INGM

Let’s dig into the relative performance of Ingram Micro (NYSE:INGM) and its peers as we unravel the now-completed Q2 it distribution & solutions earnings season. IT Distribution & Solutions will be buoyed by the increasing complexity of IT ecosystems, rising cloud adoption, and demand for cybersecurity solutions. Enterprises are less likely than ever to embark on these complicated journeys solo, and companies in the sector boast expertise and scale in these areas. However, cloud migration also means less need for hardware, which could dent demand for large portions of the product portfolio and hurt margins. Additionally, planning for potentially supply chain disruptions is ongoing, as the COVID-19 pandemic showed how damaging a pause in global trade could be in areas like semiconductor procurement. The 7 it distribution & solutions stocks we track reported a stunning Q2. As a group, revenues beat analysts’ consensus estimates by 8.6% while next quarter’s revenue guidance was 10.4% above. While some it distribution & solutions stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.7% since the latest earnings results. Operating as the crucial link in the global technology supply chain with a presence in 57 countries, Ingram Micro (NYSE:INGM) is a global technology distributor that connects manufacturers with resellers, providing hardware, software, cloud services, and logistics expertise. Ingram Micro reported revenues of $14.53 billion, up 13.6% year on year. This print exceeded analysts’ expectations by 4.8%. Overall, it was a stunning quarter for the company with revenue guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates. Ingram Micro delivered the weakest guidance update among its peers. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 8.8% since reporting and currently trades at $27.72. Is now the time to buy Ingram Micro? Access our full analysis of the earnings results here, it’s free. With a century-long history of adapting to technological evolution, Avnet (NASDAQ:AVT) is a global electronic components distributor that connects manufacturers of semiconductors and other electronic parts with businesses that need these components. Avnet reported revenues of $8.30 billion, up 47.7% year on year, outperforming analysts’ expectations by 10.5%. The business had an incredible quarter with a solid beat of analysts’ EPS guidance for next quarter estimates. Avnet delivered the highest guidance raise and fastest revenue growth of the whole group. The market seems happy with the results as the stock is up 7.2% since reporting. It currently trades at $99.18. Is now the time to buy Avnet? Access our full analysis of the earnings results here, it’s free. Serving as a crucial bridge between technology manufacturers and end users since 1984, CDW (NASDAQ:CDW) is a multi-brand provider of information technology solutions that helps businesses and public sector organizations select, implement, and manage hardware, software, and IT services. CDW reported revenues of $6.57 billion, up 10% year on year, exceeding analysts’ expectations by 5.2%. It may have had the worst quarter among its peers, but its results were still good as it also locked in a beat of analysts’ EPS estimates. As expected, the stock is down 11.4% since the results and currently trades at $136.44. Read our full analysis of CDW’s results here. Serving as the crucial middleman in the technology supply chain, TD SYNNEX (NYSE:SNX) is a global technology distributor that connects thousands of IT manufacturers with resellers, helping businesses access hardware, software, and technology solutions. TD SYNNEX reported revenues of $19.57 billion, up 31% year on year. This print surpassed analysts’ expectations by 16.6%. It was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ EPS guidance for next quarter estimates. TD SYNNEX scored the biggest analyst estimate beat in the group. The stock is down 8.4% since reporting and currently trades at $253.76. Read our full, actionable report on TD SYNNEX here, it’s free. With over 35 years of IT expertise and partnerships with more than 8,000 technology providers, Insight Enterprises (NASDAQ:NSIT) provides end-to-end digital transformation solutions that help businesses modernize their IT infrastructure and maximize the value of technology. Insight Enterprises reported revenues of $2.40 billion, up 14.7% year on year. This number topped analysts’ expectations by 10.5%. Overall, it was an incredible quarter as it also put up an impressive beat of analysts’ full-year EPS guidance estimates. The stock is up 10.3% since reporting and currently trades at $154.76. Read our full, actionable report on Insight Enterprises here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Ingram Micro Holding (INGM) has just reported a stronger second quarter, higher year-to-date sales and net income, a modest dividend increase, fresh earnings guidance, and a new client agreement in Indonesia. See our latest analysis for Ingram Micro Holding. Despite the latest earnings beat and dividend uptick, Ingram Micro Holding’s share price has eased 1.1% over the last day and 7.2% over the past week. However, the 30 day and year to date share price returns of 8.8% and 30.9%, plus a 1 year total shareholder return of 47.2%, still point to momentum that has cooled recently rather than reversed completely. If this mix of solid results and moderating momentum has you thinking about where else to put fresh capital to work, it could be a good moment to scan for other technology distributors and service providers through the 55 AI infrastructure stocks For Ingram Micro Holding, a strong quarter, higher year to date returns and a softer week in the share price raise a simple tension: Is the recent slip a read on the business itself or just sentiment resetting around the valuation? At a last close of $27.90 against a narrative fair value of $31.85, Ingram Micro Holding is framed as undervalued, with analysts anchoring that view on expected cash flows discounted at 10.42%. Read the complete narrative. Want to see what really sits behind that confidence in Ingram Micro Holding? The narrative leans heavily on future revenue mix, margin lift, and a lower earnings multiple that still supports this higher fair value. Result: Fair Value of $31.85 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Ingram Micro Holding story could be tested if low margin GPU and server deals continue to outpace higher margin areas, or if cloud growth continues to lag. Find out about the key risks to this Ingram Micro Holding narrative. The narrative fair value paints Ingram Micro Holding as undervalued by 12.4%. A different lens tells a cooler story. Our DCF model points to a future cash flow value of $17.26 per share, which sits well below the current $27.90 price. That raises a simple question for you: Which set of assumptions feels more realistic? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Ingram Micro Holding for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 53 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. If this mix of confidence and caution around Ingram Micro Holding has you weighing both sides, it makes sense to move quickly and test the numbers yourself. To see the balance of potential upsides and concerns in one place, review the 4 key rewards and 1 important warning sign If Ingram Micro Holding has sharpened your focus on where to allocate capital next, do not leave it there. Put fresh ideas on your radar today using targeted screeners. Spot potential bargains early and see which companies currently screen as screener containing 18 high quality undiscovered gems before broader attention catches up. Prioritize resilience and protect your downside by filtering for 82 resilient stocks with low risk scores that may better match your comfort with volatility. Strengthen your core holdings by focusing on companies that pass a solid balance sheet and fundamentals stocks screener (46 results) and may handle tougher conditions more comfortably. