Plexus (PLXS) investor relations material

Executive summary

• FY26 revenue reached a record $4.965B, up 23% YoY; non-GAAP operating margin was 6.2%, and ROIC was 15.8%, above the 15% enduring goal.

• Q4 revenue was a record $1.427B, up 9% QoQ and 35% YoY; non-GAAP operating margin of 6.7% and non-GAAP EPS of $2.84 exceeded guidance.

• Q4 manufacturing wins totaled $290M in annualized revenue at full ramp; the qualified-opportunity funnel reached a record $4.916B, up 33% YoY.

Financial highlights

• Q4 gross margin was 10.2%; GAAP operating margin was 6.0% and non-GAAP operating margin was 6.7%.

• Q4 GAAP diluted EPS was $2.51 and non-GAAP diluted EPS was $2.84; adjusted EPS excludes $0.33 of stock-based compensation expense.

• FY26 revenue was $4.965B vs. $4.033B; GAAP net income was $202.5M and diluted EPS was $7.41.

• FY26 non-GAAP operating margin was 6.2% vs. 5.9%; adjusted diluted EPS was $8.97 vs. $7.43.

• FY26 gross margin was 10.1%, unchanged YoY; Q4 gross margin was 10.2% vs. 9.9% YoY.

Outlook and guidance

• Q1 FY27 revenue guidance is $1.410B-$1.460B, up 34% YoY at midpoint; non-GAAP operating margin is 6.0%-6.4% and non-GAAP EPS is $2.46-$2.62.

• FY27 revenue growth is forecast in the mid- to upper teens; the non-GAAP operating margin goal increased to 6.5%-7.0%.

• FY27 free cash flow is expected to exceed $100M, with cash cycle days targeted in the low to mid-60s.

• Q1 gross margin guidance is 9.7%-10.0%; cash cycle guidance is 66-70 days and non-GAAP effective tax rate guidance is 16%-18%.