Plexus Corp

Latest Results (16.05.2026):

Plexus Corp — fiscal fourth quarter 2025 (quarter ended September 27, 2025) — reported Q4 revenue of $1.058 billion with GAAP operating margin of 5.0% and GAAP diluted EPS of $1.87; for fiscal 2025 total revenue was $4.033 billion with GAAP diluted EPS of $6.26. On a non‑GAAP basis Q4 adjusted operating margin was 5.8% and adjusted diluted EPS was $2.14 (excludes $0.27 of stock‑based compensation). Plexus generated $97 million of free cash flow in Q4 and $154 million for the full year, produced a ROIC of 14.6%, and provided fiscal Q1 2026 guidance of $1.050–$1.090 billion revenue with GAAP diluted EPS $1.40–$1.55 (non‑GAAP EPS $1.66–$1.81).

Revenue & EPS

Q4 revenue: $1.058 billion. Q4 GAAP diluted EPS: $1.87. Fiscal 2025 revenue: $4.033 billion; fiscal 2025 GAAP diluted EPS: $6.26. Q4 adjusted (non‑GAAP) diluted EPS: $2.14.

Margins & Non‑GAAP Adjustments

Q4 GAAP operating margin: 5.0%; Q4 adjusted operating margin: 5.8% (adjustment primarily stock‑based compensation ~ $0.27 per share). Fiscal 2025 non‑GAAP operating margin: 5.9% and adjusted diluted EPS: $7.43 (excludes $1.02 of stock‑based compensation and $0.15 of restructuring/other).

Fiscal Q1 2026 Guidance

Guidance for the quarter ending January 3, 2026: revenue $1.050–$1.090 billion; GAAP diluted EPS $1.40–$1.55 (includes ~$0.26 stock‑based compensation); non‑GAAP EPS $1.66–$1.81 and non‑GAAP operating margin 5.6%–6.0%.

Cash Flow, Share Repurchases & Balance Sheet

Q4 free cash flow: $97.2 million; fiscal 2025 free cash flow: $154.0 million. In Q4 Plexus repurchased $21.5 million of shares (avg $134.07); total fiscal 2025 repurchases $65.0 million (avg $136.80) and $85.0 million remains available under the $100 million authorization. Company ended the year in a net cash position.

New Program Wins & Backlog

Won 28 manufacturing programs in Q4 representing $274 million of annualized revenue when fully ramped; fiscal 2025 wins totaled 141 programs representing $941 million of annualized revenue, supporting revenue growth above end‑market trends.

Operational Metrics & ROIC

ROIC for fiscal 2025: 14.6%, delivering an economic return of 5.7 percentage points above their weighted average cost of capital (8.9%). Annualized cash cycle improved to 63 days in Q4 (down 6 days sequentially), the best five‑year result.

Customer & Market Mix

Top 10 customers comprised 49% of Q4 revenue. By market sector Q4 revenue split: Healthcare/Life Sciences 40% ($424M), Industrial 44% ($461M), Aerospace/Defense 16% ($173M). Geographic mix: APAC $605M, Americas $336M, EMEA $119M.