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include INGM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Ingram Micro Holding reported past second-quarter 2026 results with sales of US$14,531.07 million and net income of US$110.87 million, alongside higher earnings per share and an increased quarterly dividend to US$0.086 per share. Alongside these financial gains, the company continued to broaden its reach and capabilities through international distribution agreements and progress on sustainability and workplace initiatives. We’ll now examine how this combination of stronger earnings and a higher dividend shapes Ingram Micro’s existing investment narrative. The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. To own Ingram Micro today, you need to believe it can turn its role in AI infrastructure, cloud and advanced solutions into steadily improving earnings and cash generation, while keeping working capital and leverage in check. The latest quarter’s stronger profits and higher dividend support that narrative in the near term, but dependence on low margin GPU and hardware deals remains the key short term catalyst and the biggest risk if mix shifts away from higher margin cloud and SMB activity. The most relevant development is the 2.4% increase in the quarterly dividend to US$0.086 per share, coming alongside materially higher earnings per share. This pairing reinforces the idea that management is comfortable returning more cash even as it invests in AI centric growth, and it matters for investors watching how improved profitability, capital allocation and balance sheet flexibility interact with the need for elevated inventory and receivable levels to support large infrastructure projects. Yet even with stronger earnings and a higher dividend, investors should be aware of how sustained low margin AI hardware volumes could... Read the full narrative on Ingram Micro Holding (it's free!) Ingram Micro Holding's narrative projects $60.6 billion revenue and $844.2 million earnings by 2029. This requires 3.8% yearly revenue growth and a roughly $486.6 million earnings increase from $357.6 million today. Uncover how Ingram Micro Holding's forecasts yield a $31.85 fair value, a 13% upside to its current price. Some of the most optimistic analysts were already assuming earnings could reach about US$709 million by 2029, so after this strong quarter it is worth asking whether those higher expectations, and their concerns about sustained gross margin pressure from large AI hardware projects, still feel realistic to you or need revisiting. Explore 2 other fair value estimates on Ingram Micro Holding - why the stock might be worth as much as 57% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Ingram Micro Holding research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision. Our free Ingram Micro Holding research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Ingram Micro Holding's overall financial health at a glance. Our daily scans reveal stocks with breakout potential. Don't miss this chance: Explore 26 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. Invest in the nuclear renaissance through our list of 88 elite nuclear energy infrastructure plays powering the global AI revolution. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 29 best rare earth metal stocks of the very few that mine this essential strategic resource. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include INGM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Net Sales: $14.53 billion, up 13.6% year-over-year in USD and 12.6% on an FX-neutral basis. Gross Profit: $959 million, up from $839 million in the prior year (which included a $10.5 million write-down). Gross Margin: 6.60%, up 4 basis points year-over-year; excluding GPU/AI infrastructure deals, gross margin was 6.90%. Adjusted Operating Income: $280 million, up 40% year-over-year. Non-GAAP Diluted EPS: $0.82, up 34% from the prior year. Cloud Revenue Growth: Fastest-growing line of business at 44% FX-neutral growth year-over-year. Advanced Solutions Revenue Growth: 13% FX-neutral growth, driven by GPU and AI infrastructure demand. Client and Endpoint Solutions Revenue Growth: 12% FX-neutral growth. Regional Net Sales: North America $5.28 billion (up 6%), Asia Pacific up 28% FX-neutral, Latin America up 19%, EMEA $3.75 billion (up 5% FX-neutral). Operating Expenses: $722 million, or 4.97% of net sales, down 47 basis points year-over-year. Net Working Capital: $4.9 billion, with net working capital days of 26, three days better than the prior year. Adjusted Free Cash Flow: Outflow of $527 million in Q2. Cash and Debt: Ended quarter with $809 million in cash and $3.8 billion in debt; net debt-to-EBITDA leverage ratio of 2.0 times. Q3 Guidance: Net sales of $13.55 billion to $13.95 billion; gross profit of $910 million to $955 million; non-GAAP diluted EPS of $0.72 to $0.82. Warning! GuruFocus has detected 8 Warning Signs with INGM. Is INGM fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record Q2 performance with net revenue of $14.5 billion, gross profit of $959 million, and adjusted EPS of $0.82, all exceeding guidance. Strong growth across all regions and business lines, with cloud revenue up 44% FX-neutral and double-digit growth in Advanced Solutions and Client & Endpoint Solutions. Xvantage platform driving measurable benefits: time spent up 40% YoY, average order value up 12%, and IDA generating ~$1 billion in net revenue (7% of total). Adjusted operating income grew nearly 40% YoY, with operating leverage improving 47 basis points, driven by automation and efficiency gains. Strategic partnerships expanding, including HPE selecting Ingram Micro as one of two global distribution partners, validating the company's scale and capabilities. AI initiatives gaining traction: Enable AI program saw 60%+ QoQ growth in customer engagement, and MCP adoption increased 50% in June alone. Strong balance sheet with net debt-to-EBITDA at 2.0x, improved working capital days by 3 days, and adjusted ROIC up 240 basis points YoY. Gross margin pressure from GPU/AI infrastructure deals, which are lower-margin fulfillment business, though they are working capital efficient. Asia Pacific region, now 30% of net sales, has a lower gross margin (4.47%) compared to the rest of the world (7.53%), impacting overall margins. Adjusted free cash flow was an outflow of $527 million in Q2, driven by higher working capital investment and strategic inventory purchases ahead of ASP increases. Supply constraints and ASP increases are expected to continue, with a 2-3% net revenue benefit in Q3 but also potential demand elasticity and longer lead times. Ongoing Middle East conflict is expected to have a $0.01-$0.02 EPS impact in Q3, adding to operational uncertainty. Q3 EPS guidance midpoint ($0.77) implies a sequential decline from Q2's $0.82, reflecting mixed factors and continued investment. Platinum's ownership reduced by 13% since March due to secondary offerings, which may create overhang on the stock. Q: Can you unpack the drivers behind the record Q2 results and the strong Q3 guidance, particularly regarding the sustainability of growth and operating leverage?A: Paul Bay (CEO) and Michael Zilis (CFO) highlighted that Q2 net revenue of $14.53 billion grew 13.6% year-over-year, with gross profit up nearly 13% and adjusted operating income up 40%. The growth was driven by double-digit expansion across all three lines of business (Cloud +44%, Advanced Solutions +13%, Client & Endpoint +12% on an FX-neutral