Sanmina posts 84% revenue jump, guides FY2027 to $17.5B-$19.5B

Sanmina reported $3.86 billion in fiscal Q4 2026 revenue, up 84% from $2.10 billion a year earlier, and guided fiscal 2027 sales to $17.5 billion-$19.5 billion. Revenue rose 11% from $3.46 billion in the third quarter, while GAAP diluted EPS reached $2.14, compared with $0.88 a year earlier.

The quarter ended Oct. 3. CEO Jure Sola said: “As we look to fiscal 2027, we expect demand to remain strong. At the midpoint of our full-year outlook, revenue is projected to grow about 27% and our non-GAAP diluted earnings per share about 24%.”

What did ZT Systems change?

Fiscal 2026 revenue rose 79% to $14.53 billion, the first full year to include ZT Systems, which Sanmina bought from AMD on Oct. 27, 2025. ZT Systems makes AI and general-purpose compute racks for hyperscale cloud companies.

Sanmina paid $2.4 billion in cash and $150 million in stock at closing. AMD can earn up to $450 million more in contingent cash if certain financial metrics are met over three years. The revenue series marks ZT Systems as included from Oct. 27, 2025, in Q1 FY26.

Sola said the company had integrated ZT, strengthening its cloud and AI infrastructure business, while the core Sanmina business grew at a double-digit rate for the year.

The release gives no revenue breakdown by end market, so it does not quantify ZT Systems’ contribution to the 84% Q4 increase or separate revenue by product family.

How much of the revenue gain reached earnings?

GAAP operating income nearly tripled to $229.7 million from $78.5 million, and operating margin expanded to 6.0% from 3.7%. Net income attributable to shareholders reached $118.0 million, versus $48.1 million.

GAAP results absorbed $84.2 million of acquisition, integration and other costs, including a $78 million fair-value adjustment to contingent consideration owed on the ZT deal. That adjustment totaled $150 million for fiscal 2026.

On the company’s adjusted basis, which excludes those and other items, Q4 non-GAAP operating margin was 9.0% and EPS was $4.43. Gross margin reached 11.3%, up from 10.5% in Q3 and 9.1% a year earlier.

Metric	Q4 FY2026	Q3 FY2026	Q4 FY2025
Revenue	$3,858M	$3,464M	$2,096M
Gross margin	11.3%	10.5%	9.1%
Operating income	$229.7M	$221.2M	$78.5M
Operating margin	6.0%	6.4%	3.7%
Net income to shareholders	$118.0M	$117.1M	$48.1M
Diluted EPS	$2.14	$2.12	$0.88

Q4 net income was nearly unchanged from Q3’s $117.1 million, while diluted EPS edged up from $2.12 to $2.14.

What changed on the balance sheet?

The balance sheet tells another story. Long-term debt ended fiscal 2026 at $1.92 billion, up from $283 million a year earlier, while inventories rose to $3.61 billion from $1.99 billion.

Sanmina generated $944 million of operating cash and $541 million of free cash flow during the year, repurchased $393 million of stock and ended with $1.68 billion in cash.

How did revenue move through fiscal 2026?

MLQ.ai’s SEC-derived series covers Q1 FY25 through Q3 FY26, while Sanmina’s Q4 FY26 filing supplies the latest quarter. ZT Systems entered the reported series with Q1 FY26 following the Oct. 27, 2025 acquisition.

Fiscal quarter	Revenue, $ millions
Q1 FY25	$2,006
Q2 FY25	$1,984
Q3 FY25	$2,042
Q4 FY25	$2,096
Q1 FY26	$3,190
Q2 FY26	$4,013
Q3 FY26	$3,464
Q4 FY26	$3,858

Revenue peaked at $4.013 billion in Q2 FY26, then eased to $3.464 billion in Q3 before recovering to $3.858 billion in Q4.

What did Sanmina guide for fiscal 2027?

For the first quarter, Sanmina guided to revenue of $3.8 billion-$4.1 billion, 19%-29% above the $3.19 billion reported a year earlier, according to MLQ’s calculation. It also guided to $3.50-$3.85 of non-GAAP EPS.

For the full year, the company expects $17.5 billion-$19.5 billion of revenue, $15.50-$17.50 of non-GAAP EPS and a 7.0%-7.5% non-GAAP operating margin.

The margin guide sits below Q4’s 9.0% adjusted operating margin, even as the midpoint implies about 27% revenue growth and 24% non-GAAP diluted EPS growth.

The next test is whether demand can support that 27% midpoint growth while Sanmina converts it into the guided $15.50-$17.50 of non-GAAP EPS and manages $1.92 billion of long-term debt.