Sanmina manufactures complex electronic products for other companies, combining engineering, components, system assembly and aftermarket services. Its October 27, 2025 acquisition of ZT's manufacturing business substantially increased its exposure to cloud and AI infrastructure.
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A snapshot of what SANMINA CORP owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Sep 30, 20230000897723-23-000028 | Nov 16, 2023 | 10-K | Open 10-Ksec.gov |
| Sep 28, 20240000897723-24-000056 | Nov 27, 2024 | 10-K | Open 10-Ksec.gov |
| Sep 27, 20250000897723-25-000042 | Nov 13, 2025 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Sanmina is larger and more profitable following the ZT acquisition, but reported growth is not a clean measure of underlying demand. In the nine months ended June 27, 2026, revenue reached $10.667 billion, including approximately $4 billion from ZT, while earnings attributable to common shareholders reached $260.061 million. Third-quarter margins improved and management raised its fiscal 2026 outlook, although quarterly cash conversion weakened as working capital and investment absorbed cash. Acquisition-adjusted illustrative comparisons also show materially lower revenue and earnings than the prior year. The central trade-off is greater AI-infrastructure opportunity against concentrated customers, AMD product dependence, acquisition integration and a much larger debt burden. Neither historical ZT profits nor management's longer-term demand expectations establish future Sanmina earnings.
Sources: 10-Q · 2026-06-27 · EX-99.1 · 2026-07-27
Sanmina earns revenue by designing, building, testing and servicing electronics for equipment makers. IMS, its only reportable segment, includes ZT and generated $9.299 billion of external revenue in the nine months ended June 27, 2026. CPS combines smaller components, products and services businesses, rather than constituting a second reportable segment. Complex manufacturing and selling more services into each customer program offer opportunities, but utilization, product mix and execution determine the resulting margins.
Customer concentration increased: the ten largest customers represented 67% of nine-month sales, versus 51% a year earlier. Supply agreements generally do not guarantee minimum purchases. ZT adds dependence on a small number of hyperscalers' spending cycles and on AMD products gaining acceptance. The acquisition excluded certain R&D functions; its five-year initial manufacturing arrangement does not establish guaranteed orders, pricing protection or assured access to retained design capabilities.
Sources: 10-K · 2025-09-27 · 10-Q · 2026-06-27
The July 27, 2026 filings report nine-month GAAP revenue of $10.667 billion versus $6.032 billion, and common-shareholder earnings of $260.061 million versus $197.827 million. Approximately $4 billion of current-period revenue came from ZT. Management also cites new programs and communications-network ramps. IMS margins improved with ZT and product mix, while CPS margins weakened because of manufacturing inefficiencies. These are not uniformly stronger results across the business.
The quarterly path was uneven. First-quarter sales increased sharply, but GAAP earnings fell amid acquisition costs and the $49 million inventory step-up charge. Management said second-quarter sales benefited from accelerated-compute shipments brought forward from the second half; the amount was not quantified. Third-quarter sales then eased to $3.464 billion from $4.013 billion, while GAAP operating margin improved to 6.4% and non-GAAP margin reached 8.0%. The second-quarter original reports a 6.4% non-GAAP margin; the latest release's 6.0% comparative conflicts with it.
Third-quarter GAAP diluted EPS was $2.12, versus $3.31 adjusted. Operating exclusions included stock compensation, acquisition costs, amortization, legal expense and restructuring. Earnout remeasurement expense fell to $13 million from $59 million sequentially, helping GAAP improvement; these charges were liability remeasurements, not earnout payments. Tax adjustments also increased adjusted earnings. Higher interest expense and taxes offset operating gains, and a larger quarterly diluted share count moderated EPS growth. Adjusted earnings are not cash earnings, and excluded expenses can consume cash.
On July 27, management raised fiscal 2026 guidance to $14.0–$14.3 billion revenue, 6.85%–7.25% non-GAAP operating margin and $11.90–$12.20 adjusted diluted EPS. Fourth-quarter guidance was $3.3–$3.6 billion revenue and $3.05–$3.35 adjusted EPS. These remained forecasts in the supplied record, not achieved full-year results. Fiscal 2026 ends October 3 and includes an extra fourth-quarter week. Management's expectation of growth through fiscal 2027 and into 2028 is not quantified or guaranteed; forward non-GAAP measures were not reconciled to GAAP because management cited unreasonable effort.
Sources: 10-Q · 2026-06-27 · EX-99.1 · 2026-01-26 · EX-99.1 · 2026-04-27 · EX-99.1 · 2026-07-27
Nine-month operating cash flow reached $701.977 million versus $421.578 million, but third-quarter cash flow fell to $124.491 million as working capital consumed cash. Quarterly net equipment purchases of $100.806 million left company-defined free cash flow of $23.685 million. Nine-month gross cash equipment purchases were $244.441 million; the release's $244.196 million net-purchase measure deducts disposals and is not additional spending.
