Delivered Q4 GAAP operating margin of 5.0%, and adjusted operating margin of 6.7%, our sixth consecutive quarter with an adjusted operating margin of 6% or greater.
Delivered full-year GAAP operating margin of 4.9%, and adjusted operating margin of 6.3%, another record for Flex.
Reported Q4 GAAP EPS of $0.67, and adjusted EPS of $0.93.
Reported full-year GAAP EPS of $2.33, and adjusted EPS of $3.30.
AUSTIN, Texas, May 5, 2026 /PRNewswire/ -- Flex (NASDAQ:FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2026.
"Our strong finish to FY 2026 reflects disciplined execution and a clear strategy, supported by targeted acquisitions and capital investments aligned to Flex's long-term growth opportunities," said Revathi Advaithi, CEO of Flex.
Fourth Quarter Fiscal Year 2026 GAAP Summary:
Net Sales: $7.5 billion
GAAP Operating Income: $372 million
GAAP Net Income: $250 million
GAAP Earnings Per Share: $0.67
Cash provided by Operating Activities: $413 million
Fourth Quarter Fiscal Year 2026 Non-GAAP Summary:
Adjusted Operating Income: $500 million
Adjusted Net Income: $348 million
Adjusted Earnings Per Share: $0.93
Free Cash Flow: $212 million
Fiscal Year 2026 GAAP Summary:
Net Sales: $27.9 billion
GAAP Operating Income: $1,368 million
GAAP Net Income: $880 million
GAAP Earnings Per Share: $2.33
Cash provided by Operating Activities: $1,685 million
Fiscal Year 2026 Non-GAAP Summary:
Adjusted Operating Income: $1,764 million
Adjusted Net Income: $1,248 million
Adjusted Earnings Per Share: $3.30
Free Cash Flow: $1,060 million
An explanation and reconciliation of GAAP financial measures to non-GAAP financial measures is presented in Schedules II and V attached to this press release.
First Quarter Fiscal Year 2027 Guidance:
Net Sales: $7.35 billion to $7.65 billion, growth of 14% at the midpoint
Adjusted Operating Income: $469 million to $499 million*
Adjusted EPS: $0.86 to $0.92*, growth of 24% at the midpoint
Interest & Other: approximately $65 million
Adjusted income tax rate: 21%*
Weighted average shares outstanding: approximately 374 million
Fiscal Year 2027 Guidance†:
Net Sales: $32.3 billion to $33.8 billion, growth of 18% at the midpoint
Adjusted Operating Margin: 7.0% to 7.1%*
Adjusted EPS: $4.21 to $4.51*, growth of 32% at the midpoint
Adjusted income tax rate: 21%*
*This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort for the reasons set forth in Schedule V attached to this press release.
†Reflects expected results for the full fiscal year and does not give effect to the planned spin-off of the Cloud and Power Infrastructure segment announced today.
Webcast and Conference Call
The Flex management team will host a conference call tomorrow, May 6, 2026 at 7:30 AM (CT) / 8:30 AM (ET), to review fourth quarter and fiscal year 2026 results. A live webcast of the event and slides will be available on the Flex Investor Relations website at http://investors.flex.com. An audio replay and transcript will also be available after the event on the Flex Investor Relations website.
About Flex
Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps leading brands design, build, and manage products that improve the world. With a global footprint spanning 30 countries, Flex delivers advanced manufacturing and supply chain solutions, innovative products and technology, and lifecycle services that support customers from concept to scale. In the AI era, Flex is helping customers accelerate data center deployment by solving power, heat, and scale challenges through cutting-edge power and cooling technology and scalable IT infrastructure solutions.
