Revenue growth accelerated to 16.9% in 2026Q4, while gross margins improved to 9.8% from 8.7% in 2026Q1, indicating successful capture of higher-value manufacturing demand.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 27.91B | 25.81B | 26.41B | 28.5B | 24.63B | 24.12B | 24.21B | 26.21B | 25.44B | 23.86B | 24.42B | 26.15B | 26.11B | 23.57B | 29.34B | 28.44B | 24.01B | 30.95B | 27.56B | 18.85B | 15.29B | 15.73B | 14.48B | 13.38B | 13.1B | 12.11B | 6.96B | 3.95B | 1.34B | 640.01M |
| Revenue Growth % | 8.14% | -2.28% | -7.32% | 15.71% | 2.11% | -0.36% | -7.63% | 3.03% | 6.61% | -2.28% | -6.61% | 0.15% | 10.77% | -19.68% | 3.17% | 18.46% | -22.42% | 12.3% | 46.17% | 23.32% | -2.81% | 8.64% | 8.23% | 2.09% | 8.22% | 74.01% | 76.06% | 195.92% | 108.71% | 11.89% |
| Cost of Goods Sold | 25.36B | 23.65B | 24.55B | 26.53B | 22.85B | 22.44B | 22.87B | 24.69B | 23.85B | 22.34B | 22.81B | 24.6B | 24.67B | 22.4B | 27.83B | 26.86B | 22.8B | 29.67B | 25.97B | 17.92B | 14.54B | 14.8B | 14.15B | 12.65B | 12.22B | 11.13B | 6.34B | 3.51B | 1.22B | 575.14M |
| COGS % of Revenue | 90.84% | 91.64% | 92.94% | 93.07% | 92.77% | 93.01% | 94.47% | 94.21% | 93.73% | 93.63% | 93.41% | 94.09% | 94.48% | 95.05% | 94.83% | 94.43% | 94.95% | 95.86% | 94.25% | 95.07% | 95.11% | 94.08% | 97.73% | 94.56% | 93.29% | 91.89% | 91.04% | 88.85% | 91.08% | 89.86% |
| Gross Profit | 2.56B | 2.16B | 1.86B | 1.98B | 1.78B | 1.69B | 1.34B | 1.52B | 1.6B | 1.52B | 1.61B | 1.55B | 1.44B | 1.17B | 1.52B | 1.58B | 1.21B | 1.28B | 1.18B | 929M | 747.88M | 931.8M | 328.34M | 728.3M | 879.88M | 981.8M | 623.88M | 440.56M | 119.17M | 64.86M |
| Gross Margin % | 9.16% | 8.36% | 7.06% | 6.93% | 7.23% | 6.99% | 5.53% | 5.79% | 6.27% | 6.37% | 6.59% | 5.91% | 5.52% | 4.95% | 5.17% | 5.57% | 5.05% | 4.14% | 4.27% | 4.93% | 4.89% | 5.92% | 2.27% | 5.44% | 6.71% | 8.11% | 8.96% | 11.15% | 8.92% | 10.13% |
| Gross Profit Growth % | 18.48% | 15.76% | -5.62% | 11.01% | 5.51% | 25.99% | -11.79% | -4.88% | 4.93% | -5.42% | 4.06% | 7.3% | 23.49% | -23.17% | -4.13% | 30.69% | -5.38% | 8.84% | 26.63% | 24.22% | -19.74% | 183.79% | -54.92% | -17.23% | -10.38% | 57.37% | 41.61% | 269.68% | 83.73% | -4.89% |
| Operating Expenses | 1.05B | 990M | 1.01B | 959M | 890M | 892M | 924M | 1.03B | 1.1B | 1.02B | 1.02B | 876.51M | 903.69M | 834.76M | 927.14M | 867.96M | 844.68M | 1.11B | 919.35M | 584.63M | 501.11M | 559.15M | 503.77M | 478.35M | 456.2M | 493.65M | 361.28M | 269.67M | 65.92M | 44.79M |
| OpEx % of Revenue | 3.77% | 3.84% | 3.83% | 3.36% | 3.61% | 3.7% | 3.82% | 3.92% | 4.32% | 4.27% | 4.18% | 3.35% | 3.46% | 3.54% | 3.16% | 3.05% | 3.52% | 3.6% | 3.34% | 3.1% | 3.28% | 3.55% | 3.48% | 3.58% | 3.48% | 4.08% | 5.19% | 6.82% | 4.94% | 7% |
| Selling, General & Admin | 1.05B | 904M | 922M | 874M | 830M | 817M | 834M | 953M | 1.02B | 937.34M | 954.89M | 844.47M | 874.8M | 805.24M | 877.56M | 801.77M | 755.06M | 979.06M | 807.03M | 547.54M | 463.95M | 525.61M | 469.23M | 456.2M | 443.59M | 430.11M | 319.95M | 240.51M | 62.26M | 42.15M |
