Flex Ltd Financials
This page shows Flex Ltd (FLEX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash generation is improving faster than sales over two years as Flex lifts margin quality and unwinds an inventory-heavy operating model.
By FY2025, free cash flow reached$1.1B even though revenue was still below FY2023 levels. That happened alongside material margin expansion and roughly$2.3B less inventory, a pairing that suggests better mix or execution plus working-capital discipline rather than simple sales volume.
In FY2025, operating cash flow outpaced net income, with
Since FY2023, long-term debt fell to
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Flex Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Flex Ltd has an operating margin of 4.9%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from 4.5% the prior year.
Flex Ltd's revenue grew 8.1% year-over-year to $27.9B, a solid pace of expansion. This earns a growth score of 38/100.
Flex Ltd carries a low D/E ratio of 0.73, meaning only $0.73 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
Flex Ltd's current ratio of 1.36 is below the typical benchmark, resulting in a score of 23/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Flex Ltd has a free cash flow margin of 3.8%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.
Flex Ltd's ROE of 17.1% shows moderate profitability relative to equity, earning a score of 50/100. This is up from 16.8% the prior year.
Flex Ltd scores 3.53, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Flex Ltd passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Flex Ltd generates $1.91 in operating cash flow ($1.7B OCF vs $880.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Flex Ltd earns $6.9 in operating income for every $1 of interest expense ($1.4B vs $197.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Flex Ltd generated $27.9B in revenue in fiscal year 2026. This represents an increase of 8.1% from the prior year.
Flex Ltd's EBITDA was $1.9B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.8% from the prior year.
Flex Ltd reported $880.0M in net income in fiscal year 2026. This represents an increase of 5.0% from the prior year.
Flex Ltd earned $2.33 per diluted share (EPS) in fiscal year 2026. This represents an increase of 10.4% from the prior year.
Cash & Balance Sheet
Flex Ltd generated $1.1B in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 1.4% from the prior year.
Flex Ltd held $2.4B in cash against $3.8B in long-term debt as of fiscal year 2026.
Flex Ltd had 366M shares outstanding in fiscal year 2026. This represents a decrease of 1.9% from the prior year.
Margins & Returns
Flex Ltd's gross margin was 9.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.
Flex Ltd's operating margin was 4.9% in fiscal year 2026, reflecting core business profitability. This is up 0.4 percentage points from the prior year.
Flex Ltd's net profit margin was 3.1% in fiscal year 2026, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Flex Ltd's ROE was 17.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the prior year.
Capital Allocation
Flex Ltd spent $944.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 24.9% from the prior year.
Flex Ltd invested $633.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 44.5% from the prior year.
FLEX Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.1B+3.7% | $6.8B+3.5% | $6.6B+2.8% | $6.4B-2.4% | $6.6B+0.2% | $6.5B+3.7% | $6.3B+2.4% | $6.2B |
