Companies /Technology

Sanmina Corp

NASDAQ: SANM Electronic Components
$194.75
▼ $8.60 (−4.23%) today
Markets open · 3:28pm ET

Q4 2025 Earnings

Reported Nov 3, 2025, 4:05pm ET · SEC source
$1.67
Beat +6.71%
EPS · est. $1.57
$2.1B
Beat +2.22%
Revenue · est. $2.1B
−4.9%
Trailing market
SANM vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%Nov 3Nov 4report 4:05pm ETearnings−1.2%+6.3%
−6%0+6%Nov 3Nov 4earnings−1.2%+6.3%
SANM +6.3%S&P 500 −1.2%
−6%0+6%Nov 3Nov 4report 4:05pm ETearnings−2.3%+6.3%
−6%0+6%Nov 3Nov 4earnings−2.3%+6.3%
SANM +6.3%NASDAQ −2.3%
−16%−8%0+8%Nov 3Nov 11report 4:05pm ETearnings−0.1%+4.4%
−16%−8%0+8%Nov 3Nov 11earnings−0.1%+4.4%
SANM +4.4%S&P 500 −0.1%
−16%−8%0+8%Nov 3Nov 11report 4:05pm ETearnings−1.7%+4.4%
−16%−8%0+8%Nov 3Nov 11earnings−1.7%+4.4%
SANM +4.4%NASDAQ −1.7%
+16.56%
Day of report
+8.67%
Next session
+3.42%
One week
−3.36%
30 days

S&P 500 over the same 30 days: +1.55%.

Did SANM Beat Earnings? Q4 2025 Results

Sanmina closed out fiscal 2025 with a strong fourth quarter, beating analyst expectations on both revenue and earnings as demand across its Communications Networks and Cloud and AI Infrastructure end-markets drove results above consensus. Non-GAAP diluted EPS of $1.67 cleared the $1.56 consensus estimate by 6.71%, while revenue of $2.10 billion came in 2.22% ahead of expectations and grew 3.9% from the year-ago period, supported by non-GAAP operating margin expansion to 6.0% from 5.3% a year earlier. The quarter's most consequential development, however, may be forward-looking: Sanmina's acquisition of ZT Systems, purchased from AMD Design, LLC, is expected to substantially reshape the company's scale, with Q1 fiscal 2026 guidance calling for revenue of $2.90 billion to $3.20 billion and non-GAAP EPS of $1.95 to $2.25, a significant step-up that reflects ZT Systems' initial contribution. Shares responded sharply to the report, rising more than 16% in the session following the release, as investors embraced the company's expanded positioning in the Cloud and AI infrastructure market.

Key Takeaways
  • Ongoing strength in Communications Networks end-market
  • Ongoing strength in Cloud and AI Infrastructure end-market
  • Disciplined cost management and team execution
  • Non-GAAP operating margin expansion of 30 basis points year-over-year for full fiscal year
  • Strong working capital improvement contributing to Q4 operating cash flow

“We delivered strong results for the fourth quarter. Ongoing strength in the Communications Networks and Cloud and AI Infrastructure end-markets, combined with our team's execution and disciplined cost management, drove performance that met or exceeded our outlook.”

Sanmina CEO, on the earnings call

Forward Guidance & Outlook

For Q1 fiscal 2026 (quarter ending December 27, 2025), Sanmina expects revenue between $2.9 billion and $3.2 billion, and non-GAAP diluted EPS between $1.95 and $2.25. Management noted the legacy business remains strong with demand from new and existing customers, while the ZT Systems acquisition is expected to drive significant growth in the Cloud and AI end-market in fiscal 2026.

SANM YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$600.0M$1.2B$1.8B$2.0B$2.1BRevenue$171.3M$191.2MGross Profit$89.6M$78.5MOperating Income$61.4M$48.1MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

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