basis) and all four regions. The company is seeing the compounding effect of its operating model, with Xvantage driving efficiency and enabling the company to grow profits faster than revenue. For Q3, they provided their strongest guidance to date, expecting revenue of $13.55-$13.95 billion (over 9% growth at the midpoint) and non-GAAP EPS of $0.72-$0.82, reflecting continued solid demand and disciplined execution. Q: How is the AI infrastructure and GPU demand impacting the business, and what are the characteristics of these deals?A: Paul Bay (CEO) noted that GPU and AI infrastructure product sales more than doubled year-over-year, contributing to the upside in Advanced Solutions and the Asia Pacific region. Michael Zilis (CFO) added that these deals are typically back-end loaded, closing when supply becomes available, and are very working capital efficient with low inventory requirements. While these deals carry lower gross margins (excluding them, Q2 gross margins were 6.90%, up 20+ basis points year-over-year), they are significant contributors to the 240 basis point improvement in adjusted ROIC. The company is not guiding to outsized growth from these deals in Q3 but sees a continued pipeline in this category. Q: Are you seeing any meaningful budget reprioritization from software to hardware due to higher prices, and how is demand trending across customer segments?A: Paul Bay (CEO) stated that they are not seeing material shifts between software and hardware budgets. While some mid-market and SMB customers are breaking large projects into smaller phases, other previously delayed projects are coming to fruition. The company saw healthy high single-digit growth in both software and hardware categories, with growth across all customer segments. The demand environment remains healthy, with customers moving from asking "what is AI" to "how can we deploy it," which is driving a push towards outcome-based selling and complex solutions. Q: How prevalent is the trend of OEMs rationalizing their distribution partner ecosystems, as seen with HPE, and how does Ingram Micro benefit?A: Paul Bay (CEO) indicated this is a significant trend, as vendors want to "do more with less" and seek partners with global scale, centers of excellence, and extensive certifications. Ingram Micro's differentiators include its presence across 57 countries, access to 165,000 customers, and the Xvantage platform's global consistency. Michael Zilis (CFO) added that Ingram Micro's consistent business practices around the world are a key value proposition compared to local or sub-regional players. These partnerships allow for longer-term strategic co-investment and resource planning, moving away from quarter-by-quarter transactions. Q: Can you explain the significant cash outflow in Q2 and the trajectory for free cash flow for the rest of the year?A: Michael Zilis (CFO) explained that the $527 million outflow was driven by two factors: ASP inflation inflating the dollar value of working capital (inventory was up 16% sequentially, largely due to ASPs) and strategic procurement to get ahead of continued ASP increases and potential memory-related supply shortages. Despite this, net working capital days improved by three days year-over-year to 26 days. Looking ahead, the company expects a better-than-normal seasonal Q3 as they've pulled forward some stocking, and while they don't guide on free cash flow, they anticipate a very solid Q4, similar to last year's $1.6 billion free cash flow quarter. Q: What is driving the sequential step-down in EPS guidance from $0.82 in Q2 to a $0.77 midpoint in Q3?A: Michael Zilis (CFO) attributed this to mix factors. The Q3 guidance implies low double-digit revenue growth with a bit more growth on the EPS end. The gross margin is expected to be around 6.8%, reflecting sequential margin accretion, but the mix of growth includes healthy double-digit growth in cloud (low cost to serve), upper single-digit growth in Client & Endpoint Solutions (driven by the PC refresh cycle), and mid-to-upper single-digit growth in Advanced Solutions, without assuming outsized GPU and AI infrastructure deals. Q: What is the gross margin delta between deals sourced through Xvantage versus traditional deals, and how is the platform driving profitability?A: Paul Bay (CEO) noted they don't break out the specific margin delta, but highlighted that opportunities supported by IDA (Intelligent Digital Assistant) convert at nearly four times the rate of traditional quotes and contribute to a higher mix of advanced solutions and subscriptions. Michael Zilis (CFO) added that in countries with substantial Xvantage functionality, the vast majority of activity goes through the platform, and machine learning calibrates the sales force towards higher profit opportunities. Excluding the noise of GPU/AI deals and higher growth in Asia Pacific, the company is actually growing margins year-over-year. Q: How much of the Q3 revenue guidance is a benefit from component cost pass-throughs and ASP increases implemented by vendors?A: Michael Zilis (CFO) clarified that any ASP increases are passed through by Ingram Micro, and the company is not eating those costs. The 2% to 3% net revenue benefit in Q3 guidance (similar to Q2, where they landed closer to 3%) is a combination of ASP increases, pull-forward of demand ahead of price hikes, offset by longer lead times and some demand elasticity. Paul Bay (CEO) added that visibility and predictability have improved, with some vendors extending price quote validity to as long as 30 days, providing more stability for customers. Q: Can you break out the category growth within Client and Endpoint Solutions, particularly around PCs?A: Michael Zilis (CFO) noted that while they don't provide subcategory breakdowns, the PC notebook category remained very healthy with double-digit growth, and they saw high single-digit growth in smartphones and components. Paul Bay (CEO) added that the PC refresh cycle, driven by Windows For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Ingram Micro Holding Corporation? Here are five stocks we like better. Record Q2 performance: Ingram Micro reported $14.53 billion in revenue, up 13.6% year over year, while non-GAAP EPS rose 34% to $0.82. Gross profit increased to $959 million and adjusted operating income climbed 40% to $280 million. Cloud and AI drove growth: Cloud sales grew 44% on an FX-neutral basis, while GPU and AI infrastructure revenue more than doubled. Growth was broad-based across all regions, led by Asia-Pacific’s 28% increase. Positive Q3 outlook amid cash investment: Management expects third-quarter revenue of $13.55 billion to $13.95 billion and non-GAAP EPS of $0.72 to $0.82, supported by continued cloud growth and supply-related pricing benefits. Free cash flow was a $527 million outflow as the company built inventory and invested in working capital. Ingram Micro (NYSE:INGM) reported record second-quarter 2026 results, with revenue, gross profit and adjusted earnings per share exceeding the company’s guidance ranges. CEO Paul Bay said the performance represented the company’s best second quarter to date, supported by growth across its business lines, regions and customer categories. Net sales totaled $14.53 billion, up 13.6% year over year in U.S. dollars and 12.6% on an FX-neutral basis. Gross profit rose to $959 million from $839 million in the prior-year period, while non-GAAP diluted EPS increased 34% year over year to $0.82. Adjusted income from operations reached $280 million, up 40% from a year earlier, including the effect of a prior-year charge related to held-for-sale accounting. