SANMINA CORP, 10-Q filed on 7/28/2025
Quarterly Report
v3.25.2
Document and Entity Information Document - $ / shares
 9 Months Ended
Jun. 28, 2025
Jul. 21, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 28, 2025  
Document Transition Report false  
Entity File Number 0-21272  
Entity Registrant Name Sanmina Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0228183  
Entity Address, Address Line One 2700 N. First St.,  
Entity Address, City or Town San Jose,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95134  
City Area Code (408)  
Local Phone Number 964-3500  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Title of 12(b) Security Common Stock  
Trading Symbol SANM  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   53,284,450
Entity Listing, Par Value Per Share $ 0.01  
Entity Central Index Key 0000897723  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --09-27  
Entity Emerging Growth Company false  
Entity Small Business false  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Current assets:    
Cash and cash equivalents $ 797,878 $ 625,860
Accounts and Other Receivables, Net, Current 1,379,287 1,337,562
Contract assets 411,707 384,077
Inventories 1,589,807 1,443,629
Prepaid expenses and other current assets 123,204 79,301
Total current assets 4,301,883 3,870,429
Property, plant and equipment, net 629,504 616,067
Deferred income tax assets 154,174 160,703
Other assets 136,195 175,646
Total assets 5,221,756 4,822,845
Current liabilities:    
Accounts payable 1,432,535 1,441,984
Accrued liabilities 110,763 132,513
Deferred revenue and customer advances 525,144 215,553
Accrued payroll and related benefits 161,848 133,129
Short-term debt, including current portion of long-term debt 17,500 17,500
Total current liabilities 2,247,790 1,940,679
Long-term liabilities:    
Long-term debt 287,183 299,823
Other liabilities 211,927 220,835
Total long-term liabilities 499,110 520,658
Commitments and contingencies (Note 7)
Stockholders’ equity 2,474,856 2,361,508
Total liabilities and stockholders’ equity $ 5,221,756 $ 4,822,845
v3.25.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Net sales $ 2,041,562 $ 1,841,430 $ 6,031,990 $ 5,550,823
Cost of sales 1,860,512 1,687,891 5,506,790 5,081,687
Gross profit 181,050 153,539 525,200 469,136
Operating expenses:        
Selling, general and administrative 69,542 61,720 216,700 195,704
Research and development 8,078 7,659 22,418 20,271
Acquisition-Related Cost, Expense 7,080 0 7,080 0
Restructuring 473 1,793 2,899 7,257
Total operating expenses 85,173 71,172 249,097 223,232
Operating income 95,877 82,367 276,103 245,904
Interest income 4,200 2,572 11,319 9,641
Interest Expense, Nonoperating 4,981 7,506 14,961 24,136
Other income (expense), net (3,686) (2,795) (6,370) (652)
Interest and other, net (4,467) (7,729) (10,012) (15,147)
Income before income taxes 91,410 74,638 266,091 230,757
Provision for income taxes 18,522 19,900 51,804 60,346
Net income before noncontrolling interest 72,888 54,738 214,287 170,411
Less: Net income attributable to noncontrolling interest 4,272 3,136 16,460 9,256
Net income attributable to common shareholders $ 68,616 $ 51,602 $ 197,827 $ 161,155
Net income attributable to common shareholders per share:        
Basic $ 1.28 $ 0.93 $ 3.66 $ 2.88
Diluted $ 1.26 $ 0.91 $ 3.58 $ 2.82
Weighted-average shares used in computing per share amounts:        
Basic 53,614 55,466 54,074 55,862
Diluted 54,493 56,711 55,285 57,216
v3.25.2
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Net income before noncontrolling interest $ 72,888 $ 54,738 $ 214,287 $ 170,411
Other comprehensive income (loss), net of tax:        
Change in foreign currency translation adjustments 6,045 (1,030) 3,548 754
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent (217) 148 114 276
Derivative financial instruments:        
Change in net unrealized amount 2,643 972 2,702 1,075
Amount reclassified into net income before noncontrolling interest (3,771) (635) (1,975) (3,996)
Total other comprehensive income (loss), net of tax 4,700 (545) 4,389 (1,891)
Comprehensive income before noncontrolling interest 77,588 54,193 218,676 168,520
Less: Net income attributable to noncontrolling interest 4,272 3,136 16,460 9,256
Comprehensive income attributable to common shareholders $ 73,316 $ 51,057 $ 202,216 $ 159,264
v3.25.2
Condensed Consolidated Statements of Stockholder's Equity Statement - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock and Additional Paid in Capital
Treasury Stock, Common
Accumulated Other Comprehensive Income
Accumulated Deficit
Noncontrolling Interest [Member]
Number of Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Treasury Stock, Common, Shares     54,718        
Balance at Sep. 30, 2023   $ 6,513,331 $ (1,485,252) $ 70,879 $ (2,930,008)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, Value   959          
Stock-based compensation expense   41,918          
Repurchases of Treasury Stock, Value     (163,025)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation $ (26,000)   $ (25,659)        
Total other comprehensive income (loss), net of tax (1,891)     (1,891)      
Net income attributable to common shareholders 161,155       161,155    
Noncontrolling Interest in Joint Ventures at Sep. 30, 2023 149,675            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Less: Net income attributable to noncontrolling interest 9,256         $ 9,256  
Noncontrolling Interest in Joint Ventures at Jun. 29, 2024 158,931            
Common Stock, Shares, Issued at Sep. 30, 2023             111,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, shares             1,341
Common Stock, Shares, Issued at Jun. 29, 2024             112,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Repurchases of treasury stock     3,530        
Balance at Jun. 29, 2024   6,556,208 $ (1,673,936) 68,988 (2,768,853)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Treasury Stock, Common, Shares     57,400        
Balance at Mar. 30, 2024   6,540,860 $ (1,618,641) 69,533 (2,820,455)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, Value   666          
Stock-based compensation expense   14,682          
Repurchases of Treasury Stock, Value     (55,127)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation     $ (168)        
Total other comprehensive income (loss), net of tax (545)     (545)      
Net income attributable to common shareholders 51,602       51,602    
Noncontrolling Interest in Joint Ventures at Mar. 30, 2024 155,795            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Less: Net income attributable to noncontrolling interest 3,136         3,136  
Noncontrolling Interest in Joint Ventures at Jun. 29, 2024 158,931            
Common Stock, Shares, Issued at Mar. 30, 2024             112,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, shares             43
Common Stock, Shares, Issued at Jun. 29, 2024             112,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Repurchases of treasury stock     848        
Balance at Jun. 29, 2024   6,556,208 $ (1,673,936) 68,988 (2,768,853)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stockholders’ equity 2,341,338            
Treasury Stock, Common, Shares     58,248        
Stockholders’ equity 2,361,508            
Treasury Stock, Common, Shares     59,196        
Balance at Sep. 28, 2024   6,576,899 $ (1,739,550) 66,741 (2,707,472)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, Value   0          
Stock-based compensation expense   47,163          
Repurchases of Treasury Stock, Value     (113,944)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (39,000)   $ (38,547)        
Total other comprehensive income (loss), net of tax 4,389     4,389      
Net income attributable to common shareholders 197,827       197,827    
Noncontrolling Interest in Joint Ventures at Sep. 28, 2024 164,890            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Less: Net income attributable to noncontrolling interest 16,460         16,460  
Noncontrolling Interest in Joint Ventures at Jun. 28, 2025 181,350            
Common Stock, Shares, Issued at Sep. 28, 2024             113,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, shares             1,283
Common Stock, Shares, Issued at Jun. 28, 2025             114,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Repurchases of treasury stock     1,923        
Balance at Jun. 28, 2025   6,624,062 $ (1,892,041) 71,130 (2,509,645)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Treasury Stock, Common, Shares     60,911        
Balance at Mar. 29, 2025   6,607,981 $ (1,877,658) 66,430 (2,578,261)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, Value   0          
Stock-based compensation expense   16,081          
Repurchases of Treasury Stock, Value     (13,491)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation     $ (892)        
Total other comprehensive income (loss), net of tax 4,700     4,700      
Net income attributable to common shareholders 68,616       68,616    
Noncontrolling Interest in Joint Ventures at Mar. 29, 2025 177,078            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Less: Net income attributable to noncontrolling interest 4,272         $ 4,272  
Noncontrolling Interest in Joint Ventures at Jun. 28, 2025 181,350            
Common Stock, Shares, Issued at Mar. 29, 2025             114,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances under stock plans, shares             38
Common Stock, Shares, Issued at Jun. 28, 2025             114,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Repurchases of treasury stock     208        
Balance at Jun. 28, 2025   $ 6,624,062 $ (1,892,041) $ 71,130 $ (2,509,645)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stockholders’ equity $ 2,474,856            
Treasury Stock, Common, Shares     61,119        
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:    
Net income before noncontrolling interest $ 214,287 $ 170,411
Adjustments to reconcile net income before noncontrolling interest to cash provided by (used in) operating activities:    
Depreciation 89,813 90,764
Stock-based compensation expense 47,163 41,918
Deferred income taxes 6,990 14,614
Other, net (5,242) (5)
Changes in operating assets and liabilities:    
Accounts receivable (43,171) 77,508
Contract assets (27,630) 30,952
Inventories (144,798) 93,676
Prepaid expenses and other assets 2,874 (9,074)
Accounts payable (27,580) (175,607)
Deferred revenue and customer advances 309,591 18,045
Accrued liabilities and other (719) (64,861)
Cash provided by operating activities 421,578 288,341
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (84,890) (88,228)
Purchases of investments 14,700 1,900
Proceeds from sale of investments 49,309 0
Proceeds from sale of property, plant and equipment 4,718 1,629
Cash used in investing activities (45,563) (88,499)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:    
Repayments of borrowings (13,125) (21,570)
Proceeds from revolving credit facility borrowings 512,700 1,932,400
Repayments of revolving credit facility borrowings (512,700) (1,932,400)
Net proceeds from stock issuances 0 959
Repurchases of common stock (113,944) (163,025)
Payments for tax withholding on stock-based compensation (38,547) (25,659)
Cash used in financing activities (165,616) (209,295)
Effect of exchange rate changes 1,461 (408)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents 211,860 (9,861)
Cash, cash equivalents and restricted cash equivalents at beginning of period 625,860 667,570
Cash, cash equivalents and restricted cash equivalents at end of period 837,720 657,709
Cash paid during the period for:    
Interest, net of capitalized interest 12,678 21,987
Income taxes, net of refunds 67,426 52,728
Unpaid purchases of property, plant and equipment at the end of period $ 34,805 $ 23,935
v3.25.2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Accounts Receivable, Allowance for Credit Loss, Current $ 8,000 $ 7,000
v3.25.2
BASIS OF PRESENTATION
 9 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Basis of Presentation
The accompanying condensed consolidated financial statements of Sanmina Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted pursuant to those rules or regulations. The interim condensed consolidated financial statements are unaudited, but reflect all adjustments, consisting primarily of normal recurring adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended September 28, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on November 27, 2024.

