Filing Flows › Sanmina (SANM) › Q2 FY26 › vs Q2 FY25
Sanmina (SANM) Q2 FY26 vs Q2 FY25 (year over year)
Sanmina's revenue rose $2.0B (+102%) from $2.0B in Q2 FY25 to $4.0B in Q2 FY26. The biggest changes: IMS Third Party Revenue +$2.0B (+125%); CPS Third Party Revenue +$46.8M (+12%). Gross margin 8.8% against 8.9% (-0.1 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 8.8% | 8.9% | -0.1 pts |
| Operating margin | 3.9% | 4.6% | -0.7 pts |
| Net margin | 2.3% | 3.2% | -0.9 pts |
| Free cash flow margin | 8.5% | 6.4% | +2.2 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| IMS Third Party Revenue | $3.6B | $1.6B | $2.0B | +125% |
| CPS Third Party Revenue | $439M | $392M | $46.8M | +12% |
| Revenue | $4.0B | $2.0B | $2.0B | +102% |
| Gross profit | $354M | $176M | $178M | +101% |
| Cost of revenue | $3.7B | $1.8B | $1.9B | +102% |
| Operating profit | $157M | $91.6M | $65.4M | +71% |
| Operating expenses | $197M | $84.6M | $112M | +133% |
| Pre-tax earnings | $131M | $88.4M | $42.7M | +48% |
| Other expense, net | $25.9M | $3.2M | $22.7M | +706% |
| Research & development | $8.0M | $7.3M | $675K | +9% |
| SG&A | $114M | $76.3M | $37.2M | +49% |
| Other operating costs | $75.2M | $990K | $74.3M | 76× |
| Net earnings | $93.6M | $64.2M | $29.4M | +46% |
| Minority interests | $4.2M | $6.3M | −$2.1M | -34% |
| Income tax | $33.3M | $17.9M | $15.4M | +86% |
| Depreciation & amortization | $47.1M | $28.2M | $18.9M | +67% |
| Share-based compensation | $24.1M | $15.8M | $8.3M | +52% |
| Working capital & other | $234M | $48.7M | $185M | +381% |
| Operating cash flow | $399M | $157M | $242M | +154% |
| Free cash flow (OCF − capex) | $342M | $126M | $216M | +171% |
| Capital expenditures | $56.7M | $30.7M | $26.0M | +85% |
Questions
How much did Sanmina's revenue grow year over year in Q2 FY26?
Sanmina's revenue rose $2.0B (+102%) from $2.0B in Q2 FY25 to $4.0B in Q2 FY26.
What drove Sanmina's revenue change in Q2 FY26?
IMS Third Party Revenue +$2.0B (+125%); CPS Third Party Revenue +$46.8M (+12%).