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “Our growth was widespread across all geographies, customer categories, and our three primary lines of business,” CFO Mike Zilis said. He said gross-profit-dollar growth and operating efficiency helped non-GAAP net income grow at more than twice the rate of gross profit. Cloud was Ingram Micro’s fastest-growing line of business, with FX-neutral sales growth of 44%, aided by demand for infrastructure-as-a-service and cybersecurity offerings. The growth rate included an 11% year-over-year impact from the company’s previously disclosed CloudBlue divestiture, which closed in the third quarter of 2025. → Microsoft Just Flipped the AI Spending Narrative Overnight Advanced Solutions revenue increased 13% on an FX-neutral basis, driven by demand for GPU and AI infrastructure products, storage and cybersecurity. Client and Endpoint Solutions grew 12% FX-neutral, benefiting from demand for notebooks, desktops and components. Bay said the company is participating in AI infrastructure and data-center buildouts, with activity spanning servers, storage and, to a lesser extent in the quarter, networking. Zilis said GPU and AI infrastructure deals are often dependent on product availability and can be weighted toward the latter part of a quarter. → Carrier Earnings Could Send the Stock to a New All-Time High Sales of GPU and AI infrastructure products more than doubled year over year on a consolidated basis. While those transactions generally carry lower margins, Zilis said they are low-cost to serve and working-capital efficient. Excluding GPU and AI infrastructure deals, second-quarter gross margin was 6.90%, more than 20 basis points above the comparable prior-year figure excluding such deals. Ingram Micro’s overall gross margin was 6.60%, up 4 basis points year over year. The company said the growth of lower-margin Asia-Pacific sales and AI infrastructure fulfillment activity affected consolidated margin mix. Adjusted return on invested capital improved by roughly 240 basis points year over year. All four regions recorded growth, led by Asia-Pacific, where FX-neutral sales climbed 28%. Latin America grew 19%, while North America sales increased 6% to $5.28 billion. EMEA sales totaled $3.75 billion and rose 5% on an FX-neutral basis. Asia-Pacific accounted for 30% of total net revenue and became the company’s second-largest region by both net sales and operating margin, according to Zilis. The region was also Ingram Micro’s largest worldwide by operating income in the quarter. Bay said Asia-Pacific is now the company’s second-highest operating-margin region, while Latin America remains its highest-margin region. The company continued to highlight adoption of its Xvantage digital platform, which Bay described as an intelligent operating system that combines automation, data intelligence and embedded AI. Time spent on Xvantage rose approximately 40% year over year, while average order value increased 12% and average revenue per customer grew 23%. In the 10 countries with the most mature Xvantage implementations, Ingram Micro recorded double-digit year-over-year gains in gross profit and gross margin per go-to-market employee, alongside lower operating expenses, Bay said. Xvantage is now deployed in 22 countries, and roughly 75% of revenue in those countries is processed through the platform, though markets are at differing stages of implementation. Global self-service orders reached 2.4 million, up 12% year over year. Email-to-Order volumes increased 43%, processing approximately $1.4 billion in revenue through AI-enabled workflows. IDA, the company’s Intelligent Digital Assistant, generated about $1 billion in second-quarter net revenue, or nearly 7% of company revenue. Bay said IDA-supported opportunities converted at nearly four times the rate of traditional quotes and carried a higher mix of Advanced Solutions and subscription categories. The company remains on track toward its goal of having IDA contribute a double-digit percentage of revenue by year-end. Ingram Micro said its Enable AI program continued to expand as customers move from evaluating AI to developing business cases and deployments. The company said the number of customers participating in the program increased more than 60% sequentially, while the number moving into AI business-case deployment nearly doubled. Bay said the long-term AI opportunity extends beyond enterprise GPU infrastructure, encompassing cloud environments, security, data management and integration services needed to support scalable AI deployments. The company also introduced Model Context Protocol, or MCP, to allow AI agents to securely access Xvantage data, services and workflows. MCP adoption increased 50% in June, while usage more than tripled, according to Bay. Management said higher average selling prices, customer order pull-forwards, longer product lead times and potential demand elasticity from price increases collectively benefited second-quarter revenue by an estimated 2% to 3%, near the high end of that range. The company expects a similar net revenue impact in the third quarter. Bay said pricing visibility and predictability have improved as vendors extend the duration of price quotes in some cases. He added that some small and midsize customers are breaking larger infrastructure projects into phases, while other previously delayed projects have begun moving forward. For the third quarter, Ingram Micro forecast net sales of $13.55 billion to $13.95 billion, representing more than 9% year-over-year growth at the midpoint. It projected gross profit of $910 million to $955 million and non-GAAP diluted EPS of $0.72 to $0.82. The outlook assumes a roughly 2% to 3% net revenue benefit from supply-related factors and a $0.01 to $0.02 EPS effect from the continuing conflict in the Middle East. Management expects continued double-digit cloud growth, upper-single-digit growth in Client and Endpoint Solutions, and mid- to upper-single-digit growth in Advanced Solutions without assuming outsized GPU and AI infrastructure activity. Second-quarter adjusted free cash flow was an outflow of $527 million as the company invested in working capital to support growth and made strategic purchases ahead of further price increases and possible memory-related supply shortages. Zilis said net working capital stood at 26 days, three days better than the prior-year period, and the company expects heightened inventory exiting the second quarter to sell through over the remainder of the year. Ingram Micro ended the quarter with $809 million in cash and cash equivalents, $3.8 billion in debt and a net-debt-to-EBITDA ratio of 2.0 times. The company also raised its quarterly dividend by 2.4% sequentially, to be paid in the third quarter. Ingram Micro, headquartered in Irvine, California, is a global technology distributor and supply chain services provider. Listed on the New York Stock Exchange under the ticker INGM, the company connects leading technology manufacturers, cloud providers and channel partners through an integrated portfolio of products and services. Ingram Micro's end-to-end solutions span product distribution, cloud enablement, e-commerce, logistics and lifecycle management, enabling customers of all sizes to bring new technology to market efficiently. The company's offerings are organized across several core areas. