Ingram Micro Reports Record Q2 FY2026 Results, Net Sales Rise 13.6% YoY to $14.5 Billion
Ingram Micro delivered its strongest-ever second quarter in fiscal 2026, with net sales of $14.5 billion (+13.6% YoY), non-GAAP diluted EPS of $0.82, and GAAP net income surging 193.1% to $110.9 million. Asia-Pacific and Latin America led regional growth at +27% each, while AI-infrastructure and Cloud-based Solutions drove broad demand. The company raised its quarterly dividend to $0.086 per share and guided Q3 FY2026 net sales of $13.55B–$13.95B.
*this image is generated using AI for illustrative purposes only.
Ingram Micro Holding Corporation reported its strongest second-quarter results in company history for fiscal Q2 2026, with net sales of $14.5 billion surpassing the high end of guidance and rising 13.6% year-over-year. Non-GAAP diluted EPS came in at $0.82, well above the guidance range, while GAAP net income surged 193.1% year-over-year to $110.9 million. The results reflect healthy demand across business lines, with the Xvantage™ platform and AI-infrastructure products emerging as key growth drivers.
"We delivered the strongest second quarter results in Ingram Micro's history, exceeding our guidance and demonstrating the strength of our global business, diversified portfolio, and disciplined execution," said Paul Bay, Chief Executive Officer. Chief Financial Officer Mike Zilis added that the results highlight the scalability of the operating model, noting that non-GAAP net income grew at a rate well over two times that of gross profit.
Consolidated Q2 FY2026 Financial Highlights
The table below summarizes key financial metrics for the quarter compared to the prior year period:
| Metric: | Q2 FY2026 | Q2 FY2025 | YoY Change |
|---|---|---|---|
| Net Sales: | $14,531,069K | $12,793,956K | +13.6% |
| Gross Profit: | $958,679K (6.60%) | $839,159K (6.56%) | +14.2% |
| Income from Operations: | $235,970K (1.62%) | $142,816K (1.12%) | +65.2% |
| Net Income: | $110,866K (0.76%) | $37,826K (0.30%) | +193.1% |
| Adjusted Income from Operations: | $280,381K (1.93%) | $200,827K (1.57%) | +39.6% |
| Adjusted EBITDA: | $355,780K (2.45%) | $293,949K (2.30%) | +21.0% |
| Non-GAAP Net Income: | $191,364K (1.32%) | $142,330K (1.11%) | +34.5% |
| Diluted EPS (GAAP): | $0.48 | $0.16 | +200.0% |
| Non-GAAP Diluted EPS: | $0.82 | $0.61 | +34.4% |
Gross profit grew to $958.7 million from $839.2 million in the prior fiscal second quarter, representing a 14.2% increase. Gross margin expanded to 6.60% from 6.56%, though the comparison reflects a shift in sales mix towards lower-margin AI-infrastructure products. Cash used in operations was $533.2 million, compared to $298.0 million in the prior fiscal second quarter, primarily driven by heavier inventory investment to support business growth ahead of ongoing supply constraints.
Regional Performance
The following table presents net sales and income from operations margin by geographic segment:
| Region: | Net Sales (Q2 FY2026) | Net Sales (Q2 FY2025) | YoY Growth | Operating Margin |
|---|---|---|---|---|
| North America: | $5.3B | $5.0B | +6.0% | 1.39% |
| EMEA: | $3.7B | $3.5B | +7.7% | 1.46% |
| Asia-Pacific: | $4.4B | $3.5B | +27.1% | 2.13% |
| Latin America: | $1.1B | $0.9B | +27.0% | 3.74% |
Asia-Pacific was the second-largest region in terms of both net sales and operating margin, driven by 51% growth in Advanced Solutions (led by GPU and AI-infrastructure products) and 87% growth in Cloud-based Solutions. North America saw an 8% increase in Client and Endpoint Solutions and 54% growth in Cloud-based Solutions (excluding the CloudBlue divestiture). EMEA growth was led by 10% growth in Advanced Solutions and 44% growth in Cloud-based Solutions. Latin America posted 32% growth in Client and Endpoint Solutions and 71% growth in Cloud-based Solutions.
Dividend Increase
The board of directors declared a third quarter cash dividend of $0.086 per share, representing a sequential increase of 2.4% from the $0.084 per share paid in the second quarter. The dividend is payable on August 25, 2026, to stockholders of record as of August 11, 2026. Additionally, a secondary offering was completed in May for 14.5 million shares, inclusive of the company's purchase of 1.2 million shares to further reduce the ownership stake of its primary shareholder.
Fiscal Q3 FY2026 Outlook
The following table presents the company's guidance for fiscal Q3 2026:
| Metric: | Low | High |
|---|---|---|
| Net Sales: | $13,550M | $13,950M |
| Gross Profit: | $910M | $955M |
| Non-GAAP Diluted EPS: | $0.72 | $0.82 |
The Q3 FY2026 net sales guidance implies year-over-year growth of 7.5% to 10.7%. The guidance assumes an effective tax rate of approximately 27% on a non-GAAP basis and 231.9 million diluted shares outstanding.
How might the shift toward lower-margin AI-infrastructure products impact Ingram Micro's long-term gross margin trajectory despite current sales growth?
What specific strategies is the company employing to mitigate supply chain constraints given the significant increase in inventory investment and cash used in operations?
Will the rapid growth in Asia-Pacific and Latin America continue to outpace North America, potentially reshaping the company's regional revenue mix in future quarters?
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