SAN JOSE, Calif., Nov. 9, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fourth quarter ended October 3, 2026 and outlook for its first fiscal quarter ending January 2, 2027.
Fourth Quarter Fiscal 2026 Financial Highlights
- Revenue: $3.86 billion
- GAAP operating margin: 6.0%
- GAAP diluted EPS: $2.14
- Non-GAAP(1) operating margin: 9.0%
- Non-GAAP(1) diluted EPS: $4.43
Fiscal Year 2026 Financial Highlights
- Revenue: $14.53 billion
- GAAP operating margin: 4.7%
- GAAP diluted EPS: $6.85
- Non-GAAP(1) operating margin: 7.4%
- Non-GAAP(1) diluted EPS: $13.28
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Additional Highlights
- Cash flow from operations: Q4 $242 million and FY'26 $944 million
- Free cash flow(2): Q4 $83 million and $541 million in FY'26
- Share repurchases: Q4 $154 million, or 0.8 million shares and FY'26 $393 million, or approximately 2.4 million shares
- Q4 ending cash and cash equivalents: $1.68 billion
(1) | See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release. |
(2) | Free cash flow is defined as net cash provided by operating activities less net purchases of property and equipment. See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release. |
"This was a transformative year for Sanmina as we delivered strong broad-based growth across all of our end markets, integrated the ZT Systems business, strengthening our position in the Cloud and AI Infrastructure end market, and grew our core Sanmina business by double digits year-over-year, maintaining a well-diversified portfolio," stated Jure Sola, Chairman and CEO of Sanmina Corporation.
"Our fiscal 2026 results were exceptional. Revenue grew 79%, non-GAAP operating profit increased 130%, and non-GAAP diluted earnings per share more than doubled compared to a year ago. These results reflect our disciplined execution, robust financial management, and targeted diversification across and within our customers and end markets. Additionally, we generated strong cash flow from operations of $944 million, which provided the flexibility to fund strategic investments in new capabilities and capacity, further strengthening our position in the market while maintaining a very healthy balance sheet."
"As we look to fiscal 2027, we expect demand to remain strong. At the midpoint of our full-year outlook, revenue is projected to grow about 27% and our non-GAAP diluted earnings per share about 24%. We remain excited for the opportunities ahead, and the team is well-positioned to capitalize on the momentum while maintaining disciplined execution to drive sustainable, long-term shareholder value."
First Quarter Fiscal 2027 Outlook | |
Revenue: | $3.8 billion - $4.1 billion |
Non-GAAP operating margin(3): | 7.0% - 7.5% |
Non-GAAP diluted EPS(3): | $3.50 - $3.85 |
Fiscal 2027 Outlook | |
Revenue: | $17.5 billion - $19.5 billion |
Non-GAAP operating margin(3): | 7.0% - 7.5% |
Non-GAAP diluted EPS(3): | $15.50 - $17.50 |
(3) | This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort. |
Safe Harbor Statement
The statements above relating to our expectations and the outlook above, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including the risk that the expected benefits from the ZT Systems acquisition may not be realized or may take longer to realize than anticipated; adverse changes in the key markets we target, in particular the cloud and AI infrastructure sectors; the impact of recent or future changes in tariffs and trade policy, which may adversely affect our costs, supply chain, and customer demand; our reliance on a limited number of customers for a substantial portion of our sales; risks arising from our international operations and expansion into new geographic markets; geopolitical uncertainty, including relating to the conflict in the Middle East, and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the fourth quarter of fiscal 2026 and outlook for the first quarter fiscal 2027 and full year fiscal 2027 on Monday, November 9, 2026 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference call will also be webcast live over the Internet. You can log on to the live webcast at Q4'26 Earnings. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 77611#.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the cloud and AI infrastructure, communications networks, industrial and energy, medical, defense and aerospace, and automotive and transportation markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Sanmina Corporation | |||
