Ingram Micro (INGM) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales reached $14.9B, up 11.5% year-over-year, exceeding guidance, with all regions contributing to growth and double-digit gains in Asia Pacific and AI infrastructure products.

• Full-year 2025 net sales were $52.6B, up 9.5% year-over-year, with strong growth in Asia Pacific and robust performance across all product categories.

• Adjusted free cash flow reached $1.63B in Q4, the highest in over a decade, and $1.1B for the year, reflecting significant operational efficiency.

• The Xvantage platform and AI initiatives enhanced productivity, sales, and customer engagement, with most net sales now flowing through the platform.

• Innovation and digital transformation, including new AI-powered tools and patents, supported ongoing business model pivots.

Financial highlights

• Q4 net sales were $14.88B–$14.9B, up 11.5% year-over-year; gross profit was $966.4M (6.5% margin), up 3.2% year-over-year.

• Q4 non-GAAP net income was $226.7M–$227M, non-GAAP diluted EPS was $0.96, up 4.3%–6.4% year-over-year.

• Full-year non-GAAP net income was $681.9M–$682M, non-GAAP diluted EPS was $2.90, both up 8.6% year-over-year.

• Adjusted EBITDA for FY25 was $1.36B, up from $1.32B in FY24.

• Q4 operating expenses were $656.7M (4.41% of net sales), a 74 bps improvement year-over-year.

Outlook and guidance

• Q1 FY26 net sales guidance: $12.45B–$12.8B, representing 1.4%–4.2% year-over-year growth at midpoint.

• Q1 gross profit expected at $840M–$895M, with gross margin improvement to 6.87% at midpoint.

• Q1 non-GAAP diluted EPS guidance: $0.67–$0.75, up 10%–23% year-over-year.

• Dividend of $0.082 per share declared, payable March 24, 2026.

• Free cash flow expected to be seasonally lower in Q1 due to low year-end working capital.