PLXS $273.00 -0.05%

PLXS · Plexus Corp

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$273.00 -0.13 (-0.05%)

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Market Cap

$7.01B

26.65M

Volume · Oct 2 210.81K Avg daily vol (3M) 261.83K

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Earnings call · FY2026 Q2

Plexus Corp (PLXS) Q2 2026 Earnings Call

Concluded Apr 30, 2026

Apr 30, 2026 0 turns

Period: FY2026 Q2
Runtime: —
Sources: 3 artifacts

8-K 8-K 10-Q

Executive readout · one minute

What matters this quarter

Plexus reported record fiscal Q3 2026 revenue of $1.305 billion, up 28% year-over-year, with non-GAAP EPS of $2.32 above guidance, and raised full-year fiscal 2026 revenue growth outlook to over 20% while now guiding to a free cash flow usage for the year due to elevated working capital investment.

Revenue growth and momentum 38 Manufacturing program wins and funnel 19 Aerospace and defense strength 17 Semiconductor capital equipment 17 Leadership transition and CFO succession 12 Malaysia facility ramp 4

Management tone

Confident

Net tone +85 · low hedging

Grounding quotes

“we now expect to deliver mid-teens or greater fiscal 2026 revenue growth from the contribution of numerous program ramps, ongoing market share gains, and improving end market demand”
“fiscal second quarter revenue of $1.164 billion exceeded our guidance range, representing our fifth consecutive quarter of sequential revenue growth and a robust 19% year-over-year increase”
“we anticipate double-digit revenue growth in each of our market sectors in fiscal 2026 with particularly strong performance in aerospace and defense and industrial”
“we're generating significant momentum, and I anticipate that fiscal 2026 will be a great year for Plexus and set us up for a strong fiscal 2027”

Research coverage

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Revenue $1.16M +18.7% YoY

Diluted EPS $1.82 +29.1% YoY

Gross margin 10240.6% +267.7 pp YoY

Net income $49.81M +27.5% YoY

Research materials

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8-K earnings release Filed Jul 29, 2026 8-K call announcement Filed Apr 29, 2026 10-Q report Filed May 7, 2026 Company webcastOpen the original investor-relations page

Key takeaways

What improved, and what deserves a closer read.

↑ Constructive signals

Q3 revenue of $1.305B beat the $1.200–$1.250B guidance range and grew 28% year-over-year
Q3 non-GAAP EPS of $2.32 exceeded the $2.02–$2.18 guidance range
Q3 non-GAAP operating margin of 6.3% met the high end of the 5.9%–6.3% guidance range
ROIC of 14.9% was 590 bps above cost of capital, the highest return in nearly five years
Record qualified manufacturing opportunities funnel of $4.5B supports continued growth

↓ Risks & pressure points

Now guiding to a usage of free cash flow for full-year FY26, a reversal from prior $50–$75M positive FCF guide
Q3 free cash flow was a usage of $0.7M, reflecting working capital investment to support accelerating growth
Top 10 customer concentration rose to 55% of revenue, up 7 percentage points year-over-year

Key moments

Read the management remarks selected from the transcript.

“For our fiscal third quarter, we are guiding revenue of $1.2 to $1.25 billion, representing 5% sequential and 20% year-over-year growth at the midpoint. We are guiding non-GAAP operating margin of 5.9 to 6.3% and non-GAAP EPS of $2.02 to $2.18.” Todd Kelsey, CEO

“Accordingly, for fiscal 2026, we now expect to deliver mid-teens or greater revenue growth overall, a substantially increased forecast from our initial expectations last October. We anticipate delivering this revenue growth performance with robust profitability, anticipating a 6% or greater non-GAAP operating margin for fiscal 2026 and continued strong working capital efficiency.” Todd Kelsey, CEO

Quarter detail

How the reported period landed and where the business moved.

Revenue · segments

Asia Pacific Segment$651.96M +11.1% YoY

Americas Segment$396.98M +34.5% YoY

EMEA Segment$115.75M +12.8% YoY

Capital returned

Buybacks · derived: $21.04M
Shares repurchased: 109,105

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