Filing Flows › Sanmina (SANM) › Q3 FY26 › vs Q2 FY26
Sanmina (SANM) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Sanmina's revenue fell $549M (-14%) from $4.0B in Q2 FY26 to $3.5B in Q3 FY26. The biggest changes: IMS Third Party Revenue −$627M (-18%); CPS Third Party Revenue +$77.7M (+18%). Gross margin 10.5% against 8.8% (+1.7 pts).
Sanmina, Q3 FY26: revenue $3.5B (+70% year over year), operating margin 6.4%, net earnings $117M, operating cash flow $124M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 10.5% | 8.8% | +1.7 pts |
| Operating margin | 6.4% | 3.9% | +2.5 pts |
| Net margin | 3.4% | 2.3% | +1.0 pts |
| Free cash flow margin | 0.7% | 8.5% | -7.8 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| IMS Third Party Revenue | $2.9B | $3.6B | −$627M | -18% |
| CPS Third Party Revenue | $516M | $439M | $77.7M | +18% |
| Revenue | $3.5B | $4.0B | −$549M | -14% |
| Gross profit | $363M | $354M | $9.5M | +3% |
| Cost of revenue | $3.1B | $3.7B | −$559M | -15% |
| Operating profit | $221M | $157M | $64.2M | +41% |
| Operating expenses | $142M | $197M | −$54.7M | -28% |
| Pre-tax earnings | $192M | $131M | $60.6M | +46% |
| Other expense, net | $29.5M | $25.9M | $3.6M | +14% |
| Research & development | $8.3M | $8.0M | $276K | +3% |
| SG&A | $109M | $114M | −$4.2M | -4% |
| Other operating costs | $24.5M | $75.2M | −$50.8M | -67% |
| Net earnings | $117M | $93.6M | $23.5M | +25% |
| Minority interests | $8.2M | $4.2M | $4.0M | +96% |
| Income tax | $66.4M | $33.3M | $33.1M | +99% |
| Depreciation & amortization | $48.2M | $47.1M | $1.1M | +2% |
| Share-based compensation | $24.8M | $24.1M | $751K | +3% |
| Working capital & other | $65.7M | −$234M | $300M | — |
| Operating cash flow | $124M | $399M | −$274M | -69% |
| Free cash flow (OCF − capex) | $23.6M | $342M | −$318M | -93% |
| Capital expenditures | $101M | $56.7M | $44.2M | +78% |
Questions
How much did Sanmina's revenue grow quarter over quarter in Q3 FY26?
Sanmina's revenue fell $549M (-14%) from $4.0B in Q2 FY26 to $3.5B in Q3 FY26.
What drove Sanmina's revenue change in Q3 FY26?
IMS Third Party Revenue −$627M (-18%); CPS Third Party Revenue +$77.7M (+18%).