Ingram Micro Holding Corporation

What they do

Ingram Micro distributes technology products and provides cloud, professional and logistics services, sitting between roughly 1,500 vendor partners and reseller customers. Vendors named in the 10-K include Microsoft, Amazon Web Services, Google Cloud, NVIDIA, Advanced Micro Devices, Apple, Cisco, Dell Technologies, Hewlett Packard Enterprise, HP Inc., Lenovo and Super Micro Computer. The company is organized into four reportable geographic segments: North America, EMEA, Asia-Pacific and Latin America. It sells through four lines of business: Client and Endpoint Solutions, Advanced Solutions, Cloud-based Solutions and Other.

Revenue drivers

• Client and Endpoint Solutions — Higher-volume, lower-margin distribution of desktops, notebooks, tablets, printers, components, peripherals, mobility products and application software to corporate and individual end users.
• Advanced Solutions — Enterprise-grade servers, storage, networking, cybersecurity, power and cooling, GPUs and AI infrastructure, plus training, professional services and financing; generally lower volume but higher margin than Client and Endpoint.
• Cloud-based Solutions — More than 200 third-party cloud services and subscription offerings spanning business applications, security, communications and infrastructure-as-a-service; the CloudBlue software business within this line was sold in the third quarter of 2025.
• Geographic segments — Net sales are reported across North America, EMEA, Asia-Pacific and Latin America; management highlighted Asia-Pacific as the second-largest region in Q2 2026 by both net sales and operating margin.

Recent performance

For the quarter ended June 27, 2026, net sales were $14.53 billion, up 13.6% from $12.79 billion a year earlier, with foreign currency translation adding about 1% to the comparison. Gross profit rose 14.2% to $958.7 million (6.60% of net sales versus 6.56%), and income from operations was $236.0 million versus $142.8 million. GAAP net income was $110.9 million, or $0.48 diluted EPS, up from $37.8 million and $0.16; non-GAAP net income was $191.4 million, or $0.82 diluted EPS, up 34.5% and 34.4% year over year. The prior-year quarter included a $10.5 million write-down tied to held-for-sale accounting for a non-core North America operation.

Strategy

Management's stated priorities are adding digital tools and services, growing emerging technology practices such as cybersecurity and AI, and improving profitability through operational improvement, digitization and automation. The company is investing in robotics and automation in its advanced logistics centers and in Ingram Micro Xvantage, which the 10-K describes as integrating more than 42 million lines of code and 400 AI and ML models. It also plans continued investment in cloud offerings and marketplaces, and in Advanced Solutions and Cloud-based Solutions, which together management says now exceed one-third of net sales and more than half of gross profit. The company is reducing the ownership stake of its primary shareholder, including through a May 2026 secondary offering of 14.5 million shares that included its purchase of 1.2 million shares.

Risks

• Xvantage execution — The 10-K lists the ability to continue to successfully develop, deploy and operationalize Ingram Micro Xvantage among its material risks.
• Leverage and holding-company structure — The 10-K cites financial leverage, which could limit the ability to raise capital, and notes that the sole material asset is the direct interest in Ingram Micro Inc., affecting debt service and dividend capacity.
• Trade policy and supply constraints — Risk factors cite supply constraints across many elements of technology and the effect of political and macroeconomic developments, including changes in tariffs, global trade policies and import/export restrictions.
• Industry competition — The 10-K identifies the high level of competition in the IT distribution industry as a material risk to the business.

Outlook

Management guided fiscal third-quarter 2026 net sales to $13.55 billion to $13.95 billion, a year-over-year increase of 7.5% to 10.7%, and non-GAAP diluted EPS of $0.72 to $0.82. The CEO cited healthy demand across the business and said AI continues to represent a significant and expanding opportunity, while noting net sales remain balanced across lines of business and geographies.