Sanmina Q4 Profit Jumps 165% on AI Demand: What It Means for AI Stocks
Sanmina's fiscal Q4 profit jumped 165% to $4.43 a share as AI infrastructure revenue soared 179%, and its fiscal 2027 outlook topped Wall Street estimates.
Image: Wikimedia Commons / DarrenPress Sanmina
SAN JOSE, California — November 10, 2026 — Sanmina Corporation reported fiscal fourth-quarter profit of $4.43 a share on revenue of $3.86 billion, beating Wall Street expectations as demand for artificial intelligence infrastructure lifted sales 84 percent from a year earlier.
The electronics manufacturer said cloud and AI systems revenue reached $2.37 billion in the quarter ended October 3, up 179 percent year over year, while its core business grew 42 percent to $2.97 billion. Sanmina also raised its fiscal 2027 outlook to revenue of $17.5 billion to $19.5 billion.
Key Takeaways
- Revenue rose 84 percent to $3.86 billion, beating the $3.48 billion expected, while non-GAAP earnings of $4.43 a share topped the $3.27 consensus and climbed 165 percent from $1.67 a year earlier.
- Cloud and AI systems revenue jumped 179 percent to $2.37 billion, driven by the ZT Systems integration.
- Fiscal 2027 guidance calls for revenue of $17.5 billion to $19.5 billion and non-GAAP earnings of $15.50 to $17.50 a share.
- Shares closed at $155.43, up 3.9 percent after touching $167.97 intraday.
Sanmina Q4 2026 Results: Revenue, Earnings and AI Growth in Full
Sanmina's fourth quarter closed a year shaped by its absorption of ZT Systems, acquired from AMD. Full-year revenue reached $14.53 billion, up 79 percent, with cloud and AI revenue of $9.25 billion, up 198 percent.
| Metric | Fiscal Q4 2026 | Change |
|---|---|---|
| Revenue | $3.86 billion | Up 84% |
| Non-GAAP earnings per share | $4.43 | Up 165% |
| Cloud and AI systems revenue | $2.37 billion | Up 179% |
| Non-GAAP operating margin | 9.0% | Up from 6.0% |
Non-GAAP operating margin reached 9.0 percent, against 6.0 percent a year earlier. Chief financial officer Jonathan Faust said about $30 million in tariff recoveries added 75 basis points to the margin and 42 cents to adjusted earnings. Sanmina generated $944 million in operating cash flow in fiscal 2026 and ended the year with $1.68 billion in cash.
Sanmina Fiscal 2027 Guidance: Revenue, EPS and AI Outlook
For fiscal 2027, Sanmina guided revenue to $17.5 billion to $19.5 billion. The $18.5 billion midpoint implies growth of about 27 percent, and the $16.50 earnings midpoint implies about 24 percent. Cloud and AI systems revenue is expected to reach $7.5 billion to $9 billion, with operating margin of 7.0 to 7.5 percent and capital spending of $450 million.
For the first quarter of fiscal 2027, Sanmina expects revenue of $3.8 billion to $4.1 billion and non-GAAP earnings of $3.50 to $3.85 a share. Chairman and chief executive Jure Sola described fiscal 2026 as a transformative year. Sanmina said it secured business for AMD's Helios accelerated-compute platform from hyperscalers, frontier AI laboratories and equipment makers.
What Sanmina's Earnings Mean for AI Infrastructure Stocks
Sanmina's report adds to a run of strong results from companies feeding the AI build-out. TSMC reported October revenue up 59.7 percent to a record, and CoreWeave's third-quarter revenue jumped 168 percent to $3.66 billion.
JPMorgan cut its price target to $230 from $270, while Susquehanna kept a $210 target, and the average analyst target stands at about $198. Susquehanna projects AI systems will rise from 37 percent of Sanmina's fiscal 2026 revenue to 45 percent in fiscal 2027. The guided margin of 7.0 to 7.5 percent for fiscal 2027 sits below the 9.0 percent posted in the fourth quarter.
Frequently Asked Questions
How much did Sanmina earn in fiscal Q4 2026?
Sanmina earned $4.43 a share on a non-GAAP basis in its fiscal fourth quarter ended October 3, 2026, up 165 percent from $1.67 a year earlier and above the $3.27 expected. Revenue rose 84 percent to $3.86 billion, beating the $3.48 billion consensus.
What is Sanmina's revenue guidance for fiscal 2027?
Sanmina guided fiscal 2027 revenue to $17.5 billion to $19.5 billion, with a midpoint of $18.5 billion implying about 27 percent growth. Non-GAAP earnings are guided to $15.50 to $17.50 a share, and cloud and AI systems revenue to $7.5 billion to $9 billion.
How much of Sanmina's revenue comes from AI infrastructure?
Cloud and AI revenue reached $2.37 billion in the quarter, up 179 percent, and $9.25 billion in fiscal 2026, up 198 percent. AI systems made up 37 percent of fiscal 2026 revenue, projected to rise to 45 percent in fiscal 2027.
When does Sanmina report its next earnings?
Sanmina is expected to report fiscal first-quarter 2027 results in late January 2027, guided to revenue of $3.8 billion to $4.1 billion and non-GAAP earnings of $3.50 to $3.85 a share.
Sanmina reports fiscal first-quarter 2027 results in late January 2027.
