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How Sanmina (SANM) makes money

Sanmina (SANM) made $3.5B of revenue in the third quarter fiscal 2026 (Q3 FY26), +70% from a year earlier. IMS Third Party Revenue brought in $2.9B (85%); CPS Third Party Revenue brought in $516M (15%). Of every dollar of revenue, 10¢ was left as gross profit, 6¢ was left as operating profit, 3¢ was left as net earnings.

Drawing the Sankey…

Sanmina revenue by segment, Q3 FY26Sanmina revenue by segment, Q3 FY26IMS Third Party Revenue$2.9BCPS Third Party Revenue$516M
Sanmina: revenue by line, Q4 FY24 to Q3 FY26Sanmina: revenue by line, Q4 FY24 to Q3 FY26IMS Third Party Reven…CPS Third Party Reven…IMS Third Party Revenue: $2.9B latest$2.9BCPS Third Party Revenue: $516M latest$516MQ4 FY24Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
CPS Third Party Revenue went from 20% of revenue in Q4 FY24 to 15% in Q3 FY26, the largest shift in the mix.
Sanmina revenue by quarterSanmina revenue by quarter$2.0BQ4 FY24$2.0BQ2 FY25$2.0BQ3 FY25$2.1BQ4 FY25$3.2BQ1 FY26$4.0BQ2 FY26$3.5BQ3 FY26
Sanmina: where each dollar of revenue goesSanmina: where each dollar of revenue goesCost of revenue90¢Gross profit10¢Operating expenses4¢Operating profit6¢Income tax2¢Net earnings3¢Operating cash flow4¢Free cash flow1¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
IMS Third Party Revenue$2.9B85.1%-18%+80%
CPS Third Party Revenue$516M14.9%+18%+28%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$3.5B100.0%
Cost of revenue$3.1B89.5%
Gross profit$363M10.5%
Operating expenses$142M4.1%
Operating profit$221M6.4%
Income tax$66.4M1.9%
Net earnings$117M3.4%
Operating cash flow$124M3.6%
Free cash flow$23.6M0.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$3.5B+70%
Q2 FY26$4.0B+102%
Q1 FY26$3.2B+59%
Q4 FY25$2.1B+4%
Q3 FY25$2.0B+11%
Q2 FY25$2.0B+8%
Q4 FY24$2.0B-2%

From Sanmina's 10-Q filed Jul 27, 2026 (on EDGAR).

Questions

How does Sanmina make money?

Sanmina (SANM) made $3.5B of revenue in the third quarter fiscal 2026 (Q3 FY26), +70% from a year earlier. IMS Third Party Revenue brought in $2.9B (85%); CPS Third Party Revenue brought in $516M (15%). Of every dollar of revenue, 10¢ was left as gross profit, 6¢ was left as operating profit, 3¢ was left as net earnings.

What is Sanmina's biggest business?

IMS Third Party Revenue: $2.9B in the third quarter fiscal 2026, 85% of revenue, +80% from a year earlier.

What is Sanmina's profit margin?

Net earnings were $117M, 3.4% of revenue, in the third quarter fiscal 2026; the operating margin was 6.4%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.