Plexus Corp 8-K, filed Oct 28, 2026
Plexus Corp (PLXS)
8-K
2026-10-28
For: 2026-10-28
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Added on
October 28, 2026
About this 8-K
Plexus Corp filed this 8-K on October 28, 2026.
Plexus Corp. reported fiscal 2026 revenue of $4.965 billion, GAAP operating margin of 5.3% and GAAP diluted EPS of $7.41. Fiscal first quarter 2027 revenue guidance is $1.410 billion to $1.460 billion, with non-GAAP diluted EPS guidance of $2.46 to $2.62. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
____________________________________________________________________________________________________________________________________
Date of Report (Date of earliest event reported): October 28, 2026
____________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Telephone Number (920 ) 969-6000
(Registrant’s telephone number, including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 28, 2026, Plexus Corp. (“we” or the “Company”) announced results for the fiscal fourth quarter and year ended October 3, 2026. A copy of the Company’s related press release is furnished as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed herewith:
| Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document) | |||||||
* * * * *
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 28, 2026 | PLEXUS CORP. | |||||||
| (Registrant) | ||||||||
By: /s/ David W. Abuhl | ||||||||
| David W. Abuhl | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Plexus Announces Fiscal Fourth Quarter and Fiscal Year 2026 Financial Results
NEENAH, WI – October 28, 2026 - Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal fourth quarter and fiscal year ended October 3, 2026, and guidance for our fiscal first quarter ending January 2, 2027.
•Reports fiscal fourth quarter revenue of $1.427 billion, GAAP operating margin of 6.0% and GAAP diluted EPS of $2.51.
•Reports fiscal 2026 revenue of $4.965 billion, GAAP operating margin of 5.3% and GAAP diluted EPS of $7.41.
•Reports fiscal fourth quarter non-GAAP operating margin of 6.7% and non-GAAP diluted EPS of $2.84, excluding $0.33 of stock-based compensation expense.
•Reports fiscal 2026 non-GAAP operating margin of 6.2% and non-GAAP diluted EPS of $8.97, excluding $1.56 of stock-based compensation expense.
•Initiates fiscal first quarter 2027 revenue guidance of $1.410 billion to $1.460 billion with GAAP diluted EPS of $2.16 to $2.32, including $0.30 of stock-based compensation expense. Fiscal first quarter non-GAAP diluted EPS guidance of $2.46 to $2.62 excludes stock-based compensation expense.
| Three Months Ended | ||||||||||||||||||||
| Oct 3, 2026 | Oct 3, 2026 | Jan 2, 2027 | ||||||||||||||||||
Q4F26 Results | Q4F26 Guidance | Q1F27 Guidance | ||||||||||||||||||
| Summary GAAP Items | ||||||||||||||||||||
| Revenue (in billions) | $1.427 | $1.330 to $1.380 | $1.410 to $1.460 | |||||||||||||||||
| Operating margin | 6.0 | % | 5.5% to 5.9% | 5.5% to 5.9% | ||||||||||||||||
| Diluted EPS | $2.51 | $2.18 to $2.34 | $2.16 to $2.32 | |||||||||||||||||
| Summary Non-GAAP Items (1) | ||||||||||||||||||||
| Adjusted operating margin (2) | 6.7 | % | 6.1% to 6.5% | 6.0% to 6.4% | ||||||||||||||||
| Adjusted EPS (3) | $2.84 | $2.47 to $2.63 | $2.46 to $2.62 | |||||||||||||||||
| Return on invested capital (ROIC) | 15.8 | % | ||||||||||||||||||
| Economic return | 6.8 | % | ||||||||||||||||||
| (1) | Refer to Non-GAAP Supplemental Information tables for additional information regarding non-GAAP financial measures. | |||||||||||||||||||
| (2) | Excludes stock-based compensation expense of approximately 70 bps for Q4F26 results, 60 bps for Q4F26 guidance and 50 bps for Q1F27 guidance. | |||||||||||||||||||
| (3) | Excludes stock-based compensation expense, net of tax, of $0.33 for Q4F26 results, $0.29 for Q4F26 guidance and $0.30 for Q1F27 guidance. | |||||||||||||||||||
Fiscal Fourth Quarter 2026 Information
•Won 36 manufacturing programs representing $290 million in annualized revenue when fully ramped into production.
•Generated free cash flow of $6.4 million.
