SAN 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 Highlights
Revenue: $4.01 billion
GAAP operating margin: 3.9%
GAAP diluted EPS: $1.70
Non-GAAP(1) operating margin: 6.4%
Non-GAAP(1) diluted EPS: $3.16
Additional Highlights
Cash flow from operations: $399 million
Free cash flow(2): $342 million
Share repurchases: 1.1 million shares for $160 million
Ending 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 Outlook
Revenue between $3.2 billion to $3.5 billion
Non-GAAP operating margin between 6.4% to 6.9%*
Non-GAAP diluted earnings per share between $2.55 to $2.85*
Fiscal Year 2026 Outlook
Revenue between $13.7 billion to $14.3 billion
Non-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 StatementThe 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 InformationSanmina 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 SanminaSanmina 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 ContactPaige MelchingSVP, Investor Communications408-964-3610
Logo - https://mma.prnewswire.com/media/10544/SANMINA_CORPORATION_LOGO.jpg
Sanmina Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(GAAP)
(Unaudited)
March 28,2026
September 27, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 1,575,517
$ 926,267
Accounts receivable, net
2,229,744
1,400,129
Contract assets
473,144
425,944
Inventories
3,026,666
1,988,462
Prepaid expenses and other current assets
306,365
124,656
Total current assets
7,611,436
4,865,458
Property, plant and equipment, net
993,331
682,354
Deferred income tax assets
326,415
171,218
Goodwill
358,783
30,386
Other assets
379,124
108,757
Total assets
$ 9,669,089
$ 5,858,173
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 2,508,961
$ 1,578,895
Accrued liabilities
312,473
179,605
Deferred revenue and customer advances
1,231,292
878,474
Accrued payroll and related benefits
217,330
167,541
Short-term debt, including current portion of long-term debt
172,000
17,500
Total current liabilities
4,442,056
2,822,015
Long-term liabilities:
Long-term debt
1,999,762
282,974
Other liabilities
615,462
214,021
Total long-term liabilities
2,615,224
496,995
Stockholders' equity
2,611,809
2,539,163
Total liabilities and stockholders' equity
$ 9,669,089
$ 5,858,173
Sanmina Corporation
Condensed 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
$ 3,990,428
Cost of sales
3,659,480
1,807,845
6,606,811
3,646,278
Gross profit
353,791
176,235
596,153
344,150
Operating expenses:
Selling, general and administrative
113,549
76,313
228,435
147,158
Research and development
7,991
7,316
16,649
14,340
Acquisition, integration and others
72,584
—
115,947
—
Amortization of intangibles
1,865
—
3,052
—
Restructuring
794
990
1,464
2,426
Total operating expenses
196,783
84,619
365,547
163,924
Operating income
157,008
91,616
