The raised full-year guidance and strong margin expansion confirm the ZT Systems acquisition is delivering synergies faster than expected. Traders should watch for continued momentum in cloud/AI infrastructure demand and potential further upward revisions in fiscal 2027.
Price Chart
Executive Summary
Sanmina reported Q3 fiscal 2026 results with revenue of $3.46B (at the high end of guidance) and non-GAAP EPS of $3.31, exceeding the prior outlook. The company raised its full-year fiscal 2026 guidance for revenue, non-GAAP operating margin, and non-GAAP EPS, signaling strong operational momentum driven by the ZT Systems acquisition and core business growth. The beat and raised guidance are a clear positive catalyst for the stock.
Key Financial Metrics
Key Facts
- Revenue of $3.46 billion was at the high end of the $3.2B-$3.5B outlook.
- Non-GAAP diluted EPS of $3.31 exceeded the $2.55-$2.85 outlook.
- GAAP operating margin expanded to 6.4% from 3.9% in Q2 2026 and 4.7% in the year-ago quarter.
- Non-GAAP operating margin of 8.0% exceeded the 6.4%-6.9% outlook and improved from 6.0% in Q2 2026 and 5.7% in the year-ago quarter.
- FY2026 revenue guidance raised to $14.0B-$14.3B from $13.7B-$14.3B.
- FY2026 non-GAAP EPS guidance raised to $11.90-$12.20 from $10.75-$11.35.
- Cash flow from operations was $124 million and free cash flow was $24 million for the quarter.
- Ending cash and cash equivalents were $1.84 billion.
Financial Impact
Revenue beat of ~1.8% vs the midpoint of guidance; Non-GAAP EPS beat of ~22.6% vs the midpoint of guidance; FY2026 EPS guidance raised by ~10.4% at the midpoint.
Risk Factors
- Integration risks from the ZT Systems acquisition may not be fully realized.
- Customer concentration and reliance on a limited number of customers for a substantial portion of sales.
- Geopolitical uncertainty and tariff/trade policy changes could impact costs and supply chain.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000897723-26-000036 |
| Document: sanm-20260727.htm | 0000897723-26-000036 |
| Document: 0000897723-26-000036-index-headers.html | 0000897723-26-000036 |
| Document: 0000897723-26-000036-index.html | 0000897723-26-000036 |
| Document: 0000897723-26-000036.txt | 0000897723-26-000036 |
| 8-K Data (Synthetic) | 0000897723-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | 8-K | $172.43 $191.11 | ▲ +10.83% | ▲ +7.45% | $229.04 (+32.83%) |
Jul 27, 2026 9w ago | Press Release | $172.43 $191.11 | ▲ +10.83% | ▲ +7.45% | $229.04 (+32.83%) |
Jul 13, 2026 11w ago | Press Release | $207.59 $202.75 | ▼ −2.33% | ▼ −4.82% | $229.04 (+10.33%) |
Jun 1, 2026 17w ago | Insider Cluster | $278.36 $246.39 | ▼ −11.49% | ▼ −9.92% | $229.04 (−17.72%) |
May 1, 2026 22w ago | Insider Cluster | $223.27 $264.88 | ▼ −18.64% | ▼ −13.35% | $229.04 (−2.58%) |
Apr 29, 2026 22w ago | Insider Cluster | $208.67 $261.82 | ▲ +25.47% | ▲ +20.01% | $229.04 (+9.76%) |
Apr 29, 2026 22w ago | Insider Cluster | $208.67 $261.82 | ▲ +25.47% | ▲ +20.01% | $229.04 (+9.76%) |
Apr 29, 2026 22w ago | Insider Cluster | $221.89 $278.36 | ▲ +25.45% | ▲ +20.50% | $229.04 (+3.22%) |
Apr 29, 2026 22w ago | Insider Cluster | $208.67 $261.82 | ▲ +25.47% | ▲ +20.01% | $229.04 (+9.76%) |
Feb 24, 2026 31w ago | Insider Cluster | $158.17 $134.80 | ▲ +14.78% | ▲ +9.79% | $229.04 (−44.81%) |
US Market Status
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