Revenue accelerated to $4.0 billion in 2026Q2, yet operating margins remained constrained within a narrow 3.7% to 4.7% historical band, suggesting limited operating leverage despite the massive top-line growth.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 11.34B | 8.13B | 7.57B | 8.94B | 7.92B | 6.74B | 6.95B | 8.23B | 7.11B | 6.87B | 6.48B | 6.37B | 6.22B | 5.92B | 6.09B | 6.6B | 6.32B | 5.18B | 7.2B | 10.38B | 10.96B | 11.73B | 12.2B | 10.36B | 8.76B | 4.05B | 3.91B | 1.21B | 722.6M | 405.2M | 265.1M |
| Revenue Growth % | 41.31% | 7.4% | -15.3% | 12.82% | 17.53% | -3.05% | -15.59% | 15.8% | 3.52% | 5.98% | 1.67% | 2.57% | 5.04% | -2.89% | -7.71% | 4.49% | 22.04% | -28.11% | -30.64% | -5.21% | -6.64% | -3.85% | 17.79% | 18.26% | 116.12% | 3.64% | 222.02% | 68.1% | 78.33% | 52.85% | 57.99% |
| Cost of Goods Sold | 10.37B | 7.41B | 6.93B | 8.19B | 7.3B | 6.21B | 6.43B | 7.64B | 6.65B | 6.35B | 5.97B | 5.89B | 5.73B | 5.49B | 5.66B | 6.09B | 5.84B | 4.86B | 6.68B | 9.83B | 10.33B | 11.09B | 11.58B | 9.9B | 8.39B | 3.51B | 3.28B | 962.6M | 563.9M | 310.4M | 201.5M |
| COGS % of Revenue | - | 91.19% | 91.54% | 91.68% | 92.14% | 92.19% | 92.56% | 92.81% | 93.48% | 92.43% | 92.06% | 92.41% | 92.14% | 92.79% | 92.85% | 92.27% | 92.36% | 93.77% | 92.72% | 94.67% | 94.32% | 94.54% | 94.92% | 95.54% | 95.72% | 86.64% | 83.95% | 79.25% | 78.04% | 76.6% | 76.01% |
| Gross Profit | 967.17M | 716.36M | 640.43M | 743.21M | 622.21M | 526.44M | 517.16M | 591.94M | 463.78M | 519.91M | 514.28M | 483.86M | 488.28M | 426.82M | 435.78M | 510.35M | 482.99M | 322.48M | 524.11M | 553.21M | 621.74M | 641.04M | 620.22M | 462.47M | 374.7M | 541.47M | 627.73M | 252.1M | 158.7M | 94.8M | 63.6M |
| Gross Margin % | 8.53% | 8.81% | 8.46% | 8.32% | 7.86% | 7.81% | 7.44% | 7.19% | 6.52% | 7.57% | 7.94% | 7.59% | 7.86% | 7.21% | 7.15% | 7.73% | 7.64% | 6.23% | 7.28% | 5.33% | 5.68% | 5.46% | 5.08% | 4.46% | 4.28% | 13.36% | 16.05% | 20.75% | 21.96% | 23.4% | 23.99% |
| Gross Profit Growth % | - | 11.86% | -13.83% | 19.45% | 18.19% | 1.79% | -12.63% | 27.63% | -10.8% | 1.09% | 6.29% | -0.91% | 14.4% | -2.06% | -14.61% | 5.66% | 49.77% | -38.47% | -5.26% | -11.02% | -3.01% | 3.36% | 34.11% | 23.42% | -30.8% | -13.74% | 149% | 58.85% | 67.41% | 49.06% | 45.87% |
| Operating Expenses | 518.19M | 361.79M | 304.94M | 287.55M | 272.73M | 270.5M | 298.02M | 287.58M | 284.59M | 288.96M | 285.8M | 274.43M | 276.58M | 265.54M | 265.83M | 271.76M | 255.27M | 269.87M | 826.89M | 1.51B | 433.59M | 988.89M | 377.14M | 423.88M | 2.96B | 306.34M | 249.2M | 106.3M | 46.8M | 27.5M | 18.3M |
| OpEx % of Revenue | - | 4.45% | 4.03% | 3.22% | 3.44% | 4.01% | 4.29% | 3.49% | 4% | 4.21% | 4.41% | 4.3% | 4.45% | 4.49% | 4.36% | 4.12% | 4.04% | 5.21% | 11.48% | 14.55% | 3.96% | 8.43% | 3.09% | 4.09% | 33.82% | 7.56% | 6.37% | 8.75% | 6.48% | 6.79% | 6.9% |
| Selling, General & Admin | 371.5M | 290.22M | 266.19M | 255.07M | 244.57M | 234.54M | 240.93M | 260.03M | 250.92M | 251.57M | 244.6M | 239.29M | 242.29M | 238.07M | 240.86M | 247.13M | 252.53M | 238.19M | 317.05M | 374.18M | 364.5M | 350.47M | 334.99M | 306.73M | 287.63M | 239.68M | 218.9M | 91.7M | 43.8M | 25.5M | 16.6M |
