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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ruplu Bhattacharya | Bank of America | 12 questions · 8% challenging |
| Samik Chatterjee | JPMorgan | 10 questions · 20% challenging |
| Mark Delaney | Goldman Sachs | 9 questions · 11% challenging |
| Steven Fox | Fox Advisors | 7 questions · 0% challenging |
| Steve Barger | KeyBanc Capital Markets | 5 questions · 20% challenging |
| George Wang | Barclays | 3 questions · 0% challenging |
| Tim Long | Barclays | 3 questions · 0% challenging |
| Luke Junk | Robert W. Baird | 3 questions · 0% challenging |
| Christian Zyla | KeyBanc Capital Markets | 2 questions · 0% challenging |
| Joe Cardoso | JPMorgan | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 12 questions · 8% challenging |
| JPMorgan | 2 analysts | 12 questions · 17% challenging |
| Goldman Sachs | 1 analyst | 9 questions · 11% challenging |
| KeyBanc Capital Markets | 3 analysts | 9 questions · 11% challenging |
| Fox Advisors | 1 analyst | 7 questions · 0% challenging |
| Barclays | 2 analysts | 6 questions · 0% challenging |
| Stifel | 2 analysts | 3 questions · 0% challenging |
| Robert W. Baird | 1 analyst | 3 questions · 0% challenging |
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Flex delivered a strong fiscal third quarter with revenue up 2% to $6.6 billion and a major profitability inflection, posting its first operating margin above 6% (6.1%, up 120 basis points) and a record adjusted EPS of $0.77, up 43%. The data center business grew a robust 45% year-over-year on sustained hyperscale cloud and power demand, and gross margin expanded 150 basis points to 9.3% on favorable mix across every business unit. Management closed the JetCool and Crown acquisitions, adding liquid cooling and critical power to the data center portfolio, while automotive remained the soft spot against an otherwise broad-based recovery in health solutions and consumer markets. Confident in the trajectory, Flex raised full-year FY2025 guidance to adjusted EPS of $2.57 to $2.65 and revenue of $25.4 billion to $25.8 billion.
Cloud & AI | Revenue Growth | Margin | Demand | Competitive Dynamics | Guidance Reliability | Capital Allocation | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 3 | 2 | 2 | 1 | 1 | 1 | ||
| 2025Q3 | 4 | 3 | 2 | 3 | 2 | 1 | 1 | |
| 2025Q4 | 3 | 2 | 5 | 1 | 1 | 1 | ||
| 2026Q1 | 2 | 1 | 2 | 1 | 1 | 3 | ||
| 2026Q2 | 3 | 4 | 2 | 2 | 1 | 2 | ||
| 2026Q3 | 3 | 4 | 2 | 1 | 1 | |||
| 2026Q4 | 4 | 4 | 1 | 2 | 2 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 3 | 4 | 3 | 2 | 3 | 3 | 4 |
| Revenue Growth | 2 | 3 | 2 | 1 | 4 | 4 | 4 |
| Margin | 2 | 2 | 5 | 2 | 2 | 2 | 1 |
| Demand | 1 | 3 | 1 | 1 | 2 | 1 | |
| Competitive Dynamics | 2 | 1 | 1 | 1 | 1 | 2 | |
| Guidance Reliability | 1 | 3 | 2 | ||||
| Capital Allocation | 1 | 2 | |||||
| Cost Pressure | 1 | 1 | 1 |
Calendar quarter Q4 2024Earnings call Jan 29, 2025
FY2025 Q3 in brief
Flex delivered a strong fiscal third quarter with revenue up 2% to $6.6 billion and a major profitability inflection, posting its first operating margin above 6% (6.1%, up 120 basis points) and a record adjusted EPS of $0.77, up 43%.
Newest quarter FY2027 Q1 is part of Pro · see what Pro adds →
GAAP revenue YoY +2.10% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Flex Ltd. (FLEX), FY2025 Q3: 8/10. Scores: Flex Ltd.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: FLEX daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q2 | $6.54B | -5.6% | $0.54 | +5.9% | 8.1% | 4.5% | 3.3% | $216M |
| FY2025 Q3Selected | $6.56B | +2.1% | $0.67 | +48.9% | 9.1% | 5.1% | 4.0% | $301M |
| FY2025 Q4 | $6.40B | +3.7% | $0.57 | -38.7% | 8.8% | 4.8% | 3.5% | $321M |
| FY2026 Q1 | $6.58B | +4.1% | $0.50 | +47.1% | 8.7% | 4.7% | 2.9% | $266M |
| FY2026 Q2 | $6.80B | +4.0% | $0.52 | -3.7% | 9.0% | 4.4% | 2.9% | $303M |
| FY2026 Q3 | $7.06B | +7.7% | $0.64 | -4.5% | 9.7% | 5.7% | 3.4% | $272M |
| FY2026 Q4 | $7.48B | +16.9% | $0.67 | +17.5% | 9.8% | 5.7% | 3.3% | $211M |
| FY2027 Q1 | $7.93B | +20.6% | $0.76 | +52.0% | 9.4% | 4.9% | 3.6% | $40M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What FLEX and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“And most importantly being because we think that the way DeepSeek is working and driving cost down in such a competitive and hyper performance-type of open source model is a good thing. It's a good thing for the industry as a whole because it's going to generate more applications, not from even the non-Mag 7 companies, and also accelerate efforts towards AGI.”
Flex frames DeepSeek's low-cost, open-source AI model as a positive for the broader compute ecosystem, arguing cheaper inference will widen the customer base for AI applications (including non-hyperscaler adopters) and sustain demand for Flex's data center infrastructure business.
“We closed on our previously announced JetCool and Crown Systems acquisitions, both adding key technologies to our data center portfolio. JetCool expands our direct to chip liquid cooling capabilities and Crown Systems adds to our data center critical power capabilities as well as expanding our opportunities in grid modernization.”
Flex closed its acquisition of Crown Systems, adding data center critical-power capability and a grid-to-data-center utility offering (medium-voltage capability) that management says it lacked before in the U.S.
“We closed on our previously announced JetCool and Crown Systems acquisitions, both adding key technologies to our data center portfolio. JetCool expands our direct to chip liquid cooling capabilities and Crown Systems adds to our data center critical power capabilities as well as expanding our opportunities in grid modernization.”
Flex closed its acquisition of direct-to-chip liquid cooling specialist JetCool, adding engineering capability management says is already changing conversations with hyperscale data center customers moving from air to liquid cooling.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FLEX Flex Ltd. | 8 | +2.1% | |
| APH Amphenol | 9 | +29.8% | |
| COHR Coherent, Inc. | 9 | +26.8% | |
| FTV Fortive | 6 | +2.3% | |
| GLW Corning Inc. | 9 | +16.9% | |
| GRMN Garmin | 9 | +22.9% | |
| JBL Jabil | 5 | -16.6% | |
| KEYS Keysight Technologies | 5 | -1.8% | |
| SNDK Sandisk Corporation | · | n/a | |
| TDY Teledyne Technologies | 6 | +5.4% | |
| TEL TE Connectivity | 5 | +0.1% | |
| TRMB Trimble Inc. | 9 | +5.5% |