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INGM

Ingram Micro Holding Corporation

INGM

Ingram Micro Holding Corporation • NYSE
$21.41 ▲ 0.28% (+0.06)
Market Cap $5.03 B
52w High $24.81
52w Low $14.25
Dividend Yield 0.32%
P/E 16.6
Volume 127.80K
Outstanding Shares 235.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.604B ▼ $646.134M ▼ $99.457M ▲ 0.789% ▲ $0.42 ▲ $310.747M ▲
Q2-2025 $12.794B ▲ $696.343M ▲ $37.826M ▼ 0.296% ▼ $0.16 ▼ $212.347M ▼
Q1-2025 $12.281B ▼ $627.898M ▼ $69.189M ▼ 0.563% ▼ $0.29 ▼ $255.76M ▼
Q4-2024 $13.345B ▲ $687.585M ▲ $83.116M ▲ 0.623% ▼ $0.35 ▲ $328.053M ▲
Q3-2024 $11.763B $627.318M $76.969M 0.654% $0.33 $286.174M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $802.63M ▼ $19.224B ▼ $15.122B ▼ $4.102B ▲
Q2-2025 $856.668M ▼ $19.453B ▲ $15.406B ▲ $4.048B ▲
Q1-2025 $881.637M ▼ $18.628B ▼ $14.766B ▼ $3.863B ▲
Q4-2024 $918.401M ▲ $18.78B ▲ $15.046B ▲ $3.734B ▲
Q3-2024 $849.472M $18.563B $14.949B $3.614B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $99.457M ▲ $-146.038M ▲ $66.139M ▲ $42.659M ▼ $-54.038M ▼ $-175.006M ▲
Q2-2025 $-69.189M ▼ $-297.96M ▼ $58.427M ▲ $176.214M ▲ $-24.969M ▲ $-333.184M ▼
Q1-2025 $69.189M ▼ $-200.43M ▼ $58.291M ▲ $96.759M ▲ $-36.764M ▼ $-230.167M ▼
Q4-2024 $83.116M ▲ $309.961M ▲ $28.533M ▼ $-232.875M ▼ $68.929M ▲ $273.901M ▲
Q3-2024 $76.969M $-277.04M $29.941M $152.239M $-79.29M $-314.995M

Five-Year Company Overview

Income Statement

Income Statement The top line has been broadly flat to slightly down over the last few years, with sales hovering in a fairly tight range and still below the peak reached a few years ago. This is typical of a mature, high-volume distributor tied to overall IT spending cycles rather than rapid organic growth. Profitability, however, has been uneven. Gross profit has been fairly steady, which suggests the core distribution margin structure is intact. The bigger swings show up in operating income and net income: there was an unusually strong profit year in the early 2020s, followed by a return to much thinner, more normal distribution margins. Recent years show modest profits on a very large revenue base, which is consistent with the low-margin nature of IT distribution. A key takeaway: Ingram Micro’s income statement looks stable on revenue but volatile on earnings, with at least one year that appears boosted by special or non‑recurring items rather than ongoing operations. Recent numbers look more like “normal” earnings power: solid scale, but relatively slim profit per dollar of sales.

Balance Sheet

Balance Sheet The balance sheet is large but relatively steady, reflecting a global distribution business that holds a lot of inventory and receivables. Total assets have moved within a narrow band over the past several years, suggesting no dramatic expansion or contraction of the business footprint. Debt has climbed materially from earlier levels and then started to edge down, indicating the company leveraged up at one point and is now gradually working to reduce that burden. Equity has dipped and then rebuilt, which points to some pressure on retained earnings in the middle of the period but a more stable capital base recently. Cash on hand is modest relative to the size of the business, which is common for distributors that rely heavily on short‑term financing and supplier terms. Overall, the balance sheet shows a scaled, working‑capital‑intensive model with meaningful but not extreme leverage, where ongoing debt management will remain important.

