10-Q · February 6, 2026
Flex reported Q3 net sales of $7,058 million, up $502 million (+7.7%) versus the prior-year quarter, with gross profit rising to $679 million (gross margin 9.6%) and operating income increasing to $389 million…
Earnings analysis · 10-K
FLEX earnings analysis
Filed May 20, 2026 · Our reading of the company's report
The latest report
Flex Ltd. reported strong financial performance in fiscal year 2026 with net sales of $27.9 billion, an 8% increase from the previous year, driven predominantly by robust demand in its Cloud and Power Infrastructure…
Read full summary
Flex Ltd. reported strong financial performance in fiscal year 2026 with net sales of $27.9 billion, an 8% increase from the previous year, driven predominantly by robust demand in its Cloud and Power Infrastructure segment which saw a 38% increase. Free cash flow remained stable at $1.1 billion, and the company executed significant buybacks totaling $944 million during the year. Moving forward, Flex plans to spin off its Cloud and Power Infrastructure segment into a separate public entity in 2027, which could enhance focus on its remaining operations and drive shareholder value.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.37
- Segment
- Integrated Technology Solutions
- Segment
- Regulated Manufacturing Solutions
- Segment
- Cloud and Power Infrastructure
What stood out
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Strong Revenue Growth
Flex reported net sales of $27.9 billion for fiscal 2026, up 8% from $25.8 billion in the previous year.
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Robust Performance in CPI Segment
The Cloud and Power Infrastructure segment grew by 38%, contributing $6.6 billion to total revenue.
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Stable Free Cash Flow
Free cash flow remained steady at $1.1 billion for both fiscal years 2026 and 2025.
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Significant Share Repurchases
The company repurchased 19.2 million shares for $944 million, under a $1.7 billion buyback program.
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Upcoming Spin-off
Announced plans to spin off the Cloud and Power Infrastructure segment in Q1 2027, aimed at enhancing operational focus.
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Improving Margins
Gross profit margin increased to 9.2% in fiscal 2026 from 8.4% in fiscal 2025.
What to watch
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Litigation Risks
Continued exposure to litigation and compliance issues, particularly in Brazil, with $12 million at stake.
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Supply Chain Disruptions
Potential impacts from future global supply chain disruptions, particularly related to geopolitical tensions and tariffs.
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Execution Risks from Spin-off
The upcoming spin-off of the Cloud and Power Infrastructure segment may not achieve anticipated benefits, impacting operational focus.
Management's outlook
The outlook for Q1 2027 has been deferred to the forthcoming Q4 earnings press release.
Earlier filings 4
10-Q · July 25, 2025
Flex Ltd. reported solid Q1 financial results with revenue reaching $6.58 billion, exceeding estimates of $6.28 billion, marking a 4.46% increase from the previous quarter and up from $6.31 billion YoY. They also…
10-K · May 21, 2025
Flex introduced an EMS + Products + Services strategy in fiscal year 2025 and completed data-center focused acquisitions (JetCool and Crown) to expand power and cooling capabilities. The company cites global scale…
10-Q · January 31, 2025
Flex reported quarterly net sales of $6,556 million for the three months ended December 31, 2024, up $135 million from $6,421 million a year earlier. Gross profit improved to $594 million (9.06% margin) and operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.