Slide 1: Q2 FY26 Earnings Presentation
Q2 FY26 Earnings Presentation Quarter End: September 26, 2025 Earnings Announcement: October 29, 2025
Slide 2: Risks and non-GAAP disclosures
Risks and non-GAAP disclosures This presentation contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and
Slide 3: Business update
Business update Revathi Advaithi Chief Executive Officer
Slide 4: Executive summary
Executive summary Q2 FINANCIAL PERFORMANCE Revenue Adj. operating income Adj. operating margin Adj. net income Adj. earnings per share $6.8B $409M 6.0% $300M $0.79 BUSINESS UPDATES Adj. Operating Margins: 6.0%, +55bps Y/Y, fourth consecutive quarter with margins 6.0%+ FINANCIAL Adj. Earnings per Sha
Slide 5: Power and compute: winning solutions for the data center
Power and compute: winning solutions for the data center Reliability Agility Health Solutions Automotive Industrial CEC Lifestyle Consumer Devices Power Cloud ABOVE AND AROUND THE RACK LV & MV Power Remote Busway Power Utility Metering IT HARDWARE (CRITICAL switch gear distribution power Pods contro
Slide 6: Deploying data centers with speed and scale
Deploying data centers with speed and scale Flex’s AI Infrastructure Platform accelerates AI data-center deployment by up to 30%, integrating power, cooling, and compute into one scalable solution End-to-end infrastructure Product and Partner Spotlight Combines compute, power, and cooling for higher
Slide 7: Financials
Financials Kevin Krumm Chief Financial Officer
Slide 8: Key financials
Key financials Q2FY25 Q2FY26 FLEX Revenue $6,545M $6,804M • Strong execution in a dynamic environment Adj. Gross Profit / Margin $554M / 8.5% $632M / 9.3% • Robust data center growth across both Cloud and Power end markets Adj. Operating Income / Margin $358M / 5.5% $409M / 6.0% • Solid Y/Y margin e
Slide 9: Segment performance
Segment performance REVENUE ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE RELIABILITY $3.0 3% $197 24% 6.5% 105 bps 45% AGILITY $6.8B 55% $3.8 4% $227 4% 6.0% (5 bps) CORPORATE SERVICES -- -- ($15) -- -- -- AND OTHER A TOTAL $6.8 4% $409
Slide 10: Cash flow overview
Cash flow overview CAPITAL EXPENDITURES, NET A ($M) ($M) Q2FY26 FYTD $148 $131 GAAP NET INCOME $199 $391 $107 $108 $100 Depreciation, Amortization and other Impairment 156 298 Charges Change in Working Capital and other, net 98 163 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 OPERATING CASH FLOW 453 852 Capital ex
Slide 11: FY26 Guidance
FY26 Guidance $26.7 - $27.3B revenue Current Market Assumptions & Outlook • Increasing FY26 revenue, adj. operating margin, and adj. EPS expectations 6.2% - 6.3% adj. operating margin • Robust data center demand drives strong FY26 revenue performance • Expect to reach FY27 goal for 6%+ adj. $3.09 -
Slide 12: FY26 Revenue expectations
FY26 Revenue expectations Balancing growth in key markets & managing mix against continued macro uncertainty RELIABILITY Up low-single digit to up mid-single digit Ongoing strong demand in data center power balanced against soft core industrial; stabilization in Industrial renewables Health Steady m
Slide 13: Q3 FY26 Guidance
Q3 FY26 Guidance RELIABILITY Up mid-single digit to up high-single digit AGILITY Down low-single digit to up low-single digit Revenue Adj. operating income Adj. earnings per share $6.65B - $6.95B $405M - $435M $0.74 - $0.80 Interest and other expense Adj. income tax rate Weighted avg. shares outstan
Slide 14: Thank you.
Thank you. For more information, please visit investors.flex.com
Slide 15: Appendix
Appendix flex.
Slide 16: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter-ended Quarter-ended Quarter-ended Quarter-ended September 26, 2025 June 27, 2025 September 27, 2024 June 28, 2024 % of revenue % of revenue % of revenue % of revenue ($ in Millions) GAAP gross profit $614 9.0% $572 8.7% $531 8.1% $471 7.5
Slide 17: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- ended ended ended ended September 26, 2025 June 27, 2025 September 27, 2024 June 28, 2024 ($ in Millions) GAAP operating income $296 $311 $297 $233 Intangible amortization 16 21 16 16 Stock-based compensation e
Slide 18: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- ended ended ended ended ($ in Millions, except for EPS) September 26, 2025 June 27, 2025 September 27, 2024 June 28, 2024 GAAP net income $199 $192 $214 $139 Intangible amortization 16 21 16 16 Stock-based comp
Slide 19: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- ended Ended September 26, 2025 September 26, 2025 ($ in Millions) ($ in Millions) Segment income: Reconciliation of segment income Flex Agility Solutions $227 GAAP Operating Income $296 Flex Reliability Solutions 197 Intangible
Slide 20: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Quarter- Quarter- ended Ended ended ended ended ended ($ in Millions) September 26, 2025 June 27, 2025 March 31, 2025 December 31, 2024 September 27, 2024 June 28, 2024 Net cash provided by operating activities