Plexus designs, manufactures and services complex products for industrial, healthcare, aerospace and defense customers. Its turnkey model includes purchasing and financing materials, making working capital central to its economics.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Sep 30, 20230000785786-23-000066 | Nov 17, 2023 | 10-K | Open 10-Ksec.gov |
| Sep 28, 20240000785786-24-000074 | Nov 15, 2024 | 10-K | Open 10-Ksec.gov |
| Sep 27, 20250000785786-25-000064 | Nov 14, 2025 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Plexus is growing rapidly, but that growth is demanding cash before it delivers comparable gains in reported earnings. In fiscal Q3 ended July 4, 2026, revenue reached $1.305 billion, while GAAP net income fell to $43.0 million from $45.1 million. New production programs and semiconductor-equipment share gains supported sales; retirement-related stock compensation and higher taxes restrained earnings. Through the first nine months, operating cash flow fell to $39.0 million, below $74.3 million of capital spending, as inventory and receivables absorbed funding. Management consequently shifted its fiscal-2026 outlook from positive free cash flow to cash usage. June refinancing extended the revolving facility to 2031, but rising borrowing, customer concentration and conditional financing access remain important constraints. The latest supplied outlook is from July 29; full-year results are not supplied.
Sources: 10-K · 2025-09-27 · 10-Q · 2026-07-04 · EX-99.1 · 2026-07-29 · 8-K · 2026-06-05
Plexus operates 27 facilities, serving customers whose products require specialized engineering, manufacturing and regulatory capabilities. It generally makes customers’ products rather than proprietary products of its own. Most work is turnkey, so Plexus funds materials as well as production. Customer agreements generally do not guarantee purchases before orders arrive, and reimbursement rights do not ensure timely or complete recovery of unused inventory. The top ten customers represented 55% of Q3 revenue, versus 48% a year earlier. Customer sectors describe demand; profit reporting is geographic, and sector profitability is not disclosed.
Sources: 10-K · 2025-09-27 · 10-Q · 2026-07-04 · EX-99.1 · 2026-07-29
Q3 revenue was $1,304.778 million versus $1,018.308 million in the comparable 13-week quarter. Management attributed growth to production launches and stronger demand, including semiconductor-equipment programs won in earlier periods. Healthcare/Life Sciences launches outweighed weaker underlying demand, while EMEA sales declined. Nine-month revenue reached $3,538.387 million versus $2,974.600 million, but that comparison covers 40 weeks versus 39; the extra week’s contribution is not quantified.
GAAP Q3 operating margin fell to 4.7% from 5.3%, including approximately $12.9 million of accelerated retirement-related stock compensation. Net income fell to $42.993 million from $45.116 million as the effective tax rate rose to 23.8% from 9.5%. The quarterly report cites global minimum taxes and the absence of a prior-year $3.3 million tax benefit. Lower diluted shares partly cushioned EPS, which nevertheless fell to $1.58 from $1.64. The earnings release reports adjusted EPS of $2.32; its reconciliation adds back $21.137 million of Q3 stock compensation before tax ($20.337 million after tax), including the retirement acceleration. Stock compensation remains an economic cost. The quarterly report's equity statement reports $20.510 million of Q3 compensation expense; the supplied originals do not explain the difference, so equivalence across disclosures is not asserted.
Sources: 10-Q · 2026-07-04 · EX-99.1 · 2026-07-29
Nine-month operating cash flow fell to $38.988 million from $117.213 million. Inventory rose to $1,488.391 million from $1,229.839 million at fiscal year-end; receivables and contract assets also absorbed cash. Higher supplier payables and customer advances partly funded these demands. The cash cycle improved to 62 days from 69, but its current-quarter sales and cost denominators can improve while absolute funding needs rise. Capital spending of $74.312 million left company-defined non-GAAP free cash flow—operating cash flow less capital expenditure—at negative $35.3 million, versus positive $56.8 million.
Operating cash flow already includes $659.3 million of receivables-sale proceeds; those gross proceeds are neither additional cash flow nor a measure of factoring’s incremental benefit. MUFG and HSBC purchase facilities have respective limits of $340 million and $70 million but are uncommitted. Their detailed recourse, pricing and termination terms are not established here, so continued purchases or unrestricted funding cannot be assumed. Management raised its fiscal-2026 capital-spending estimate to $100–120 million.
Sources: 10-Q · 2026-07-04
At July 4, cash and equivalents were $314.053 million, approximately 95% held by foreign subsidiaries; restricted cash of $0.514 million was separate. Debt, finance leases and other financing obligations, net of financing fees and excluding operating leases, rose to $275.458 million from $137.780 million. Revolver borrowings increased to $172 million from $40 million. The June 5 refinancing, filed June 8, established a $500 million base commitment through June 5, 2031; expansion to $750 million is conditional. Remaining senior notes total $50 million, bear 4.22% interest and mature June 15, 2028.
The facility summary requires at least 3.00 times interest coverage and at most 3.50 times debt/EBITDA, with a conditional acquisition-related exception. Plexus reported compliance at July 4, not numerical headroom or unconditional borrowing availability. Its $183.814 million current financing classification is not fully allocated in the supplied explanation and should not be replaced with contractual facility maturities. Nine-month share repurchases used $64.055 million. A successor $100 million authorization approved August 20 and filed August 24 starts upon the current program’s expiration; $9.6 million remained under that program on August 19. Authorization is discretionary, not spending already incurred.
Sources: 10-Q · 2026-07-04 · 8-K · 2026-06-05 · 8-K · 2026-08-24
Management’s full-year free-cash-flow expectation moved from approximately positive $100 million in January to positive $50–75 million in April, then cash usage in July as growth required more working capital. On July 29 it forecast fiscal-2026 revenue growth above 20% and non-GAAP operating margin above 6%. Q4 ending October 3 guidance was $1.330–1.380 billion revenue and GAAP EPS of $2.18–2.34; adjusted EPS of $2.47–2.63 excluded approximately $0.29 of stock compensation. Early-fiscal-2027 cash recovery remained a forecast, not an achieved result.
Program wins and the opportunity funnel are not guaranteed orders. Cancellations, production delays and unconsumed inventory could weaken both margins and cash recovery. Significant Penang production concentration, tariffs, export restrictions, product quality and cybersecurity requirements add exposure; some indemnities are uncapped. Management’s assessment that existing litigation is not expected to be material does not eliminate uncertain outcomes. The April 29 filing announced David Abuhl’s May 11 CFO succession and Patrick Jermain’s July 31 employment retirement; those scheduled milestones are not independently confirmed as completed by the supplied transition record.
Sources: EX-99.1 · 2026-01-28 · EX-99.1 · 2026-04-28 · EX-99.1 · 2026-07-29 · 10-K · 2025-09-27 · 10-Q · 2026-07-04 · 8-K · 2026-04-28
USD 4.032966 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.032966 bn | 1.8% |
| 2024 | USD 3.960827 bn | -5.9% |
| 2023 | USD 4.210305 bn | — |
Consolidated net sales after intercompany eliminations.
Sources: 10-K · 2025-09-27
USD 172.885 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 172.885 m | 54.6% |
| 2024 | USD 111.815 m | -19.6% |
| 2023 | USD 139.094 m | — |
Consolidated net income after income taxes.
Sources: 10-K · 2025-09-27
USD 249.231 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 249.231 m | -42.9% |
| 2024 | USD 436.502 m | 163.2% |
| 2023 | USD 165.822 m | — |
GAAP net operating cash flow, including proceeds from receivables accounted for as sales.
Sources: 10-K · 2025-09-27
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