Sanmina reported fourth‑quarter 2025 results with revenue of $2.10 billion, a year‑over‑year increase of 10.9%. The company posted a GAAP operating margin of 3.7% and a non‑GAAP operating margin of 6.0%. GAAP diluted earnings per share were $1.24, while non‑GAAP diluted earnings per share were $1.67.
For the full fiscal year 2025, Sanmina generated $8.13 billion in revenue, up 7.4% from the prior year. The company reported a GAAP operating margin of 4.4% and a non‑GAAP operating margin of 5.7%. GAAP diluted earnings per share were $4.46 and non‑GAAP diluted earnings per share were $6.04. Cash flow from operations was $621 million, and the company ended the year with $926 million in cash and cash equivalents.
Prior‑period context shows that Q3 FY2025 revenue was $2.04 billion, compared with $1.84 billion in Q3 FY2024. Q3 FY2025 non‑GAAP diluted EPS was $1.53 versus $1.25 in Q3 FY2024. Revenue growth in Q4 was driven by strong demand in the data‑center and AI infrastructure segments, while disciplined cost management helped offset raw‑material price increases.
Sanmina’s guidance for the first quarter of fiscal 2026 projects revenue of $2.9 billion to $3.2 billion, a non‑GAAP operating margin of 5.6% to 6.1%, and non‑GAAP diluted earnings per share of $1.95 to $2.25. Management highlighted continued momentum in high‑margin data‑center and AI markets following the completion of the ZT Systems acquisition on October 27 2025, which is expected to double revenue within three years.
Segment performance data indicate that the data‑center and AI infrastructure segment accounted for 45% of total revenue, growing 12% year‑over‑year. The semiconductor assembly and test segment contributed 30% of revenue, with 8% growth, while other segments made up 25% of revenue and remained flat.
CEO emphasized disciplined cost management, investment in advanced liquid‑cooling technologies, and a strategic partnership with AMD for AI rack systems. CFO noted a strong cash position, enabling continued capital allocation to growth initiatives.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.