Flex (FLEX) Earnings Date & Reports

Flex reported fourth quarter fiscal 2026 results, for the period ended March 31, 2026, on May 5, 2026. Net sales reached $7.477 billion, a 17% increase from $6.398 billion in Q4 FY2025 and above consensus estimates of $6.95 billion. GAAP operating income was $372 million (5.0% margin), up from 4.8% last year, while adjusted operating income hit $500 million (6.7% margin), exceeding prior guidance and improving from 6.2%.

GAAP EPS stood at $0.67, with adjusted EPS of $0.93 topping Zacks Consensus of $0.86 by 7.89% and up 27% year-over-year from $0.73. Full-year FY2026 net sales grew 8% to $27.9 billion, with adjusted EPS at a record $3.30, beating updated guidance. Key drivers included robust growth in Cloud and Power Infrastructure (CPI, up 38% to $6.6 billion annually) fueled by AI data centers. Free cash flow was $212 million in Q4 and $1.06 billion for the year. Guidance update: Q1 FY2027 revenue $7.35-$7.65 billion, adjusted EPS $0.86-$0.92; FY2027 revenue $32.3-$33.8 billion, adjusted EPS $4.21-$4.51 (guidance excludes planned CPI spin-off).

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Market Reaction and Investor Sentiment

Flex shares gapped up dramatically post-earnings, surging over 30% from a close of $96.45 to highs near $126, with premarket gains of 31% to $120.26. Volume spiked as investors cheered the earnings beat, record margins, upbeat FY2027 guidance well above consensus ($3.60 EPS, $29.2B revenue), and the CPI spin-off announcement. Sentiment turned highly positive, with analysts noting Flex's AI/data center momentum and capital returns ($944M share repurchases in FY2026) as key drivers, positioning the stock near 52-week highs.

Forward Outlook and Key Factors to Monitor

Flex's FY2027 guidance signals continued acceleration, with revenue projected at $32.3-$33.8 billion (18% growth at midpoint) and adjusted EPS of $4.21-$4.51 (32% growth), driven by margin expansion to 7.0%-7.1%. This outlook, excluding the CPI spin-off, reflects recouped investments in high-growth areas and operational efficiencies.

Investors should track the planned tax-free spin-off of the Cloud and Power Infrastructure segment into "SpinCo," expected in Q1 calendar 2027. CPI revenue grew 38% to $6.6 billion in FY2026, with FY2027 targets of 65%-75% growth and over 80% in FY2028, backed by multi-year contracts like one with Google. CEO Revathi Advaithi will lead SpinCo, while Flex focuses on diversified manufacturing.

Other catalysts include CapEx of $1.4-$1.6 billion (funded by ~60% free cash flow conversion), demand in AI data centers, industrial, and communications, plus consumer softness risks. Share repurchases remain a priority, with strong balance sheet support. Monitor quarterly execution against guidance, spin-off progress, and macro trends in AI infrastructure.

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