Revenue growth has accelerated to 18.7% in 2026Q2, though operating margins remain constrained at 5.3% due to the company's pass-through cost structure.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Oct'22 | Oct'21 | Oct'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 4.31B | 4.03B | 3.96B | 4.21B | 3.81B | 3.37B | 3.39B | 3.16B | 2.87B | 2.53B | 2.56B | 2.65B | 2.38B | 2.23B | 2.31B | 2.23B | 2.01B | 1.62B | 1.84B | 1.55B | 1.46B | 1.23B | 1.04B | 807.84M | 883.6M | 1.06B | 751.64M | 492.41M | 396.81M | 386.43M | 316.12M |
| Revenue Growth % | 8.64% | 1.82% | -5.93% | 10.47% | 13.14% | -0.64% | 7.14% | 10.12% | 13.66% | -1.09% | -3.7% | 11.61% | 6.74% | -3.41% | 3.38% | 10.82% | 24.54% | -12.22% | 19.1% | 5.87% | 18.85% | 18.06% | 28.85% | -8.57% | -16.82% | 41.33% | 52.64% | 24.09% | 2.69% | 22.24% | 11.67% |
| Cost of Goods Sold | 3.88B | 3.63B | 3.58B | 3.82B | 3.46B | 3.05B | 3.08B | 2.87B | 2.62B | 2.27B | 2.33B | 2.41B | 2.15B | 2.01B | 2.09B | 2.02B | 1.81B | 1.46B | 1.64B | 1.38B | 1.3B | 1.12B | 954.08M | 754.87M | 802.28M | 930.51M | 644.48M | 426M | 346.87M | 342.42M | 288.79M |
| COGS % of Revenue | - | 89.92% | 90.44% | 90.63% | 90.89% | 90.4% | 90.78% | 90.78% | 91.04% | 89.88% | 91.1% | 90.97% | 90.52% | 90.43% | 90.47% | 90.38% | 89.72% | 90.43% | 88.83% | 89.42% | 89.13% | 91.4% | 91.66% | 93.44% | 90.8% | 87.59% | 85.74% | 86.51% | 87.41% | 88.61% | 91.35% |
| Gross Profit | 433.38M | 406.51M | 378.53M | 394.55M | 347.23M | 323.3M | 312.71M | 291.84M | 257.6M | 255.85M | 227.36M | 239.55M | 225.57M | 213.19M | 219.91M | 214.74M | 206.92M | 154.78M | 205.76M | 163.54M | 158.7M | 105.74M | 86.78M | 52.97M | 81.32M | 131.79M | 107.16M | 66.41M | 49.95M | 44.02M | 27.33M |
| Gross Margin % | 10.05% | 10.08% | 9.56% | 9.37% | 9.11% | 9.6% | 9.22% | 9.22% | 8.96% | 10.12% | 8.9% | 9.03% | 9.48% | 9.57% | 9.53% | 9.62% | 10.28% | 9.57% | 11.17% | 10.58% | 10.87% | 8.6% | 8.34% | 6.56% | 9.2% | 12.41% | 14.26% | 13.49% | 12.59% | 11.39% | 8.65% |
| Gross Profit Growth % | - | 7.39% | -4.06% | 13.63% | 7.4% | 3.39% | 7.15% | 13.29% | 0.68% | 12.53% | -5.09% | 6.2% | 5.81% | -3.06% | 2.41% | 3.78% | 33.69% | -24.78% | 25.82% | 3.05% | 50.09% | 21.85% | 63.84% | -34.87% | -38.3% | 22.98% | 61.37% | 32.96% | 13.47% | 61.04% | 1.61% |
| Operating Expenses | 210.36M | 204.14M | 210.8M | 198.73M | 169.04M | 147.03M | 159.33M | 149.78M | 139.32M | 125.95M | 120.89M | 122.42M | 113.68M | 116.56M | 115.75M | 113.56M | 107.27M | 93.14M | 100.81M | 82.26M | 78.44M | 76.32M | 68.26M | 65.15M | 72.38M | 59.87M | 36.16M | 25.46M | 19.02M | 17.2M | 13.35M |
| OpEx % of Revenue | - | 5.06% | 5.32% | 4.72% | 4.44% | 4.36% | 4.7% | 4.73% | 4.85% | 4.98% | 4.73% | 4.61% | 4.78% | 5.23% | 5.02% | 5.09% | 5.33% | 5.76% | 5.47% | 5.32% | 5.37% | 6.21% | 6.56% | 8.06% | 8.19% | 5.64% | 4.81% | 5.17% | 4.79% | 4.45% | 4.22% |