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ingram Micro Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Ingram Micro (INGM) came out with quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +12.33%. A quarter ago, it was expected that this provider of information technology products and services would post earnings of $0.7 per share when it actually produced earnings of $0.75, delivering a surprise of +7.14%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Ingram Micro, which belongs to the Zacks Technology Services industry, posted revenues of $14.53 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.94%. This compares to year-ago revenues of $12.79 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ingram Micro shares have added about 41.2% since the beginning of the year versus the S&P 500's gain of 6.9%. While Ingram Micro has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ingram Micro was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.77 on $13.53 billion in revenues for the coming quarter and $3.29 on $56.82 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, AppLovin (APP), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This mobile app technology company is expected to post quarterly earnings of $3.72 per share in its upcoming report, which represents a year-over-year change of +64.6%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level. AppLovin's revenues are expected to be $1.94 billion, up 54% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ingram Micro Holding Corporation (INGM) : Free Stock Analysis Report AppLovin Corporation (APP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Fiscal Second Quarter 2026: Net sales of $14.5 billion, above high end of guidance range and up 13.6% over prior year Gross profit of $958.7 million, up 14.2% over prior year Net income of $110.9 million and non-GAAP net income(1) of $191.4 million, up year-over-year by 193.1% and 34.5%, respectively, demonstrating scalability of Ingram Micro’s operating model Diluted earnings per share ("EPS") of $0.48 and non-GAAP diluted EPS(1) of $0.82, well above the high end of guidance range Quarterly dividend increased to $0.086 per share – a sequential increase of 2.4% and 10.3% over prior year Secondary offering completed in May for 14.5 million shares, inclusive of our purchase of 1.2 million shares to further reduce the ownership stake of our primary shareholder Fiscal Third Quarter 2026 Outlook: Net sales for Q3 2026 expected to be $13.55 billion to $13.95 billion - a year-over-year increase of 7.5% to 10.7% Non-GAAP diluted EPS for Q3 2026 expected to be $0.72 to $0.82 IRVINE, Calif., July 30, 2026--(BUSINESS WIRE)--Ingram Micro Holding Corporation (NYSE: INGM) ("Ingram Micro" or the "Company") today reported 2026 fiscal second quarter results for the period ended June 27, 2026. The Company reported net sales of $14.5 billion, up 13.6% year-over-year, and net income on a GAAP basis of $110.9 million, or $0.48 per share, up 193.1% and 200.0% year-over-year, respectively. Non-GAAP net income of $191.4 million, or $0.82 per share,(1) was up 34.5% and 34.4% versus the same period last year, respectively. "We delivered the strongest second quarter results in Ingram Micro’s history, exceeding our guidance and demonstrating the strength of our global business, diversified portfolio, and disciplined execution," said Paul Bay, Ingram Micro’s Chief Executive Officer. "Our performance reflects healthy demand across the business, with growing evidence that our Xvantage™ platform is creating meaningful differentiation as we help partners monetize and deliver solutions across hardware, software, cybersecurity and cloud. AI also continues to represent a significant and expanding opportunity. Our net sales remain balanced and well diversified across lines of business and geographies, and we were particularly pleased that Asia Pacific was our second-largest region in the quarter in terms of both net sales and operating margin." "Our second quarter results highlight the scalability and earnings power of our operating model," said Mike Zilis, Ingram Micro’s Chief Financial Officer. "While we are quite pleased with double digit growth in gross profit dollars, our focus on disciplined execution, operating efficiency and quality of business yielded growth in Non-GAAP net income at a rate well over two-times that of gross profit and non-GAAP EPS of $0.82, well above the high end of our guidance range." Consolidated Fiscal Second Quarter 2026 Results(1) Consolidated Fiscal Second Quarter 2026 Financial Highlights Net sales totaled $14.5 billion, compared to $12.8 billion in the prior fiscal second quarter, representing an increase of 13.6%. 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 a 1% positive impact on the year-over-year net sales comparison. Gross profit grew to $958.7 million, from $839.2 million in the prior fiscal second quarter. The prior fiscal second quarter included the impact of a write-down of $10.5 million in connection with held-for-sale accounting for a group of assets of a non-core operation in our North America region. Gross margin was 6.60%, compared to 6.56% in the prior fiscal second quarter. Our prior fiscal year second quarter gross margin included a negative impact of 8 basis points from the previously noted held-for-sale accounting. This year-over-year comparison also reflects a shift in sales mix towards lower-margin AI-infrastructure products in the current fiscal second quarter compared to the prior fiscal second quarter. Lastly, the translation impact of foreign currencies relative to the U.S. dollar had a positive impact of 5 basis points on the year-over-year comparison of gross margin. Income from operations was $236.0 million, compared to $142.8 million in the prior fiscal second quarter. Income from operations in the prior year second quarter included write-downs related to held-for-sale accounting for the sale of our CloudBlue operations and another non-core business in our North America region, which reduced income from operations by $43.2 million, or 34 basis points. The remaining $49.9 million, or 26.8%, increase in income from operations was driven by the increase in our gross profit noted above coupled with leverage on our operating expenses. Adjusted income from operations was $280.4 million, compared to $200.8 million in the prior fiscal second quarter. $10.5 million of the aforementioned held-for-sale accounting charge was included in the prior fiscal second quarter adjusted income from operations. The remaining $69.1 million, or 32.7%, increase in adjusted income from operations is driven by growth in gross profit and leverage on our operating expenses as noted above. Income from operations margin was 1.62%, compared to 1.12% in the prior fiscal second quarter (1.46% excluding the held-for-sale accounting charge in the prior fiscal second quarter). Adjusted income from operations margin was 1.93% compared to 1.57% in the prior fiscal second quarter (1.65% excluding the held-for-sale accounting charge in the prior fiscal second quarter). The year-over-year comparisons are reflective of a reduction in selling, general and administrative ("SG&A") expenses as a percentage of net sales, partially offset by a shift in sales mix towards lower-margin AI-infrastructure products in the current fiscal second quarter. Adjusted EBITDA was $355.8 million, compared to $293.9 million in the prior fiscal second quarter, representing a 21.0% year-over-year increase. Diluted EPS was $0.48, compared to $0.16 in the prior fiscal second quarter. Non-GAAP diluted EPS was $0.82, compared to $0.61 in the prior fiscal second quarter. Cash used in operations was $533.2 million, compared to $298.0 million used in the prior fiscal second quarter, and adjusted free cash flow was $(527.3) million, compared to $(262.8) million in the prior fiscal second quarter. This was primarily driven by heavier investment in inventory in the current fiscal second quarter to support the growth of the business ahead of ongoing supply constraints and related increases in average selling prices, offset in part by higher net income in the current fiscal second quarter. Regional Fiscal Second Quarter 2026 Financial Highlights North America Net sales were $5.3 billion, compared to $5.0 billion in