Earnings call transcript: Ingram Micro posts Q3 2026 EPS beat, lifts outlook

Ingram Micro disclosed stronger-than-anticipated third-quarter 2026 financials, with non-GAAP earnings per share of $0.91, surpassing Wall Street's $0.85 estimate by $0.06 or approximately 7.1%. The company's revenue reached a record $15.22 billion, marking a 20.8% increase year-over-year, driven by robust demand for AI infrastructure, cloud services, and advanced solutions.

The stock opened at $28.61 and remained relatively stable following the earnings release. Analysts view the stock as potentially undervalued, with an InvestingPro Fair Value estimate suggesting upside. This strong earnings performance may explain the market's relatively restrained response. The company reported record top-line sales of $15.22 billion, its highest since going public, while non-GAAP EPS of $0.91 exceeded high-end guidance by 7.1%.

AI-related demand remained a key growth factor, with GPU and AI infrastructure revenue reaching over $1.8 billion, up from $700 million a year earlier. Free cash flow improved significantly, with an inflow of $250 million, compared to a $110 million outflow in the same quarter last year. Management raised full-year guidance, citing broad-based demand across regions and product lines, and described the quarter as record-setting, beating guidance across major financial metrics.

The company's growth was primarily in advanced solutions, cloud, and lifecycle services, with advanced solutions revenue up 40% year-over-year, cloud revenue up 30% on an FX-neutral basis, and lifecycle services up 35%. Management highlighted a shift from traditional distribution to an "intelligent operating system" for business-to-business technology commerce, emphasizing their "scale is our advantage, intelligence is the multiplier" strategy.