TTM Technologies, Inc. · TTMI · FY2026 Q3 · Calendar Q4 2026
TTM Technologies: Record Q3, but execution risks remain
The current analysis supports a constructive growth case for TTM Technologies: AI-driven data-center demand, defense bookings, N+M adoption, and acquisitions are supporting expansion. That case depends on the company converting its backlog and capacity investments into revenue and margins without supply, leverage, or integration setbacks.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior quarter, management emphasized a larger N+M opportunity, a new $400 million capacity expansion, the completed Swiss Technology Group acquisition, and pending Ophir and ILFA transactions. The company also raised FY2026 guidance and introduced a preliminary FY2027 revenue outlook.
Guidance delta
Management raised FY2026 revenue guidance and provided a preliminary FY2027 revenue outlook of $6.5-$6.75 billion.
Key takeaways
- Q3 revenue reached a record $1.2 billion, up 60% year over year, with adjusted EBITDA margin at 20.1%.
- N+M products were about 30% of data-center and networking sales and are expected to reach 50% next year.
- Management outlined a $400 million capacity expansion and continued acquisition-led capability expansion.
- The main checks on the growth case are supply availability, customer program timing, added debt, and acquisition integration.
Management priorities
- Scale N+M capacity through the planned $400 million expansion.
- Complete and integrate pending acquisitions, including Ophir and ILFA GmbH.
- Continue organic R&D through the Wisconsin innovation center and expand European capabilities.
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Try FN2 freeCompany context
Snapshot as of publicationOperating globally, TTM Technologies, Inc. (TTMI) specializes in the production and distribution of printed circuit boards (PCBs). The company's operations are structured into two key segments: Printed Circuit Boards (PCBs) and RF&S Components. Their diverse product line encompasses a wide array of PCB solutions, from conventional and high-density interconnect (HDI) designs to substrate-like (SLP), flexible, and rigid-flex boards, as well as specialized RF and microwave circuits. Additionally, TTM offers integrated circuit (IC) substrates, custom assemblies, system integration products, multi-chip modules, and various RF components, including passive and advanced ceramic types, along with beamforming and switching networks.…
Technology peers this season
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|---|---|---|---|---|
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.9% | VeriSign sustains domain growth as .web and security launches near |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | — | -12.4% | Nokia Q3: AI and Cloud Growth Lift Margins, Cash Flow Lags |
| CACI CACI International Inc | FY2027 Q1 · Calendar Q4 2026 | +16.6% | -1.5% | CACI raises FY27 outlook as backlog and defense awards expand |
| TXN Texas Instruments Incorporated | FY2026 Q3 · Calendar Q4 2026 | +7.4% | +2.5% | Texas Instruments Q3: Strong Demand, Higher Capex and Lead-Time Risks |
| IBM International Business Machines Corporation | FY2026 Q3 · Calendar Q4 2026 | +3.5% | +3.9% | IBM Q3 Growth Accelerates as Software and AI Data Demand Strengthen |
| TDY Teledyne Technologies Incorporated | FY2026 Q3 · Calendar Q4 2026 | +8.9% | -0.3% | Teledyne raises 2026 outlook as imaging demand drives record quarter |
Latest beats and misses
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Missed on EPS
- ROLFY2026 Q3 · October 21, 2026-1.4% EPS+5.6% move
- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-22T17:13:15.721827+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T20:10:42.264746+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T20:10:42.262152+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.