| Cost of Revenue | $6.4B+3.1% | $6.2B+3.2% | $6.0B | N/A | $6.0B-0.8% | $6.0B+2.9% | $5.8B | N/A |
| Gross Profit | $679.0M+10.6% | $614.0M+7.3% | $572.0M+1.6% | $563.0M-5.2% | $594.0M+11.9% | $531.0M+12.7% | $471.0M+7.8% | $437.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $270.0M+3.8% | $260.0M+11.6% | $233.0M | N/A | $241.0M+11.6% | $216.0M+1.4% | $213.0M | N/A |
| Operating Income | $389.0M+31.4% | $296.0M-4.8% | $311.0M+2.0% | $305.0M-8.7% | $334.0M+12.5% | $297.0M+27.5% | $233.0M+46.5% | $159.0M |
| Interest Expense | $54.0M+14.9% | $47.0M+4.4% | $45.0M | N/A | $50.0M+8.7% | $46.0M+7.0% | $43.0M | N/A |
| Income Tax | $81.0M+28.6% | $63.0M+16.7% | $54.0M | N/A | $25.0M-50.0% | $50.0M-5.7% | $53.0M | N/A |
| Net Income | $239.0M+20.1% | $199.0M+3.6% | $192.0M-13.5% | $222.0M-15.6% | $263.0M+22.9% | $214.0M+54.0% | $139.0M-64.8% | $395.0M |
| EPS (Diluted) | $0.64+23.1% | $0.52+4.0% | $0.50-12.3% | $0.57-14.9% | $0.67+24.1% | $0.54+58.8% | $0.34-63.4% | $0.93 |
FLEX Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $20.8B+6.5% | $19.5B+2.2% | $19.1B+4.1% | $18.4B+0.6% | $18.3B-1.7% | $18.6B+4.8% | $17.7B-2.8% | $18.3B |
| Current Assets | $15.2B+9.5% | $13.8B+2.8% | $13.5B+4.9% | $12.8B+0.7% | $12.8B-4.5% | $13.4B+6.4% | $12.5B-3.4% | $13.0B |
| Cash & Equivalents | $3.1B+35.9% | $2.2B+0.4% | $2.2B-2.2% | $2.3B-1.0% | $2.3B-11.1% | $2.6B+16.0% | $2.2B-9.3% | $2.5B |
| Inventory | $5.5B+5.3% | $5.3B+1.2% | $5.2B+2.7% | $5.1B-3.8% | $5.3B-3.6% | $5.5B-6.4% | $5.8B-5.9% | $6.2B |
| Accounts Receivable | $3.8B-0.5% | $3.9B-1.7% | $3.9B+6.9% | $3.7B+8.5% | $3.4B-3.4% | $3.5B+18.6% | $3.0B-2.7% | $3.0B |
| Goodwill | $1.4B0.0% | $1.4B+0.4% | $1.4B+2.1% | $1.3B+0.7% | $1.3B+16.2% | $1.1B+0.6% | $1.1B+0.4% | $1.1B |
| Total Liabilities | $15.7B+8.2% | $14.5B+3.3% | $14.0B+5.0% | $13.4B+0.7% | $13.3B-2.2% | $13.6B+6.6% | $12.7B-1.5% | $12.9B |
| Current Liabilities | $10.9B+4.6% | $10.4B+4.6% | $9.9B+0.7% | $9.8B+9.0% | $9.0B-2.9% | $9.3B+3.8% | $9.0B+5.0% | $8.5B |
| Long-Term Debt | $3.8B+24.8% | $3.0B+0.3% | $3.0B+21.0% | $2.5B-21.1% | $3.1B-1.0% | $3.2B+18.9% | $2.7B-18.1% | $3.3B |
| Total Equity | $5.1B+1.7% | $5.0B-1.1% | $5.1B+1.7% | $5.0B+0.2% | $5.0B-0.2% | $5.0B+0.1% | $5.0B-6.2% | $5.3B |
| Retained Earnings | $1.9B+14.3% | $1.7B+13.5% | $1.5B+15.0% | $1.3B+20.9% | $1.1B+32.9% | $799.0M+36.6% | $585.0M+31.2% | $446.0M |
FLEX Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $420.0M-7.3% | $453.0M+13.5% | $399.0M-7.9% | $433.0M+4.8% | $413.0M+29.5% | $319.0M-6.2% | $340.0M-49.9% | $679.0M |
| Capital Expenditures | $148.0M-1.3% | $150.0M+12.8% | $133.0M+18.8% | $112.0M0.0% | $112.0M+8.7% | $103.0M-7.2% | $111.0M+37.0% | $81.0M |
| Free Cash Flow | $272.0M-10.2% | $303.0M+13.9% | $266.0M-17.1% | $321.0M+6.6% | $301.0M+39.4% | $216.0M-5.7% | $229.0M-61.7% | $598.0M |
| Investing Cash Flow | -$138.0M+11.0% | -$155.0M+13.4% | -$179.0M+9.1% | -$197.0M+54.7% | -$435.0M-250.8% | -$124.0M-51.2% | -$82.0M-5.1% | -$78.0M |
| Financing Cash Flow | $529.0M+281.2% | -$292.0M-3.2% | -$283.0M+4.7% | -$297.0M-46.3% | -$203.0M-238.1% | $147.0M+131.4% | -$468.0M+47.3% | -$888.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $200.0M-32.7% | $297.0M+20.2% | $247.0M-17.4% | $299.0M+48.8% | $201.0M-33.0% | $300.0M-34.4% | $457.0M-11.6% | $517.0M |
FLEX Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.6%+0.6pp | 9.0%+0.3pp | 8.7%-0.1pp | 8.8%-0.3pp | 9.1%+0.9pp | 8.1%+0.7pp | 7.5%+0.4pp | 7.1% |
