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Sanmina (SANM) FY2025 results: revenue $8.1 billion, up 7.4% on the year

Sanmina Corp. (SANM) reported revenue of $8.1 billion for fiscal 2025, the year ended 27 September 2025, up 7.4% on the year before. Net income was $246 million, up 10.5%, and diluted earnings per share $4.46. The figures are the company's own, from the 10-K it filed with the SEC on 13 November 2025.

Revenue
$8.1 billion
+7.4% on the year
FY2018FY2025
Operating margin
4.4%
4.4% a year earlier
FY2018FY2025
Net income
$246 million
+10.5% on the year
FY2018FY2025
Diluted EPS
$4.46
+14.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new.

  • Headline fourth quarter figures: Revenue was $2.1 billion. GAAP diluted EPS was $0.88, against $1.09 a year earlier. Non-GAAP diluted EPS was $1.67, against $1.43.
  • Quarter met or exceeded expectations: Management said the quarter met or exceeded the earlier guidance, citing end-market strength, team execution and disciplined cost management.
  • Full-year fiscal 2025 headline figures: Full-year revenue was $8.1 billion, with GAAP diluted EPS of $4.46 and non-GAAP diluted EPS of $6.04. GAAP operating margin was 4.4% and non-GAAP operating margin 5.7%.
  • Operating and free cash flow: Operating cash flow was $199 million in Q4. Free cash flow was $137 million in Q4 and $478 million for the year, after net purchases of property, plant and equipment.
  • ZT Systems acquisition described as transformative: Management said the ZT Systems acquisition increases scale and expands capabilities, enabling it to capitalize on growth in the Cloud and AI end-market.
Read the Q4 FY2025 earnings call summary

From this 10-K

Sanmina provides integrated manufacturing solutions, components, products and repair, logistics and after-market services, mainly to original equipment manufacturers. Its customers are in industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. It has 39,000 employees, including 4,000 temporary employees, and serves customers from 20 countries on four continents, placing its facilities near customers in major electronics centers or in lower-cost locations. It was incorporated in California in 1980, reincorporated in Delaware in May 1989, and has its principal executive offices in San Jose, California.

Sanmina Corp., the 10-K for 2025

Sanmina provides integrated manufacturing solutions, components, products and repair, logistics and after-market services, mainly to original equipment manufacturers. Its customers are in industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. It has 39,000 employees, including 4,000 temporary employees, and serves customers from 20 countries on four continents, placing its facilities near customers in major electronics centers or in lower-cost locations. It was incorporated in California in 1980, reincorporated in Delaware in May 1989, and has its principal executive offices in San Jose, California.

What it does for customers

Its services cover a product's whole life: design and engineering from concept through prototyping and validation, manufacturing of components, subassemblies and complete systems, high-level assembly and test, direct order fulfillment and logistics, after-market service and support, and supply chain management. It also designs systems and components jointly with customers through its new product introduction and joint design manufacturing services.

Two businesses

Integrated Manufacturing Solutions covers printed circuit board assembly and test, high-level assembly and test and direct order fulfillment. Components, Products and Services makes advanced printed circuit boards, backplanes, cable assemblies, fabricated metal parts, precision machined parts and plastic injected molded parts. Its product divisions include Advanced Microsystems Technologies for optical, RF and microelectronic work, Viking Technology for multi-chip package memory, Viking Enterprise Solutions for storage platforms for hyperscale and enterprise customers, the SCI Technology subsidiary for defense and aerospace products and repair, and 42Q for cloud-based manufacturing execution software.

End markets

In industrial markets its work includes power generation, distribution and storage equipment, factory and warehouse equipment, and semiconductor emulation and fabrication equipment. In medical it builds disposable, wearable and consumable products for glucose sensing, insulin and drug delivery and cancer treatment, as well as lab and imaging equipment. In communications and cloud infrastructure it makes optical modules and transceivers, switches, servers, storage, racks and cooling for data centers, including those built for AI.

The ZT Systems deal

On October 27, 2025, it completed the acquisition of the data center infrastructure manufacturing business of ZT Systems from a subsidiary of Advanced Micro Devices, excluding certain research and development functions. The company describes the deal as in line with its strategic intent to expand its presence in the cloud and AI ecosystem.

People

None of its U.S. employees are represented by a labor union, while in some international locations employees are represented by unions at a national or plant level.

From Sanmina's annual report on Form 10-K for the year ended 27 September 2025. The filing

Written from the 10-K filed 13 November 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,1287,5688,935+7.4%
Cost of revenue7,4126,9288,192+7.0%
Gross profit716640743+11.9%
Gross margin8.8%8.5%8.3%
Research and development31.128.526.4+9.0%
Selling, general and administrative290266255+9.0%
Operating income355335456+5.7%
Operating margin4.4%4.4%5.1%
Interest expense20.229.236.3-30.9%
Pre-tax income339318413+6.9%
Income tax73.279.885.3-8.3%
Effective tax rate21.6%25.1%20.7%
Net income246223310+10.5%
Net margin3.0%2.9%3.5%
Diluted EPS$4.46$3.91$5.18+14.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow621340235+82.4%
Capital expenditure147111191+32.5%
Free cash flow47322943.8+106.7%
Free cash flow margin5.8%3.0%0.5%
Cash from investing-108-114-192
Cash from financing-174-27094.5
Depreciation and amortisation119122118-2.4%
Share-based compensation63.457.450.4+10.4%
Diluted shares, weighted55m57m60m-3.1%
Shares outstanding at period end53m54m57m-1.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,5392,3622,319+7.5%
Debt300317338-5.3%
Operating lease liabilities36.044.560.7-19.1%
Other liabilities2,9832,1002,156+42.1%
Total liabilities and equity5,8584,8234,874+21.5%
Fixed assets682616633+10.8%
Goodwill30.4n/an/a
Cash and equivalents926626668+48.0%
Receivables1,4001,3381,231+4.7%
Inventory1,9881,4441,477+37.7%
Other assets831800866+3.9%
Total assets5,8584,8234,874+21.5%

10-K for the year ended 27 September 2025, filed 13 November 2025: the filing.