| SG&A % of Revenue | - | 3.57% | 3.52% | 2.85% | 3.09% | 3.48% | 3.47% | 3.16% | 3.53% | 3.66% | 3.77% | 3.75% | 3.9% | 4.02% | 3.95% | 3.74% | 4% | 4.6% | 4.4% | 3.6% | 3.33% | 2.99% | 2.74% | 2.96% | 3.28% | 5.91% | 5.6% | 7.55% | 6.06% | 6.29% | 6.26% |
| Research & Development | 33.4M | 31.09M | 28.51M | 26.43M | 21.34M | 20.91M | 22.56M | 27.55M | 30.75M | 33.72M | 37.75M | 33.08M | 32.49M | 25.57M | 21.9M | 20.8M | 13M | 16.68M | 19.55M | 30.09M | 40.18M | 29.73M | 29.4M | 14.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.38% | 0.38% | 0.3% | 0.27% | 0.31% | 0.32% | 0.33% | 0.43% | 0.49% | 0.58% | 0.52% | 0.52% | 0.43% | 0.36% | 0.32% | 0.21% | 0.32% | 0.27% | 0.29% | 0.37% | 0.25% | 0.24% | 0.14% | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 40.48M | 10.23M | 6.05M | 6.82M | 15.06M | 34.52M | 0 | 4.56M | 7.68M | 4.06M | 0 | 0 | 0 | -17.23M | 3.83M | -10.27M | 4.82M | 490.3M | 1.11B | 28.91M | 608.68M | 12.75M | 102.2M | 2.68B | 66.66M | 30.3M | 14.6M | 3M | 2M | 1.7M |
| Operating Income | 448.98M | 354.57M | 335.49M | 455.66M | 349.48M | 255.94M | 219.14M | 177.67M | 119.44M | 226.47M | 224.78M | 203.1M | 199.68M | 157.63M | 137.49M | 212M | 204.8M | -4.66M | -384.16M | -1B | 53.32M | -465.9M | 105.7M | -77.88M | -2.76B | 63.47M | 331.33M | 140.3M | 108M | 67.3M | 45.2M |
| Operating Margin % | 3.96% | 4.36% | 4.43% | 5.1% | 4.41% | 3.8% | 3.15% | 2.16% | 1.68% | 3.3% | 3.47% | 3.19% | 3.21% | 2.66% | 2.26% | 3.21% | 3.24% | -0.09% | -5.33% | -9.65% | 0.49% | -3.97% | 0.87% | -0.75% | -31.55% | 1.57% | 8.47% | 11.55% | 14.95% | 16.61% | 17.05% |
| Operating Income Growth % | - | 5.69% | -26.37% | 30.38% | 36.55% | 16.79% | 23.34% | 48.75% | -47.26% | 0.75% | 10.68% | 1.71% | 26.68% | 14.65% | -35.15% | 3.51% | 4498.6% | 98.79% | 61.66% | -1979.21% | 111.44% | -540.77% | 235.73% | 97.18% | -4454.9% | -80.84% | 136.16% | 29.91% | 60.48% | 48.89% | 66.79% |
| EBITDA | 541.66M | 474.03M | 457.91M | 573.89M | 458.26M | 365.59M | 333.36M | 294.62M | 238.26M | 345.22M | 336.69M | 205.16M | 201.48M | 159.53M | 140.56M | 215.83M | 208.35M | 161K | -287.34M | -884.74M | 191.91M | -287.58M | 296.61M | 144.72M | -2.51B | 244.27M | 488.58M | 185.8M | 135.3M | 80.2M | 53.3M |
| EBITDA Margin % | 4.78% | 5.83% | 6.05% | 6.42% | 5.79% | 5.43% | 4.8% | 3.58% | 3.35% | 5.03% | 5.2% | 3.22% | 3.24% | 2.7% | 2.31% | 3.27% | 3.3% | 0% | -3.99% | -8.52% | 1.75% | -2.45% | 2.43% | 1.4% | -28.7% | 6.03% | 12.49% | 15.3% | 18.72% | 19.79% | 20.11% |
| EBITDA Growth % | 12.2% | 3.52% | -20.21% | 25.23% | 25.35% | 9.67% | 13.15% | 23.65% | -30.98% | 2.53% | 64.12% | 1.82% | 26.3% | 13.49% | -34.88% | 3.59% | 129312.42% | 100.06% | 67.52% | -561.01% | 166.74% | -196.96% | 104.95% | 105.76% | -1129.46% | -50.01% | 162.96% | 37.32% | 68.7% | 50.47% | 67.61% |
| D&A (Non-Cash Add-back) | 92.68M | 119.47M | 122.42M | 118.24M | 108.78M | 109.66M | 114.22M | 116.95M | 118.82M | 118.75M | 111.91M | 2.05M | 1.8M | 1.9M | 3.07M | 3.83M | 3.56M | 4.82M | 96.82M | 117.19M | 138.6M | 178.32M | 190.9M | 222.6M | 249.57M | 180.79M | 157.26M | 45.5M | 27.3M | 12.9M | 8.1M |
