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Key Takeaways Plexus beat fiscal Q3 estimates as program ramps and industrial demand lifted sales, earnings and margins.PLXS secured 31 program wins worth $255 million annually, while its qualified funnel hit $4.5 billion.Plexus expects fiscal 2026 free cash flow usage as ramps drive working capital spending. Plexus Corp. (PLXS - Free Report) delivered a broad fiscal third-quarter beat as new program ramps and industrial demand lifted revenues, earnings and operating profitability.

The stronger outlook extends the growth runway into fiscal 2027. It also raises the near-term funding burden, making working-capital execution and free cash flow conversion central to the investment case.

Plexus Q3 Beat Was Broad-BasedFiscal third-quarter revenues increased 28.1% year over year to $1.305 billion and surpassed the Zacks Consensus Estimate of $1.228 billion by 6.3%. Adjusted earnings of $2.32 per share topped the consensus mark of $2.10, producing a 10.5% surprise.

Gross profit rose 27.2% to $131.4 million. Adjusted operating margin expanded 30 basis points to 6.3%, showing that the revenue upside translated into higher profitability despite a 41.1% increase in selling and administrative expenses.

PLXS Program Wins Expand Revenue VisibilityPlexus secured 31 manufacturing program wins during the quarter. Those awards are expected to contribute $255 million in annualized revenues once fully ramped.

The qualified manufacturing funnel reached $4.5 billion, increasing 23% year over year and 12% sequentially. The pipeline offers a sizable pool of potential awards, although program timing and conversion remain execution variables.

Plexus Guidance Extends the Growth RunwayManagement expects fiscal fourth-quarter revenues of $1.33 billion to $1.38 billion. At the midpoint, the outlook implies a 4% sequential increase and 28% year-over-year growth, while non-GAAP earnings are projected at $2.47-$2.63 per share.

Plexus now expects fiscal 2026 revenue growth above 20% and adjusted operating margin above 6%. Fiscal 2027 revenue growth is projected to exceed its 9%-12% target, accompanied by further margin expansion.

PLXS Industrial and A&D Demand Lead the MixIndustrial revenues surged 41.9% year over year and 23% sequentially to $589 million, representing 45% of total revenues. Semiconductor capital equipment demand, broader industrial activity and expansion into data-center power infrastructure and energy-storage systems supported the segment.

Aerospace and Defense revenues increased 27.3% to $233 million, while Healthcare and Life Sciences advanced 15% to $483 million. Jabil Inc. (JBL - Free Report) offers a relevant industry read-through because it cited strong AI infrastructure demand in its fiscal third-quarter 2026 results and raised its full-year AI-related revenue outlook.

Sanmina Corporation (SANM - Free Report) provides another manufacturing comparison through its exposure to industrial and energy, medical, defense and aerospace, communications networks and cloud and AI infrastructure markets.

Plexus Working Capital Clouds the Near TermFaster program ramps require more inventory, capacity and working-capital investment. Management now anticipates fiscal 2026 free cash flow usage, reversing its earlier expectation for $50-$75 million of generation.

Fiscal third-quarter operating cash flow was $25.9 million, while capital expenditures of $26.6 million produced a $0.7 million free cash outflow. Fiscal 2026 capital spending is expected at $100-$120 million, with meaningful free cash flow generation anticipated early in fiscal 2027.

PLXS Momentum Leads Its Mixed Style ProfileThe bottom line is that the earnings beat, expanding program pipeline and higher growth outlook strengthen Plexus’ operating case. Heavier investment raises cash-conversion risk and leaves less room for execution delays.

PLXS currently carries a Zacks Rank #3 (Hold), pointing to a neutral near-term earnings-revision setup rather than a top-ranked buying signal. The ranking can support retaining an existing position, but the framework generally favors Zacks Rank #1 or #2 stocks for new purchases.

The stock has a Momentum Score of A, reflecting favorable price-trend characteristics. Its Value Score of C, Growth Score of D and VGM Score of D provide weaker support across valuation, growth quality and the combined style profile, keeping cash flow execution in focus.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Aug 4th, 2026

Plexus Corp. (NASDAQ:PLXS – Get Free Report) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $273.00.

PLXS has been the topic of a number of research reports. Zacks Research raised Plexus from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Needham & Company LLC upped their price objective on Plexus from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Wall Street Zen raised Plexus from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Sidoti raised Plexus from a “neutral” rating to a “buy” rating and set a $308.00 target price on the stock in a report on Friday. Finally, Weiss Ratings upgraded Plexus from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, July 6th.

Check Out Our Latest Research Report on Plexus

Plexus Stock Up 3.8% PLXS stock opened at $260.77 on Tuesday. The company has a fifty day moving average price of $273.26 and a 200 day moving average price of $234.95. Plexus has a 12 month low of $125.92 and a 12 month high of $307.06. The company has a market cap of $6.98 billion, a price-to-earnings ratio of 38.46 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.49 and a quick ratio of 0.72.

Plexus (NASDAQ:PLXS – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The technology company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.19. Plexus had a net margin of 4.03% and a return on equity of 12.46%. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the prior year, the business earned $1.64 EPS. Plexus’s quarterly revenue was up 28.2% compared to the same quarter last year. Plexus has set its Q4 2026 guidance at 2.470-2.630 EPS. Sell-side analysts expect that Plexus will post 5.98 earnings per share for the current year.

Insider Activity In other news, EVP Angelo Michael Ninivaggi, Jr. sold 3,270 shares of Plexus stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $264.75, for a total value of $865,732.50. Following the sale, the executive vice president owned 16,266 shares of the company’s stock, valued at $4,306,423.50. The trade was a 16.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd P. Kelsey sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $294.98, for a total transaction of $442,470.00. Following the completion of the sale, the chief executive officer owned 68,888 shares of the company’s stock, valued at approximately $20,320,582.24. The trade was a 2.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,078 shares of company stock worth $4,079,705 over the last quarter. Insiders own 1.78% of the company’s stock.

