Flex (FLEX) FY2026 results: revenue $27.9 billion, up 8.1% on the year
Flex Ltd. (FLEX) reported revenue of $27.9 billion for fiscal 2026, the year ended 31 March 2026, up 8.1% on the year before. Net income was $880 million, up 5.0%, and diluted earnings per share $2.33. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
- Fourth-quarter net sales rose 17%: Q4 net sales were $7.5 billion, up 17% from $6.4 billion a year earlier. Full-year net sales were $27.9 billion, up 8% from $25.8 billion.
- Q4 adjusted operating margin 6.7%: Q4 adjusted operating margin was 6.7%, against 6.2% a year earlier; GAAP margin was 5.0%, against 4.8%. This is the sixth quarter in a row at 6% or greater.
- Full-year adjusted margin 6.3%: Full-year adjusted operating margin was 6.3%, against 5.7% in fiscal 2025; GAAP margin was 4.9%, against 4.5%. The release calls the adjusted figure another record.
- Q4 free cash flow fell to $212 million: Q4 free cash flow was $212 million, against $325 million, after operating cash flow of $413 million and property purchases of $202 million.
- Spin-off of Cloud and Power planned: Management announced a planned spin-off of its Cloud and Power Infrastructure segment into a separate publicly traded company.
From this 10-K
Flex is a manufacturing partner that helps customers design, build, deliver and manage products, working from more than 100 locations across approximately 30 countries on four continents. Its capabilities cover design and engineering, supply chain, manufacturing and integrated services, plus a portfolio of power and cooling products, and it serves data centre, healthcare, industrial, automotive, communications and lifestyle customers. The financial year ends on 31 March. At 31 March 2026 there were three reportable segments. Integrated Technology Solutions covers communications, high speed networking, enterprise and satellite communications systems, and lifestyle products across commercial, home and personal categories. Regulated Manufacturing Solutions covers industrial automation, energy and infrastructure, automotive compute and power electronics and integrated systems, and regulated manufacturing for medical devices, drug delivery and equipment. Cloud and Power Infrastructure covers integrated compute systems and advanced liquid cooling for power-dense data centre deployments, and utility and facility-level electrical infrastructure along with rack- and board-level power systems.
The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026
Income statement (profit and loss)
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 27,914 | 25,813 | 26,415 | +8.1% | |
| Cost of revenue | 25,288 | 23,584 | 24,395 | +7.2% | |
| Gross profit | 2,567 | 2,159 | 1,865 | +18.9% | |
| Gross margin | 9.2% | 8.4% | 7.1% | ||
| Selling, general and administrative | 1,052 | 904 | 922 | +16.4% | |
| Operating income | 1,368 | 1,169 | 853 | +17.0% | |
| Operating margin | 4.9% | 4.5% | 3.2% | ||
| Interest expense | 215 | 218 | 207 | -1.4% | |
| Pre-tax income | 1,143 | 1,023 | 666 | +11.7% | |
| Income tax | 263 | 185 | -206 | +42.2% | |
| Effective tax rate | 23.0% | 18.1% | -30.9% | ||
| Net income | 880 | 838 | 1,006 | +5.0% | |
| Net margin | 3.2% | 3.2% | 3.8% | ||
| Diluted EPS | $2.33 | $2.11 | $2.28 | +10.4% |
Read more
Free 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 | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,685 | 1,505 | 1,326 | +12.0% | |
| Capital expenditure | 633 | 438 | 530 | +44.5% | |
| Free cash flow | 1,052 | 1,067 | 796 | -1.4% | |
| Free cash flow margin | 3.8% | 4.1% | 3.0% | ||
| Cash from investing | -672 | -838 | -492 | ||
| Cash from financing | -924 | -821 | -1,656 | ||
| Depreciation and amortisation | 525 | 509 | 501 | +3.1% | |
| Share-based compensation | 142 | 125 | 152 | +13.6% | |
| Buybacks | 944 | 1,257 | 1,298 | -24.9% | |
| Diluted shares, weighted | 378m | 398m | 441m | -5.0% | |
| Shares outstanding at period end | 366m | 378m | 408m | -3.2% |
Balance sheet
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 5,144 | 5,002 | 5,325 | +2.8% | |
| Non-controlling interest | n/a | n/a | 0.0 | ||
| Redeemable equity | n/a | 0.0 | 0.0 | ||
| Debt | 3,751 | 3,692 | 3,261 | +1.6% | |
| Operating lease liabilities | 565 | 456 | 490 | +23.9% | |
| Other liabilities | 12,600 | 9,231 | 9,181 | +36.5% | |
| Total liabilities and equity | 22,060 | 18,381 | 18,257 | +20.0% | |
| Fixed assets | 2,505 | 2,330 | 2,269 | +7.5% | |
| Goodwill | 1,369 | 1,341 | 1,135 | +2.1% | |
| Intangible assets | 283 | 343 | 245 | -17.5% | |
| Cash and equivalents | 2,389 | 2,289 | 2,474 | +4.4% | |
| Receivables | 4,679 | 3,671 | 3,033 | +27.5% | |
| Inventory | 5,845 | 5,071 | 6,205 | +15.3% | |
| Other assets | 4,990 | 3,336 | 2,896 | +49.6% | |
| Total assets | 22,060 | 18,381 | 18,257 | +20.0% |
10-K for the year ended 31 March 2026, filed 20 May 2026: the filing.