| EBIT | 424.29M | 343.72M | 346.72M | 449.1M | 324.79M | 301.19M | 221.12M | 299.87M | 179.2M | 227.81M | 228.49M | 209.43M | 192.54M | 144.41M | 121.69M | 198.65M | 247.39M | 4.42M | -363.1M | -980.47M | 116.37M | -492.48M | 217.17M | 38.59M | -2.59B | 235.13M | 408.66M | 232.48M | 183.07M | 96.3M | 55.3M |
| Net Interest Income | -41.93M | 11.56M | -16.74M | -22.7M | -20.84M | -18.63M | -26.58M | -29.65M | -26.47M | -20.67M | -24.23M | -23.91M | -29.27M | -39.99M | -70.32M | -97.25M | -105.9M | -110.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 24.89M | 15.86M | 12.44M | 13.6M | 1.63M | 925K | 2.32M | 1.11M | 1.27M | 1.26M | 680K | 1.1M | 1.53M | 1.01M | 1.43M | 1.86M | 2.25M | 6.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 66.82M | 4.3M | 29.18M | 36.29M | 22.47M | 19.55M | 28.9M | 30.76M | 27.73M | 21.93M | 24.91M | 25.01M | 30.8M | 41M | 71.74M | 99.11M | 108.14M | 116.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -91.51M | -15.14M | -17.96M | -42.85M | -47.16M | 25.7M | -26.93M | -40.5M | -21.9M | -12.99M | -20.17M | -26.91M | -37.94M | -54.22M | -87.55M | -112.46M | -65.56M | -107.91M | -106.17M | -140.09M | -203.47M | -173.93M | -121.28M | -120.33M | -50.71M | 19.32M | -31.22M | -27.67M | -95.54M | 18.5M | 100K |
| Pretax Income | 357.47M | 339.43M | 317.54M | 412.81M | 302.32M | 281.64M | 192.22M | 245.62M | 97.54M | 213.48M | 204.62M | 176.19M | 161.74M | 103.41M | 49.94M | 99.54M | 139.24M | -112.57M | -490.33M | -1.12B | -150.15M | -593.86M | -15.58M | -198.21M | -2.81B | 82.79M | 330.24M | 147.9M | 107.3M | 67.1M | 45.3M |
| Pretax Margin % | 3.15% | 4.18% | 4.2% | 4.62% | 3.82% | 4.18% | 2.77% | 2.98% | 1.37% | 3.11% | 3.16% | 2.76% | 2.6% | 1.75% | 0.82% | 1.51% | 2.2% | -2.17% | -6.81% | -10.79% | -1.37% | -5.06% | -0.13% | -1.91% | -32.13% | 2.04% | 8.44% | 12.18% | 14.85% | 16.56% | 17.09% |
| Income Tax | 83.04M | 73.17M | 79.78M | 85.29M | 61.94M | 32.09M | 59.05M | 104.1M | 193.07M | 74.65M | 16.78M | -201.07M | -35.43M | 24.05M | -130.29M | 30.62M | 16.81M | 23.65M | 21M | 13.75M | -5.77M | 412.14M | -600K | -61.05M | -118.14M | 42.35M | 132.95M | 54.2M | 39.2M | 26.2M | 17.2M |
| Effective Tax Rate % | 23.23% | 21.56% | 25.13% | 20.66% | 20.49% | 11.4% | 30.72% | 42.38% | 197.94% | 34.97% | 8.2% | -114.12% | -21.9% | 23.26% | -260.88% | 30.76% | 12.07% | -21.01% | -4.28% | -1.23% | 3.84% | -69.4% | 3.85% | 30.8% | 4.2% | 51.15% | 40.26% | 36.65% | 36.53% | 39.05% | 37.97% |
| Net Income | 259.61M | 245.89M | 222.54M | 309.97M | 240.38M | 249.55M | 133.17M | 141.51M | -95.53M | 138.83M | 187.84M | 377.26M | 197.16M | 79.35M | 180.23M | 68.92M | 122.44M | -136.22M | -486.35M | -1.13B | -141.56M | -1.01B | -11.4M | -137.16M | -2.7B | 40.45M | 192.33M | 93.7M | 68.2M | 40.9M | 28.1M |
| Net Margin % | 2.29% | 3.03% | 2.94% | 3.47% | 3.04% | 3.7% | 1.92% | 1.72% | -1.34% | 2.02% | 2.9% | 5.92% | 3.17% | 1.34% | 2.96% | 1.04% | 1.94% | -2.63% | -6.75% | -10.93% | -1.29% | -8.57% | -0.09% | -1.32% | -30.78% | 1% | 4.92% | 7.71% | 9.44% | 10.09% | 10.6% |
