Ingram Micro Reports Record Third Quarter With Net Sales Up 20.8%

The Tip Desk · November 1, 2026 · 4 min read

The technology distributor posted $15.2 billion of third-quarter net sales, 20.8% above a year earlier, and expects fourth-quarter sales of $17.5 billion to $17.9 billion.

Ingram Micro Holding Corporation (INGM) reported net sales of $15.2 billion for the fiscal third quarter ended September 26, 2026, up 20.8% from a year earlier, accelerating from 13.6% growth in the prior quarter and exceeding the high end of its guidance on all financial metrics.

GAAP net income was $131.1 million, or $0.57 a share, up 31.8% and 35.7% year over year. Non-GAAP net income was $210.6 million, or $0.91 a share, up 24.8% and 26.4%.

Gross profit was $996.9 million, up 14.6% year over year. Gross margin compressed to 6.55% from 6.90% a year earlier. The company said the dollar increase in gross profit was primarily attributable to higher net sales and that the margin trend was largely driven by growth of lower-margin, low cost-to-serve GPU and AI-infrastructure product sets. Excluding those large deals, gross margin was 7.06%, versus 7.10% a year earlier.

Income from operations was $293.8 million, up 31.4% year over year, with operating margin at 1.93% versus 1.77%. Adjusted income from operations was $322.0 million, up 24.9%, with adjusted operating margin at 2.12% versus 2.05%. The company attributed the operating-income increase to higher net sales and leverage on operating expenses, and said the year-over-year margin comparisons reflected improved expense leverage partially offset by a shift toward lower-margin GPU and AI-infrastructure products.

Globally, Advanced Solutions net sales increased 40% year over year, Cloud-based Solutions increased 31%, Other services increased 35%, and Client and Endpoint Solutions increased 10%. Chief Financial Officer Mike Zilis said double-digit growth remained most robust in Advanced Solutions, including GPU and AI infrastructure, as well as Cloud-based Solutions.

North America net sales were $5.8 billion, up 31.5% year over year, led by a 61% increase in Advanced Solutions, which the company said included growth in networking and servers in the United States and in GPU and AI-infrastructure product sets. Cloud-based Solutions rose 21%, or 30% excluding the CloudBlue divestiture. North America income from operations was $114.1 million, up 44.2%, with operating margin at 1.96% versus 1.79%.

EMEA net sales were $3.9 billion, up 7.3%, with Advanced Solutions up 24% and Cloud-based Solutions up 39%, partially offset by a 1% decline in Client and Endpoint Solutions. Asia-Pacific net sales were $4.3 billion, up 22.3%, with Advanced Solutions up 25%, Client and Endpoint Solutions up 21%, Cloud-based Solutions up 44%, and Other services up 39%. Latin America net sales were $1.1 billion, up 16.7%, with Cloud-based Solutions up 56% and Other Services up 65%.

Cash provided by operations was $251.4 million, compared with $146.0 million used a year earlier. Adjusted free cash flow was $249.5 million, versus a $109.9 million use a year earlier. The company said that was its highest third-quarter cash flow in more than five years and that it had financed working-capital investment largely with vendor payables, managing the net working-capital conversion cycle multiple days better year over year.

For the fiscal fourth quarter, Ingram Micro expects net sales of $17.5 billion to $17.9 billion, a year-over-year increase of 17.6% to 20.3%, and non-GAAP diluted EPS of $1.05 to $1.15, versus $0.96 in the prior fiscal fourth quarter. The fourth quarter includes fourteen weeks of business versus thirteen a year earlier. Gross profit is expected to be $1.075 billion to $1.115 billion. The company also reaffirmed its multi-year framework from September Capital Markets Day, including net sales CAGR of about 4% to 6% and non-GAAP net income CAGR of about 11% to 13% for fiscal 2026 through 2029.

The board declared a fourth-quarter cash dividend of $0.088 a share, a 2.3% increase from the $0.086 quarterly dividend paid in the third quarter of 2026.