Revenue growth re-accelerated to 20.8% in 2026Q3 and operating margin improved to 1.9%, yet net margin of 0.9% leaves little cushion against cost or revenue shocks.
Ingram Micro Holding Corporation (INGM) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 58.59B | 52.56B | 47.98B | 48.04B | 50.82B | 54.46B | 49.12B | 47.2B | 50.44B | 46.67B | 41.93B | 43.03B | 46.49B | 42.55B |
| Revenue Growth % | 14.83% | 9.53% | -0.12% | -5.48% | -6.67% | 10.86% | 4.08% | -6.42% | 8.06% | 11.32% | -2.55% | -7.45% | 9.24% | - |
| Cost of Goods Sold | 54.74B | 49.05B | 44.54B | 44.49B | 47.13B | 50.35B | 45.51B | 43.85B | 47.26B | 43.73B | 39.07B | 40.31B | 43.82B | 40.06B |
| COGS % of Revenue | - | 93.33% | 92.82% | 92.62% | 92.73% | 92.45% | 92.65% | 92.91% | 93.7% | 93.68% | 93.18% | 93.7% | 94.27% | 94.15% |
| Gross Profit | 3.85B | 3.5B | 3.44B | 3.55B | 3.69B | 4.11B | 3.61B | 3.35B | 3.18B | 2.95B | 2.86B | 2.71B | 2.67B | 2.49B |
| Gross Margin % | 6.57% | 6.67% | 7.18% | 7.38% | 7.27% | 7.55% | 7.35% | 7.09% | 6.3% | 6.32% | 6.82% | 6.3% | 5.73% | 5.85% |
| Gross Profit Growth % | - | 1.71% | -2.88% | -3.96% | -10.15% | 13.86% | 7.89% | 5.28% | 7.77% | 3.15% | 5.46% | 1.71% | 7.08% | - |
| Operating Expenses | 2.76B | 2.57B | 2.63B | 2.6B | 444.46M | 3.26B | 2.72B | 2.65B | 2.63B | 2.54B | 2.58B | 2.3B | 2.18B | 1.97B |
| OpEx % of Revenue | - | 4.88% | 5.47% | 5.42% | 0.87% | 5.99% | 5.54% | 5.61% | 5.21% | 5.44% | 6.16% | 5.34% | 4.69% | 4.64% |
| Selling, General & Admin | 2.75B | 2.57B | 2.59B | 2.58B | 2.72B | 3.14B | 2.72B | 2.65B | 2.49B | 2.34B | 2.26B | 2.03B | 1.99B | 1.89B |
| SG&A % of Revenue | - | 4.88% | 5.39% | 5.38% | 5.34% | 5.77% | 5.54% | 5.61% | 4.94% | 5.02% | 5.39% | 4.71% | 4.28% | 4.44% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.28% | - | - |
| Other Operating Expenses | 2M | 0 | 38.35M | 18.8M | -2.27B | 118.71M | 0 | 0 | 138.52M | 199.1M | 322.52M | 147.18M | 189.13M | 83.55M |
| Operating Income | 1.09B | 936.66M | 817.92M | 944.35M | 3.25B | 849.26M | 890.32M | 697.77M | 550.59M | 408.66M | 277.74M | 415.32M | 487.26M | 514.88M |
| Operating Margin % | 1.85% | 1.78% | 1.7% | 1.97% | 6.39% | 1.56% | 1.81% | 1.48% | 1.09% | 0.88% | 0.66% | 0.97% | 1.05% | 1.21% |
| Operating Income Growth % | - | 14.52% | -13.39% | -70.93% | 282.56% | -4.61% | 27.59% | 26.73% | 34.73% | 47.14% | -33.13% | -14.77% | -5.36% | - |
| EBITDA | 1.31B | 1.26B | 1.14B | 1.24B | 3.55B | 1.09B | 1.24B | 892.5M | 759.57M | 611.59M | 481.45M | 568.46M | 633.29M | 643.79M |
| EBITDA Margin % | 2.23% | 2.4% | 2.37% | 2.58% | 6.98% | 1.99% | 2.52% | 1.89% | 1.51% | 1.31% | 1.15% | 1.32% | 1.36% | 1.51% |
| EBITDA Growth % | 13.77% | 11.15% | -8.16% | -65.12% | 226.55% | -12.11% | 38.48% | 17.5% | 24.2% | 27.03% | -15.31% | -10.24% | -1.63% | - |