Condensed Consolidated Balance Sheets | |||
(in thousands) | |||
(GAAP) | |||
(Unaudited) | |||
October 3, | September 27, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 1,675,641 | $ 926,267 | |
Accounts receivable, net | 2,340,508 | 1,400,129 | |
Contract assets | 620,650 | 425,944 | |
Inventories | 3,609,268 | 1,988,462 | |
Prepaid expenses and other current assets | 360,814 | 124,656 | |
Total current assets | 8,606,881 | 4,865,458 | |
Property, plant and equipment, net | 1,185,607 | 682,354 | |
Deferred income tax assets | 264,961 | 171,218 | |
Goodwill | 228,934 | 30,386 | |
Other assets | 453,347 | 108,757 | |
Total assets | $ 10,739,730 | $ 5,858,173 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 3,021,669 | $ 1,578,895 | |
Accrued liabilities | 362,722 | 179,605 | |
Deferred revenue and customer advances | 1,535,768 | 878,474 | |
Accrued payroll and related benefits | 230,698 | 167,541 | |
Short-term debt, including current portion of long-term debt | 172,000 | 17,500 | |
Total current liabilities | 5,322,857 | 2,822,015 | |
Long-term liabilities: | |||
Long-term debt | 1,915,528 | 282,974 | |
Other liabilities | 708,420 | 214,021 | |
Total long-term liabilities | 2,623,948 | 496,995 | |
Stockholders' equity | 2,792,925 | 2,539,163 | |
Total liabilities and stockholders' equity | $ 10,739,730 | $ 5,858,173 | |
Sanmina Corporation | |||||||
Condensed Consolidated Statements of Income | |||||||
(in thousands, except per share amounts) | |||||||
(GAAP) | |||||||
(Unaudited) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
October 3, | September 27, | October 3, | September 27, | ||||
Net sales | $ 3,858,022 | $ 2,096,392 | $ 14,525,002 | $ 8,128,382 | |||
Cost of sales | 3,422,712 | 1,905,235 | 13,130,234 | 7,412,025 | |||
Gross profit | 435,310 | 191,157 | 1,394,768 | 716,357 | |||
Operating expenses: | |||||||
Selling, general and administrative | 108,696 | 73,521 | 446,462 | 290,221 | |||
Research and development | 8,075 | 8,669 | 32,991 | 31,087 | |||
Acquisition, integration and others | 84,154 | 27,082 | 221,176 | 34,162 | |||
Amortization of intangibles | 1,831 | — | 6,714 | — | |||
Restructuring | 2,868 | 3,420 | 5,908 | 6,319 | |||
Total operating expenses | 205,624 | 112,692 | 713,251 | 361,789 | |||
Operating income | 229,686 | 78,465 | 681,517 | 354,568 | |||
Interest income | 13,650 | 4,536 | 39,941 | 15,855 | |||
Interest expense | (32,853) | (5,190) | (122,177) | (20,151) | |||
Other income (expense), net | (4,676) | (4,474) | (9,002) | (10,844) | |||
Interest and other, net | (23,879) | (5,128) | (91,238) | (15,140) | |||
Income before income taxes | 205,807 | 73,337 | 590,279 | 339,428 | |||
Provision for income taxes | 79,257 | 21,364 | 188,851 | 73,168 | |||
Net income before noncontrolling interest | 126,550 | 51,973 | 401,428 | 266,260 | |||
Less: Net income attributable to noncontrolling interest | 8,590 | 3,907 | 23,407 | 20,367 | |||
Net income attributable to common shareholders | $ 117,960 | $ 48,066 | $ 378,021 | $ 245,893 | |||
Net income attributable to common shareholders per share: | |||||||
Basic | $ 2.20 | $ 0.90 | $ 7.00 | $ 4.56 | |||
Diluted | $ 2.14 | $ 0.88 | $ 6.85 | $ 4.46 | |||
Weighted-average shares used in computing per share amounts: | |||||||
Basic | 53,568 | 53,567 | 53,971 | 53,947 | |||
Diluted | 55,083 | 54,860 | 55,202 | 55,178 | |||
Sanmina Corporation | |||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||
(in thousands, except per share amounts) | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
October 3, | September 27, | October 3, | September 27, | ||||||
GAAP Operating income | $ 229,686 | $ 78,465 | $ 681,517 | $ 354,568 | |||||
GAAP Operating margin | 6.0 % | 3.7 % | 4.7 % | 4.4 % | |||||
Adjustments: | |||||||||
Stock compensation expense (1) | 28,968 | 16,233 | 101,471 | 63,396 | |||||
Amortization of inventory fair value adjustment (2) | — | — | 49,000 | — | |||||
Amortization of intangible assets (3) | 2,431 | — | 8,914 | — | |||||
Acquisition, integration and others (4) | 84,154 | 27,082 | 221,176 | 34,162 | |||||
Distressed customer charges (5) | — | — | — | 7,031 | |||||
Legal | |||||||||
