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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 29, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to____________

Commission File Number: 000-31285

TTM TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

     Delaware

     91-1033443

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)

200 East Sandpointe, Suite 400, Santa Ana, California 92707

(Address of principal executive offices)

(714) 327-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	TTMI	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 29, 2025, there were outstanding 103,330,725 shares of the registrant’s Common Stock, $0.001 par value.

TTM TECHNOLOGIES, INC.

Form 10-Q

For the Quarter Ended September 29, 2025

TABLE OF CONTENTS


		Page
PART I: FINANCIAL INFORMATION		3
Item 1. Financial Statements (unaudited)		3
Consolidated Condensed Balance Sheets as of September 29, 2025 and December 30, 2024		3
Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 29, 2025 and September 30, 2024		4
Consolidated Condensed Statements of Comprehensive Income for the quarter and three quarters ended September 29, 2025 and September 30, 2024		5
Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 29, 2025 and September 30, 2024		6
Consolidated Condensed Statements of Cash Flows for the three quarters ended September 29, 2025 and September 30, 2024		7
Notes to Consolidated Condensed Financial Statements		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20
Item 3. Quantitative and Qualitative Disclosures About Market Risk		27
Item 4. Controls and Procedures		27
PART II: OTHER INFORMATION		28
Item 1. Legal Proceedings		28
Item 1A. Risk Factors		28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		28
Item 3. Defaults Upon Senior Securities		28
Item 4. Mine Safety Disclosures		28
Item 5. Other Information		28
Item 6. Exhibits		30
SIGNATURES		31

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of September 29, 2025 and December 30, 2024


	As of
	September 29, 2025			December 30, 2024
	(Unaudited)
	(In thousands, except par value)
ASSETS
Current assets:
Cash and cash equivalents	$	491,120		$	503,932
Accounts receivable, net		500,147			448,611
Contract assets		446,967			381,382
Inventories		253,687			224,985
Prepaid expenses and other current assets		63,694			47,834
Total current assets		1,755,615			1,606,744
Property, plant, and equipment, net		992,193			869,957
Operating lease right-of-use assets		80,905			78,252
Goodwill		670,135			670,135
Definite-lived intangibles, net		164,146			191,819
Deposits and other non-current assets		57,534			55,587
Total assets	$	3,720,528		$	3,472,494

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt, including current portion of long-term debt	$	3,810		$	3,795
Accounts payable		506,386			406,221
Contract liabilities		149,368			170,915
Accrued salaries, wages, and benefits		131,093			108,149
Other current liabilities		114,546			119,974
Total current liabilities		905,203			809,054
Long-term debt, net of discount and issuance costs		912,835			914,359
Operating lease liabilities		84,534			77,509
Other long-term liabilities		116,508			107,748
Total long-term liabilities		1,113,877			1,099,616
Commitments and contingencies (Note 11)
Equity:
Common stock, $0.001 par value; 300,000 shares authorized, 115,195 and 113,161 shares issued as of September 29, 2025 and December 30, 2024, respectively; 103,331 and 101,997 shares outstanding as of September 29, 2025 and December 30, 2024, respectively		115			113
Treasury stock – common stock at cost; 11,864 and 11,164 shares as of September 29, 2025 and December 30, 2024, respectively		(175,445	)		(157,570	)
Additional paid-in capital		940,325			910,741
Retained earnings		965,185			838,422
Accumulated other comprehensive loss		(28,732	)		(27,882	)
Total stockholders’ equity		1,701,448			1,563,824
Total liabilities and stockholders' equity	$	3,720,528		$	3,472,494

See accompanying notes to consolidated condensed financial statements.

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarter and Three Quarters Ended September 29, 2025 and September 30, 2024


	For the Quarter Ended						For the Three Quarters Ended
	September 29, 2025			September 30, 2024			September 29, 2025			September 30, 2024
	(Unaudited)
	(In thousands, except per share data)
Net sales	$	752,736		$	616,538		$	2,132,025		$	1,791,788
Cost of goods sold		596,000			486,650			1,696,208			1,440,954
Gross profit		156,736			129,888			435,817			350,834
Operating expenses:
Selling and marketing		21,796			19,961			64,383			60,053
General and administrative		48,598			42,567			142,091			124,841
Research and development		7,038			8,054			22,111			23,922
Amortization of definite-lived intangibles		6,889			6,951			20,666			28,636
Restructuring charges		509			1,393			2,631			6,367
Total operating expenses		84,830			78,926			251,882			243,819
Operating income		71,906			50,962			183,935			107,015
Other (expense) income:
Interest expense		(10,399	)		(11,768	)		(32,958	)		(36,311	)
Other, net		306			(14,177	)		(2,648	)		(1,086	)
Total other expense, net		(10,093	)		(25,945	)		(35,606	)		(37,397	)
Income before income taxes		61,813			25,017			148,329			69,618
Income tax provision		(8,758	)		(10,706	)		(21,566	)		(18,489	)
Net income	$	53,055		$	14,311		$	126,763		$	51,129

