Sanmina Q4 2026: EPS Beats by 35%, Guidance Points to 27% Growth
As seen on the 24/7 Wall St. homepage on November 9, 2026.
The ZT Systems deal is paying off faster than Wall Street modeled: fiscal 2027 guidance calls for revenue of $17.5 billion to $19.5 billion, roughly 27% growth at the midpoint. That is the fifth straight beat for a company still carrying an $8.0 billion market cap.
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Sanmina reported adjusted non-GAAP diluted EPS of $4.43 for its fiscal fourth quarter of 2026, beating the Wall Street consensus of $3.27 by 35.51%. Revenue of $3.86 billion also came in ahead of expectations, surging 84% year-over-year. The quarter marks the fifth consecutive period in which the company has exceeded analyst expectations on the bottom line.
The ZT Systems acquisition is the clearest explanation for the scale of the outperformance. Non-GAAP operating margin expanded to 9.0% in the quarter from 6.0% a year earlier, a signal that the integration is delivering ahead of schedule on its financial promise. Sanmina paid roughly $1.11 billion net in cash for ZT Systems, and the margin expansion suggests those costs are beginning to work in shareholders' favor. GAAP diluted EPS of $2.14 was substantially lower, reflecting $84.15 million in acquisition and integration charges tied to the deal.
CEO Jure Sola described fiscal 2026 as transformative, noting that revenue grew 79% for the full year, non-GAAP operating profit increased 130%, and non-GAAP diluted EPS more than doubled compared to a year ago. Full-year operating cash flow reached $944 million, which management says provided flexibility to fund strategic investments while keeping the balance sheet healthy. The company repurchased $393 million worth of shares, roughly 2.4 million, across fiscal 2026.
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Sanmina set full-year fiscal 2027 revenue guidance at $17.5 billion to $19.5 billion, with non-GAAP diluted EPS targeted at $15.50 to $17.50. At the midpoint, that implies roughly 27% revenue growth and roughly 24% non-GAAP EPS growth. For the first quarter of fiscal 2027 alone, the company expects revenue of $3.8 billion to $4.1 billion and non-GAAP EPS of $3.50 to $3.85.
EPS estimates have been beaten in every quarter since Q1 2025, and the magnitude of the beats has grown from Q1 2026 onward, coinciding with ZT Systems coming into the picture. The key variable to track from here is whether non-GAAP operating margins, guided at 7.0% to 7.5% for fiscal 2027, can hold or improve as ZT integration costs wind down.
Sources
Mentioned: SANM