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Call sheet · Q2'26

TTM Technologies (TTMI)

Q2'26 earnings call · held August 5, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
1 high, 3 medium, 3 low flags
Financial quality
Bottom line
The sleeper story here isn't the $1 billion revenue print, it's that TTM stopped telling us how much cash it's actually generating the same quarter it accelerated CapEx guidance again. The obvious headline is a beat-and-raise with record sales and EPS, but the real constraint is execution precision: DCN mix missed its own 42% guide, MI&I growth was cut in half YoY, and management twice declined to quantify next year's N+N revenue despite being asked directly. Management's own words are the tell: on the key forward number, 'What that exact number is, Will, is still a bit... a work in progress', a stark contrast to the precision they offered on CapEx just one quarter ago. My view changes if TTM restates current-quarter CFFO/FCF next call and reaffirms the 2025-2027 earnings-doubling target explicitly; until then, this is a strong revenue quarter with weakening disclosure discipline underneath it.

The 30-second version

  • The cash flow line quietly disappeared
  • Record $1B quarter masks a segment mix miss and an MI&I growth cliff
  • The 'double earnings by 2027' promise vanished from the script

What changed this quarter

MetricQ1'26Q2'26Change
Net sales$846M, +30% YoY$1.0B, +37% YoYFirst-ever $1B quarter, growth accelerating
Non-GAAP EPS$0.75$0.99+32% sequential, beat high end of guide
GAAP net income$50M / $0.47$83M / $0.77+66% YoY $, includes $14M non-cash swap loss
GAAP operating income$72.4M$109.1M+51% sequential
Adjusted EBITDA margin15.7%16.6%, +90bps QoQExpansion, but driven by SG&A not gross margin
Gross margin22.3%21.9%-40bps sequential, quietly down
DCN segment growth YoY / mix61% growth, guided 42% of Q2 mix91% growth, actual 40% of mixGrowth beat, but mix guide missed by 200bps
MI&I segment growth YoY61%33%Growth rate cut nearly in half
A&D backlog$1.6B$1.7B+6% sequential
90-day backlog$787M vs $517M prior-year$901M vs $497M prior-year, +81% YoYBacklog acceleration, hard constraint tightening

Accountability tracked

9 new promises made6 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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