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About

Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company operates through two businesses: Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engaging in the manufacture of components, subassemblies, and complete systems; and direct order fulfilment and logistics services. In addition, the company provides components, such as printed circuit boards, backplane fabrication and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic injected molded parts; memory solutions; storage platforms; optical, radio frequency, and microelectronic solutions; defense and aerospace products, design, manufacturing, repair, and refurbishment services; and cloud-based manufacturing execution software. It offers its products and services primarily to original equipment manufacturers in the industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure industries. The company was formerly known as Sanmina-SCI Corp. Sanmina Corporation was incorporated in 1980 and is headquartered in San Jose, California.

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📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q3 2025

Confident Vague

Management repeatedly states 'solid quarter' and 'exceeded outlook' but also qualifies with 'dynamic environment' and 'uncertainties around tariffs and geopolitical.' They express excitement about ZT Systems but defer specifics on integration and near-term revenue trajectory.

Q4 2025

Confident Specific

Management used specific numbers throughout (revenue $2.1B, EPS $1.67, operating margin 6.0%, cash flow $621M) and provided explicit forward guidance with ranges. Language like 'I'm very pleased', 'strong results', 'excited about the future' reinforces confidence.

Q1 2026

Confident Specific

Management repeatedly described the quarter as a strong start with execution exactly as planned, provided specific beat figures (revenue $3.19B, EPS $2.38 vs. outlook) and gave detailed Q2 guidance ranges, while acknowledging tariff/geopolitical uncertainties as a normal caveat.

Q2 2026 latest

Confident Specific

Management used phrases like 'very pleased', 'strong results', 'exceeded our outlook across the board', and 'increasingly confident', backed by specific numbers such as revenue $4.01B, non-GAAP op margin 6.4%, EPS $3.16, and cash flow $399M. They gave explicit revenue and margin guidance for Q3 and FY26.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management delivered a clear beat vs guidance, demonstrated that ZT Systems integration is progressing well with new customer wins, and raised both near-term and longer-term revenue targets. The $16B+ FY2027 outlook, while dependent on customer schedules, adds visibility to growth. Key watch items include component availability (memory, custom ASICs) which management flagged as still tight, the timing of next-generation accelerated compute ramps (likely late calendar 2026/early 2027), and whether ZT margins can sustain at or above 6.4% as mix shifts. The strong cash generation and additional buyback authorization provide downside support. Overall, the call reinforces confidence in a multi-year growth trajectory anchored by AI infrastructure demand.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Sanmina Q2 FY2026 rev $4.01B, op margin 6.4%, EPS $3.16; FY2027 target $16B+

Revenue & Profitability

Q2 FY2026 revenue was $4.01 billion, up 102% YoY. Non-GAAP gross profit was $360 million (9.0% of revenue), operating income $257 million (6.4% margin), and diluted EPS $3.16 (up 125% YoY). Cash flow from operations was $399 million. For FY2026, management guides revenue of $13.7-$14.3 billion, operating margin 6.3%-6.6%, and EPS $10.75-$11.35.

Outlook

Management sees strong demand across all end markets, especially AI-driven growth in cloud and AI infrastructure. Communication networks are rebounding, with traditional telecom improving. However, material shortages (memory, custom ASICs) and geopolitical/macro uncertainties remain headwinds. Despite these, demand is robust and the company is positioned for long-term growth.

Growth Drivers

Key growth levers include accelerated compute (AI infrastructure), new program wins with hyperscalers and OEMs, expansion in semiconductor capital equipment and energy sectors, and vertical integration of ZT Systems. Core Sanmina grew 7.3% YoY in Q2; communication networks/cloud/AI infrastructure revenue rose ~280% YoY, partly due to the ZT acquisition.

Balance Sheet & CapEx

In Q2 FY2026, capital expenditures were $57 million (below outlook due to timing). For Q3 FY2026, CapEx is guided at $95 million, reflecting continued investment in power, liquid cooling, and test cell capacity to support next-generation accelerated compute. Management expects to make strategic investments to support future growth.

Margins

Non-GAAP operating margin was 6.4% in Q2, the third consecutive quarter at or above 6%. Gross margin was 9.0%, down 10 bps YoY due to mix. For FY2026, operating margin is guided at 6.3%-6.6%, with Q3 range of 6.4%-6.9%. Management expects margin expansion over time as ZT Systems scales and cost discipline continues.

Key Risks

Management cited ongoing material shortages (memory, custom ASICs) that could limit revenue, as well as uncertainty in customer production schedules for next-generation AI platforms. Geopolitical and macroeconomic uncertainties are also noted. In Q&A, analysts questioned the pull-in of shipments and the timing of future accelerated compute orders.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-07-27

Q3 results exceeded expectations with 69.7% revenue growth and 116% EPS growth year-over-year, driven by strong execution in both core and ZT Systems businesses. Guidance for FY26 and FY27 remains robust, with continued investments in AI and cloud infrastructure and a strong balance sheet.

Q2 2026 Q2 25/26 2026-04-27

Q2 revenue surged 102% year-over-year to $4.01B, driven by ZT Systems and strong demand in cloud and AI infrastructure. Non-GAAP EPS rose 125% to $3.16, with robust cash flow and a positive outlook for FY26 and FY27. Guidance reflects continued growth and margin expansion.

Q1 2026 Q1 2026 2026-01-26

Revenue surged 59% year-over-year to $3.19 billion, driven by strong growth in communications, cloud, and AI infrastructure, and the ZT Systems acquisition. Non-GAAP EPS rose 66% to $2.38, with robust cash flow and a positive outlook for fiscal 2026 and beyond.

Q4 2025 Q4 2025 2025-11-03

Fiscal 2025 saw 7.4% revenue growth and 14.4% EPS growth, with strong cash flow and margin expansion. The ZT Systems acquisition positions the company for accelerated growth in cloud and AI, with Q1 2026 guidance reflecting a 52% revenue increase year-over-year.

Q3 2025 Q3 2025 2025-07-28

Q3 FY25 revenue grew 10.9% year-over-year to $2.04 billion, with non-GAAP EPS of $1.53, both exceeding outlook. The ZT Systems acquisition is on track, expected to double net revenue within three years and drive further growth in data center AI infrastructure.

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