The condensed consolidated financial statements include all accounts of the Company, its wholly owned subsidiaries and subsidiaries in which the Company has a controlling financial interest. All intra-company accounts and transactions have been eliminated. Noncontrolling interest represents a noncontrolling investor’s interest in the results of operations of subsidiaries that the Company controls and consolidates.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.

Results of operations for the third quarter of 2025 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.

The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2025 and 2024 are each 52-week years. All references to years relate to fiscal years unless otherwise noted.

Reclassification

Beginning in the first quarter of 2025, the Company changed the presentation of deferred revenue and customer advances, which were previously included within accrued liabilities, to be a separate line item on the condensed consolidated balance sheets. Similarly, a separate line for the change in those amounts is presented on the condensed consolidated statements of cash flows. Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure, which will require additional disclosure of certain costs and expenses within the notes to the financial statements. The disclosure requirements are effective for the Company for annual reporting periods beginning in fiscal 2028 and for interim periods beginning in fiscal 2029, with early adoption permitted, and will be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company, on an annual basis, to provide disclosure of specific categories in its effective income tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company for annual reporting beginning in fiscal 2026, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require the Company to disclose information about its reportable segment’s significant expenses and other segment items on an interim and annual basis. The disclosure requirements are effective for the Company
for the fiscal year ended 2025, and for interim periods within the Company's fiscal 2026, with early adoption permitted. The Company does not expect ASU 2023-07 to have a material impact on its financial statement disclosures.
v3.25.2
REVENUE RECOGNITION
 9 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue Recognition
The Company has determined that revenue for the majority of its contracts is required to be recognized on an over time basis. This is primarily due to the fact that the Company does not have an alternative use for the end products it manufactures for its customers and has an enforceable right to payment, including a reasonable profit, for work-in-progress and finished goods upon a customer’s cancellation of a contract for convenience. In certain circumstances, the Company recognizes revenue over time because its customer simultaneously receives and consumes the benefits provided by the Company’s services or the Company’s customer controls the end product as the Company performs manufacturing services (continuous transfer of control). For these contracts, revenue is recognized on an over time basis using the cost-to-cost method (ratio of costs incurred to date to total estimated costs at completion) which the Company believes best depicts the transfer of control to the customer. Revenue streams for which revenue is recognized on an over time basis include sales of integrated manufacturing solutions; components; logistics and repair services; design, development and engineering services; and defense and aerospace programs. At least 95% of the Company’s revenue is recognized on an over time basis, which is as products are manufactured or services are performed. Because of this, and the fact that there is no work-in-progress or finished goods inventory associated with contracts since revenue is recognized on an over time basis, 99% or more of the Company’s inventory at the end of a given period is in the form of raw materials. For contracts for which revenue is required to be recognized at a point in time, the Company recognizes revenue when it has transferred control of the related goods, which generally occurs upon shipment or delivery of the goods to the customer.

Contract Assets

A contract asset is recognized when the Company has recognized revenue, but has not issued an invoice to its customer for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. Because of the Company’s short manufacturing cycle times, the transfer from contract assets to accounts receivable generally occurs within the next fiscal quarter.

Application of the cost-to-cost method for government contracts in the Company’s Defense and Aerospace division requires the use of significant judgments with respect to estimated materials, labor and subcontractor costs included in the total estimated costs at completion. Additionally, the Company evaluates whether contract modifications for claims have been approved and, if so, estimates the amount, if any, of variable consideration that can be included in the transaction price of the contract.

Changes in the Company’s estimates of transaction price and/or costs to complete result in a favorable or unfavorable impact to revenue and operating income. The impact of changes in estimates on revenue and operating income resulting from application of the cost-to-cost method for recognizing revenue was as follows:

Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Revenue(In thousands)
Favorable
$5,694 $5,270 $17,309 $15,980 
Unfavorable
(762)(3,795)(2,811)(10,522)
Net
$4,932 $1,475 $14,498 $5,458 

Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Operating income(In thousands)
Favorable
$6,071 $7,547 $17,903 $23,248 
Unfavorable
(9,095)(6,385)(15,427)(16,757)
Net
$(3,024)$1,162 $2,476 $6,491 
The following table presents revenue disaggregated by segment, market sector and geography.

Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Segments:
Integrated Manufacturing Solutions (“IMS”)$1,639,258$1,468,259$4,842,513$4,418,009
Components, Products and Services (“CPS”)$402,304$373,171$1,189,477$1,132,814
Total$2,041,562$1,841,430$6,031,990$5,550,823
End Markets:
Industrial, Medical, Defense and Aerospace, and Automotive$1,255,297$1,181,489$3,775,853$3,663,208
Communications Networks and Cloud Infrastructure$786,265$659,941$2,256,137$1,887,615
Total$2,041,562$1,841,430$6,031,990$5,550,823
Geography:
Americas (1)$1,210,923$966,321$3,445,419$2,885,983
APAC$612,363$638,991$1,928,712$1,843,828
EMEA$218,276$236,118$657,859$821,012
Total$2,041,562$1,841,430$6,031,990$5,550,823
Percentage of net sales represented by ten largest customers53 %50 %51 %47 %
Number of customers representing 10% or more of net sales and primarily related to IMS— 1 — 1 
(1)    Mexico represents approximately 68% and 62% of Americas net sales for the three months ended June 28, 2025 and June 29, 2024, respectively, and the U.S. represents approximately 29% and 35% of Americas net sales for the three months ended June 28, 2025 and June 29, 2024, respectively.
Mexico represents approximately 67% and 62% of Americas net sales for the nine months ended June 28, 2025 and June 29, 2024, respectively, and the U.S. represents approximately 30% and 35% of Americas net sales for the nine months ended June 28, 2025 and June 29, 2024, respectively.

As an electronics manufacturing services company, the Company primarily provides manufacturing and related services for products built to its customers’ unique specifications. Therefore, it is impracticable for the Company to provide revenue from external customers for each product and service it provides.

Deferred Revenue and Customer Advances
As of June 28, 2025 and September 28, 2024, customer advances for raw materials inventory of $411 million and $151 million, respectively, were recorded under deferred revenue and customer advances in the condensed consolidated balance sheets. These customer advances received by the Company as an advance on customer-specific raw materials acquired at the customer’s request are not designed as a financing arrangement and do not contain any interest or repayment terms.
v3.25.2
FINANCIAL INSTRUMENTS
 9 Months Ended
Jun. 28, 2025
Financial Instruments [Abstract]  
Derivatives and Fair Value [Text Block] Financial Instruments
Reconciliation of cash and cash equivalents to condensed consolidated statements of cash flows is as follows.

As of
June 28,
2025		September 28,
2024
(In thousands)
Cash and cash equivalents$797,878 $625,860 
Restricted cash equivalents (1)39,842 — 
Total cash, cash equivalents and restricted cash equivalents$837,720 $625,860 

(1)     Represents money market funds related to deferred compensation plan. Due to the restrictions on the distributions of these funds, the amount is considered restricted and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets.

Fair Value Measurements

Fair Value of Financial Instruments

The fair values of cash equivalents (represents 27% of cash and cash equivalents), restricted cash equivalents, accounts receivable, accounts payable and short-term debt approximate carrying values due to the short-term duration of these instruments. Additionally, the fair value of variable rate long-term debt approximates carrying value as of June 28, 2025. The Company’s cash equivalents are classified as Level 1 in the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Defined benefit plan assets were $18 million as of September 28, 2024 and are measured at fair value using Level 1 input in the fourth quarter of each year only. Deferred compensation plan assets and liabilities were $50 million and $51 million, respectively, as of June 28, 2025 and are both measured using Level 1 inputs. Deferred compensation plan assets and liabilities were each $47 million as of September 28, 2024.

The Company also measures fair value of foreign exchange contracts, interest rate swaps and total return swap on a recurring basis. Interest rate swaps are valued based on a discounted cash flow analysis that incorporates observable market inputs such as interest rate yield curves and credit spreads. The total return swap contract is measured at fair value using quoted prices of the underlying investments. For currency contracts inputs include foreign currency spot and forward rates and interest rates at commonly quoted intervals.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Other non-financial assets, such as goodwill and other long-lived assets, are measured at fair value as of the date such assets are acquired or in the period an impairment is recorded.

Offsetting Derivative Assets and Liabilities

The Company has entered into master netting arrangements with each of its derivative counterparties that allow net settlement of derivative assets and liabilities under certain conditions, such as multiple transactions with the same currency maturing on the same date. The Company presents its derivative assets and derivative liabilities on a gross basis on the condensed consolidated balance sheets.
The following table presents the location and fair value of derivative financial instruments included in our condensed consolidated balance sheets as of June 28, 2025.

