Sanmina Issues FY2027 Revenue Guidance of Up to $19.5 Billion, Topping Analyst Estimates

Sanmina has issued fiscal 2027 revenue guidance of $17.5 billion to $19.5 billion, a range that came in above Wall Street's consensus estimate, according to CNBC. The outlook, released alongside fourth-quarter and full fiscal-year 2026 results, follows the company's completed acquisition of ZT Systems' data center infrastructure manufacturing business from AMD.

Fiscal 2026 Results and Fiscal 2027 Outlook

Sanmina reported fourth-quarter fiscal 2026 revenue of $3.86 billion and full fiscal-year 2026 revenue of $14.53 billion, according to the company's fourth-quarter and fiscal 2026 financial results release. The same release detailed fourth-quarter GAAP operating margin of 6.0% and non-GAAP operating margin of 9.0%, with GAAP diluted EPS of $2.14 and non-GAAP diluted EPS of $4.43.

For fiscal 2027, Sanmina's official outlook table calls for revenue of $17.5 billion to $19.5 billion, non-GAAP operating margin of 7.0% to 7.5%, and non-GAAP diluted EPS of $15.50 to $17.50, per the same company release.

Our calculation: measured against fiscal 2026 revenue of $14.53 billion, the low end of the fiscal 2027 guidance range ($17.5 billion) implies growth of roughly 20.4% [(17.5 - 14.53) / 14.53 x 100], while the high end ($19.5 billion) implies growth of roughly 34.2% [(19.5 - 14.53) / 14.53 x 100]. This is an arithmetic comparison of the company's own reported and guided figures, not an independent forecast.

Guidance Versus Analyst Estimates

CNBC reported that Sanmina's revenue forecast of $17.5 billion to $19.5 billion came in ahead of a $16.61 billion consensus estimate, and that the company's projected full-year earnings range of $15.50 to $17.50 per share topped a FactSet consensus estimate of $14.07 a share.

Our calculation: the guidance range spans $2.0 billion from end to end, equal to about 10.3% of the high end [(19.5 - 17.5) / 19.5 x 100], an unusually wide band for a full-year revenue outlook. This is an arithmetic comparison of the company's own guided figures, not a forecast.

ZT Systems Acquisition

A Sanmina 10-K filing posted on the company's investor relations site states that Sanmina completed the acquisition of ZT Systems' data center infrastructure manufacturing business from AMD on October 27, 2025, for aggregate consideration of $1.6 billion. That total consisted of $1.46 billion in cash, subject to adjustment for certain working-capital and other items, shares of Sanmina common stock valued at $150 million, and up to $450 million in contingent cash consideration tied to the achievement of certain financial metrics during the three-year period following closing.

Sanmina's released fiscal 2027 outlook presents consolidated company-wide figures rather than segment-level projections, and the company's disclosed guidance does not isolate how much of the forecast revenue or margin is attributable to the acquired ZT Systems business.

Market Reaction

CNBC reported that Sanmina shares soared 19% after the electronic manufacturing services provider rolled out an outlook that came in ahead of the Street's expectations. That reported move reflects how investors responded to the combination of fiscal 2026 results and the fiscal 2027 guidance; it is a reported market reaction rather than an indication of future share performance.

Our interpretation: the guidance exceeded the consensus figures CNBC cited by roughly $0.89 billion at the low end and $2.89 billion at the high end on revenue [(17.5 - 16.61) and (19.5 - 16.61)], and by $1.43 to $3.43 on non-GAAP EPS [(15.50 - 14.07) and (17.50 - 14.07)]. A double-digit percentage share move is consistent with the scale of that reported upside surprise, though the durability of the reaction depends on factors beyond this guidance announcement.

Bottom Line

Sanmina's fiscal 2027 outlook of $17.5 billion to $19.5 billion in revenue, paired with non-GAAP diluted EPS guidance of $15.50 to $17.50, exceeded the consensus estimates cited by CNBC and followed a fiscal 2026 in which the company reported $14.53 billion in revenue. The $1.6 billion ZT Systems transaction, completed on October 27, 2025, adds data center infrastructure manufacturing operations purchased from AMD, though Sanmina's disclosed guidance does not isolate that unit's specific financial contribution. Investors will likely look to subsequent quarterly results for more granular detail on how the acquisition and underlying end markets are tracking against the newly issued range.