FLEX
Updated: 25/09/2026, 01:31:17
Flex Ltd. is a global provider offering extensive design, engineering, manufacturing, and supply chain management solutions to original equipment manufacturers (OEMs) across Asia, the Americas, and Europe. Its operations are structured into three primary segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company specializes in a range of cross-industry technologies, such as human-machine interfaces, Internet of Things (IoT) platforms, advanced power solutions, sensor fusion, and smart audio systems. A significant offering includes integrated solar tracker and software solutions tailored for utility-scale and ground-mounted distributed generation solar projects. Flex also delivers value-added design and engineering support, alongside comprehensive systems assembly and manufacturing services. These encompass enclosure fabrication, rigorous testing, and meticulous materials procurement and inventory management. Their product line features power components like chargers for smartphones and tablets, adapters for notebooks and gaming systems, and power supplies for server, storage, and networking markets. Furthermore, they provide full power solutions, including switchgear, busway, power distribution units, modular power systems, and related monitoring services. Beyond production, Flex offers end-to-end supply chain logistics, covering both forward and after-market services for computing, consumer digital, infrastructure, industrial, mobile, automotive, and medical sectors. Their reverse logistics and repair capabilities include returns management, exchange programs, complex repairs, asset recovery, recycling, and e-waste management. The company serves a broad spectrum of industries, including cloud computing, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. Founded in 1990 in Singapore, the company was formerly known as Flextronics International Ltd. before adopting the name Flex Ltd. in September 2016.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
$27.9B
FY 2026 · Reported
Net income
$0.9B
FY 2026 · Reported
Gross margin
9.4%
FY 2026 · Calculated
Free cash flow
$1.1B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.9B
FY 2026 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
End-to-end manufacturing partner across ~30 countries; capabilities in design/engineering, supply chain, manufacturing, integrated services, plus power and cooling products
“We are the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage innovative products that improve the world.”
Company overview
Flex helps customers design, build, deliver and manage products; global workforce across ~30 countries; capabilities include design/engineering, supply chain, manufacturing, integrated services, power and cooling products.
“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.”
Differentiated scale across technology-driven and regulated markets
Differentiated scale across technology-driven and regulated markets with complex compliance requirements
“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”
Three reportable segments as of March 31, 2026
Three reportable segments: ITS, RMS, CPI (renamed from FAS/FRS, prior periods recast)
“As of March 31, 2026, we report our financial performance based on three operating and reportable segments”
Three reportable segments
As of March 31, 2026: ITS, RMS, and CPI segments.
“as of March 31, 2026, Flex's three operating and reportable segments were as follows”
Segment reorganization: new Cloud and Power Infrastructure (CPI) segment
In Q4 FY2026 Flex created a new reportable segment, Cloud and Power Infrastructure (CPI), reflecting growth of data center-related businesses
“the Company reorganized its operating structure and established a new operating and reportable segment, Cloud and Power Infrastructure ("CPI")”
CPI segment end markets
CPI: Cloud and Cooling; Power. Focused on large-scale cloud, data center, and AI-enabled infrastructure deployments.
“Our new CPI segment is focused on delivering integrated compute systems, power, and cooling technologies that support large-scale cloud, data center, and AI-enabled infrastructure deployments.”
CPI end markets
CPI comprises Cloud and Cooling (compute systems, liquid cooling) and Power (utility/facility-level electrical infrastructure, rack- and board-level power)
“Cloud and Cooling, integrated compute systems supporting power‑dense digital infrastructure deployments, and advanced liquid cooling solutions supporting higher-density, power-intensive rack architectures”
RMS end markets
RMS comprises industrial, automotive, and healthcare end markets
“Regulated Manufacturing Solutions ("RMS"), which is comprised of the following end markets:”
ITS end markets
ITS comprises communications/high speed networking/enterprise/satellite communications systems and lifestyle premium products
“Integrated Technology Solutions ("ITS"), which is comprised of the following end markets:”
ITS segment end markets
ITS: Communications and Lifestyle end markets; technology-driven products with fast innovation cycles.