Fair Value Measurements Using Level 1, Level 2, or Level 3Prepaid Expenses and Other Current AssetsOther AssetsAccrued LiabilitiesOther Liabilities
(In thousands)
Derivatives designated as accounting hedges: foreign currency forward contractsLevel 2$192 $— $35 $— 
Derivatives not designated as accounting hedges: foreign currency forward contractsLevel 2$2,854 $— $568 $— 
Derivatives designated as accounting hedges: interest rate swapLevel 2$1,743 $121 $— $606 
Derivative not designated as accounting hedge: total return swapLevel 2$1,520 $— $— $— 

The following table presents the location and fair value of derivative financial instruments included in our condensed consolidated balance sheets as of September 28, 2024.


Fair Value Measurements Using Level 1, Level 2, or Level 3Prepaid Expenses and Other Current AssetsOther AssetsAccrued LiabilitiesOther Liabilities
(In thousands)
Derivatives designated as accounting hedges: foreign currency forward contractsLevel 2$759 $— $53 $— 
Derivatives not designated as accounting hedges: foreign currency forward contractsLevel 2$3,229 $— $2,265 $— 
Derivatives designated as accounting hedges: interest rate swapLevel 2$1,518 $21 $— $1,771 
Derivative Instruments

The Company had the following outstanding derivative contracts that were entered into to hedge foreign currency, interest rate and deferred compensation plan liability exposures:
 As of
June 28,
2025		 September 28,
2024
(In thousands, except number of contracts)
Foreign Currency Forward Contracts:
Derivatives Designated as Accounting Hedges:
Notional amount$126,206 $117,015 
Number of contracts45 47 
Derivatives Not Designated as Accounting Hedges:
Notional amount$403,237 $366,425 
Number of contracts40 38 
Interest Rate Swap:
Derivatives Designated as Accounting Hedges:
Notional amount$300,000 $300,000 
Number of contracts66
Total Return Swap:
Derivatives Not Designated as Accounting Hedges:
Notional amount$51,034 $— 
Number of contracts1— 

Foreign Currency Forward Contracts

The Company is exposed to certain risks related to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange risk.

Forward contracts on various foreign currencies are used to manage foreign currency risk associated with forecasted foreign currency transactions and certain monetary assets and liabilities denominated in non-functional currencies. The Company’s primary foreign currency cash flows are in India, Mexico and China.

The Company utilizes foreign currency forward contracts to hedge certain operational (“cash flow”) exposures resulting from changes in foreign currency exchange rates. Such exposures generally result from (1) forecasted non-functional currency sales and (2) forecasted non-functional currency materials, labor, overhead and other expenses. These contracts are designated as cash flow hedges for accounting purposes and are generally one to two months in duration but, by policy, may be up to twelve months in duration.

For derivative instruments that are designated and qualify as cash flow hedges, the Company excludes the change in the fair value of the contract related to the changes in the difference between the spot price and the forward price from its assessment of hedge effectiveness and recognizes these amounts, which are primarily related to time value, in earnings over the life of the derivative instrument. Gains or losses on the derivative not caused by changes in time value are recorded in accumulated other comprehensive income (“AOCI”), a component of equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The amount of gain or loss recognized in other comprehensive income on derivative instruments and the amount of gain or loss reclassified from AOCI into income were not material for any period presented herein and are included as components of cost of sales in the condensed consolidated statements of income.

The Company enters into short-term foreign currency forward contracts to hedge currency exposures associated with certain monetary assets and liabilities denominated in non-functional currencies. These contracts have maturities of up to two months and are not designated as accounting hedges. Accordingly, these contracts are marked-to-market at the end of each period with unrealized gains and losses recorded in other income (expense), net in the condensed consolidated statements of income. The amount of gains or losses associated with these forward contracts was not material for any period presented herein.
From an economic perspective, the objective of the Company’s hedging program is for gains and losses on forward contracts to substantially offset currency gains and losses on the underlying hedged items. In addition to the contracts disclosed in the table above, the Company has numerous contracts that have been closed from an economic and financial accounting perspective and will settle early in the first month of the following quarter. Since these offsetting contracts do not expose the Company to risk of fluctuations in exchange rates, these contracts have been excluded from the above table.

Interest Rate Swap

The Company enters into forward interest rate swap agreements with independent counterparties to partially hedge the variability in cash flows due to changes in the Secured Overnight Financing Rate benchmark interest rate (“SOFR”) associated with anticipated variable rate borrowings. These interest rate swaps have a maturity date of September 27, 2027 and effectively convert a portion of the Company’s variable interest rate obligations to fixed interest rate obligations. These swaps are accounted for as cash flow hedges under ASC Topic 815, Derivatives and Hedging. The aggregate effective interest rate of these swaps as of June 28, 2025 was approximately 4.7%.

Total Return Swap

Beginning the second quarter of fiscal 2025, the Company entered into a total return swap contract (“TRS”) to substantially offset changes in the deferred compensation plan liabilities resulting from changes in the value of investment elections made by participants. The Company elected not to designate the TRS as an accounting hedge and recognized the changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in cost of sales, and selling, general and administrative expense in the condensed consolidated statements of income.
v3.25.2
DEBT
 9 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Debt
Long-term debt consisted of the following:
 As of
 June 28,
2025		September 28,
2024
 (In thousands)
Term Loan Due 2027, net of issuance costs$304,683 $317,323 
Less: Current portion of Term Loan Due 202717,500 17,500 
Long-term debt$287,183 $299,823 

Term Loan maturities by fiscal year are as follows:

As of
June 28,
2025
(In thousands)
Remainder of 2025$4,375 
202621,875 
2027280,000 
$306,250 

Revolving Credit Facility

In 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”), that provides for an $800 million revolving credit facility and drew a $350 million secured term loan (“Term Loan Due 2027”). Subject to the satisfaction of certain conditions, including obtaining additional commitments from existing and/or new lenders, the Company may increase the revolving commitment up to an additional $200 million.

Loans under the Credit Agreement bear interest, at the Company’s option, at either the SOFR or a base rate, in each case plus a spread determined based on the Company’s credit rating. Interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of an interest period (or at three-month intervals if the interest period exceeds three
months) in the case of SOFR loans. The outstanding principal amount of all loans under the Credit Agreement, including the Term Loan Due 2027, together with accrued and unpaid interest, is due on September 27, 2027. The Company is required to repay a portion of the principal amount of the Term Loan Due 2027 equal to 1.25% of the principal in quarterly installments.

Certain of the Company’s domestic subsidiaries are guarantors in respect of the Credit Agreement. The Company and the subsidiary guarantors’ obligations under the Credit Agreement are secured by a lien on substantially all of their respective assets (excluding real property), including cash, accounts receivable and the shares of certain Company subsidiaries, subject to certain exceptions.

There were no borrowings outstanding under the Credit Agreement as of June 28, 2025 or September 28, 2024. Additionally, as of June 28, 2025, $9 million of letters of credit was outstanding under the Credit Agreement and $791 million was available to borrow.

On June 6, 2025, the Company amended the Credit Agreement to permit the acquisition of ZT Group Int’l, Inc. (“ZT Systems”) from AMD Design, LLC, a wholly owned subsidiary of Advanced Micro Devices, Inc.

Foreign Short-term Borrowing Facilities

As of June 28, 2025, certain of the Company’s foreign subsidiaries had a total of $71 million of uncommitted short-term borrowing facilities available, under which no borrowings were outstanding.

Debt Covenants

The Credit Agreement requires the Company to comply with certain financial covenants, namely a maximum consolidated leverage ratio and a minimum interest coverage ratio, in both cases measured on the basis of a trailing 12-month look-back period. In addition, the Company’s debt agreements contain a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets and paying dividends, subject to certain exceptions. Finally, the debt agreements also include covenants that require the Company to file quarterly and annual financial statements with the SEC on a timely basis. The Company was in compliance with these covenants as of June 28, 2025.

Pending Acquisition of ZT Systems
On May 18, 2025, the Company entered into an Equity Purchase Agreement (the “Equity Purchase Agreement”) to acquire ZT Systems from AMD Design, LLC, a wholly owned subsidiary of Advanced Micro Devices, Inc., pursuant to which the Company will purchase all of the outstanding equity interests of ZT Systems, a provider of AI and general purpose computer infrastructure for hyperscale computing companies. See Note 12, “Business Combination” of the notes to the Condensed Consolidated Financial Statements contained in this report for details. In connection with the Equity Purchase Agreement, the Company entered into a commitment letter with certain financial institutions that have agreed to provide the Company with, subject to satisfaction of customary conditions and covenants, a senior secured 364-day bridge loan facility in an aggregate principal amount of up to $2.5 billion to fund a portion of the consideration payable in the acquisition of ZT Systems and to pay related fees and expenses. The commitment is intended to be drawn only to the extent that permanent financing is not obtained prior to closing the acquisition. As alternative financing is secured, the commitment letter will be reduced.
v3.25.2
LEASES
 9 Months Ended
Jun. 28, 2025
Leases [Abstract]  
Lessee, Operating Leases Leases
The Company’s leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company’s initial lease liability and corresponding right-of-use (“ROU”) assets only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company’s balance sheet.
ROU assets and lease liabilities recorded in the condensed consolidated balance sheets are as follows:
 As of
 June 28,
2025		September 28,
2024
 (In thousands)
Other assets$69,928$77,612
 
Accrued liabilities$21,587$22,270
Other long-term liabilities37,71544,513
Total lease liabilities
$59,302$66,783
Weighted average remaining lease term (in years)11.8113.93
Weighted average discount rate4.3 %4.2 %

Lease expense and supplemental cash flow information related to operating leases are as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Operating lease expense (1)$7,898 $7,189 $23,486 $23,434 
Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Cash paid for operating lease liabilities$19,180 $19,499 
Right-of-use assets obtained in exchange for lease liabilities$1,493 $1,215 
(1)     Includes immaterial amounts of short-term leases, variable lease costs and sublease income.

