Executive Summary

Q4 FY25 results are not yet filed as of November 20, 2025; this preview synthesizes the latest reported Q3 FY25 actuals and management’s Q4 guidance ranges to frame expectations .
Q3 FY25 delivered strong top-line and record non-GAAP EPS, with net sales of $752.7M (+22% YoY) and non-GAAP EPS $0.67, both above the high end of guidance; strength was driven by GenAI demand in Data Center Computing and Networking and robust Aerospace & Defense (A&D) orders .
Management guides Q4 FY25 revenue to $730–$770M and non-GAAP EPS to $0.64–$0.70, inclusive of Penang start-up costs; SG&A ~8.9% of sales, R&D ~1.0%, tax rate 11–15% underpin the outlook .
Mix tailwinds (A&D, GenAI-linked data center/networking) offset near-term margin headwinds from Penang start-up (Q3 ~195 bps drag, improving to ~160 bps expected in Q4), with book-to-bill at 1.15 and A&D program backlog at ~$1.46B supporting forward visibility .

What Went Well and What Went Wrong

What Went Well

Demand/mix: “Revenues grew 22% year on year reflecting continued demand strength in our Data Center Computing and Networking end markets, driven primarily by the requirements of generative AI,” with A&D and MII also growing double-digits; non-GAAP EPS reached a quarterly record $0.67 .
Cash generation and execution: Adjusted EBITDA margin was 16.1% and operating cash flow was $141.8M (18.8% of sales), supporting measured capacity investments (Penang, Syracuse) .
Backlog and bookings: Book-to-bill 1.15 overall (Commercial 1.29; A&D 0.99) and A&D backlog ~$1.46B; CEO highlighted that ~80% of Q3 sales tied to A&D and AI-related markets .

What Went Wrong

Margin headwinds from Penang: Start-up drag was ~195 bps to the bottom line in Q3 (worse than structural baseline but improving from ~210 bps in Q2); expected ~160 bps drag in Q4 .
Automotive softness: Auto declined YoY on inventory adjustments and soft demand; auto mix fell to 11% in Q3 (vs 14% a year ago) with Q4 expected ~9% .
Gross margin modestly lower YoY on GAAP/non-GAAP: GAAP gross margin 20.8% (vs 21.1% LY) and non-GAAP 21.5% (vs 22.0% LY), pressured by Penang ramp costs despite volume/mix tailwinds .

Financial Results

Note: Q4 FY25 results are pending; Q3 vs guidance table included for context. All figures USD.

Headline P&L and Margins (YoY and QoQ)

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($M)	$616.5	$730.6	$752.7
GAAP Diluted EPS ($)	$0.14	$0.40	$0.50
Non-GAAP EPS ($)	$0.55	$0.58	$0.67
GAAP Gross Margin (%)	21.1%	20.3%	20.8%
Adjusted EBITDA ($M)	$100.6	$109.7	$120.9
Adjusted EBITDA Margin (%)	16.3%	15.0%	16.1%

Q3 FY25 Actuals vs. Q3 Guidance (issued with Q2 report)

Metric	Guidance for Q3 FY25	Q3 FY25 Actual	Result
Revenue ($M)	$690–$730	$752.7	Above high end
Non-GAAP EPS ($)	$0.57–$0.63	$0.67	Above high end

Q4 FY25 Outlook (Company Guidance)

Metric	Q4 FY25 Guidance
Revenue ($M)	$730–$770
Non-GAAP EPS ($)	$0.64–$0.70
SG&A (% of Sales)	~8.9%
R&D (% of Sales)	~1.0%
Effective Tax Rate	11–15%
Interest Expense / Income ($M)	~$10.2 / ~$2.7
Depreciation ($M)	~$28.1
Amortization of Intangibles ($M)	~$9.2
Stock-based Comp ($M)	~$12.3
Non-cash Interest ($M)	~$0.5
Diluted Shares (M)	~106

Segment Breakdown (Sales and Segment Operating Income)

Metric ($M)	Q2 2025	Q3 2025
A&D Sales	$327.6	$336.8
Commercial Sales	$395.6	$408.9
RF&S Components Sales	$10.1	$10.4
A&D Segment Op Inc	$45.3	$52.9
Commercial Segment Op Inc	$60.1	$60.0
RF&S Segment Op Inc	$2.9	$3.1

End-Market Mix (% of Sales)

End Market	Q2 2025	Q3 2025
Aerospace & Defense	45%	45%
Automotive	11%	11%
Data Center Computing	21%	23%
Medical/Industrial/Instrumentation	15%	14%
Networking	8%	7%

KPIs and Balance Sheet

KPI	Q2 2025	Q3 2025
90-Day Backlog ($M)	$496.8	$610.4
A&D Program Backlog ($B)	~$1.46	~$1.46
Book-to-Bill (Overall)	0.89	1.15
Book-to-Bill (Commercial / A&D / RF&S)	1.07 / 0.69 / 0.95	1.29 / 0.99 / 0.95
Cash from Operations ($M)	$97.8	$141.8
Free Cash Flow ($M)	$37.6	$42.6
Cash & Equivalents ($M)	$448.0	$491.1
Net Debt / LTM EBITDA	1.2x	1.0x

Guidance Changes

Note: Q4 FY25 guidance was first issued with Q3 results; “Change” reflects first issuance for the quarter.