•Purchased $21.4 million of our shares at an average price of $254.32 per share, completing the 2026 Share Repurchase Program. The 2027 Share Repurchase Program was approved by Plexus' Board of Directors in August 2026 for an additional $100 million. The entirety of the 2027 Share Repurchase Program is available to begin fiscal 2027.
Fiscal Year 2026 Information
•Produced ROIC of 15.8%, representing an economic return of 680 basis points above our weighted average cost of capital of 9.0%.
•Delivered cash cycle of 62 days.
•Purchased $85.0 million of our shares at an average price of $199.68 per share.
Todd Kelsey, President and Chief Executive Officer, “Plexus delivered an outstanding fiscal 2026 that exceeded expectations, achieving record revenue of $5 billion, representing 23% year-over-year growth, and non-GAAP operating margin of 6.2%. In addition, ROIC surpassed our 15% enduring goal, supported by exceptional working capital performance. Finally, fiscal fourth quarter revenue of $1.43 billion, non-GAAP operating margin of 6.7% and non-GAAP EPS of $2.84 all exceeded guidance ranges as our team effectively captured stronger end-market demand and continued to support new program ramps.”
Mr. Kelsey added, “In support of sustaining our diversified and accelerating growth momentum, our go-to-market team generated robust quarterly manufacturing wins of $290 million in annualized revenue. Each market sector delivered strong performance and secured exciting new customer programs and relationships. Lastly, our funnel of qualified opportunities expanded significantly by $1.2 billion year over year, or 33%, to reach another record of $4.9 billion.”
Mr. Kelsey continued, “Our culture is foundational to our success and embodied by our team as they live our vision to help create the products that build a better world. In fiscal 2026, our global team contributed approximately 35,000 paid volunteer time off hours to our local communities and the Plexus Community Foundation donated $1.5 million to non-profits globally. In addition, we reduced our absolute Scope 1 and 2 emissions by more than 50% across our global manufacturing sites versus our fiscal 2023 baseline. Finally, I am immensely proud of the numerous customer honors earned by our team in fiscal 2026 recognizing supplier and manufacturing excellence.”
David Abuhl, Senior Vice President and Chief Financial Officer, commented, “Plexus leveraged significant revenue growth, and the dividends from our ongoing operational efficiency investments and continuous improvement culture, to drive fiscal 2026 non-GAAP operating margin of 6.2%. Having consistently exceeded our previous 6% goal, we are introducing a new non-GAAP operating margin goal of 6.5% to 7.0%. This new goal is supported by strong operational momentum, continued anticipated revenue leverage and a balanced ongoing approach toward investments in growth, people and technology.”
Mr. Abuhl continued, “Amidst further revenue growth acceleration, working capital discipline was outstanding, with a fiscal fourth quarter cash cycle of 62 days. While we anticipate a typical seasonal increase in cash cycle days for our fiscal first quarter, we remain focused on delivering cash cycle days in the low to mid 60s for fiscal 2027. Furthermore, we continue to expect to generate at least $100 million in fiscal 2027 free cash flow, driven by our robust profitability, strong working capital efficiency and disciplined capital investment.”
Mr. Kelsey concluded, “We are guiding fiscal first quarter revenue of $1.410 to $1.460 billion, up 1% sequentially and 34% year over year at the midpoint, with non-GAAP operating margin of 6.0% to 6.4% and non-GAAP EPS of $2.46 to $2.63. For fiscal 2027, we anticipate continued expansion in revenue and profitability, driven by market sector strength, program ramps and share gains while sustaining our investments in people, operational efficiency and technology. We now expect mid- to upper-teens revenue growth with increasing operating margin and sustained working capital efficiency. Finally, through our aligned focus on innovation and our continuous improvement culture, Plexus is creating customer success, scaling the company for the future and developing substantial long-term efficiencies that we expect to generate robust financial returns and shareholder value.”