Institutional Inflows and Outflows Several large investors have recently bought and sold shares of PLXS. AQR Capital Management LLC grew its stake in shares of Plexus by 103.1% during the 1st quarter. AQR Capital Management LLC now owns 8,384 shares of the technology company’s stock worth $1,074,000 after purchasing an additional 4,255 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Plexus by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,971 shares of the technology company’s stock worth $2,046,000 after buying an additional 705 shares in the last quarter. United Services Automobile Association acquired a new position in Plexus during the first quarter worth about $218,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Plexus by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,584 shares of the technology company’s stock worth $10,197,000 after buying an additional 9,078 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Plexus in the second quarter valued at about $309,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Plexus (Get Free Report)

Plexus Corp. (NASDAQ: PLXS) is a global provider of electronics manufacturing services (EMS) and precision engineered electronics solutions. Headquartered in Neenah, Wisconsin, the company partners with original equipment manufacturers across industries such as medical, industrial, aerospace and defense, computing, and communications. Plexus offers a full suite of services that span new product introduction, product lifecycle management, supply chain management, printed circuit board assembly, system integration, and aftermarket support.

Founded in 1979, Plexus has grown from a regional electronics assembler into a multinational organization with manufacturing and engineering centers across North America, Europe, and Asia.

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This mid-cap tech stock just jumped 30%...and is still cheapPlexus NASDAQ: PLXS reported record fiscal third-quarter revenue of $1.305 billion, exceeding its guidance range and rising 12% sequentially and 28% from a year earlier, as demand strengthened across its aerospace and defense, healthcare life sciences, and industrial markets.

President and Chief Executive Officer Todd Kelsey said the company’s performance was supported by new program launches, market-share gains and supply-chain execution. Non-GAAP operating margin reached 6.3%, at the high end of guidance and 30 basis points above the prior-year period, while non-GAAP diluted earnings per share of $2.32 exceeded the company’s outlook.

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Kelsey also said a tornado near the company’s corporate headquarters earlier in the week caused significant damage in the local community but had no material impact on Plexus operations or headquarters.

Fiscal 2026 and 2027 Outlook For the fiscal fourth quarter, Plexus forecast revenue of $1.33 billion to $1.38 billion, which would represent 4% sequential growth and 28% year-over-year growth at the midpoint. The company guided for non-GAAP operating margin of 6.1% to 6.5% and non-GAAP EPS of $2.47 to $2.63.

The company now expects fiscal 2026 revenue growth of more than 20%, along with non-GAAP operating margin above 6%. Looking ahead, Kelsey said Plexus sees the potential for fiscal 2027 revenue growth exceeding its long-term 9% to 12% target, accompanied by operating-margin expansion and a return to meaningful free-cash-flow generation.

“Supporting our bullish outlook is continued strong growth from our aerospace and defense and industrial markets, including semiconductor capital equipment, with continued growth in Healthcare Life Sciences,” Kelsey said.

Chief Financial Officer David Abuhl said the company expects fiscal 2027 capital expenditures to remain within a range of 2% to 3% of revenue. Plexus expects fiscal 2026 capital expenditures of $100 million to $120 million and projects fiscal fourth-quarter free cash flow to be break-even or slightly negative due to working-capital investment timing. For fiscal 2027, it expects free cash flow to exceed $100 million.

Market-Sector Performance Aerospace and defense revenue rose 10% sequentially in the fiscal third quarter, exceeding the company’s expectation for a mid-single-digit increase. Plexus expects fourth-quarter revenue in the sector to be approximately flat sequentially but up more than 30% year over year. For fiscal 2026, it now expects aerospace and defense revenue growth of more than 20%, led by defense and unmanned systems.

The sector secured $135 million in new program wins during the quarter, including a secure wireless communications system for a new defense and security customer and a naval submarine electronics program. Plexus said its aerospace and defense wins totaled $400 million year to date, more than twice its combined fiscal 2024 and fiscal 2025 performance.

Healthcare life sciences revenue increased 2% sequentially, exceeding the company’s forecast for flat growth. Plexus expects flat sequential revenue in the fourth quarter, as delays in program ramps are expected to offset stronger customer demand. The company raised its fiscal 2026 expectation for the sector to high-teens year-over-year growth, while its preliminary fiscal 2027 view calls for at least mid-single-digit growth as activity normalizes after a period of product launches.

Industrial revenue increased 23% sequentially, well ahead of the company’s low-double-digit forecast. Plexus attributed the outperformance to demand in semiconductor capital equipment and other industrial subsectors, as well as operational and supply-chain execution. It expects high-single-digit to low-double-digit sequential industrial growth in the fiscal fourth quarter and more than 20% growth for fiscal 2026.

Industrial wins totaled $67 million during the quarter and included a new battery energy storage systems program for data centers. Initial production of that program is underway, according to the company. Kelsey said data-center power and thermal management are part of a broader strategy, with a data-center opportunity funnel of approximately $500 million.

Pipeline, Capacity and Cash Cycle Plexus said its qualified manufacturing opportunity funnel reached a record $4.5 billion, up 12% sequentially and 23% from a year earlier. The funnel increased by more than $800 million year over year, with aerospace and defense and industrial both reaching record levels.

To support anticipated growth, Plexus is expanding production capacity at an existing site in Penang, Malaysia. Kelsey said the project is already underway and is expected to add more than $500 million of capacity without a meaningful margin impact because it is part of an existing profitable facility. Executives said the company could support close to $6 billion in revenue with its current footprint, depending on where revenue is generated.

Third-quarter cash from operations totaled $25.9 million, while capital expenditures were $26.6 million, resulting in free cash flow usage of just under $1 million. Plexus repurchased $20.6 million of stock during the quarter and had about $21 million remaining under its current authorization.

The company ended the quarter in a net cash position, with $172 million outstanding on its revolving credit facility and more than $320 million available to borrow. Its cash cycle improved to 62 days, the best quarterly result in more than five years, while return on invested capital reached 14.9%.

About Plexus (NASDAQ:PLXS)Plexus Corp. NASDAQ: PLXS is a global provider of electronics manufacturing services (EMS) and precision engineered electronics solutions. Headquartered in Neenah, Wisconsin, the company partners with original equipment manufacturers across industries such as medical, industrial, aerospace and defense, computing, and communications. Plexus offers a full suite of services that span new product introduction, product lifecycle management, supply chain management, printed circuit board assembly, system integration, and aftermarket support.