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($M)	Q4 2025	N/A	$730–$770	New
Non-GAAP EPS ($)	Q4 2025	N/A	$0.64–$0.70	New
SG&A (% of Sales)	Q4 2025	N/A	~8.9%	New
R&D (% of Sales)	Q4 2025	N/A	~1.0%	New
Effective Tax Rate	Q4 2025	N/A	11–15%	New
Interest Expense/Income ($M)	Q4 2025	N/A	~$10.2 / ~$2.7	New
Depreciation ($M)	Q4 2025	N/A	~$28.1	New
Amortization ($M)	Q4 2025	N/A	~$9.2	New
SBC ($M)	Q4 2025	N/A	~$12.3	New
Diluted Shares (M)	Q4 2025	N/A	~106	New

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
AI/Data Center	Strong demand, 21% mix; ATE tailwind in MII	Record DC growth; 21% mix; Q3 outlook 24%	23% mix; 44% YoY; Q4 outlook 28%	Accelerating
A&D Demand/Backlog	47% mix; $1.55B backlog	45% mix; ~$1.46B backlog	45% mix; ~$1.46B backlog; bookings robust	Stable/Strong
Penang Ramp	~$2.2M rev; aiming breakeven by end Q3	~$5.2M rev; breakeven timing uncertain; drag ~210 bps	~$5M rev; drag ~195 bps in Q3, ~160 bps expected Q4	Improving slowly
Syracuse (ultra-HDI)	Vol. production mid-2026	Equipment install soon; initial production 2H26	On plan; equipment arriving; 2H26 start	On track
Tariffs/Macro	Minimal direct impact; diversified footprint	No significant short-term impact expected	Reiterated minimal short-term impact; monitor indirect effects	Stable
Automotive	11% mix; soft demand	11% mix; soft; Q3 outlook 10%	11% mix; Q4 outlook ~9%	Softening

Management Commentary

Strategic positioning: “We delivered another strong quarter with revenues and non-GAAP EPS above the high end of the guided range… demand strength in our Data Center Computing and Networking end markets, driven primarily by the requirements of generative AI… A&D and MII also experienced double-digit year on year revenue growth” — Edwin Roks, CEO .
Mix and capacity: “Approximately 80% of our total sales in the quarter related to… A&D and AI. We are well positioned in both areas” .
Technology leadership: “We are demonstrating 87 layers… making really, really good progress… invest a lot more in R&D… to continue to be that top player” .
Capital deployment and footprint: Cash generation enables “measured investment in facilities expansion” (Penang, second Malaysia site under consideration; Syracuse ultra‑HDI ramp in 2H26) .

Q&A Highlights

Data center visibility and capacity: Visibility 6–9 months; well-balanced capacity across North America and APAC; #1 in U.S. PCB, ~#6–7 globally; ~#3–4 in data center PCB share .
Penang impact trajectory: Start-up drag improved to ~195 bps in Q3 from ~210 bps in Q2; expected ~160 bps impact in Q4 as revenue grows and yields improve .
Layer count/technology roadmap: Demonstrated 87-layer boards; focus on higher density (microvias, pitch), asymmetric designs separating power/signal; increased R&D to maintain leadership .
U.S. capacity and cost: Eau Claire, WI site reserved for potential U.S. high-volume PCB; even with automation, pricing likely ≥50% higher than China; customer commitment essential .

Estimates Context

Wall Street consensus from S&P Global (EPS, revenue, EBITDA) for Q4 FY25 could not be retrieved due to a temporary data access limit today; therefore, estimate comparisons are not included. Values retrieved from S&P Global were unavailable at this time.
As a proxy, Q3 FY25 actuals exceeded company guidance issued with Q2 (Revenue $752.7M vs $690–$730M; non‑GAAP EPS $0.67 vs $0.57–$0.63), highlighting positive execution into the Q4 setup .

Key Takeaways for Investors

Mix tailwinds remain intact into Q4: AI-driven Data Center/Networking and resilient A&D continue to underpin revenue and margins; management expects DC mix to rise to ~28% in Q4 .
Margin watch: Penang start-up drag is easing (Q3 ~195 bps; Q4 ~160 bps expected); sustained yield gains are a lever for incremental margin expansion in 2026 .
Visibility improving: Book-to-bill 1.15 and ~$1.46B A&D backlog provide multi-quarter revenue support, mitigating auto softness .
Capital optionality: Strong operating cash flow ($141.8M in Q3) supports expansion (Malaysia, Syracuse) and potential M&A in microelectronics/RF while keeping net leverage near 1x .
Near-term trading setup: With Q4 guided to $730–$770M revenue and $0.64–$0.70 non‑GAAP EPS (inclusive of start-up costs), delivery vs. the high end and updates on Penang yields and DC demand cadence are likely stock catalysts .
Medium-term thesis: Execution on ultra‑HDI Syracuse (2H26), Malaysia scale-up, and deepening AI/A&D exposure could structurally lift growth and profitability; U.S. capacity (Eau Claire) offers strategic upside pending customer commitments .

Additional Q4 FY25-Timeframe Press Releases

TTM recognized at IPC CEMAC with two Asia Steering Committee Outstanding Service Awards, underscoring industry leadership and talent depth (Oct 31, 2025) .

TTM TECHNOLOGIES INC (TTMI)·Q4 2025 Earnings Summary