Sanmina(SANM) - 2025 Q4 - Annual Results

Financial Performance - Revenue for fiscal year 2025 increased by 7.4% to $8.13 billion compared to $7.57 billion in fiscal year 2024[4] - Non-GAAP diluted EPS for fiscal year 2025 grew by 14.4% to $6.04 from $5.28 in fiscal year 2024[4] - GAAP Net income attributable to common shareholders for the twelve months ended September 2025 was $245,893, up from $222,536 in the previous year, an increase of 10.5%[20] - Non-GAAP Net income attributable to common shareholders for the twelve months ended September 2025 reached $333,250, compared to $300,868 in the prior year, marking an increase of 10.7%[20] Cash Flow and Assets - Cash flow from operations for Q4 2025 was $199 million, contributing to a total of $621 million for fiscal year 2025[8] - Cash provided by operating activities for Q3 2025 was $199,079, significantly higher than $51,875 in Q3 2024, indicating a substantial increase of 283.5%[23] - Free cash flow for the twelve months ended September 2025 was $478,181, compared to $231,020 in the previous year, reflecting a growth of 106.5%[23] - Total current assets increased to $4.87 billion in Q4 2025 from $3.87 billion in Q4 2024[16] - The net change in cash, cash equivalents, and restricted cash equivalents for the twelve months ended September 2025 was $340,360, compared to a decrease of $41,710 in the previous year[23] Operating Performance - GAAP Operating income for Q3 2025 was $78,465, down from $89,590 in Q3 2024, reflecting a decrease of 12.4%[20] - Non-GAAP Operating income increased to $126,450 in Q3 2025, compared to $107,329 in Q3 2024, representing a growth of 17.5%[20] - GAAP Operating margin for Q3 2025 was 3.7%, down from 4.4% in Q3 2024, indicating a decline of 15.9%[20] - Non-GAAP Operating margin improved to 6.0% in Q3 2025 from 5.3% in Q3 2024, an increase of 13.2%[20] Future Outlook - First quarter fiscal 2026 revenue outlook is projected between $2.9 billion to $3.2 billion[9] - Non-GAAP diluted earnings per share for the first quarter fiscal 2026 is expected to be between $1.95 to $2.25[9] Acquisitions and Growth - The acquisition of ZT Systems is expected to enhance scale and capabilities, targeting significant growth in the Cloud and AI end-market[4] - Share repurchases in fiscal year 2025 amounted to approximately 1.44 million shares for $114 million[8] - The company incurred $27,082 in acquisition and integration charges in Q3 2025, compared to no such charges in Q3 2024[20] Liabilities and Equity - Total liabilities and stockholders' equity as of September 27, 2025, was $5.86 billion, up from $4.82 billion a year earlier[16]