Sanmina Revenue Soars 102% to $4.01B in Q2 FY2026 as Acquisition Doubles Scale

Sanmina Corporation (NASDAQ: SANM), an integrated manufacturing solutions provider, reported revenue of $4.01 billion for the quarter ending March 28, 2026, up 102% from $1.98 billion in the year-ago quarter. The company posted net income of $93.6 million, a 46% increase from $64.2 million in the prior-year period. Read more earnings reports.

For the six months ending March 28, 2026, revenue reached $7.20 billion, an 80% jump from $3.99 billion in the first half of fiscal 2025. Net income for the half-year period climbed 11% to $142.9 million from $129.2 million.

The company's balance sheet expanded dramatically during the quarter. Total assets surged to $9.67 billion as of March 28, 2026, from $5.86 billion at the end of the prior fiscal year on September 27, 2025. The increase reflects a major acquisition completed during the period, with goodwill jumping to $358.8 million from $30.4 million.

Cash and cash equivalents stood at $1.58 billion as of quarter-end, up from $926.3 million six months earlier. Inventory ballooned to $3.03 billion from $1.99 billion, while accounts payable rose to $2.51 billion from $1.58 billion.

Long-term debt increased sharply to $2.00 billion from $283.0 million at the start of the fiscal year, reflecting financing for the acquisition. Total long-term debt including current portions reached $2.17 billion compared to $300.5 million previously.

Operating income for the second quarter came in at $157.0 million, up 71% from $91.6 million in the year-ago quarter. Gross profit rose to $353.8 million from $176.2 million, though gross margin compressed to 8.8% from 8.9%.

Operating expenses for the quarter totaled $196.8 million, more than double the $84.6 million reported in the prior-year period. Selling, general and administrative expenses climbed to $113.5 million from $76.3 million, while research and development spending increased to $8.0 million from $7.3 million.

The company generated $577.5 million in cash from operations during the six-month period, up from $220.8 million in the year-ago period. Cash used in investing activities surged to $1.49 billion from $12.9 million, primarily reflecting the acquisition. Cash from financing activities totaled $1.57 billion compared to a use of $146.9 million in the prior year.

Diluted earnings per share for the quarter came in at $1.70, up from $1.16 in the year-ago period. For the six-month period, diluted EPS reached $2.58 compared to $2.32.

The company had 53.6 million shares outstanding as of the period end, with diluted weighted average shares of 55.1 million for the quarter.

Financial Summary

Balance Sheet Highlights