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Sep 27, 2025
Sanmina Q4 2025 Earnings Report
Sanmina reported its financial results for the fourth quarter and fiscal year ended September 27, 2025, with strong performance driven by Communications Networks and Cloud and AI Infrastructure end-markets.
Key Takeaways
Sanmina delivered strong results for the fourth quarter of fiscal year 2025, meeting or exceeding its outlook with revenue of $2.1 billion and non-GAAP diluted EPS of $1.67. The company's performance was bolstered by robust demand in Communications Networks and Cloud and AI Infrastructure, coupled with effective execution and cost management. For the full fiscal year, revenue increased by 7.4%, non-GAAP operating margin expanded, and non-GAAP diluted EPS grew by 14.4%.
Fourth-quarter revenue reached $2.1 billion, demonstrating strong performance.
Non-GAAP diluted EPS for Q4 was $1.67, exceeding expectations.
Cash flow from operations for Q4 was $199 million, contributing to a strong fiscal year total.
The acquisition of ZT Systems is expected to be transformative, expanding capabilities and capitalizing on growth opportunities in the Cloud and AI end-market.
Forward Guidance
For the first quarter of fiscal year 2026, Sanmina anticipates revenue between $2.9 billion to $3.2 billion and non-GAAP diluted earnings per share between $1.95 to $2.25.
Positive Outlook
- Expected revenue growth for Q1 FY26, with a range of $2.9 billion to $3.2 billion.
- Anticipated increase in non-GAAP diluted EPS for Q1 FY26, ranging from $1.95 to $2.25.
- Legacy business remains strong, driven by demand from new and existing customers.
- Acquisition of ZT Systems is expected to be transformative, increasing scale and expanding capabilities.
- Significant growth opportunities are foreseen in the Cloud and AI end-market due to complementary offerings.
Challenges Ahead
- Actual results may differ materially from the forward-looking statements.
- Risk that expected benefits from the ZT Systems acquisition may not be realized or may take longer than anticipated.
- Adverse changes in key target markets, particularly Cloud and AI infrastructure, could impact performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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