Founded in 1979, Plexus has grown from a regional electronics assembler into a multinational organization with manufacturing and engineering centers across North America, Europe, and Asia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Plexus (PLXS - Free Report) came out with quarterly earnings of $2.32 per share, beating the Zacks Consensus Estimate of $2.1 per share. This compares to earnings of $1.9 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.48%. A quarter ago, it was expected that this electronic manufacturing services company would post earnings of $1.87 per share when it actually produced earnings of $2.05, delivering a surprise of +9.63%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Plexus, which belongs to the Zacks Electronics - Manufacturing Services industry, posted revenues of $1.3 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.27%. This compares to year-ago revenues of $1.02 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Plexus shares have added about 70.1% since the beginning of the year versus the S&P 500's gain of 8.5%.

What's Next for Plexus?While Plexus has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Plexus was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.25 on $1.26 billion in revenues for the coming quarter and $8.18 on $4.72 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Manufacturing Services is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Computer and Technology sector, Silicon Laboratories (SLAB - Free Report) , is yet to report results for the quarter ended June 2026.

This chipmaker is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of +509.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Silicon Laboratories' revenues are expected to be $229.55 million, up 19% from the year-ago quarter.

NEENAH, WI, July 29, 2026 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal third quarter ended July 4, 2026, and guidance for our fiscal fourth quarter ending October 3, 2026.

Reports record fiscal third quarter 2026 revenue of $1.305 billion, GAAP operating margin of 4.7% and GAAP diluted EPS of $1.58.Reports fiscal third quarter 2026 non-GAAP operating margin of 6.3% and non-GAAP diluted EPS of $2.32, excluding $0.74 of stock-based compensation expense.Initiates fiscal fourth quarter 2026 revenue guidance of $1.330 billion to $1.380 billion with GAAP diluted EPS of $2.18 to $2.34, including $0.29 of stock-based compensation expense. Fiscal fourth quarter non-GAAP EPS guidance of $2.47 to $2.63 excludes stock-based compensation expense.
   Three Months Ended July 4, 2026 July 4, 2026 Oct 3, 2026 Q3F26 Results Q3F26 Guidance Q4F26 GuidanceSummary GAAP Items     Revenue (in billions)$1.305  $1.200 to $1.250 $1.330 to $1.380Operating margin 4.7% 4.1% to 4.5% 5.5% to 5.9%Diluted EPS$1.58  $1.25 to $1.41 $2.18 to $2.34      Summary Non-GAAP Items (1)     Adjusted operating margin (2) 6.3% 5.9% to 6.3% 6.1% to 6.5%Adjusted EPS (3)$2.32  $2.02 to $2.18 $2.47 to $2.63Return on invested capital (ROIC) 14.9%    Economic return 5.9%     (1)Refer to Non-GAAP Supplemental Information tables for additional information regarding non-GAAP financial measures.(2)Excludes stock-based compensation expense of approximately 160 bps for Q3F26 results, 180 bps for Q3F26 guidance and 60 bps for Q4F26 guidance.(3)Excludes stock-based compensation expense, net of tax, of $0.74 for Q3F26 results, $0.77 for Q3F26 guidance and $0.29 for Q4F26 guidance.   Fiscal Third Quarter 2026 Information

Won 31 manufacturing programs during the quarter representing $255 million in annualized revenue when fully ramped into production.Purchased $20.6 million of our shares at an average price of $258.75 per share under our 2026 Share Repurchase Program, leaving $21.4 million available under our existing $100.0 million authorization. Todd Kelsey, President and Chief Executive Officer, commented, “Plexus generated record quarterly revenue in the fiscal third quarter by capturing strengthening end market demand and successfully launching numerous new programs. Fiscal third quarter revenue of $1.305 billion exceeded guidance, increasing 12% sequentially and 28% year over year. In addition, non-GAAP operating margin of 6.3% met the high end of guidance, non-GAAP EPS of $2.32 exceeded guidance and we again delivered healthy working capital efficiency.”  

Mr. Kelsey added, “Our go-to-market team continued to drive strong performance with quarterly manufacturing wins of $255 million in annualized revenue. This result included significant wins for our Aerospace/Defense market sector as well as a new partnership in our Industrial market sector manufacturing a battery energy storage system for data centers. Furthermore, we expanded our funnel of qualified manufacturing opportunities to $4.5 billion, a record level, supporting the potential to sustain robust long-term revenue growth.”

David Abuhl, Senior Vice President and Chief Financial Officer, commented, “Driven by continued progress on our working capital initiatives, our cash cycle of 62 days exceeded expectations. This outstanding result is the best quarterly cash cycle performance in over five years. In support of accelerating revenue growth, we had a slight usage of free cash flow in the quarter, which was better than our expectations. While we expect to maintain cash cycle days in the low-to-mid 60s for the fiscal fourth quarter, further working capital investments are required to support our substantial revenue growth projections. As such, we now expect a usage of free cash flow for fiscal 2026 with a return to meaningful free cash flow generation in early fiscal 2027.”

Mr. Abuhl continued, “Our favorable cash cycle days, prudent capital expenditures and strong operating performance produced a return on invested capital of 14.9% in the quarter, up 110 basis points versus the prior quarter and 590 basis points above our cost of capital. This result represented the highest return in nearly five years.”

Mr. Kelsey continued, “For our fiscal fourth quarter, we forecast continued revenue growth led by strength in our Healthcare/Life Sciences and Industrial market sectors, including our semiconductor capital equipment subsector. We are guiding revenue of $1.330 to $1.380 billion, up 4% sequentially and 28% year over year at the midpoint, non-GAAP operating margin of 6.1% to 6.5% and non-GAAP EPS of $2.47 to $2.63. For fiscal 2026, we now anticipate generating in excess of 20% revenue growth due to Plexus’ success in launching numerous new programs and our market share gains combined with improved end market demand. Additionally, we expect to deliver this considerable revenue growth with greater than 6% non-GAAP operating margin and healthy working capital efficiency.”

Mr. Kelsey concluded, “Our differentiated value proposition, focused on providing unmatched quality and delivery, is resulting in robust performance for fiscal 2026 and positions Plexus for sustained, long-term momentum. We currently see the potential to generate fiscal 2027 revenue growth in excess of our 9% to 12% goal led by our Aerospace/Defense and Industrial market sectors, including our semiconductor capital equipment subsector. In addition, we anticipate delivering operating margin expansion, while continuing to make important investments in talent and technology in support of future growth.”