“Integrated Technology Solutions ("ITS"), which is comprised of the following end markets”
RMS segment end markets
RMS: Industrial, Automotive, and Healthcare end markets; regulated, safety-critical markets.
“Regulated Manufacturing Solutions ("RMS"), which is comprised of the following end markets”
Diverse industry customer base
Customers span data center, healthcare, industrial, automotive, communications, and lifestyle industries
“We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle.”
CPI customer concentration in hyperscale data center operators
CPI demand concentrated among hyperscale cloud providers, colocation companies, and large enterprise data center operators.
“Customer concentration is particularly pronounced in our Cloud and Power Infrastructure businesses, where a limited number of hyperscale cloud providers, colocation companies, and large enterprise data center operators represent a substantial portion of demand.”
Full suite of specialized capabilities
Capabilities include design/engineering, supply chain, manufacturing, integrated services, plus power and cooling products
“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.”
Service offerings and footprint
End-to-end services (design/engineering, supply chain, manufacturing, fulfillment/logistics, aftermarket) via 100+ locations across ~30 countries on four continents.
“Flex provides design and engineering, supply chain, manufacturing, value-added fulfillment and forward logistics, and aftermarket services through a network of more than 100 locations across approximately 30 countries on four continents.”
Segment income and margins FY2024-2026
ITS: $596M (5.4%) FY26, $541M (4.8%) FY25, $489M (3.9%) FY24; RMS: $611M (6.0%) FY26, $505M (5.2%) FY25, $540M (5.1%) FY24; CPI: $610M (9.2%) FY26, $492M (10.2%) FY25, $306M (9.4%) FY24
“Integrated Technology Solutions$596 5.4 %$541 4.8 %$489 3.9 %”
Global workforce footprint
Global workforce across approximately 30 countries
“Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations”
Recent acquisition of Electrical Power Products, Inc.
Flex recently acquired Electrical Power Products, Inc.; acquisitions carry integration, cost, and financing risks including potential credit rating downgrades.
“We have completed numerous acquisitions of businesses, including our recent acquisition of Electrical Power Products, Inc.”
Outsourcing demand from supply chain complexity
Technology transitions, geopolitical uncertainty, tariffs, labor constraints, and sustainability expectations are pushing customers toward scaled outsourcing partners.
“Technology transitions, geopolitical uncertainty, tariffs, labor constraints, and sustainability expectations are increasing supply chain and manufacturing complexity.”
Nextracker spin-off completed
Completed spin-off of remaining Nextracker interests on January 2, 2024; reported as discontinued operations.
“On January 2, 2024, the Company completed its previously announced spin-off of its remaining interests in Nextracker Inc. ("Nextracker") to Flex shareholders”
Data center-related business growth driving segment change
Data center-related business growth is material enough to drive a segment reporting change in Q4 FY2026
“principally reflecting the growth of Flex’s data center‑related businesses”
Planned spin-off of Cloud and Power Infrastructure businesses
On May 5, 2026, Flex announced intention to spin off its Cloud and Power Infrastructure businesses into a separate publicly traded company, intended to be tax-free for U.S. shareholders; subject to Board, shareholder, Singapore High Court, and regulatory approvals.
“On May 5, 2026, we announced our intention to spin off our Cloud and Power Infrastructure businesses through the creation of a separate publicly traded company.”
EMS + Products + Services strategy
EMS + Products + Services hybrid model introduced FY2025 to expand proprietary products and value-added services
“In fiscal year 2025, we formally introduced the next phase in our strategic evolution, our EMS + Products + Services approach.”
Technology investment priorities
Investing in factory automation, robotics, AI, vertical integration, simulation, digital twins, power technologies, and targeted power/cooling/systems-level investments for digital infrastructure.
