What were the key takeaways from Plexus’s earnings call?

What does Plexus do and what are its main business segments?

What were the key takeaways from Plexus's earnings call?

What guidance did Plexus's management provide for the next earnings period?

Did Plexus beat or miss consensus estimates last quarter?

What is Plexus's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Plexus year over year?

What is Plexus's gross profit margin?

- **Revenue Growth Accelerating**: FY26 revenue target of 9-12% now achievable, with Q2 guidance at 15% YoY. Aerospace & Defense sector leading with $220M in Q1 wins.
- **Profitability Improving**: Gross margin tailwinds from Thailand facility (25-30bp in H2) and Malaysia breakeven. Targeting 6%+ non-GAAP operating margin in H2.
- **Strategic Investments Paying Off**: AI and automation initiatives reducing costs (e.g., 60% warehouse space reduction) and improving efficiency. 30%+ employee daily AI usage.
- **Semicap Demand Recovery**: Early signs of 20%+ calendar 2026 growth, with program ramps visible in 1-2 quarters.
- **Free Cash Flow Target Maintained**: $100M FY26 despite higher working capital needs for program ramps.

**【CEO Summary Section】**
- **Revenue Growth and Outlook**: Q1 revenue of $1.0 billion met the midpoint of guidance, with 10% YoY growth. The company now sees potential to exceed the high end of its 9-12% FY26 revenue target, driven by program ramps and market share gains. Q2 guidance is $1.11-1.15 billion (15% YoY at midpoint). Non-GAAP EPS of $1.78 met the high end of Q1 guidance.
- **Market Share and Wins**: Secured 22 new programs worth $283M in annualized revenue, including a record $220M in Aerospace & Defense. Aerospace & Defense funnel is up YoY, with the largest Engineering Solutions funnel in company history.
- **Strategic Investments**: $100-120M in FY26 capital spending for capacity and automation. Free cash flow target remains ~$100M, despite near-term working capital investments.

**【COO Market Sector Analysis】**
- **Aerospace & Defense**: Q1 revenue up 3% sequentially, with $220M in wins. FY26 growth expected to exceed 9-12% target, driven by new program ramps and defense subsector demand.
- **Healthcare/Life Sciences**: Q1 revenue up 1%, with $40M in wins. FY26 growth outlook improved, supported by program ramps in therapeutics and monitoring.
- **Industrial**: Q1 revenue down 8% sequentially, but Q2 outlook for 10-12% growth driven by semicap and industrial equipment subsectors. FY26 growth expected to approach 9-12% target.

**【CFO Financial Commentary】**
- **Gross Margin**: 9.9% in Q1, stable despite Malaysia facility costs (~10bp headwind). Q2 guidance 9.9-10.0%, with Malaysia breakeven and Thailand contributing 25-30bp tailwinds in H2.
- **Operating Expenses**: Q1 SG&A $51.7M, stable as % of revenue. Q2 guidance $54-55M, including $1M+ seasonal compensation headwinds. Non-GAAP operating margin 5.8% in Q1, targeting 6%+ in H2.
- **Cash Flow**: Q1 cash outflow $51M due to program ramps and capex. FY26 free cash flow target $100M, despite higher working capital needs.

**【Q&A Highlights】**
- **Semicap Demand**: Early signs of demand improvement, with potential for 20%+ growth in calendar 2026. Program ramps could show in 1-2 quarters.
- **AI and Automation**: Deploying AutoStore robots (60% warehouse space reduction) and AI for quoting, WIP reduction, and labor efficiency. 30%+ daily AI usage across employees.
- **Supply Chain**: Seeing lead time increases in semiconductors and PCBs, but mitigating risk through prepositioned inventory and customer collaboration.
- **Tax Rate**: 16-18% FY26, up from 8% in FY25 due to global minimum tax impacts.
- **A&D Program Delays**: Previously delayed program now on track, but not a major revenue driver.

Plexus Corp. (PLXS) Q1 2026 Earnings Call Transcript

- **Revenue Momentum**: $1.058B Q4 revenue, 3rd straight quarter of sequential growth driven by semi cap, energy, and healthcare.
- **AI-Driven Innovation**: AI solutions in healthcare (AI-powered cell analysis) and thermal management for AI compute.
- **Financial Strength**: $154M FY2025 free cash flow, $100M debt reduction, 30% EPS growth.
- **2026 Outlook**: 9-12% revenue growth target with new program ramps in aerospace, defense, and semi cap.