Future lease payments under non-cancelable operating leases as of June 28, 2025, by fiscal year, are as follows:
Operating Leases
 (In thousands)
Remainder of 2025$6,468 
202622,489 
202718,276 
20287,363 
20291,626 
Thereafter8,632 
Total lease payments
64,854 
Less: imputed interest5,552 
Total
$59,302 
v3.25.2
ACCOUNTS RECEIVABLE SALE PROGRAM
 9 Months Ended
Jun. 28, 2025
Transfers and Servicing [Abstract]  
Transfers and Servicing of Financial Assets [Text Block] Accounts Receivable Sale Program
The Company is a party to a Receivables Purchase Agreement, as amended (the “RPA”) with certain third-party banking institutions for the sale of trade receivables generated from sales to certain customers, subject to acceptance by, and a funding commitment from, the banks that are party to the RPA. Trade receivables sold pursuant to the RPA are serviced by the Company.
In addition to the RPA, the Company has the option to participate in trade receivables sales programs that have been implemented by certain of the Company’s customers, as in effect from time to time. The Company does not service trade receivables sold under these other programs.

Under each of the programs noted above, the Company sells its entire interest in a trade receivable for 100% of face value, less a discount. Upon sale, these receivables are removed from the condensed consolidated balance sheets and cash received is presented as cash provided by operating activities in the condensed consolidated statements of cash flows. The Company’s sole risk with respect to receivables it services is with respect to commercial disputes regarding such receivables. Commercial disputes include billing errors, returns and similar matters. To date, the Company has not been required to repurchase any receivable it has sold due to a commercial dispute. Additionally, the Company is required to remit amounts collected as a servicer under the RPA on a weekly basis to the financial institutions that purchased the receivables.

Trade receivables sold and discount on trade receivables sold under these programs are as follows:

Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Trade receivables sold$237,513$983,342
Discount on trade receivables (1)$1,284$6,826

(1)    Recorded in other income (expense), net in the condensed consolidated statements of income

Trade receivables sold under the RPA and subject to servicing by the Company that remained outstanding and uncollected and collected as of June 28, 2025 are as follows:
As of
June 28,
2025		September 28,
2024
(In thousands)
Outstanding and uncollected$9,756$33,874
Outstanding and collected (1)$—$2,688

(1)    Amount collected but not yet remitted to bank as of September 28, 2024 is classified in accrued liabilities on the condensed consolidated balance sheets.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Jun. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies
From time to time, the Company is a party to litigation, claims and other contingencies, including environmental, regulatory and employee matters and examinations and investigations by governmental agencies, which arise in the ordinary course of business. The Company records a contingent liability when it is probable that a loss has been incurred and the amount of loss is reasonably estimable in accordance with ASC Topic 450, Contingencies, or other applicable accounting standards. As of June 28, 2025 and September 28, 2024, the Company had estimated liabilities of $36 million and $39 million, respectively, for environmental matters, warranty, litigation and other contingencies (excluding reserves for uncertain tax positions), which the Company believes are adequate. However, there can be no assurance that the Company’s reserves will be sufficient to settle these contingencies. Such reserves are included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets.

Legal Proceedings

Environmental Matters

The Company is subject to various federal, state, local and foreign laws and regulations and administrative orders concerning environmental protection, including those addressing the discharge of pollutants into the environment, the
management and disposal of hazardous substances, the cleanup of contaminated sites, the materials used in products, and the recycling, treatment and disposal of hazardous waste.

In June 2008, the Company was named by the Orange County Water District in a suit alleging that a predecessor company’s actions at a plant the Company sold in 1998 contributed to polluted groundwater managed by the plaintiff. The complaint sought recovery of compensatory and other damages, as well as declaratory relief, for the payment of costs necessary to investigate, monitor, remediate, abate and contain contamination of groundwater. In April 2013, all claims against the Company were dismissed. The plaintiff appealed this dismissal and the Court of Appeal reversed the judgment in August 2017, remanding the case back to the Superior Court of California for trial. The trial against the Company and several other defendants commenced in April 2021 and the submission of evidence concluded in May 2022. On April 3, 2023, the court published a statement of decision finding the Company and other remaining defendants liable for certain past investigation costs incurred by the plaintiff. Subsequent proceedings to assess the Company’s and other defendants’ liability for the plaintiff’s future remediation and other costs, including attorneys’ fees, were expected. However, without admitting any liability, in August 2024, the Company and plaintiff agreed to settle this matter and all pending litigation in exchange for the Company’s payment to the plaintiff of $3 million, which amount was paid during the fiscal quarter ended December 28, 2024.

Item 103 of the SEC's Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions unless the Company reasonably believes the monetary sanctions, exclusive of interest and costs, will not equal or exceed a threshold which the Company determines is reasonably designed to result in disclosure of any such proceeding that is material to its business or financial condition. Item 103 states that the disclosure threshold is $300,000, or at our election, a threshold that does not exceed the lesser of $1 million or one percent of our consolidated current assets. The disclosure below is made in reference to the lower threshold contained in Item 103. Going forward, as permitted by Item 103, the Company has elected to adopt a quantitative threshold for environmental proceedings of $1 million. Given the size of its operations, the Company believes that environmental matters under this threshold are not material to its business or financial condition.

On May 4, 2023, the Company received a summon to respond to a misdemeanor criminal complaint stemming from certain alleged violations of the California Health & Safety Code at the Company’s O’Toole Street plant in San Jose, California. The charging document (as amended), filed in the Superior Court for Santa Clara County, alleged: (a) improper releases of chlorine gas on four occasions, (b) improper and incomplete reporting of such releases, (c) improper treatment and storage of hazardous waste, and (d) improper assessment and record keeping regarding hazardous waste treatment system tanks. In December 2024, after fully addressing the issues raised in the action, the Company pled nolo contendre to three of the alleged counts (the government dismissed all other counts) and agreed to pay fines and penalty assessments totaling $0.6 million, which payment was made in March 2025.

Other Matters

In December 2019, the Company sued a former customer, Dialight plc (“Dialight”), in the United States District Court for the Southern District of New York (the “Court”) to collect unpaid accounts receivable and net obsolete inventory obligations (which, by the time of the September 2024 trial referenced below, totaled $9 million, exclusive of interest and attorneys’ fees). On the same day the Company filed its suit, Dialight commenced its own action in the same court. Dialight alleged that the Company fraudulently misrepresented its capabilities to induce Dialight to enter into a Manufacturing Services Agreement (“MSA”) and then allegedly committed multiple, willful breaches of contract when performing under the MSA. After a trial in September 2024, a jury awarded the Company the full $9 million on its claims, rejected Dialight’s claims for fraudulent inducement and willful breach of contract, and awarded Dialight $1 million for breach of contract (collectively, the “Verdict”). The parties filed post-trial motions in October 2024, including a motion by the Company for prejudgment interest and its costs and expenses of the suit, and a motion by Dialight for pre-judgment and post-judgment interest, its costs and expenses of the suit and for a new trial. Effective March 27, 2025, the parties entered into a Stipulation for Entry of Judgment and Conditional Covenant Not to Execute (the “Stipulation”), which resolves conclusively all pending claims and disputed issues through (i) a series of payments by Dialight to the Company over the next two years totaling $12 million, and (ii) Dialight’s assignment to Sanmina of the $2 million (including prejudgment interest) otherwise due Dialight from Sanmina’s insurer in respect of the Verdict. On April 4, 2025, the Court entered a final judgment consistent with the Stipulation, marking the end of this litigation.

In May 2023, Sanmina Corporation and its SCI Technology, Inc. subsidiary (“SCI”) received Civil Investigative Demands (“CIDs”) from the United States Department of Justice (“DOJ”) pursuant to the civil False Claims Act (“FCA”). The stated purpose of the CIDs—a form of subpoena requiring responses to written interrogatories and the production of documents relating to certain contracts, projects, proposals and business activities of SCI going back to 2010—is to determine whether there is or has been a violation of the FCA with respect to the provision of products and services to the government. These CIDs
supplement several CIDs relating to the same subject matter served upon SCI and certain current and former SCI and Sanmina Corporation employees beginning in August 2020, pursuant to which SCI produced documents and information and certain of the current and former employees provided oral testimony. Sanmina and SCI cooperated with the DOJ investigation. On May 13, 2024, the Company learned that United States of America ex rel. Carl R. Eckert v. SCI Technology, Inc. et al. (the “Eckert Qui Tam Suit”) had been filed under seal in June 2020, and is now unsealed. On May 13, 2024, the Company also learned that the DOJ had filed a notice in the Eckert Qui Tam Suit stating that, while its investigation would continue, it was declining to intervene at the current time. The Eckert Qui Tam Suit, filed by a former SCI employee, alleges 16 FCA counts that relate substantially to the same contracts and issues that the DOJ previously had investigated, including making false certifications under the Truth in Negotiations Act and Cost Accounting Standards, submitting false cost and pricing data, fraudulently inducing the government to award contracts and violations of the Service Contract Act. The Eckert Qui Tam Suit alleges such claimed violations defrauded the government in an amount approximating $100 million, and seeks, on behalf of the government, treble damages, civil penalties and interest payable thereon. Sanmina and SCI intend to continue to defend vigorously against the claims made in the Eckert Qui Tam Suit, and filed a motion to dismiss on April 25, 2025. The Company is unable to predict the ultimate outcome of this suit, although a loss is currently not considered to be probable or estimable.

