Sanmina Revenue Jumps 79% to $14.53 Billion in Fiscal 2026
Key Facts
Sanmina said on November 9, 2026, that revenue reached $14.53 billion in the fiscal year ended, up 79% from a year earlier, with diluted earnings per share of $6.85 on a GAAP basis and $13.28 on a non-GAAP basis. The results included the fourth quarter ended October 3, when the company reported revenue of $3.86 billion and diluted earnings per share of $2.14 on a GAAP basis and $4.43 on a non-GAAP basis. Chairman and Chief Executive Officer Jure Sola said the company delivered "strong broad-based growth across all of its markets" and integrated ZT Systems. The results reflect a major shift in the scale of the business, with cloud and AI infrastructure expanding alongside growth in the core business. At the same time, the figures showed a clear divergence between rapid growth in that business and slower expansion in other segments.
Revenue from Sanmina’s core business, excluding ZT Systems, grew 18.3% year over year in 2026, management said on the earnings call. ZT Systems generated $5.4 billion in annualized revenue, within a previously specified annual operating range of $5 billion to $6 billion. Sanmina completed its acquisition of ZT Systems on October 27, 2025; the acquired company provides cloud and AI infrastructure to major hyperscale computing companies. The figures show the contribution of the business added through the acquisition alongside growth in the core business, without the company attributing the full 79% annual increase to the deal alone. Sola said Sanmina integrated ZT Systems and strengthened its position in the cloud and AI infrastructure market.
The cloud and AI segment generated $9.25 billion in revenue for the fiscal year, up 198%, while revenue from the industrial, energy, medical, defense and aerospace, and automotive segments totaled $5.27 billion, up 5%. The contrast highlights broadening demand for computing infrastructure equipment, while a wider range of markets continued to contribute to revenue. The chief financial officer said shipments of the Helios product had begun, but in small quantities. He added that the cloud and AI systems revenue outlook includes ZT Systems and other platforms and services, and that acceleration depends mainly on the timing of increased Helios production. The pace of ramping production therefore remains an important factor in the business’s future revenue trajectory.
Alongside sales growth, Sanmina generated $944 million in operating cash flow and $541 million in free cash flow in 2026. It also repurchased $393 million worth of shares, equivalent to about 2.4 million shares during the year. In the fourth quarter, the operating margin was 6.0% on a GAAP basis and 9.0% on a non-GAAP basis, providing another measure of the business’s profitability at the end of the fiscal year. The cash flows give the company funds generated by its operations, while the buyback reflects a use of capital during the period. The annual results thus show revenue expansion accompanied by substantial cash flows, alongside continued share repurchases.
For fiscal 2027, Sanmina expects revenue of $17.5 billion to $19.5 billion, a non-GAAP operating margin of 7.0% to 7.5%, and diluted earnings per share of $15.50 to $17.50 on the same basis. At the midpoint of the revenue and earnings-per-share ranges, the company estimates growth of about 27% and 24%, respectively. The outlook sets a wide range for full-year performance, while the projected operating margin range is below the fourth-quarter non-GAAP margin of 9.0%. The company said it expects demand to remain strong in the new fiscal year, but noted that its outlook is based on current customer estimates and takes uncertainty into account. Management identified market and geopolitical uncertainty among the risks to the outlook, while the company’s statement cited risks that expected benefits from the ZT Systems acquisition may not materialize, changes in tariffs, and reliance on a limited number of customers.
For the first quarter of fiscal 2027, ending January 2, 2027, the company expects revenue of $3.8 billion to $4.1 billion and non-GAAP diluted earnings per share of $3.50 to $3.85. For the full fiscal year, Sanmina expects cloud and AI systems revenue to range from $7.5 billion to $9 billion. Management said the third platform program remains under discussion and was not included in its 2027 outlook, and that it could add opportunities later in the year. In extended trading on Monday after the results were announced, the stock rose 23%, according to Investing.com. Adjusted fourth-quarter earnings per share also exceeded analysts’ estimate of $3.27 by $1.16, while revenue beat their estimate of $3.48 billion.