Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Reconciliations of Net Sales and Segment Operating Income

Reconciliations of net sales and segment operating income were as follows:


	For the Quarter Ended June 30, 2025
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	325,092		$	395,481		$	10,048		$	—		$	730,621
Intersegment sales		2,477			143			30			(2,650	)		—
Segment sales	$	327,569		$	395,624		$	10,078		$	(2,650	)	$	730,621

	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	327,569		$	(251,046	)	$	(31,241	)	$	45,282			13.8	%
Commercial		395,624			(317,652	)		(17,903	)		60,069			15.2
RF&S Components		10,078			(4,855	)		(2,360	)		2,863			28.4
Total segment		733,271			(573,553	)		(51,504	)		108,214			14.8
Eliminations		(2,650	)								—
Unallocated amounts:
Restructuring											(1,408	)
Stock-based compensation											(9,188	)
Other corporate expenses											(26,625	)
Amortization of definite-lived intangibles (1)											(9,224	)
Consolidated	$	730,621									61,769			8.5	%
Interest expense											(11,095	)
Other, net											(5,149	)
Income before income taxes										$	45,525


	For the Quarter Ended July 1, 2024
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	273,038		$	323,069		$	9,030		$	—		$	605,137
Intersegment sales		1,469			186			53			(1,708	)		—
Segment sales	$	274,507		$	323,255		$	9,083		$	(1,708	)	$	605,137

	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	274,507		$	(220,647	)	$	(28,360	)	$	25,500			9.3	%
Commercial		323,255			(256,244	)		(17,341	)		49,670			15.4
RF&S Components		9,083			(4,586	)		(2,445	)		2,052			22.6
Total segment		606,845			(481,477	)		(48,146	)		77,222			12.7
Eliminations		(1,708	)								—
Unallocated amounts:
Restructuring											(1,036	)
Gain on sale of property, plant, and equipment											14,420
Acquisition-related and other charges											(10,184	)
Stock-based compensation											(6,580	)
Other corporate expenses											(22,265	)
Amortization of definite-lived intangibles (1)											(12,591	)
Consolidated	$	605,137									38,986			6.4	%
Interest expense											(12,219	)
Other, net											3,765
Income before income taxes										$	30,532


	For the Two Quarters Ended June 30, 2025
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	632,510		$	727,911		$	18,868		$	—		$	1,379,289
Intersegment sales		5,202			418			30			(5,650	)		—
Segment sales	$	637,712		$	728,329		$	18,898		$	(5,650	)	$	1,379,289

	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	637,712		$	(489,975	)	$	(61,678	)	$	86,059			13.5	%
Commercial		728,329			(586,737	)		(37,874	)		103,718			14.2
RF&S Components		18,898			(9,633	)		(4,810	)		4,455			23.6
Total segment		1,384,939			(1,086,345	)		(104,362	)		194,232			14.0
Eliminations		(5,650	)								—
Unallocated amounts:
Restructuring											(2,122	)
Stock-based compensation											(17,975	)
Other corporate expenses											(43,658	)
Amortization of definite-lived intangibles (1)											(18,448	)
Consolidated	$	1,379,289									112,029			8.1	%
Interest expense											(22,559	)
Other, net											(2,954	)
Income before income taxes										$	86,516


	For the Two Quarters Ended July 1, 2024
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	551,304		$	606,644		$	17,302		$	—		$	1,175,250
Intersegment sales		2,961			414			114			(3,489	)		—
Segment sales	$	554,265		$	607,058		$	17,416		$	(3,489	)	$	1,175,250

	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	554,265		$	(437,347	)	$	(56,945	)	$	59,973			10.8	%
Commercial		607,058			(493,084	)		(34,221	)		79,753			13.1
RF&S Components		17,416			(8,990	)		(4,713	)		3,713			21.3
Total segment		1,178,739			(939,421	)		(95,879	)		143,439			12.2
Eliminations		(3,489	)								—
Unallocated amounts:
Restructuring											(4,974	)
Gain on sale of property, plant, and equipment											14,420
Acquisition-related and other charges											(10,072	)
Stock-based compensation											(13,367	)
Other corporate expenses											(47,037	)
Amortization of definite-lived intangibles (1)											(26,356	)
Consolidated	$	1,175,250									56,053			4.8	%
Interest expense											(24,543	)
Other, net											13,091
Income before income taxes										$	44,601

(1)

Amortization of definite-lived intangibles relates to the A&D, Commercial, and RF&S Components reportable segments, but is not reviewed separately by the CODM. For the quarters ended June 30, 2025 and July 1, 2024, amortization expense of $2,336 and $2,335, respectively, is included in cost of goods sold for the A&D reportable segment. For both the two quarters ended June 30, 2025 and July 1, 2024, amortization expense of $4,671 is included in cost of goods sold for the A&D reportable segment.

Depreciation Expense by Reportable Segment

Depreciation expense by reportable segment was as follows:


	For the Quarter Ended				For the Two Quarters Ended
	June 30, 2025		July 1, 2024		June 30, 2025		July 1, 2024
	(In thousands)
A&D	$	8,942	$	9,490	$	17,733	$	19,014
Commercial		16,956		14,651		33,345		27,964
RF&S Components		443		419		866		886
Segment total		26,341		24,560		51,944		47,864
Corporate		1,351		1,623		2,611		3,015
Total	$	27,692	$	26,183	$	54,555	$	50,879

Net Sales

Net sales are attributed to countries by the invoiced location and were as follows:


	For the Quarter Ended				For the Two Quarters Ended
	June 30, 2025		July 1, 2024		June 30, 2025		July 1, 2024
	(In thousands)
United States	$	381,619	$	308,774	$	739,427	$	609,733
Taiwan		50,856		73,931		105,012		142,855
Other		298,146		222,432		534,850		422,662
Total net sales	$	730,621	$	605,137	$	1,379,289	$	1,175,250

TTM TECHNOLOGIES INC 10-Q