INGM · Ingram Micro Holding Corporation

Ingram Micro delivered strong Q1 2026 results with net sales of $14.0 billion, surpassing the high end of guidance and reflecting 13.7% year-over-year growth fueled by double-digit increases in North America, EMEA, and Asia-Pacific, plus 18.6% in Latin America. Growth stemmed from Advanced Solutions including AI-infrastructure, Client and Endpoint Solutions like notebooks, and Cloud-based Solutions, though partially offset by service declines and a CloudBlue divestiture. Gross profit rose 11.7% to $926.0 million, but gross margin dipped to 6.63% from 6.75% due to a mix shift toward lower-margin AI products, which are lower cost-to-serve. Operating income grew to $222.9 million (GAAP) and $262.3 million (adjusted), with margins stable at 1.60% and 1.88%, supported by SG&A leverage despite $9.5 million in restructuring costs. Adjusted EBITDA increased 13.9% to $331.2 million. CEO Paul Bay highlighted Xvantage platform performance with AI-led sales up over 60% in key markets and global reach, while CFO Mike Zilis emphasized operating leverage and capital returns. Cash use was elevated at $977.9 million due to working capital for growth. Q2 guidance projects net sales of $13.6-14.0 billion (6.3-9.4% growth) and non-GAAP EPS of $0.68-0.78. The dividend hike to $0.084 per share (10.5% over prior year) and repurchase program expansion to $175 million (post-$75 million March buyback from Platinum affiliates) signal robust cash return commitment amid growth investments.