| Selling, General & Admin | 210.36M | 199.46M | 190.54M | 175.64M | 167.02M | 143.76M | 153.33M | 148.1M | 139.32M | 125.95M | 120.89M | 122.42M | 113.68M | 116.56M | 115.75M | 113.56M | 107.27M | 93.14M | 100.81M | 82.26M | 78.44M | 76.32M | 68.26M | 65.15M | 66.92M | 55.84M | 35.05M | 26.44M | 19.02M | 17.2M | 13.35M |
| SG&A % of Revenue | - | 4.95% | 4.81% | 4.17% | 4.38% | 4.27% | 4.52% | 4.68% | 4.85% | 4.98% | 4.73% | 4.61% | 4.78% | 5.23% | 5.02% | 5.09% | 5.33% | 5.76% | 5.47% | 5.32% | 5.37% | 6.21% | 6.56% | 8.06% | 7.57% | 5.26% | 4.66% | 5.37% | 4.79% | 4.45% | 4.22% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 4.68M | 20.26M | 23.09M | 2.02M | 3.27M | 6M | 1.68M | 0 | 451K | 0 | 0 | 0 | -642K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.45M | 4.02M | 1.11M | -984K | 0 | 0 | 0 |
| Operating Income | 223.02M | 202.37M | 167.73M | 195.82M | 178.19M | 176.27M | 153.37M | 142.06M | 118.28M | 129.91M | 99.44M | 115.44M | 100.61M | 96.62M | 104.16M | 101.18M | 99.65M | 61.64M | 104.95M | 81.28M | 80.26M | 29.42M | 18.52M | -12.19M | 8.95M | 71.92M | 71M | 38.98M | 36.39M | 34.43M | 13.32M |
| Operating Margin % | 5.17% | 5.02% | 4.23% | 4.65% | 4.68% | 5.23% | 4.52% | 4.49% | 4.12% | 5.14% | 3.89% | 4.35% | 4.23% | 4.34% | 4.52% | 4.53% | 4.95% | 3.81% | 5.7% | 5.26% | 5.5% | 2.39% | 1.78% | -1.51% | 1.01% | 6.77% | 9.45% | 7.92% | 9.17% | 8.91% | 4.21% |
| Operating Income Growth % | - | 20.65% | -14.34% | 9.9% | 1.09% | 14.93% | 7.97% | 20.1% | -8.95% | 30.64% | -13.86% | 14.74% | 4.12% | -7.24% | 2.95% | 1.53% | 61.67% | -41.27% | 29.12% | 1.26% | 172.84% | 58.85% | 251.96% | -236.24% | -87.56% | 1.3% | 82.12% | 7.12% | 5.71% | 158.53% | 7.4% |
| EBITDA | 261.34M | 280.16M | 245.58M | 265.58M | 240.87M | 237.28M | 210.06M | 194.26M | 166.58M | 175.24M | 146.85M | 163.81M | 148.47M | 146.1M | 153.37M | 148.21M | 139.8M | 96.11M | 134.16M | 107.86M | 103.57M | 53.31M | 43.97M | 14.95M | 45.55M | 101.81M | 87.31M | 48.98M | 44.77M | 39.99M | 16.97M |
| EBITDA Margin % | 6.06% | 6.95% | 6.2% | 6.31% | 6.32% | 7.04% | 6.2% | 6.14% | 5.8% | 6.93% | 5.75% | 6.17% | 6.24% | 6.56% | 6.65% | 6.64% | 6.94% | 5.94% | 7.29% | 6.98% | 7.09% | 4.34% | 4.22% | 1.85% | 5.15% | 9.58% | 11.62% | 9.95% | 11.28% | 10.35% | 5.37% |
| EBITDA Growth % | -2.12% | 14.08% | -7.53% | 10.26% | 1.51% | 12.96% | 8.13% | 16.62% | -4.94% | 19.33% | -10.35% | 10.33% | 1.62% | -4.74% | 3.49% | 6.01% | 45.47% | -28.37% | 24.38% | 4.14% | 94.29% | 21.24% | 194.14% | -67.18% | -55.26% | 16.61% | 78.26% | 9.41% | 11.94% | 135.65% | 8.78% |
| D&A (Non-Cash Add-back) | 38.87M | 77.79M | 77.85M | 69.76M | 62.69M | 61.01M | 56.69M | 52.21M | 48.3M | 45.33M | 47.41M | 48.38M | 47.86M | 49.48M | 49.21M | 47.03M | 40.15M | 34.47M | 29.22M | 26.59M | 23.31M | 23.89M | 25.45M | 27.14M | 36.6M | 29.89M | 16.31M | 9.99M | 8.37M | 5.56M | 3.65M |