Cash Flow

Cash Flow Cash generation has been choppy. The company showed strong positive operating cash flow earlier in the period, then went through a stretch of negative cash flow, and more recently returned to modest positive territory. This pattern fits a business where changes in inventory and customer credit terms can swing cash needs from year to year. Free cash flow mirrors this story: comfortably positive at first, then negative for a couple of years, then back to somewhat positive more recently. Capital spending itself is quite modest and stable, so the volatility is really about working capital rather than big investment projects. In short, Ingram Micro can generate cash, but the timing is uneven. Investors should view this as a business where cash flows can be lumpy even when the income statement looks relatively stable, especially during periods of supply chain disruption or shifting demand patterns.

Competitive Edge

Competitive Edge Ingram Micro holds a strong competitive position in global IT distribution. Its biggest strengths are scale, reach, and relationships. The company operates in many countries, runs a large logistics network, and connects a very broad base of technology vendors with an enormous number of resellers and solution providers. This network effect is hard to replicate: vendors value access to so many partners through a single channel, and partners value the ability to source from so many top vendors through one platform. The result is deep integration into the IT supply chain and high switching costs once customers embed Ingram’s systems into their own workflows. At the same time, the industry is highly competitive and structurally low margin. Ingram faces pressure from other large distributors and from vendors that sometimes push more direct or cloud‑native models. Its ability to move beyond pure box‑moving—toward higher‑value services, cloud, and platform‑based engagement—will be central to defending and strengthening its competitive edge.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic focus, even if it does not show up as a separate, large research line item. The centerpiece is the Xvantage digital platform, which uses artificial intelligence, machine learning, and a deep data backbone to personalize the experience for partners, automate routine tasks, and simplify complex solution design. This is more than a web store: it integrates hardware, software, cloud, and services into a single environment, with recommendations, predictive insights, and self‑service tools. Ingram is also investing in more advanced “agentic” AI that proactively surfaces opportunities for sales teams, and in programs that help partners build their own AI practices. Beyond AI, the company has poured meaningful capital into cloud platforms and value‑added services, aiming to shift a larger share of its business toward higher‑margin, recurring revenue streams. The loyalty and enablement programs attached to Xvantage are designed to make the ecosystem sticky and to deepen engagement over time. Overall, Ingram’s innovation efforts are directed at turning a traditional distribution model into a data‑driven, software‑enabled platform business, which, if executed well, could gradually improve margins and partner loyalty.

Summary

Ingram Micro is a large, global IT distributor in the midst of a strategic transition. Financially, it shows steady but not fast‑growing revenue, thin but typical distribution margins, and a history of earnings volatility, including at least one year that looks unusually strong. The balance sheet reflects a big, working‑capital‑heavy business with meaningful leverage that is now being trimmed, and cash flows that swing with inventory and credit cycles. Its real differentiation lies in its scale, partner ecosystem, and the Xvantage platform, which together create a powerful, sticky position in the IT value chain. The company is clearly trying to move up the value stack—toward AI‑enabled platforms, cloud, and services—so that it is less dependent on low‑margin product throughput. Key things to watch over time include: how quickly platform and services revenue grows as a share of the mix, whether operating margins can inch up as digital tools take hold, the company’s discipline in reducing leverage, and the extent to which partners adopt and rely on the Xvantage ecosystem. The long‑term story is about turning scale and data into a more profitable, technology‑driven distribution and services platform.

NEWS

November 13, 2025 · 8:00 AM UTC

DoiT Announces Strategic Alliance with Ingram Micro, Reshapes the Value of FinOps for Channel Partners Worldwide

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October 30, 2025 · 4:05 PM UTC

Ingram Micro Reports Q3 2025 Financial Results with Net Sales Up 7.2%, Delivering Fourth Consecutive Quarter of Net Sales Growth

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October 28, 2025 · 8:00 AM UTC

Ingram Micro Announces Agentic AI Capabilities, Adds Google's Gemini Models to Xvantage™ AI Factory

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October 16, 2025 · 6:00 AM UTC

Ingram Micro to Announce Third Quarter Fiscal 2025 Financial Results on October 30, 2025

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September 10, 2025 · 3:00 AM UTC

Keepit and Ingram Micro Launch Strategic Sales Agreement in Germany and Switzerland

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