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| Quarterly & Annual Comparison | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
| (in thousands, except EPS) | Oct 3, 2026 | Jul 4, 2026 | Sep 27, 2025 | Oct 3, 2026 | Sep 27, 2025 | ||||||||||||||||||||||||
| Revenue | $ | 1,426,570 | $ | 1,304,778 | $ | 1,058,366 | $ | 4,964,957 | $ | 4,032,966 | |||||||||||||||||||
| Gross profit | 145,976 | 131,379 | 104,783 | 502,669 | 406,514 | ||||||||||||||||||||||||
| Operating income | 86,276 | 61,260 | 53,112 | 263,837 | 202,371 | ||||||||||||||||||||||||
| Net income | 68,506 | 42,993 | 51,429 | 202,490 | 172,885 | ||||||||||||||||||||||||
| Diluted EPS | $ | 2.51 | $ | 1.58 | $ | 1.87 | $ | 7.41 | $ | 6.26 | |||||||||||||||||||
| Gross margin | 10.2 | % | 10.1 | % | 9.9 | % | 10.1 | % | 10.1 | % | |||||||||||||||||||
| Operating margin | 6.0 | % | 4.7 | % | 5.0 | % | 5.3 | % | 5.0 | % | |||||||||||||||||||
| ROIC (1) | 15.8 | % | 14.9 | % | 14.6 | % | 15.8 | % | 14.6 | % | |||||||||||||||||||
| Economic return (1) | 6.8 | % | 5.9 | % | 5.7 | % | 6.8 | % | 5.7 | % | |||||||||||||||||||
| (1) Refer to Non-GAAP Supplemental Information tables for non-GAAP financial measures discussed and/or disclosed in this release, such as adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and economic return. | |||||||||||||||||||||||||||||
Business Segment and Market Sector Revenue
Plexus measures operational performance and allocates resources on a geographic segment basis. Plexus also reports revenue based on the market sector breakout set forth in the table below, which reflects Plexus’ market sector focused strategy. Top 10 customers comprised 56% of revenue during the fourth quarter of fiscal 2026. This is up 1 percentage point from the third quarter of fiscal 2026 and up 7 percentage points from the fourth quarter of fiscal 2025. For fiscal 2026, top 10 customers comprised 54% of revenue, up 5 percentage points from fiscal 2025.
| Business Segments ($ in millions) | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
| Oct 3, 2026 | Jul 4, 2026 | Sep 27, 2025 | Oct 3, 2026 | Sep 27, 2025 | |||||||||||||||||||||||||
| Americas | $ | 456 | $ | 428 | $ | 336 | $ | 1,626 | $ | 1,217 | |||||||||||||||||||
| Asia-Pacific | 861 | 774 | 605 | 2,898 | 2,393 | ||||||||||||||||||||||||
| Europe, Middle East and Africa | 115 | 109 | 119 | 458 | 440 | ||||||||||||||||||||||||
| Elimination of inter-segment sales | (5) | (6) | (2) | (17) | (17) | ||||||||||||||||||||||||
| Total Revenue | $ | 1,427 | $ | 1,305 | $ | 1,058 | $ | 4,965 | $ | 4,033 | |||||||||||||||||||
| Market Sectors ($ in millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||
| Oct 3, 2026 | Jul 4, 2026 | Sep 27, 2025 | Oct 3, 2026 | Sep 27, 2025 | ||||||||||||||||||||||||||||||||||||||||
| Aerospace/Defense | $ | 224 | 16 | % | $ | 233 | 18 | % | $ | 173 | 16 | % | $ | 847 | 17 | % | $ | 689 | 17 | % | ||||||||||||||||||||||||
| Healthcare/Life Sciences | 512 | 36 | % | 483 | 37 | % | 424 | 40 | % | 1,933 | 39 | % | 1,629 | 40 | % | |||||||||||||||||||||||||||||
| Industrial | 691 | 48 | % | 589 | 45 | % | 461 | 44 | % | 2,185 | 44 | % | 1,715 | 43 | % | |||||||||||||||||||||||||||||
| Total Revenue | $ | 1,427 | $ | 1,305 | $ | 1,058 | $ | 4,965 | $ | 4,033 | ||||||||||||||||||||||||||||||||||
3
Non-GAAP Supplemental Information
Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow, because such measures are used for internal management goals and decision-making, and because they provide management and investors with additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted EPS, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of non-recurring items that are not reflective of continuing operations. For additional information on non-GAAP measures, please refer to the attached Non-GAAP Supplemental Information tables.
ROIC and Economic Return
ROIC for fiscal year 2026 was 15.8%. Plexus defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a five-quarter period for the fiscal year. Invested capital is defined as equity plus debt and operating lease obligations, less cash and cash equivalents. Plexus' weighted average cost of capital for fiscal 2026 was 9.0%. ROIC for fiscal year 2026 less Plexus’ weighted average cost of capital resulted in an economic return of 6.8%.