On November 14, 2023, former employee Gerardo Ramirez filed two lawsuits against the Company in the Alameda County Superior Court (together, the “Ramirez Cases”). The first, a putative class action, alleges violations of various California Labor Code and Wage Order requirements, including provisions governing overtime, meal and rest periods, minimum wage requirements, payment of wages during employment, wage statements, payroll records, and reimbursement of business expenses. The class action complaint seeks certification of a class of all current and former non-exempt employees who worked for the Company within the State of California at any time between March 1, 2021 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre-judgment interest, and costs of suit. The second action, a complaint under California’s Private Attorneys General Act of 2004 (“PAGA”), alleges substantially similar violations and a violation of the provision governing payment of final wages and seeks penalties individually and on behalf of the State of California and other “aggrieved employees,” along with attorneys’ fees and costs. On May 16, 2024 and June 14, 2024, former employee Carlos Lobatos filed class and PAGA actions in the Santa Clara County Superior Court (the “Lobatos Cases”) alleging violations substantially similar to the violations in the Ramirez Cases, and, in the case of the Lobatos PAGA action, additional violations related to sick leave, suitable rest facilities, seating, failure to retain and provide employment and payroll records, reporting time pay, day of rest rules, payroll deductions, paid time off, and various unlawful employment practices. The Lobatos class action complaint seeks certification of a class of all current and former non-exempt employees who worked for the Company (directly or via a staffing agency) within the State of California at any time between May 16, 2020 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre-judgment interest, and costs of suit. On August 12, 2024, former employee Mando Gomez filed a class and PAGA action in the Alameda County Superior Court (the “Gomez Case”) alleging violations substantially similar to the violations in the Ramirez Cases. The Gomez Case seeks certification of a class of all current and former non-exempt employees who worked for the Company (directly or via a staffing agency) within the State of California at any time between August 12, 2020 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre-judgment interest, and costs of suit. On September 20, 2024 and November 26, 2024, former employee Frank J. Leon Guerrero filed class and PAGA actions in the Alameda County Superior Court (the “Guerrero Cases”) alleging violations substantially similar to the violations in the Ramirez Cases. The Guerrero class action seeks certification of several classes comprised of all current and former non-exempt employees who worked for the Company (directly or via a staffing agency) within the State of California at any time between September 20, 2020 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre- and post-judgment interest, and costs of suit. The Company expects the Lobatos Cases, the Gomez Case, and the Guerrero Cases to be related to or consolidated with the Ramirez Cases and intends to defend all such cases vigorously.

For each of the pending matters noted above, the Company is unable to reasonably estimate a range of possible loss at this time.

In addition, from time to time, the Company may become involved in routine legal proceedings, demands, claims, threatened litigation and regulatory inquiries and investigations that arise in the normal course of our business. The Company records liabilities for such matters when a loss becomes probable and the amount of loss can be reasonably estimated. The ultimate outcome of any litigation is uncertain and unfavorable outcomes could have a negative impact on the Company’s results of operations and financial condition.
v3.25.2
INCOME TAX
 9 Months Ended
Jun. 28, 2025
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block] Income Tax
The Company estimates its annual effective income tax rate at the end of each quarterly period. The estimate takes into account the geographic mix of expected pre-tax income (loss), expected total annual pre-tax income (loss), enacted changes in
tax laws, implementation of tax planning strategies and possible outcomes of audits and other uncertain tax positions. To the extent there are fluctuations in any of these variables during a period, the provision for income taxes may vary.

The Company’s provision for income taxes for the three months ended June 28, 2025 and June 29, 2024 was $19 million (20% of income before taxes) and $20 million (27% of income before taxes), respectively. The effective tax rate was lower for the three months ended June 28, 2025 primarily due to change in the jurisdictional mix of earnings and favorable discrete tax events, including a $2 million benefit from the release of certain foreign tax reserves due to expiration of statute of limitations.

The Company’s provision for income taxes for the nine months ended June 28, 2025 and June 29, 2024 was $52 million (19% of income before taxes) and $60 million (26% of income before taxes), respectively. The effective tax rate was lower for the nine months ended June 28, 2025 primarily due to a change in the jurisdictional mix of earnings and favorable discrete tax events, including a $3 million benefit from a change in tax law, a $3 million benefit from the release of certain foreign tax reserves due to expiration of statute of limitations and a $4 million benefit from stock-based compensation.

As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal 2008 through 2010, the Company received a Revenue Agent’s Report (“RAR”) on November 17, 2023 asserting an underpayment of tax of approximately $8 million for fiscal 2009. The asserted underpayment results from the IRS’s proposed disallowance of a $503 million worthless stock deduction in fiscal 2009. Such disallowance, if upheld, would reduce the Company’s available net operating loss carryforwards and result in additional tax and interest attributable to fiscal 2021 and later years, which could be material. The Company disagrees with the IRS’s position as asserted in the RAR and is vigorously contesting this matter through the applicable IRS administrative and judicial procedures, as appropriate. The Company does not expect resolution of this matter within twelve months and cannot predict with any certainty the timing of such resolution. Although the final resolution of this matter remains uncertain, the Company continues to believe that it is more likely than not the Company’s tax position will be sustained. However, an unfavorable resolution of this matter could have a material adverse impact on the Company’s condensed consolidated financial statements.

The Organization for Economic Co-operation and Development (“OECD”), an international association of 38 countries, including the United States, has proposed changes to numerous long-standing tax principles, namely, its Pillar Two framework, which imposes a global minimum corporate tax rate of 15%. Various countries have enacted or have announced plans to enact new tax laws to implement the global minimum tax and where enacted, the rules began to be effective for the Company in fiscal 2025. The Pillar Two rules are considered an alternative minimum tax and therefore deferred taxes would not be recognized or adjusted for the estimated effects of the future minimum tax. The adoption and effective dates of these rules may vary by country and could increase tax complexity and uncertainty and may adversely affect the Company’s provision for income taxes. These tax law changes did not have a material impact on the Company’s financial statements for the three months ended June 28, 2025 and are not expected to have a material impact on the Company’s financial statements for the remainder of fiscal 2025.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax frame work, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing its impact on its financial statements.
v3.25.2
STOCKHOLDERS' EQUITY
 9 Months Ended
Jun. 28, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block] Stockholders’ Equity
During the second quarter of 2025, the Company’s stockholders approved an amendment of the Company’s 2019 Equity Incentive Plan and the reservation of an additional 1 million shares of common stock for future issuance under the Company’s amended 2019 Equity Incentive Plan.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income, net of tax as applicable, consisted of the following:
As of
June 28,
2025		September 28,
2024
(In thousands)
Foreign currency translation adjustments$76,784 $73,236 
Unrealized holding gains on derivative financial instruments993 266 
Unrecognized net actuarial losses and transition costs for benefit plans(6,647)(6,761)
    Total$71,130 $66,741 

Stock Repurchase Programs

During the nine months ended June 28, 2025 and June 29, 2024, the Company repurchased 1.4 million and 3.0 million shares of its common stock for $114 million and $162 million, respectively, under stock repurchase programs authorized by the Company’s Board of Directors. During the second quarter of 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of the Company’s common stock in the open market or in negotiated private transactions. These programs have no expiration dates and the timing of repurchases will depend upon capital needs to support the growth of the Company’s business, market conditions and other factors. Although stock repurchases are intended to increase stockholder value, they also reduce the Company’s liquidity. As of June 28, 2025, an aggregate of $239 million remained available under these programs.

In addition to the repurchases discussed above, the Company withheld 0.5 million shares of its common stock during each of the nine months ended June 28, 2025 and June 29, 2024 in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $39 million and $26 million for the nine months ended June 28, 2025 and June 29, 2024, respectively, to applicable tax authorities in connection with these repurchases.

Noncontrolling Interest

During the first quarter of 2023, the Company entered into a joint venture transaction pursuant to which Reliance Strategic Business Ventures Limited acquired 50.1% of the outstanding shares of Sanmina SCI India Private Limited (“SIPL”), the Company’s existing Indian manufacturing entity. The remaining 49.9% of the outstanding shares of SIPL is held by the Company. The Company has, by contract, the unilateral ability to control the significant decisions made in the ordinary course of SIPL’s business. SIPL’s cash and cash equivalents balance of $212 million as of June 28, 2025 is not available for general corporate purposes and must be retained in SIPL to fund its operations.
v3.25.2
BUSINESS SEGMENT
 9 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Business Segment
The Company’s operations are managed as two businesses: IMS and CPS. The Company’s CPS business consists of multiple operating segments which do not individually meet the quantitative thresholds for being presented as reportable segments. Therefore, financial information for these operating segments is presented in a single category entitled “CPS” and the Company has only one reportable segment - IMS.

The Company’s chief operating decision maker is the Chief Executive Officer who allocates resources and assesses performance of operating segments based on a measure of revenue and gross profit that excludes items not directly related to the Company’s ongoing business operations. These items are typically either non-recurring or non-cash in nature. Intersegment revenue consists primarily of sales of components from CPS to IMS.
The following table presents revenue and a measure of segment gross profit used by management to allocate resources and assess performance of operating segments:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Gross sales:
IMS$1,648,404 $1,477,499 $4,875,352 $4,444,209 
CPS422,388 388,220 1,249,141 1,180,558 
Intersegment revenue (29,230)(24,289)(92,503)(73,944)
Net sales$2,041,562 $1,841,430 $6,031,990 $5,550,823 
Gross profit:
IMS$123,802 $112,364 $375,774 $338,114 
CPS62,204 44,686 171,649 146,951 
Total186,006 157,050 547,423 485,065 
Unallocated corporate items (1)(4,956)(3,511)(22,223)(15,929)
Total$181,050 $153,539 $525,200 $469,136 

(1)    For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, litigation settlements and charges resulting from distressed customers.
v3.25.2
EARNINGS PER SHARE
 9 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block] Earnings Per Share
 
Basic and diluted per share amounts are calculated by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period, as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands, except per share data)
Numerator:
Net income attributable to common shareholders$68,616 $51,602 $197,827 $161,155 
Denominator:
Weighted average common shares outstanding53,614 55,466 54,074 55,862 
Effect of dilutive stock options and restricted stock units879 1,245 1,211 1,354 
Denominator for diluted earnings per share54,493 56,711 55,285 57,216 
Net income attributable to common shareholders per share:
Basic$1.28 $0.93 $3.66 $2.88 
Diluted$1.26 $0.91 $3.58 $2.82 

Weighted-average dilutive securities that were excluded from the above calculation because their inclusion would have had an anti-dilutive effect under ASC Topic 260, Earnings per Share, due to application of the treasury stock method were not material for any period presented.
v3.25.2
BUSINESS COMBINATION
 9 Months Ended
Jun. 28, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures Business Combination
On May 18, 2025, the Company entered into the Equity Purchase Agreement to acquire ZT Systems from AMD Design, LLC, a wholly owned subsidiary of Advanced Micro Devices, Inc., pursuant to which the Company will purchase all of the outstanding equity interests of ZT Systems, a provider of AI and general purpose computer infrastructure for hyperscale
computing companies. Under the Equity Purchase Agreement, the Company will acquire ZT Systems’ data center infrastructure manufacturing business, excluding certain research and development functions, for an aggregate consideration (including contingent consideration) consisting of $2.4 billion in cash, $150 million in the Company’s stock and contingent consideration of up to $450 million in cash payable by the Company if certain conditions are met. The consideration is subject to certain adjustments based on ZT System’s closing cash, closing net working capital relative to a target amount, closing indebtedness and closing expenses. The Equity Purchase Agreement contains customary termination rights for the Company and ZT Systems, including if the acquisition is not completed by May 18, 2026 (subject to extension, including two automatic extensions until November 18, 2026, to the extent certain specified required regulatory approvals remain outstanding) (the “Outside Date”). Under the Equity Purchase Agreement, the Company will be required to pay a termination fee to ZT Systems of $153 million subject to certain conditions if the Equity Purchase Agreement is terminated by ZT Systems in certain circumstances related to the failure to obtain certain regulatory approvals prior to the Outside Date (or $76.5 million if such failure is related to a particular regulatory approval). The acquisition is expected to close near the end of the 2025 calendar year, subject to regulatory approvals and customary closing conditions.

