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Sanmina Reports Second Quarter Fiscal 2026 Financial ResultsApril 27, 2026 4:01 PM
PR Newswire (US)
Board of Directors Authorize $600 Million Share Repurchase ProgramSAN JOSE, Calif., April 27, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the second quarter ended March 28, 2026 and outlook for its third fiscal quarter ending June 27, 2026.Second Quarter Fiscal 2026 Financial HighlightsRevenue: $4.01 billionGAAP operating margin: 3.9%GAAP diluted EPS: $1.70Non-GAAP(1) operating margin: 6.4%Non-GAAP(1) diluted EPS: $3.16Additional HighlightsCash flow from operations: $399 millionFree cash flow(2): $342 millionShare repurchases: 1.1 million shares for $160 millionEnding cash and cash equivalents: $1.58 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."We delivered great results for the second quarter. Revenue, non-GAAP operating margin and non-GAAP diluted EPS all exceeded our outlook," stated Jure Sola, Chairman and CEO of Sanmina Corporation. "ZT Systems revenue significantly exceeded our expectations, driven by strong execution and customer demand, resulting in new accelerated compute shipments previously expected in the second half of the year to shift into the second quarter. In addition, core Sanmina grew 7.3% year-over-year, in line with expectations.""Based on our results for the first half of the year and our outlook for the third quarter, we expect to deliver revenue in the range of $13.7 to $14.3 billion for fiscal 2026, and we see strong growth potential ahead. We remain focused on profitable growth, margin expansion, cash generation and shareholder value creation," Sola concluded. Third Quarter Fiscal 2026 OutlookRevenue between $3.2 billion to $3.5 billionNon-GAAP operating margin between 6.4% to 6.9%*Non-GAAP diluted earnings per share between $2.55 to $2.85*Fiscal Year 2026 OutlookRevenue between $13.7 billion to $14.3 billionNon-GAAP operating margin between 6.3% to 6.6%*Non-GAAP diluted earnings per share between $10.75 to $11.35**This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort.Board of Directors Authorize Share Repurchase Program
Sanmina's Board of Directors has authorized the repurchase of up to $600 million of Sanmina's common stock. The stock repurchase program has no expiration date. The Company exhausted its prior repurchase program as of March 28, 2026."Our Board's new share repurchase authorization reflects our strong balance sheet and free cash flow generation. This gives us the capacity to continue returning capital to shareholders while investing in the business and maintaining our leverage within our target range, consistent with our capital allocation framework," stated Jon Faust, Executive Vice President and Chief Financial Officer of Sanmina.Safe Harbor Statement
The statements above relating to our financial outlook for the third quarter fiscal 2026 and fiscal year 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, 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 second quarter and outlook for the third quarter of fiscal 2026 on Monday, April 27, 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 Q2'26 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 18902#.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 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 Contact
Paige Melching
SVP, Investor Communications
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Sanmina CorporationCondensed Consolidated Balance Sheets(in thousands)(GAAP)(Unaudited)
March 28,
2026
September 27,
2025ASSETS
Current assets:
Cash and cash equivalents$ 1,575,517
$ 926,267Accounts receivable, net2,229,744
1,400,129Contract assets473,144
425,944Inventories3,026,666
1,988,462Prepaid expenses and other current assets306,365
124,656Total current assets7,611,436
4,865,458Property, plant and equipment, net993,331
682,354Deferred income tax assets326,415
171,218Goodwill358,783
30,386Other assets379,124
108,757Total assets$ 9,669,089
$ 5,858,173LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$ 2,508,961
$ 1,578,895Accrued liabilities312,473
179,605Deferred revenue and customer advances1,231,292
878,474Accrued payroll and related benefits217,330
167,541Short-term debt, including current portion of long-term debt172,000
17,500Total current liabilities4,442,056
2,822,015Long-term liabilities:
Long-term debt1,999,762
282,974Other liabilities615,462
214,021Total long-term liabilities2,615,224
496,995
Stockholders' equity2,611,809
2,539,163Total liabilities and stockholders' equity$ 9,669,089
$ 5,858,173 Sanmina CorporationCondensed Consolidated Statements of Income(in thousands, except per share amounts)(GAAP)(Unaudited)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Net sales$ 4,013,271
$ 1,984,080
$ 7,202,964
$ 3,990,428Cost of sales3,659,480
1,807,845
6,606,811
3,646,278Gross profit353,791
176,235
596,153
344,150
Operating expenses:
Selling, general and administrative113,549
76,313
228,435
147,158Research and development7,991
7,316
16,649
14,340Acquisition, integration and others72,584
—
115,947
—Amortization of intangibles1,865
—
3,052
—Restructuring794
990
1,464
2,426Total operating expenses196,783
84,619
365,547
163,924
Operating income157,008
91,616
230,606
180,226
Interest income8,433
3,723
16,491
7,119Interest expense(32,138)
(4,979)
(56,860)
(9,980)Other income (expense), net(2,165)
(1,955)
2,483
(2,684)Interest and other, net(25,870)
(3,211)
(37,886)
(5,545)
