Ingram Micro reported strong fourth quarter and full-year results, exceeding guidance for net sales and EPS. The company demonstrated robust cash flow generation and operating expense efficiency, driven by its Xvantage platform and AI initiatives, positioning it for continued profitable growth.
Fourth quarter net sales of $14.9 billion, up 11.5% year-over-year, exceeding the high end of guidance.
positiveFiscal year 2025 net sales of $52.6 billion, an increase of 9.5% year-over-year.
positiveFourth quarter cash provided by operations of $1.56 billion and adjusted free cash flow of $1.63 billion, the highest quarterly level in over a decade.
positiveOperating expense efficiency improved, with Q4 operating expenses at 4.41% of net sales (74 bps improvement YoY) and FY25 at 5.00% of net sales (47 bps improvement YoY).
positiveNon-GAAP diluted EPS of $0.96 for Q4, above guidance and up 4.3% year-over-year.
positiveFiscal year 2025 diluted EPS was $1.39, compared to $1.18 in the prior fiscal year.
positiveGross margin decreased to 6.50% in Q4 2025 from 7.01% in Q4 2024, driven by a higher sales mix in lower-margin client and endpoint solutions, and a geographic mix towards the lower-cost-to-serve Asia Pacific region.
attentionGross margin for fiscal year 2025 was 6.67%, down from 7.18% in the prior year, due to similar mix shifts towards lower-margin products and customers.
attentionNorth America income from operations decreased to $50.6 million from $115.2 million YoY, with operating margin falling to 0.99% from 2.47%, impacted by lower gross profit realization and increased SG&A expenses.
negativeThe sale of the CloudBlue business impacted Q4 2025 gross margins as it was part of cloud-based solutions gross margins in the prior year period.
attentionLatin America income from operations margin decreased to 4.08% from 4.35% YoY, due to higher SG&A expenses, notably bad debt expense.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
North America | N/A | — | — | — | — |
EMEA | N/A | — | — | — | +2.6% |
Asia-Pacific | N/A | — | — | — | -2.0% |
Latin America | N/A | — | — | — | -2.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Ingram Micro delivered a strong fourth quarter and full year, and we enter 2026 with confidence.
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.