| Operating Margin | 5.5%+1.2pp | 4.3%-0.4pp | 4.7%-0.0pp | 4.8%-0.3pp | 5.1%+0.5pp | 4.5%+0.9pp | 3.7%+1.1pp | 2.6% |
| Net Margin | 3.4%+0.5pp | 2.9%0.0pp | 2.9%-0.6pp | 3.5%-0.5pp | 4.0%+0.7pp | 3.3%+1.1pp | 2.2%-4.2pp | 6.4% |
| Return on Equity | 4.7%+0.7pp | 4.0%+0.2pp | 3.8%-0.7pp | 4.4%-0.8pp | 5.3%+1.0pp | 4.3%+1.5pp | 2.8%-4.6pp | 7.4% |
| Return on Assets | 1.1%+0.1pp | 1.0%+0.0pp | 1.0%-0.2pp | 1.2%-0.2pp | 1.4%+0.3pp | 1.1%+0.4pp | 0.8%-1.4pp | 2.2% |
| Current Ratio | 1.40+0.1 | 1.33-0.0 | 1.36+0.1 | 1.30-0.1 | 1.41-0.0 | 1.43+0.0 | 1.40-0.1 | 1.52 |
| Debt-to-Equity | 0.73+0.1 | 0.600.0 | 0.59+0.1 | 0.50-0.1 | 0.630.0 | 0.64+0.1 | 0.53-0.1 | 0.61 |
| FCF Margin | 3.9%-0.6pp | 4.5%+0.4pp | 4.0%-1.0pp | 5.0%+0.4pp | 4.6%+1.3pp | 3.3%-0.3pp | 3.6%-6.1pp | 9.7% |
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Frequently Asked Questions
What is Flex Ltd's annual revenue?
Flex Ltd (FLEX) reported $27.9B in total revenue for fiscal year 2026. This represents a 8.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Flex Ltd's revenue growing?
Flex Ltd (FLEX) revenue grew by 8.1% year-over-year, from $25.8B to $27.9B in fiscal year 2026.
Is Flex Ltd profitable?
Yes, Flex Ltd (FLEX) reported a net income of $880.0M in fiscal year 2026, with a net profit margin of 3.1%.
What is Flex Ltd's EBITDA?
Flex Ltd (FLEX) had EBITDA of $1.9B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Flex Ltd have?
As of fiscal year 2026, Flex Ltd (FLEX) had $2.4B in cash and equivalents against $3.8B in long-term debt.
What is Flex Ltd's gross margin?
Flex Ltd (FLEX) had a gross margin of 9.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Flex Ltd's operating margin?
Flex Ltd (FLEX) had an operating margin of 4.9% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Flex Ltd's net profit margin?
Flex Ltd (FLEX) had a net profit margin of 3.1% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Flex Ltd's return on equity (ROE)?
Flex Ltd (FLEX) has a return on equity of 17.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Flex Ltd's free cash flow?
Flex Ltd (FLEX) generated $1.1B in free cash flow during fiscal year 2026. This represents a -1.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Flex Ltd's operating cash flow?
Flex Ltd (FLEX) generated $1.7B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Flex Ltd's total assets?
Flex Ltd (FLEX) had $22.1B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Flex Ltd's capital expenditures?
Flex Ltd (FLEX) invested $633.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Flex Ltd's current ratio?
Flex Ltd (FLEX) had a current ratio of 1.36 as of fiscal year 2026, which is considered adequate.
What is Flex Ltd's debt-to-equity ratio?
Flex Ltd (FLEX) had a debt-to-equity ratio of 0.73 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Flex Ltd's return on assets (ROA)?
Flex Ltd (FLEX) had a return on assets of 4.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Flex Ltd's Altman Z-Score?
Flex Ltd (FLEX) has an Altman Z-Score of 3.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Flex Ltd's Piotroski F-Score?
Flex Ltd (FLEX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Flex Ltd's earnings high quality?
Flex Ltd (FLEX) has an earnings quality ratio of 1.91x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Flex Ltd cover its interest payments?
Flex Ltd (FLEX) has an interest coverage ratio of 6.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Flex Ltd?
Flex Ltd (FLEX) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.