data Center and Networking $405,344 $212,525 $707,091 $399,975
Medical, Industrial, and Instrumentation $148,080 $111,580 $280,982 $194,026
    Cost of goods sold $792,196 $582,512 $1,456,991 $1,100,208
  Gross profit $211,858 $148,109 $393,039 $279,081
    Selling and marketing $25,490 $21,316 $50,484 $42,587
    General and administrative $62,107 $49,719 $130,852 $93,493
    Research and development $7,978 $7,009 $15,786 $15,073
    Amortization of definite-lived intangibles $6,888 $6,888 $13,777 $13,777
    Restructuring charges $340 $1,408 $636 $2,122
      Total operating expenses $102,803 $86,340 $211,535 $167,052
    Operating income $109,055 $61,769 $181,504 $112,029
      Interest expense $(10,496) $(11,095) $(21,096) $(22,559)
      Loss on extinguishment of debt $(747) $(747)
      Unrealized loss on derivative instruments $(13,994) $(13,994)
      Other, net $(2,571) $(5,149) $(5,895) $(2,954)
    Total other expense, net $(27,808) $(16,244) $(41,732) $(25,513)
  Income before income taxes $81,247 $45,525 $139,772 $86,516
  Income tax benefit (provision) $1,800 $(3,995) $(6,737) $(12,808)
  Net income $83,047 $41,530 $133,035 $73,708
    Basic earnings per share 0.80 0.41 1.28 0.72
    Diluted earnings per share 0.77 0.40 1.24 0.70

Balance Sheet

Consolidated Balance Sheets

TTM TECHNOLOGIES, INC. (TTMI)

As of June 29, 2026 and December 29, 2025 (In thousands, except shares and per share data)

Jun 29, 2026 Dec 29, 2025
        Cash and cash equivalents $507,905 $501,234
        Accounts receivable, net $720,143 $563,741
        Contract assets $596,036 $468,006
        Inventories $307,972 $250,057
        Prepaid expenses and other current assets $117,843 $72,368
      Total current assets $2,249,899 $1,855,406
      Property, plant, and equipment, net $1,187,809 $1,010,710
      Operating lease right-of-use assets $98,774 $80,914
      Goodwill $670,135 $670,135
      Definite-lived intangibles, net $136,474 $154,922
      Deposits and other non-current assets $72,618 $68,244
    Total assets $4,415,709 $3,840,331
        Short-term debt, including current portion of long-term debt $4,000 $3,815
        Accounts payable $812,987 $543,538
        Contract liabilities $186,770 $175,627
        Accrued salaries, wages, and benefits $120,967 $132,967
        Other current liabilities $139,243 $106,250
      Total current liabilities $1,263,967 $962,197
      Long-term debt, net of discount and issuance costs $969,456 $912,336
      Operating lease liabilities $104,543 $87,524
      Other long-term liabilities $143,315 $116,021
      Total long-term liabilities $1,217,314 $1,115,881
      Commitments and contingencies (Note 11)
      Common stock, $ 0.001 par value; 300,000 shares authorized, 115,197 shares issued as of June 29, 2026 and December 29, 2025; 105,343 and 103,379 shares outstanding as of June 29, 2026 and December 29, 2025, respectively $115 $115
      Treasury stock - common stock at cost; 9854 and 11,818 shares as of June 29, 2026 and December 29, 2025, respectively $(147,043) $(174,744)
      Additional paid-in capital $961,889 $951,942
      Retained earnings $1,148,905 $1,015,870
      Accumulated other comprehensive loss $(29,438) $(30,930)
      Total stockholders’ equity $1,934,428 $1,762,253
    Total liabilities and stockholders' equity $4,415,709 $3,840,331

Cash Flow

Consolidated Statement of Cash Flows

TTM TECHNOLOGIES, INC. (TTMI)

Six Months Ended (In thousands, except shares and per share data)

Jun 29, 2026 (YTD) Jun 30, 2025 (YTD)
      Net income $133,035 $73,708
      Depreciation of property, plant, and equipment $60,414 $54,555
      Amortization of definite-lived intangible assets $18,448 $18,448
      Amortization of debt discount and issuance costs $1,142 $1,067
      Loss on extinguishment of debt $747
      Deferred income taxes $9,009 $1,389
      Stock-based compensation $37,648 $17,975
      Unrealized loss on derivative instruments $13,994
      Other $4,600 $7,318
      Accounts receivable, net $(156,402) $(46,741)
      Contract assets $(128,030) $(43,591)
      Inventories $(57,915) $(25,354)
      Prepaid expenses and other assets $(44,185) $(7,876)
      Accounts payable $192,182 $47,458
      Contract liabilities $11,143 $(8,785)
      Accrued salaries, wages, and benefits $(12,000) $(6,232)
      Other liabilities $34,342 $3,810
    Net cash provided by operating activities $118,172 $87,149
      Net purchases of property, plant, and equipment and other assets $(169,205) $(123,726)
      Proceeds from sale of property, plant, and equipment and other assets $11,988 $272
    Net cash used in investing activities $(157,217) $(123,454)
      Proceeds from long-term debt borrowings $199,159
Amended Term Loan Facility $119,159
RCF $80,000
      Repayment of long-term debt borrowings $(143,310) $(1,895)
      Repayment of customer deposits $(5,000)
      Payment of debt issuance costs $(4,737)
      Repurchases of common stock $(17,875)
      other $(558)
    Net cash provided by (used in) financing activities $45,554 $(19,770)
    Effect of foreign currency exchange rates on cash and cash equivalents $162 $110
  Net increase in cash and cash equivalents $6,671 $(55,965)
  Cash and cash equivalents at end of period
  Cash and cash equivalents at end of period
    Cash paid, net for interest $22,543 $23,575
    Cash paid, net for income taxes $9,796 $15,423
    Cashless rollover of debt $280,841
    Property, plant, and equipment recorded in accounts payable and other current liabilities $140,132 $59,126