Flex Ltd. · NASDAQ:FLEX
Flex — Q2 2027 Earnings Presentation
21 slides from Flex's earnings presentation, Oct 28, 2026
Slide 1: Q2 FY27 Earnings Presentation
Q2 FY27 Earnings Presentation Quarter End: September 25, 2026 Earnings Announcement: October 28, 2026 1
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: Executive summary
Executive summary Revathi Advaithi Chief Executive Officer 3
Slide 4: Executive summary
Executive summary Q2 FINANCIAL PERFORMANCE Revenue Adj. operating income Adj. operating margin Adj. net income Adj. earnings per share $8.5B $607M 7.1% $443M $1.18 BUSINESS UPDATES Margins: +110 bps Y/Y; margin expansion across all three segments FINANCIAL Earnings per Share: +49% Y/Y and record adj
Slide 5: Building two focused companies
Building two focused companies • An AI-native critical digital infrastructure company, purpose- • A focused industrial technology and advanced built for the next moment manufacturing leader • Delivering differentiated end-to-end solutions across power, • Solving complexity at scale to drive profitab
Slide 6: Transaction update
Transaction update Cloud and Power Infrastructure Spin-Off Flex Q1 Earnings Flex Q2 Earnings July ’26 Oct ‘26 Innovation Announced Preliminary Spin Date Day for Flex & Spin Form 10 Filed Calendar Q1 May ‘26 September ‘26 Axiom 2027 November 10th Separation Update • Preliminary Form 10 registration s
Slide 7: Financial update
Financial update Kevin Krumm Chief Financial Officer 7
Slide 8: Q2 Key financials
Q2 Key financials Q2FY26 QUARTER HIGHLIGHTS Q2FY27 Y/Y • Revenue growth across all three FLEX operating segments, led by CPI Revenue $6,804M $8,491M 25% with 54% increase year-over-year • High-value markets in RMS and Adj. Gross Profit / Margin $632M / 9.3% $842M / 9.9% 33% / 60 bps ITS driving grow
Slide 9: Q2 FY27 Segment performance
Q2 FY27 Segment performance REVENUE ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE REGULATED MANUFACTURING SOLUTIONS 39% $2.7 9% $172 19% 6.4% 50 bps INTEGRATED TECHNOLOGY SOLUTIONS $8.5B 30% $3.3 22% $181 26% 5.5% 20 bps 31% CLOUD AND POW
Slide 10: Cash flow overview
Cash flow overview CAPITAL EXPENDITURES, NET A ($M) ($M) Q2FY27 FYTD $235 $240 $201 GAAP NET INCOME $263 $548 $148 $145 Depreciation, Amortization and other Impairment $156 $296 Charges Change in Working Capital and other, net $82 ($67) Q2F26 Q3F26 Q4F26 Q1F27 Q2F27 OPERATING CASH FLOW $501 $777 FRE
Slide 11: FY27 Guidance
FY27 Guidance Prior Updated CPI RMS + ITS FLEX • AI buildout driving continued strong demand for CPI; high-value markets RevenueA $33.7 - $35.2B $34.9 - $35.9B +75% - 85% +8% - 11% in RMS and ITS driven by durable secular trends Adj. Operating 7.0% - 7.2% 7.6% - 7.8% 11.5% - 11.7% 5.9% - 6.1% • Favo
Slide 12: FY27 Revenue expectations
FY27 Revenue expectations Delivering margin-accretive growth in diversified portfolio RMS Up mid-single digit to high-single digit Industrial Growth driven by energy infrastructure and robotics Automotive Market stabilizing with focus on higher-quality power and compute opportunities Healthcare Conn
Slide 13: Q3 FY27 Guidance
Q3 FY27 Guidance RMS Up low-single digit to mid-single digit ITS Up mid-single digit to high-single digit CPI Up 105% to 115% Revenue Adj. operating income Adj. earnings per share $8.87B - $9.17B $685M - $715M $1.19 - $1.25 Interest and other expense Adj. income tax rate Weighted avg. shares outstan
Slide 14: Appendix
flex Appendix
Slide 15: Appendix: EPC Power financing through the spin-off
Appendix: EPC Power financing through the spin-off The $2.0B preferred equity will replace $2.0B of the borrowings. Axiom will carry all of the permanent EPC financing. TODAY (SINCE OCT. 14) STAND ALONE STAND ALONE $4.4B Axiom Cash $1.0B Flex No EPC debt (cash distribution from Temporary Flex Borrow
Slide 16: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter-ended Quarter-ended Quarter-ended Quarter-ended September 25, 2026 June 26, 2026 September 26, 2025 June 27, 2025 % of revenue % of revenue % of revenue % of revenue ($ in Millions) GAAP gross profit $812 9.6% $747 9.4% $614 9.0% $572 8.7
Slide 17: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- ended ended ended ended September 25, 2026 June 26, 2026 September 26, 2025 June 27, 2025 ($ in Millions) GAAP operating income $414 $392 $296 $311 Intangible amortization 27 23 16 21 Stock-based compensation e
Slide 18: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- ended ended ended ended ($ in Millions, except for EPS) September 25, 2026 June 26, 2026 September 26, 2025 June 27, 2025 GAAP net income $263 $285 $199 $192 Intangible amortization 27 23 16 21 Stock-based comp
Slide 19: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- ended Ended September 25, 2026 September 25, 2026 ($ in Millions) ($ in Millions) Non-GAAP Operating Income: Reconciliation of Non-GAAP Operating income Integrated Technology Solutions $181 GAAP Operating Income $414 Regulated M
Slide 20: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Quarter- Quarter- ended Ended ended ended ended ended ($ in Millions) September 25, 2026 June 26, 2026 March 31, 2026 December 31, 2025 September 26, 2025 June 27, 2025 Net cash provided by operating activities
Slide 21: Create the extraordinary.
Create the extraordinary.