Flex (FLEX) FY2024 results: revenue $26.4 billion, down 7.3% on the year
Flex Ltd. (FLEX) reported revenue of $26.4 billion for fiscal 2024, the year ended 31 March 2024, down 7.3% on the year before. Net income was $1.0 billion, up 26.9%, and diluted earnings per share $2.28. The figures are the company's own, from the 10-K it filed with the SEC on 17 May 2024.
Revenue
$26.4 billion
-7.3% on the year
FY2017FY2024
Operating margin
3.2%
3.6% a year earlier
FY2017FY2024
Net income
$1.0 billion
+26.9% on the year
FY2017FY2024
Diluted EPS
$2.28
+32.6% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
1,326
950
1,024
+39.6%
Capital expenditure
530
635
443
-16.5%
Free cash flow
796
315
581
+152.7%
Free cash flow margin
3.0%
1.1%
2.4%
Cash from investing
-492
-604
-951
Cash from financing
-1,656
2.0
280
Depreciation and amortisation
501
495
469
+1.2%
Share-based compensation
152
133
91.0
+14.3%
Buybacks
1,298
337
686
+285.2%
Diluted shares, weighted
441m
462m
483m
-4.5%
Shares outstanding at period end
408m
450m
461m
-9.3%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
5,325
5,351
4,129
-0.5%
Non-controlling interest
0.0
355
0.0
Redeemable equity
0.0
0.0
78.0
Debt
3,261
3,694
4,197
-11.7%
Operating lease liabilities
490
504
551
-2.8%
Other liabilities
9,181
11,491
10,370
-20.1%
Total liabilities and equity
18,257
21,395
19,325
-14.7%
Fixed assets
2,269
2,342
2,125
-3.1%
Goodwill
1,135
1,139
1,138
-0.4%
Intangible assets
245
315
411
-22.2%
Cash and equivalents
2,474
3,164
2,964
-21.8%
Receivables
3,033
3,480
3,371
-12.8%
Inventory
6,205
7,388
6,580
-16.0%
Other assets
2,896
3,567
2,736
-18.8%
Total assets
18,257
21,395
19,325
-14.7%
10-K for the year ended 31 March 2024, filed 17 May 2024: the filing.