| SG&A % of Revenue | 3.77% | 3.5% | 3.49% | 3.07% | 3.37% | 3.39% | 3.44% | 3.64% | 4.01% | 3.93% | 3.91% | 3.23% | 3.35% | 3.42% | 2.99% | 2.82% | 3.14% | 3.16% | 2.93% | 2.9% | 3.03% | 3.34% | 3.24% | 3.41% | 3.38% | 3.55% | 4.6% | 6.08% | 4.66% | 6.59% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 86M | 90M | 85M | 60M | 75M | 90M | 74M | 78.64M | 81.4M | 65.97M | 32.03M | 28.89M | 29.53M | 49.57M | 66.19M | 89.61M | 135.87M | 112.32M | 37.09M | 37.16M | 33.54M | 34.54M | 22.15M | 12.62M | 63.54M | 41.33M | 29.16M | 3.66M | 2.65M |
| Operating Income | 1.51B | 1.17B | 853M | 1.02B | 890M | 795M | 415M | 491M | 497.84M | 502.21M | 587.21M | 668.83M | 536.53M | 331.48M | 590.81M | 715.38M | 366.87M | 165.5M | 666M | 344.37M | 246.78M | 372.66M | -175.43M | 249.95M | 423.68M | 488.15M | 262.6M | 170.89M | 53.25M | 20.07M |
| Operating Margin % | 5.4% | 4.53% | 3.23% | 3.57% | 3.61% | 3.3% | 1.71% | 1.87% | 1.96% | 2.1% | 2.4% | 2.56% | 2.05% | 1.41% | 2.01% | 2.52% | 1.53% | 0.53% | 2.42% | 1.83% | 1.61% | 2.37% | -1.21% | 1.87% | 3.23% | 4.03% | 3.77% | 4.32% | 3.99% | 3.14% |
| Operating Income Growth % | 28.83% | 37.05% | -16.13% | 14.27% | 11.95% | 91.57% | -15.48% | -1.37% | -0.87% | -14.47% | -12.2% | 24.66% | 61.86% | -43.89% | -17.41% | 95% | 121.68% | -75.15% | 93.4% | 39.55% | -33.78% | 312.42% | -170.19% | -41% | -13.21% | 85.89% | 53.67% | 220.91% | 165.3% | -14.95% |
| EBITDA | 2.07B | 1.71B | 1.39B | 1.52B | 1.37B | 1.36B | 1.04B | 1.26B | 1.05B | 1.11B | 1.1B | 1.21B | 1B | 897.84M | 1.11B | 1.19B | 1.07B | 859.1M | 1.38B | 766.11M | 637.61M | 748.48M | 489.14M | 670.12M | 907.31M | 1.01B | 454.25M | 353.29M | 88.82M | 38.21M |
| EBITDA Margin % | 7.41% | 6.62% | 5.26% | 5.33% | 5.58% | 5.65% | 4.3% | 4.79% | 4.14% | 4.66% | 4.52% | 4.62% | 3.83% | 3.81% | 3.79% | 4.17% | 4.47% | 2.78% | 5% | 4.06% | 4.17% | 4.76% | 3.38% | 5.01% | 6.92% | 8.36% | 6.53% | 8.94% | 6.65% | 5.97% |
| EBITDA Growth % | 21.14% | 22.88% | -8.43% | 10.48% | 0.73% | 31.03% | -17.12% | 19.25% | -5.28% | 0.84% | -8.83% | 20.8% | 11.5% | -19.31% | -6.26% | 10.48% | 25.06% | -37.69% | 79.98% | 20.15% | -14.81% | 53.02% | -27.01% | -26.14% | -10.36% | 122.83% | 28.58% | 297.77% | 132.43% | 1.9% |
| D&A (Non-Cash Add-back) | 563M | 539M | 537M | 501M | 484M | 569M | 626M | 765M | 555.36M | 609.66M | 515.37M | 540.49M | 464.54M | 566.36M | 521.92M | 471.67M | 707.53M | 693.6M | 712.84M | 421.74M | 390.83M | 375.82M | 664.57M | 420.17M | 483.63M | 524.07M | 191.65M | 182.4M | 35.57M | 18.14M |
| EBIT | 1.36B | 1.24B | 873M | 1.04B | 1.13B | 875M | 441M | 328M | 643.99M | 478.83M | 539.47M | 722.07M | 462.36M | 385.07M | 610.75M | 709.26M | 144.91M | -5.9B | 157.24M | 344.37M | 246.78M | 372.66M | -175.43M | 249.95M | 423.68M | 488.15M | 262.6M | 170.89M | 53.25M | 20.07M |