**【CEO Summary Section】**
- **Revenue Performance**: Fiscal Q4 revenue of $1.058 billion marked the third consecutive quarter of sequential growth, with strong demand across semi cap, energy, and healthcare sectors.
- **AI and Strategic Investments**: Highlighted AI-driven solutions in healthcare (e.g., AI-powered digital cell analysis) and thermal management for AI compute platforms. New Penang facility expected to breakeven within one quarter despite near-term drag.
- **2026 Outlook**: Anticipates revenue growth exceeding end markets (9-12% target) through new program ramps in aerospace, defense, and semi cap share gains.

**【CFO Financial Commentary】**
- **Profitability**: Non-GAAP EPS of $2.14 exceeded guidance, driven by tax benefits and 30% YoY growth in non-GAAP EPS. Operating margin expanded 40 bps to 5.8%.
- **Cash Flow & Capital Allocation**: Q4 free cash flow of $97 million, FY2025 total of $154 million. Reduced debt by $100 million and repurchased 161,000 shares ($21.5M).
- **Balance Sheet**: Ended in net cash position with $460M available on revolver. ROIC 14.6%, best in 4 years.

**【Q&A Highlights】**
- **Investment Confidence**: CFO projects FY2026 margins to meet/exceed 6% target despite $6.6M SGA and interest expense. Malaysia and Thailand sites driving productivity gains.
- **Market Verticals**:
  - **Defense**: Strong pipeline with 54M A&D wins, expecting mid-single Q1 growth.
  - **Healthcare**: Imaging/monitoring subsectors driving 1% Q4 growth, new AI-powered therapeutics win.
  - **Semi Cap**: Low-single FY2025 growth but targeting share gains in power/thermal (e.g., $274M Q4 wins).
- **AI & Sustainability**: 40% volunteer hour increase, $1.4M charity contributions. 8 sites achieved zero landfill waste, 10% Scope 1/2 emissions reduction.

Plexus Corp. (PLXS) Q4 2025 Earnings Call Transcript

- **Q3 2025 Strong Execution**: Revenue $1.018B (guidance met), operating margin 6.0%, EPS $1.90 (beat), and $13.2M free cash flow.
- **Growth Drivers**: 41 new programs ($250M annualized), 7-year high customer satisfaction, and $100M free cash flow guidance raise.
- **Sector Momentum**: Aerospace & Defense ($51M wins), Healthcare ($116M wins), and Industrial (5Q high $83M wins) all expanded pipelines.
- **Strategic Moves**: Penang, Malaysia facility to drive 2026 semicap growth, and $100M share buyback acceleration.
- **Financial Strength**: ROIC 14.1% (vs. WACC 8.9%), net cash position, and 26% EPS growth for 2025.

**【CEO Summary Section】**
- Q3 2025 revenue of $1.018 billion met guidance, with sequential growth driven by Aerospace & Defense and Industrial sectors. Non-GAAP operating margin of 6.0% matched target, and EPS of $1.90 exceeded expectations. Free cash flow of $13.2 million was better-than-expected, and the company reduced debt while accelerating $100 million share buyback authorization.
- Secured 41 new programs with $250 million annualized revenue, including wins in Healthcare, Industrial, and Aerospace & Defense. Customer satisfaction scores reached a 7-year high, reflecting operational excellence.
- Fiscal 2025 free cash flow guidance raised to $100 million, and 2026 outlook includes healthy growth across all sectors without assuming end-market recovery.

**【COO Market Sector Review】**
- **Aerospace & Defense**: Q3 revenue up 6% sequentially, with $51 million new wins (highest in 2+ years). Fiscal 2026 growth driven by defense subsector demand and new program ramps.
- **Healthcare/Life Sciences**: Q3 revenue up 2% (below expectations due to production delay), with $116 million wins including atrial fibrillation device. Fiscal 2026 outlook supported by program ramps and new customer additions.
- **Industrial**: Q3 revenue up 4%, with $83 million wins (highest in 5 quarters). Fiscal 2026 growth expected in semicap and energy subsectors.

