10-K · March 3, 2026
Ingram Micro positions itself as a global, platform-driven IT distributor focused on accelerating digital engagement via its Xvantage platform (integrating more than 42 million lines of code and 400 AI/ML models) and…
Earnings analysis · 10-Q
INGM earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Ingram Micro's Q1 2026 results showed strong growth with a 13.7% year-over-year increase in revenue to $13.96 billion, beating expectations. The company reported adjusted EPS of $0.75, surpassing the consensus estimate…
Read full summary
Ingram Micro's Q1 2026 results showed strong growth with a 13.7% year-over-year increase in revenue to $13.96 billion, beating expectations. The company reported adjusted EPS of $0.75, surpassing the consensus estimate of $0.72. However, management highlighted higher operating costs and a decrease in gross margins, which impacted overall profitability despite strong sales.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.75
What stood out
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Strong Revenue Growth
Revenue increased by 13.7% year-over-year to $13.96 billion, ahead of estimates of $12.72 billion.
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EPS Beat
Diluted EPS rose to $0.75 compared to estimates of $0.72, marking a positive surprise of 4.17%.
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Segment Growth Across Regions
All geographic segments reported growth, with North America up 12.7% and Latin America up 18.6%.
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Operating Income Increase
Income from operations rose to $222.9 million from $200.9 million YoY.
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Improved Cash Flow
Free cash flow shifted to positive at $274 million in 2026Q1, compared to a loss of $230 million in 2025Q1.
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Strong Utilization of New Products
Notable growth in Cloud-based Solutions with a year-over-year increase of 31%, despite 9% negative impact from divesting CloudBlue.
What to watch
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Decreased Gross Margins
Gross margin fell to 6.63% from 6.75% YoY, driven by a mix shift towards lower-margin products.
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Increased Operational Costs
Total SG&A expenses rose by $67.7 million, despite being reduced as a percentage of net sales.
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Slow Collections Impacting Cash Flow
Operating activities used net cash of $977,877 in Q1, significantly higher than $200,430 in the previous year.
Management's outlook
Forward guidance indicates stable revenue growth and earnings for Q2 2026.
Earlier filings 4
10-Q · October 30, 2025
Ingram Micro reported quarterly net sales of $12,603,755,000 and diluted EPS of $0.42 for the thirteen weeks ended September 27, 2025. Revenue and net income were higher year-over-year, but the company shows stressed…
10-Q · August 6, 2025
Revenue improved versus the prior year to $12,793,956,000 (Net sales of $12,793,956 in the filing) from $11,541,439 (thirteen weeks ended June 29, 2024), but margins and EPS contracted. Gross margin declined to ~6.56%…
10-Q · May 8, 2025
Ingram Micro reported Q1 net sales of $12,280,843 (amounts in thousands) and diluted EPS of $0.29 for the thirteen weeks ended March 29, 2025. Revenue and net income improved versus the prior year quarter while gross…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.