Revenue accelerated 69.7% year-over-year to $3.5B in 2026Q3, with gross margin expanding 220 basis points to 10.5% and operating income surging 184% from $78.5M to $222.7M, demonstrating significant operating leverage.
Sanmina Corporation (SANM) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 12.76B | 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 % | 58.56% | 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 | 11.61B | 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 | 1.15B | 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 % | 9.01% | 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 | 500.22M | 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 | 411.29M | 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 | 33.59M | 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 | 649.21M | 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 % | 5.09% | 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 | 766.97M | 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 % | 6.01% | 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 % | 57.44% | 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) | 116.27M | 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 | 552.11M | 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 | -63.81M | 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 | 30.49M | 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 | 94.31M | 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 | -191.4M | -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 | 457.81M | 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 % | 3.59% | 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 | 130.96M | 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 % | 28.61% | 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 | 308.13M | 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 % | 2.41% | 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 % | 18.87% | 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) | 326.85M | 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 | 200.07M | 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) | 5.59 | 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 % | 19.7% | 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 | 55.13M | 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 | 53.86M | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
Customer concentration and AI demand cyclicality
Metrics are mathematically derived from official filings.
AI-Driven Revenue Inflection
Revenue surged 69.7% year-over-year in 2026Q3 to $3.5B, accelerating from 3.9% growth in 2025Q4, driven by AI infrastructure demand and the ZT Systems acquisition.
The sequential acceleration from $2.1B in 2025Q4 to $3.5B in 2026Q3 represents a 67% increase in two quarters, far outpacing the low-single-digit growth seen in the prior year. This inflection appears tied to the ZT Systems acquisition and heightened demand for accelerated compute, as evidenced by the 102.3% revenue growth in 2026Q2. However, the sustainability of this growth hinges on the durability of AI capital expenditure cycles and the company's ability to convert these high-volume programs into consistent margin expansion.
Gross Margin Expansion on Mix Shift
Gross margin expanded from 8.3% in 2024Q3 to 10.5% in 2026Q3, a 220 basis point improvement, suggesting a favorable mix shift toward higher-complexity, higher-margin programs.
The gross margin improvement to 10.5% in 2026Q3, up from the 8.3-9.1% range of the prior year, indicates that the revenue surge is not purely pass-through but includes higher-value content. This aligns with the company's strategic focus on high-complexity, low-volume manufacturing and the integration of ZT Systems' data center capabilities. The 10.5% gross margin now exceeds Jabil's 8.9% and approaches Celestica's 11.7%, suggesting Sanmina is capturing incremental pricing power in AI infrastructure. Investors should monitor whether this margin level is sustainable as the revenue mix evolves.
Operating Leverage Amplifies Earnings
Operating income grew from $78.5M in 2025Q4 to $222.7M in 2026Q3, a 184% increase, while SG&A rose only 49%, demonstrating significant operating leverage.
The operating margin expanded from 3.7% in 2025Q4 to 6.4% in 2026Q3, even as SG&A costs grew at a slower pace than revenue. This suggests that the incremental revenue from AI programs carries higher contribution margins, allowing fixed overhead to be spread over a larger base. The 6.4% operating margin now exceeds Jabil's 4.0% and Flex's 5.4%, though it remains below Celestica's 8.6%. The key question is whether this leverage persists as the company scales further or if it will require additional investment in capacity and R&D.
EPS Growth Outpaces Net Income
Diluted EPS rose 68.3% year-over-year to $2.12 in 2026Q3, while net income grew 70.7%, with stock-based compensation of $24.8M representing a modest 21% of net income.
The EPS growth is closely aligned with net income growth, indicating that the earnings quality is not being distorted by share buybacks or one-time items. SBC of $24.8M in 2026Q3 is relatively low compared to the $117.1M net income, suggesting that reported earnings are not significantly overstated. However, the effective tax rate appears to have fluctuated, as net income in 2026Q2 was $93.6M on operating income of $230.4M, implying a tax rate of around 59%, which is unusually high and warrants further investigation into potential one-time tax charges.
SG&A Discipline Amidst Rapid Scaling
SG&A as a percentage of revenue fell from 3.5% in 2025Q4 to 3.1% in 2026Q3, while R&D remained flat at $8.3M, indicating cost control despite a 67% revenue surge.
The company has managed to keep SG&A growth (49% year-over-year) well below revenue growth (69.7%), reflecting disciplined overhead management. R&D spending has remained relatively stable at around $8M per quarter, which is minimal for a technology company, suggesting that Sanmina relies on customer-funded engineering rather than internal R&D. This cost structure supports operating leverage but may limit the company's ability to develop proprietary technologies, potentially making it more dependent on customer specifications.
Sustainability of AI-Driven Growth Questioned
The 69.7% revenue growth in 2026Q3 is heavily concentrated in AI infrastructure, with customer concentration a key risk; any order timing shift could disproportionately impact results.
The dramatic revenue acceleration from $2.0B to $3.5B in two quarters raises concerns about the durability of AI-related demand. The company's reliance on a limited number of key customers in cyclical end-markets means that a single program delay or cancellation could reverse the recent gains. Additionally, the maintained forward guidance suggests management expects stable demand, but the high growth rate may not be sustainable as the AI infrastructure cycle matures. Short-sellers could argue that the current earnings power is peak-cycle and that margins will compress as competition intensifies and capacity catches up with demand.