Free Cash Flow
Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended October 3, 2026, cash flows provided by operations was $29.2 million, less capital expenditures of $22.8 million, resulting in free cash flow of $6.4 million. For the fiscal year ended October 3, 2026, cash flows provided by operations was $68.2 million, less capital expenditures of $97.1 million, which resulted in a usage of free cash flow of $28.9 million.
| Cash Cycle Days | Three Months Ended | |||||||||||||||||||
| Oct 3, 2026 | Jul 4, 2026 | Sep 27, 2025 | ||||||||||||||||||
| Days in Accounts Receivable | 60 | 56 | 57 | |||||||||||||||||
| Days in Contract Assets | 13 | 13 | 13 | |||||||||||||||||
| Days in Inventory | 119 | 116 | 118 | |||||||||||||||||
| Days in Accounts Payable | (81) | (76) | (70) | |||||||||||||||||
| Days in Advanced Payments | (49) | (47) | (55) | |||||||||||||||||
| Annualized Cash Cycle (1) | 62 | 62 | 63 | |||||||||||||||||
| (1) | Plexus calculates cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in advanced payments. | |||||||||||||||||||
4
Conference Call and Webcast Information
What: | Plexus Fiscal Q4 and Fiscal Year 2026 Earnings Conference Call and Webcast | ||||
When: | Thursday, October 29, 2026 at 8:30 a.m. Eastern Time | ||||
Where: | Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com. Participants can also join utilizing the links below: Webcast link: https://events.q4inc.com/attendee/892821381 | ||||
Replay: | The webcast will be archived on the Plexus website and will be available as on-demand for 12 months | ||||
Investor and Media Contact
Shawn Harrison
+1.920.969.6325
shawn.harrison@plexus.com
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 a range of industrial products such as automation systems, robotics, power and energy management and semiconductor capital equipment, our innovative solutions span the lifecycle of a product and 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 approximately 25,000 members across our 29 facilities. For more information about Plexus, visit our website at www.plexus.com.
Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of shortages, delays and price fluctuations in obtaining components as a result of economic cycles, capacity constraints, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate engagement terms, and the lack of a track record of order volume and timing; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customers and deliver product on a timely basis; the risks of concentration of work for certain customers; the effects of start-up costs of new programs and facilities or the costs associated with winding down programs or the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of the economy regionally or globally; the effect of changes in the pricing and margins of our services; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other events outside our control, such as the conflict between Russia and Ukraine, conflict in the Middle East (including in Iran), escalating tensions between China and Taiwan or China and the United States, tensions in or amongst countries in which we operate or transact business; changes in energy prices, terrorism, global health epidemics and weather events; the impact of increased competition; an inability to successfully manage human capital, including succession planning for and transition of senior executives; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2025 Form 10-K.
5
| PLEXUS CORP. AND SUBSIDIARIES | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| Oct 3, | Sep 27, | Oct 3, | Sep 27, | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 1,426,570 | $ | 1,058,366 | $ | 4,964,957 | $ | 4,032,966 | |||||||||||||||
| Cost of sales | 1,280,594 | 953,583 | 4,462,288 | 3,626,452 | |||||||||||||||||||
| Gross profit | 145,976 | 104,783 | 502,669 | 406,514 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Selling and administrative expenses | 59,700 | 51,671 | 238,832 | 199,460 | |||||||||||||||||||
| Restructuring and other charges, net | — | — | — | 4,683 | |||||||||||||||||||
