Ingram Micro Reports Continued Strong 2025 Net Sales Growth, Up 11.5% for Fiscal Fourth Quarter and Up 9.5% for Fiscal Year, With Operating Expense Efficiency and Robust Cash Flow Generation

IRVINE, CA — March 2, 2026/BUSINESS WIRE/ — Ingram Micro Holding Corporation (NYSE: INGM) (“Ingram Micro” or the “Company”), a leading technology company for the global information technology ecosystem, today reported fiscal fourth quarter and fiscal year-end results for the period ended December 27, 2025. The Company reported fourth quarter net sales of $14.9 billion, up 11.5% year over year, and net income on a GAAP basis of $121.4 million or $0.51 per share, up 46.1% and 41.7% year over year, respectively. Non-GAAP net income of $226.7 million or $0.96 per share, was above the high end of the Company’s guidance and up 6.4% and 4.3% versus the same period in 2024.

“Ingram Micro delivered a strong fourth quarter and full year, and we enter 2026 with confidence. We exceeded the high end of our net sales and EPS guidance and saw growth across all of our regions,” said Paul Bay, Ingram Micro’s Chief Executive Officer. “Our Xvantage platform continues to build momentum, with the majority of our net sales now flowing through the platform. In an increasingly complex market, Xvantage’s AI‑driven capabilities are improving productivity and enabling richer, higher‑value opportunities for our customers. As we advance to the next phase of Xvantage value creation, and scale our Enable AI program, we are well positioned to drive durable, profitable growth.”

“We continued to execute with discipline in 2025, delivering strong sales growth in Advanced Solutions, Cloud and Client and Endpoint Solutions, coupled with solid operating leverage and sustained efficiency gains from our Xvantage platform,” said Mike Zilis, Ingram Micro’s Chief Financial Officer. “We delivered adjusted free cash flow of $1.6 billion in the quarter – the highest quarterly level in more than a decade. Our team executed well and we continue to optimize, positioning us to capitalize on a curve of upward profitability as we see higher-margin growth opportunities going forward.”

Consolidated Fiscal Fourth Quarter 2025 Financial Highlights

• Net sales totaled $14.9 billion, compared to $13.3 billion in the prior fiscal fourth quarter, representing an increase of 11.5%. The year-over-year increase was a result of higher net sales across each of our geographic segments. The translation impact of foreign currencies relative to the U.S. dollar had a positive impact of 2.4% on the year-over-year net sales comparison.
• Gross profit was $966.4 million, compared to $936.1 million in the prior fiscal fourth quarter.
• Gross margin was 6.50%, compared to 7.01% in the prior fiscal fourth quarter. The year-over-year decrease in gross margin was driven by a continued heavy sales mix in our lower-margin client and endpoint solutions, as well as mix towards the lower-margin, lower cost-to-serve Asia Pacific region, large enterprise customers and significant project-based business in AI-enablement product sets. Fourth quarter 2025 gross margins are also impacted by the sale of our CloudBlue business in the third quarter of 2025, which was still a part of our cloud-based solutions gross margins in the prior year period.
• Income from operations was $309.7 million, up from $248.5 million in the prior fiscal fourth quarter. Adjusted income from operations was $350.0 million, up from $305.2 million in the prior fiscal fourth quarter.
• Income from operations margin increased from 1.86% in the prior fiscal fourth quarter to 2.08% in the fourth quarter of 2025. Adjusted income from operations margin was 2.35% compared to 2.29% in the prior fiscal fourth quarter. This year-over-year increase was primarily due to improved leverage on operating expenses across net sales growth, as well as a positive recovery via insurance proceeds that we expect to receive related to a previously disclosed matter, which helped to offset professional fees, reserves and temporary loss of business associated with the matter throughout the year.
• Adjusted EBITDA grew to $430.9 million, compared to $418.1 million in the prior fiscal fourth quarter.
• Diluted EPS was $0.51, compared to $0.36 in the prior fiscal fourth quarter. Non-GAAP diluted EPS was $0.96, compared to $0.92 in the prior fiscal fourth quarter.
• Cash provided by operations was $1,560.6 million, compared to $310.0 million provided by operations in the prior fiscal fourth quarter, and adjusted free cash flow was $1,630.4 million, compared to $337.2 million in the prior fiscal fourth quarter.

Regional Fiscal Fourth Quarter 2025 Financial Highlights

North America

Net sales were $5.1 billion, compared to $4.7 billion in the prior fiscal fourth quarter. The year-over-year increase in North American net sales was driven by strength in advanced solutions offerings driven by storage and server, and particularly lower margin, lower-cost-to-serve AI-enablement projects, as well as client and endpoint solutions net sales, driven by PCs. These factors were partially offset by declines in Other services and in cloud net sales, the latter of which was impacted by our CloudBlue divestiture discussed above.