Contacts
Investors & AnalystsMichelle SimmonsSenior Vice President, Global Investor Relations and Public Relations(669) 242-6332[email protected]
Media & Press[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and earnings per share). These forward-looking statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause the actual outcomes and results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that we may not achieve our expected future operating results; risks related to our ability to successfully execute our strategic priorities, including the planned spin-off of our Cloud and Power Infrastructure segment into an independent, publicly traded company, and to achieve the anticipated benefits of such transaction, including risks that the spin-off may not be completed on the anticipated timeline or at all, that the spin-off may not achieve its intended benefits, that the transaction may have an adverse impact on existing business relationships, and that the costs of the spin-off may be greater than anticipated; the effects that the current and future macroeconomic environment, including inflationary pressures, currency volatility, stagflation, slower economic growth or recession, and high or rising interest rates, could have on our business and demand for our products; geopolitical uncertainties and risks, including impacts from trade conflicts, the termination and renegotiation of international trade agreements and trade policies, a further escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, or the ongoing conflicts between Russia and Ukraine and in the Middle East, including recent developments in Iran, any of which could lead to disruption, instability, and volatility in global markets and negatively impact our operations and financial performance; supply chain disruptions, including those involving suppliers who are sole or primary sources, logistical constraints, manufacturing interruptions or delays, or the failure to accurately forecast customer demand; the impact of fluctuations in the pricing or availability of raw materials and components, including semiconductors, labor and energy; our dependence on industries that continually produce technologically advanced products with short product life cycles; the short-term nature of our customers' commitments and rapid changes in demand may cause supply chain issues, excess and obsolete inventory and other issues which adversely affect our operating results; our dependence on a small number of customers; risks associated with acquisitions and divestitures, including the possibility that we may not fully realize their projected benefits, including the acquisition of Electrical Power Products, Inc., and other events that could adversely impact the anticipated benefits of the acquisition, including industry or economic conditions outside of our control; our industry is extremely competitive; that the expected revenue and margins from recently launched programs may not be realized; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; the possibility that benefits of our restructuring actions may not materialize as expected; a breach of our IT or physical security systems, or violation of data privacy laws, may cause us to incur significant legal and financial exposure and adversely affect our operations; hiring and retaining key personnel; that recent changes or future changes in tax laws in certain jurisdictions where we operate could materially impact our tax expense; litigation and regulatory investigations and proceedings; the impact and effects on our business, results of operations and financial condition of union disputes or other labor disruptions as well as unforeseen or catastrophic events; the effects that current and future credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations to us and our ability to pass through costs to our customers; the success of certain of our activities depends on our ability to protect our intellectual property rights and we may be exposed to claims of infringement, misuse or breach of license agreements; physical and operational risks from natural disasters, severe weather events, or climate change; we may be exposed to product liability and product warranty liability; we may be exposed to financially troubled customers or suppliers; our compliance with legal and regulatory requirements; changes in laws, regulations, or policies that may impact our business, including those related to trade policy and tariffs and climate change; our ability to meet sustainability, including environmental, social and governance, expectations or standards or achieve sustainability goals.
Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission. Additional information concerning risks related to the planned spin-off is described in the separate press release issued today. Flex assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
SCHEDULE I
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Three-Month Periods Ended
March 31, 2026
March 31, 2025
GAAP:
Net sales
$ 7,477
$ 6,398
Cost of sales
6,747
5,807
Restructuring charges
28
28
Gross profit
702
563
Selling, general and administrative expenses
289
234
Restructuring and impairment charges
25
3
Intangible amortization
16
21
Operating income
372
305
Interest expense
54
52
Interest income
13
13
Other charges (income), net
11
(13)
Equity in earnings (losses) of unconsolidated affiliates
(5)
—
Income before income taxes
315
279
Provision for (benefit from) income taxes
65
57
Net income
$ 250
$ 222
GAAP EPS
Diluted earnings per share
$ 0.67
$ 0.57
Diluted shares used in computing per share amounts
374
389
See Schedule II for the reconciliation of GAAP to non-GAAP financial measures. See the accompanying notes on Schedule V attached to this press release.
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Twelve-Month Periods Ended
March 31, 2026
March 31, 2025
GAAP:
Net sales
$ 27,914
$ 25,813
Cost of sales
25,288
23,584
Restructuring charges
59
70
Gross profit
2,567
2,159
Selling, general and administrative expenses
1,052
904
Restructuring and impairment charges
79
16
Intangible amortization
68
70
Operating income
1,368
1,169
Interest expense
215
218
Interest income
51
61
Other charges (income), net
30
(14)
Equity in earnings (losses) of unconsolidated affiliates
(31)
(3)
Income before income taxes
1,143
1,023
Provision for (benefit from) income taxes
263
185
Net income
$ 880
$ 838
GAAP EPS
Diluted earnings per share
$ 2.33
$ 2.11
Diluted shares used in computing per share amounts
378
398
See Schedule II for the reconciliation of GAAP to non-GAAP financial measures. See the accompanying notes on Schedule V attached to this press release.
SCHEDULE II
FLEX
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share amounts and percentages)
Three-Month Periods Ended
March 31, 2026
March 31, 2025
