Revenue growth has surged to 13.7% as of 2026Q1, though gross margins have simultaneously compressed to 6.6% from 7.5% in 2023Q4, suggesting intense competitive pricing pressure.
| 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 | 54.24B | 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 % | 10.85% | 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 | 50.64B | 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 | 3.6B | 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 % | 6.64% | 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 | 2.65B | 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 | 2.64B | 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 | 1000K | 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 | 954.53M | 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 % | 1.76% | 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 | 1.2B | 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 % | 2.21% | 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 % | 4.8% | 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) | 245.75M | 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 | 731.62M | 936.66M | 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 | -195.94M | -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 | 21.67M | 45.73M | 45.34M | 34.98M | 22.91M | 18.05M | 22.77M | 11.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 298.39M | 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 | -383.57M | -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 | 570.96M | 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 % | 1.05% | 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 | 213.4M | 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 % | 37.38% | 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 | 357.56M | 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 % | 0.66% | 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 % | 25.96% | 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) | 357.56M | 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) | 1.50 | 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 % | 26.67% | 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 | 238.06M | 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 | 233.48M | 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% | - | - |
Thin operating margin sensitivity
According to the provided financial data, Ingram Micro's revenue growth has shifted from a contraction of 2.0% in 2024Q1 to a robust 13.7% expansion by 2026Q1, signaling a significant recovery in top-line demand across its core technology distribution and services segments.
The acceleration in revenue suggests that the company is successfully capturing market share or benefiting from a cyclical rebound in IT spending. Investors should monitor whether this growth is driven by high-volume, low-margin hardware sales or if the Xvantage platform is successfully scaling higher-value service contracts.
As reported in the income statement, gross margins have trended downward from 7.5% in 2023Q4 to 6.6% in 2026Q1, reflecting the intense competitive pressures inherent in the global IT distribution landscape and the difficulty of maintaining pricing power in a commoditized hardware market.
The consistent compression in gross margins suggests that the company's shift toward digital orchestration has yet to provide a meaningful buffer against industry-wide pricing volatility. This trend warrants further investigation into whether the product mix is shifting toward lower-margin categories or if aggressive discounting is being used to drive the recent revenue acceleration.
Based on the reported figures, operating margins have fluctuated between 1.4% and 2.5% over the last ten quarters, indicating that Ingram Micro struggles to achieve meaningful operating leverage despite significant top-line growth and investments in its proprietary Xvantage digital platform.
The lack of consistent operating margin expansion suggests that the cost structure remains heavily tied to variable fulfillment and logistics expenses. It appears that the company has not yet reached the scale or digital efficiency required to decouple operating expenses from revenue growth.
Financial statements reveal that Ingram Micro began reporting stock-based compensation in 2025Q3, with expenses reaching $13.2 million by 2026Q1, which may indicate a shift in compensation strategy that could dilute future earnings per share if the trend continues to accelerate.
The emergence of stock-based compensation warrants close monitoring as it introduces a non-cash expense that impacts net income quality. Investors should assess whether this expense is being used to attract talent for the Xvantage platform or if it represents a broader shift in management's long-term incentive structure.
While revenue growth has accelerated to 13.7% as of 2026Q1, the concurrent decline in gross margins to 6.6% suggests that the company may be sacrificing profitability to maintain its competitive position against peers like TD SYNNEX and Arrow Electronics.
Short-term growth figures may mask underlying structural challenges, particularly if the revenue gains are concentrated in low-margin hardware categories. The market should consider whether this growth trajectory is sustainable without a corresponding improvement in the efficiency of the underlying logistics and service delivery models.
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.