| D&A (Non-Cash Add-back) | 220.97M | 326.22M | 318.27M | 292.79M | 298.37M | 237.03M | 345.64M | 194.73M | 208.98M | 202.93M | 203.71M | 153.14M | 146.03M | 128.91M |
| EBIT | 770.41M | 833.5M | 784.22M | 902.69M | 3.13B | 967.97M | 924.36M | 697.77M | 596.54M | 516.6M | 501.76M | 616.62M | 617.43M | 549.94M |
| Net Interest Income | -193.33M | -257.01M | -293.02M | -345.21M | -297.32M | -294.59M | -63.92M | -95.54M | -86.76M | -85.6M | -72.35M | -78.74M | -72.85M | -51.51M |
| Interest Income | 14.64M | 45.73M | 45.34M | 34.98M | 22.91M | 18.05M | 22.77M | 11.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 299.12M | 302.74M | 338.36M | 380.19M | 320.23M | 312.64M | 86.69M | 107.49M | 86.76M | 85.6M | 72.35M | 78.74M | 72.85M | 51.51M |
| Other Income/Expense | -380.87M | -405.9M | -372.06M | -421.85M | -434.39M | -227.55M | -52.66M | -92.44M | -99.72M | -87.57M | -107.03M | -118.89M | -92.51M | -78.78M |
| Pretax Income | 705.08M | 530.75M | 445.87M | 522.5M | 2.81B | 621.71M | 837.67M | 605.33M | 450.87M | 321.09M | 170.71M | 296.43M | 394.75M | 436.1M |
| Pretax Margin % | 1.2% | 1.01% | 0.93% | 1.09% | 5.54% | 1.14% | 1.71% | 1.28% | 0.89% | 0.69% | 0.41% | 0.69% | 0.85% | 1.02% |
| Income Tax | 242.86M | 202.87M | 181.64M | 169.79M | 420.05M | 146.5M | 197.19M | 101.71M | 98.68M | 122.14M | 70.28M | 81.32M | 128.06M | 125.52M |
| Effective Tax Rate % | 34.44% | 38.22% | 40.74% | 32.5% | 14.92% | 23.56% | 23.54% | 16.8% | 21.89% | 38.04% | 41.17% | 27.43% | 32.44% | 28.78% |
| Net Income | 462.23M | 327.88M | 264.22M | 352.71M | 2.39B | 475.21M | 640.47M | 503.62M | 352.19M | 198.96M | 100.43M | 215.1M | 266.69M | 310.58M |
| Net Margin % | 0.79% | 0.62% | 0.55% | 0.73% | 4.71% | 0.87% | 1.3% | 1.07% | 0.7% | 0.43% | 0.24% | 0.5% | 0.57% | 0.73% |
| Net Income Growth % | 59.61% | 24.09% | -25.09% | -85.27% | 403.88% | -25.8% | 27.17% | 43% | 77.02% | 98.11% | -53.31% | -19.34% | -14.13% | - |
| Net Income (Continuing) | 462.23M | 327.88M | 264.22M | 352.71M | 2.39B | 475.21M | 640.47M | 503.62M | 352.19M | 198.96M | 100.43M | 215.1M | 266.69M | 310.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.05M | 17.67M | 0 |
| EPS (Diluted) | 1.99 | 1.39 | 1.18 | 1.50 | 10.20 | 2.02 | 2.73 | 2.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 62.3% | 17.8% | -21.33% | -85.29% | 404.95% | -26.01% | 27.57% | - | - | - | - | - | - | - |
| EPS (Basic) | - | 1.40 | 1.18 | 1.50 | 10.20 | 2.02 | 2.73 | 2.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 231.77M | 235.35M | 224.72M | 234.83M | 234.83M | 234.83M | 234.83M | 234.83M | 0 | 0 | 0 | 1.31T | 1.33T | 1.31T |
| Basic Shares Outstanding | 231.04M | 234.88M | 224.65M | 234.83M | 234.83M | 234.83M | 234.83M | 234.83M | 0 | 0 | 0 | 1.29T | 1.34T | 1.56T |
| Dividend Payout Ratio | - | 23.9% | 2.34% | 2.97% | 73.24% | 90.56% | 56.2% | 49.38% | 51.82% | 53.16% | - | 14.03% | - | - |
Quick answers to the most common questions about buying INGM stock.
