Companies /Technology

Sanmina Corp

NASDAQ: SANM Electronic Components
$224.77
▲ $2.89 (+1.30%) today
Markets closed · 6:24am ET

Q3 2025 Earnings

Reported Jul 28, 2025, 4:13pm ET · SEC source
$1.53
Beat +8.13%
EPS · est. $1.42
$2.0B
Beat +3.12%
Revenue · est. $2.0B
−3.3%
Trailing market
SANM vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+9%+18%+27%Jul 28Jul 29report 4:13pm ETearnings−0.3%+27.7%
0+9%+18%+27%Jul 28Jul 29earnings−0.3%+27.7%
SANM +27.7%S&P 500 −0.3%
0+9%+18%+27%Jul 28Jul 29report 4:13pm ETearnings−0.2%+27.7%
0+9%+18%+27%Jul 28Jul 29earnings−0.2%+27.7%
SANM +27.7%NASDAQ −0.2%
0+10%+20%+30%Jul 28Aug 5report 4:13pm ETearnings−1.4%+24.5%
0+10%+20%+30%Jul 28Aug 5earnings−1.4%+24.5%
SANM +24.5%S&P 500 −1.4%
0+10%+20%+30%Jul 28Aug 5report 4:13pm ETearnings−1.7%+24.5%
0+10%+20%+30%Jul 28Aug 5earnings−1.7%+24.5%
SANM +24.5%NASDAQ −1.7%
+22.79%
Day of report
−4.02%
Next session
−3.07%
One week
−1.15%
30 days

S&P 500 over the same 30 days: +2.15%.

Did SANM Beat Earnings? Q3 2025 Results

Sanmina posted a decisive beat across the board in its fiscal third quarter of 2025, with revenue of $2.04 billion topping the $1.98 billion consensus by 3.12% and climbing 10.9% year over year, while non-GAAP diluted EPS of $1.53 cleared the $1.42 analyst estimate by 8.13%. The company credited focused execution and a favorable business mix for driving margin expansion, with non-GAAP operating margin widening to 5.7% from 5.3% a year ago. Cash generation stood out as a particular highlight, with free cash flow of $168.18 million more than doubling the $67.23 million recorded in the year-ago quarter, lifting the cash balance to $797.88 million. The quarter also carried a new acquisition and integration cost line of $7.08 million, suggesting a strategic transaction may be underway. Looking ahead, management guided fiscal Q4 revenue of $2.00 billion to $2.10 billion and non-GAAP EPS of $1.52 to $1.62, expressing confidence that a growing customer base and new program wins would sustain the momentum into fiscal 2026.

Key Takeaways
  • Operational efficiencies and favorable business mix driving margin expansion
  • Non-GAAP operating margin expanded to 5.7% from 5.3% year-over-year
  • Robust cash generation with free cash flow of $168 million
  • Revenue, non-GAAP gross margin, and non-GAAP diluted EPS exceeded company outlook
  • Significant working capital improvement of $84.3 million during the quarter

“Our focused execution and operating discipline yielded solid third quarter financial results. Revenue, non-GAAP gross margin, and non-GAAP diluted earnings per share exceeded our outlook. We continue to benefit from operational efficiencies and a favorable business mix as reflected in our healthy operating margin and robust cash generation.”

Sanmina CEO, on the earnings call

Forward Guidance & Outlook

For Q4 FY25 (quarter ending September 27, 2025), Sanmina expects revenue between $2.0 billion and $2.1 billion, GAAP diluted EPS between $1.21 and $1.31, and non-GAAP diluted EPS between $1.52 and $1.62. Management expressed confidence in delivering solid fourth quarter and fiscal year results with momentum continuing into fiscal 2026, driven by a growing customer base and pipeline of new program wins.

SANM YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$600.0M$1.2B$1.8B$1.8B$2.0BRevenue$153.5M$181.1MGross Profit$82.4M$95.9MOperating Income$51.6M$68.6MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.