# Sanmina Q4 2026 Earnings Beat

> Sanmina reports 84% revenue growth and 9% operating margin as AI infrastructure expands.
- Title: Sanmina Q4 2026 Earnings Beat · The Motley Fool | Shortify
- Summary: Sanmina reports 84% revenue growth and 9% operating margin as AI infrastructure expands.
- Keywords: sanmina, q4 2026, earnings call, revenue growth, ai infrastructure, cloud computing, z t systems, operating margin, non gaap eps, fiscal 2027, The Motley Fool
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/11/10/sanmina-sanm-q4-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-11-10T06:13:16+00:00
- Read time: 1 min
- Topics: sanmina, q4 2026, earnings call, revenue growth, ai infrastructure, cloud computing, z t systems, operating margin, non gaap eps, fiscal 2027, finance, money
## Q4 2026 Results
Sanmina reported $3.86 billion revenue, 84% year-over-year growth.
## Core Business Strength
Core Sanmina revenue grew 42% to $2.97 billion, exceeding outlook.
## ZT Systems Integration
ZT Systems revenue reached $884 million, aligning with guidance.
## Operating Margin
Non-GAAP operating margin expanded to 9.0%, a 300 basis point increase.
## Earnings Performance
Non-GAAP diluted EPS rose to $4.43, a 166% year-over-year increase.
## Fiscal 2026 Revenue
Fiscal 2026 total revenue reached $14.53 billion, up 79% year-over-year.
## Cloud and AI Systems
Cloud and AI Systems revenue grew to $884 million, supporting AI infrastructure expansion.
## Fiscal 2027 Guidance
Fiscal 2027 revenue guidance of $17.5 billion to $19.5 billion, 27.4% growth.
## Helios Program
Helios accelerated compute program began shipping in small quantities.
## Inventory Growth
Inventory increased to $2.6 billion, up 131% year-over-year.
## Tariff Recoveries
Tariff recoveries generated $30 million, contributing 75 basis points to margin.
## Capital Expenditures
Fiscal 2027 capital expenditures guided at $450 million for next-gen infrastructure.
## Market Outlook
Strong demand expected across industrial, energy, medical, defense and automotive segments.
## Vertical Integration
Expanding vertical integration capabilities in liquid cooling and mechanical systems.
## Share Repurchases
Share repurchases totaled $393 million for the fiscal year.
## Fiscal 2027 EPS Guidance
Fiscal 2027 non-GAAP diluted EPS guidance of $15.50 to $17.50.
## Key takeaway

Sanmina exceeded Q4 2026 earnings expectations with $3.86 billion revenue, 84% year-over-year growth, and 9% non-GAAP operating margin driven by AI infrastructure expansion.