| Net Income Growth % | 3.03% | 10.5% | -28.21% | 28.95% | -3.67% | 87.39% | -5.9% | 248.13% | -168.81% | -26.09% | -50.21% | 91.34% | 148.47% | -55.97% | 161.52% | -43.71% | 189.88% | 71.99% | 57.14% | -701.55% | 85.93% | -8726.13% | 91.69% | 94.91% | -6767.54% | -78.97% | 105.27% | 37.39% | 66.75% | 45.55% | 65.29% |
| Net Income (Continuing) | 274.43M | 266.26M | 237.75M | 327.51M | 240.38M | 249.55M | 133.17M | 141.51M | -95.53M | 138.83M | 187.84M | 377.26M | 197.16M | 79.35M | 180.23M | 68.92M | 122.44M | -136.22M | -511.34M | -1.14B | -144.39M | -1.03B | 819K | -137.16M | -2.7B | 40.45M | 215.05M | 104.72M | 33.2M | 49.4M | 36.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 185.26M | 164.89M | 149.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.69 | 4.46 | 3.91 | 5.18 | 4.06 | 4.01 | 1.97 | 1.97 | -1.37 | 1.78 | 2.38 | 4.41 | 2.27 | 0.93 | 2.16 | 0.83 | 1.48 | -1.65 | -5.50 | -12.92 | -1.61 | -11.62 | -0.13 | -1.61 | -33.57 | 0.72 | 3.90 | 2.10 | 0.84 | 1.38 | 1.26 |
| EPS Growth % | 5.11% | 14.07% | -24.52% | 35.96% | 1.25% | 103.55% | 0% | 243.8% | -176.97% | -25.21% | -46.03% | 94.27% | 144.09% | -56.94% | 160.24% | -43.92% | 189.7% | 70% | 57.43% | -702.48% | 86.14% | -8838.46% | 91.93% | 95.2% | -4762.5% | -81.54% | 85.71% | 150% | -39.13% | 9.52% | 61.54% |
| EPS (Basic) | - | 4.56 | 4.00 | 5.36 | 4.18 | 4.12 | 2.02 | 2.05 | -1.37 | 1.86 | 2.50 | 4.61 | 2.38 | 0.96 | 2.22 | 0.86 | 1.55 | -1.65 | -5.50 | -12.92 | -1.61 | -11.62 | -0.13 | -1.61 | -33.57 | 0.78 | 4.14 | 2.22 | 0.90 | 1.56 | 1.44 |
| Diluted Shares Outstanding | 55.31M | 55.18M | 56.97M | 59.81M | 63.12M | 68.8M | 70.79M | 71.68M | 69.83M | 78.13M | 78.79M | 85.64M | 86.73M | 85.4M | 83.5M | 83.16M | 82.48M | 82.53M | 88.45M | 87.85M | 87.66M | 86.6M | 86.05M | 85.02M | 80.33M | 55.04M | 56.23M | 50.05M | 47.73M | 28.48M | 29.05M |
| Basic Shares Outstanding | 54.24M | 55.13M | 55.59M | 57.85M | 61.31M | 67.33M | 69.04M | 69.13M | 69.73M | 74.48M | 75.09M | 81.82M | 82.87M | 82.83M | 81.28M | 80.34M | 79.19M | 82.53M | 88.45M | 87.85M | 87.66M | 86.6M | 86.05M | 85.02M | 80.33M | 53.23M | 50.8M | 50.05M | 47.73M | 24.29M | 25.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.09% | - | - | - |
Customer concentration and utilization
According to the most recent quarterly filings, Sanmina experienced a significant revenue acceleration to $4.0 billion in 2026Q2, representing a 102.3% year-over-year growth rate, which sharply contrasts with the stagnant or declining top-line performance observed in the preceding eight quarters of the reported data set.
This sudden doubling of revenue suggests a potential step-change in program wins or a major shift in customer demand within the high-complexity manufacturing segment. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in project-based revenue that may normalize in subsequent periods.