  Quarterly ComparisonThree Months Ended(in thousands, except EPS)July 4, 2026 Apr 4, 2026 Jun 28, 2025Revenue$1,304,778  $1,163,757  $1,018,308 Gross profit 131,379   119,176   103,288 Operating income 61,260   61,837   53,608 Net income 42,993   49,809   45,116 Diluted EPS$1.58  $1.82  $1.64       Gross margin 10.1%  10.2%  10.1%Operating margin 4.7%  5.3%  5.3%      ROIC (1) 14.9%  13.8%  14.1%Economic return (1) 5.9%  4.8%  5.2%      (1) Refer to Non-GAAP Supplemental Information tables for non-GAAP financial measures discussed and/or disclosed in this release, such as adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and economic return.  Business Segment and Market Sector Revenue

Plexus measures operational performance and allocates resources on a geographic segment basis. Plexus also reports revenue based on the market sector breakout set forth in the table below, which reflects Plexus’ market sector focused strategy. Top 10 customers comprised 55% of revenue during the third quarter of fiscal 2026. This is up 1 percentage point from the second quarter of fiscal 2026 and up 7 percentage points from the third quarter of fiscal 2025.

Business Segments ($ in millions)Three Months Ended  July 4, 2026 Apr 4, 2026 Jun 28, 2025Americas$428  $397  $312 Asia-Pacific 774   652   594 Europe, Middle East and Africa 109   116   117 Elimination of inter-segment sales (6)  (1)  (5)Total Revenue$1,305  $1,164  $1,018         Market Sectors ($ in millions)Three Months Ended July 4, 2026 Apr 4, 2026 Jun 28, 2025Aerospace/Defense$233 18% $212 18% $183 18%Healthcare/Life Sciences 483 37%  473 41%  420 41%Industrial 589 45%  479 41%  415 41%Total Revenue$1,305   $1,164   $1,018                  Non-GAAP Supplemental Information

Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow, because such measures are used for internal management goals and decision-making, and because they provide management and investors with additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted EPS, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of non-recurring items that are not reflective of continuing operations. For additional information on non-GAAP measures, please refer to the attached Non-GAAP Supplemental Information tables.

ROIC and Economic Return

ROIC for the third quarter of fiscal 2026 was 14.9%. Plexus defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a four-quarter period for the third fiscal quarter. Invested capital is defined as equity plus debt and operating lease obligations, less cash and cash equivalents. Plexus' weighted average cost of capital for fiscal 2026 is 9.0%. ROIC for the third quarter of fiscal 2026 less Plexus’ weighted average cost of capital resulted in an economic return of 5.9%.

Free Cash Flow

Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended July 4, 2026, cash flows provided by operations was $25.9 million and capital expenditures were $26.6 million, which resulted in a usage of free cash flow of $0.7 million.

Cash Cycle DaysThree Months Ended July 4, 2026 Apr 4, 2026 Jun 28, 2025Days in Accounts Receivable56  55  59 Days in Contract Assets13  12  13 Days in Inventory116  120  128 Days in Accounts Payable(76) (74) (72)Days in Advanced Payments(47) (49) (59)Annualized Cash Cycle (1)62  64  69  (1)Plexus calculates cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in advanced payments.   Conference Call and Webcast Information

What:   Plexus Fiscal 2026 Q3 Earnings Conference Call and WebcastWhen:   Thursday, July 30, 2026 at 8:30 a.m. Eastern TimeWhere:   Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com. Participants can also join utilizing the links below:Webcast link:
https://events.q4inc.com/attendee/435522461

Replay:   The webcast will be archived on the Plexus website and will be available as on-demand for 12 months   Investor and Media Contact
Shawn Harrison
+1.920.969.6325
[email protected]

About Plexus
At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 27 facilities. For more information about Plexus, visit our website at www.plexus.com.

Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of shortages, delays and price fluctuations in obtaining components as a result of economic cycles, capacity constraints, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate engagement terms, and the lack of a track record of order volume and timing; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customers and deliver product on a timely basis; the risks of concentration of work for certain customers; the effects of start-up costs of new programs and facilities or the costs associated with winding down programs or the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of the economy regionally or globally; the effect of changes in the pricing and margins of our services; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other events outside our control, such as the conflict between Russia and Ukraine, conflict in the Middle East (including in Iran), escalating tensions between China and Taiwan or China and the United States, tensions in or amongst countries in which we operate or transact business; changes in energy prices, terrorism, global health epidemics and weather events; the impact of increased competition; an inability to successfully manage human capital, including succession planning for and transition of senior executives; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2025 Form 10-K.

