Company file · FLEX
Flex
Cloud & Power Infrastructure (CPI) was Flex's fastest-growing segment in FY2026, up 37.8%
Revenue rose 8.1% to $27.9B in FY2026, from $25.8B in FY2025. Net income rose 5.0% to $880M. Integrated Technology Solutions (ITS) was the largest segment, at 40% of revenue.
Key facts
Flex (Nasdaq: FLEX) reported revenue of $27.9B for fiscal 2026, the year ended Mar 31, 2026, up 8.1% from fiscal 2025. Net income was $880M, up 5.0%. In its latest 10-Q, for the quarter ended Sep 25, 2026, revenue was $8.5B, up 24.8% from the same quarter a year earlier, and net income was $263M. The largest piece by segment was Integrated Technology Solutions (ITS), at 40% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed May 20, 2026) and 10-Q for the quarter ended Sep 25, 2026 (filed Oct 30, 2026).
Source: 10-K FY2026, filed May 20, 2026
How it makes money
By segment, FY2026
- LineAmountSharevs FY2025
- Integrated Technology Solutions (ITS)$11.1B40%−2.0%
- Regulated Manufacturing Solutions (RMS)$10.2B37%+5.3%
- Cloud & Power Infrastructure (CPI)$6.6B24%+37.8%
Source: 10-K FY2026, XBRL breakdown
By segment in FY2026: Integrated Technology Solutions (ITS) (40%), Regulated Manufacturing Solutions (RMS) (37%) and Cloud & Power Infrastructure (CPI) (24%), as shares of total revenue. Total revenue was $27.9B.
Source: 10-K FY2026
By region, FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q2 FY2027 (Jul to Sep 2026) compared with Q2 FY2026 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 FY2027Q2 FY2026
Company
Source: Flex 10-Q for the quarter ended Sep 25, 2026, filed Oct 30, 2026
By segment
Source: Flex 10-Q for the quarter ended Sep 25, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 8.1% in FY2026 to $27.9B, from $25.8B a year earlier. 10-K, FY2026
- Net income rose 5.0% in FY2026 to $880M, from $838M. 10-K, FY2026
- Operating cash flow rose 12.0% in FY2026 to $1.7B. 10-K, FY2026
- Diluted shares fell 5.0% in FY2026, so each share represents a larger slice of profit. 10-K, FY2026
The bear case
- Integrated Technology Solutions (ITS) revenue fell 2.0% in FY2026 to $11.1B. 10-K, FY2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition; customer demand; security and privacy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Flex is in the electronic manufacturing services industry, part of the information technology sector. The SEC files it under Printed Circuit Boards.
Flex reports 3 segments: Integrated Technology Solutions (ITS), Regulated Manufacturing Solutions (RMS) and Cloud & Power Infrastructure (CPI).
Its fiscal year ends in March; the latest, FY2026, ended Mar 31, 2026.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the electronic manufacturing services industry. They are not a summary of Flex’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- CompetitionTechnology markets move fast, and rivals large and small can change prices or products.
- Customer demandSpending by customers on technology rises and falls with their budgets and the economy.
- Security and privacyCyberattacks, outages and data-privacy rules can raise costs or harm customer trust.
- Supply and tradeReliance on suppliers and exposure to tariffs or export rules can limit what it can sell or build.
- Intellectual propertyPatent claims and licensing disputes can lead to costs or limits on products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $26.4B | $25.8B | $27.9B |
| Net income | $1.2B | $838M | $880M |
| Operating cash flow | $1.3B | $1.5B | $1.7B |
| Cash & equivalents (year end) | $2.5B | $2.3B | $2.4B |
| Total debt (year end) | $3.3B | $3.7B | $3.8B |
| Diluted shares | 441M | 398M | 378M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Market orders and limit orders
- Form 3 and Form 5
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Flex names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended Mar 31, 2026.
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 25, 2026 |
| DEF 14A | Oct 5, 2026 | Nov 2, 2026 |
| 10-Q | Jul 31, 2026 | Jun 26, 2026 |
| DEF 14A | Jun 24, 2026 | Aug 5, 2026 |
| 10-K | May 20, 2026 | Mar 31, 2026 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Flex
How does Flex make money?
Flex's revenue was $27.9B in fiscal 2026. By segment in FY2026: Integrated Technology Solutions (ITS) (40%), Regulated Manufacturing Solutions (RMS) (37%) and Cloud & Power Infrastructure (CPI) (24%), as shares of total revenue. Total revenue was $27.9B. Source: 10-K for fiscal 2026, filed May 20, 2026.
What was Flex's revenue in fiscal 2026?
$27.9B of revenue for the fiscal year ended Mar 31, 2026, up 8.1% from $25.8B in fiscal 2025. Fiscal 2024 was $26.4B. Source: 10-K for fiscal 2026, filed May 20, 2026.
Is Flex profitable?
Flex reported net income of $880M for fiscal 2026, up 5.0% from $838M in fiscal 2025. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 25, 2026, net income was $263M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed May 20, 2026.
What did Flex report in its latest quarterly filing?
Revenue was $8.5B in the quarter ended Sep 25, 2026, up 24.8% from $6.8B a year earlier. Net income was $263M, up 32.2% from $199M. Source: 10-Q for the quarter ended Sep 25, 2026, filed Oct 30, 2026.
How much cash and debt does Flex have?
Flex had $3.1B in cash and cash equivalents and $5.2B of total debt on Sep 25, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 30, 2026.
What are the main risks Flex faces?
Flex's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed May 20, 2026. Risks that are common among companies in the electronic manufacturing services industry include Competition; customer demand; security and privacy; supply and trade; intellectual property. The first: Technology markets move fast, and rivals large and small can change prices or products. Source: 10-K, Item 1A Risk Factors.
Where do these Flex numbers come from?
From Flex's own SEC filings: the 10-K for fiscal 2026 (filed May 20, 2026) and the 10-Q for the quarter ended Sep 25, 2026 (filed Oct 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Flex
- Citadel Advisors: 1,386,824 shares, reported value $224.8M at Jun 30, 2026 (+61.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 1,278,970 shares, reported value $207.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 1,176,136 shares, reported value $190.6M at Jun 30, 2026 (+642.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Third Point: 1,030,000 shares, reported value $166.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 34,390 shares, reported value $5.6M at Jun 30, 2026 (−38.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 23,300 shares, reported value $3.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Maverick Capital: 5,289 shares, reported value $0.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in FLEX
- The editor holds no position in Flex (FLEX). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell FLEX from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold FLEX, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Flex | FY2026 | $27.9B | +8.1% | $880M |
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.