The GAAP EPS miss vs consensus is a near-term headwind, but the strong revenue beat, raised guidance, and record pipeline signal robust operational momentum. Traders should watch for the stock to initially react negatively to the EPS miss, then potentially recover as the market digests the revenue strength and raised outlook. Key catalysts to monitor are Q4 results and the pace of new program ramps.
Price Chart
Executive Summary
Plexus reported fiscal Q3 2026 revenue of $1.305B, above its own guidance of $1.20-1.25B and up 28% YoY, but GAAP diluted EPS of $1.58 missed the consensus estimate of $2.14 by 26%. Non-GAAP EPS of $2.32 beat guidance of $2.02-2.18 but still fell short of the Street consensus of $2.14. The company guided Q4 revenue of $1.33-1.38B and non-GAAP EPS of $2.47-2.63, implying continued strong growth. The headline GAAP EPS miss relative to consensus is the primary negative, but the strong revenue beat, raised guidance, and record manufacturing wins ($255M annualized) provide a bullish counterweight, resulting in a mixed read-through for traders.
Key Financial Metrics
Key Facts
- Revenue of $1.305B beat guidance of $1.20-1.25B and grew 28% YoY.
- GAAP diluted EPS of $1.58 missed consensus estimate of $2.14 by 26%.
- Non-GAAP diluted EPS of $2.32 exceeded guidance of $2.02-2.18.
- Q4 revenue guidance of $1.33-1.38B implies ~28% YoY growth at midpoint.
- Won 31 manufacturing programs representing $255M in annualized revenue.
- Record qualified funnel of manufacturing opportunities at $4.5B.
- Cash cycle improved to 62 days, best in over five years.
- ROIC of 14.9% was the highest in nearly five years, up 110 bps QoQ.
- Repurchased $20.6M of shares at avg $258.75; $21.4M remaining under $100M authorization.
- Fiscal 2026 revenue growth now expected to exceed 20%.
Financial Impact
Revenue beat guidance by ~$55-105M; GAAP EPS miss of $0.56 vs consensus; Q4 guidance midpoint implies ~$1.355B revenue and ~$2.55 non-GAAP EPS.
Risk Factors
- GAAP EPS miss of 26% vs consensus could trigger a negative initial market reaction.
- Revenue growth is partially dependent on new program ramps that may face execution delays.
- Free cash flow usage expected for fiscal 2026, with return to generation in early fiscal 2027.
- Concentration risk: top 10 customers comprised 55% of revenue, up 7pp YoY.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3335595 |
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% | $275.14 (+14.19%) |
Jul 29, 2026 9w ago | Press Release | $241.99 $245.43 | ▲ +1.42% | ▼ −2.54% | $275.14 (+13.70%) |
Jul 15, 2026 11w ago | Press Release | $248.80 $264.04 | ▼ −6.13% | ▼ −2.51% | $275.14 (−10.59%) |
Jun 18, 2026 15w ago | Institutional Cluster | $299.97 $248.80 | ▼ −17.06% | ▼ −17.59% | $275.14 (−8.28%) |
Jun 8, 2026 16w ago | Insider Cluster | $281.48 $255.94 | ▼ −9.07% | ▼ −10.52% | $275.14 (−2.25%) |
Jun 1, 2026 17w ago | Press Release | $271.40 $300.67 | ▲ +10.78% | ▲ +12.08% | $275.14 (+1.38%) |
May 6, 2026 21w ago | Insider Cluster | $265.04 $287.55 | ▲ +8.49% | ▲ +5.71% | $275.14 (+3.81%) |
Apr 29, 2026 22w ago | 8-K | $250.58 $267.89 | ▲ +6.91% | ▲ +1.94% | $275.14 (+9.80%) |
Apr 15, 2026 24w ago | Press Release | $222.88 $261.91 | ▲ +17.51% | ▲ +11.70% | $275.14 (+23.45%) |
Feb 25, 2026 31w ago | Insider Cluster | $204.09 $217.26 | ▲ +6.45% | ▲ +11.69% | $275.14 (+34.81%) |
US Market Status
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