Key Highlights

● Second-quarter net sales rose 13.6 per cent year over year to $14.53 billion.

● Non-GAAP net income was $191.4 million, or $0.82 per diluted share.

● Adjusted free cash flow was negative $527.3 million for the quarter.

● Apple accounted for about 21 per cent of fiscal 2025 net sales.

Ingram Micro Holding Corporation (NYSE:INGM). On 30 July 2026 the company reported results for the quarter ended 27 June 2026. Net sales were $14.53 billion, up 13.6% from $12.79 billion a year earlier. By region, North America contributed $5.28 billion, Asia-Pacific $4.42 billion, EMEA $3.75 billion and Latin America $1.08 billion. Gross profit was $958.7 million, a gross margin of 6.60%, and income from operations was $236.0 million. Adjusted EBITDA was $355.8 million, or 2.45% of net sales. Net income was $110.9 million, equal to $0.48 per diluted share on a GAAP basis, while non-GAAP net income was $191.4 million, or $0.82 per diluted share. The gap between the two measures reflects adjustments the company defines in its release, which readers should review directly.

Cash Flow Is the Counterpoint

Growth in distribution consumes cash, and the quarter showed it. Cash used in operations was $533.2 million in the second quarter and $1,511.1 million across the first half. Adjusted free cash flow was negative $527.3 million for the quarter and negative $1,489.7 million for the half-year. Balance sheet items in the release show cash of $809.0 million, short-term debt of $1,236.8 million and long-term debt of $2,558.7 million. The release does not state a net leverage ratio. The annual report notes that the business needs significant capital to finance receivables and inventory, which is why working capital swings can dominate cash flow in either direction.

Business Profile and Outlook

The annual report describes a global provider to the technology ecosystem, with about 1,500 vendor partners, more than 165,000 reseller customers and operations in 57 countries, reported across four geographic segments. International operations generated roughly 66% of fiscal 2025 net sales. Platinum Equity and its affiliates are identified as the controlling shareholder, and the company states that it is a controlled company under NYSE rules. For the third quarter, which ends on 26 September 2026, management guided to net sales of $13.55 billion to $13.95 billion, gross profit of $910 million to $955 million and non-GAAP diluted earnings per share of $0.72 to $0.82, assuming a tax rate of about 27% and 231.9 million diluted shares. That is guidance, not a result, and it implies lower sales than the second quarter.

Scale Comes With a Heavy Working-Capital Appetite

Ingram Micro's revenue growth across all four geographic regions shows real demand for its distribution services, but the business model's thin gross margin of 6.60 per cent means growth itself consumes significant cash, with $1,511.1 million used in operations over the first half. With Platinum Equity retaining control as a controlling shareholder and guidance implying lower third-quarter sales than the second quarter, the gap between non-GAAP profitability and cash generation remains the clearest distinguishing feature against a typical mid-cap benchmark name.