Ingram Micro Holding Stock Earnings Reports

Ingram Micro delivered a strong Q1 FY2026: net sales of $13.96B (up ~13.7% YoY, ~10% FX-neutral) and non-GAAP EPS of $0.75 (up 23% YoY), with gross profit up ~12% and non-GAAP net income up ~22%. Growth was broad-based across regions and lines of business, led by Cloud (25% FX-neutral; +34% excluding the CloudBlue divestiture) and Advanced Solutions (driven by servers, networking and several late-quarter large GPU/AI infrastructure deals). GPUs/AI infrastructure contributed meaningful revenue but compressed gross margin (estimated ~35 bps impact in Q1) because these are low-margin but low cost-to-serve, low working-capital deals. Xvantage (the company’s digital B2B platform) continues to scale: >2 million self-service orders in Q1, >400 AI/ML models deployed, Intelligent Digital Assistant (IDA) driving materially higher quote-to-conversion and generating ~$800M in AI-led net sales in the quarter; four patents have been granted (including dynamic SKU generation and e-mail-to-order, which processed ~230,000 e-mails into orders — enabling >$1B in sales). Regionally APAC and North America were especially strong; India and LATAM showed meaningful Xvantage-driven margin and conversion improvements. Balance sheet and capital allocation: net working capital improved (23 days vs 29 prior year), net debt / adjusted EBITDA improved to ~1.7x, $916M cash, $3.3B debt, $200M term loan repaid in Q1. Adjusted free cash flow was a seasonal outflow (~$962M) driven by working capital investment for growth; management expects cash flow to normalize over the next 1–2 quarters. Board actions: $75M stock repurchase from majority owner completed earlier, repurchase program expanded, dividend increased ~2.4% sequentially (10.5% YoY). Q2 guidance: net sales $13.6B–$14.0B (midpoint +8% YoY), gross profit $905M–$950M, non-GAAP EPS $0.68–$0.78 (assumes modest $0.01–$0.03 negative impact from Middle East volatility). Headwinds: memory supply constraints and rising ASPs (impacting mix, lead times, some project deferrals and scope changes), and geopolitical/transportation volatility; tailwinds: continued Cloud momentum, PC refresh (including AI PCs), and scaling Xvantage automation and AI capabilities.