Filing Flows › Sanmina (SANM) › Q2 FY26 › vs Q1 FY26
Sanmina (SANM) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Sanmina's revenue rose $824M (+26%) from $3.2B in Q1 FY26 to $4.0B in Q2 FY26. The biggest changes: IMS Third Party Revenue +$798M (+29%); CPS Third Party Revenue +$26.1M (+6%). Gross margin 8.8% against 7.6% (+1.2 pts).
Sanmina, Q2 FY26: revenue $4.0B (+102% year over year), operating margin 3.9%, net earnings $93.6M, operating cash flow $399M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 8.8% | 7.6% | +1.2 pts |
| Operating margin | 3.9% | 2.3% | +1.6 pts |
| Net margin | 2.3% | 1.5% | +0.8 pts |
| Free cash flow margin | 8.5% | 2.9% | +5.6 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| IMS Third Party Revenue | $3.6B | $2.8B | $798M | +29% |
| CPS Third Party Revenue | $439M | $413M | $26.1M | +6% |
| Revenue | $4.0B | $3.2B | $824M | +26% |
| Gross profit | $354M | $242M | $111M | +46% |
| Cost of revenue | $3.7B | $2.9B | $712M | +24% |
| Operating profit | $157M | $73.6M | $83.4M | +113% |
| Operating expenses | $197M | $169M | $28.0M | +17% |
| Pre-tax earnings | $131M | $61.6M | $69.6M | +113% |
| Other expense, net | $25.9M | $12.0M | $13.9M | +115% |
| Research & development | $8.0M | $8.7M | −$667K | -8% |
| SG&A | $114M | $115M | −$1.3M | -1% |
| Other operating costs | $75.2M | $45.2M | $30.0M | +66% |
| Net earnings | $93.6M | $49.3M | $44.4M | +90% |
| Minority interests | $4.2M | $2.5M | $1.7M | +69% |
| Income tax | $33.3M | $9.8M | $23.5M | +239% |
| Depreciation & amortization | $47.1M | $39.5M | $7.6M | +19% |
| Share-based compensation | $24.1M | $23.6M | $447K | +2% |
| Working capital & other | $234M | $66.3M | $168M | +253% |
| Operating cash flow | $399M | $179M | $220M | +123% |
| Free cash flow (OCF − capex) | $342M | $91.9M | $250M | +272% |
| Capital expenditures | $56.7M | $86.8M | −$30.1M | -35% |
Questions
How much did Sanmina's revenue grow quarter over quarter in Q2 FY26?
Sanmina's revenue rose $824M (+26%) from $3.2B in Q1 FY26 to $4.0B in Q2 FY26.
What drove Sanmina's revenue change in Q2 FY26?
IMS Third Party Revenue +$798M (+29%); CPS Third Party Revenue +$26.1M (+6%).