Flex (FLEX) Q1 FY2027 earnings: revenue $7.9 billion, up 20.6% on the year

Flex Ltd. (FLEX) reported revenue of $7.9 billion for Q1 FY2027, the quarter ended 26 June 2026, up 20.6% on the same quarter a year earlier. Net income was $285 million, up 48.4% on the year, and diluted earnings per share $0.76. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue

$7.9 billion

+20.6% on the year · +6.0% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

4.9%

4.7% a year earlier

Q2 FY2025Q1 FY2027

Net income

$285 million

+48.4% on the year · +14.0% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$0.76

+52.0% on the year · +13.4% on the quarter

Q2 FY2025Q1 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 5 new, 1 kept.

Net sales up 21% year on year: Net sales were $7,928 million against $6,575 million a year earlier, an increase of 21%.
Adjusted EPS of $1.00 described as record: Adjusted EPS was $1.00 against $0.72 a year earlier. GAAP diluted EPS was $0.76 against $0.50.
Adjusted operating margin reached 6.7%: Adjusted operating margin was 6.7% against 6.0% a year earlier. The adjusted measure excludes intangible amortization, stock-based compensation, restructuring and legal and other items.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	7,928	7,477	6,575	+6.0%	+20.6%
Cost of revenue	7,177	6,747	5,987	+6.4%	+19.9%
Gross profit	747	702	572	+6.4%	+30.6%
Gross margin	9.4%	9.4%	8.7%
Selling, general and administrative	334	289	233	+15.6%	+43.3%
Operating income	392	372	311	+5.4%	+26.0%
Operating margin	4.9%	5.0%	4.7%
Interest expense	60.0	54.0	51.0	+11.1%	+17.6%
Pre-tax income	n/a	n/a	246
Income tax	92.0	65.0	54.0	+41.5%	+70.4%
Effective tax rate	n/a	n/a	22.0%
Net income	285	250	192	+14.0%	+48.4%
Net margin	3.6%	3.3%	2.9%
Diluted EPS	$0.76	$0.67	$0.50	+13.4%	+52.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	276	413	399	-33.2%	-30.8%
Capital expenditure	236	202	133	+16.8%	+77.4%
Free cash flow	40.0	211	266	-81.0%	-85.0%
Free cash flow margin	0.5%	2.8%	4.0%
Cash from investing	-1,279	-200	-179
Cash from financing	1,455	-878	-283
Depreciation and amortisation	140	131	142	+6.9%	-1.4%
Share-based compensation	51.0	34.0	34.0	+50.0%	+50.0%
Buybacks	0.0	200	247
Diluted shares, weighted	374m	374m	381m	0.0%	-1.8%
Shares outstanding at period end	369m	366m	376m	+1.0%	-1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	5,500	5,144	5,089	+6.9%	+8.1%
Debt	5,219	3,751	3,681	+39.1%	+41.8%
Operating lease liabilities	711	565	583	+25.8%	+22.0%
Other liabilities	13,768	12,600	9,779	+9.3%	+40.8%
Total liabilities and equity	25,198	22,060	19,132	+14.2%	+31.7%
Fixed assets	2,655	2,505	2,329	+6.0%	+14.0%
Goodwill	1,831	1,369	1,369	+33.7%	+33.7%
Intangible assets	736	283	330	+160.1%	+123.0%
Cash and equivalents	2,840	2,389	2,239	+18.9%	+26.8%
Receivables	5,036	4,679	3,924	+7.6%	+28.3%
Inventory	6,453	5,845	5,208	+10.4%	+23.9%
Other assets	5,647	4,990	3,733	+13.2%	+51.3%
Total assets	25,198	22,060	19,132	+14.2%	+31.7%

Questions

What was Flex's revenue in Q1 FY2027?

Flex (FLEX) reported revenue of $7.9 billion for Q1 FY2027, the quarter ended 26 June 2026, up 20.6% on the same quarter a year earlier.

How much did Flex earn in Q1 FY2027?

Net income for Q1 FY2027 was $285 million, up 48.4% on the year, and diluted earnings per share $0.76.

When did Flex report Q1 FY2027 results?

Flex filed its 10-Q for the quarter ended 26 June 2026 with the SEC on 31 July 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	6,619	6,851	6,961	7,303	7,254	6,984	6,892	6,933	6,421	6,169	6,314	6,545	6,556	6,398	6,575	6,804	7,058	7,477	7,928	8,491
Cost of revenue	6,128	6,340	6,812	7,175	7,168	6,903	6,399	6,411	5,927	5,658	5,827	5,998	5,952	5,807	5,987	6,181	6,373	6,747	7,177	7,664
Gross profit	491	505	487	525	499	465	476	519	433	437	471	531	594	563	572	614	679	702	747	812
Gross margin	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	8%	9%	9%	9%	9%	10%	9%	9%	10%
SG&A	225	253	241	245	243	266	235	221	205	261	213	216	241	234	233	260	270	289	334	371
Operating income	251	228	253	282	259	223	215	281	198	159	233	297	334	305	311	296	389	372	392	414
Operating margin	4%	3%	4%	4%	4%	3%	3%	4%	3%	3%	4%	5%	5%	5%	5%	4%	6%	5%	5%	5%
Interest expense	38.0	39.0	43.0	44.0	49.0	51.0	56.0	49.0	50.0	52.0	56.0	53.0	57.0	52.0	51.0	52.0	58.0	54.0	60.0	69.0
Pre-tax income	243	198	232	272	262	208	164	233	152	117	192	264	288	279	246	262	n/a	n/a	n/a	n/a
Tax rate	7%	14%	16%	12%	10%	-75%	10%	14%	15%	-238%	28%	19%	9%	20%	22%	24%	n/a	n/a	n/a	n/a
Net income	227	168	189	232	230	142	186	228	197	395	139	214	263	222	192	199	239	250	285	263
Net margin	3%	2%	3%	3%	3%	2%	3%	3%	3%	6%	2%	3%	4%	3%	3%	3%	3%	3%	4%	3%
Diluted EPS	$0.48	$0.36	$0.40	$0.50	$0.50	$0.31	$0.41	$0.51	$0.45	$0.93	$0.34	$0.54	$0.67	$0.57	$0.50	$0.52	$0.64	$0.67	$0.76	$0.70
Operating cash flow	150	360	38.0	103	359	450	6.0	357	284	679	340	319	413	433	399	453	420	413	276	501
Capital expenditure	123	110	107	189	159	180	167	152	130	81.0	111	103	112	112	133	150	148	202	236	241
Free cash flow	27.0	250	-69.0	-86.0	200	270	-161	205	154	598	229	216	301	321	266	303	272	211	40.0	260
Buybacks	90.0	106	181	72.0	40.0	44.0	197	309	275	517	457	300	201	299	247	297	200	200	0.0	0.0
Shares outstanding	467m	461m	458m	454m	452m	450m	449m	438m	427m	408m	399m	390m	384m	378m	376m	371m	368m	366m	369m	369m
Filing	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 June 2026, filed 31 July 2026: the filing.