| Operating income | 86,276 | 53,112 | 263,837 | 202,371 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense | (4,946) | (2,413) | (15,345) | (11,605) | |||||||||||||||||||
| Interest income | 1,098 | 883 | 4,357 | 3,922 | |||||||||||||||||||
| Miscellaneous, net | (1,952) | (1,917) | (7,015) | (6,670) | |||||||||||||||||||
| Income before income taxes | 80,476 | 49,665 | 245,834 | 188,018 | |||||||||||||||||||
| Income tax expense (benefit) | 11,970 | (1,764) | 43,344 | 15,133 | |||||||||||||||||||
Net income | $ | 68,506 | $ | 51,429 | $ | 202,490 | $ | 172,885 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 2.57 | $ | 1.91 | $ | 7.58 | $ | 6.39 | |||||||||||||||
| Diluted | $ | 2.51 | $ | 1.87 | $ | 7.41 | $ | 6.26 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 26,634 | 26,901 | 26,718 | 27,038 | |||||||||||||||||||
| Diluted | 27,242 | 27,444 | 27,328 | 27,616 | |||||||||||||||||||
6
| PLEXUS CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands) | |||||||||||
| (unaudited) | |||||||||||
| Oct 3, | Sep 27, | ||||||||||
| 2026 | 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 281,176 | $ | 306,464 | |||||||
| Restricted cash | 45 | 294 | |||||||||
| Accounts receivable | 938,973 | 656,573 | |||||||||
| Contract assets | 193,753 | 150,654 | |||||||||
| Inventories | 1,674,611 | 1,229,839 | |||||||||
| Prepaid expenses and other | 74,049 | 54,969 | |||||||||
| Total current assets | 3,162,607 | 2,398,793 | |||||||||
| Property, plant and equipment, net | 559,180 | 546,052 | |||||||||
| Operating lease right-of-use assets | 66,328 | 72,863 | |||||||||
| Deferred income taxes | 115,229 | 91,349 | |||||||||
| Other assets | 30,593 | 28,053 | |||||||||
| Total non-current assets | 771,330 | 738,317 | |||||||||
| Total assets | $ | 3,933,937 | $ | 3,137,110 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt and finance lease obligations | $ | 179,515 | $ | 45,793 | |||||||
| Accounts payable | 1,132,392 | 726,597 | |||||||||
| Advanced payments from customers | 690,608 | 575,850 | |||||||||
| Accrued salaries and wages | 125,020 | 109,076 | |||||||||
| Other accrued liabilities | 82,923 | 61,367 | |||||||||
| Total current liabilities | 2,210,458 | 1,518,683 | |||||||||
| Long-term debt and finance lease obligations, net of current portion | 81,236 | 91,987 | |||||||||
| Long-term operating lease liabilities | 23,053 | 29,422 | |||||||||
| Deferred income taxes | 7,506 | 6,000 | |||||||||
| Other liabilities | 38,576 | 36,430 | |||||||||
| Total non-current liabilities | 150,371 | 163,839 | |||||||||
| Total liabilities | 2,360,829 | 1,682,522 | |||||||||
| Shareholders’ equity: | |||||||||||
| Common stock | 549 | 547 | |||||||||
| Additional paid-in-capital | 719,529 | 695,653 | |||||||||
| Common stock held in treasury | (1,340,876) | (1,255,451) | |||||||||
| Retained earnings | 2,198,518 | 1,996,028 | |||||||||
| Accumulated other comprehensive (loss) income | (4,612) | 17,811 | |||||||||
| Total shareholders’ equity | 1,573,108 | 1,454,588 | |||||||||
| Total liabilities and shareholders’ equity | $ | 3,933,937 | $ | 3,137,110 | |||||||
7
| PLEXUS CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| (unaudited) | |||||||||||
| Twelve Months Ended | |||||||||||
| Oct 3, | Sep 27, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 202,490 | $ | 172,885 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 77,025 | 77,792 | |||||||||
| Share-based compensation expense and related charges | 46,379 | 30,268 | |||||||||
| Deferred income tax benefit | (19,160) | (16,300) | |||||||||
| Other, net | 495 | (6,556) | |||||||||
| Changes in operating assets and liabilities, excluding impacts of currency: | |||||||||||
| Accounts receivable | (285,434) | (30,749) | |||||||||
| Contract assets | (43,218) | (29,678) | |||||||||
| Inventories | (447,684) | 84,862 | |||||||||
| Other current and non-current assets | (23,048) | 13,499 | |||||||||
| Accrued income taxes payable | 5,715 | (14,663) | |||||||||
| Accounts payable | 417,461 | 98,644 | |||||||||
| Advanced payments from customers | 115,700 | (134,533) | |||||||||
| Other current and non-current liabilities | 21,479 | 3,760 | |||||||||
