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Plexus cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$754K in Q3 FY26 · $61.9M over twelve months

Operating cash flow$25.9M
Capital spending−$26.7M
Free cash flow−$754K
Cash / net income0.6×
Cash conversion cycle92 days

Analysis

In Q3 FY26, Plexus generated $25.9M of operating cash flow and spent $26.7M on capital projects, leaving free cash flow of −$754K.

Over the twelve months to Jul 4, 2026, operating cash flow was $171M; the largest uses were capital spending ($109M), buybacks ($85.6M), taxes on employees’ shares ($21.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($122M); the cash balance rose by $77.0M.

Operating cash flow was $25.9M against net income of $43.0M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$125M, inventory −$114M, receivables −$92.9M.

Its cash conversion cycle was 92 days (receivables 52 + inventory 111 − payables 71).

Free cash flow

Plexus: free cash flow by quarterPlexus: free cash flow by quarter$194MQ4 FY24$27.1MQ1 FY25$16.5MQ2 FY25$13.2MQ3 FY25$97.2MQ4 FY25−$50.6MQ1 FY26$16.0MQ2 FY26−$754KQ3 FY26
Operating cash flow less capital spending.
Plexus: operating cash flow against capital spendingPlexus: operating cash flow against capital spendingOperating cash flowCapital spending$220M$26.3MQ4 FY24$53.6M$26.5MQ1 FY25$36.7M$20.2MQ2 FY25$26.9M$13.7MQ3 FY25$132M$34.8MQ4 FY25−$15.4M$35.2MQ1 FY26$28.5M$12.5MQ2 FY26$25.9M$26.7MQ3 FY26
Latest (Q3 FY26): Operating cash flow $25.9M, Capital spending $26.7M.

Capital allocation, year by year

Plexus: where the cash came from (up) and went (down), by fiscal yearPlexus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY21: Operating cash flow $143MFY21: Net borrowing −$89.3MFY21: Shares issued $3.6MFY21: Capital spending −$57.1MFY21: Buybacks −$108M$146MFY21FY22: Operating cash flow −$26.2MFY22: Net borrowing $201MFY22: Shares issued $480KFY22: Capital spending −$102MFY22: Buybacks −$50.4M$202MFY22FY23: Operating cash flow $166MFY23: Net borrowing −$39.3MFY23: Shares issued $8KFY23: Capital spending −$104MFY23: Buybacks −$40.9M$166MFY23FY24: Operating cash flow $437MFY24: Net borrowing −$189MFY24: Shares issued $210KFY24: Capital spending −$95.2MFY24: Buybacks −$55.7M$437MFY24FY25: Operating cash flow $249MFY25: Net borrowing −$116MFY25: Capital spending −$95.3MFY25: Buybacks −$65.3M$249MFY25
Over these 5 years operating cash flow totalled $968M; the largest uses were capital spending ($453M) and net borrowing ($433M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$314M
Debtnone
Net cash$314M
Due within a year$40.0M

Plexus funds itself: free cash flow was $61.9M over the last twelve months, with $314M of cash and investments and no debt on the balance sheet ($40.0M due within a year, 7.9× covered by cash).

Plexus: debt maturities by year (FY25)Plexus: debt maturities by year (FY25)$40.0MYear 1$50.0MYear 3
Principal due in each year as disclosed in the annual report, against $314M of cash and investments now.

Where the cash came from and went

Plexus: sources (+) and uses (−) of cash, Q3 FY26Plexus: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)$34.2MCapital spending−$26.7MOperating cash flow$25.9MBuybacks−$20.6MCash drawn (+) / kept (−)−$11.4MOther financing−$1.1MOther investing−$229KTaxes on employees’ shares−$47KExchange rates−$40K
Plexus: sources (+) and uses (−) of cash, TTM to Q3 FY26Plexus: sources (+) and uses (−) of cash, 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 profit to cash

Plexus: net income to operating cash flow, Q3 FY26Plexus: net income to operating cash flow, Q3 FY26Net income$43.0MDepreciation & amortization$18.9MStock-based pay$21.1MOther non-cash−$123KReceivables−$92.9MInventory−$114MPayables$125MDeferred revenue$37.4MContract assets−$33.5MPrepaid and other assets−$1.9MOther liabilities$20.6MIncome taxes payable$3.1MOperating cash flow$25.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26521117192
Q2 FY265411770101
Q1 FY266112975115
Q4 FY25151206965
Q3 FY255712770114
Q2 FY255613369119
Q1 FY255713566126
Q4 FY24151335889

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$25.9M−$26.7M−$20.6M$34.2M−$11.4M−$754K
Q2 FY26$28.5M−$12.5M−$21.0M$76.2M−$53.8M$16.0M
Q1 FY26−$15.4M−$35.2M−$22.4M$18.4M$57.3M−$50.6M
Q4 FY25$132M−$34.8M−$21.5M−$6.4M−$69.1M$97.2M
Q3 FY25$26.9M−$13.7M−$18.4M−$71.2M$72.9M$13.2M
Q2 FY25$36.7M−$20.2M−$12.5M−$1.3M$7.3M$16.5M
Q1 FY25$53.6M−$26.5M−$12.8M−$36.9M$29.6M$27.1M
Q4 FY24$220M−$26.3M−$19.5M−$102M−$77.6M$194M

Plexus: income statement and cash flow

Plexus, Q4 FY26: revenue $1.4B (+35% year over year), operating margin 6.0%. The chart follows the revenue to costs, profit and cash.

Plexus: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.