the prior fiscal second quarter. The 6.0% year-over-year increase in North American net sales was primarily driven by an 8% increase in net sales of Client and Endpoint Solutions, driven by growth in notebooks and desktops. Net sales of Advanced Solutions offerings increased by 3% driven by growth in net sales of storage, cybersecurity and infrastructure software in the United States. Cloud-based Solutions net sales increased by 35%. Excluding the impact of our CloudBlue divestiture, net sales of Cloud-based Solutions were up by 54% year-over-year. Income from operations was $73.5 million, compared to $32.8 million in the prior fiscal second quarter. Income from operations margin was 1.39%, compared to 0.66% in the prior fiscal second quarter. The comparison benefited from the impact in the prior year period of write-downs relating to held-for-sale accounting of our CloudBlue operations and another non-core business described above, which had a negative impact of 87 basis points to the region’s income from operations in the prior quarter. The region also saw a 47 basis point reduction in compensation and headcount expenses largely as a result of the restructuring initiatives taken in the current and prior year. This benefit was partially offset by a decline in gross margin due to a shift in sales mix towards our lower-margin Client and Endpoint Solutions as well as a 9 basis point increase in professional and outside services costs and a 9 basis point increase in other miscellaneous expenses. EMEA Net sales were $3.7 billion, an increase of 7.7% compared to the prior fiscal second quarter. The year-over-year increase in EMEA net sales was led by 10% growth in Advanced Solutions and 44% growth in Cloud-based Solutions, coupled with 7% growth in Client and Endpoint Solutions. These factors were partially offset by a decline in Other Services. The translation impact of foreign currencies relative to the U.S. dollar had a positive impact of 2% on the year-over-year net sales comparison. Income from operations was $54.6 million, compared to $55.7 million in the prior fiscal second quarter. Income from operations margin was 1.46%, compared to 1.60% in the prior fiscal second quarter. The year-over-year decrease in income from operations margin was driven by an increase in expenses as a percentage of net sales in the region, including a 16 basis point increase in restructuring costs and a 7 basis point increase in bad debt expense. These were partially offset by a 3 basis point reduction in depreciation expense and a 2 basis point reduction in repair and maintenance expenses. Asia-Pacific Net sales were $4.4 billion, compared to $3.5 billion in the prior fiscal second quarter. The 27.1% increase in Asia-Pacific net sales was driven by 19% growth in Client and Endpoint Solutions, led by mobility distribution, components and desktops. Net sales of Advanced Solutions offerings increased by 51% driven by GPU and AI-infrastructure product sets. Additionally, Cloud-based Solutions also grew by 87%. These factors were partially offset by a decline in Other Services. The translation impact of foreign currencies relative to the U.S. dollar had a negative impact of 1% on the year-over-year net sales comparison. Income from operations was $94.0 million, compared to $43.6 million in the prior fiscal second quarter. Income from operations margin was 2.13%, compared to 1.25% in the prior fiscal second quarter. The year-over-year increase was a result of a 28 basis point increase in gross margin across all categories, but led by Cloud-based Solutions, paired with a reduction in SG&A expenses as a percentage of net sales in the region, particularly in compensation and headcount expenses as well as legal claims and settlement expenses. Latin America Net sales were $1.1 billion, compared to $0.9 billion in the prior fiscal second quarter. The 27.0% increase in Latin American net sales was primarily driven by 32% growth in Client and Endpoint Solutions, led by notebooks and desktops, along with 9% growth in net sales of Advanced Solutions, 71% growth in Cloud-based Solutions and 57% growth in Other Services. The translation impact of foreign currencies relative to the U.S. dollar had a positive impact of 8% on the year-over-year net sales comparison. Income from operations was $40.5 million, compared to $25.1 million in the prior fiscal second quarter. Income from operations margin was 3.74%, compared to 2.94% in the prior fiscal second quarter. The year-over-year increase was primarily a result of a 76 basis point increase in gross margin due to higher margins on net sales across all product categories, as well as improved leverage on operating expenses. Fiscal Third Quarter 2026 Outlook The following outlook is forward-looking, based on the Company’s current expectations for the fiscal third quarter 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. See "Use of Non-GAAP Metrics," below. Our fiscal third quarter 2026 guidance assumes an effective tax rate of approximately 27% on a non-GAAP basis and 231.9 million diluted shares outstanding. Dividend Increase and Payment On July 30, 2026, the Company announced that its board of directors had declared a third quarter cash dividend on the Company’s common stock of $0.086 per share, representing a 2.4% increase from the quarterly dividend of $0.084 per share paid in the second quarter of 2026. The dividend is payable on August 25, 2026, to stockholders of record as of August 11, 2026. Fiscal Second Quarter 2026 Earnings Call Details: Ingram Micro’s management will host a call to discuss its results on Thursday, July 30, 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 877-407-9781 or 201-689-8796. A telephonic replay will be available through August 20, 2026, at 877-660-6853 or 201-612-7415, access code 13761702. A replay of the webcast will also be available at https://ir.ingrammicro.com. About Ingram Micro Ingram Micro (NYSE: INGM) is a leading technology company for the global information technology ecosystem. With the ability to reach nearly 90% of the global population, we play a vital role in the worldwide IT sales channel, bringing products and services from technology manufacturers and cloud providers to a highly diversified base of business-to-business technology experts. Through Ingram Micro Xvantage™, our AI-powered digital platform, we offer what we believe to be the industry’s first comprehensive business-to-consumer-like experience, integrating hardware and cloud subscriptions, personalized recommendations, instant pricing, order tracking, and billing automation. We also provide a broad range of technology services, including financing, specialized marketing, and lifecycle management, as well as technical pre- and post-sales professional support. Learn more at www.ingrammicro.com. (1) Use of Non-GAAP Financial Measures In addition to presenting financial results that have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), we have included in this release some or all of the following non-GAAP financial measures—adjusted income from operations, EBITDA, adjusted EBITDA, return on invested capital ("ROIC"), adjusted ROIC, non-GAAP net income, adjusted free cash flow, and non-GAAP EPS—which are financial measures that are not required by, or presented in accordance with GAAP. We believe that these non-GAAP financial measures are useful in evaluating our business and the underlying trends that are affecting our performance. These non-GAAP measures are primary indicators that our management uses internally to conduct and measure its business and evaluate the performance of its consolidated operations, ongoing results, and trends. Our management believes these non-GAAP financial measures are useful as they provide meaningful comparisons to prior periods and an alternate view of the impact of acquired businesses. