PCB manufacturing company TTM Technologies (NASDAQ: TTMI) reported revenue ahead of Wall Street’s expectations in Q2 CY2026, with sales up 37.4% year on year to $1.00 billion. On top of that, next quarter’s revenue guidance ($1.12 billion at the midpoint) was surprisingly good and 8.1% above what analysts were expecting. Its non-GAAP profit of $0.99 per share was 10.3% above analysts’ consensus estimates.

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“We delivered another record high quarterly net sales and non-GAAP EPS, reflecting the strength of our strategic business model, positive market demand trends across end markets, and operational excellence from our employees. Revenues grew 37% year on year, powered largely by ongoing robust demand in the Data Center and Networking end market, which increased 91% year on year. Our Medical, Industrial and Instrumentation end market experienced 33% year on year revenue growth, and our Aerospace and Defense end market delivered 14% year on year revenue growth and a healthy improvement in backlog, reflecting our positive alignment with projected priority defense programs,” said Edwin Roks, President & CEO of TTM Technologies, Inc.

Company Overview

As one of the world's largest printed circuit board manufacturers with facilities spanning North America and Asia, TTM Technologies (NASDAQ: TTMI) manufactures printed circuit boards (PCBs) and radio frequency (RF) components for aerospace, defense, automotive, and telecommunications industries.

Revenue Growth

Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years.

With $3.38 billion in revenue over the past 12 months, TTM Technologies is a mid-sized business services company, which sometimes brings disadvantages compared to larger competitors benefiting from better economies of scale. On the bright side, it can still flex high growth rates because it’s working from a smaller revenue base.

As you can see below, TTM Technologies’s 9.6% annualized revenue growth over the last five years was impressive. This is a great starting point for our analysis because it shows TTM Technologies’s demand was higher than many business services companies.

We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. TTM Technologies’s annualized revenue growth of 20.7% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated.

This quarter, TTM Technologies reported wonderful year-on-year revenue growth of 37.4%, and its $1.00 billion of revenue exceeded Wall Street’s estimates by 4.8%. Company management is currently guiding for a 48.8% year-on-year increase in sales next quarter.

Looking further ahead, sell-side analysts expect revenue to grow 27.4% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and suggests its newer products and services will catalyze better top-line performance.

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Adjusted Operating Margin

Adjusted operating margin is one of the best measures of profitability because it tells us how much money a company takes home after subtracting all core expenses, like marketing and R&D. It also removes various one-time costs to paint a better picture of normalized profits.

TTM Technologies has done a decent job managing its cost base over the last five years. The company has produced an average adjusted operating margin of 10.2%, higher than the broader business services sector.

Looking at the trend in its profitability, TTM Technologies’s adjusted operating margin rose by 3.8 percentage points over the last five years, as its sales growth gave it operating leverage.

In Q2, TTM Technologies generated an adjusted operating margin profit margin of 12.2%, up 1 percentage points year on year. This increase was a welcome development and shows it was more efficient.

Earnings Per Share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.

TTM Technologies’s EPS grew at 20.8% compounded annual growth rate over the last five years, higher than its 9.6% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

Diving into the nuances of TTM Technologies’s earnings can give us a better understanding of its performance. As we mentioned earlier, TTM Technologies’s adjusted operating margin expanded by 3.8 percentage points over the last five years. On top of that, its share count shrank by 2%. These are positive signs for shareholders because improving profitability and share buybacks turbocharge EPS growth relative to revenue growth.

Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.

For TTM Technologies, its two-year annual EPS growth of 42.1% was higher than its five-year trend. We love it when earnings growth accelerates, especially when it accelerates off an already high base.

In Q2, TTM Technologies reported adjusted EPS of $0.99, up from $0.58 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects TTM Technologies’s full-year EPS to grow 56.7% from $3.11 to $4.87.

Key Takeaways from TTM Technologies’s Q2 Results

We were impressed by how significantly TTM Technologies blew past analysts’ EPS guidance for next quarter expectations this quarter. We were also glad its revenue guidance for next quarter trumped Wall Street’s estimates. Zooming out, we think this quarter featured some important positives. Investors were likely hoping for more, and shares traded down 1.6% to $129.50 immediately after reporting.

Is TTM Technologies an attractive investment opportunity right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).