Adjusted EBITDA was $109.7 million or 15% of net sales, up from $84.6 million or 14% in Q2 2024.
Cash flow from operations was $97.8 million or 13.4% of net sales, with net leverage at a healthy 1.2x.
GAAP operating income was $61.8 million, up from $39 million in Q2 2024, and GAAP net income was $41.5 million or $0.40 per diluted share compared to $26.4 million or $0.25 per diluted share a year ago.
Gross margin increased to 20.9% from 20% in the prior year quarter due to higher sales volume and improved operational execution.
Non-GAAP EPS was a quarterly record at $0.58, adjusted for unrealized foreign exchange gains.
Non-GAAP operating margin improved 210 basis points year-over-year to 11.1%, marking the fourth consecutive quarter of double-digit operating margin performance.
R&D expenses were $7 million or 1% of net sales, down from $8.2 million or 1.4% last year.
Selling and marketing expenses decreased as a percentage of sales to 2.8% from 3.1%, while general and administrative expenses increased in dollars but decreased as a percentage of sales to 6.1%.
TTM delivered a strong Q2 2025 with revenue of $730.6 million, a 21% year-over-year increase driven by aerospace and defense, data center computing, networking, and medical/industrial/instrumentation end markets.
Adjusted EBITDA was $804 million, down 7.3% year-over-year but slightly up sequentially, with a margin of 37.4% declining 130 basis points year-over-year.
Broadband ARPU grew 0.9% year-over-year to $74.77, while residential ARPU declined 1.7% to $133.68, pressured mainly by video.
Cash capital expenditures were $384 million in Q2, up 10% year-over-year, with full year 2025 CapEx expected around $1.2 billion.
Gross margin expanded by 120 basis points to 69.1%, driven by a shift towards broadband and optimized video margins.
Other operating expenses increased by approximately 4%, driven by consulting fees, sales and marketing investments, and employee health and wellness costs.
Total revenue declined 4.2% year-over-year, primarily due to video cord-cutting which accounted for about 85% of the decline.
Dafinchi