In connection with the execution of the Equity Purchase Agreement, the Company entered into a commitment letter with certain financial institutions that have agreed to provide the Company with, subject to satisfaction of customary conditions and covenants, a senior secured 364-day bridge loan facility in an aggregate principal amount of up to $2.5 billion to fund a portion of the consideration payable in the acquisition of ZT Systems and to pay related fees and expenses. The commitment is intended to be drawn only to the extent that permanent financing is not obtained prior to closing the acquisition. As alternative financing is secured, the commitment letter will be reduced.

During the three and nine months ended June 28, 2025, the Company incurred $7 million of acquisition and integration charges. These costs primarily consisted of advisory, legal, accounting, and other professional and consulting fees, and were expensed as incurred.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Pay vs Performance Disclosure        
Net income attributable to common shareholders $ 68,616 $ 51,602 $ 197,827 $ 161,155
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 28, 2025
shares
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Vishnu Venkatesh [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 5, 2025, Vishnu Venkatesh, Senior Vice President, Finance and Controller of the Company, adopted a Rule 10b5-1 trading arrangement (the “Plan”) with respect to the sale of up to 6,500 shares of common stock, prior to withholding for taxes, issuable upon vesting of certain restricted stock units previously issued to Mr. Venkatesh. The Plan terminates on February 4, 2026 or at such time all shares under the Plan are sold and is intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) under the Exchange Act.
Name Vishnu Venkatesh
Title Senior Vice President, Finance and Controller
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 5, 2025
Expiration Date February 4, 2026
Aggregate Available 6,500
v3.25.2
ACCOUNTING POLICIES (Policies)
 9 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting [Text Block]
The accompanying condensed consolidated financial statements of Sanmina Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted pursuant to those rules or regulations. The interim condensed consolidated financial statements are unaudited, but reflect all adjustments, consisting primarily of normal recurring adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended September 28, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on November 27, 2024.
The condensed consolidated financial statements include all accounts of the Company, its wholly owned subsidiaries and subsidiaries in which the Company has a controlling financial interest. All intra-company accounts and transactions have been eliminated. Noncontrolling interest represents a noncontrolling investor’s interest in the results of operations of subsidiaries that the Company controls and consolidates.
Use of Estimates, Policy [Policy Text Block]
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.

Results of operations for the third quarter of 2025 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
Fiscal Period, Policy [Policy Text Block] The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2025 and 2024 are each 52-week years. All references to years relate to fiscal years unless otherwise noted.
Reclassification, Comparability Adjustment
Reclassification

Beginning in the first quarter of 2025, the Company changed the presentation of deferred revenue and customer advances, which were previously included within accrued liabilities, to be a separate line item on the condensed consolidated balance sheets. Similarly, a separate line for the change in those amounts is presented on the condensed consolidated statements of cash flows. Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.
New Accounting Pronouncements, Policy [Text Block]
Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure, which will require additional disclosure of certain costs and expenses within the notes to the financial statements. The disclosure requirements are effective for the Company for annual reporting periods beginning in fiscal 2028 and for interim periods beginning in fiscal 2029, with early adoption permitted, and will be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company, on an annual basis, to provide disclosure of specific categories in its effective income tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company for annual reporting beginning in fiscal 2026, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require the Company to disclose information about its reportable segment’s significant expenses and other segment items on an interim and annual basis. The disclosure requirements are effective for the Company
for the fiscal year ended 2025, and for interim periods within the Company's fiscal 2026, with early adoption permitted. The Company does not expect ASU 2023-07 to have a material impact on its financial statement disclosures.
v3.25.2
REVENUE RECOGNITION (Tables)
 9 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Change in Accounting Estimate
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Revenue(In thousands)
Favorable
$5,694 $5,270 $17,309 $15,980 
Unfavorable
(762)(3,795)(2,811)(10,522)
Net
$4,932 $1,475 $14,498 $5,458 

Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Operating income(In thousands)
Favorable
$6,071 $7,547 $17,903 $23,248 
Unfavorable
(9,095)(6,385)(15,427)(16,757)
Net
$(3,024)$1,162 $2,476 $6,491 
Disaggregation of Revenue [Table Text Block]
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Segments:
Integrated Manufacturing Solutions (“IMS”)$1,639,258$1,468,259$4,842,513$4,418,009
Components, Products and Services (“CPS”)$402,304$373,171$1,189,477$1,132,814
Total$2,041,562$1,841,430$6,031,990$5,550,823
End Markets:
Industrial, Medical, Defense and Aerospace, and Automotive$1,255,297$1,181,489$3,775,853$3,663,208
Communications Networks and Cloud Infrastructure$786,265$659,941$2,256,137$1,887,615
Total$2,041,562$1,841,430$6,031,990$5,550,823
Geography:
Americas (1)$1,210,923$966,321$3,445,419$2,885,983
APAC$612,363$638,991$1,928,712$1,843,828
EMEA$218,276$236,118$657,859$821,012
Total$2,041,562$1,841,430$6,031,990$5,550,823
Percentage of net sales represented by ten largest customers53 %50 %51 %47 %
Number of customers representing 10% or more of net sales and primarily related to IMS— 1 — 1 
(1)    Mexico represents approximately 68% and 62% of Americas net sales for the three months ended June 28, 2025 and June 29, 2024, respectively, and the U.S. represents approximately 29% and 35% of Americas net sales for the three months ended June 28, 2025 and June 29, 2024, respectively.
Mexico represents approximately 67% and 62% of Americas net sales for the nine months ended June 28, 2025 and June 29, 2024, respectively, and the U.S. represents approximately 30% and 35% of Americas net sales for the nine months ended June 28, 2025 and June 29, 2024, respectively.
v3.25.2
FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Jun. 28, 2025
Financial Instruments [Abstract]  
Schedule of Cash and Cash Equivalents
As of
June 28,
2025		September 28,
2024
(In thousands)
Cash and cash equivalents$797,878 $625,860 
Restricted cash equivalents (1)39,842 — 
Total cash, cash equivalents and restricted cash equivalents$837,720 $625,860 

(1)     Represents money market funds related to deferred compensation plan. Due to the restrictions on the distributions of these funds, the amount is considered restricted and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Fair Value Measurements Using Level 1, Level 2, or Level 3Prepaid Expenses and Other Current AssetsOther AssetsAccrued LiabilitiesOther Liabilities
(In thousands)
Derivatives designated as accounting hedges: foreign currency forward contractsLevel 2$192 $— $35 $— 
Derivatives not designated as accounting hedges: foreign currency forward contractsLevel 2$2,854 $— $568 $— 
Derivatives designated as accounting hedges: interest rate swapLevel 2$1,743 $121 $— $606 
Derivative not designated as accounting hedge: total return swapLevel 2$1,520 $— $— $— 

The following table presents the location and fair value of derivative financial instruments included in our condensed consolidated balance sheets as of September 28, 2024.


Fair Value Measurements Using Level 1, Level 2, or Level 3Prepaid Expenses and Other Current AssetsOther AssetsAccrued LiabilitiesOther Liabilities
(In thousands)
Derivatives designated as accounting hedges: foreign currency forward contractsLevel 2$759 $— $53 $— 
Derivatives not designated as accounting hedges: foreign currency forward contractsLevel 2$3,229 $— $2,265 $— 
Derivatives designated as accounting hedges: interest rate swapLevel 2$1,518 $21 $— $1,771 
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
 As of
June 28,
2025		 September 28,
2024
(In thousands, except number of contracts)
Foreign Currency Forward Contracts:
Derivatives Designated as Accounting Hedges:
Notional amount$126,206 $117,015 
Number of contracts45 47 
Derivatives Not Designated as Accounting Hedges:
Notional amount$403,237 $366,425 
Number of contracts40 38 
Interest Rate Swap:
Derivatives Designated as Accounting Hedges:
Notional amount$300,000 $300,000 
Number of contracts66
Total Return Swap:
Derivatives Not Designated as Accounting Hedges:
Notional amount$51,034 $— 
Number of contracts1— 
v3.25.2
DEBT (Tables)
 9 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
 As of
 June 28,
2025		September 28,
2024
 (In thousands)
Term Loan Due 2027, net of issuance costs$304,683 $317,323 
Less: Current portion of Term Loan Due 202717,500 17,500 
Long-term debt$287,183 $299,823 
Schedule of Maturities of Long-Term Debt [Table Text Block]
As of
June 28,
2025
(In thousands)
Remainder of 2025$4,375 
202621,875 
2027280,000 
$306,250 
v3.25.2
LEASES (Tables)
 9 Months Ended
Jun. 28, 2025
Leases [Abstract]  
Asset and Liabilities, Lessee [Table Text Block]
 As of
 June 28,
2025		September 28,
2024
 (In thousands)
Other assets$69,928$77,612
 