| Net Interest Income | -164M | -157M | -105M | -161M | -146M | -136M | -126.6M | -126.16M | -104.3M | -95.9M | -85.7M | -57.7M | -62.3M | -48.9M | -48.7M | -82.1M | -158.1M | -202M | -185.4M | -91.99M | -92.95M | -90M | 0 | -92.78M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 51M | 61M | 56M | 30M | 14M | 14M | 19.38M | 19.5M | 18.8M | 12.1M | 12.3M | 18.7M | 17.6M | 20M | 21.9M | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 215M | 218M | 161M | 191M | 160M | 150M | 145.98M | 145.66M | 123.1M | 108M | 98M | 76.4M | 79.9M | 68.9M | 70.6M | 96.1M | 158.1M | 202M | 185.4M | 91.99M | 92.95M | 90M | 25.91M | 92.78M | 91.85M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -363M | -146M | -187M | -210M | 74M | -81M | -256M | -309M | 23.05M | -131.36M | -132.53M | 1.82M | -136.08M | -2.67M | -16.08M | -81.08M | -377.62M | -6.3B | -600.34M | -19.42M | -82.04M | -109.81M | -235.94M | -397.19M | -666.28M | -1.04B | -80.95M | -131.52M | -28.5M | -6.42M |
| Pretax Income | 1.14B | 1.02B | 666M | 807M | 964M | 714M | 159M | 182M | 520.89M | 370.85M | 454.68M | 670.65M | 400.45M | 328.81M | 574.73M | 634.31M | -10.75M | -6.13B | 65.67M | 324.95M | 164.74M | 262.85M | -411.37M | -147.24M | -242.6M | -552.3M | 181.65M | 39.37M | 24.75M | 13.65M |
| Pretax Margin % | 4.09% | 3.96% | 2.52% | 2.83% | 3.91% | 2.96% | 0.66% | 0.69% | 2.05% | 1.55% | 1.86% | 2.56% | 1.53% | 1.4% | 1.96% | 2.23% | -0.04% | -19.81% | 0.24% | 1.72% | 1.08% | 1.67% | -2.84% | -1.1% | -1.85% | -4.56% | 2.61% | 1% | 1.85% | 2.13% |
| Income Tax | 263M | 185M | -206M | 124M | 92M | 101M | 71M | 89M | 92.36M | 51.28M | 10.59M | 69.85M | 34.86M | 26.31M | 53.96M | 22.05M | -35.75M | 5.21M | 705.04M | 4.05M | 54.22M | -68.65M | -64.96M | -63.79M | -88.85M | -106.28M | 23.08M | -11.63M | 2.32M | 2.03M |
| Effective Tax Rate % | 23.01% | 18.08% | -30.93% | 15.37% | 9.54% | 14.15% | 44.65% | 48.9% | 17.73% | 13.83% | 2.33% | 10.42% | 8.71% | 8% | 9.39% | 3.48% | 332.66% | -0.08% | 1073.65% | 1.25% | 32.91% | -26.12% | 15.79% | 43.32% | 36.63% | 19.24% | 12.71% | -29.55% | 9.36% | 14.85% |
| Net Income | 880M | 838M | 1.01B | 793M | 936M | 613M | 88M | 93M | 428.53M | 319.56M | 444.08M | 600.8M | 365.59M | 277.05M | 488.76M | 596.22M | 18.59M | -6.14B | -639.37M | 508.64M | 141.16M | 339.87M | -352.38M | -83.45M | -153.75M | -446.02M | 158.57M | 51M | 22.44M | 11.62M |
| Net Margin % | 3.15% | 3.25% | 3.81% | 2.78% | 3.8% | 2.54% | 0.36% | 0.35% | 1.68% | 1.34% | 1.82% | 2.3% | 1.4% | 1.18% | 1.67% | 2.1% | 0.08% | -19.82% | -2.32% | 2.7% | 0.92% | 2.16% | -2.43% | -0.62% | -1.17% | -3.68% | 2.28% | 1.29% | 1.68% | 1.82% |
| Net Income Growth % | 5.01% | -16.7% | 26.86% | -15.28% | 52.69% | 596.59% | -5.38% | -78.3% | 34.1% | -28.04% | -26.09% | 64.34% | 31.96% | -43.32% | -18.02% | 3106.51% | 100.3% | -859.62% | -225.7% | 260.32% | -58.47% | 196.45% | -322.25% | 45.72% | 65.53% | -381.28% | 210.9% | 127.33% | 93.08% | 182.41% |