Income before income taxes131,138
88,405
192,720
174,681Provision for income taxes33,323
17,890
43,150
33,282Net income before noncontrolling interest97,815
70,515
149,570
141,399 Less: Net income attributable to noncontrolling interest4,169
6,307
6,638
12,188Net income attributable to common shareholders$ 93,646
$ 64,208
$ 142,932
$ 129,211
Net income attributable to common shareholders per share:
Basic$ 1.72
$ 1.18
$ 2.63
$ 2.38Diluted$ 1.70
$ 1.16
$ 2.58
$ 2.32
Weighted-average shares used in computing per share amounts:
Basic54,331
54,405
54,245
54,304Diluted55,108
55,511
55,313
55,681 Sanmina CorporationReconciliation of GAAP to Non-GAAP Measures(in thousands, except per share amounts)(Unaudited)
Three Months Ended
March 28,
2026
December 27,
2025
March 29,
2025
GAAP Operating income
$ 157,008
$ 73,598
$ 91,616
GAAP Operating margin
3.9 %
2.3 %
4.6 %Adjustments:
Stock compensation expense (1)
24,066
23,620
15,790
Amortization of inventory fair value adjustment (2)
—
49,000
—
Amortization of intangible assets (3)
2,332
1,720
—
Acquisition, integration and others (4)
72,584
43,363
2,091
Distressed customer charges (5)
—
—
159
Restructuring
794
670
990Non-GAAP Operating income
$ 256,784
$ 191,971
$ 110,646
Non-GAAP Operating margin
6.4 %
6.0 %
5.6 %
GAAP Net income attributable to common shareholders
$ 93,646
$ 49,286
$ 64,208Adjustments:
Operating income adjustments (see above)
99,776
118,373
19,030
Legal (6)
—
(3,745)
—
Gain on sale of investment (7)
—
(4,710)
—
Loss on debt extinguishment
—
1,345
—
Adjustments for taxes (8)
(19,497)
(28,199)
(5,201)Non-GAAP Net income attributable to common shareholders$ 173,925
$ 132,350
$ 78,037
GAAP Net income attributable to common shareholders per share:
Basic
$ 1.72
$ 0.91
$ 1.18
Diluted
$ 1.70
$ 0.89
$ 1.16Non-GAAP Net income attributable to common shareholders per share:
Basic
$ 3.20
$ 2.44
$ 1.43
Diluted
$ 3.16
$ 2.38
$ 1.41Weighted-average shares used in computing per share amounts:
Basic
54,331
54,160
54,405
Diluted
55,108
55,519
55,511
(1)Stock compensation expense
Cost of sales
$ 5,535
$ 5,995
$ 4,931
Selling, general and administrative
18,127
17,274
10,580
Research and development
404
351
279
Total
$ 24,066
$ 23,620
$ 15,790
(2)Relates to the amortization of the fair value step up on inventory from the ZT acquisition.
(3)Relates to amortization of intangible assets acquired from the ZT acquisition.
(4)Q2'26 results include a $59M fair value adjustment to contingent consideration alongside certain employee compensation and professional
services related to the ZT acquisition. Q1'26 figures largely reflect bridge loan facility costs and legal fees in connection with the ZT acquisition.
(5)Relates to accounts receivable and inventory write-downs or recoveries associated with distressed customers.
(6)Represents expenses, charges and recoveries associated with certain legal matters.
(7)Relates to gain on sale of equity interest.
(8)Adjustments for taxes include the tax effects of the various adjustments we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Sanmina CorporationCondensed Consolidated Cash Flow(in thousands)(GAAP)(Unaudited)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Net income before noncontrolling interest
$ 97,815
$ 70,515
$ 149,570
$ 141,399Depreciation and intangibles amortization
47,085
28,208
86,616
60,053Amortization of inventory fair value adjustment
—
—
49,000
—Deferred income taxes
49,628
(802)
46,397
4,534Change in fair value of contingent consideration
59,000
—
59,000
—Other, net
25,007
14,723
46,032
30,541Net change in net working capital
120,223
44,214
140,871
(15,731)Cash provided by operating activities
398,758
156,858
577,486
220,796
Purchases of investments
—
(14,340)
—
(14,640)Proceeds from sales of investments
—
49,309
8,710
49,309Net purchases of property, plant and equipment
(56,621)
(30,647)
(143,390)
(47,568)Cash paid for businesses acquisition, net of cash acquired
(1,132)
—
(1,356,933)
—Cash used in investing activities
(57,753)
4,322
(1,491,613)
(12,899)
Proceeds from long-term debt
—
—
2,200,000
—Repayment of borrowings
—
(4,375)
(301,875)
(8,750)Repurchases of common stock
(159,450)
(84,340)
(239,244)
(100,453)Payments for tax withholding on stock-based compensation
(22,360)
(29,312)
(56,075)
(37,655)Debt issuance costs
—
—
(28,703)
—Cash provided by (used in) financing activities
(181,810)
(118,027)
1,574,103
(146,858)
Effect of exchange rate changes
(225)
1,165
(412)
(179)
Net change in cash, cash equivalents and restricted cash equivalents
$ 158,970
$ 44,318
$ 659,564
$ 60,860
Free cash flow:
Cash provided by operating activities
$ 398,758
$ 156,858
$ 577,486
$ 220,796Net purchases of property, plant and equipment
(56,621)
(30,647)
(143,390)
(47,568)
$ 342,137
$ 126,211
$ 434,096
$ 173,228 Schedule 1The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.Restructuring, Acquisition, Integration and Other Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities, and those associated with the acquisition, integration and other expenses of acquired businesses including fair value adjustments related to contingent consideration liability, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
View original content:https://www.prnewswire.com/news-releases/sanmina-reports-second-quarter-fiscal-2026-financial-results-302754662.htmlSOURCE Sanmina Corporation
Original: Sanmina Reports Second Quarter Fiscal 2026 Financial Results
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