Sanmina's Fiscal 2026 Sales Rise 79% After ZT Systems

The Tip Desk · November 9, 2026 · 2 min read

Fourth-quarter revenue of $3.86 billion cleared the July outlook, and the company now sees fiscal 2027 sales of $17.5 billion to $19.5 billion.

Sanmina Corporation (SANM), an integrated electronics manufacturing solutions provider, reported fourth-quarter revenue of $3.86 billion for the period ended October 3, 2026, above the $3.3 billion to $3.6 billion range it had issued in July.

Non-GAAP operating margin was 9.0% and non-GAAP diluted earnings were $4.43 a share, both above the July outlook of a 7.5% to 8.0% margin and $3.05 to $3.35 a share. GAAP operating margin was 6.0% and GAAP diluted earnings were $2.14 a share.

Chairman and Chief Executive Jure Sola said the year was transformative, with broad-based growth across end markets, the integration of ZT Systems to strengthen the company’s position in Cloud and AI Infrastructure, and double-digit year-over-year growth in the core Sanmina business.

For the full fiscal year ended October 3, 2026, revenue was $14.53 billion. The company said revenue grew 79%, non-GAAP operating profit increased 130%, and non-GAAP diluted earnings more than doubled versus a year earlier. GAAP operating margin for the year was 4.7% and GAAP diluted earnings were $6.85 a share; non-GAAP operating margin was 7.4% and non-GAAP diluted earnings were $13.28 a share.

Cash flow from operations was $242 million in the fourth quarter and $944 million for the year. Free cash flow was $83 million in the quarter and $541 million for the year. Ending cash and cash equivalents were $1.68 billion. The company repurchased $154 million of stock, or 0.8 million shares, in the quarter and $393 million, or about 2.4 million shares, for the year.

Sola said fiscal 2026 results reflected disciplined execution, financial management, and diversification across customers and end markets, and that the $944 million of operating cash flow provided flexibility to fund investments in capabilities and capacity.

For the first fiscal quarter ending January 2, 2027, Sanmina expects revenue of $3.8 billion to $4.1 billion, non-GAAP operating margin of 7.0% to 7.5%, and non-GAAP diluted earnings of $3.50 to $3.85 a share.

For fiscal 2027, the company projects revenue of $17.5 billion to $19.5 billion, non-GAAP operating margin of 7.0% to 7.5%, and non-GAAP diluted earnings of $15.50 to $17.50 a share. At the midpoint of that full-year outlook, Sola said revenue is projected to grow about 27% and non-GAAP diluted earnings per share about 24%. The company said it expects demand to remain strong.

The company listed as risks the possibility that benefits from the ZT Systems acquisition may not be realized or may take longer than anticipated, adverse changes in cloud and AI infrastructure markets, tariff and trade-policy shifts, reliance on a limited number of customers, international operations, and geopolitical uncertainty.