 PLEXUS CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(unaudited)       Three Months Ended Nine Months Ended Jul 4, Jun 28, Jul 4, Jun 28, 2026 2025 2026 2025Net sales$1,304,778  $1,018,308  $3,538,387  $2,974,600 Cost of sales 1,173,399   915,020   3,181,694   2,672,869 Gross profit 131,379   103,288   356,693   301,731 Operating expenses:       Selling and administrative expenses 70,119   49,680   179,132   147,789 Restructuring and other charges, net —   —   —   4,683 Operating income 61,260   53,608   177,561   149,259 Other income (expense):       Interest expense (4,089)  (2,501)  (10,399)  (9,192)Interest income 1,463   934   3,259   3,039 Miscellaneous, net (2,185)  (2,205)  (5,063)  (4,753)Income before income taxes 56,449   49,836   165,358   138,353 Income tax expense 13,456   4,720   31,374   16,897 Net income$42,993  $45,116  $133,984  $121,456 Earnings per share:       Basic$1.61  $1.67  $5.01  $4.48 Diluted$1.58  $1.64  $4.90  $4.39 Weighted average shares outstanding:       Basic 26,712   27,059   26,745   27,084 Diluted 27,294   27,532   27,347   27,670                  PLEXUS CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited)  Jul 4, Sep 27, 2026 2025ASSETS   Current assets:   Cash and cash equivalents$314,053  $306,464 Restricted cash 514   294 Accounts receivable 795,159   656,573 Contract assets 193,942   150,654 Inventories 1,488,391   1,229,839 Prepaid expenses and other 103,285   54,969 Total current assets 2,895,344   2,398,793 Property, plant and equipment, net 546,159   546,052 Operating lease right-of-use assets 66,560   72,863 Deferred income taxes 95,173   91,349 Other assets 30,361   28,053 Total non-current assets 738,253   738,317 Total assets$3,633,597  $3,137,110     LIABILITIES AND SHAREHOLDERS’ EQUITY   Current liabilities:   Current portion of long-term debt and finance lease obligations$183,814  $45,793 Accounts payable 978,899   726,597 Advanced payments from customers 602,933   575,850 Accrued salaries and wages 111,557   109,076 Other accrued liabilities 68,563   61,367 Total current liabilities 1,945,766   1,518,683 Long-term debt and finance lease obligations, net of current portion 91,644   91,987 Long-term operating lease liabilities 23,888   29,422 Deferred income taxes 7,322   6,000 Other liabilities 36,225   36,430 Total non-current liabilities 159,079   163,839 Total liabilities 2,104,845   1,682,522 Shareholders’ equity:   Common stock 549   547 Additional paid-in-capital 710,372   695,653 Common stock held in treasury (1,319,506)  (1,255,451)Retained earnings 2,130,012   1,996,028 Accumulated other comprehensive income 7,325   17,811 Total shareholders’ equity 1,528,752   1,454,588 Total liabilities and shareholders’ equity$3,633,597  $3,137,110      PLEXUS CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)     Nine Months Ended Jul 4, Jun 28, 2026 2025Cash flows from operating activities   Net income$133,984  $121,456 Adjustments to reconcile net income to net cash flows from operating activities:   Depreciation and amortization 57,357   58,509 Share-based compensation expense and related charges 36,820   22,466 Other, net (211)  (8,381)Changes in operating assets and liabilities, excluding impacts of currency:   Accounts receivable (140,201)  (37,265)Contract assets (43,250)  (24,090)Inventories (259,911)  37,543 Other current and non-current assets (47,874)  (1,262)Accrued income taxes payable (3,930)  (13,361)Accounts payable 271,371   88,902 Advanced payments from customers 27,444   (118,276)Other current and non-current liabilities 7,389   (9,028)Cash flows provided by operating activities 38,988   117,213 Cash flows from investing activities   Payments for property, plant and equipment (74,312)  (60,441)Other, net (258)  (412)Cash flows used in investing activities (74,570)  (60,853)Cash flows from financing activities   Borrowings under debt agreements 605,500   293,500 Payments on debt and finance lease obligations (476,674)  (402,875)Debt issuance costs (1,108)  — Repurchases of common stock (64,055)  (43,807)Payments related to tax withholding for share-based compensation (21,473)  (15,100)Cash flows provided by (used in) financing activities 42,190   (168,282)Effect of exchange rate changes on cash and cash equivalents 1,201   2,077 Net increase (decrease) in cash and cash equivalents and restricted cash 7,809   (109,845)Cash and cash equivalents and restricted cash:   Beginning of period 306,758   347,462 End of period$314,567  $237,617      PLEXUS CORP. AND SUBSIDIARIESNON-GAAP SUPPLEMENTAL INFORMATION Table 1(in thousands, except per share data)(unaudited)           Three Months Ended Nine Months Ended Jul 4, Apr 4, Jun 28, Jul 4, Jun 28, 2026 2026 2025 2026 2025Operating income, as reported$61,260  $61,837  $53,608  $177,561  $149,259 Operating margin, as reported 4.7%  5.3%  5.3%  5.0%  5.0%          Non-GAAP adjustments:         Restructuring costs (1) —   —   —   —   4,683 Stock-based compensation (2) 21,137   7,922   7,691   36,824   21,813 Non-GAAP operating income$82,397  $69,759  $61,299  $214,385  $175,755 Non-GAAP operating margin 6.3%  6.0%  6.0%  6.1%  5.9%          Net income, as reported$42,993  $49,809  $45,116  $133,984  $121,456           Non-GAAP adjustments:         Restructuring costs, net of tax (1) —   —   —   —   4,191 Stock-based compensation, net of tax (2) 20,337   6,055   7,307   33,769   20,722 Adjusted net income$63,330  $55,864  $52,423  $167,753  $146,369           Diluted earnings per share, as reported$1.58  $1.82  $1.64  $4.90  $4.39           Non-GAAP per share adjustments:         Restructuring costs, net of tax (1) —   —   —   —   0.15 Stock-based compensation, net of tax (2) 0.74   0.23   0.26   1.23   0.75 Adjusted diluted earnings per share$2.32  $2.05  $1.90  $6.13  $5.29  (1)During the nine months ended June 28, 2025, restructuring costs of $4.7 million, or $4.2 million net of taxes, were incurred primarily for employee severance costs associated with a reduction in the Company’s workforce in the EMEA and AMER regions. (2)During the three and nine months ended July 4, 2026, $12.9 million, or $12.5 million net of taxes ($0.46 per diluted share), of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of previously announced executive retirement agreements.   PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
(in thousands)
(unaudited)
       ROIC and Economic Return CalculationsNine Months Ended Six Months Ended Nine Months Ended Jul 4, Apr 4, Jun 28, 2026 2026
 2025Operating income, as reported $177,561   $116,301   $149,259 Restructuring and other charges, net  —    —    4,683 Accelerated stock-based compensation (1)+ 12,940  + —  + — Adjusted operating income $190,501   $116,301   $153,942  ÷ 3  x 2  ÷ 3   $63,500        $51,314  x 4       x 4 Adjusted annualized operating income $254,000   $232,602   $205,256 Adjusted effective tax ratex 16% x 17% x 11%Tax impact  40,640    39,542    22,578 Adjusted operating income (tax-effected) $213,360   $193,060   $182,678               Average invested capital÷$1,431,266  ÷$1,401,134  ÷$1,298,575 ROIC  14.9%   13.8%   14.1%Weighted average cost of capital- 9.0% - 9.0% - 8.9%Economic return  5.9%   4.8%   5.2% Average Invested Capital CalculationsJul 4, Apr 4, Jan 3, Sep 27, 2026 2026 2026 2025Equity$1,528,752  $1,489,800  $1,481,063  $1,454,588 Plus:             Debt and finance lease obligations - current 183,814   143,112   66,837   45,793 Operating lease obligations - current (2) 7,616   7,758   7,943   8,253 Debt and finance lease obligations - long-term 91,644   91,034   91,139   91,987 Operating lease obligations - long-term 23,888   25,769   27,327   29,422 Less: Cash and cash equivalents (314,053)  (303,133)  (248,825)  (306,464) $1,521,661  $1,454,340  $1,425,484  $1,323,579         Average Invested Capital CalculationsJun 28, Mar 29, Dec 28, Sep 28, 2025 2025 2024 2024Equity$1,419,085  $1,351,675  $1,319,069  $1,324,825 Plus:               Debt and finance lease obligations - current 50,678   121,014   121,977   157,325 Operating lease obligations - current (2) 8,470   9,968   14,875   14,697 Debt and finance lease obligations - long-term 92,215   88,761   88,728   89,993 Operating lease obligations - long-term 31,192   32,720   35,124   32,275 Less: Cash and cash equivalents (237,567)  (310,531)  (317,161)  (345,109) $1,364,073  $1,293,607  $1,262,612  $1,274,006  (1)During the three and nine months ended July 4, 2026, $12.9 million of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of previously announced executive retirement agreements.(2)Included in other accrued liabilities on the Condensed Consolidated Balance Sheets.  

