Ingram Micro (INGM) Q1 2026 earnings summary

Executive summary

• Net sales grew 13.7% year-over-year to $14.0 billion, with all regions contributing and Cloud, Advanced Solutions, and AI infrastructure leading growth.

• Gross profit increased 11.7% to $926 million, though gross margin declined by 12 bps due to a mix shift toward lower-margin GPU and AI products.

• Non-GAAP diluted EPS reached $0.75 (+23% YoY), at the high end of guidance; net income rose 42.9% to $98.9 million.

• Xvantage platform adoption accelerated, driving automation, efficiency, and $1B+ in sales from 230,000+ processed emails (+78% YoY).

• Quarterly dividend increased 2.4% sequentially and 10.5% YoY to $0.084 per share; $75M in stock repurchased and new authorization announced.

Financial highlights

• Net sales reached $14.0B, up 13.7% YoY; gross profit was $926M (+11.7% YoY); adjusted EBITDA grew 13.9% to $331M.

• Non-GAAP net income increased 21.7% to $176M; non-GAAP diluted EPS was $0.75 (+23% YoY).

• Adjusted income from operations was $262M (+14% YoY); income from operations margin was 1.60%.

• Adjusted free cash flow was an outflow of $962M, reflecting working capital investment for growth.

• Net working capital was $4.4B; cash and cash equivalents were $916M at quarter-end.

Outlook and guidance

• Q2 2026 net sales guidance: $13.6–$14.0B, representing 6.3%–9.4% YoY growth; non-GAAP EPS: $0.68–$0.78.

• Cloud expected to lead with double-digit growth; Advanced Solutions to grow high single digits; CES to grow low single digits.

• Q2 gross profit guidance: $905–$950M (8–13% YoY growth); guidance assumes a 27% effective tax rate.

• Guidance includes a $0.01–$0.03 EPS headwind from Middle East volatility.

• Management expects continued investments in automation and the Xvantage platform to drive efficiency.