TTM Technologies beats Q3 estimates, raises 2026 outlook, issues first 2027 guidance

Revenue came in at $1.20 billion, above the $1.15 billion expected, as the company adds yet another acquisition outside its guidance

TTM Technologies reported third-quarter earnings of $1.46 a share, $0.18 above expectations, on revenue of $1.20 billion versus $1.15 billion expected.

CEO Edwin Roks said all key end markets contributed to 60% year on year growth, with margin expansion pushing adjusted EBITDA margin above 20% for the first time.

For the fourth quarter, TTM expects net sales of $1.42 billion to $1.44 billion and non-GAAP net income of $1.77 to $1.83 per diluted share. Full-year 2026 guidance now calls for net sales of $4.47 billion to $4.49 billion and non-GAAP net income of $4.97 to $5.03 per diluted share. The company also issued preliminary 2027 guidance of $6.5 billion to $6.75 billion in net sales and $8.10 to $8.90 per diluted share in non-GAAP net income, excluding any pending acquisitions.

TTM has agreed to buy the Ophir Optics business from MKS Inc for $650 million in cash, and signed a definitive deal for two UK printed circuit board plants, Merlin Circuit Technology and Merlin Flex, expected to close in the fourth quarter. Neither is included in current guidance. The previously announced purchase of ILFA GmbH, also expected to close in the fourth quarter, remains outside guidance too. The acquisitions of Swiss Technology Group and Epiq Solutions have closed and are now reflected in the numbers.

The results follow weeks in which EPIQ, spending on AI capacity, and the pending Ophir deal have stacked financing demands onto TTM's balance sheet. Layering a preliminary 2027 sales target of up to $6.75 billion on top of that, while adding Merlin as yet another deal kept outside guidance, signals that management expects organic demand and integration to outrun the debt taken on. The EBITDA margin crossing 20% for the first time gives investors a sign the spending is showing up in profit rather than just debt. Whether free cash flow can keep funding three or more expansion tracks at once, without forcing a pause on further deals, remains the open question.