TTM Technologies(TTMI) - 2026 Q4 - Annual Results

Financial Performance - Net sales for Q4 2025 were $774.3 million, a 19% increase from $651.0 million in Q4 2024[4] - GAAP net income for Q4 2025 was $50.7 million, or $0.48 per diluted share, compared to $5.2 million, or $0.05 per diluted share in Q4 2024[5] - Adjusted EBITDA for Q4 2025 was $126.2 million, representing 16.3% of net sales, up from $95.7 million, or 14.7% of net sales in Q4 2024[6] - Full year 2025 net sales increased to $2.9 billion, a 19% rise from $2.4 billion in 2024[8] - Non-GAAP net income for Q4 2025 reached $74.8 million, or $0.70 per diluted share, an all-time quarterly record high[9] - Total net sales reached $774.3 million in Q4 2025, up from $651.0 million in Q4 2024, and full-year net sales increased to $2.91 billion from $2.44 billion[27] - GAAP net income for Q4 2025 was $50.7 million, significantly higher than $5.2 million in Q4 2024, with full-year GAAP net income increasing to $177.4 million from $56.3 million[30] Margins and Profitability - Gross margin improved to 21.4% in Q4 2025 from 19.4% in Q4 2024, and full-year gross margin increased to 20.7% from 19.5%[27] - Operating margin significantly increased to 10.4% in Q4 2025 compared to 1.4% in Q4 2024, with full-year operating margin rising to 9.1% from 4.8%[27] - Non-GAAP gross profit for Q4 2025 was $167.8 million, up from $133.2 million in Q4 2024, with a non-GAAP gross margin of 21.7% compared to 20.5%[28] - Non-GAAP operating income for Q4 2025 was $98.2 million, up from $65.8 million in Q4 2024, with a non-GAAP operating margin of 12.7% compared to 10.1%[28] - Adjusted EBITDA for Q4 2025 was $126.2 million, an increase from $95.7 million in Q4 2024, with an adjusted EBITDA margin of 16.3% compared to 14.7%[30] Cash Flow and Restructuring - The company reported a cash flow from operations of $62.9 million, or 8.1% of net sales for Q4 2025[9] - Free cash flow for Q4 2025 was $11.7 million, down from $33.3 million in Q4 2024, while full-year free cash flow decreased to $17.9 million from $84.0 million[30] - The company reported a restructuring charge of $216, down from $4.8 million in Q4 2024, indicating improved operational efficiency[27] Market and Future Outlook - The total book-to-bill ratio for Q4 2025 was 1.35, indicating strong order growth[9] - For Q1 2026, TTM estimates net sales will be between $770 million and $810 million, with non-GAAP net income projected at $0.64 to $0.70 per diluted share[14] - The Data Center Computing and Networking end markets accounted for 36% of total company revenues, driven by demand for generative AI[9] - TTM's total assets as of December 29, 2025, were $3.84 billion, an increase from $3.47 billion in 2024[26] Segment Performance - Aerospace & Defense segment net sales grew to $318.0 million in Q4 2025 from $306.2 million in Q4 2024, with full-year sales rising to $1.29 billion from $1.14 billion[27]