**【CFO Financial Commentary】**
- Gross margin of 10.1% (above midpoint) driven by service mix and cost leverage. Operating expenses of $50 million were at the low end of guidance. Free cash flow of $13.2 million exceeded expectations due to working capital management.
- Q4 2025 guidance: Revenue $1.025-$1.065 billion, operating margin 5.7%-6.1%, EPS $1.82-$1.97. Fiscal 2025 ROIC of 14.1% (vs. WACC of 8.9%) reflects improved capital efficiency.
- New Penang, Malaysia facility expected to reach corporate average profitability within 4 quarters, with minimal Q4 2025 margin drag.

**【Q&A Highlights】**
- **Semicap Pushouts**: Q3 delays were idiosyncratic, not demand-related. Q4 outlook includes new program ramps in semicap and energy subsectors.
- **Malaysia Facility**: Initial focus on semicap, with healthcare expansion planned. Expected to be profitable within 2-3 quarters.
- **Tariffs**: No material impact on demand. USMCA compliance >80% in Mexico operations.
- **Healthcare Growth**: Engineering solutions pipeline supports 2026 outlook, with new customer wins and program ramps.
- **European Defense**: Early signs of activity, with potential for share gains in 2026.


Plexus Corp. (PLXS) Q3 2025 Earnings Call Transcript

- **Record Program Wins**: $205M in new programs, including largest-ever sustaining services win for healthcare.\n- **Revenue Growth**: Q2 revenue $980M met guidance; Healthcare (+10% QoQ), Aerospace (+8% QoQ) offset Industrial decline.\n- **Cash Flow Strength**: $16.5M free cash flow vs. expectations; $100M+ FY2025 target.\n- **AI & Automation**: New Malaysia facility and process automation driving efficiency (e.g., 60% warehouse space reduction).\n- **Tariff Resilience**: No demand impact yet; trade compliance team supporting customers through uncertainty.\n

**【CEO Opening Remarks】**
- Q2 revenue of $980 million met guidance, driven by 10% sequential growth in Healthcare Life Sciences and 8% in Aerospace & Defense.\n- Won $205 million in annualized revenue from 42 new programs, including the largest-ever sustaining services win for a healthcare customer.\n- Guidance for Q3: Revenue $1.00-1.04 billion, Non-GAAP EPS $1.65-1.80, with $100M+ free cash flow for FY2025.\n- Strategic investments in AI, automation, and new facilities (e.g., Malaysia) to support customer success and operational efficiency.\n
**【COO Market Sector Analysis】**
- **Aerospace & Defense**: +8% QoQ, driven by defense and space subsectors. Won $27M in new programs, including sole-source builds for a space customer.\n- **Healthcare Life Sciences**: +10% QoQ, with $118M in wins, including record sustaining services and MRI sub-assemblies.\n- **Industrial**: -10% QoQ due to semicap inventory correction, but +15% YoY growth in semicap subsector.\n- Funnel of qualified opportunities remains robust at $3.5B.\n
**【CFO Financial Highlights】**
- Non-GAAP operating margin 5.7% (high end of guidance), driven by gross margin improvements and cost control.\n- Free cash flow $16.5M vs. expectations, with $36.7M cash from operations.\n- Return of $12.2M to shareholders via buybacks, with $25M remaining under $50M authorization.\n- Cash cycle days improved to 68 (vs. 93 one year ago), with $370M reduction in gross inventory.\n
**【Key Q&A Themes】**
- **Tariffs & Supply Chain**: Customers taking a "wait-and-see" approach; no demand impact yet. Trade compliance team supporting agile solutions.\n- **New Facilities**: Penang, Malaysia site to open Q3 with strong order backlog. Automation investments (e.g., warehouse in Penang) reduce capex needs.\n- **Industrial Sector**: Early signs of inventory correction peaking, but semicap growth (+15% YoY) offsetting broader weakness.\n- **Margins**: Q3 operating margin guidance 5.7-6.1%, with potential for 6%+ in H2.\n

Plexus (PLXS)-24 Apr 25-2025 Q2 Earnings call transcript

- **Q1 Strong Performance**: Revenue met guidance, EPS beat by 7%, with 6.0% operating margin.\n- **FY25 Growth Drivers**: Semicap (high teens growth), Healthcare/Life Sciences (new program ramps), and Aerospace/Defense (defense & space strength).\n- **Cash Flow Excellence**: $27M Q1 free cash flow, targeting $100M FY25 for debt reduction.\n- **Key Risks**: Commercial aerospace production cuts, industrial inventory corrections, and macroeconomic softness in Europe.\n- **Share Buybacks**: $13M used in Q1, $37M remaining under $50M authorization.

