San Jose's Sanmina says yearly sales jumped 79% to $14.5 billion after it began building AI servers, and forecasts more growth
The contract electronics maker credits the AI and cloud server factories it bought from AMD a year ago. It expects $17.5 billion to $19.5 billion in sales in its new fiscal year.
Sanmina, the San Jose company that builds electronics and computer equipment for other businesses, said its sales rose 79% in the fiscal year that ended Oct. 3, to $14.53 billion from $8.13 billion the year before, as it took on the manufacturing of servers for artificial intelligence and cloud computing. The company reported the results Monday, Nov. 9.
For the fourth quarter alone, sales were $3.86 billion, up from $2.10 billion a year earlier. Sanmina expects fiscal 2027 sales of $17.5 billion to $19.5 billion, which it says is about 27% growth at the middle of that range, and $3.8 billion to $4.1 billion in the current quarter, which ends Jan. 2.
What Sanmina does and why sales jumped
Sanmina is a contract manufacturer: companies that design products hire it to build them in its factories. Its customers are mainly in cloud and AI computing, communications networks, industrial and energy equipment, medical devices, defense and aerospace, and cars, according to the company.
Much of the growth came from a deal that closed Oct. 27, 2025, when Sanmina bought the data center manufacturing business of ZT Systems from chipmaker AMD. That added large server factories in New Jersey and Texas and an operation in the Netherlands, and made Sanmina a preferred U.S. manufacturer for AMD's rack-scale AI systems, the company said at the time. “This was a transformative year,” Chairman and CEO Jure Sola said in this week's release, adding that Sanmina's core business also grew by double digits.
Profit, two ways
Sanmina earned $378 million, or $6.85 per share, for the year under GAAP, the standard U.S. accounting rules every public company must follow. That was up from $246 million, or $4.46 per share. On a non-GAAP basis, the company's own adjusted measure, it earned $13.28 per share. The adjusted number leaves out costs such as stock given to employees and the expenses of buying and merging ZT Systems. Companies say this shows the ongoing business more clearly, but Sanmina's release notes that the excluded costs are real and some use cash.
The deal also brought more debt: long-term debt was $1.92 billion at year end, up from $283 million. The company had $1.68 billion in cash and spent $393 million buying back about 2.4 million of its own shares during the year. The release does not give a number of jobs in San Jose or overall.
Source: Sanmina fourth-quarter and fiscal 2026 results, Nov. 9, 2026; Sanmina: completion of ZT Systems acquisition, Oct. 27, 2025.