Sanmina Reports First Quarter Fiscal 2026 Financial Results
SAN JOSE, Calif., Jan. 26, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ:SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter ended December 27, 2025 and outlook for its second fiscal quarter ending March 28, 2026.
First Quarter Fiscal 2026 Financial Highlights
Revenue: $3.19 billion
GAAP operating margin: 2.3%
GAAP diluted EPS: $0.89
Non-GAAP(1) operating margin: 6.0%
Non-GAAP(1) diluted EPS: $2.38
Additional Highlights
Cash flow from operations: $179 million
Free cash flow(2): $92 million
Share repurchases: 516 thousand shares for $79 million
Ending cash and cash equivalents: $1.42 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 activity adjusted for net purchases of property and equipment. See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.
"Fiscal 2026 is off to a great start, with Q1 revenue and non-GAAP operating margin at the high-end of our outlook and non-GAAP EPS exceeding our outlook. In addition, the team did an excellent job delivering solid cash flow from operations," stated Jure Sola, Chairman and CEO of Sanmina Corporation.
"Our Communications Networks and Cloud & AI Infrastructure end-markets continue to be strong as a result of ongoing demand for AI-driven hardware. The integration of ZT Systems is in line with our expectations and we are excited about the opportunities ahead. We remain focused on building broader and deeper partnerships with our customers, which enables us to deliver profitable growth, generate cash and maintain a healthy balance sheet to drive long-term shareholder value."
Second Quarter Fiscal 2026 OutlookThe following outlook is for the second fiscal quarter ending March 28, 2026. These statements are forward-looking and actual results may differ materially.
Revenue between $3.1 billion to $3.4 billion
Non-GAAP diluted earnings per share between $2.25 to $2.55
Safe Harbor StatementThe statements above relating to our financial outlook for the second quarter fiscal 2026 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 integration of and 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, 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 InformationSanmina will hold a conference call to review its financial results for the first quarter and outlook for the second quarter of fiscal 2026 on Monday, January 26, 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 Q1'26 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 51961#.
About SanminaSanmina 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 industrial and energy, medical, defense and aerospace, automotive and transportation, communications networks, and cloud and AI infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina ContactPaige MelchingSVP, Investor Communications408-964-3610
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Sanmina Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(GAAP)
(Unaudited)
December 27,2025
September 27,2025
ASSETS
Current assets:
Cash and cash equivalents
$ 1,415,541
$ 926,267
Accounts receivable, net
2,646,068
1,400,129
Contract assets
430,906
425,944
Inventories
3,053,201
1,988,462
Prepaid expenses and other current assets
307,004
124,656
Total current assets
7,852,720
4,865,458
Property, plant and equipment, net
954,803
682,354
Deferred income tax assets
379,324
171,218
Goodwill
306,680
30,386
Other assets
307,501
108,757
Total assets
$ 9,801,028
$ 5,858,173
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 2,348,214
$ 1,578,895
Accrued liabilities
627,876
179,605
Deferred revenue and customer advances
1,250,508
878,474
Accrued payroll and related benefits
216,837
167,541
Short-term debt, including current portion of long-term debt
172,000
17,500
Total current liabilities
4,615,435
2,822,015
Long-term liabilities:
Long-term debt
1,998,601
282,974
Other liabilities
525,695
214,021
Total long-term liabilities
2,524,296
496,995
Stockholders' equity
2,661,297
2,539,163
Total liabilities and stockholders' equity
$ 9,801,028
$ 5,858,173
Sanmina Corporation
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(GAAP)
(Unaudited)
Three Months Ended
December 27,2025
December 28,2024
Net sales
$ 3,189,693
$ 2,006,348
Cost of sales
2,947,331
1,838,433
Gross profit
242,362
167,915
Operating expenses:
Selling, general and administrative
114,886
70,845
Research and development
8,658
7,024
Acquisition and integration
43,363
—
Amortization of intangibles
1,187
—
Restructuring
670
1,436
Total operating expenses
168,764
79,305
