Sanmina Beats Fiscal Q4 Estimates, Guides FY2027 Revenue to $17.5-19.5 Billion on AI Systems Demand

SANM reported revenue of $3.86 billion for its fiscal fourth quarter ended October 3, 2026, against an estimate of about $3.48 billion, with non-GAAP earnings of $4.43 per share versus a $3.27 consensus. GAAP diluted EPS was $2.14, according to the company's release. For fiscal 2026, revenue reached $14.53 billion and non-GAAP EPS $13.28.

The outlook carried the story. Sanmina guided fiscal 2027 revenue to $17.5 billion to $19.5 billion and non-GAAP EPS to $15.50 to $17.50; at the midpoint that is roughly 27% revenue growth and 24% EPS growth. The $19.5 billion figure in some headlines is the top of that range, not a point forecast. For the first quarter, Sanmina expects revenue of $3.8 billion to $4.1 billion and non-GAAP EPS of $3.50 to $3.85.

AI infrastructure is the driver. Management expects cloud and AI systems revenue of $7.5 billion to $9.0 billion in fiscal 2027, weighted to the second half, and said it has begun shipping AMD's Helios rack-scale product in small quantities. The ZT Systems business contributed $884 million of fourth-quarter revenue, in line with the company's outlook.

What to watch: the second-half ramp of new AI platforms, which management flagged alongside supply-chain shortages as the main sources of upside and downside risk to the range, and whether a third platform that is not yet in guidance gets added.