NEENAH, WI, July 15, 2026 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) announced today it will release its fiscal third quarter 2026 results after market close on Wednesday, July 29, 2026. Plexus’ management will host a conference call to discuss its fiscal third quarter 2026 results on Thursday, July 30, 2026 at 8:30 a.m. Eastern Time. An audio webcast of the call and accompanying slides will be available in the investor relations section of the company website, plexus.com.

What:Plexus Fiscal Q3 2026 Earnings Conference Call and WebcastWhen:Thursday, July 30, 2026 at 8:30 a.m. Eastern TimeWhere: Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com. Participants can also join utilizing the links below:Webcast link: https://events.q4inc.com/attendee/435522461

Replay:The webcast will be archived on the Plexus website and will be available as on-demand for 12 months Investor and Media Contact

Shawn Harrison
+1.920.969.6325
[email protected]

About Plexus Corp.

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 27 facilities. For more information about Plexus, visit our website at www.plexus.com.

Key Takeaways Flex plans a CPI spin-off as it sharpens focus on healthcare, robotics and networking markets.FLEX expects fiscal 2027 revenue growth of 18% at midpoint and adjusted EPS growth of 32%.PLXS posted record program wins, but lower free cash flow guidance and customer concentration pose risks. Flex Ltd. (FLEX - Free Report) and Plexus Corp. (PLXS - Free Report) are benefiting from favorable trends in the electronics manufacturing industry, supported by growing demand across advanced technologies and infrastructure markets. Flex is expanding its presence in AI-driven data center infrastructure through its power, cooling and compute integration capabilities, while also strengthening its portfolio through strategic investments and acquisitions. Plexus, meanwhile, is capitalizing on strong manufacturing program wins and growing opportunities across industrial, healthcare, aerospace and defense markets, including data center power and automation applications.

Both companies are leveraging their engineering, manufacturing and supply chain expertise to pursue growth opportunities in attractive end markets. As demand for advanced electronics, automation, AI infrastructure and mission-critical applications continues to rise, both Flex and Plexus remain focused on expanding their capabilities, improving operational performance and supporting long-term growth initiatives.

Let’s analyze their fundamentals, growth opportunities, market challenges and valuation to assess which one presents a stronger investment opportunity.

The Case for FLEXFlex is benefiting from its ongoing transformation toward higher-value, technology-intensive markets, a strategy that has strengthened its positioning for long-term growth. Over the past seven years, the company has streamlined its portfolio by exiting consumer-focused businesses, divesting non-core assets and investing in advanced technologies while maintaining disciplined execution. The planned spin-off of its Cloud and Power Infrastructure (CPI) business represents the next phase of this strategy, allowing both organizations to sharpen their focus, improve capital allocation and pursue growth opportunities more effectively. Following the separation, Flex will concentrate on advanced manufacturing markets such as healthcare, robotics, warehouse automation and networking.

The company is also gaining from the rapid growth of AI-driven data center infrastructure. Its CPI business has developed a differentiated end-to-end platform that combines power infrastructure, thermal management and compute integration, enabling customers to work with a single provider instead of multiple vendors. Management believes that the transition toward integrated power and cooling architectures, along with emerging technologies such as solid-state transformers and 800-volt DC distribution, creates a substantial long-term opportunity. These capabilities position Flex to benefit from the increasing complexity and power demands of next-generation AI data centers.

Flex continues to enhance its competitive position through strategic investments and acquisitions. The acquisition of Electrical Power Products (EP2) broadened its utility-grade power solutions portfolio and strengtheed its ability to support grid modernization and electrification initiatives. The company has also secured significant new business from hyperscalers and data center customers, including Google, spanning power infrastructure, thermal systems and complex hardware manufacturing. These multiyear engagements provide diversified growth opportunities and support planned capacity expansion through fiscal 2027 and beyond.

The company’s strong financial performance further supports its growth outlook. In fiscal 2026, revenue increased 8%, adjusted operating income grew 21% and adjusted earnings per share rose 25%. Continued strength across cloud, power and industrial businesses, combined with operational improvements, enabled Flex to achieve record profitability and generate approximately $1.1 billion in free cash flow. Management expects fiscal 2027 revenue to reach $32.3-$33.8 billion, representing 18% growth at the midpoint, while adjusted EPS is projected to increase 32%. The CPI business is expected to deliver revenue growth of 65-75% in fiscal 2027 and more than 80% in fiscal 2028, supported by expanding AI infrastructure demand, multiyear contracts and continued margin expansion.

Despite these strengths, Flex faces several near-term challenges. The Integrated Technology Solutions segment continues to be adversely impacted by weakness in lifestyle and consumer-related markets, leading the company to further reduce its exposure to lower-value businesses. At the same time, elevated capital expenditures and infrastructure investments within the CPI segment are temporarily pressuring margins and limiting free cash flow conversion. Although management expects these investments to generate higher returns over time, execution risks related to the planned spin-off, capacity expansion initiatives and large-scale AI infrastructure projects remain important considerations.

The Case for PLXSPlexus continues to benefit from strong program ramp activity and a growing pipeline of manufacturing opportunities. Fiscal second-quarter 2026 revenues increased 18.7% year over year to $1.164 billion, supported by 30 manufacturing program wins expected to generate approximately $355 million in annualized revenue once fully ramped into production. These wins were diversified across Industrial, Healthcare/Life Sciences and Aerospace/Defense markets, with notable exposure to growth areas such as data center power, automation, robotics, semiconductor capital equipment and defense platforms. Management noted that record program wins and improving market demand position the company to achieve mid-teens or higher revenue growth in fiscal 2026, while its qualified opportunity pipeline has expanded to $4 billion.

