SANMINA (SANM) Company Report

Sanmina reported strong Q1 2026 results, with revenue of $3.19 billion, a non-GAAP operating margin of 6.0%, and non-GAAP diluted earnings per share of $2.38, all meeting or exceeding their outlook.
For Q2 2026, the company expects revenue between $3.1 billion and $3.4 billion and non-GAAP diluted earnings per share in the range of $2.25 to $2.55.
The ZT Systems business performed in line with expectations and contributed to revenue growth, with the company comfortable with the consensus estimate of $14 billion in revenue for fiscal year 2026.
Sanmina is strategically investing in areas like AI data centers and the energy business, including a new factory in Houston, Texas, and aims for longer-term operating margins of 6%-7%+.

Jan 26, 2026, 10:00 PM

Transcript

Sanmina Reports Strong Q1 FY'26 Results and Provides Q2 FY'26 Outlook

SANM

Earnings

Guidance Update

M&A

Sanmina reported Q1 FY'26 revenue of $3.19 billion, exceeding its outlook and increasing significantly from $2.006 billion in Q1 FY'25.
Non-GAAP diluted EPS for Q1 FY'26 was $2.38, also surpassing the company's outlook and up from $1.44 in Q1 FY'25.
The company generated $179 million in cash flow from operations and $92 million in free cash flow during Q1 FY'26, and repurchased 516 thousand shares for $79 million.
Q1 FY'26 results include two months of ZT Systems operations, with the integration on track and immediately accretive to EPS.
For Q2 FY'26, Sanmina projects revenue between $3.1 billion and $3.4 billion and non-GAAP diluted EPS between $2.25 and $2.55.

Jan 26, 2026, 10:00 PM

Presentation

Sanmina Reports Q1 2026 Results and Provides Q2 Outlook

SANM

Earnings

Guidance Update

New Projects/Investments

Sanmina reported Q1 2026 revenue of $3.19 billion, marking a 59% increase compared to the same period a year ago, and non-GAAP diluted earnings per share of $2.38, up 66.1% year-over-year.
For Q2 2026, the company expects revenue between $3.1 billion and $3.4 billion (midpoint $3.25 billion) and non-GAAP diluted earnings per share in the range of $2.25 to $2.55 (midpoint $2.40).
Management is comfortable with the consensus estimate for fiscal year 2026 revenue of $14 billion, indicating expectations for a growth year.
The ZT Systems business is performing well, with AI opportunities projected to deliver $16+ billion in calendar year 2027, supporting the goal to double Sanmina's revenue in two years.
Strategic investments include expanding capacity for AI data centers and a new state-of-the-art factory in Houston for the energy business, with full production planned for calendar year 2027.

Jan 26, 2026, 10:00 PM

Transcript

Sanmina Reports Strong Q1 Fiscal 2026 Results and Provides Q2 Outlook

SANM

Earnings

Guidance Update

New Projects/Investments

Sanmina reported Q1 Fiscal 2026 revenue of $3,190 million, a 59% increase compared to the same period a year ago, and non-GAAP diluted earnings per share of $2.38, up 66.1% year-over-year.
The company achieved a non-GAAP operating margin of 6% and generated strong cash flow from operations of $179 million in Q1 Fiscal 2026.
For Q2 Fiscal 2026, Sanmina expects revenue between $3.1 billion and $3.4 billion and non-GAAP diluted EPS in the range of $2.25 to $2.55.
Management is comfortable with consensus estimates for $14 billion in revenue for fiscal 2026 and aims to double Sanmina's revenue in the next two years, with AI opportunities projected to deliver over $16 billion in calendar year 2027.
Growth was primarily driven by the communications networks and cloud and AI infrastructure markets, including the ZT Systems business, which is immediately accretive to EPS.

Jan 26, 2026, 10:00 PM

Transcript

Sanmina Reports Q1 Fiscal 2026 Financial Results and Provides Q2 Fiscal 2026 Outlook

SANM

Earnings

Guidance Update

Share Buyback

Sanmina reported Q1 Fiscal 2026 revenue of $3.19 billion, GAAP diluted EPS of $0.89, and Non-GAAP diluted EPS of $2.38 for the quarter ended December 27, 2025.
The company generated $179 million in cash flow from operations and $92 million in free cash flow during Q1 Fiscal 2026.
Sanmina repurchased 516 thousand shares for $79 million in Q1 Fiscal 2026, ending the quarter with $1.42 billion in cash and cash equivalents.
For Q2 Fiscal 2026, Sanmina anticipates revenue between $3.1 billion to $3.4 billion and Non-GAAP diluted earnings per share between $2.25 to $2.55.

