Sanmina (SANM) Earnings Date & Reports

Key Takeaways

• Sanmina reported fourth-quarter fiscal 2026 revenue of roughly $3.86 billion, up about 84% from $2.10 billion a year earlier.
• Non-GAAP diluted EPS (earnings per share) came in at $4.43, comfortably above the $3.27 consensus estimate, while revenue also topped expectations.
• The integration of ZT Systems and strong demand across cloud and AI (artificial intelligence) infrastructure helped lift results across end markets.
• Full fiscal 2026 revenue reached $14.53 billion, with non-GAAP diluted EPS of $13.28 and operating cash flow of $944 million.
• Management issued fiscal 2027 guidance calling for revenue of $17.5 billion to $19.5 billion and non-GAAP diluted EPS of $15.50 to $17.50.
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Earnings Context and Why It Matters

Sanmina's fourth-quarter report closes out a fiscal year reshaped by its ZT Systems acquisition, which significantly expanded the company's footprint in cloud and AI infrastructure. The report matters because it offers the clearest read yet on whether that deal is translating into durable revenue growth, margin expansion, and cash generation. Heading into the print, Sanmina shares had lagged the broader market, reflecting investor uncertainty about integration costs and demand sustainability. A strong quarter against this backdrop carries weight for sentiment, while the company's fiscal 2027 outlook provides a framework for evaluating whether the momentum in data-center-related manufacturing can be sustained into the next reporting year.

Reported Results

For the fourth quarter of fiscal 2026, Sanmina posted revenue of approximately $3.86 billion, an increase of about 84% from $2.10 billion in the prior-year period. On a GAAP basis (Generally Accepted Accounting Principles), diluted EPS was $2.14, compared with $0.88 a year earlier. Non-GAAP diluted EPS, which excludes acquisition-related and other items, was $4.43, well above the $3.27 analyst consensus and up from $1.67 in the same quarter last year. Non-GAAP operating margin was 9.0%.

For the full fiscal year, revenue reached $14.53 billion, up 79%, with non-GAAP diluted EPS of $13.28 and GAAP diluted EPS of $6.85. The company generated $944 million in cash flow from operations and $541 million in free cash flow, repurchased about 2.4 million shares for $393 million, and ended the quarter with $1.68 billion in cash and equivalents.

Management also issued forward guidance. For the first quarter of fiscal 2027, Sanmina expects non-GAAP diluted EPS of $3.50 to $3.85 on revenue of $3.8 billion to $4.1 billion. For all of fiscal 2027, the company projects revenue of $17.5 billion to $19.5 billion and non-GAAP diluted EPS of $15.50 to $17.50.

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Market Reaction and Investor Sentiment

Sanmina entered the report under pressure, with shares down roughly 10% year to date through early November compared with a gain in the broader S&P 500, reflecting investor caution around the ZT Systems integration and the company's elevated revenue base. The fourth-quarter results, which beat both EPS and revenue consensus estimates by wide margins, provided a constructive counterpoint to that skepticism. The dual beat, combined with above-consensus forward guidance, gives investors a tangible reason to reassess the growth narrative. Sentiment is likely to hinge on whether the company can sustain non-GAAP operating margins near 9% while scaling its cloud and AI-related manufacturing capacity without incurring meaningful integration friction.

Forward Outlook and Key Factors to Monitor

Following this report, investors will be watching whether Sanmina can convert its enlarged revenue base into consistent margin and cash-flow growth. The fiscal 2027 outlook, which calls for revenue between $17.5 billion and $19.5 billion, implies further expansion from fiscal 2026 levels, but execution will depend on how smoothly the ZT Systems integration progresses and whether demand in cloud and AI infrastructure remains robust.

Key factors to monitor include gross and operating margin trends, particularly any lingering acquisition-related costs such as inventory step-up amortization and intangible amortization. Free cash flow will also be an important signal of the deal's long-term value, given that Sanmina generated $541 million in fiscal 2026.

Broader industry dynamics matter as well. Capital spending patterns among large cloud and data-center customers can shift quickly, and any slowdown in AI-related hardware demand could weigh on the company's growth trajectory. Cost trends in components, labor, and logistics, along with customer concentration, remain relevant risks. For now, the company's guidance and cash position provide a foundation, but investors will be looking for confirmation that the growth story can be sustained beyond the initial integration phase.

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