Earnings per share:
Basic earnings per share	$	0.51		$	0.14		$	1.24		$	0.50
Diluted earnings per share		0.50			0.14			1.21			0.49

See accompanying notes to consolidated condensed financial statements.

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Income

For the Quarter and Three Quarters Ended September 29, 2025 and September 30, 2024


	For the Quarter Ended						For the Three Quarters Ended
	September 29, 2025			September 30, 2024			September 29, 2025			September 30, 2024
	(Unaudited)
	(In thousands)
Net income	$	53,055		$	14,311		$	126,763		$	51,129
Other comprehensive income (loss), net of tax:
Pension obligation		—			—			1,174			—
Foreign currency translation		49			325			208			(533	)
Net unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) on effective cash flow hedges during the period, net		335			(3,905	)		(1,439	)		835
Amounts realized in the statement of operations, net		(522	)		(851	)		(793	)		(2,579	)
Net		(187	)		(4,756	)		(2,232	)		(1,744	)
Other comprehensive loss, net of tax		(138	)		(4,431	)		(850	)		(2,277	)
Comprehensive income, net of tax	$	52,917		$	9,880		$	125,913		$	48,852

See accompanying notes to consolidated condensed financial statements.

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Three Quarters Ended September 29, 2025 and September 30, 2024


	Common Stock				Treasury Stock						Additional Paid-In			Retained		Accumulated Other Comprehensive			Total Stockholders'
	Shares		Amount		Shares			Amount			Capital			Earnings		Loss			Equity
	(Unaudited)
	(In thousands)
Balance, December 30, 2024		113,161	$	113		(11,164	)	$	(157,570	)	$	910,741		$	838,422	$	(27,882	)	$	1,563,824
Net income		—		—		—			—			—			32,178		—			32,178
Other comprehensive income		—		—		—			—			—			—		87			87
Issuance of common stock for performance-based restricted stock units		305		—		—			—			—			—		—			—
Issuance of common stock for restricted stock units		20		—		—			—			—			—		—			—
Repurchases of common stock		—		—		(700	)		(17,875	)		—			—		—			(17,875	)
Stock-based compensation		—		—		—			—			8,787			—		—			8,787
Balance, March 31, 2025		113,486	$	113		(11,864	)	$	(175,445	)	$	919,528		$	870,600	$	(27,795	)	$	1,587,001
Net income		—		—		—			—			—			41,530		—			41,530
Other comprehensive loss		—		—		—			—			—			—		(799	)		(799	)
Issuance of common stock for restricted stock units		1,687		2		—			—			(2	)		—		—			—
Stock-based compensation		—		—		—			—			9,188			—		—			9,188
Balance, June 30, 2025		115,173	$	115		(11,864	)	$	(175,445	)	$	928,714		$	912,130	$	(28,594	)	$	1,636,920
Net income		—		—		—			—			—			53,055		—			53,055
Other comprehensive loss		—		—		—			—			—			—		(138	)		(138	)
Issuance of common stock for restricted stock units		22		—		—			—			—			—		—			—
Stock-based compensation		—		—		—			—			11,611			—		—			11,611
Balance, September 29, 2025		115,195	$	115		(11,864	)	$	(175,445	)	$	940,325		$	965,185	$	(28,732	)	$	1,701,448