Receivable collections supported year-to-date cash generation, partly offset by reductions in customer advances and other liabilities. Receivables sold increased to $486.745 million from $237.513 million; proceeds are already included in operating cash flow, and bank participation is discretionary. The cash cycle lengthened to 58 days from 57 despite improved receivable days. The approximately $243 million acquisition working-capital recovery was investing cash, not operating profit or recurring cash flow. Nine-month net acquisition cash spending was $1.114 billion after relevant cash effects.
Sources: 10-Q · 2026-06-27 · EX-99.1 · 2026-07-27
At June 27, cash and equivalents were $1.845 billion, excluding separately restricted balances; approximately $248 million in Indian entities was designated for their operations. Term-loan principal was $2.2 billion, with a $2.172 billion carrying amount including $215 million current. Term A matures October 27, 2030 and Term B October 27, 2032. May repricing lowered Term B's spread to SOFR plus 1.75%, while swaps only partly hedge interest-rate exposure. Operating lease liabilities add a separate $260.593 million obligation.
At June 27, reported capacity of $600 million under Term A and approximately $1.5 billion under the revolver was not cash or unconditional borrowing availability. The disclosed delayed-draw Term A window permits up to two drawings until October 27, 2026, one year after the acquisition closed on October 27, 2025. That deadline is three days after this overview’s October 24 cutoff. The supplied originals do not establish an extension or capacity beyond that window. Sanmina reported compliance with minimum 3.00-times cash-interest coverage and maximum 4.00-times net leverage, but disclosed no actual ratios or headroom. It spent $239.244 million on repurchases during the nine months, none in the third quarter; the new $600 million authorization remained unspent at June 27. The $183 million earnout liability is a fair-value estimate against a possible zero-to-$450 million payout, not a completed payment.
Sources: 10-Q · 2026-06-27 · EX-99.1 · 2026-04-27 · 10-K · 2025-09-27
Integration, customer cancellations, inventory exposure and tariff-reimbursement delays can undermine margins or cash conversion even when demand is strong. Sanmina reported its earlier control weaknesses remediated at fiscal 2025 year-end, but planned to exclude ZT from the fiscal 2026 internal-control assessment while integration continued. ZT represented 38% of nine-month revenue. Defense-contract estimates remain judgment-sensitive. The $5.9 million Eckert settlement in principle still required U.S. consent and court approval; pending wage-and-hour/PAGA losses remained unquantifiable. The older IRS dispute was resolved without material financial-statement impact, but $45 million of uncertain-tax liabilities remained.
Sources: 10-K · 2025-09-27 · 10-Q · 2026-06-27
Sanmina completed the acquisition on October 27, 2025, after its fiscal 2025 year-end. The January 12, 2026 amendment supplied historical ZT statements and illustrative combined information—not another transaction. ZT's year ended July 31, 2025 reported $10.900 billion sales and $907.102 million net income, down from $12.475 billion and $1.057 billion. Those statements include the Design Business through March 31, before AMD transferred it out, and therefore are not manufacturing-only history. ZT's $1.879 billion operating cash flow also benefited from substantial receivable and inventory releases; it was not recurring profit. Its $2.109 billion receivable from AMD was eliminated before Sanmina's closing, rather than becoming acquired cash.
The annual illustrative presentation combines Sanmina's September 27 year-end with ZT's July 31 year-end. Removing the unacquired business raised illustrative operating income, but AMD service reimbursements offset part of that benefit. Revenue-recognition alignment, expense reclassification, inventory step-up, amortization and financing also changed the figures. These are not achieved synergies. The current nine-month acquisition-note comparison shows illustrative revenue falling from $15.153 billion to $11.201 billion and common-shareholder income from $943.905 million to $274.447 million. Prior-year ZT inputs cover August 2024 through April 2025, unlike Sanmina's fiscal period. This adverse comparison matters, but neither the annual exhibit nor the quarterly note supplies a precise demand, mix and accounting bridge; it cannot be labeled a clean organic decline.
Current purchase accounting remains preliminary. The completed working-capital recovery reduced gross consideration to approximately $1.674 billion and goodwill; other allocation revisions also affected acquired net assets. The goodwill reduction is therefore not evidence of an impairment. Integrated operations make ZT's standalone post-closing net-income contribution impracticable to determine. Historical ZT earnings, illustrative combined earnings and actual Sanmina results must remain separate.
Sources: 8-K/A · 2025-10-27 · EX-99.1 · 2025-10-27 · EX-99.2 · 2025-10-27 · 10-Q · 2026-06-27
USD 8.128382 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.128382 bn | 7.4% |
| 2024 | USD 7.568328 bn | -15.3% |
| 2023 | USD 8.935048 bn | — |
Consolidated external net sales after intercompany eliminations.
Sources: 10-K · 2025-09-27
USD 245.893 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 245.893 m | 10.5% |
| 2024 | USD 222.536 m | -28.2% |
| 2023 | USD 309.97 m | — |
Net income after deducting earnings attributable to noncontrolling interests.
Sources: 10-K · 2025-09-27
USD 620.657 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 620.657 m | 82.4% |
| 2024 | USD 340.216 m | 44.7% |
| 2023 | USD 235.168 m | — |
Consolidated operating cash flow, including customer advances and proceeds from sales of trade receivables.
Sources: 10-K · 2025-09-27
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