Description

Plexus Corporation: The Free Cash Flow Squeeze Is Coming Even As Revenue Hits $1.2 Billion!

Plexus Corporation reported a strong fiscal second quarter for 2026, delivering revenue of $1.164 billion, which surpassed guidance and marked the fifth consecutive quarter of sequential growth. This represented a 19% increase year-over-year, driven broadly across all market sectors, with notable performance in aerospace and defense and semiconductor capital equipment. The company secured a record $355 million in new manufacturing program wins for the quarter, reflecting broad-based engagement across industries such as aerospace and defense, healthcare/life sciences, and industrial markets. These wins contributed to an expanded funnel of qualified manufacturing opportunities totaling approximately $4 billion, indicating growing customer interest and the potential for future revenue growth. Non-GAAP earnings per share (EPS) stood at $2.05, exceeding consensus, supported by a non-GAAP operating margin of 6%, also at the top end of guidance. Gross margin for the quarter was 10.2%, aided by a favorable mix of service offerings and productivity improvements.