| EBIT | 220.17M | 199.62M | 158.41M | 192.56M | 174.16M | 174.66M | 151.56M | 138.81M | 119.84M | 135.4M | 102.03M | 120.26M | 111.89M | 97.62M | 107.3M | 99.44M | 95.12M | 56.29M | 104.95M | 81.28M | 80.26M | 29.42M | 18.52M | -12.19M | 8.95M | 71.92M | 71M | 38.98M | 36.39M | 34.43M | 13.32M |
| Net Interest Income | -7.61M | -7.68M | -25.02M | -28.4M | -14.55M | -12.88M | -14.28M | -10.9M | -7.53M | -8.54M | -10.39M | -10.46M | -9.36M | -11M | -14.3M | -10.28M | -8.15M | -8.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.61M | 3.92M | 3.86M | 3.14M | 1.3M | 1.37M | 1.88M | 1.95M | 4.7M | 5.04M | 4.24M | 3.5M | 2.93M | 1.64M | 1.76M | 1.37M | 1.44M | 2.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.22M | 11.61M | 28.88M | 31.54M | 15.86M | 14.25M | 16.16M | 12.85M | 12.23M | 13.58M | 14.63M | 13.96M | 12.29M | 12.64M | 16.06M | 11.65M | 9.59M | 10.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -14.61M | -14.35M | -38.2M | -34.81M | -19.88M | -15.86M | -17.98M | -16.1M | -10.67M | -8.09M | -12.04M | -9.14M | -7.28M | -11.64M | -12.93M | -9.08M | -9.21M | -16.22M | -2.33M | 2.98M | 3.09M | -40.41M | -10.91M | -59.54M | -14.77M | -6.56M | -2.37M | -2.84M | 0 | -3.51M | -940K |
| Pretax Income | 208.41M | 188.02M | 129.53M | 161.01M | 158.3M | 160.41M | 135.4M | 125.95M | 107.61M | 121.82M | 87.39M | 106.3M | 93.33M | 84.98M | 91.23M | 92.1M | 90.44M | 45.42M | 102.61M | 84.25M | 83.35M | -11M | 7.61M | -71.72M | -5.83M | 65.37M | 68.63M | 36.15M | 37.28M | 30.91M | 12.38M |
| Pretax Margin % | 4.84% | 4.66% | 3.27% | 3.82% | 4.15% | 4.76% | 3.99% | 3.98% | 3.74% | 4.82% | 3.42% | 4% | 3.92% | 3.81% | 3.96% | 4.13% | 4.49% | 2.81% | 5.57% | 5.45% | 5.71% | -0.9% | 0.73% | -8.88% | -0.66% | 6.15% | 9.13% | 7.34% | 9.4% | 8% | 3.92% |
| Income Tax | 20.87M | 15.13M | 17.72M | 21.92M | 20.06M | 21.5M | 17.92M | 17.34M | 94.57M | 9.76M | 10.97M | 11.96M | 6.11M | 2.72M | 29.14M | 2.85M | 904K | -908K | 18.47M | 18.54M | -17.18M | 1.42M | 39.19M | -27.23M | -1.75M | 26.22M | 28.43M | 15.84M | 14.35M | 12.02M | 4.95M |
| Effective Tax Rate % | 10.02% | 8.05% | 13.68% | 13.61% | 12.67% | 13.4% | 13.23% | 13.77% | 87.88% | 8.01% | 12.55% | 11.25% | 6.55% | 3.21% | 31.94% | 3.09% | 1% | -2% | 18% | 22% | -20.61% | -12.9% | 514.93% | 37.96% | 30.09% | 40.11% | 41.43% | 43.81% | 38.48% | 38.89% | 39.96% |
| Net Income | 187.54M | 172.88M | 111.81M | 139.09M | 138.24M | 138.91M | 117.48M | 108.62M | 13.04M | 112.06M | 76.43M | 94.33M | 87.21M | 82.26M | 62.09M | 89.26M | 89.53M | 46.33M | 84.14M | 65.72M | 100.03M | -12.42M | -31.58M | -67.98M | -4.07M | 39.15M | 40.2M | 20.31M | 22.94M | 18.89M | 7.43M |
| Net Margin % | 4.35% | 4.29% | 2.82% | 3.3% | 3.63% | 4.12% | 3.47% | 3.43% | 0.45% | 4.43% | 2.99% | 3.55% | 3.67% | 3.69% | 2.69% | 4% | 4.45% | 2.87% | 4.57% | 4.25% | 6.85% | -1.01% | -3.03% | -8.41% | -0.46% | 3.69% | 5.35% | 4.12% | 5.78% | 4.89% | 2.35% |