“We continue to advance our expertise in factory automation, robotics, artificial intelligence, vertical integration, simulation, digital twins, and power technologies”
Gross margin variability factors
Gross margin varies due to product lifecycles, volumes, mix, pricing, competition, restructuring; new programs lag revenue growth due to start-up costs and under-absorbed overhead
“profitability normally lags revenue growth due to product start-up costs, lower manufacturing program volumes in the start-up phase, operational inefficiencies, and under-absorbed overhead”
Liquidity and capital resources as of March 31, 2026
Cash $2.4B; borrowings $3.8B; $2.75B revolver undrawn; compliant with all covenants
“we had cash and cash equivalents of $2.4 billion and bank and other borrowings of $3.8 billion. We have a $2.75 billion revolving credit facility under which we had no borrowings outstanding as of March 31, 2026.”
Missile strike on Mukachevo, Ukraine facility
On August 21, 2025, a missile strike on Flex's Mukachevo, Ukraine facility caused substantial physical damage; production was transitioned to alternative facilities under contingency plans.
“on August 21, 2025, a missile strike on our Mukachevo, Ukraine facility caused substantial physical damage and disrupted normal operations; in response, we activated contingency manufacturing plans and transitioned production to alternative facilities”
China-Taiwan semiconductor supply chain dependency
China-Taiwan escalation could disrupt Taiwan companies critical to global semiconductor supply; Middle East escalation could threaten Strait of Hormuz access and critical infrastructure such as data centers.
“geopolitical changes in China-Taiwan relations could disrupt the operations of several companies in Taiwan that are critical to the global supply of semiconductors and other electronic components on which many of our customers depend”
Planned spin-off of CPI
On May 5, 2026, announced intention to separate into two public companies (CPI; and ITS+RMS), tax-free for US federal tax purposes, targeted for Q1 calendar 2027.
“On May 5, 2026, following a comprehensive strategic and operational review by our Board of Directors and management team, we announced our intention to separate the Company into two independent, publicly traded companies”
Anticipated spin-off of CPI segment
Portfolio optimization projects including the anticipated spin-off of the CPI segment drove a $44M increase in legal and other costs
“a $44 million increase in legal and other costs associated with portfolio optimization projects, including the anticipated spin-off of the CPI segment.”
Prior-period segment information recast
Prior-period segment data recast; FY2025 vs FY2024 discussion in FY2025 10-K except segment results
“Certain prior‑period segment information has been recast to conform to the current presentation.”
U.S. tariff legal developments (IEEPA and Section 122)
Supreme Court struck down certain IEEPA tariffs (Feb 20, 2026); new 10% global tariff under Section 122 ruled unauthorized by the Court of International Trade (May 7, 2026), a decision under appeal.
“on February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act ("IEEPA")”
USMCA joint review in 2026
USMCA provides preferential tariff treatment for qualifying imports/exports and is subject to a joint review process in 2026; material modification could increase costs and disrupt supply chains.
“The USMCA is subject to a joint review process in 2026, and there can be no assurance that the agreement will not be amended, suspended, or terminated, or that its benefits will not be reduced.”
Data center regulation risk
Evolving regulations on data center development, energy consumption, and utility infrastructure could adversely affect demand for products and services.
“Evolving regulations relating to data center development, energy consumption, and utility infrastructure could adversely affect demand for our products and services.”
Tariff and trade policy exposure with cost pass-through model
Tariffs and trade actions impact cost recovery timing and operational complexity; Flex generally seeks to pass tariff costs through to customers, which affects net sales, margins, and cash flow timing.
“We generally seek to pass tariff costs through to our customers, which can affect reported net sales, operating income margins, and the timing of operating cash flows as tariffs are paid and subsequently recovered.”
Spin-off completion and execution risk
Spin-off is complex and could be delayed or prevented; IRS denial of tax-free treatment could create significant tax liabilities; costs and dis-synergies expected to be significant.
“the risk that if the IRS determines that certain steps of the planned spin-off do not qualify for tax-free treatment for U.S. federal income tax purposes, Flex and its shareholders could incur significant tax liabilities”
Significant operations in China subject to geopolitical and regulatory risk
Flex has significant operations in China exposed to evolving laws, regulations, and geopolitical developments; also emerging-market exposure in Brazil, Hungary, India, Malaysia, Mexico, and Poland.
“We have significant operations in China, which have been, and could continue to be, affected by evolving laws, regulations, and geopolitical developments involving China.”