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business. A material limitation associated with these non-GAAP measures as compared to the GAAP measures is that they may not be comparable to other companies with similarly titled items that present related measures differently. The non-GAAP measures should be considered as a supplement to, and not as a substitute for or superior to, the corresponding measures calculated in accordance with GAAP. See "Schedule A: Reconciliation of Non-GAAP Financial Measures" in the "Supplemental Information" section further below for reconciliations of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Safe Harbor Statement This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentions, but such words are not exclusive means of identifying forward-looking statements in this release. These forward-looking statements are included throughout this release and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Certain important factors that involve risks and uncertainties and that could cause actual results to differ, possibly materially, from our expectations, beliefs, and projections reflected in such forward-looking statements can be found in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections included in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this release. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties, and factors included within the filings we make with the SEC from time to time and the following: general economic conditions, including the impacts of the ongoing conflicts in the Middle East; our estimates of the size of the markets for our products and services; our ability to identify and integrate acquisitions and technologies into our platform; our plans to continue to expand; our ability to continue to successfully develop and deploy Ingram Micro Xvantage™; our ability to retain and recruit key personnel; the competition our products and services face and our ability to adapt to industry changes and market conditions, including inflation, market volatility, and supply constraints for many categories of technology; current and potential litigation involving us; the global nature of our business, including the various laws and regulations applicable to us now or in the future; the effect of various political, geopolitical, and macroeconomic issues and developments, including changes in tariffs or global trade policies and the related uncertainties associated with such developments, import/export and licensing restrictions, military conflicts, and our ability to comply with laws and regulations we are subject to, both in the United States and internationally; our financing efforts, payment of dividends and stock repurchases; our relationships with our customers, original equipment manufacturers, and suppliers; our ability to maintain and protect our intellectual property; the performance and security of our services, including information processing and cybersecurity provided by third parties; our ownership structure; our dependence upon Ingram Micro Inc. and its controlled subsidiaries for our results of operations, cash flows, and distributions; and our status as a "controlled company" and the extent to which the interests of Platinum Equity, LLC together with its affiliated investment vehicles ("Platinum") conflict with our interests or the interests of our stockholders. Ingram Micro, Xvantage™, and associated logos are trademarks of Ingram Micro Inc. (an indirect subsidiary of Ingram Micro Holding Corporation) or its licensors. Supplemental Information SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited) In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this release adjusted income from operations, adjusted EBITDA, return on invested capital ("ROIC"), adjusted ROIC, non-GAAP net income, adjusted free cash flow, and non-GAAP EPS, which are defined as follows: Adjusted Income from Operations means income from operations plus (i) amortization of intangibles, (ii) restructuring costs incurred primarily related to employee termination benefits in connection with actions to align our cost structure in certain markets, and (iii) integration and transition costs. We define adjusted EBITDA as EBITDA (calculated as net income before net interest expense, income taxes, depreciation and amortization expenses) adjusted to give effect to (i) restructuring costs incurred primarily related to employee termination benefits in connection with actions to align our cost structure in certain markets, (ii) net realized and unrealized foreign currency exchange gains and losses including net gains and losses on derivative instruments not receiving hedge accounting treatment, (iii) costs of integration, transition, and operational improvement initiatives, which includes development and implementation activities associated with the Company’s digital experience platform XvantageTM and a broader transformation program focused on optimizing and modernizing the Company’s operating systems, as well as consulting, retention and transition costs associated with our organizational effectiveness programs charged to selling, general and administrative expenses, (iv) cash-based compensation expense associated with our cash -based long-term incentive program for certain employees in lieu of equity-based compensation prior to our initial public offering in October 2024 (the "IPO"), (v) stock-based compensation expense for restricted stock units issued in connection with our IPO, and (vi) certain other items as defined in our credit agreements. ROIC is defined as net income divided by the invested capital for the period. Invested capital is equal to stockholders’ equity plus long-term debt plus short-term debt and the current maturities of long-term debt less cash and cash equivalents at the end of each period. Adjusted ROIC is defined as adjusted net income divided by the invested capital for the period. Adjusted net income for a particular period is defined as net income plus (i) other income/expense, (ii) amortization of intangibles, (iii) restructuring costs incurred primarily related to employee termination benefits in connection with actions to align our cost structure in certain markets, (iv) integration and transition costs, plus (v) the GAAP tax provisions for and/or valuation allowances on items (i), (ii), (iii) and (iv), plus (vi) the GAAP tax provisions for and/or valuation allowances on large non-recurring or discrete items. We define non-GAAP net income as net income adjusted to give effect to (i) amortization of intangibles, (ii) restructuring costs incurred primarily related to employee termination benefits in connection with actions to align our cost structure in certain markets, (iii) net realized and unrealized foreign currency exchange gains and losses including net gains and losses on derivative instruments not receiving hedge accounting treatment, (iv) costs of integration, transition, and operational improvement initiatives, which includes development and implementation activities associated with the Company’s digital experience platform XvantageTM and a broader transformation program focused on optimizing and modernizing the Company’s operating systems, as well as consulting, retention and transition costs associated with our organizational effectiveness programs charged to selling, general and administrative expenses, (v) cash-based compensation expense associated with our cash-based long-term incentive program for certain employees in lieu of equity-based compensation prior to our IPO, (vi) stock-based compensation expense for restricted stock units issued in connection with our IPO, (vii) certain other items as defined in our credit