| Net Income Growth % | 31.42% | 54.62% | -19.61% | 0.62% | -0.48% | 18.24% | 8.16% | 732.94% | -88.36% | 46.63% | -18.98% | 8.16% | 6.02% | 32.49% | -30.44% | -0.31% | 93.26% | -44.94% | 28.04% | -34.3% | 905.55% | 60.68% | 53.54% | -1568.99% | -110.4% | -2.6% | 97.9% | -11.45% | 21.4% | 154.25% | 17.95% |
| Net Income (Continuing) | 187.54M | 172.88M | 111.81M | 139.09M | 138.24M | 138.91M | 117.48M | 108.62M | 13.04M | 112.06M | 76.43M | 94.33M | 87.21M | 82.26M | 62.09M | 89.26M | 89.53M | 46.33M | 84.14M | 65.72M | 100.53M | -12.42M | -31.58M | -44.5M | -4.07M | 39.15M | 40.2M | 20.31M | 22.94M | 18.89M | 7.43M |
| Discontinued Operations | 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 | 0 |
| Minority Interest | 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 | 0 |
| EPS (Diluted) | 6.85 | 6.26 | 4.01 | 4.95 | 4.86 | 4.76 | 3.93 | 3.50 | 0.38 | 3.24 | 2.24 | 2.74 | 2.52 | 2.36 | 1.75 | 2.30 | 2.19 | 1.17 | 1.92 | 1.41 | 2.15 | -0.29 | -0.74 | -1.61 | -0.10 | 0.91 | 1.04 | 0.28 | 0.37 | 0.27 | 0.17 |
| EPS Growth % | 33.07% | 56.11% | -18.99% | 1.85% | 2.1% | 21.12% | 12.29% | 821.05% | -88.27% | 44.64% | -18.25% | 8.73% | 6.78% | 34.86% | -23.91% | 5.02% | 87.18% | -39.06% | 36.17% | -34.42% | 841.38% | 60.81% | 54.04% | -1556.38% | -110.68% | -12.5% | 271.43% | -24.32% | 37.04% | 58.82% | 13.33% |
| EPS (Basic) | - | 6.39 | 4.08 | 5.04 | 4.96 | 4.86 | 4.02 | 3.59 | 0.40 | 3.33 | 2.29 | 2.81 | 2.58 | 2.40 | 1.78 | 2.34 | 2.24 | 1.18 | 1.94 | 1.42 | 2.22 | -0.29 | -0.74 | -1.61 | -0.10 | 0.95 | 1.12 | 0.30 | 0.39 | 0.29 | 0.17 |
| Diluted Shares Outstanding | 27.37M | 27.62M | 27.91M | 28.11M | 28.44M | 29.17M | 29.92M | 31.07M | 33.92M | 34.55M | 34.1M | 34.38M | 34.66M | 34.89M | 35.53M | 38.8M | 40.83M | 39.65M | 43.85M | 46.74M | 46.49M | 43.37M | 42.89M | 42.28M | 41.9M | 43.23M | 38.73M | 74.04M | 61.53M | 62.31M | 42.5M |
| Basic Shares Outstanding | 26.76M | 27.04M | 27.4M | 27.58M | 27.86M | 28.57M | 29.2M | 30.27M | 33M | 33.61M | 33.37M | 33.62M | 33.78M | 34.33M | 34.87M | 38.06M | 40.05M | 39.41M | 43.34M | 46.31M | 45.15M | 43.37M | 42.89M | 42.28M | 41.9M | 41.13M | 36.03M | 69.29M | 59.32M | 55.95M | 42.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.79% | 6.94% |
Manufacturing capacity utilization volatility
According to recent financial disclosures, Plexus achieved a notable 18.7% year-over-year revenue growth in 2026Q2, marking a significant departure from the stagnant or negative growth trends observed throughout the 2024 fiscal year and early 2025 periods, suggesting successful execution of its high-mix, low-volume manufacturing strategy.
The recent acceleration suggests that the company's focus on regulated end-markets like MedTech and Aerospace is beginning to yield tangible volume gains. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in project-based demand that may normalize in subsequent quarters.
As reported in quarterly income statements, Plexus maintains a gross margin hovering near 10%, a figure that has remained remarkably consistent despite the recent revenue acceleration, indicating that the company's cost structure is heavily tied to pass-through material expenses and competitive pricing pressures.
