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Sentiment · FY2027 Q1
On July 29, 2026, Flex announced leadership teams for Flex and "SpinCo," the planned independent public company comprising its Cloud and Power Infrastructure segment, with the spin-off expected in the first calendar quarter of 2027. Revathi Advaithi will be SpinCo CEO and Michael Hartung will be Flex CEO. Current Flex CFO Kevin Krumm is expected to become SpinCo CFO on completion and serves as Flex CFO until then; Flex has opened a search for a permanent CFO.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ruplu Bhattacharya | Bank of America | 12 (8%) |
| Samik Chatterjee | JPMorgan | 10 (20%) |
| Mark Delaney | Goldman Sachs | 9 (11%) |
| Steven Fox | Fox Advisors | 7 (0%) |
| Steve Barger | KeyBanc Capital Markets | 5 (20%) |
| George Wang | Barclays | 3 (0%) |
| Tim Long | Barclays | 3 (0%) |
| Luke Junk | Robert W. Baird | 3 (0%) |
| Christian Zyla | KeyBanc Capital Markets | 2 (0%) |
| Joe Cardoso | JPMorgan | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 12 (8%) |
| JPMorgan | 2 | 12 (17%) |
| Goldman Sachs | 1 | 9 (11%) |
| KeyBanc Capital Markets |
| 3 |
| 9 (11%) |
| Fox Advisors | 1 | 7 (0%) |
| Barclays | 2 | 6 (0%) |
| Stifel | 2 | 3 (0%) |
| Robert W. Baird | 1 | 3 (0%) |
| 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 Q3 | $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 |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2023 | $30.35B | +16.5% | $1.71 | -11.9% | 7.5% | 3.9% | 2.6% | $315M |
| FY2024 | $26.41B | -13.0% | $2.30 | +34.5% | 5.3% | 3.2% | 3.8% | $796M |
| FY2025 | $25.81B | -2.3% | $2.12 | -7.8% | 8.4% | 4.5% | 3.2% |
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).
| $1.07B |
| FY2026 | $27.91B | +8.1% | $2.33 | +9.9% | 9.3% | 5.1% | 3.2% | $1.05B |
Flex finished fiscal 2026 with a standout fourth quarter: revenue of $7.5 billion, up 17%, a record adjusted operating margin of 6.7% (up 50 basis points), and adjusted EPS of $0.93, up 27%. For the full year, revenue rose 8% to $27.9 billion and adjusted EPS climbed 25% to $3.30, with record free cash flow of about $1.1 billion. The headline was strategic: Flex announced it will spin off its Cloud and Power Infrastructure segment, which grew 38% to $6.6 billion in fiscal 2026 and exceeded its 35% target, into a separate public company by early calendar 2027, backed by a multiyear Google contract and other hyperscaler wins. Management introduced fiscal 2027 guidance of revenue of $32.3 billion to $33.8 billion (up 18%) and adjusted EPS of $4.21 to $4.51 (up 32%), alongside an elevated $1.4 billion to $1.6 billion CAPEX plan to fund the CPI buildout that it expects to normalize in fiscal 2028.
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 |
What FLEX and other companies said about each other on FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we secured significant business with multiple customers, including a multiyear contract with Google, underpinning our strong CPI growth expectations of 65% to 75% in FY '27 and 80% plus for FY '28.”
Flex signed a multiyear contract with Google underpinning its cloud/power infrastructure growth, a read-through to Google's AI data center capex buildout.
“Earlier this week, we closed our acquisition of Electrical Power Products or EP2, strengthening our power portfolio with utility-grade specification-driven solutions for grid modernization and electrification.”
Flex acquired Electrical Power Products (EP2) to strengthen its utility-grade power portfolio for data center and grid modernization demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FLEX Flex Ltd. | 9 | +16.9% | |
| APH Amphenol | 9 | +58.4% | |
| COHR Coherent, Inc. | 9 | +20.6% | |
| FTV Fortive | 5 | -27.5% | |
| GLW Corning Inc. | 9 | +20.1% | |
| GRMN Garmin | 8 | +14.2% | |
| JBL Jabil | 9 | +23.1% | |
| KEYS Keysight Technologies | 9 | +23.3% | |
| SNDK Sandisk Corporation | 9 | +251.0% | |
| TDY Teledyne Technologies | 8 | +7.6% | |
| TEL TE Connectivity | 8 | +14.5% | |
| TRMB Trimble Inc. | 9 | +11.8% |