What is the revenue and EPS growth rate for Sanmina year over year?

What were the key takeaways from Sanmina’s earnings call?

Did Sanmina beat or miss consensus estimates last quarter?

What were the key takeaways from Sanmina's earnings call?

What is Sanmina's gross profit margin?

What is the market's earnings forecast for Sanmina next quarter?

What is Sanmina's latest dividend and current dividend yield?

What factors drove the changes in Sanmina's revenue and profit?

- **$8.13B FY25 Revenue Growth**: 7.4% YoY driven by cloud/AI, non-GAAP EPS up 14.4% to $6.04.
- **ZT Systems Acquisition**: Adds $5.7B annual run rate, targeting $16B+ revenue by 2027.
- **Q4 2025 Results**: $2.1B revenue, 9.4% gross margin, $1.67 EPS (16.7% YoY growth).
- **2026 Outlook**: Legacy Sanmina high single-digit growth, ZT contributing $5.7B+, 5.6%-6.1% operating margin.

**【CEO Summary Section】**
- Fiscal 2025 revenue reached $8.13 billion, up 7.4% year-over-year, driven by strong performance in communication networks and cloud/AI end markets.
- Non-GAAP EPS of $6.04 (14.4% YoY growth) and operating margin of 5.7% reflect disciplined execution and margin expansion.
- Completed ZT Systems acquisition, adding $5.7 billion annual run rate and enhancing AI infrastructure capabilities.
- 2026 guidance: Legacy Sanmina revenue growth in high single digits, ZT Systems contributing $5.7B+ annualized, targeting $16B+ revenue by 2027.

**【CFO Financial Commentary】**
- Q4 2025 revenue $2.1B (3.9% YoY growth), non-GAAP EPS $1.67 (16.7% YoY), exceeding expectations.
- Gross margin improved 70bps to 9.4%, driven by product mix and operational efficiency.
- Operating expenses $70M, up 3.9% YoY, reflecting strategic investments in growth initiatives.
- Cash flow from operations $621M for the year, with $926M cash on hand and no debt on revolver.
- 2026Q1 guidance: Revenue $2.9B-$3.2B, operating margin 5.6%-6.1%, EPS $1.95-$2.25.

**【Q&A Highlights】**
- ZT Systems integration: 2-month post-acquisition revenue $850M-$1.05B, operating margin in-line with legacy business (5.6%-6.1%).
- Legacy Sanmina growth: Industrial/energy/medical segments expected to accelerate in 2H26, automotive short-term softness offset by new programs.
- Cash flow: Legacy business maintains strong cash conversion, ZT working capital needs to be monitored.
- India joint venture: Expanding AI capabilities with new factory in 2026.
- Auto segment: New programs expected to offset near-term weakness.

Sanmina Corporation (SANM) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SANM

SANM fundamentals

You can ask Aime