FLEX LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FLEX LTD. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	23,863	25,441	26,211	24,210	24,124	24,633	28,502	26,415	25,813	27,914
Cost of revenue	22,303	23,778	24,594	22,681	22,349	22,838	26,503	24,395	23,584	25,288
Gross profit	1,521	1,596	1,518	1,339	1,687	1,780	1,976	1,865	2,159	2,567
Research and development	65.6	78.2
Selling, general and administrative	937	1,019	953	834	817	830	874	922	904	1,052
Operating income				415	795	890	1,017	853	1,169	1,368
Interest expense	108	123	146	7.2	150	166	230	207	218	215
Interest income	12.1	18.8	19	19	14	14	30	56	61	51
Other non-operating income	-21.2	170	-120	-82	-16	165	-6	-44	14	-30
Pre-tax income	371	521	182	159	714	964	807	666	1,023	1,143
Income tax	51.3	92.4	89	71	101	92	124	-206	185	263
Net income to minority interests				0	0	4	240	239	0	0
Net income	320	429	93	88	613	936	793	1,006	838	880
EBITDA				837	1,217	1,299	1,431	1,284	1,608	1,825
EPS, basic	0.59	0.81	0.18	0.17	1.23	1.97	1.75	2.31	2.14	2.37
EPS, diluted	0.59	0.80	0.18	0.17	1.21	1.94	1.72	2.28	2.11	2.33
Shares, basic (weighted)	541	530	527	509	499	476	454	435	391	371
Shares, diluted (weighted)	546	537	530	512	506	483	462	441	398	378

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	1,831	1,472	1,697	1,923	2,637	2,964	3,164	2,474	2,289	2,389
Receivables	2,193	2,518	2,613	2,436	3,959	3,371	3,480	3,033	3,671	4,679
Inventory	3,396	3,800	3,723	3,785	3,895	6,580	7,388	6,205	5,071	5,845
Other current assets	968	1,380	855	660	590	903	875	1,031	1,194	2,356
Total current assets	8,388	9,170	9,103	9,086	11,363	14,337	16,033	12,992	12,841	16,332
Property, plant and equipment	2,317	2,240	2,336	2,216	2,097	2,125	2,342	2,269	2,330	2,505
Lease right-of-use assets			0	605	642	637	605	601	562	659
Goodwill	985	1,121	1,073	1,065	1,090	1,138	1,139	1,135	1,341	1,369
Intangible assets	362	424	331	262	213	411	315	245	343	283
Other non-current assets	542	760	656	456	431	473	490	1,015	964	912
Total assets	12,593	13,716	13,499	13,690	15,836	19,325	21,407	18,257	18,381	22,060
Accounts payable	4,485	5,122	5,147	5,108	5,247	6,254	5,724	4,468	5,147	8,055
Accrued liabilities	344	383	392	364	473	470	506	488	560	671
Deferred revenue		329	272	362	848	615
Short-term debt	61.5	43	633	149	268	949	150	0	1,209	0
Total current liabilities	6,505	7,268	7,598	7,211	7,834	10,711	10,867	8,539	9,850	12,016
Long-term debt	2,891	2,898	2,422	2,689	3,515	3,248	3,544	3,261	2,483	3,751
Lease liabilities			0	529	562	551	504	490	456	565
Other non-current liabilities	520	532	508	430	489	608	554	642	590	584
Total liabilities	9,915	10,697	10,526	10,859	12,400	15,118	15,701	12,932	13,379	16,916
Total debt	2,968	2,954	3,065	2,852	3,804	4,197	3,694	3,261	3,692	3,751
Retained earnings	-3,573	-3,144	-3,012	-2,902	-2,289	-1,353	-560	446	1,284	2,164
Treasury stock	-388	-388	-388	-388	-388	-388	-388	0	-200	-200
Other comprehensive income	-128	-85.8	-151	-215	-119	-182	-194	-195	-224	-167
Shareholders' equity	2,645	3,019	2,972	2,831	3,436	4,129	5,351	5,325	5,002	5,144
Minority interests	33.7	0				0	355	0
Total equity	2,678	3,019	2,973	2,831	3,436	4,129	5,706	5,325	5,002	5,144
Total liabilities and equity	12,593	13,716	13,499	13,690	15,836	19,325	21,407	18,257	18,381	22,060
Shares outstanding	531	528	517	497	493	461	450	408	378	366

