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Sanmina (SANM) investor relations material
Sanmina Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Nov, 2025
Executive summary
Fiscal 2025 revenue reached $8.13 billion, up 7.4% year-over-year, with non-GAAP EPS of $6.04, a 14.4% increase year-over-year, and strong growth in Communications Networks, Cloud and AI Infrastructure, Medical, and Defense and Aerospace.
Fourth quarter revenue was $2.1 billion, with non-GAAP EPS of $1.67, at the high end of outlook and exceeding guidance.
Completed the ZT Systems acquisition ahead of schedule, expanding scale and capabilities in cloud and AI infrastructure, with immediate accretion to non-GAAP EPS expected.
Strong cash flow from operations at $621 million for the year, and $199 million for Q4.
Financial highlights
Q4 non-GAAP gross margin was 9.4%, operating margin 6.0%, and diluted EPS $1.67.
FY'25 non-GAAP operating income was $465 million (5.7% of revenue), and EBITDA was $585 million.
Cash and cash equivalents at quarter end were $926 million, with no borrowings under the revolver.
Free cash flow for the year was $478 million; capital expenditures totaled $142 million.
Repurchased 1.44 million shares for $113.7 million.
Outlook and guidance
Q1 2026 revenue expected between $2.9 billion and $3.2 billion, with ZT Systems contributing $850 million-$1.05 billion for two months.
Non-GAAP operating margin guidance: 5.6%-6.1%; non-GAAP diluted EPS: $1.95-$2.25.
Legacy business expected to grow high single digits in fiscal 2026, with acceleration in the second half.
Targeting $16 billion revenue within two years, driven by legacy and ZT Systems growth.
ZT Systems acquisition: key integration risks?
Future capital allocation strategy?
Cloud and AI market demand outlook?
Rebuilding ZT's accelerated compute business?
Timeline for 6-7% operating margin goal?
Net leverage ratio target achievement plan?
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Frequently asked questions
Sanmina Corporation provides end-to-end design, manufacturing, and logistics services to original equipment manufacturers. Its offerings include printed circuit board fabrication, mechanical systems assembly, and product integration across communications, medical, industrial, and defense sectors. The company is headquartered in San Jose, California, and its shares are listed on the NASDAQ.
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