| Net Income (Continuing) | 880M | 838M | 872M | 683M | 872M | 613M | 88M | 93M | 428.53M | 319.56M | 444.08M | 600.8M | 365.59M | 302.5M | 520.77M | 612.26M | 25M | -6.14B | -639.37M | 320.9M | 110.52M | 331.5M | -346.41M | -83.45M | -153.75M | -446.02M | 158.57M | 51M | 22.44M | 11.62M |
| Discontinued Operations | 0 | 0 | 373M | 350M | 68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25.45M | -32.01M | -16.04M | -6.41M | 0 | 0 | 187.74M | 30.64M | 8.37M | -5.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 355M | 78M | 0 | 0 | 0 | 0 | 33.74M | 34.66M | 35.44M | 38.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.45M | 4.02M | 994K | 1.14M |
| EPS (Diluted) | 2.33 | 2.11 | 2.28 | 1.72 | 1.94 | 1.21 | 0.17 | 0.18 | 0.80 | 0.59 | 0.79 | 1.02 | 0.59 | 0.41 | 0.67 | 0.75 | 0.02 | -7.41 | -0.89 | 0.85 | 0.24 | 0.58 | -0.67 | -0.16 | -0.31 | -1.01 | 0.42 | 0.32 | 0.13 | 0.09 |
| EPS Growth % | 10.43% | -7.46% | 32.56% | -11.34% | 60.33% | 611.76% | -5.56% | -77.5% | 35.59% | -25.32% | -22.55% | 72.88% | 43.9% | -38.81% | -10.67% | 3650% | 100.27% | -732.58% | -204.71% | 254.17% | -58.62% | 186.57% | -318.75% | 48.39% | 69.31% | -340.48% | 31.25% | 146.15% | 44.44% | 175% |
| EPS (Basic) | 2.33 | 2.14 | 2.47 | 1.75 | 1.97 | 1.23 | 0.17 | 0.18 | 0.81 | 0.59 | 0.80 | 1.04 | 0.60 | 0.42 | 0.68 | 0.77 | 0.02 | -7.41 | -0.89 | 0.86 | 0.25 | 0.61 | -0.67 | -0.16 | -0.31 | -1.01 | 0.44 | 0.33 | 0.14 | 0.09 |
| Diluted Shares Outstanding | 374M | 398M | 441M | 462M | 483M | 506M | 512.44M | 530.07M | 536.6M | 546.22M | 564.87M | 591.56M | 623.48M | 675.03M | 727.81M | 790.19M | 821.11M | 820.96M | 720.52M | 596.85M | 600.6M | 585.5M | 525.94M | 517.2M | 489.55M | 441.99M | 383.12M | 194.11M | 152.78M | 129.11M |
| Basic Shares Outstanding | 374M | 391M | 408.1M | 454M | 476M | 499M | 508.77M | 518.88M | 529.78M | 540.5M | 557.67M | 579.98M | 610.5M | 662.87M | 716.25M | 777.32M | 811.68M | 820.96M | 720.52M | 588.59M | 573.52M | 552.92M | 525.94M | 517.2M | 489.55M | 441.99M | 356.34M | 183.73M | 146.1M | 129.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 16.76% | 18.09% | 3.57% | - |
Supply chain concentration risk
According to the most recent quarterly data, Flex achieved a 16.9% year-over-year revenue expansion in 2026Q4, marking a significant acceleration from the mid-single-digit growth observed in previous periods and suggesting a successful capture of demand within its specialized Reliability Solutions segment despite broader macroeconomic headwinds.
The recent revenue surge appears to indicate that the company's strategic pivot toward high-complexity, regulated product lifecycles is gaining traction. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary inventory build-up by key automotive and healthcare clients.
As reported in financial statements, the company's gross margin reached 9.8% in 2026Q4, reflecting a steady improvement from the 8.7% level seen in 2026Q1 and indicating that the firm's focus on higher-value manufacturing services is beginning to yield tangible benefits to the bottom line.