Accrued liabilities$21,587$22,270
Other long-term liabilities37,71544,513
Total lease liabilities
$59,302$66,783
Weighted average remaining lease term (in years)11.8113.93
Weighted average discount rate4.3 %4.2 %
Lease, Cost [Table Text Block]
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Operating lease expense (1)$7,898 $7,189 $23,486 $23,434 
Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Cash paid for operating lease liabilities$19,180 $19,499 
Right-of-use assets obtained in exchange for lease liabilities$1,493 $1,215 
(1)     Includes immaterial amounts of short-term leases, variable lease costs and sublease income.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
Operating Leases
 (In thousands)
Remainder of 2025$6,468 
202622,489 
202718,276 
20287,363 
20291,626 
Thereafter8,632 
Total lease payments
64,854 
Less: imputed interest5,552 
Total
$59,302 
v3.25.2
ACCOUNTS RECEIVABLE SALE PROGRAM (Tables)
 9 Months Ended
Jun. 28, 2025
Transfers and Servicing [Abstract]  
Transfer of Financial Assets Accounted for as Sales
Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Trade receivables sold$237,513$983,342
Discount on trade receivables (1)$1,284$6,826

(1)    Recorded in other income (expense), net in the condensed consolidated statements of income

Trade receivables sold under the RPA and subject to servicing by the Company that remained outstanding and uncollected and collected as of June 28, 2025 are as follows:
As of
June 28,
2025		September 28,
2024
(In thousands)
Outstanding and uncollected$9,756$33,874
Outstanding and collected (1)$—$2,688

(1)    Amount collected but not yet remitted to bank as of September 28, 2024 is classified in accrued liabilities on the condensed consolidated balance sheets.
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Jun. 28, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
As of
June 28,
2025		September 28,
2024
(In thousands)
Foreign currency translation adjustments$76,784 $73,236 
Unrealized holding gains on derivative financial instruments993 266 
Unrecognized net actuarial losses and transition costs for benefit plans(6,647)(6,761)
    Total$71,130 $66,741 
v3.25.2
BUSINESS SEGMENT (Tables)
 9 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Gross sales:
IMS$1,648,404 $1,477,499 $4,875,352 $4,444,209 
CPS422,388 388,220 1,249,141 1,180,558 
Intersegment revenue (29,230)(24,289)(92,503)(73,944)
Net sales$2,041,562 $1,841,430 $6,031,990 $5,550,823 
Gross profit:
IMS$123,802 $112,364 $375,774 $338,114 
CPS62,204 44,686 171,649 146,951 
Total186,006 157,050 547,423 485,065 
Unallocated corporate items (1)(4,956)(3,511)(22,223)(15,929)
Total$181,050 $153,539 $525,200 $469,136 