	Common Stock				Treasury Stock						Additional Paid-In			Retained		Accumulated Other Comprehensive			Total Stockholders'
	Shares		Amount		Shares			Amount			Capital			Earnings		Loss			Equity
	(Unaudited)
	(In thousands)
Balance, January 1, 2024		111,282	$	111		(9,174	)	$	(123,091	)	$	880,963		$	782,123	$	(29,067	)	$	1,511,039
Net income		—		—		—			—			—			10,466		—			10,466
Other comprehensive income		—		—		—			—			—			—		2,150			2,150
Issuance of common stock for performance-based restricted stock units		227		1		—			—			(1	)		—		—			—
Issuance of common stock for restricted stock units		41		—		—			—			—			—		—			—
Repurchases of common stock		—		—		(600	)		(9,334	)		—			—		—			(9,334	)
Stock-based compensation		—		—		—			—			6,787			—		—			6,787
Balance, April 1, 2024		111,550	$	112		(9,774	)	$	(132,425	)	$	887,749		$	792,589	$	(26,917	)	$	1,521,108
Net income		—		—		—			—			—			26,352		—			26,352
Other comprehensive income		—		—		—			—			—			—		4			4
Issuance of common stock for restricted stock units		1,559		1		—			—			(1	)		—		—			—
Repurchases of common stock		—		—		(1,390	)		(25,145	)		—			—		—			(25,145	)
Stock-based compensation		—		—		—			—			6,580			—		—			6,580
Balance, July 1, 2024		113,109	$	113		(11,164	)	$	(157,570	)	$	894,328		$	818,941	$	(26,913	)	$	1,528,899
Net income		—		—		—			—			—			14,311		—			14,311
Other comprehensive loss		—		—		—			—			—			—		(4,431	)		(4,431	)
Issuance of common stock for restricted stock units		23		—		—			—			—			—		—			—
Stock-based compensation		—		—		—			—			8,330			—		—			8,330
Balance, September 30, 2024		113,132	$	113		(11,164	)	$	(157,570	)	$	902,658		$	833,252	$	(31,344	)	$	1,547,109

See accompanying notes to consolidated condensed financial statements.

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Three Quarters Ended September 29, 2025 and September 30, 2024


	For the Three Quarters Ended
	September 29, 2025			September 30, 2024
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Net income	$	126,763		$	51,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant, and equipment		82,135			78,709
Amortization of definite-lived intangible assets		27,673			35,642
Amortization of debt discount and issuance costs		1,609			1,517
Deferred income taxes		1,461			(1,180	)
Stock-based compensation		29,586			21,697
Other		5,512			2,194
Changes in operating assets and liabilities:
Accounts receivable, net		(51,536	)		(9,328	)
Contract assets		(65,585	)		(70,618	)
Inventories		(28,702	)		(14,838	)
Prepaid expenses and other assets		(11,667	)		(2,236	)
Accounts payable		102,253			34,698
Contract liabilities		(21,547	)		11,860
Accrued salaries, wages, and benefits		22,944			14,055
Other liabilities		8,053			(2,461	)
Net cash provided by operating activities		228,952			150,840
Cash flows from investing activities:
Net purchases of property, plant, and equipment and other assets		(223,176	)		(129,709	)
Proceeds from sale of property, plant, and equipment and other assets		489			29,599
Proceeds from sale of Shanghai E-MS (SH E-MS) property		—			6,737
Other		—			(76	)
Net cash used in investing activities		(222,687	)		(93,449	)
Cash flows from financing activities:
Repurchases of common stock		(17,875	)		(34,479	)
Repayment of long-term debt borrowings		(2,845	)		(8,730	)
Customer deposits		1,500			—
Proceeds from long-term debt borrowings		—			6,105
Payment of debt issuance costs		—			(1,113	)
Net cash used in financing activities		(19,220	)		(38,217	)
Effect of foreign currency exchange rates on cash and cash equivalents		143			118
Net (decrease) increase in cash and cash equivalents		(12,812	)		19,292
Cash and cash equivalents at beginning of period		503,932			450,208
Cash and cash equivalents at end of period	$	491,120		$	469,500
Supplemental cash flow information:
Cash paid, net for interest	$	39,807		$	42,646
Cash paid, net for income taxes		19,426			15,196
Supplemental disclosure of non-cash investing activities:
Property, plant, and equipment recorded in accounts payable and other current liabilities	$	62,561		$	83,934
Cashless rollover of debt		—			340,395

See accompanying notes to consolidated condensed financial statements.

TTM TECHNOLOGIES, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Dollars and shares in thousands, except per share data)

(1) Nature of Operations and Basis of Presentation

TTM Technologies, Inc. (the Company or TTM) is a leading global manufacturer of technology products, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and technologically advanced printed circuit boards (PCBs). The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering, and manufacturing solution to customers. This solution allows the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market.

