Plexus (PLXS) Q2 2026 earnings summary

Executive summary

• Fiscal Q2 2026 revenue reached $1.164 billion, up 19% year-over-year, surpassing guidance with strong contributions from all market sectors.

• Non-GAAP EPS was $2.05, exceeding guidance, with a 6% non-GAAP operating margin at the high end of guidance.

• Achieved record $355 million in new manufacturing program wins, spanning aerospace/defense, healthcare, data center, and semiconductor sectors.

• Leadership transition: David Abuhl named CFO, succeeding retiring Patrick Jermain.

• Celebrated 40th anniversary as a Nasdaq-listed company and received industry award nominations.

Financial highlights

• Gross margin was 10.2%, at the top end of guidance, with gross profit of $119.2 million.

• Free cash flow was $16 million, exceeding forecast and rebounding from negative $50.6 million in Q1F26.

• Ended the quarter with $303 million in cash and cash equivalents, and $137 million outstanding under the credit facility.

• Return on invested capital was 13.8%, 480 basis points above WACC.

• Top 10 customers accounted for 54% of revenue, up from 51% in the prior quarter.

Outlook and guidance

• Fiscal Q3 2026 revenue guidance: $1.2–$1.25 billion, with non-GAAP EPS of $2.02–$2.18 and GAAP diluted EPS of $1.25–$1.41.

• Fiscal 2026 revenue growth now expected to be mid-teens or greater, with 6%+ non-GAAP operating margin.

• Fiscal 2026 free cash flow forecasted at $50–$75 million; capex $100–$120 million.