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Flex (FLEX) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Oct 30, 2026 · Flex (FLEX) Q2 FY27 earnings results →

Q2 FY27 Revenue up 25% year over year to $8.5B · 3¢ of every $1 of revenue kept as net profit · operating margin 4.9%

Flex made $8.5B in Q2 FY27 (+25% Y/Y): ITS $3.3B, RMS $2.7B, CPI $2.5B. Operating margin 4.9%, net earnings $263M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$8.5B
Year over year+25%
Operating margin4.9%
Net earnings$263M
Operating cash flow$501M

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Flex Q2 FY27 revenue breakdown: Sankey diagram of revenue (ITS, RMS, CPI), costs, profit and cash flow
Flex Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $8.5B in Q2 FY27, up 25% year over year and up 7% from the previous quarter. ITS was the largest line at 39% of revenue. CPI added $0.88B year over year (up 54%), 52% of the total change.

Gross margin was 9.6%, up 0.5 points from Q2 FY26. Operating profit was $0.41B, a 4.9% margin (up 0.5 points year over year). Of the extra revenue versus Q2 FY26, 7% reached operating profit, above the 4% margin then. Operating expenses grew 25% against revenue growth of 25%. The fastest-growing cost line was SG&A (+43%). Net earnings were $0.26B, up 32% year over year. The effective tax rate was 28.9%.

Operating cash flow was $0.50B (up 11% year over year), 190% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.04B. After purchases of property and equipment, net ($0.24B), free cash flow as the company reports it was $0.26B.

Quarterly history

Flex revenue by quarterFlex revenue by quarter$6.4BQ4 FY25$6.6BQ1 FY26$6.8BQ2 FY26$7.1BQ3 FY26$7.5BQ4 FY26$7.9BQ1 FY27$8.5BQ2 FY27
Flex net earnings by quarterFlex net earnings by quarter$222MQ4 FY25$192MQ1 FY26$199MQ2 FY26$239MQ3 FY26$250MQ4 FY26$285MQ1 FY27$263MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QOct 30, 2026$8.5B+25%4.9%$263M$501M
Q1 FY2710-QJul 31, 2026$7.9B+21%4.9%$285M$276M
Q4 FY2610-KMay 20, 2026$7.5B+17%5.0%$250M$413M
Q3 FY2610-QFeb 6, 2026$7.1B+8%5.5%$239M$420M
Q2 FY2610-QOct 31, 2025$6.8B+4%4.4%$199M$453M
Q1 FY2610-QJul 25, 2025$6.6B+4%4.7%$192M$399M
Q4 FY2510-KMay 21, 2025$6.4B+4%4.8%$222M$433M

Charts

Flex: revenue growth, year over year and quarter over quarterFlex: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 FY25+4%+3%Q1 FY26+4%+3%Q2 FY26+8%+4%Q3 FY26+17%+6%Q4 FY26+21%+6%Q1 FY27+25%+7%Q2 FY27
Latest (Q2 FY27): Y/Y +25%, Q/Q +7%.
Flex: where the cash came from (+) and went (−), TTM to Q2 FY27Flex: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.6BNet borrowing (+) / repaid (−)$1.5BAcquisitions−$1.1BCash drawn (+) / kept (−)−$834MCapital spending−$827MBuybacks−$400MAsset & business sales$96.0MOther financing−$11.0MExchange rates−$5.0MOther investing$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Flex: profit against cash, quarter by quarterFlex: profit against cash, quarter by quarterNet incomeOperating cash flow$263M$413MQ3 FY25$222M$433MQ4 FY25$192M$399MQ1 FY26$199M$453MQ2 FY26$239M$420MQ3 FY26$250M$413MQ4 FY26$276MQ1 FY27$501MQ2 FY27
Latest (Q2 FY27): Net income —, Operating cash flow $501M.
Flex: diluted shares by fiscal yearFlex: diluted shares by fiscal year506MFY21483MFY22462MFY23441MFY24398MFY25378MFY26
-25.3% since FY21: buybacks shrank the count.
Flex: long-term debt falling due (FY26)Flex: long-term debt falling due (FY26)$898M2028$30.0M2029$683M2030$701M2031$1.5BLater
Cash $2.4B, short-term investments —, long-term debt $3.8B at 2026-03-31.
Flex in its industry: growth against margin (11 companies, SIC 3672)Flex in its industry: growth against margin (11 companies, SIC 3672)revenue growth, year over year →↑ operating marginmedian +25%median 6%JBLCLSSANMPLXSTTMIBHEKECTSKTCCNNDMFLEX (+25%, 5%)
Printed Circuit Boards; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Flex

Flex is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The Company’s full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements.

In its own words, from its 10-K, filed May 20, 2026.

Flex against its Printed Circuit Boards peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +29%. Operating margin: 4.9% against the peers' median 6.0%.

CompanyQuarterRevenueY/YOp. margin
FLEX FlexQ2 FY27$8.5B+25%4.9%
JBL JabilQ4 FY26$10.6B+29%5.7%
CLS CelesticaQ3 2026$5.8B+82%7.9%
SANM SanminaQ3 FY26$3.5B+70%6.4%
PLXS PlexusQ4 FY26$1.4B+35%6.0%
TTMI TTM TechnologiesQ3 2026$1.2B+60%13.5%
BHE Benchmark ElectronicsQ3 2026$811M+19%3.8%
KE Kimball ElectronicsQ1 FY27$391M+7%3.2%
CTS CTSQ3 2026$150M+5%17.1%

Source: Flex 10-Q on SEC EDGAR · CIK 866374 · Printed Circuit Boards

Guidance and outlook

Flex Revenue: guidance against what was reportedFlex Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$6.8BQ3 FY26$7.1BFY26$27.9BQ4 FY26$7.5BFY27Q1 FY27$7.9BQ2 FY27$8.5BQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Flex: what its forward-looking statements are about (10-Q filed 2026-10-30)Flex: what its forward-looking statements are about (10-Q filed 2026-10-30)Demand3Costs3Financing2Legal & regulation2Other1People1
12 statements; tone -0.08 (−1 all cautious, +1 all confident); 3 hedged.
Flex: outlook statements against the filing beforeFlex: outlook statements against the filing beforeConfident2Cautious3

More on FLEX

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Flex（FLEX）财报

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