TTM’s $1B Quarter Hides a Margin Mirage and a CEO-Shaped Hole

TTM Technologies just posted a headline number that would make any CEO blush: $1.00 billion in Q2 2026 sales, up 37% year-over-year, with non-GAAP EPS of $0.99 beating estimates by nearly 11%. Management raised full-year guidance to $4.4 billion in sales and $5.00 in EPS. The stock popped 3.89% in after-hours trading. But beneath the surface of this ‘record’ quarter lies a far more uncomfortable story: the company’s core profitability is actually shrinking relative to its own recent past, and the man who built this AI-era growth story is already out the door.

1. the Lede and the Real Story

Compare the quarters. In Q1 2026, TTM grew revenue 30% to $846 million and delivered $0.75 EPS. In Q2, revenue grew 37% to $1.0 billion, but EPS only grew from $0.75 to $0.99 — a 32% increase. Revenue growth accelerated, yet EPS growth decelerated. That is the tell. The company is spending more to generate each dollar of sales, and the incremental margin on that extra $154 million in revenue was far lower than what investors should expect from a ‘scaling’ business. The real story is not the top line; it is the deteriorating conversion of revenue into profit and the leadership vacuum at the top.