SANMINA CORPSANM

SANMINA CORP Segments Disclosure

10-KFiled Nov 13, 20253 min read
Business Segment and Geographic Information
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer who allocates resources and assesses performance of operating segments based on sales and a measure of segment gross profit that excludes items not directly related to the Company’s ongoing business operations. This assessment is predominantly performed during the Company’s annual budgeting and quarterly forecasting process where segment resourcing decisions, such as employee and capital, are made.

Segment revenue is attributable to the segment for which the products are manufactured or services are performed. Intersegment sales consist primarily of sales of components from CPS to IMS. Segment income, which is the segment gross profit, generally does not include stock-based compensation expense, litigation settlements, charges resulting from distressed customers and are either non-recurring or non-cash in nature.

Segment information is as follows:
Year Ended
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
Sales:
Reportable segment - IMS$6,556,736 $6,072,053 $7,328,651 
Other segments - CPS1,697,438 1,598,397 1,747,854 
Intersegment sales elimination(125,792)(102,122)(141,457)
Net sales$8,128,382 $7,568,328 $8,935,048 
Reportable segment expenses - IMS:
Cost of sales6,005,539 5,577,256 6,727,871 
Total expenses$6,005,539 $5,577,256 $6,727,871 
Gross Profit:
Reportable segment gross profit - IMS$507,352 $456,610 $561,166 
Other segments gross profit - CPS236,453 203,948 202,000 
Selling, general and administrative (1)(248,247)(227,327)(222,291)
Research and development (1)(29,801)(27,467)(25,569)
Stock-based compensation expense(63,396)(57,407)(50,402)
Restructuring(6,319)(10,227)(6,054)
Acquisition and integration charges(34,162)— — 
Interest income15,855 12,440 13,595 
Interest expense(20,151)(29,183)(36,290)
Other income (expense), net(10,844)(1,216)(20,156)
Other corporate expenses (2)(7,312)(2,636)(3,192)
Income before income taxes$339,428 $317,535 $412,807 
(1) Amount excludes allocation of stock-based compensation expense.
(2) Primarily related to corporate unallocated expenses such as charges or credits resulting from distressed customers, litigation settlements and amortization of intangible assets.
Year Ended
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
Depreciation and amortization:
Reportable segment - IMS$76,918 $81,880 $79,508 
Other segments - CPS37,635 36,205 34,348 
Total114,553 118,085 113,856 
Unallocated corporate items (1)4,913 4,333 4,381 
Total$119,466 $122,418 $118,237 
Capital expenditures (receipt basis):
Reportable segment - IMS$112,610 $57,933 $114,036 
Other segments - CPS68,149 40,903 53,102 
Total180,759 98,836 167,138 
Unallocated corporate items (1)4,093 5,487 7,249 
Total$184,852 $104,323 $174,387 

(1)    Primarily related to selling, general and administration functions.
As of
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
Segment assets:
Reportable segment - IMS (1)$3,109,754 $2,591,909 $2,173,170 
Other unallocated assets2,748,419 2,230,936 2,700,798 
Total assets$5,858,173 $4,822,845 $4,873,968 

(1)    Segment assets consists of accounts receivable, inventories and property, plant and equipment, net.

Long-lived assets, net by geographic area is as follows:

As of
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
U.S. (country of domicile)$170,634 $175,562 $168,808 
Mexico (>10% of total)267,430 210,275 235,797 
Other244,290 230,230 228,231 
  Total$682,354 $616,067 $632,836 

Location of long-lived assets was determined based on entities that owned the long-lived assets. No other individual foreign country accounted for more than 10% of the long-lived assets as of September 27, 2025 and September 28, 2024.

Historical Timeline

Fiscal YearFiled
2025Nov 13, 2025Showing above
2024Nov 27, 2024
2023Nov 16, 2023
2022Nov 10, 2022
2021Nov 12, 2021
2020Nov 13, 2020
2019Nov 8, 2019
2018Nov 15, 2018
2017Nov 13, 2017
2016Nov 18, 2016
2015Nov 19, 2015

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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