**【CEO Opening Remarks】**
- Q1 2025 revenue of $976M met guidance, driven by Healthcare/Life Sciences and Aerospace/Defense wins.\n- Non-GAAP EPS of $1.73 exceeded expectations, supported by 6.0% operating margin and reduced interest expense.\n- FY25 free cash flow target of $100M, with focus on debt reduction and share buybacks.\n- FY25 outlook: low to mid-single-digit revenue growth across all sectors, with Aerospace/Defense offsetting commercial aerospace challenges.\n
**【COO Market Segment Review】**
- **Aerospace/Defense**: Q1 revenue down 13% YoY due to commercial aerospace production cuts, but defense and space subsectors strong. FY25 expects modest growth with $29M in new wins.\n- **Healthcare/Life Sciences**: Q1 revenue down 10% YoY due to inventory corrections, but FY25 outlook positive with $130M in new wins.\n- **Industrial**: Q1 revenue down 2% YoY, but semicap subsector growing with $53M in new wins. FY25 expects growth in semicap, offset by broader industrial softness.\n
**【CFO Financial Highlights】**
- Q1 GAAP net income: $42M; Non-GAAP EPS: $1.73 (vs. $1.60 guidance).\n- Gross margin: 10.3% (top of guidance), operating margin: 6.0%.\n- Free cash flow: $27M (best Q1 in 5 years), with $13M used for share buybacks.\n- FY25 capex: $120-150M (vs. $95M in FY24), targeting $100M free cash flow.\n
**【Q&A Key Takeaways】**
- **Industrial Semicap Strength**: Semicap revenue expected to grow high teens YoY, driven by share gains despite macro uncertainty.\n- **Tariffs and Trade**: No direct impact on Plexus, but potential to shift production if needed.\n- **Europe Recovery**: Profitability improving post-restructuring, but industrial softness persists.\n- **Aerospace Conservatism**: FY25 guidance reflects cautious outlook on commercial aerospace, despite 11.5-year backlog.\n- **Cash Cycle Improvement**: Cash cycle days reduced 30% YoY, with inventory down $20M QoQ.

Actual											0.61	1.2	1.26	1.23	1.49	0.99	1.16	0.88	0.95	1.33	1.78	1.49	1.45	1.32	1.44	1.04	0.94	1.45	1.85	1.73	1.66	1.9	2.14	1.78
Forecast											0.5633	0.7536	1.1214	1.0974	1.2529	0.7772	1.2633	0.94	0.8275	1.1017	1.2717	1.4871	1.15	1.1583	1.2633	1.0477	0.8683	1.27	1.5514	1.5933	1.54	1.7143	1.8686	1.7557
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+8.29%	+59.24%	+12.36%	+12.08%	+18.92%	+27.38%	-8.18%	-6.38%	+14.80%	+20.72%	+39.97%	+0.20%	+26.09%	+13.96%	+13.99%	-0.73%	+8.26%	+14.17%	+19.25%	+8.58%	+7.79%	+10.83%	+14.52%	+1.38%

PLXS

PLXS fundamentals

PLXS Q1 2026 Earnings

Earnings Call

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PLXS

PLXS fundamentals

PLXS Q1 2026 Earnings

Earnings Call

PLXS Earnings Call Summary for Q1/20268:30 AM on Jan 29, 2026

PLXS Earnings Call Summary for Q4/20258:30 AM on Oct 23, 2025

PLXS Earnings Call Summary for Q3/20258:30 AM on Jul 24, 2025

PLXS Earnings Call Summary for Q2/20258:30 AM on Apr 24, 2025

PLXS Earnings Call Summary for Q1/20258:30 AM on Jan 23, 2025

You can ask Aime