For fiscal year 2025, Ingram Micro Holding Corporation (INGM) reported total revenue of $52.56B. This represents a 23.5% increase compared to $42.55B in 2013.
Ingram Micro Holding Corporation (INGM) is profitable, generating $327.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.6%.
Ingram Micro Holding Corporation (INGM) reported an operating income of $936.7M, resulting in an operating profit margin of 1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Ingram Micro Holding Corporation (INGM) generated $3.50B in gross profit for the year, representing a gross profit margin of 6.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin net margin sensitivity
Metrics are mathematically derived from official filings.
Revenue Re-Accelerates Off Flat Base
According to the reported quarterly income statements, INGM's revenue grew 20.8% year over year in 2026Q3 after bottoming near 0.1% in 2024Q2, indicating a meaningful re-acceleration in top-line momentum over the ten-quarter window examined.
The shift from near-zero growth in 2024 to double-digit expansion through 2025 and into 2026 suggests demand recovery or share gains, but the data alone cannot distinguish volume from pricing effects. Investors should monitor whether the 20.8% print in 2026Q3 is sustained, since a single quarter's acceleration may reflect timing or favorable comparisons rather than durable growth.
Gross Margin Compressed Within Narrow Band
Based on INGM's reported figures, gross margin drifted from roughly 7.2% in 2024 to about 6.5% in recent quarters, a compression of roughly 70 basis points that appears consistent with a distribution-oriented cost structure.
The thin gross margin profile is characteristic of a high-volume distribution model where pricing power is limited and results depend on scale. The steady decline across the period suggests either mix shift toward lower-margin products or competitive pricing pressure, and this may warrant further investigation into segment disclosures.
Operating Income Scaling Faster Than Gross Profit
As reported in INGM's quarterly financial statements, operating income rose from $181.1M in 2024Q2 to $293.8M in 2026Q3, a gain of about 62%, while gross profit grew more modestly, implying positive operating leverage from SG&A discipline.
SG&A held in a relatively contained range while revenue expanded, which suggests the cost base is absorbing growth efficiently. However, the operating margin remains near 1.9%, so the leverage benefit is operating on a small base, and modest revenue shortfalls could quickly erode the gain.
Net Income Lags Operating Gains Sharply
Based on reported figures, INGM's net margin stayed near 0.8% in 2026Q3 despite operating margin reaching 1.9%, a wide gap that suggests substantial below-the-line costs such as interest expense or tax absorbing much of the operating profit.
The spread between operating and net margin is large relative to the operating margin itself, which warrants scrutiny of financing costs and effective tax rate. Stock-based compensation is small relative to revenue, so it does not explain the gap, and the net income trend should be read alongside the balance sheet debt load.
2025Q2 Earnings Trough Defines Inflection
According to reported quarterly results, INGM's net income fell to $37.8M in 2025Q2 with diluted EPS of $0.16, down 30.4% year over year, marking the sharpest earnings reversal in the period before a rapid recovery to $131.1M by 2026Q3.
The 2025Q2 trough occurred while revenue still grew 10.9%, indicating the earnings dip was driven by margin or below-the-line pressure rather than volume loss. The subsequent recovery in EPS to $0.57 suggests the trough may have been transitory, though its cause is not identifiable from the supplied data alone.
Thin Margins Leave Little Cushion
Based on reported figures, INGM operates with a net margin of roughly 0.3% to 0.9% across the period, meaning a small rise in costs or a modest revenue decline could eliminate most of the reported earnings.
A distribution business with sub-1% net margins has limited ability to absorb pricing pressure or working capital strain, and the 2025Q2 episode illustrates how quickly net income can collapse. Bears would argue the recent earnings rebound is partly cyclical and may not hold if top-line growth decelerates from its current pace.