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Plexus (PLXS) earnings and revenue breakdown

Latest: Q4 FY26 · 8-K filed Oct 28, 2026

Q4 FY26 Revenue up 35% year over year to $1.4B · 5¢ of every $1 of revenue kept as net profit · operating margin 6.0%

Plexus made $1.4B in Q4 FY26 (+35% Y/Y). Operating margin 6.0%, net earnings $68.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Oct 28, 2026 (preliminary, from the earnings release).

Revenue$1.4B
Year over year+35%
Operating margin6.0%
Net earnings$68.5M
Operating cash flow$29.2M

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Plexus Q4 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Plexus Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.4B in Q4 FY26, up 35% year over year and up 9% from the previous quarter.

Gross margin was 10.2%, up 0.3 points from Q4 FY25. Operating profit was $0.09B, a 6.0% margin (up 1.0 points year over year). Of the extra revenue versus Q4 FY25, 9% reached operating profit, above the 5% margin then. Operating expenses grew 16% against revenue growth of 35%. Net earnings were $0.07B, up 33% year over year. The effective tax rate was 14.9%.

Operating cash flow was $0.03B (down 78% year over year), 43% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization. Working capital and other items used $0.06B. Capital expenditures of $0.02B left free cash flow of $0.01B.

Quarterly history

Plexus revenue by quarterPlexus revenue by quarter$980MQ2 FY25$1.0BQ3 FY25$1.1BQ4 FY25$1.1BQ1 FY26$1.2BQ2 FY26$1.3BQ3 FY26$1.4BQ4 FY26
Plexus net earnings by quarterPlexus net earnings by quarter$39.1MQ2 FY25$45.1MQ3 FY25$51.4MQ4 FY25$41.2MQ1 FY26$49.8MQ2 FY26$43.0MQ3 FY26$68.5MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY268-KOct 28, 2026$1.4B+35%6.0%$68.5M$29.2M
Q3 FY2610-QAug 6, 2026$1.3B+28%4.7%$43.0M$25.9M
Q2 FY2610-QMay 7, 2026$1.2B+19%5.3%$49.8M$28.5M
Q1 FY2610-QFeb 5, 2026$1.1B+10%5.1%$41.2M−$15.4M
Q4 FY2510-KNov 14, 2025$1.1B+0.7%5.0%$51.4M$132M
Q3 FY2510-QAug 1, 2025$1.0B+6%5.3%$45.1M$26.9M
Q2 FY2510-QMay 2, 2025$980M+1%5.0%$39.1M$36.7M

Charts

Plexus: revenue growth, year over year and quarter over quarterPlexus: revenue growth, year over year and quarter over quarterY/YQ/Q+1%Q2 FY25+6%+4%Q3 FY25+1%+4%Q4 FY25+10%+1%Q1 FY26+19%+9%Q2 FY26+28%+12%Q3 FY26+35%+9%Q4 FY26
Latest (Q4 FY26): Y/Y +35%, Q/Q +9%.
Plexus: where the cash came from (+) and went (−), TTM to Q3 FY26Plexus: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$171MNet borrowing (+) / repaid (−)$122MCapital spending−$109MBuybacks−$85.6MCash drawn (+) / kept (−)−$77.0MTaxes on employees’ shares−$21.6MExchange rates$1.2MOther financing−$1.1MOther investing−$193K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Plexus: profit against cash, quarter by quarterPlexus: profit against cash, quarter by quarterNet incomeOperating cash flow$41.2M$220MQ4 FY24$37.3M$53.6MQ1 FY25$39.1M$36.7MQ2 FY25$45.1M$26.9MQ3 FY25$51.4M$132MQ4 FY25$41.2M−$15.4MQ1 FY26$49.8M$28.5MQ2 FY26$43.0M$25.9MQ3 FY26
Latest (Q3 FY26): Net income $43.0M, Operating cash flow $25.9M.
Plexus: diluted shares by fiscal yearPlexus: diluted shares by fiscal year30MFY2029MFY2128MFY2228MFY2328MFY2428MFY25
-7.7% since FY20: buybacks shrank the count.
Plexus: long-term debt falling due (FY25)Plexus: long-term debt falling due (FY25)$40.0M2026$50.0M2028
Cash $306M, short-term investments —, long-term debt — at 2025-09-27.
Plexus in its industry: growth against margin (11 companies, SIC 3672)Plexus in its industry: growth against margin (11 companies, SIC 3672)revenue growth, year over year →↑ operating marginmedian +25%median 6%JBLFLEXCLSSANMTTMIBHEKECTSKTCCNNDMPLXS (+35%, 6%)
Printed Circuit Boards; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

About Plexus

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive companies globally in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions.

In its own words, from its 10-K, filed Nov 14, 2025.

Plexus against its Printed Circuit Boards peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +29%. Operating margin: 6.0% against the peers' median 6.0%.

CompanyQuarterRevenueY/YOp. margin
PLXS PlexusQ4 FY26$1.4B+35%6.0%
JBL JabilQ4 FY26$10.6B+29%5.7%
FLEX FlexQ2 FY27$8.5B+25%4.9%
CLS CelesticaQ3 2026$5.8B+82%7.9%
SANM SanminaQ3 FY26$3.5B+70%6.4%
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: Plexus 8-K on SEC EDGAR · CIK 785786 · Printed Circuit Boards

Guidance and outlook

Plexus Revenue: guidance against what was reportedPlexus Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY25$980MQ3 FY25$1.0BQ4 FY25$1.1BQ1 FY26$1.1BQ2 FY26$1.2BQ3 FY26$1.3BQ4 FY26Q1 FY27
Met or beat 6 of 6 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns PLXS and who is buying

Largest holders of PLXS (13F)Largest holders of PLXS (13F)BlackRock$1.3BVanguard Portfolio Management LLC$635MVanguard Group$534MDisciplined Growth Investors$433MVanguard Capital Management LLC$363MAmerican Century Companies$356MState Street$329MDimensional Fund Advisors LP$250MGeode Capital Management, LLC$241MBNP Paribas Asset Management Hold…$229M
Funds' net buying of PLXS by quarter (13F)Funds' net buying of PLXS by quarter (13F)−$12.3M2024-09−$79.3M2024-12−$29.0M2025-03$68.0M2025-06−$83.9M2025-09$156M2025-12$222M2026-03−$101M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PLXS

History

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

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中文版：Plexus（PLXS）财报

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