The inability to significantly expand gross margins despite higher revenue suggests that the company lacks substantial pricing power in its core EMS business. This structural limitation implies that profitability gains must come from operational efficiencies rather than premium product positioning.
Based on the provided income statement data, operating margins have shown modest improvement to 5.3% in 2026Q2, demonstrating that Plexus is successfully scaling its fixed overhead costs as production volumes increase across its global manufacturing footprint in the Americas and Southeast Asia.
The sensitivity of operating income to revenue fluctuations highlights the company's reliance on high capacity utilization to drive bottom-line growth. If demand in the industrial sector softens, the company may face rapid deleveraging, which warrants close attention from risk-focused investors.
Analysis of recent filings reveals that Plexus has effectively managed its earnings profile, with net income reaching $49.8 million in 2026Q2, supported by a disciplined approach to operating expenses and a notable absence of significant non-operating charges that often distort performance in the EMS industry.
The reported EPS growth of 29.1% in the most recent quarter appears to be driven by core operational performance rather than accounting anomalies. However, investors should continue to scrutinize the impact of stock-based compensation, which can fluctuate and potentially mask the true cost of engineering talent retention.
While recent growth figures appear robust, a critical examination of the income statement suggests that Plexus remains vulnerable to cyclical downturns in its industrial and communications segments, which could quickly erode the modest margin gains achieved during the current period of increased manufacturing activity.
Short-sellers might focus on the company's reliance on project-based revenue, which lacks the predictability of true recurring service models. If the current momentum in the Healthcare segment fails to offset potential weakness in other areas, the company's valuation multiple may face significant downward pressure.
Quick answers to the most common questions about buying PLXS stock.
For fiscal year 2025, Plexus Corp. (PLXS) reported total revenue of $4.03B. This represents a 1175.8% increase compared to $316.1M in 1996.
Plexus Corp. (PLXS) is profitable, generating $172.9M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
Plexus Corp. (PLXS) reported an operating income of $202.4M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Plexus Corp. (PLXS) generated $406.5M in gross profit for the year, representing a gross profit margin of 10.1%. This demonstrates the company's core pricing power and production efficiency.