The company also maintains a solid financial foundation supported by healthy cash generation and disciplined capital allocation. During the fiscal second quarter, Plexus generated $28.5 million in operating cash flow and $16 million in free cash flow, exceeding expectations despite continued investments in the business. Strong cash generation has enabled the company to repurchase shares and reduce debt, including $20.6 million of share buyback during the quarter. Over the long term, management targets annual revenue growth of 9-12% while achieving a 15% ROIC, supporting sustained shareholder value creation.

However, the company’s revenue in the Healthcare segment is expected to remain flat sequentially in the current quarter, while certain Industrial subsectors continue to experience weak demand conditions. Management also guided for slightly lower gross margins at the midpoint for the fiscal third quarter due to program ramp timing, ongoing investments and higher incentive compensation expenses. In addition, uncertainty surrounding evolving trade policies continues to create a challenging macroeconomic backdrop.

Near-term cash flow is expected to come under pressure as the company increases investments in working capital to support revenue growth. Management expects the current quarter to result in a use of cash and has lowered its fiscal 2026 free cash flow outlook to $50-$75 million from its previous expectation of $100 million. Higher working capital requirements, along with planned capital expenditures of $100-$120 million, are expected to weigh on cash generation. Any delays in revenue ramps, customer order timing or inventory turnover could further affect free cash flow performance.

Another key risk is Plexus’ dependence on a relatively small group of large customers. The top 10 customers accounted for 54% of revenue in the second quarter of fiscal 2026, up from 52% in the prior quarter and 51% in the year-ago period. This concentration exposes the company to customer-specific risks, as the loss of a major customer or project could negatively impact financial results. Additionally, Plexus provides most of its manufacturing services on a turnkey basis, which requires higher investment levels and increases operational and execution risks within a highly competitive industry.

FLEX vs. PLXS Share Price PerformanceOver the past six months, FLEX shares have gained 138%, while Plexus has soared 85.8%.

Image Source: Zacks Investment Research

Valuation for FLEX & PLXSIn terms of Price/Book, FLEX shares are trading at 10.77X, higher than PLXS’ 5.15X.

Image Source: Zacks Investment Research

How Do Estimates Compare for FLEX & PLXS?Analysts have significantly revised their earnings estimates upward for FLEX’s bottom line for the current year.

Image Source: Zacks Investment Research

For PLXS, there have been upward revisions for the current year.

Image Source: Zacks Investment Research

FLEX or PLXS: Which Stock to Bet On?While FLEX sports a Zacks Rank #1 (Strong Buy) at present, PLXS has a Zacks Rank #4 (Sell). Consequently, in terms of Zacks Rank and valuation, FLEX seems to be a better pick at the moment.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Plexus Corporation PLXS has emerged as a compelling performer in the electronics manufacturing services (EMS) space, with the stock price appreciating 32.3% over the past three months, outperforming the Electronic Manufacturing Industry's growth of 8.7%. The S&P 500 composite and the broader Computer Technology Sector have declined 4.8% and 6.7%, respectively.

Does Plexus (PLXS) have what it takes to be a top stock pick for momentum investors? Let's find out.

Sanmina (SANM) came out with quarterly earnings of $3.16 per share, beating the Zacks Consensus Estimate of $2.42 per share. This compares to earnings of $1.41 per share a year ago.

NEENAH, WI, April 29, 2026 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) announced today that Patrick Jermain, Executive Vice President and Chief Financial Officer (CFO), has elected to retire after a distinguished 15-plus year career at Plexus, including 12 years as CFO.

As part of a disciplined succession planning process, Plexus’ Board of Directors has appointed David Abuhl to succeed Mr. Jermain as Senior Vice President and Chief Financial Officer, effective May 11, 2026. Mr. Abuhl currently serves as Plexus’ Senior Vice President-Finance and is a member of the Company’s Leadership Team. To ensure a seamless transition, Mr. Jermain will remain employed by the Company and serve in an advisory role until July 31, 2026.

Todd Kelsey, Plexus’ President and Chief Executive Officer, commented, “Pat has been an exceptional partner, and I am thankful for his 15 years of dedication to Plexus. His leadership, integrity and commitment to Plexus’ success have been instrumental in our growth journey. Pat’s legacy includes fostering a high-performance and high-integrity finance culture, cultivating a tenured finance leadership team with advanced skillsets and propelling Plexus to deliver higher levels of efficiency with tremendous financial results.”

Mr. Kelsey continued, “David has made an immediate impact since joining Plexus and our Leadership Team in September 2025. His extensive financial expertise, coupled with his passion for building high-performing teams, makes him the ideal leader to guide our finance organization. I am confident that his global perspective and strategic mindset will be significant assets as we continue with our growth journey.”

Prior to joining Plexus, Mr. Abuhl spent over 15 years at Kimberly-Clark Corporation in various leadership roles across finance, treasury and investor relations. He most recently served as CFO-Enterprise Supply Chain, with financial oversight of approximately $14 billion in cost of goods sold. His previous experience includes serving as EMEA Finance Director and CFO for Kimberly-Clark Professional, a business-to-business division spanning approximately 70 countries. Mr. Abuhl holds a Masters of Business Administration from the SMU Cox School of Business and a Bachelor of Arts degree in Business and Economics from Wheaton College.

Investor and Media Contact

Shawn Harrison
+1.920.969.6325
[email protected]

About Plexus Corp.

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 27 facilities. For more information about Plexus, visit our website at www.plexus.com.

For the quarter ended March 2026, Plexus (PLXS - Free Report) reported revenue of $1.16 billion, up 18.7% over the same period last year. EPS came in at $2.05, compared to $1.66 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.13 billion, representing a surprise of +2.99%. The company delivered an EPS surprise of +9.43%, with the consensus EPS estimate being $1.87.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Plexus performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Market Sector- Healthcare/Life Sciences: $473 million compared to the $478.74 million average estimate based on two analysts. The reported number represents a change of +15.1% year over year.Revenue- Market Sector- Aerospace/Defense: $212 million compared to the $189.08 million average estimate based on two analysts. The reported number represents a change of +23.3% year over year.Revenue- Market Sector- Industrial: $479 million compared to the $462.27 million average estimate based on two analysts. The reported number represents a change of +20.7% year over year.View all Key Company Metrics for Plexus here>>>

Shares of Plexus have returned +21.6% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Plexus Corp. (PLXS) Q2 2026 Earnings Call Transcript

On May 01, 2026, Plexus Corp PLXS shares experienced a notable rise of 5.6%, bringing the current price to $264.60. Over the past week, shares have increased by 4.1% and have shown remarkable growth of 27.7% over the last month. Year-to-date, PLXS has soared by 80.0%, and over the past year, the stock has gained an impressive 113.1%. The stock's performance has been characterized by a 52-week range, hitting a high of $272.08 and a low of $115.35.

