San Jose – November 10, 2026 -- Sanmina Corporation (NASDAQ: SANM) reported fiscal 2026 revenue of $14.53 billion, up 79% year over year, as the integration of ZT Systems strengthened its position in cloud and AI infrastructure. Non-GAAP operating profit rose 130%, and non-GAAP diluted earnings per share more than doubled, to $13.28.
Fourth-quarter revenue reaches $3.86 billion with 9.0% non-GAAP operating margin
For the quarter ended October 3, 2026, Sanmina posted revenue of $3.86 billion. GAAP operating margin was 6.0% and GAAP diluted EPS was $2.14. On a non-GAAP basis, operating margin was 9.0% and diluted EPS was $4.43.
For the full year, GAAP operating margin was 4.7% and GAAP diluted EPS was $6.85. Non-GAAP operating margin was 7.4%.
Operating cash flow hits $944 million for the year
Cash flow from operations was $242 million in the fourth quarter and $944 million for fiscal 2026. Free cash flow was $83 million in the quarter and $541 million for the year. Quarter-end cash and cash equivalents stood at $1.68 billion.
Chairman and CEO Jure Sola said the cash generation funded investments in new capabilities and capacity while keeping the balance sheet healthy.
Buybacks total $393 million across fiscal 2026
Sanmina repurchased $154 million of stock in the fourth quarter, or 0.8 million shares. Full-year repurchases came to $393 million, or approximately 2.4 million shares.
Core business grows by double digits as ZT Systems adds scale
Sola called fiscal 2026 a "transformative year" with broad-based growth across all end markets. He said the core Sanmina business grew by double digits year over year, and that the company kept a well-diversified portfolio while absorbing ZT Systems.
Fiscal 2027 outlook midpoint implies 27% revenue growth
Sanmina expects demand to remain strong in fiscal 2027. At the midpoint of its full-year outlook, revenue is projected to grow about 27% and non-GAAP diluted EPS about 24%. The company also issued guidance for its first fiscal quarter ending January 2, 2027, but the release does not give figures for that period.
Company flags ZT Systems, tariffs and customer concentration as key risks
Sanmina said the expected benefits from the ZT Systems acquisition may not be realized, or may take longer than anticipated. It also cited adverse changes in cloud and AI infrastructure markets, and tariff and trade policy changes that could raise costs and disrupt supply chains. Reliance on a limited number of customers for a substantial share of sales, international expansion risks and geopolitical uncertainty, including the conflict in the Middle East, were also listed.
Management reviewed the results on a conference call on Monday, November 9, 2026, at 5:00 p.m. ET.