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How Flex (FLEX) makes money
Flex (FLEX) made $8.5B of revenue in the second quarter fiscal 2027 (Q2 FY27), +25% from a year earlier. ITS brought in $3.3B (39%); RMS brought in $2.7B (32%); CPI brought in $2.5B (30%). Of every dollar of revenue, 10¢ was left as gross profit, 5¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 FY27
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| ITS | $3.3B | 38.9% | +8% | +22% |
| RMS | $2.7B | 31.5% | +0.3% | +9% |
| CPI | $2.5B | 29.5% | +14% | +54% |
Where each dollar of revenue goes
| Line | Q2 FY27 | % of revenue |
|---|---|---|
| Revenue | $8.5B | 100.0% |
| Cost of revenue | $7.7B | 90.4% |
| Gross profit | $812M | 9.6% |
| Operating expenses | $398M | 4.7% |
| Operating profit | $414M | 4.9% |
| Income tax | $107M | 1.3% |
| Net earnings | $263M | 3.1% |
| Operating cash flow | $501M | 5.9% |
| Free cash flow | $261M | 3.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 FY27 | $8.5B | +25% |
| Q1 FY27 | $7.9B | +21% |
| Q4 FY26 | $7.5B | +17% |
| Q3 FY26 | $7.1B | +8% |
| Q2 FY26 | $6.8B | +4% |
| Q1 FY26 | $6.6B | +4% |
| Q4 FY25 | $6.4B | +4% |
From Flex's 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Flex make money?
Flex (FLEX) made $8.5B of revenue in the second quarter fiscal 2027 (Q2 FY27), +25% from a year earlier. ITS brought in $3.3B (39%); RMS brought in $2.7B (32%); CPI brought in $2.5B (30%). Of every dollar of revenue, 10¢ was left as gross profit, 5¢ was left as operating profit, 3¢ was left as net earnings.
What is Flex's biggest business?
ITS: $3.3B in the second quarter fiscal 2027, 39% of revenue, +22% from a year earlier.
What is Flex's profit margin?
Net earnings were $263M, 3.1% of revenue, in the second quarter fiscal 2027; the operating margin was 4.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.