The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. The Company’s customers include original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), distributors, and government agencies (both domestic and allied foreign governments).

The accompanying unaudited consolidated condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due, in part, to the conflicts between Russia and Ukraine, as well as other global regions and the imposition of, or changes to, tariffs by the United States as well as retaliatory tariffs or measures by other countries, the global economy and financial markets have been volatile in recent periods. As such, the Company has considered information available to it as of the date of issuance of these consolidated condensed financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. The actual results the Company experienced may differ materially and adversely from its estimates. The Company uses a 52/53 week fiscal calendar with the fourth quarter ending on the Monday nearest December 31.

Recently Issued Accounting Standards Not Yet Adopted

In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The guidance may be applied on a prospective basis, a modified basis, or a retrospective basis. The Company is currently evaluating the timing of the adoption and the impact of this ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of the adoption and the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures, but expects additional disclosures upon adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The update will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements not yet issued or made available for issuance. The Company will adopt ASU 2023-09 in its 2025 fiscal year Form 10-K. This ASU will impact only the Company's disclosures with no impacts to the results of operations, cash flows, and financial condition.

(2) Revenues

As of September 29, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations for long‑term contracts was $418,620. The Company expects to recognize revenue on approximately 57% of the remaining performance obligations for the Company’s long-term contracts over the next 12 months with the remaining amount expected to be recognized thereafter.

For contracts in which anticipated total costs exceed the total expected revenue, an estimated loss is recognized in the period when identifiable. A provision for the entire amount of the estimated loss is recorded on a cumulative basis. The estimated remaining costs to complete for loss contracts as of September 29, 2025 and December 30, 2024 were $32,275 and $36,976, respectively.

Revenue recognized for the three quarters ended September 29, 2025 from amounts recorded as contract liabilities as of December 30, 2024 was $82,722. Revenue recognized for the three quarters ended September 30, 2024 from amounts recorded as contract liabilities as of January 1, 2024 was $33,331.

Revenue from products and services transferred to customers over time and at a point in time accounted for 96% and 4%, respectively, of the Company’s revenue for both the quarter and three quarters ended September 29, 2025 and September 30, 2024.

Disaggregated revenue by principal end markets within reportable segments was as follows:


	For the Quarter Ended
	September 29, 2025								September 30, 2024
	Aerospace and Defense (A&D)		Commercial		RF and Specialty Components (RF&S Components)		Total		A&D		Commercial		RF&S Components		Total
	(In thousands)
End Markets (1):
Aerospace and Defense	$	333,556	$	—	$	—	$	333,556	$	277,604	$	—	$	—	$	277,604
Automotive		—		79,355		—		79,355		—		86,773		—		86,773
Data Center Computing		—		175,302		33		175,335		—		121,767		201		121,968
Medical/Industrial/Instrumentation		—		107,289		1,128		108,417		—		87,968		579		88,547
Networking		—		46,790		9,283		56,073		—		32,681		8,965		41,646
Total	$	333,556	$	408,736	$	10,444	$	752,736	$	277,604	$	329,189	$	9,745	$	616,538


	For the Three Quarters Ended
	September 29, 2025								September 30, 2024
	A&D		Commercial		RF&S Components		Total		A&D		Commercial		RF&S Components		Total
	(In thousands)
End Markets (1):
Aerospace and Defense	$	966,066	$	—	$	—	$	966,066	$	828,908	$	—	$	—	$	828,908
Automotive		—		232,133		—		232,133		—		239,681		—		239,681
Data Center Computing		—		460,291		979		461,270		—		359,680		323		360,003
Medical/Industrial/Instrumentation		—		299,397		3,046		302,443		—		249,532		2,035		251,567
Networking		—		144,826		25,287		170,113		—		86,940		24,689		111,629
Total	$	966,066	$	1,136,647	$	29,312	$	2,132,025	$	828,908	$	935,833	$	27,047	$	1,791,788

(1)

The end market revenue for the A&D and Commercial reportable segments prior to the quarter ended June 30, 2025 has been recast to reflect certain adjustments to allocations resulting from the segment reorganization. The end market revenue excludes intersegment sales totaling $3,469 and $9,119 for the quarter and three quarters ended September 29, 2025, respectively, and $2,157 and $5,646 for the quarter and three quarters ended September 30, 2024, respectively. See Note 4, Segment Information, for further information.

