Flex Ltd

flex.com

What Do They Do?

Provides product design and manufacturing services, supply-chain solutions, and power and cooling products for data center, technology and regulated-industry customers.

How Do They Make Money?

Customers pay for manufactured products and for design, engineering, supply-chain and other services. Custom products may be billed as work progresses; other manufactured products are generally billed upon delivery, while service contracts are billed over time.

FY2026 revenue by reportable segment revenue

Segment	Share	Revenue
ITS	40%
RMS	37%
CPI	24%

Who Are Their Customers?

Flex serves data center and cloud companies, technology and communications businesses, and customers in regulated and industrial markets. Business is typically arranged through master supply agreements, with program-specific purchase orders for products.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2026 and turned 4 cents into free cash flow.

Operating income, FY2026

5% of revenue

▲ +17% vs FY2025 ($1.2B, 5%)

Net income, FY2026

3% of revenue

▲ +5% vs FY2025 ($838M, 3%)

Free cash flow, FY2026

4% of revenue

▼ −1% vs FY2025 ($1.1B, 4%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 26, 2026

Revenue: ▲ +21%; vs $6.6B in Q1 FY2026
Net income: ▲ +48%; vs $192M in Q1 FY2026

ITS share of revenue vs 38.9% in Q1 FY2026

Sep 4, 2026 Flex agreed to acquire EPC Power EPC Power is expected to join CPI, which Flex plans to spin off.
Jul 29, 2026 Michael Hartung is slated to become Flex CEO The leadership roles are planned for after completion of the spin-off.
Jul 29, 2026 Flex raised its sales and adjusted EPS outlook The sales and adjusted EPS ranges rose, and the top of the adjusted operating margin range moved higher.

Growing. Revenue grew 13% in 4 years, from $24.6B in FY2022 to $27.9B in FY2026, about 3% a year.

Data center systems and cooling Flex's data-center offering has broadened from power supplies, server products and critical power systems to integrated compute, cooling and facility-level power infrastructure.

Solar-tracker business The older report included Nextracker's solar-tracker and software business; Flex later spun off its remaining Nextracker interests, which it now presents as discontinued operations.

Revenue over time

ITS RMS CPI

$50B$25B$0

FY2024 FY2025 FY2026

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