agreements, (viii) the GAAP tax provisions for and/or valuation allowances on items (i), (ii), (iii), (iv), (v), (vi) and (vii), and (ix) the GAAP tax provisions for and/or valuation allowances on large non-recurring or discrete items. This metric differs from adjusted net income, which is a component of adjusted ROIC as described above. We define adjusted free cash flow as net income adjusted to give effect to (i) depreciation and amortization, (ii) other non-cash items and changes to non-working capital assets/liabilities, (iii) changes in working capital, (iv) proceeds from the deferred purchase price of factored receivables, and (v) capital expenditures. We define non-GAAP basic EPS as non-GAAP net income divided by the weighted-average shares outstanding during the period presented. Non-GAAP diluted EPS is calculated by dividing non-GAAP net income by the weighted-average shares outstanding during the period presented, inclusive of the dilutive effect of participating securities. The following is a reconciliation of income from operations to adjusted income from operations: The following is a reconciliation of net income to adjusted EBITDA: The following is a reconciliation of net income to ROIC: The following is a reconciliation of net income to adjusted ROIC: The following is a reconciliation of net income to non-GAAP net income: The following is a reconciliation of net income to adjusted free cash flow: The following is a reconciliation of basic and diluted GAAP EPS to basic and diluted non-GAAP EPS: Our release contains forward-looking estimates of non-GAAP diluted EPS for the fiscal third quarter 2026. We provide this non-GAAP measure to investors on a prospective basis for the same reasons (set forth above) that we provide it to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of fiscal third quarter 2026 GAAP diluted EPS to a forward-looking estimate of fiscal third quarter 2026 non-GAAP diluted EPS because certain information needed to make a reasonable forward-looking estimate of GAAP diluted EPS for fiscal third quarter 2026 is unreasonably difficult to predict and estimate and is often dependent on future events that may be uncertain or outside of our control, such as unanticipated non-recurring items not reflective of ongoing operations. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on our future financial results. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact. The following tables present selected financial information by reportable segment for the Thirteen Weeks Ended June 27, 2026 and June 28, 2025, and the Twenty-Six Weeks Ended June 27, 2026, and June 28, 2025: View source version on businesswire.com: https://www.businesswire.com/news/home/20260729730373/en/ Contacts Investor Relations:Willa [email protected] Media:Lisa [email protected]

IT distribution giant Ingram Micro (NYSE:INGM) reported Q2 CY2026 results exceeding the market’s revenue expectations , with sales up 13.6% year on year to $14.53 billion. Guidance for next quarter’s revenue was optimistic at $13.75 billion at the midpoint, 2.2% above analysts’ estimates. Its GAAP profit of $0.48 per share was 13.6% above analysts’ consensus estimates. Is now the time to buy Ingram Micro? Find out in our full research report. Revenue: $14.53 billion vs analyst estimates of $13.87 billion (13.6% year-on-year growth, 4.8% beat) EPS (GAAP): $0.48 vs analyst estimates of $0.42 (13.6% beat) Adjusted EBITDA: $355.8 million vs analyst estimates of $317.1 million (2.4% margin, 12.2% beat) Revenue Guidance for Q3 CY2026 is $13.75 billion at the midpoint, above analyst estimates of $13.45 billion Operating Margin: 1.6%, in line with the same quarter last year Free Cash Flow was -$566.1 million compared to -$333.2 million in the same quarter last year Market Capitalization: $6.94 billion Operating as the crucial link in the global technology supply chain with a presence in 57 countries, Ingram Micro (NYSE:INGM) is a global technology distributor that connects manufacturers with resellers, providing hardware, software, cloud services, and logistics expertise. A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. With $55.98 billion in revenue over the past 12 months, Ingram Micro is a behemoth in the business services sector and benefits from economies of scale, giving it an edge in distribution. This also enables it to gain more leverage on its fixed costs than smaller competitors and the flexibility to offer lower prices. However, its scale is a double-edged sword because it’s challenging to maintain high growth rates when you’ve already captured a large portion of the addressable market. For Ingram Micro to boost its sales, it likely needs to adjust its prices, launch new offerings, or lean into foreign markets. As you can see below, Ingram Micro struggled to increase demand as its $55.98 billion of sales for the trailing 12 months was close to its revenue five years ago. This shows demand was soft, a tough starting point for our analysis. Long-term growth is the most important, but within business services, a half-decade historical view may miss new innovations or demand cycles. Ingram Micro’s annualized revenue growth of 8.2% over the last two years is above its five-year trend, suggesting its demand recently accelerated. This quarter, Ingram Micro reported year-on-year revenue growth of 13.6%, and its $14.53 billion of revenue exceeded Wall Street’s estimates by 4.8%. Company management is currently guiding for a 9.1% year-on-year increase in sales next quarter. Looking further ahead, sell-side analysts expect revenue to grow 2.1% over the next 12 months, a deceleration versus the last two years. This projection doesn’t excite us and suggests its products and services will see some demand headwinds. WHILE YOU’RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You’ve probably never heard of it. This is what the early days of Palantir looked like before it became a giant. Same playbook. Different technology. If you missed Palantir, you need to see this. Claim The Stock Ticker for Free HERE. Adjusted operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses — everything from the cost of goods sold to advertising and wages. It’s also useful for comparing profitability across companies because it excludes non-recurring expenses, interest on debt, and taxes. Ingram Micro’s adjusted operating margin has generally stayed the same over the last 12 months, averaging 1.8% over the last five years. This profitability was inadequate for a business services business and caused by its suboptimal cost structure. Analyzing the trend in its profitability, Ingram Micro’s adjusted operating margin might have fluctuated slightly but has generally stayed the same over the last five years, which doesn’t help its cause. In Q2, Ingram Micro generated an adjusted operating margin profit margin of 1.7%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable. Ingram Micro’s full-year EPS grew at a weak 3.5% compounded annual growth rate over the last four years, worse than the broader business services sector. Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business. Ingram Micro’s EPS grew at a decent 11.7% compounded annual growth rate over the last two years, higher than its 8.2% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. In Q2, Ingram Micro reported EPS of $0.48, up from $0.16 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Ingram Micro’s full-year EPS to grow 41.2% from $1.84 to $2.59. We enjoyed seeing Ingram Micro beat analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. Investors were likely hoping for more, and shares traded down 1.4% to $30.00 immediately following the results. Big picture, is Ingram Micro a buy here and now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.