Ingram Micro Holding CorpINGM

Ingram Micro Holding Corp’s latest 10-Q, filed on 30 April 2026, confirms a business that is still, in the cold light of numbers, a global IT distribution machine: $13.96 billion in revenue, $98.9 million in net income, and $20.95 billion in total assets over the quarter ending 28 March 2026. Yet the same filing also shows why investors might want to read the footnotes before the glossy slides: operating cash flow was a negative $977.9 million, and inventory rose by $255.8 million, a reminder that global scale does not automatically translate to cash generative power. Service revenues, the filing notes, still account for less than 10% of net sales, which raises a simple question: who, exactly, is paying for all this AI theatre?

Ingram Micro is, by its own description, a bridge between technology manufacturers, cloud providers, and the global B2B sales channel, claiming the ability to reach ‘more than 90% of the global population’. The company’s Xvantage™ platform is marketed as an ‘industry-first’ B2C-like experience, bundling hardware, cloud subscriptions, instant pricing, and ‘personalised recommendations’. The press releases are slick, the language is polished, and the AI hype is thick enough to cut with a knife. But the filing evidence does not show customers stampeding to adopt Xvantage™ at margins that would offset the company’s cash burn. The gap between the pitch and the proof is where the tension sits.

The 10-Q lays bare the mechanics: revenue of $13.96 billion sits atop net income of $98.9 million, with operating income at $222.9 million. Cash and equivalents stand at $916 million, but operating cash flow was a negative $977.9 million, and capital expenditures were $36.3 million. Stockholders’ equity is $4.20 billion, but liabilities total $16.74 billion, leaving a balance-sheet that feels more levered than liberated. Diluted EPS is $0.42 on 234.9 million weighted shares, a figure that hasn’t moved the needle on the company’s liquidity story. Inventory, meanwhile, climbed to $5.18 billion, up $255.8 million in the quarter, a data point that invites questions about channel stuffing and the sustainability of gross margins in a world where AI promises efficiency but often delivers complexity.

The company’s recent secondary offering-$330 million of shares sold by its principal stockholder, Ingram Holdco, LLC, alongside a concurrent buyback-adds another layer of optics to the numbers. The filings read like a corporate Rube Goldberg machine: Form 4s, Schedule 13G/A updates, and Rule 144 notices cascade through the SEC’s EDGAR feed, each one a reminder that behind the global IT distribution narrative, the machinery of capital markets moves at its own cadence. The SEC submissions JSON for Ingram Micro clocks in at 27 filings in June alone, many of them rehashing the same secondary mechanics. It’s the kind of disclosure volume that makes you wonder whether the company is scaling its business or simply scaling its filing trail.

For a deeper look at the company’s mechanics, see the SEC’s companyfacts JSON, which pulls the XBRL data straight from the filings, or the EDGAR filing index for a full inventory of what the company has actually disclosed. Neither source will tell you whether Xvantage™ is a hit with customers, but they will tell you exactly how much cash the company burned last quarter and how much inventory it’s sitting on. That’s the kind of transparency that matters more than the AI-powered prose.