GF Value™ verdict: Current price is $264.60, significantly above GF Value™ of $142.73, indicating an 85.4% overvaluation.GF Score™: 87/100 (Strong), suggesting robust fundamentals.Most notable signal: Insiders sold $13.4M worth of shares in the last 3 months, with no purchases reported. Is PLXS Overvalued or Undervalued? According to GF Value™, Plexus Corp is currently overvalued, with the stock trading at $264.60 compared to an estimated fair value of $142.73. This represents a significant 85.4% margin of overvaluation, which raises concerns about the sustainability of the current price level. The GF Valuation label classifies the stock as "Significantly Overvalued," indicating that the current market price does not reflect the intrinsic value based on historical performance and future growth projections. Investors may face risks if the stock price corrects toward its GF Value™, as the substantial gap suggests that market optimism might not be justified by the company's financial fundamentals.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The overvaluation signals potential corrections in the future, making it essential for investors to exercise caution and conduct thorough analyses before making investment decisions.

How Does PLXS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 38.7x 21.4x Forward P/E 34.3x N/A The current P/E ratio of 38.7x is significantly above the 5-year median P/E of 21.4x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict of overvaluation, as the elevated P/E suggests that investors are paying considerably more for each dollar of earnings than they have historically.

What Does PLXS's GF Score™ Tell Us? Metric Rating GF Score™ 87/100 Financial Strength 8/10 Profitability 8/10 Growth 9/10 Valuation 3/10 Momentum 6/10 The GF Score™ of 87/100 suggests that Plexus Corp has strong fundamentals, particularly in growth (9/10) and financial strength (8/10). However, the valuation score of 3/10 indicates that the stock is currently overvalued relative to its intrinsic value. While the company's growth prospects and financial stability appear robust, the low valuation score is a critical concern for potential investors, highlighting the risk of holding an overvalued stock.

What Are Insiders Doing with PLXS Stock? Recent insider activity for Plexus Corp has shown that insiders have sold $13.4 million worth of shares in the last three months, with no reported purchases. This trend of selling may indicate a lack of confidence among insiders regarding the stock's current valuation and future price trajectory. When insiders sell significant amounts of their holdings without accompanying purchases, it often raises concerns among investors about potential future performance.

What This Means for Investors Based on the current analysis, Plexus Corp PLXS is classified as overvalued according to the GF Value™, which suggests that the stock price is significantly higher than its intrinsic value. Investors should weigh the strong fundamentals against the risks associated with such an overvaluation before making any investment decisions.

For the complete analysis, visit the Plexus Corp PLXS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is PLXS's GF Score™?

The GF Score™ for Plexus Corp is 87/100, indicating strong fundamentals and a higher likelihood of generating long-term returns.

Is PLXS overvalued or undervalued?

Plexus Corp is overvalued according to the GF Value™, which estimates the fair value at $142.73, significantly lower than the current price of $264.60.

What is PLXS's P/E ratio?

The current P/E ratio for Plexus Corp is 38.7x, which is substantially higher than its historical 5-year median of 21.4x, indicating that the stock is trading at a premium.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

NEENAH, WI, June 01, 2026 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) today announced the release of its Fiscal 2025 Sustainability Report. The report, which is now available on the Sustainability page of plexus.com, marks a significant evolution from intensity-based metrics to measurable, absolute emissions reduction goals. The report details the company’s progress in environmental stewardship, social responsibility and corporate governance, while marking a significant strategic evolution in its climate commitments.

The fiscal 2025 report highlights Plexus’ formal transition from intensity-based emissions goals to absolute emissions reduction targets. This shift aligns the company’s emission reduction strategy with leading international standards and underscores its commitment to achieving a sustainable global footprint and delivering robust revenue growth.

“At Plexus, our vision is to help create the products that build a better world. Our Fiscal 2025 Sustainability Report reflects our commitment to transparency and living that vision every day,” commented Todd Kelsey, President and Chief Executive Officer. “By transitioning to absolute emission reduction targets, we are taking a bold step in our sustainability journey, ensuring that our environmental impact remains a focus as we continue to innovate for our customers and create long-term shareholder value.”

Key Highlights from the fiscal 2025 Sustainability Report:

Emissions Reduction | Introduces a formal commitment to reduce emissions by 2033.Circularity and Waste Management | Successfully scaled its circularity footprint by more than doubling its number of zero waste sites to eight global locations.Social Impact and Community Engagement | Advanced its commitment to social responsibility by contributing over $1.4 million to local causes championed by our team members.Holistic Team Member Well-Being | Prioritized mental health by providing specialized support that delivers care four times faster than a traditional Employee Assistance Program (EAP).Trust and Transparency | Streamlined reporting through a new Indices framework, enhancing disclosure alignment with the Global Reporting Initiative (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD).
The Fiscal 2025 Sustainability Report is available for download on the Sustainability page of plexus.com.

Investor and Media Contact

Shawn Harrison
+1.920.969.6325
[email protected] 

About Plexus
At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 27 facilities. For more information about Plexus, visit our website at www.plexus.com. 

Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of shortages, delays and price fluctuations in obtaining components as a result of economic cycles, capacity constraints, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate engagement terms, and the lack of a track record of order volume and timing; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customers and deliver product on a timely basis; the risks of concentration of work for certain customers; the effects of start-up costs of new programs and facilities or the costs associated with winding down programs or the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of the economy regionally or globally; the effect of changes in the pricing and margins of our services; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other events outside our control, such as the conflict between Russia and Ukraine, conflict in the Middle East (including in Iran), escalating tensions between China and Taiwan or China and the United States, tensions in or amongst countries in which we operate or transact business, changes in energy prices, terrorism, global health epidemics and weather events; the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2025 Form 10-K.