Jan 26, 2026, 9:04 PM

8-K

Sanmina Reports Q1 Fiscal 2026 Financial Results and Q2 Outlook

SANM

Earnings

Guidance Update

Share Buyback

Sanmina reported Q1 Fiscal 2026 revenue of $3.19 billion and non-GAAP diluted EPS of $2.38 for the quarter ended December 27, 2025.
The company provided an outlook for Q2 Fiscal 2026 revenue between $3.1 billion to $3.4 billion and non-GAAP diluted EPS between $2.25 to $2.55.
In Q1 Fiscal 2026, cash flow from operations was $179 million and free cash flow was $92 million, with $79 million used for share repurchases.
Management highlighted strong performance in Communications Networks and Cloud & AI Infrastructure end-markets driven by AI-driven hardware demand, and the ZT Systems integration is progressing as expected.

Jan 26, 2026, 9:01 PM

Press Release

Sanmina Expands Energy Business with New Texas Factory

SANM

New Projects/Investments

Product Launch

Sanmina Corporation announced a significant expansion of its Energy business, including a new state-of-the-art factory in Houston, Texas.
The new facility will focus on the US energy market, producing medium-voltage distribution transformers, instrument transformers, and switchgear.
Production is expected to begin in 2027, with initial customer commitments already in place.
Sanmina has also entered into an agreement with Končar - Electrical Industry Inc. to co-design a custom medium-voltage transformer and explore further collaboration for Končar's US market growth.

Dec 16, 2025, 8:01 AM

Press Release

Sanmina Discusses ZT Systems Acquisition Impact and Future Growth at UBS Conference

SANM

M&A

Guidance Update

Revenue Acceleration/Inflection

Sanmina's acquisition of ZT Systems is expected to transform the company, establishing it as a leader in North America AI manufacturing and significantly expanding its presence in the cloud and data center markets.
The company provided an operating margin guidance of 5.6%-6.1% for Q1, with a longer-term target of 6%-7% for the combined entity, including ZT Systems, which is expected to have a similar operating margin to the legacy business.
Sanmina aims to double its revenue from $8 billion to $16 billion within two years (revised from three years), with the ZT Systems acquisition contributing an average of $5.7 billion over 11 months.
For the current year, including the ZT acquisition, Sanmina expects revenue growth of well over 50% and EPS growth of at least 50-plus%.
The company highlighted ongoing supply chain challenges, including extended lead times for components like memory, connectors, and circuit boards, but noted its global and regionalized supply chain strategy and customer-guaranteed material purchases.

Dec 3, 2025, 6:35 PM

Transcript

Sanmina Discusses ZT Systems Acquisition, AI Growth, and Financial Outlook

SANM

M&A

Guidance Update

Revenue Acceleration/Inflection

Sanmina's recent acquisition of ZT Systems is a transformative move, positioning the company as a leader in North American AI manufacturing and significantly expanding its capabilities in the data center market.
The company projects substantial financial growth, expecting to double its overall size in two years from $8 million to $16 million, with over 50% growth in revenue and at least +50% growth in EPS this year, including the ZT acquisition.
Sanmina targets long-term operating margins of 6%-7%, building on its legacy business's 5.7% last year and 6% in Q4, with ZT Systems' existing business expected to achieve similar margins.
Operationally, Sanmina is addressing supply chain challenges, particularly with memory, connectors, and circuit boards, by leveraging its global and regionalized manufacturing strategy and customer-guaranteed material purchases.

Dec 3, 2025, 6:35 PM

Transcript

Sanmina Discusses ZT Systems Acquisition Impact and Growth Outlook

SANM

M&A

Guidance Update

Revenue Acceleration/Inflection

Sanmina's acquisition of ZT Systems is a transformative deal, positioning the company as a leader in North American AI manufacturing and expanding its presence in the data center market through a strategic partnership with AMD.
The company anticipates significant growth from the ZT Systems acquisition, aiming to double its size from approximately $8 billion to $16 billion in revenue within two years.
Sanmina expects its operating margin for the combined business, including ZT Systems, to be around 6%, with a longer-term target of 6%-7%.
For the current fiscal year (2026), Sanmina projects overall revenue growth of over 50% and EPS growth of at least 50-plus%, including the ZT acquisition.
The company is implementing a regional manufacturing strategy and managing extended lead times in the supply chain due to component shortages in areas such as memory, connectors, and circuit boards.