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Ingram Micro (INGM) investor relations material

Ingram Micro Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary2 Mar, 2026

Executive summary

  • Q4 2025 net sales reached $14.9B, up 11.5% year-over-year, exceeding guidance, with all regions contributing to growth and double-digit gains in Asia Pacific and AI infrastructure products.

  • Full-year 2025 net sales were $52.6B, up 9.5% year-over-year, with strong growth in Asia Pacific and robust performance across all product categories.

  • Adjusted free cash flow reached $1.63B in Q4, the highest in over a decade, and $1.1B for the year, reflecting significant operational efficiency.

  • The Xvantage platform and AI initiatives enhanced productivity, sales, and customer engagement, with most net sales now flowing through the platform.

  • Innovation and digital transformation, including new AI-powered tools and patents, supported ongoing business model pivots.

Financial highlights

  • Q4 net sales were $14.88B–$14.9B, up 11.5% year-over-year; gross profit was $966.4M (6.5% margin), up 3.2% year-over-year.

  • Q4 non-GAAP net income was $226.7M–$227M, non-GAAP diluted EPS was $0.96, up 4.3%–6.4% year-over-year.

  • Full-year non-GAAP net income was $681.9M–$682M, non-GAAP diluted EPS was $2.90, both up 8.6% year-over-year.

  • Adjusted EBITDA for FY25 was $1.36B, up from $1.32B in FY24.

  • Q4 operating expenses were $656.7M (4.41% of net sales), a 74 bps improvement year-over-year.

Outlook and guidance

  • Q1 FY26 net sales guidance: $12.45B–$12.8B, representing 1.4%–4.2% year-over-year growth at midpoint.

  • Q1 gross profit expected at $840M–$895M, with gross margin improvement to 6.87% at midpoint.

  • Q1 non-GAAP diluted EPS guidance: $0.67–$0.75, up 10%–23% year-over-year.

  • Dividend of $0.082 per share declared, payable March 24, 2026.

  • Free cash flow expected to be seasonally lower in Q1 due to low year-end working capital.

Xvantage next phase value creation plans
North America operating margin recovery plan
Q1 2026 gross margin improvement drivers
PC refresh cycle: duration and price elasticity impact?
Xvantage's unique AI capabilities and impact?
AI infrastructure deals: margin profile impact?
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Frequently asked questions

Ingram Micro Holding Corporation is a global provider of technology and supply chain services. The company specializes in the distribution of information technology (IT) hardware, software, and cloud solutions, serving a wide range of industries, including retail, healthcare, education, and government. In addition to distribution, Ingram Micro offers logistics and supply chain services, professional consulting, and technology lifecycle support. The company is headquartered in Irvine, California, and its shares are listed on the New York Stock Exchange (NYSE).

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