This margin progression suggests that Flex is successfully navigating the pass-through nature of its material costs while extracting better pricing for its engineering expertise. However, the thin margin profile remains sensitive to labor inflation and capacity utilization, warranting caution regarding future volatility.
Based on the latest income statement figures, operating income scaled to $425 million in 2026Q4, outpacing the growth in gross profit and suggesting that management is effectively controlling SG&A expenses even as the company expands its top-line footprint across its core industrial and medical segments.
The ability to maintain operating margins at 5.7% while scaling revenue implies that the company is achieving better fixed-cost absorption across its global manufacturing footprint. This trend suggests that the current operating model is becoming more efficient, though investors should watch for potential cost creep in future quarters.
As indicated by the 2026Q4 data, the company reported net income of $250 million with zero stock-based compensation, a notable shift from the $37 million in SBC recorded in the prior quarter, which suggests a cleaner earnings profile for shareholders in the most recent reporting period.
The absence of stock-based compensation in the latest quarter may imply a temporary pause or a change in incentive structures that warrants further investigation. Analysts should interpret this as a potential boost to earnings quality, provided it does not signal a reduction in long-term talent retention efforts.
While recent performance appears strong, the historical volatility in net margins, which fluctuated significantly during the 2024Q4 period, suggests that the company remains vulnerable to sudden shifts in OEM demand and the inherent risks of operating in a low-margin, high-volume hardware assembly environment.
Short-sellers may focus on the potential for margin compression if the current mix shift toward Reliability Solutions stalls or if global EV adoption rates continue to decelerate. The reliance on project-based revenue means that any unexpected cancellation of major contracts could lead to rapid operating deleverage.
Quick answers to the most common questions about buying FLEX stock.
For fiscal year 2026, Flex Ltd. (FLEX) reported total revenue of $27.91B. This represents a 4261.5% increase compared to $640.0M in 1997.
Flex Ltd. (FLEX) is profitable, generating $880.0M in net income for the fiscal year ending 2026 with a net profit margin of 3.2%.
Flex Ltd. (FLEX) reported an operating income of $1.51B, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Flex Ltd. (FLEX) generated $2.56B in gross profit for the year, representing a gross profit margin of 9.2%. This demonstrates the company's core pricing power and production efficiency.