Flex (FLEX) FY2025 results: revenue $25.8 billion, down 2.3% on the year
Flex Ltd. (FLEX) reported revenue of $25.8 billion for fiscal 2025, the year ended 31 March 2025, down 2.3% on the year before. Net income was $838 million, down 16.7%, and diluted earnings per share $2.11. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2025.
Revenue
$25.8 billion
-2.3% on the year
FY2018FY2025
Operating margin
4.5%
3.2% a year earlier
FY2018FY2025
Net income
$838 million
-16.7% on the year
FY2018FY2025
Diluted EPS
$2.11
-7.5% on the year
FY2018FY2025
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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
1,505
1,326
950
+13.5%
Capital expenditure
438
530
635
-17.4%
Free cash flow
1,067
796
315
+34.0%
Free cash flow margin
4.1%
3.0%
1.1%
Cash from investing
-838
-492
-604
Cash from financing
-821
-1,656
2.0
Depreciation and amortisation
509
501
495
+1.6%
Share-based compensation
125
152
133
-17.8%
Buybacks
1,257
1,298
337
-3.2%
Diluted shares, weighted
398m
441m
462m
-9.8%
Shares outstanding at period end
378m
408m
450m
-7.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
5,002
5,325
5,351
-6.1%
Non-controlling interest
n/a
0.0
355
Redeemable equity
0.0
0.0
0.0
Debt
3,692
3,261
3,694
+13.2%
Operating lease liabilities
456
490
504
-6.9%
Other liabilities
9,231
9,181
11,491
+0.5%
Total liabilities and equity
18,381
18,257
21,395
+0.7%
Fixed assets
2,330
2,269
2,342
+2.7%
Goodwill
1,341
1,135
1,139
+18.1%
Intangible assets
343
245
315
+40.0%
Cash and equivalents
2,289
2,474
3,164
-7.5%
Receivables
3,671
3,033
3,480
+21.0%
Inventory
5,071
6,205
7,388
-18.3%
Other assets
3,336
2,896
3,567
+15.2%
Total assets
18,381
18,257
21,395
+0.7%
10-K for the year ended 31 March 2025, filed 21 May 2025: the filing.