INGM earnings analysis
What we found in INGM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased by 13.7% year-over-year to $13.96 billion, ahead of estimates of $12.72 billion.
- EPS Beat
- Diluted EPS rose to $0.75 compared to estimates of $0.72, marking a positive surprise of 4.17%.
- Segment Growth Across Regions
- All geographic segments reported growth, with North America up 12.7% and Latin America up 18.6%.
- Operating Income Increase
- Income from operations rose to $222.9 million from $200.9 million YoY.
- Improved Cash Flow
- Free cash flow shifted to positive at $274 million in 2026Q1, compared to a loss of $230 million in 2025Q1.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Gross Margins
- Gross margin fell to 6.63% from 6.75% YoY, driven by a mix shift towards lower-margin products.
- Increased Operational Costs
- Total SG&A expenses rose by $67.7 million, despite being reduced as a percentage of net sales.
- Slow Collections Impacting Cash Flow
- Operating activities used net cash of $977,877 in Q1, significantly higher than $200,430 in the previous year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.75
- Gross margin
- 6.63%
- Operating margin
- 1.6%
- Segment
- North America - $4.998B
- Segment
- EMEA - $3.906B
- Segment
- Asia-Pacific - $4.106B
- Segment
- Latin America - $952M
What they said about what is next.
Forward guidance indicates stable revenue growth and earnings for Q2 2026.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing INGM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever