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Plexus (PLXS) investor relations material
Plexus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Oct, 2025
Executive summary
Fiscal 2025 delivered strong results, with revenue reaching $4.033 billion, non-GAAP EPS up 30% to $7.43, and non-GAAP operating margin expanding by 40 basis points to 5.9%, supported by expanded customer relationships, market share gains, and robust new program wins.
Achieved third consecutive quarter of sequential revenue growth, with Q4 revenue at $1.058 billion, exceeding guidance, and non-GAAP EPS for Q4 at $2.14.
Free cash flow for fiscal 2025 totaled $154 million, with $97 million generated in Q4, supporting debt reduction and share repurchases.
141 manufacturing program wins in fiscal 2025 represent $941 million in annualized revenue, with a growing funnel of $3.684 billion.
Sustainability initiatives included a 30% reduction in waste-to-landfill intensity, over 10% reduction in Scope 1 & 2 emissions, and $1.4 million in grants to nonprofits.
Financial highlights
Fiscal 2025 net income was $172.9 million, with gross margin at 10.1% and operating income of $202.4 million.
Q4 gross margin was 9.9%, with non-GAAP operating margin at 5.8% and GAAP operating margin at 5.0%.
Free cash flow for fiscal 2025 was $154 million, with $495 million generated over the past two years.
Return on invested capital for fiscal 2025 was 14.6%, the highest in four years, delivering an economic return of 5.7% above the 8.9% weighted average cost of capital.
Share repurchases totaled $65 million for the year, with $21.5 million in Q4 and $85 million remaining under current authorization.
Outlook and guidance
Fiscal Q1 2026 revenue is guided at $1.05–$1.09 billion, with non-GAAP operating margin of 5.6%–6.0% and non-GAAP EPS of $1.66–$1.81.
Fiscal 2026 targets 9%–12% revenue growth, robust free cash flow of approximately $100 million, and continued investments in talent, technology, and facilities.
Gross margin for Q1 2026 is expected at 9.8%–10.1%; operating margin is expected to improve as the year progresses.
Capital spending for fiscal 2026 is projected at $90–$110 million, consistent with the prior year.
Effective tax rate guidance for Q1 2026 is 16%–18%.
What operational efficiency initiatives are planned for FY26?
How did engineering solutions diversification impact FY25 wins?
Detail the FY26 capital allocation strategy.
Exceeding 6% operating margin: What drives it?
Detail semi cap and unmanned aircraft share gains.
Commercial aerospace rebound: What is the upside?
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Frequently asked questions
Plexus Corp is a global electronics manufacturing services company that provides design, engineering, manufacturing, and aftermarket support. It serves customers in the healthcare, industrial, aerospace, and communications sectors with complex product development and supply chain solutions. Plexus Corp is headquartered in Neenah, Wisconsin, and its shares are listed on the NASDAQ.
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