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Sanmina (SANM) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jan 26, 2026
Sanmina (SANM) reported revenue of $3.2B for the first quarter fiscal 2026 (Q1 FY26), +59% from a year earlier and +52% from the quarter before. Operating margin was 2.3%, net earnings $49.3M (1.5% of revenue).
Sanmina, Q1 FY26: revenue $3.2B (+59% year over year), operating margin 2.3%, net earnings $49.3M, operating cash flow $179M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +52% | +59% |
| Gross profit | $242M | +27% | +44% |
| Operating profit | $73.6M | -6% | -17% |
| Net earnings | $49.3M | +3% | -24% |
| Operating cash flow | $179M | -10% | +180% |
| Free cash flow | $91.9M | -33% | +96% |
What changed
Revenue was $3.2B in Q1 FY26, up 59% year over year and up 52% from the previous quarter. IMS Third Party Revenue was the largest line at 87% of revenue. IMS Third Party Revenue added $1.2B year over year (up 72%), 99% of the total change.
Gross margin was 7.6%, down 0.8 points from a year earlier. Operating profit was $0.07B, a 2.3% margin (down 2.1 points year over year). Operating profit fell $0.02B even though revenue rose $1.2B versus a year earlier, so costs grew faster than sales. Operating expenses grew 113% against revenue growth of 59%. The fastest-growing cost line was Other operating costs (+3049%). Net earnings were $0.05B, down 24% year over year. The effective tax rate was 16.0%.
Operating cash flow was $0.18B (up 180% year over year), 345% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.09B left free cash flow of $0.09B.
Questions
What was Sanmina's revenue in the first quarter fiscal 2026?
Sanmina (SANM) reported revenue of $3.2B for the first quarter fiscal 2026 (Q1 FY26), +59% from a year earlier and +52% from the quarter before.
Was Sanmina profitable in the first quarter fiscal 2026?
Operating profit was $73.6M (2.3% of revenue) and net earnings $49.3M.
Source: Sanmina 10-Q on SEC EDGAR.