Flex Ltd (NASDAQ: FLEX) is a contract electronics manufacturing and design services company that produces hardware for customers across data center, industrial, healthcare, automotive, communications, and consumer end markets. It earns revenue by charging customers for design, engineering, and manufacturing services, as well as for components including power and infrastructure solutions. Flex operates three reporting segments: Intelligent Technologies Solutions (ITS), Reliability and Manufacturing Solutions (RMS), and Cloud and Power Infrastructure (CPI). Net sales totaled $27.9 billion for the fiscal year ended March 31, 2026, an increase of 8% from $25.8 billion in fiscal year 2025. CPI was the fastest-growing segment, with net sales up 38% year-over-year driven by a 29% increase in Cloud and Cooling and 61% growth in Power, both tied to data center demand. The top ten customers accounted for 45% of net sales in fiscal year 2026, though no single customer exceeded 10% of net sales. Flex repurchased 3.1 million ordinary shares between January and March 2026 at an average price between $62.43 and $64.64 per share.

Revenue model

Transactional manufacturing and design services revenue. Flex charges customers for contract electronics manufacturing, engineering, and design services. Revenue is recognized as products are manufactured and delivered. No subscription or recurring-license component is disclosed in the filing excerpts.

Products and services

Contract electronics manufacturing and design services; power and infrastructure solutions for data centers; cloud and cooling hardware; industrial manufacturing; medical equipment manufacturing; automotive electronics; consumer lifestyle electronics; communications hardware.

Customers and end markets

End markets include data centers (Cloud and Cooling, Power), industrial, healthcare (medical equipment), automotive, communications, and consumer lifestyle. Top ten customers represented 45% of net sales in fiscal year 2026, 44% in fiscal year 2025, and 37% in fiscal year 2024. No individual customer exceeded 10% of net sales in any of those three fiscal years.

Value-chain role

Outsourced contract manufacturer and design services provider sitting between component suppliers and original equipment manufacturers. Flex holds inventory, manages supply chains, and operates manufacturing facilities on behalf of brand-owner customers.

Geographic exposure

The filing references a manufacturing facility acquisition in Orangeburg, South Carolina (February 2025) and acquisition contributions from facilities in the United States and Poland. Broader geographic footprint is not detailed in the available filing excerpts.

Source: SEC 10-K, filed 2026-05-20

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