Customer order cancellations and demand variability
Order cancellations, production changes, and demand variability have harmed results; customers often lack long-term commitments and can terminate for convenience.
“We generally do not obtain firm, long-term purchase commitments from our customers, and we often experience reduced lead times in customer orders”
Inflation and interest rate exposure
Inflationary pressures could reduce profitability via higher wages, operating, financing, and supplier costs; high interest rates could dampen customer demand and receivables collection.
“Inflationary pressures, such as what the market continues to experience, could affect our profitability and cash flows, due to higher wages, higher operating costs, higher financing costs, and/or higher supplier prices.”
Labor union and work stoppage risk
Flex has experienced heightened union organizing activity in certain regions; unionization could raise labor costs and strike/work stoppage risk at Flex, supplier, or customer plants.
“we have experienced heightened union organizing activity in certain regions”
Risk factor summary
Management identifies ~40 principal risks including spin-off execution, tariffs/trade policy, customer concentration, CPI demand/margins, cybersecurity, AI, seasonality, tax, debt, FX, and data center energy regulation.
“The following is a summary of the principal risks and uncertainties that management believes could materially adversely affect our business, financial condition, results of operations, and prospects.”
AI-related operational, regulatory, and workforce risks
AI use carries accuracy, bias, IP, privacy, and compliance risks; unreliable AI tools could cause operational disruption, and AI adoption may require workforce retraining or redeployment.
“AI is subject to increasing regulatory, legal, and ethical scrutiny, and its use may give rise to risks related to accuracy, bias, intellectual property infringement or misappropriation, data privacy, cybersecurity, and compliance with evolving laws and regulations.”
Key employee attraction and retention risk
Flex faces a highly competitive talent market for engineering, manufacturing, IT, cybersecurity, and supply chain personnel; employees generally are not bound by non-competition agreements.
“Generally, our employees are not bound by employment or non-competition agreements, and where such agreements exist, they may be difficult to enforce.”
Growth of data center-related businesses is large enough that Flex created a dedicated reportable segment (CPI) for cloud, cooling, and power infrastructure.
“principally reflecting the growth of Flex’s data center‑related businesses”
Data center is a named key end market; power and cooling products plus end-to-end services target data center deployments.
“We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle.”
Tariffs and trade restrictions imposed by the U.S. administration in 2025-2026 affect Flex's input costs, customer demand, and operating model; Flex generally passes tariff costs to customers, affecting net sales, margins, and cash flow timing.
“Throughout 2025 and into 2026, the U.S. administration imposed varying levels of tariffs on goods imported from China and other countries where we or our customers source materials and manufacture products.”
CPI is focused on integrated compute systems, power, and cooling supporting AI-enabled infrastructure and power-intensive compute workloads.
“Our new CPI segment is focused on delivering integrated compute systems, power, and cooling technologies that support large-scale cloud, data center, and AI-enabled infrastructure deployments.”
A limited number of hyperscale cloud providers, colocation companies, and large enterprise data center operators represent a substantial portion of CPI demand.
“Customer concentration is particularly pronounced in our Cloud and Power Infrastructure businesses, where a limited number of hyperscale cloud providers, colocation companies, and large enterprise data center operators represent a substantial portion of demand.”
Flex's Mukachevo, Ukraine facility was struck by a missile on August 21, 2025, causing substantial physical damage; production was transitioned to alternative facilities and employee absences from mandatory military service have disrupted operations.
“a missile strike on our Mukachevo, Ukraine facility caused substantial physical damage and disrupted normal operations”
CPI spin-off completion is conditioned on Board, shareholder, and Singapore High Court approval and SEC compliance; no assurance it will occur.
“subject to certain customary conditions, including, among others, final approval by our Board of Directors, shareholders, and the High Court of the Republic of Singapore and compliance with applicable SEC requirements”
Flex has significant operations in China exposed to evolving laws, regulations, and geopolitical developments, including U.S.-China decoupling and tariff escalation risks.