As reported in financial statements, Sanmina's gross margin reached 8.8% in 2026Q2, remaining largely consistent with the historical range of 7.6% to 9.1% despite the massive revenue expansion, indicating that the company's cost structure remains highly sensitive to variable input and labor expenses.
The inability to significantly expand gross margins during a period of rapid revenue growth suggests that the company's manufacturing model is heavily tied to pass-through costs. This implies that while the company can scale volume, it may lack the pricing power to capture incremental margin improvements from its specialized manufacturing services.
Based on the provided income statement data, operating income scaled to $157.0 million in 2026Q2, yet the operating margin of 3.9% remains within the narrow historical band of 3.7% to 4.7%, suggesting that overhead costs are rising in tandem with the company's top-line growth.
The lack of meaningful operating leverage implies that Sanmina's business model requires proportional increases in SG&A and operational support to manage higher throughput. This warrants further investigation into whether the company is effectively optimizing its fixed cost base or if it is simply adding capacity at a linear cost.
Analysis of the income statement reveals that net income quality is impacted by fluctuating stock-based compensation, which swung from a $23.6 million expense in 2026Q1 to a $22.4 million benefit in 2026Q2, significantly distorting the reported net income and EPS figures for the most recent period.
The reversal of stock-based compensation suggests non-recurring accounting adjustments that may mask the underlying operational profitability of the business. Investors should look past these headline EPS figures to understand the core earnings power, as these items appear to introduce significant noise into the quarterly performance metrics.
While the company reports strong growth, the historical data indicates that revenue was stagnant or contracting for several quarters prior to 2026Q2, which may suggest that Sanmina's performance is highly dependent on the timing of specific, large-scale program cycles rather than consistent, organic market share gains.
The reliance on a small number of high-value OEM customers creates a risk where the loss or completion of a single major program could lead to sudden under-utilization of facilities. This potential for lumpy revenue suggests that the current growth trajectory may be more fragile than it appears on the surface.
Quick answers to the most common questions about buying SANM stock.
For fiscal year 2025, Sanmina Corporation (SANM) reported total revenue of $8.13B. This represents a 2966.2% increase compared to $265.1M in 1996.
Sanmina Corporation (SANM) is profitable, generating $245.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.0%.
Sanmina Corporation (SANM) reported an operating income of $354.6M, resulting in an operating profit margin of 4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Sanmina Corporation (SANM) generated $716.4M in gross profit for the year, representing a gross profit margin of 8.8%. This demonstrates the company's core pricing power and production efficiency.