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Call sheet · Q1'26

TTM Technologies (TTMI)

Q1'26 earnings call · held April 29, 2026 · compared with the Q4'25 call · management-credibility review
5/12
Disclosure score
3 high, 4 medium, 1 low flags
Financial quality
Bottom line
The shocker isn't the record revenue, it's the 67% collapse in operating cash flow to just $21.7M while management burned $107M on CapEx, creating an $85M quarterly cash drain. The market sees 61% data center growth; I see a business that can't convert sales to cash and just stealth-increased CapEx guidance by $60M with hand-waving about 'equipment lead times.' Edwin says 'we're agnostic for GPU, TPU, XPU' but what he's really saying is they have no pricing power and are just hoping volume saves them. My view changes if Q2 operating cash flow exceeds $100M, proving Q1 was timing not structural.

The 30-second version

  • Operating cash flow collapsed 67% YoY despite record revenue and EPS
  • Data center revenue up 61% YoY sounds incredible until you realize 90-day backlog is cratering
  • CapEx guidance jumped 24% mid-year from $250M to $310M with zero explanation

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$774.3M (+19% YoY)$846M (+30% YoY)+9% sequential, +11pp YoY acceleration
Non-GAAP EPS$0.70 (+43% YoY)$0.75 (+50% YoY)+7% sequential beat
Operating Cash Flow$63M (8.1% of sales)$21.7M (2.6% of sales)-66% sequential collapse
Free Cash FlowNot disclosed-$85M burnMassive cash burn on record revenue
CapExNot disclosed for Q4$107M in Q1Annualized $428M run rate vs $310M guide
Data Center/Networking Revenue %36% of total36% of totalMix flat despite 61% growth
A&D Revenue %41% of total40% of totalMix declining despite backlog
90-Day Backlog$654.9M$787M+20% sequential build
A&D Backlog$1.56B$1.6B+2.6% growth stalling
Gross Margin21.7%22.3%+60 bps expansion

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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