“We have significant operations in China, which have been, and could continue to be, affected by evolving laws, regulations, and geopolitical developments involving China.”
Missile strike on the Mukachevo, Ukraine facility caused $51 million of impairment and other charges in fiscal year 2026.
“$51 million in impairment and other charges related to a missile strike on our Mukachevo, Ukraine facility”
Tariffs and trade restrictions have in the past adversely affected business and increase supply chain and manufacturing complexity.
“Tariffs, trade restrictions, export controls, and changes in trade policy, including heightened trade volatility and uncertainty regarding trade agreements, have in the past adversely affected, and could in the future adversely affect, our business, results of operations, and financial condition.”
CPI's Cloud and Cooling end market supplies advanced liquid cooling for higher-density, power-intensive rack architectures.
“advanced liquid cooling solutions supporting higher-density, power-intensive rack architectures”
Customers seeking resiliency, speed, and compliance increasingly rely on scaled outsourcing partners with integrated manufacturing and supply chain capabilities.
“As customers seek resiliency, speed, and compliance, they are increasingly relying on scaled outsourcing partners with integrated manufacturing, supply chain, and technology capabilities.”
Inflation raises wages, operating, financing, and supplier costs that Flex may be unable to pass to customers; high interest rates dampen customer demand and ability to repay obligations.
“We may be unable to pass along such higher costs to our customers.”
CPI segment margin declined 100bps due to ramp costs and unfavorable Cloud and Cooling mix, partially offset by faster growth in higher-margin Power business.
“unfavorable mix in the Cloud and Cooling business, partially offset by faster growth in the higher margin Power business”
CPI's Power end market provides utility and facility-level electrical infrastructure enabling reliable, scalable power delivery for compute workloads.
“Power, utility and facility‑level electrical infrastructure enabling reliable, scalable power delivery and high-density rack- and board-level power systems supporting power-intensive compute workloads”
Lifestyle and consumer devices end markets exhibit particular strength in the two quarters before calendar year-end, driving stronger fiscal Q2/Q3 revenues and a weaker fiscal Q4.
“two of our end markets, the lifestyle market and the consumer devices market, exhibit particular strength generally in the two quarters leading up to the end of the calendar year in connection with the holiday season”
Faster growth in the higher margin Power business partially offset CPI margin decline from Cloud and Cooling mix.
“partially offset by faster growth in the higher margin Power business”
USMCA provides preferential tariff treatment for qualifying imports/exports; its 2026 joint review could modify or terminate benefits, increasing costs, disrupting supply chains, and forcing sourcing/manufacturing changes in North America.
“Any material modification to, or withdrawal from, the USMCA, or the imposition of additional tariffs or trade restrictions affecting North America, could result in increased costs, supply chain disruptions, delays in shipments”
ITS segment margin increased 60bps driven by improvement in the Communications business with strong execution, product mix and cost actions.
“The margin increase during the period was driven by improvement in the Communications business with strong execution, product mix and cost actions taken.”
SG&A increase of $148 million primarily driven by higher labor and infrastructure costs in line with business growth.
“primarily driven by an increase in labor and infrastructure costs in line with growth of the business”
RMS includes regulated manufacturing for medical devices, drug delivery and equipment in the healthcare end market.
“Healthcare, regulated manufacturing for medical devices, drug delivery and equipment”
15% global minimum tax for groups with revenue >€750M; no material impact to effective tax rate as of March 31, 2026 but monitoring continues.
“As of March 31, 2026, these changes did not have a material impact to our effective income tax rate”
RMS includes automotive: compute and power electronics platforms and integrated systems.
“Automotive, compute and power electronics platforms, and integrated systems”
RMS includes industrial: mission-critical automation, energy, and industrial infrastructure end markets.
“Industrial, mission-critical automation, energy, and industrial infrastructure”
ITS includes communications, high speed networking, enterprise, and satellite communications systems end market.
“Communications, high speed networking, enterprise, and satellite communications systems”
US tax law enacted July 4, 2025; company does not expect material impact but continues to monitor.
“The Company does not expect a material impact to the consolidated financial statements from the OBBBA”
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