| Cash flows provided by operating activities | 68,200 | 249,231 | |||||||||
| Cash flows from investing activities | |||||||||||
| Payments for property, plant and equipment | (97,137) | (95,264) | |||||||||
| Other, net | (253) | (347) | |||||||||
| Cash flows used in investing activities | (97,390) | (95,611) | |||||||||
| Cash flows from financing activities | |||||||||||
| Borrowings under debt agreements | 896,500 | 477,000 | |||||||||
| Payments on debt and finance lease obligations | (785,057) | (592,817) | |||||||||
| Debt issuance costs | (1,191) | — | |||||||||
| Repurchases of common stock, including excise tax | (85,425) | (65,336) | |||||||||
| Payments related to tax withholding for share-based compensation | (21,875) | (15,251) | |||||||||
| Cash flows provided by (used in) financing activities | 2,952 | (196,404) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 701 | 2,080 | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | (25,537) | (40,704) | |||||||||
| Cash and cash equivalents and restricted cash: | |||||||||||
| Beginning of period | 306,758 | 347,462 | |||||||||
| End of period | $ | 281,221 | $ | 306,758 | |||||||
8
| PLEXUS CORP. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
| NON-GAAP SUPPLEMENTAL INFORMATION Table 1 | ||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
| Oct 3, | Jul 4, | Sep 27, | Oct 3, | Sep 27, | ||||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Operating income, as reported | $ | 86,276 | $ | 61,260 | $ | 53,112 | $ | 263,837 | $ | 202,371 | ||||||||||||||||||||||
| Operating margin, as reported | 6.0 | % | 4.7 | % | 5.0 | % | 5.3 | % | 5.0 | % | ||||||||||||||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
| Restructuring costs (1) | — | — | — | — | 4,683 | |||||||||||||||||||||||||||
| Stock-based compensation (2) | 9,565 | 21,137 | 7,803 | 46,389 | 29,616 | |||||||||||||||||||||||||||
| Non-GAAP operating income | $ | 95,841 | $ | 82,397 | $ | 60,915 | $ | 310,226 | $ | 236,670 | ||||||||||||||||||||||
| Non-GAAP operating margin | 6.7 | % | 6.3 | % | 5.8 | % | 6.2 | % | 5.9 | % | ||||||||||||||||||||||
| Net income, as reported | $ | 68,506 | $ | 42,993 | $ | 51,429 | $ | 202,490 | $ | 172,885 | ||||||||||||||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
| Restructuring costs, net of tax (1) | — | — | — | — | 4,191 | |||||||||||||||||||||||||||
| Stock-based compensation, net of tax (2) | 8,825 | 20,337 | 7,414 | 42,594 | 28,136 | |||||||||||||||||||||||||||
| Adjusted net income | $ | 77,331 | $ | 63,330 | $ | 58,843 | $ | 245,084 | $ | 205,212 | ||||||||||||||||||||||
| Diluted earnings per share, as reported | $ | 2.51 | $ | 1.58 | $ | 1.87 | $ | 7.41 | $ | 6.26 | ||||||||||||||||||||||
| Non-GAAP per share adjustments: | ||||||||||||||||||||||||||||||||
| Restructuring costs, net of tax (1) | — | — | — | — | 0.15 | |||||||||||||||||||||||||||
| Stock-based compensation, net of tax (2) | 0.33 | 0.74 | 0.27 | 1.56 | 1.02 | |||||||||||||||||||||||||||
| Adjusted diluted earnings per share | $ | 2.84 | $ | 2.32 | $ | 2.14 | $ | 8.97 | $ | 7.43 | ||||||||||||||||||||||
| (1) | During the twelve months ended September 27, 2025, restructuring costs of $4.7 million, or $4.2 million net of taxes, were incurred primarily for employee severance costs associated with a reduction in the Company’s workforce in the EMEA and AMER regions. | |||||||||||||||||||||||||||||||
| (2) | During the three months ended October 3, 2026, $1.1 million, or $0.8 million net of taxes ($0.03 per diluted share), of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of an executive retirement agreement. During the three months ended July 4, 2026, $12.9 million, or $12.5 million net of taxes ($0.46 per diluted share), of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of previously announced executive retirement agreements. During the twelve months ended October 3, 2026, $14.0 million, or $13.4 million net of taxes ($0.49 per diluted share), of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of previously announced executive retirement agreements. | |||||||||||||||||||||||||||||||
9
| PLEXUS CORP. AND SUBSIDIARIES | ||||||||||||||||||||||||||
