Plexus Announces Fiscal Q1 Financial Results

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Plexus Corp. announced financial results for our fiscal first quarter ended January 3, 2026, and guidance for our fiscal second quarter ending April 4, 2026.

• Reports fiscal first quarter 2026 revenue of $1.070 billion, GAAP operating margin of 5.1% and GAAP diluted EPS of $1.51.
• Reports fiscal first quarter 2026 non-GAAP operating margin of 5.8% and non-GAAP diluted EPS of $1.78, excluding $0.27 of stock-based compensation expense.
• Initiates fiscal second quarter 2026 revenue guidance of $1.110 billion to $1.150 billion with GAAP diluted EPS of $1.53 to $1.68, including $0.27 of stock-based compensation expense. Fiscal second quarter non-GAAP EPS guidance of $1.80 to $1.95 excludes stock-based compensation expense.

Fiscal First Quarter 2026 Information

Won 22 manufacturing programs during the quarter representing $283 million in annualized revenue when fully ramped into production.

Purchased $22.4 million of our shares at an average price of $146.36 per share under our 2026 Share Repurchase Program, leaving $62.6 million available under our existing $100.0 million authorization.

Todd Kelsey, President and Chief Executive Officer, commented, “We have achieved significant momentum from our consistent focus on delivering customer success and our ongoing investments in talent, technology, facilities and advanced capabilities. Fiscal first quarter revenue of $1.070 billion met our guidance midpoint, increasing 1% sequentially and 10% year over year on robust growth from our Healthcare/Life Sciences and Aerospace/Defense market sectors, while non-GAAP EPS of $1.78 met the high end of our guidance.”

Mr. Kelsey added, “Our team delivered 22 manufacturing wins for the fiscal first quarter, representing $283 million in annualized revenue. Included in these wins was a record quarterly performance from our Aerospace/Defense market sector of $220 million in annualized revenue. Through this performance, our Aerospace/Defense go-to-market team strengthened our partnership with existing customers, significantly expanded our leadership in commercial space and added new and exciting partners deploying disruptive technologies.”

Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, "For the fiscal first quarter, we delivered return on invested capital of 13.2%, which was 420 basis points above our weighted average cost of capital. Our fiscal first quarter cash cycle of 69 days met our guidance and reflected working capital investments to support significant program ramps and increased customer demand. While these investments resulted in a cash usage for the fiscal first quarter, we reconfirm our fiscal 2026 expectation for free cash flow of approximately $100 million."

Mr. Kelsey continued, “We are forecasting accelerating sequential revenue growth for our fiscal second quarter from continued new program ramps, market share gains and improved end-market demand. We are guiding revenue of $1.110 to $1.150 billion, representing 6% sequential and 15% year-over-year growth at the midpoint, non-GAAP operating margin of 5.6% to 6.0% and non-GAAP EPS of $1.80 to $1.95.”

Mr. Kelsey concluded, “With a strong start to the fiscal year, we now see the potential to meet or exceed the high-end of our 9% to 12% revenue growth goal. We believe this positive momentum is the result of our consistent strategy, which is enabling share gains and leadership in growth markets, and from our ongoing investments to further our industry-leading solutions and drive greater long-term operational efficiency.”

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 52% of revenue during the first quarter of fiscal 2026. This is up 3 percentage points from the fourth quarter of fiscal 2025 and up 1 percentage point from the first quarter of fiscal 2025.