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Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the second quarter ended March 28, 2026 and outlook for its third fiscal quarter ending June 27, 2026.
Second Quarter Fiscal 2026 Financial Highlights
- Revenue: $4.01 billion
- GAAP operating margin: 3.9%
- GAAP diluted EPS: $1.70
- Non-GAAP operating margin: 6.4%
- Non-GAAP diluted EPS: $3.16
Additional Highlights
- Cash flow from operations: $399 million
- Free cash flow: $342 million
- Share repurchases: 1.1 million shares for $160 million
- Ending cash and cash equivalents: $1.58 billion
"We delivered great results for the second quarter. Revenue, non-GAAP operating margin and non-GAAP diluted EPS all exceeded our outlook," stated Jure Sola, Chairman and CEO of Sanmina Corporation. "ZT Systems revenue significantly exceeded our expectations, driven by strong execution and customer demand, resulting in new accelerated compute shipments previously expected in the second half of the year to shift into the second quarter. In addition, core Sanmina grew 7.3% year-over-year, in line with expectations."
"Based on our results for the first half of the year and our outlook for the third quarter, we expect to deliver revenue in the range of $13.7 to $14.3 billion for fiscal 2026, and we see strong growth potential ahead. We remain focused on profitable growth, margin expansion, cash generation and shareholder value creation," Sola concluded.
Third Quarter Fiscal 2026 Outlook
- Revenue between $3.2 billion to $3.5 billion
- Non-GAAP operating margin between 6.4% to 6.9%*
- Non-GAAP diluted earnings per share between $2.55 to $2.85*
Fiscal Year 2026 Outlook
- Revenue between $13.7 billion to $14.3 billion
- Non-GAAP operating margin between 6.3% to 6.6%*
- Non-GAAP diluted earnings per share between $10.75 to $11.35*
*This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort.
Board of Directors Authorize Share Repurchase Program
Sanmina's Board of Directors has authorized the repurchase of up to $600 million of Sanmina's common stock. The stock repurchase program has no expiration date. The Company exhausted its prior repurchase program as of March 28, 2026.
"Our Board's new share repurchase authorization reflects our strong balance sheet and free cash flow generation. This gives us the capacity to continue returning capital to shareholders while investing in the business and maintaining our leverage within our target range, consistent with our capital allocation framework," stated Jon Faust, Executive Vice President and Chief Financial Officer of Sanmina.