| NON-GAAP SUPPLEMENTAL INFORMATION Table 2 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| ROIC and Economic Return Calculations | Twelve Months Ended | Nine Months Ended | Twelve Months Ended | |||||||||||||||||||||||
| Oct 3, | Jul 4, | Sep 27, | ||||||||||||||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||||||||||||||
| Operating income, as reported | $ | 263,837 | $ | 177,561 | $ | 202,371 | ||||||||||||||||||||
| Restructuring and other charges, net | — | — | 4,683 | |||||||||||||||||||||||
| Accelerated stock-based compensation (1) | + | 14,015 | + | 12,940 | + | — | ||||||||||||||||||||
| Adjusted operating income | $ | 277,852 | $ | 190,501 | $ | 207,054 | ||||||||||||||||||||
| ÷ | 3 | |||||||||||||||||||||||||
| $ | 63,500 | |||||||||||||||||||||||||
| x | 4 | |||||||||||||||||||||||||
| Adjusted annualized operating income | $ | 277,852 | $ | 254,000 | $ | 207,054 | ||||||||||||||||||||
| Adjusted effective tax rate | x | 17 | % | x | 16 | % | x | 8 | % | |||||||||||||||||
| Tax impact | 47,235 | 40,640 | 16,564 | |||||||||||||||||||||||
| Adjusted operating income (tax-effected) | $ | 230,617 | $ | 213,360 | $ | 190,490 | ||||||||||||||||||||
| Average invested capital | ÷ | $ | 1,461,798 | ÷ | $ | 1,431,266 | ÷ | $ | 1,303,575 | |||||||||||||||||
| ROIC | 15.8 | % | 14.9 | % | 14.6 | % | ||||||||||||||||||||
| Weighted average cost of capital | - | 9.0 | % | - | 9.0 | % | - | 8.9 | % | |||||||||||||||||
| Economic return | 6.8 | % | 5.9 | % | 5.7 | % | ||||||||||||||||||||
| Average Invested Capital Calculations | Oct 3, | Jul 4, | Apr 4, | Jan 3, | Sep 27, | ||||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2026 | 2025 | |||||||||||||||||||||||||
| Equity | $ | 1,573,108 | $ | 1,528,752 | $ | 1,489,800 | $ | 1,481,063 | $ | 1,454,588 | |||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||
| Debt and finance lease obligations - current | 179,515 | 183,814 | 143,112 | 66,837 | 45,793 | ||||||||||||||||||||||||
| Operating lease obligations - current (2) | 8,189 | 7,616 | 7,758 | 7,943 | 8,253 | ||||||||||||||||||||||||
Debt and finance lease obligations - long-term | 81,236 | 91,644 | 91,034 | 91,139 | 91,987 | ||||||||||||||||||||||||
| Operating lease obligations - long-term | 23,053 | 23,888 | 25,769 | 27,327 | 29,422 | ||||||||||||||||||||||||
| Less: Cash and cash equivalents | (281,176) | (314,053) | (303,133) | (248,825) | (306,464) | ||||||||||||||||||||||||
| $ | 1,583,925 | $ | 1,521,661 | $ | 1,454,340 | $ | 1,425,484 | $ | 1,323,579 | ||||||||||||||||||||
| Average Invested Capital Calculations | Jun 28, | Mar 29, | Dec 28, | Sep 28, | |||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | ||||||||||||||||||||
| Equity | $ | 1,419,085 | $ | 1,351,675 | $ | 1,319,069 | $ | 1,324,825 | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Debt and finance lease obligations - current | 50,678 | 121,014 | 121,977 | 157,325 | |||||||||||||||||||
| Operating lease obligations - current (2) | 8,470 | 9,968 | 14,875 | 14,697 | |||||||||||||||||||
Debt and finance lease obligations - long-term | 92,215 | 88,761 | 88,728 | 89,993 | |||||||||||||||||||
| Operating lease obligations - long-term | 31,192 | 32,720 | 35,124 | 32,275 | |||||||||||||||||||
| Less: Cash and cash equivalents | (237,567) | (310,531) | (317,161) | (345,109) | |||||||||||||||||||
| $ | 1,364,073 | $ | 1,293,607 | $ | 1,262,612 | $ | 1,274,006 | ||||||||||||||||
10
| (1) | During the twelve months ended October 3, 2026, $14.0 million of accelerated stock-based compensation expense was recorded in selling and administrative expense in the accompanying Condensed Consolidated Statements of Operations as a result of previously announced executive retirement agreements. During the nine months ended July 4, 2026, $12.9 million of accelerated stock-based compensation expense was recorded in selling and administrative expense in the accompanying Condensed Consolidated Statements of Operations as a result of previously announced executive retirement agreements. | |||||||||||||||||||
| (2) | Included in other accrued liabilities on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
11