Income from operations was $50.6 million, compared to $115.2 million in the prior fiscal fourth quarter. The year-over-year decrease was driven by lower gross profit realization, largely due to previously described mix factors, as well as an increase in SG&A expenses including software-related costs, bad debt expense and professional and outside services costs, and true-ups in expense related to annual variable compensation programs as a result of stronger global profit and free cash flow generation in the fourth quarter.

Income from operations margin was 0.99%, compared to 2.47% in the prior fiscal fourth quarter, driven primarily by the decline in gross margins resulting from the shift towards lower margin, lower cost-to-serve AI-enablement projects, as well as the increase in SG&A expenses, both described above.

EMEA

Net sales were $4.6 billion, compared to $4.1 billion in the prior fiscal fourth quarter. The year-over-year increase in EMEA net sales was driven by growth across all lines of business, particularly client and endpoint solutions driven by PCs, as well as advanced solutions offerings driven by networking, server and storage.

Income from operations was $115.4 million, compared to $90.9 million in the prior fiscal fourth quarter. The year-over-year increase was driven by an increase in gross profit across all product categories, as well as a reduction in SG&A expenses.

Income from operations margin was 2.49%, compared to 2.23% in the prior fiscal fourth quarter. The year-over-year increase in income from operations margin was primarily due to favorable gross margins as well as a reduction in SG&A expenses as a percentage of net sales including a 5 basis point reduction in restructuring costs and a 5 basis point reduction in compensation and headcount expenses.

Asia-Pacific

Net sales were $4.1 billion, compared to $3.6 billion in the prior fiscal fourth quarter. The increase in Asia-Pacific net sales was driven by net sales of client and endpoint solutions, led by growth in mobility and components, as well as modest growth in cloud-based solutions, partially offset by modest declines in advanced solutions offerings and Other services net sales.

Income from operations was $114.6 million, compared to $53.5 million in the prior fiscal fourth quarter. The region benefited from a non-recurring loss recovery related to the previously noted insurance proceeds that we expect to receive, which helped to offset the specific costs and temporary loss of business impacts associated with the matter.

Income from operations margin was 2.82%, compared to 1.49% in the prior fiscal fourth quarter.

Latin America

Net sales were $1.1 billion, compared to $1.0 billion in the prior fiscal fourth quarter. The increase in Latin American net sales was primarily driven by growth in client and endpoint solutions net sales, led by PCs, partially offset by modest declines in advanced solutions offerings, cloud-based solutions and Other services.

Income from operations was $44.1 million, compared to $44.1 million in the prior fiscal fourth quarter. Higher gross profit was offset by an increase in SG&A expenses.

Income from operations margin was 4.08%, compared to 4.35% in the prior fiscal fourth quarter. The year-over-year decrease in income from operations margins was a result of higher SG&A expenses as a percentage of net sales, most notably bad debt expense as the prior fiscal fourth quarter was positively impacted by the reversal of a reserve related to a single project when the delinquent receivables were collected.

Consolidated Fiscal 2025 Financial Highlights

• Net sales totaled $52.6 billion, representing an increase of 9.5% from the prior fiscal year. The growth was driven by year-over-year increases in net sales across each of our geographic segments. The translation impact of foreign currencies relative to the U.S. dollar had an approximate 0.5% positive impact on this year-over-year comparison.
• Gross profit was $3,504.0 million, compared to $3,444.9 million in the prior fiscal year.
• Gross margin was 6.67%, compared to 7.18% in the prior fiscal year. The year-over-year decrease in gross margin was driven by generally stronger volumes in our lower-margin client and endpoint solutions net sales as well as an overall mix shift towards large enterprise customers, servers and AI-enablement products, and geographic mix towards our Asia-Pacific region, each of which are lower-margin and lower cost-to-serve.
• Income from operations was $876.9 million, up from $817.9 million in the prior fiscal year. Adjusted income from operations was $1,038.0 million, compared to $999.7 million in the prior fiscal year.
• Income from operations margin was 1.67%, compared to 1.70% in the prior fiscal year. Adjusted income from operations margin was 1.97%, compared to 2.08% in the prior fiscal year. This year-over-year decrease was primarily due to mix shift impacts on gross margins noted above, partially offset by improved leverage on operating expenses across the increase in net sales. Included in the results for fiscal 2025 is the impact of a one-time loss of $48,728, or 9 basis points, related to the sale of our CloudBlue operations and other non-core operations in our North America region.
• Adjusted EBITDA was $1,357.8 million, compared to $1,318.6 million in the prior year.
• Diluted EPS was $1.39, compared to $1.18 in the prior fiscal year. Non-GAAP diluted EPS was $2.90, up from $2.79 in the prior fiscal year.
• Cash provided by operations was $916.1 million, compared to $333.8 million in the prior fiscal year, and adjusted free cash flow was $1,098.6 million, compared to $443.3 million in the prior fiscal year, reflecting significant reductions in investment in net working capital to close out the year.

Regional Fiscal 2025 Financial Highlights

North America

Net sales were $18.9 billion, compared to $17.4 billion in the prior fiscal year. The year-over-year increase in North American net sales was the result of growth in client and endpoint solutions driven by PCs and growth in advanced solutions offerings driven by server and storage, including AI-enablement technologies, partially offset by declines in Other services and cloud-based solutions net sales.

