The strong beat and raised annual revenue outlook are bullish for PLXS, likely driving near-term upside. However, the reduced free cash flow guidance may cap gains. Watch Q3 conference call for further details on cash conversion and working capital trends.
Price Chart
Executive Summary
Plexus reported record Q2 FY2026 revenue of $1.164B, up 19% YoY, with GAAP EPS of $1.82 and non-GAAP EPS of $2.05—both above guidance. Record manufacturing wins of $355M annualized revenue and raised annual revenue growth outlook (mid-teens or greater) signal strong momentum, though FY2026 free cash flow guidance was lowered to $50-$75M. CFO Patrick Jermain will retire with a smooth transition to David Abuhl.
Key Financial Metrics
Key Facts
- Record Q2 revenue $1.164B, +19% YoY, above guidance range of $1.110-$1.150B
- GAAP diluted EPS $1.82 vs $1.41 YoY; non-GAAP diluted EPS $2.05 vs guided $1.80-$1.95
- Record $355M in annualized revenue from 30 manufacturing program wins
- Q3 guidance: revenue $1.200-$1.250B, non-GAAP EPS $2.02-$2.18
- FY2026 free cash flow guidance reduced to $50-$75M from ~$100M
- CFO Patrick Jermain retiring; David Abuhl appointed successor effective May 11, 2026
Financial Impact
Revenue beat by ~$14M (1.2%) vs guidance midpoint; non-GAAP EPS beat high end by $0.10
Risk Factors
- Free cash flow guidance cut by ~$35-50M signals rising working capital needs
- GAAP EPS guidance for Q3 ($1.25-$1.41) implies a sharp sequential drop due to higher stock-based compensation
- Customer concentration risk (top 10 customers 54% of revenue)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000785786-26-000028 |
| Document: plxsf26q2er-ex101.htm | 0000785786-26-000028 |
| Document: plxs-20260428.htm | 0000785786-26-000028 |
| Document: plxsf26q2er-ex992.htm | 0000785786-26-000028 |
| Document: 0000785786-26-000028-index-headers.html | 0000785786-26-000028 |
| Document: 0000785786-26-000028-index.html | 0000785786-26-000028 |
| Document: 0000785786-26-000028.txt | 0000785786-26-000028 |
| 8-K Data (Synthetic) | 0000785786-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | 8-K | $240.94 $263.90 | ▲ +9.53% | ▲ +8.55% | $273.13 (+13.36%) |
Jul 29, 2026 9w ago | Press Release | $241.99 $245.43 | ▲ +1.42% | ▼ −2.54% | $273.13 (+12.87%) |
Jul 15, 2026 11w ago | Press Release | $248.80 $264.04 | ▼ −6.13% | ▼ −2.51% | $273.13 (−9.78%) |
Jun 18, 2026 15w ago | Institutional Cluster | $299.97 $248.80 | ▼ −17.06% | ▼ −17.59% | $273.13 (−8.95%) |
Jun 8, 2026 16w ago | Insider Cluster | $281.48 $255.94 | ▼ −9.07% | ▼ −10.52% | $273.13 (−2.97%) |
Jun 1, 2026 17w ago | Press Release | $271.40 $300.67 | ▲ +10.78% | ▲ +12.08% | $273.13 (+0.64%) |
May 6, 2026 21w ago | Insider Cluster | $265.04 $287.55 | ▲ +8.49% | ▲ +5.71% | $273.13 (+3.05%) |
Apr 29, 2026 22w ago | 8-K | $250.58 $267.89 | ▲ +6.91% | ▲ +1.94% | $273.13 (+9.00%) |
Apr 15, 2026 24w ago | Press Release | $222.88 $261.91 | ▲ +17.51% | ▲ +11.70% | $273.13 (+22.55%) |
Feb 25, 2026 31w ago | Insider Cluster | $204.09 $217.26 | ▲ +6.45% | ▲ +11.69% | $273.13 (+33.83%) |
US Market Status
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