The raised Q4 guidance and reaffirmed multi-year framework signal management's confidence in sustained AI/GPU-driven demand. Monitor the Q4 2026 earnings call for updates on Xvantage platform adoption and GPU supply chain dynamics, as gross margin compression from mix shift remains a watch item.
Price Chart
Executive Summary
Ingram Micro reported record Q3 2026 results, with net sales of $15.2B (+20.8% YoY) and non-GAAP diluted EPS of $0.91 (+26.4% YoY), exceeding the high end of guidance on all metrics. The company raised Q4 2026 guidance (net sales $17.5B-$17.9B, non-GAAP EPS $1.05-$1.15) and reaffirmed its multi-year financial framework from September's Capital Markets Day, signaling sustained momentum in AI infrastructure and cloud solutions.
Key Financial Metrics
Key Facts
- Q3 2026 net sales of $15.22B, up 20.8% YoY, exceeding the $13.85B consensus
- Non-GAAP diluted EPS of $0.91, up 26.4% YoY, above the $0.78 consensus estimate
- GAAP diluted EPS of $0.57, up 35.7% YoY
- Operating income of $293.8M, up 31.4% YoY; adjusted income from operations of $322.0M, up 24.9% YoY
- Cash from operations of $251.4M vs a use of $146.0M in the prior year; adjusted free cash flow of $249.5M vs a use of $109.9M
- Q4 2026 guidance: net sales $17.5B-$17.9B (17.6%-20.3% YoY growth), non-GAAP diluted EPS $1.05-$1.15
- Quarterly dividend increased to $0.088 per share, a 2.3% sequential increase
- Reaffirmed multi-year targets: net sales CAGR 4%-6%, non-GAAP net income CAGR 11%-13%
Financial Impact
Record quarterly net sales of $15.22B, non-GAAP EPS of $0.91, and operating cash flow of $251M; Q4 guidance implies continued strong growth
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| North America | $5.8B | +31.5% |
| EMEA | $3.9B | +7.3% |
| Asia-Pacific | $4.3B | +22.3% |
| Latin America | $1.1B | +16.7% |
Risk Factors
- Gross margin declined to 6.55% from 6.90% YoY due to mix shift toward lower-margin GPU/AI infrastructure products
- Restructuring costs of $5.6M in Q3 and $23.3M YTD indicate ongoing cost alignment actions
- Year-to-date cash flow from operations is negative $1.26B due to working capital investment for growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068232 |
| Document: ingm-20261029.htm | 0001628280-26-068232 |
| Document: 0001628280-26-068232-index-headers.html | 0001628280-26-068232 |
| Document: 0001628280-26-068232-index.html | 0001628280-26-068232 |
| Document: 0001628280-26-068232.txt | 0001628280-26-068232 |
| 8-K Data (Synthetic) | 0001628280-26-068232 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $28.47 | awaiting T+20 | awaiting T+20 | $28.40 (−0.25%) |
Sep 15, 2026 6w ago | 8-K | $26.32 $28.28 | ▲ +7.45% | ▲ +4.47% | $28.40 (+7.90%) |
Jun 17, 2026 19w ago | Insider Cluster | $28.30 $28.39 | ▼ −0.32% | ▲ +0.21% | $28.40 (−0.35%) |
May 5, 2026 25w ago | S-3ASR | $26.79 $30.82 | ▲ +15.06% | ▲ +12.28% | $28.40 (+6.02%) |
Mar 26, 2026 31w ago | DEFA14A | $22.23 $30.18 | ▲ +35.76% | ▲ +23.02% | $28.40 (+27.75%) |
Mar 6, 2026 34w ago | 424B4 | $22.09 $25.92 | ▲ +17.34% | ▲ +20.15% | $28.40 (+28.57%) |
Feb 28, 2026 35w ago | Institutional Cluster | $21.21 $22.34 | ▲ +5.35% | ▲ +13.29% | $28.40 (+33.93%) |
US Market Status
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