Income from operations was $247.0 million, compared to $322.2 million in the prior fiscal year.

Income from operations margin was 1.30%, compared to 1.85% in the prior fiscal year. The year-over-year decrease in income from operations margin was primarily due to the gross margin impact of the shift in sales mix as described above. The region’s income from operations margin also reflects the impact of $48,728, or 26 basis points of net sales, relating to the loss on sale of our CloudBlue operations and other non-core operations in our North America region in fiscal 2025. These factors are partially offset by continued optimization of our operating expenses, as a result of restructuring actions taken in the prior year.

EMEA

Net sales were $15.2 billion, an increase of 6.6% compared to the prior fiscal year. The year-over-year increase in EMEA net sales was primarily a result of growth in client and endpoint solutions net sales driven primarily by PCs. Other services, advanced solutions offerings, and cloud-based solutions also increased compared to the prior fiscal year. The translation impact of foreign currencies relative to the U.S. dollar had a positive impact of 4% on the year-over-year comparison of the region’s net sales.

Income from operations was $290.3 million, compared to $259.4 million in the prior fiscal year.

Income from operations margin was 1.91%, compared to 1.82% in the prior fiscal year. The year-over-year increase is driven by reductions in SG&A expense as a percentage of net sales, most notably restructuring costs, which decreased by 8 basis points year-over-year. These factors more than offset a decrease in gross margin due to the shift in sales mix factors described above as well as some write-offs related to inventory.

Asia-Pacific

Net sales were $14.7 billion, compared to $12.8 billion in the prior fiscal year. The increase in Asia-Pacific net sales was driven by growth in client and endpoint solutions net sales, driven by mobility distribution, components, tablets, and PCs. Advanced solutions offerings also grew, driven by networking, server, and AI-enablement technologies, as well as cloud-based solutions. These results were partially offset by declines in Other services net sales. The translation impact of foreign currencies relative to the U.S. dollar had a negative impact of 2% on the year-over-year net sales comparison.

Income from operations was $272.2 million, compared to $223.4 million in the prior fiscal year.

Income from operations margin was 1.85% compared to 1.75% in the prior fiscal year. The year-over-year increase in income from operations margin was primarily as result of a reduction in SG&A expense as a percentage of net sales. While the region benefited from a non-recurring loss recovery that we expect to receive related to the previously noted insurance recovery, this was largely offset by the specific costs and temporary loss of business impacts associated with the matter during the year. The region also saw a 15 basis point decrease in compensation and headcount expenses primarily due to improved leverage of operating expenses across increased net sales. These factors more than offset a decrease in gross margin due to the geographic and sales mix factors described above.

Latin America

Net sales were $3.7 billion, compared to $3.6 billion in the prior fiscal year. The increase in Latin American net sales was primarily driven by growth in client and endpoint solutions driven by mobility distribution, notebooks, and tablets. This was partially offset by a decline in advanced solutions offerings, as well as modest declines in Other services and cloud-based solutions net sales. The translation impact of foreign currencies relative to the U.S. dollar had a negative impact of 2% on the year-over-year comparison of the region’s net sales.

Income from operations was $123.2 million, compared to $119.6 million in the prior fiscal year.

Income from operations margin was 3.32% compared to 3.33% in the prior fiscal year. This year-over-year comparison is impacted by an increase in SG&A expense as a percentage of net sales. Most notably, bad debt expense increased by 26 basis points, as fiscal year 2024 was positively impacted by the reversal of a reserve related to a single project, as the delinquent receivables were collected. These factors were essentially offset by an increase in gross margin due to higher achievement on advanced solutions net sales as well as the favorable impact of a decline in inventory write-offs in fiscal year 2025.

Fiscal First Quarter 2026 Outlook

The following outlook is forward-looking, based on the Company’s current expectations for the fiscal first quarter of 2026, and actual results may differ materially from what is indicated. We provide EPS guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control.

Our guidance assumes an effective tax rate of approximately 27% on a non-GAAP basis, and 236.0 million diluted shares outstanding.

Dividend Payment

The Company’s board of directors has declared a cash dividend of $0.082 per share of the Company’s common stock. The dividend is payable on March 24, 2026, to stockholders of record as of March 10, 2026.

Fiscal Fourth Quarter 2025 Earnings Call Details:

Ingram Micro’s management will host a call to discuss its results on March 2, 2026, at 2:00 p.m. Pacific time (5:00 p.m. Eastern time).

A live webcast of the conference call will be accessible from the Ingram Micro investor relations website at https://ir.ingrammicro.com. The call can also be accessed at 201-689-8796 and 877-407-9781.

A telephonic replay will be available through Monday, March 23, 2026, at 877-660-6853 or 201-612-7415, access code 13758912. A replay of the webcast will also be available at https://ir.ingrammicro.com.