(1)    For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, litigation settlements and charges resulting from distressed customers.
v3.25.2
EARNINGS PER SHARE (Tables)
 9 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands, except per share data)
Numerator:
Net income attributable to common shareholders$68,616 $51,602 $197,827 $161,155 
Denominator:
Weighted average common shares outstanding53,614 55,466 54,074 55,862 
Effect of dilutive stock options and restricted stock units879 1,245 1,211 1,354 
Denominator for diluted earnings per share54,493 56,711 55,285 57,216 
Net income attributable to common shareholders per share:
Basic$1.28 $0.93 $3.66 $2.88 
Diluted$1.26 $0.91 $3.58 $2.82 
v3.25.2
REVENUE RECOGNITION - Change in accounting estimate (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Change in Accounting Estimate [Line Items]        
Net sales $ 2,041,562 $ 1,841,430 $ 6,031,990 $ 5,550,823
Operating Income (Loss) 95,877 82,367 276,103 245,904
Change in Accounting Method Accounted for as Change in Estimate        
Change in Accounting Estimate [Line Items]        
Net sales 4,932 1,475 14,498 5,458
Operating Income (Loss) (3,024) 1,162 2,476 6,491
Change in Accounting Method Accounted for as Change in Estimate | Favorable        
Change in Accounting Estimate [Line Items]        
Net sales 5,694 5,270 17,309 15,980
Operating Income (Loss) 6,071 7,547 17,903 23,248
Change in Accounting Method Accounted for as Change in Estimate | Unfavorable        
Change in Accounting Estimate [Line Items]        
Net sales (762) (3,795) (2,811) (10,522)
Operating Income (Loss) $ (9,095) $ (6,385) $ (15,427) $ (16,757)
v3.25.2
REVENUE RECOGNITION - Disagregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Disaggregation of Revenue [Line Items]        
Percent of Net Sales Transferred Over Time     95.00%  
Raw Materials, net of reserves, as a percentage of total Inventory 99.00%   99.00%  
Net sales $ 2,041,562 $ 1,841,430 $ 6,031,990 $ 5,550,823
Americas        
Disaggregation of Revenue [Line Items]        
Net sales [1] 1,210,923 966,321 3,445,419 2,885,983
Asia Pacific        
Disaggregation of Revenue [Line Items]        
Net sales 612,363 638,991 1,928,712 1,843,828
EMEA        
Disaggregation of Revenue [Line Items]        
Net sales $ 218,276 $ 236,118 $ 657,859 $ 821,012
Mexico        
Disaggregation of Revenue [Line Items]        
Percentage of Net Sales to Americas Net Sales 68.00% 62.00% 67.00% 62.00%
United States        
Disaggregation of Revenue [Line Items]        
Percentage of Net Sales to Americas Net Sales 29.00% 35.00% 30.00% 35.00%
Industrial, Medical, Defense and Aerospace, and Automotive        
Disaggregation of Revenue [Line Items]        
Net sales $ 1,255,297 $ 1,181,489 $ 3,775,853 $ 3,663,208
Communications Networks and Cloud Infrastructure        
Disaggregation of Revenue [Line Items]        
Net sales 786,265 659,941 2,256,137 1,887,615
IMS Third Party Revenue        
Disaggregation of Revenue [Line Items]        
Net sales 1,639,258 1,468,259 4,842,513 4,418,009
CPS Third Party Revenue        
Disaggregation of Revenue [Line Items]        
Net sales $ 402,304 $ 373,171 $ 1,189,477 $ 1,132,814
[1] Mexico represents approximately 68% and 62% of Americas net sales for the three months ended June 28, 2025 and June 29, 2024, respectively, and the U.S. represents approximately 29% and 35% of Americas net sales for the three months ended June 28, 2025 and June 29, 2024, respectively.
Mexico represents approximately 67% and 62% of Americas net sales for the nine months ended June 28, 2025 and June 29, 2024, respectively, and the U.S. represents approximately 30% and 35% of Americas net sales for the nine months ended June 28, 2025 and June 29, 2024, respectively.
v3.25.2
REVENUE RECOGNITION - Revenue by Major Customers, by Reporting Segments (Details)
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jul. 01, 2023
Jun. 28, 2025
Jun. 29, 2024
Jul. 01, 2023
Concentration Risk [Line Items]            
Percentage of Net Sales Represented by Ten Largest Customers 53.00% 50.00%   51.00% 47.00%  
Number of customers representing 10% or more of net sales 0   1 0   1
v3.25.2
REVENUE RECOGNITION - Deferred Revenue and Customer Advances (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Revenue Recognition and Deferred Revenue [Abstract]    
Customer Payments for Raw Materials Inventory $ 411,000 $ 151,000
v3.25.2
FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Jun. 29, 2024
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash Equivalents 27.00%      
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]        
Cash and cash equivalents $ 797,878 $ 625,860    
Restricted Cash Equivalent 39,842 0    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 837,720 625,860 $ 657,709 $ 667,570
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Deferred Compensation Plan Assets 50,000 47,000    
Deferred Compensation Liability, Current and Noncurrent 51,000 47,000    
Assets for Plan Benefits, Defined Benefit Plan   18,000    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 1,743 1,518    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 606 1,771    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Current Liabilities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Noncurrent Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 121 21    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 192 759    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Current Liabilities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 35 53    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 0 0    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 2,854 3,229    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Current Liabilities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 568 2,265    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 0 $ 0    
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | Prepaid Expenses and Other Current Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset 1,520      
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | Other Noncurrent Liabilities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0      
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | Other Current Liabilities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0      
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | Other Noncurrent Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative Asset, Subject to Master Netting Arrangement, before Offset $ 0      
v3.25.2
FINANCIAL INSTRUMENTS - DERIVATIVE (Details)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
USD ($)
Sep. 28, 2024
USD ($)
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative, Notional Amount $ 126,206 $ 117,015
Number of contracts 45 47
Maximum Length of Time Hedged 12 months  
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative, Notional Amount $ 403,237 $ 366,425
Number of contracts 40 38
Maximum Remaining Maturity 2 months  
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative, Notional Amount $ 300,000 $ 300,000
Number of contracts 6 6
Maturity Date Sep. 27, 2027  
Effective Interest Rate 4.70%  
Total Return Swap [Member] | Not Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative, Notional Amount $ 51,034 $ 0
Number of contracts 1 0
v3.25.2
DEBT - Debt Schedule (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Debt Instrument [Line Items]    
Long-term debt $ 287,183 $ 299,823
Term Loan Due 2027    
Debt Instrument [Line Items]    
Term Loan Due 2027, net of issuance costs 304,683 317,323
Less: Current portion of Term Loan Due 2027 17,500 $ 17,500
Long-term Debt, Fiscal Year Maturity [Abstract]    
Long-Term Debt, Maturity, Remainder of Fiscal Year 4,375  
Long-Term Debt, Maturity, Year One 21,875  
Long-Term Debt, Maturity, Year Two 280,000  
Long-term Debt, Gross $ 306,250  
v3.25.2
DEBT - Line of Credit Facility (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
May 18, 2025
Sep. 28, 2024
Foreign Line of Credit      
Line of Credit Facility [Line Items]      
Maximum Borrowing Capacity $ 71,000    
Long-term Line of Credit 0    
Fifth Amended and Restated Credit Agreement      
Line of Credit Facility [Line Items]      
Maximum Borrowing Capacity 800,000    
Long-term Line of Credit 0   $ 0
Letters of Credit Outstanding, Amount 9,000    
Term Loan 350,000    
Additional Credit Line $ 200,000    
Line of Credit Facility, Expiration Date Sep. 27, 2027    
Line of Credit Facility, Remaining Borrowing Capacity $ 791,000    
Bridge Loan [Member] | ZT Systems      
Line of Credit Facility [Line Items]      
Maximum Borrowing Capacity   $ 2,500,000  
Term Loan Due 2027 | Fifth Amended and Restated Credit Agreement      
Line of Credit Facility [Line Items]      
Repayment Percentage for Long-term Debt 1.25%    
v3.25.2
LEASES - Lessee Lease Description (Details)
Jun. 28, 2025
Maximum [Member]  
Lessee, Lease, Description [Line Items]  
Term of Contract 44 years
v3.25.2
LEASES - Leases (Detail) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Leases [Abstract]    
Operating Lease, Right-of-Use Asset $ 69,928 $ 77,612
Operating Lease, Liability, Current 21,587 22,270
Operating Lease, Liability, Noncurrent 37,715 44,513
Operating Lease, Liability $ 59,302 $ 66,783
Operating Lease, Weighted Average Remaining Lease Term 11 years 9 months 21 days 13 years 11 months 4 days
Operating Lease, Weighted Average Discount Rate, Percent 4.30% 4.20%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Liabilities, Total [Member] Liabilities, Total [Member]
v3.25.2
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Leases [Abstract]        
Operating Leases, Rent Expense, Net [1] $ 7,898 $ 7,189 $ 23,486 $ 23,434
Operating Lease, Payments     19,180 19,499
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability     $ 1,493 $ 1,215
[1] Includes immaterial amounts of short-term leases, variable lease costs and sublease income.
v3.25.2
LEASES - Future Lease Liability (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]    
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year $ 6,468  
Lessee, Operating Lease, Liability, to be Paid, Year One 22,489  
Lessee, Operating Lease, Liability, to be Paid, Year Two 18,276  
Lessee, Operating Lease, Liability, to be Paid, Year Three 7,363  
Lessee, Operating Lease, Liability, to be Paid, Year Four 1,626  
Lessee, Operating Lease, Liability, to be Paid, after Year Four 8,632  
Lessee, Operating Lease, Liability, to be Paid 64,854  
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 5,552  
Operating Lease, Liability $ 59,302 $ 66,783
v3.25.2
ACCOUNTS RECEIVABLE SALE PROGRAM (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Sep. 28, 2024
Transfer of Financial Assets Accounted for as Sales [Line Items]      
Accounts Receivable Sold During The Period $ 237,513 $ 983,342  
Discount on sold receivables [1] 1,284 $ 6,826  
RPA [Member]      
Transfer of Financial Assets Accounted for as Sales [Line Items]      
Accounts Receivable Sold and Outstanding 9,756   $ 33,874
Amount Collected But Not Remitted to Financial Institutions [2] $ 0   $ 2,688
[1] Recorded in other income (expense), net in the condensed consolidated statements of income
[2] Amount collected but not yet remitted to bank as of September 28, 2024 is classified in accrued liabilities on the condensed consolidated balance sheets
v3.25.2
COMMITMENTS AND CONTINGENCIES - Contingencies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 27, 2025
Mar. 29, 2025
Dec. 28, 2024
Sep. 28, 2024
Jun. 28, 2025
Sep. 28, 2024
Loss Contingencies [Line Items]            
Loss Contingency Accrual       $ 39,000 $ 36,000 $ 39,000
Sanmina Threshold for Environmental Loss Contingency Disclosure         1,000  
Environmental Disclosure Required Under Item 103 SEC Regulation S-K         300  
Maximum [Member]            
Loss Contingencies [Line Items]            
Environmental Disclosure Required Under Item 103 SEC Regulation S-K         $ 1,000  
San Jose, California            
Loss Contingencies [Line Items]            
Environmental Loss Contingency Payment for Penalty and Interest   $ 600        
Collectibility of Receivable and Excess and Obsolete Inventory [Member] | Dialight            
Loss Contingencies [Line Items]            
Loss Contingency, Damages Sought, Value       9,000    
Loss Contingency, Name of Defendant         Dialight plc  
Loss Contingency, Damages Awarded, Value       9,000    
Litigation Settlement, Amount Awarded from Other Party $ 12,000          
Performance of Manufacturing Service Agreement | Dialight            
Loss Contingencies [Line Items]            
Loss Contingency, Name of Plaintiff         Dialight  
Loss Contingency, Damages Awarded, Value       $ 1,000    
Loss Contingency Damages Awarded Value including Interest $ 2,000          
Environmental Matter [Member] | Settled Litigation | Orange Country Water District            
Loss Contingencies [Line Items]            
Payments for Legal Settlements     $ 3,000      
Treble Damages, Civil Penalties and Interest Payable | Eckert Qui Tam Suit            
Loss Contingencies [Line Items]            
Alleged Amount           $ 100,000
v3.25.2
INCOME TAX (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 17, 2023
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Effective Income Tax Rate Reconciliation [Line Items]          
Provision for income taxes   $ 18,522 $ 19,900 $ 51,804 $ 60,346
Effective Income Tax Rate   20.00% 27.00% 19.00% 26.00%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount       $ (4,000)  
Income Tax Examination, Estimate of Possible Loss $ 8,000        
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit $ 503,000        
Change in Tax Law          
Effective Income Tax Rate Reconciliation [Line Items]          
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount       (3,000)  
Release of certain foreign tax reserves due to the lapse of time and expirations of statute of limitations          
Effective Income Tax Rate Reconciliation [Line Items]          
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount   $ (2,000)   $ (3,000)  
v3.25.2
STOCKHOLDERS' EQUITY (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Foreign currency translation adjustments $ 76,784 $ 73,236
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax 993 266
Unrecognized net actuarial losses and transition costs for benefit plans (6,647) (6,761)
Total $ 71,130 $ 66,741
v3.25.2
STOCKHOLDERS' EQUITY - Stock Repurchase (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 28, 2025
Jun. 29, 2024
Mar. 29, 2025
Share Repurchase Program [Abstract]        
Stock Repurchase Program Additional Authorized Amount $ 300,000      
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 239,000 $ 239,000    
Shares Repurchased   1,400,000 3,000,000.0  
Cash Paid for Share Repurchases   $ 114,000 $ 162,000  
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation   500,000 500,000  
Amount of Tax Withholding for Share-based Compensation   $ 39,000 $ 26,000  
Common Stock, Capital Shares Reserved for Future Issuance       1,000,000
v3.25.2
STOCKHOLDERS' EQUITY - Non-controlling Interest (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Jul. 01, 2023
Business Combination [Line Items]      
Cash and cash equivalents $ 797,878 $ 625,860  
Joint Venture with Reliance [Member]      
Business Combination [Line Items]      
Cash and cash equivalents $ 212,000    
RSBVL | Joint Venture with Reliance [Member]      
Business Combination [Line Items]      
Business Combination, Voting Equity Interest Acquired, Percentage     50.10%
Sanmina | Joint Venture with Reliance [Member]      
Business Combination [Line Items]      
Business Combination, Voting Equity Interest Acquired, Percentage     49.90%
v3.25.2
BUSINESS SEGMENT - Revenue and Gross Profit by Segment (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
USD ($)
Jun. 29, 2024
USD ($)
Jun. 28, 2025
USD ($)
Jun. 29, 2024
USD ($)
Segment Reporting Information [Line Items]        
Net sales $ 2,041,562 $ 1,841,430 $ 6,031,990 $ 5,550,823
Gross profit 181,050 153,539 $ 525,200 469,136
Number of Reportable Segments     1  
Operating Segments        
Segment Reporting Information [Line Items]        
Gross profit 186,006 157,050 $ 547,423 485,065
Operating Segments | IMS        
Segment Reporting Information [Line Items]        
Net sales 1,648,404 1,477,499 4,875,352 4,444,209
Gross profit 123,802 112,364 375,774 338,114
Operating Segments | CPS        
Segment Reporting Information [Line Items]        
Net sales 422,388 388,220 1,249,141 1,180,558
Gross profit 62,204 44,686 171,649 146,951
Intersegment revenue        
Segment Reporting Information [Line Items]        
Net sales (29,230) (24,289) (92,503) (73,944)
Unallocated items        
Segment Reporting Information [Line Items]        
Gross profit [1] $ (4,956) $ (3,511) $ (22,223) $ (15,929)
[1] For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, litigation settlements and charges resulting from distressed customers.
v3.25.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Weighted average shares used in computing per share amount:        
Net income attributable to common shareholders $ 68,616 $ 51,602 $ 197,827 $ 161,155
Weighted average common shares outstanding 53,614 55,466 54,074 55,862
Effect of dilutive stock options and restricted stock units 879 1,245 1,211 1,354
Denominator for diluted earnings per share 54,493 56,711 55,285 57,216
Net income attributable to common shareholders per share:        
Basic $ 1.28 $ 0.93 $ 3.66 $ 2.88
Net income attributable to common shareholders per share:        
Diluted $ 1.26 $ 0.91 $ 3.58 $ 2.82
v3.25.2
BUSINESS COMBINATION (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
May 18, 2025
Business Combination [Line Items]            
Acquisition-Related Cost, Expense   $ 7,080 $ 0 $ 7,080 $ 0  
ZT Systems            
Business Combination [Line Items]            
Price of Acquisition, Expected $ 2,400,000          
Contingent Consideration, Range of Outcomes, Maximum, Amount           $ 450,000
Acquisition-Related Cost, Expense   $ 7,000        
Business Combination, Consideration Transferred, Equity Interest $ 150,000          
ZT Systems | Minimum            
Business Combination [Line Items]            
Termination Fee           76,500
ZT Systems | Maximum [Member]            
Business Combination [Line Items]            
Termination Fee           $ 153,000