(3) Significant Customers and Concentration of Credit Risk

Financial instruments that are potentially subject to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable.

The Company had cash and cash equivalents held by its foreign subsidiaries of $196,603 and $207,909 as of September 29, 2025 and December 30, 2024, respectively. The Company maintains its cash and cash equivalents with major financial institutions and such balances exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk on cash and cash equivalents.

In the normal course of business, the Company extends credit to its customers. Some customers to whom the Company extends credit are located outside the United States. The Company performs ongoing credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. As of September 29, 2025, one customer accounted for 14% of the Company's accounts receivable. There were no customers that accounted for 10% or more of the Company's accounts receivable as of December 30, 2024.

The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers.

For the quarter and three quarters ended September 29, 2025, two customers collectively accounted for approximately 23% and 22% of the Company's net sales, respectively. For the quarter and three quarters ended September 30, 2024, one customer accounted for approximately 11% of the Company's net sales.

(4) Segment Information

During the quarter ended June 30, 2025, in connection with the Company's change in organizational structure to enhance clarity in sector performance, accountability, and operating costs, the Company’s management finalized its assessment of the Company's operating segments and concluded that the Company now has three reportable segments: A&D, Commercial, and RF&S Components. In prior periods, the Company had two reportable segments: PCB and RF&S Components. As a result, certain prior period amounts have been reclassified to conform with this new presentation.

The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker (CODM), who is the President and Chief Executive Officer, to assess performance and to allocate resources. The CODM uses segment operating income to allocate resources such as employees and capital resources for each segment during the Company’s annual budgeting and forecasting process. Total sales and operating profit by segment include intersegment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. Separate segment asset measures are not used as a basis for the CODM to evaluate the performance of or to allocate resources to the segments.

The A&D reportable segment consists of PCBs, value-added assemblies, microelectronics, RF/microwave components and assemblies, and integrated mission systems. These highly engineered electronics products include the manufacture and test of customer‑supplied designs as well as long-term contracts to design, develop, manufacture, and test new products. The products in the A&D reportable segment support surveillance, intelligence, communications, and other critical missions for customers in the aerospace and defense industry. The Commercial reportable segment consists of PCBs using customer-supplied engineering and design plans supporting customers in the automotive, medical, industrial, and instrumentation, networking, and data center computing end markets. The RF&S Components reportable segment consists of TTM designed RF components for commercial customers in the telecommunications, industrial, and instrumentation markets, as well as commercial off-the-shelf (COTS) components for certain aerospace and defense customers.

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


	For the Quarter Ended September 29, 2025
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	333,556		$	408,736		$	10,444		$	—		$	752,736
Intersegment sales		3,285			184			—			(3,469	)		—
Segment sales	$	336,841		$	408,920		$	10,444		$	(3,469	)	$	752,736

	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	336,841		$	(255,033	)	$	(28,924	)	$	52,884			15.7	%
Commercial		408,920			(330,183	)		(18,706	)		60,031			14.7
RF&S Components		10,444			(5,032	)		(2,286	)		3,126			29.9
Total segment		756,205			(590,248	)		(49,916	)		116,041			15.3
Eliminations		(3,469	)								—
Unallocated amounts:
Restructuring											(509	)
Acquisition-related and other charges											(15	)
Stock-based compensation											(11,611	)
Other corporate expenses											(22,775	)
Amortization of definite-lived intangibles											(9,225	)
Consolidated	$	752,736									71,906			9.6	%
Interest expense											(10,399	)
Other, net											306
Income before income taxes										$	61,813


	For the Quarter Ended September 30, 2024
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	277,604		$	329,189		$	9,745		$	—		$	616,538
Intersegment sales		1,929			193			35			(2,157	)		—
Segment sales	$	279,533		$	329,382		$	9,780		$	(2,157	)	$	616,538

	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	279,533		$	(211,536	)	$	(27,718	)	$	40,279			14.4	%
Commercial		329,382			(262,147	)		(16,130	)		51,105			15.5
RF&S Components		9,780			(4,871	)		(2,483	)		2,426			24.8
Total segment		618,695			(478,554	)		(46,331	)		93,810			15.2
Eliminations		(2,157	)								—
Unallocated amounts:
Restructuring											(1,393	)
Acquisition-related and other charges											(2,867	)

TTM TECHNOLOGIES INC 10-Q