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	311	421	93	88	613	940	1,033	1,245	838	880
Depreciation and amortization	432	434	433	422	422	409	414	431	439	457
Stock-based compensation	77.3	81.3	76	71	79	91	133	152	125	142
Deferred income tax	-21.5	38.6	-12	7	-5	-44	1	-370	55	38
Change in receivables	-5,136	-4,917	-3,628	-2,106	-1,615	624	-388	380	-601	-979
Change in inventory	85	-354	-360	-66	-96	-2,655	-974	1,105	1,176	-742
Change in payables	269	623	68	-15	103	969	-341	-986	630	2,858
Cash from operations	-3,822	-3,866	-2,971	-1,533	144	1,024	950	1,326	1,505	1,685
Capital expenditures	-525	-562	-726	-462	-351	-443	-635	-530	-438	-633
Acquisitions	-189	-268	-13	-1	0	-539	2	0	-405	-40
Cash from investing	4,270	3,711	3,253	2,279	-202	-951	-604	-492	-838	-672
Debt issued	313	1,366	3,199	1,070	2,065	759	718	2	499	1,251
Stock issued	12.4	2.77	0.25		0	0	694	552	0	0
Share buybacks	-350	-180	-189	-260	-183	-686	-337	-1,298	-1,257	-944
Cash from financing	-242	-188	-30	-508	743	280	2	-1,656	-821	-924
Exchange rate effect	17.5	-15.1	-27	-12	29	-26	-18	2	-31	11
Net change in cash	223	-358	225	226	714	327	330	-820	-185	100
Free cash flow	-4,347	-4,428	-3,697	-1,995	-207	581	315	796	1,067	1,052
Interest paid	127	153	190	172	147	169	227	226	214	212
Income taxes paid	86.7	91.8	134	99	105	122	124	243	184	323

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 26, 2026; growth uses fiscal years. Valuation uses the share price of $114.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.4%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	6.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	3.3%	Net income / revenue.
FCF margin	2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Return on equity (ROE)	17.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	14.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	63.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-1.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	49.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.38x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.95x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.7%	Total debt / total assets.
Liabilities / assets	78.2%	Total liabilities / total assets.
Net debt	$2.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.47x	Operating income / interest expense.
Working capital	$5.02B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.93B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.16x	Revenue / average total assets.
Fixed asset turnover	11.0x	Revenue / average property, plant and equipment.
Inventory turnover	4.10x	Cost of revenue / average inventory.
Days inventory	89 days	365 x average inventory / cost of revenue.
Receivables turnover	5.81x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	127 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	25 days	Days inventory + days sales outstanding - days payables.
FCF conversion	84.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$78.25	Revenue / diluted weighted shares.
FCF per share	$2.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.18	Cash from operations / diluted weighted shares.
Book value per share	$14.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.94	Tangible book value / shares outstanding.
Cash per share	$7.69	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	84.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$42.36B	Share price x shares outstanding.
Enterprise value	$44.74B	Market cap + total debt - cash - short-term investments.
P/E	43.5x	Market cap / net income. Only when net income is positive.
P/S	1.45x	Market cap / revenue.
P/B	7.70x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.4x	Market cap / tangible book value, when positive.
P/FCF	51.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.1x	Market cap / cash from operations, when positive.
EV/Sales	1.53x	Enterprise value / revenue.
EV/EBIT	30.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	54.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.
PEG	4.09x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FLEX LTD.'s revenue in fiscal 2026?

FLEX LTD. reported revenue of $27.91B for fiscal 2026, 8.1% higher than the year before.

Was FLEX LTD. profitable in fiscal 2026?

Yes. Net income was $880.0M, a net margin of 3.2%.

How much free cash flow did FLEX LTD. generate in fiscal 2026?

Cash from operations of $1.69B minus capital expenditures of $633.0M left free cash flow of $1.05B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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