Ingram Micro Holding Corporation (INGM) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 31 2025
0mins
Should l Buy INGM?
Source: SeekingAlpha
Revenue $12.6 billion, up 7.2% year-over-year. The increase was attributed to strong demand in client and endpoint solutions, particularly notebooks, desktops, and related products.
Non-GAAP diluted earnings per share (EPS) $0.72, flat year-over-year. The ransomware incident in July had a small impact, estimated at $0.02 to $0.03 per share.
Net sales $12.6 billion, up 7.2% year-over-year in U.S. dollars and 6.0% on an FX-neutral basis. Growth was driven by client and endpoint solutions, which grew nearly 13% on an FX-neutral basis.
Advanced solutions sales Down 4.5% year-over-year. Growth in servers and storage was offset by softer results in virtualization and infrastructure software.
Cloud net revenues Down 4% year-over-year. Excluding the impact of a noncore divestiture, cloud net revenues were up low single digits year-over-year.
Gross profit $870 million, up from $845 million last year. The increase was primarily related to increased net sales.
Gross margin Down 29 basis points year-over-year due to a higher sales mix towards lower-margin client and endpoint solutions and lower-margin server, storage, and AI enablement product sets.
Adjusted EBITDA $342 million, up 3% in U.S. dollars and 2% in constant currency year-over-year.
Non-GAAP net income $169 million, up 6.0% year-over-year from $159 million last year. The increase reflects strong operational performance despite the ransomware incident.
Net working capital $4.9 billion, up from $4.3 billion last year. The increase was driven by higher net sales and investments to capture growth opportunities.
Adjusted free cash flow Outflow of $110 million, better than typical Q3 seasonal norms and improved compared to an outflow of $255 million in the prior fiscal third quarter.
Cash and cash equivalents $830 million at the end of the quarter.
Debt $3.8 billion at the end of the quarter.
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Analyst Views on INGM
Wall Street analysts forecast INGM stock price to fall
7 Analyst Rating
3 Buy
3 Hold
1 Sell
Moderate Buy
Current: 24.410
Low
21.00
Averages
23.33
High
26.00
Current: 24.410
Low
21.00
Averages
23.33
High
26.00
About INGM
Ingram Micro Holding Corporation is engaged in the distribution of information technology (IT) products, cloud and other services worldwide. The Company’s product, service and solution offerings consist of client and endpoint solutions, advanced solutions, cloud-based solutions and other. The Company’s geographic segments include North America, Europe, Middle East, and Africa (EMEA), Asia-Pacific, and Latin America. It offers customers a full spectrum of hardware and software, cloud services and logistics expertise through three main lines of business: Technology Solutions, Cloud and Other. Its Technology Solutions include client and endpoint solutions, and advanced solutions. Its cloud portfolio comprises third-party services and subscriptions spanning a breadth of products from solution software through infrastructure-as-a-service. It also provides customers with IT Asset Disposition (ITAD), reverse logistics and repair and other related solutions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Stock Price Surge: Following the earnings report, Ingram Micro's shares jumped 11.8% to $23.87, demonstrating a positive market reaction to the company's profitability, potentially attracting more investor interest.
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See More
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- Adjusted Earnings: Excluding items, the company reported adjusted earnings of $226.68 million or $0.96 per share, highlighting the sustained profitability of its core operations.
- Revenue Increase: The company's revenue rose by 11.5% year-over-year to $14.877 billion, up from $13.344 billion last year, reflecting robust market demand recovery.
- Future Guidance: Ingram Micro provided guidance for the next quarter with EPS expected between $0.67 and $0.75, and revenue projected between $12.45 billion and $12.80 billion, demonstrating management's confidence in future performance.
See More
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- AI Product Sales Surge: Significant sales of GPUs and other AI-related products in the advanced solutions segment drove revenue growth, indicating Ingram Micro's strategic positioning in the AI market and its potential for future growth.
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See More
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