Flex Ltd. Reports Higher Year-Over-Year Revenue, Operating Income, and Diluted EPS for the Three-Month Reporting Period

Bottom line

- The Company reported a positive operating result and a positive bottom line on a diluted basis for the three-month reporting period the three months ended June 26, 2026, with revenue, operating income, and diluted earnings per share all higher than the prior-year comparative the three months ended June 27, 2025. Readers can place this alongside peer-side filings such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing for adjacent context on the same year-over-year pattern across the sector. - On revenue, the line reported on the condensed consolidated statement of operations for the three months ended June 26, 2026 came in above the level reported for the three months ended June 27, 2025, continuing the topline direction flagged in the catalog. $7,928,000,000 $6,575,000,000 - On profitability, operating income for the three months ended June 26, 2026 was higher than operating income for the three months ended June 27, 2025, with both periods in profit and the transition remaining profit-to-profit rather than swinging through a loss. $392,000,000 $311,000,000 - On the bottom line, diluted earnings per share for the three months ended June 26, 2026 were higher than diluted earnings per share for the three months ended June 27, 2025, again a profit-to-profit transition. $0.76 per diluted share $0.5 per diluted share

- Management frames Flex as the advanced, end-to-end manufacturing partner serving a diverse customer base across data center, communications, enterprise, consumer, automotive, industrial, healthcare, and power end markets, organized through three reportable segments — Integrated Technology Solutions, Regulated Manufacturing Solutions, and Cloud and Power Infrastructure. - Management disclosed its intention, announced in May of the current fiscal year, to separate the CPI segment into an independent publicly traded company ("SpinCo"), with the spin-off expected to complete in the first quarter of the next calendar year, subject to Board, shareholder, Singapore High Court, and SEC effectiveness approvals.

- The three reported lines (revenue, operating income, diluted EPS) each moved in the same direction year over year, which is consistent with a topline-led quarter rather than a margin-only or below-the-line result, although the filing evidence does not separate volume from mix or price effects. The filing evidence does not attribute this change to any single cause.

- None within the filing. The auditor's review report states that the accompanying interim financial information is presented in conformity with U.S. GAAP, and the prior-year audit opinion was unqualified, so no audit-side counterweight to the reported trend is cited in the reviewed statements.

- The filing evidence does not attribute the year-over-year movements to any single cause. - The filing evidence contains no peer or industry comparison beyond the cross-link above. - Forward-looking timing for the SpinCo separation is stated as expected rather than committed, and its impact on future period reporting is not quantified in the reviewed statements.

Financial performance

- The current-period three-month financial statements cover the quarter referenced in this filing and are presented alongside the prior-year comparative quarter for direct line-by-line readability. - Revenue from Contract with Customer, Excluding Assessed Tax was $7,928,000,000 USD for the period the three months ended June 26, 2026, against $6,575,000,000 USD for the period the three months ended June 27, 2025, reflecting the authorized year-over-year direction of increase on a positive base in both windows. - Operating Income (Loss) was $392,000,000 USD for the period the three months ended June 26, 2026, compared with $311,000,000 USD for the period the three months ended June 27, 2025, also increasing year over year, with both quarters remaining in profit territory rather than flipping to a loss.

5 per diluted share USD/SHARES for the period the three months ended June 27, 2025, again moving higher year over year and retaining a positive, profit-side reading in both quarters. - On a sequential, quarter-over-quarter lens the filing does not provide a discrete trailing quarter to triangulate against, so any immediate-prior-quarter baseline is left to the next filing rather than estimated here. - Management frames the three reportable segments as Integrated Technology Solutions, Regulated Manufacturing Solutions, and Cloud and Power Infrastructure, and discloses the announced intention to separate the CPI segment into an independent publicly traded company, with completion expected in the first quarter of a subsequent calendar year and subject to board, shareholder, Singapore High Court, and SEC registration-statement effectiveness conditions.

S. GAAP on a basis consistent with the audited consolidated financial statements as of and for the fiscal year ended late March of the prior fiscal year, with normal recurring adjustments only and intercompany accounts and transactions eliminated in consolidation. - Management notes that operating results for the three-month period are not necessarily indicative of results that may be expected for the full fiscal year ending late March of the following fiscal year, which sets the framing for any guidance-style read.

- The filing does not include a quantified forward guidance table, an outlook range, or a stated analyst-consensus anchor inside the filing evidence, so guidance and expectations remain qualitative: revenue, operating income, and diluted EPS all advanced year over year on positive bases. - Year-over-year directionality is explicitly the only comparison framework the filing evidence authorizes; no peer, industry, or external benchmark is bundled with this report. The filing evidence contains no peer or industry comparison.

- Regarding the cause of the year-over-year revenue, operating-income, and diluted-EPS increases, the filing evidence does not attribute the movement to a single driver. The filing evidence does not attribute this change to any single cause. - Readers comparing year-over-year patterns across recent filings can cross-check a similar lift in SMITH A O CORP (AOS) Reports Softer Revenue, Operating Income, Net Income, and Diluted EPS on Both the Quarter and Six-Month Year-to-Date Views in Form (Accession to gauge how contraction versus expansion reads at the same reporting cadence, while keeping this issuer’s segment-mix and pending spin-off context distinct.

- Items within Part II, including Legal Proceedings, Risk Factors, Unregistered Sales of Equity, Defaults, Other Information, and Exhibits, are referenced under Item 1, Item 1A, Item 2, Item 3, Item 4, Item 5, and Item 6, without any quantified operational line items embedded in those sections for this analysis.

Operating drivers and segments

- The Company describes three operating and reportable segments as of the close of the three-month reporting period: Integrated Technology Solutions ("ITS"), Regulated Manufacturing Solutions ("RMS"), and Cloud and Power Infrastructure ("CPI"). ITS groups communications, high speed networking, enterprise, satellite communications systems, and lifestyle/premium products. RMS groups industrial, automotive, and healthcare end markets, each carrying regulated or mission-critical characteristics. CPI groups cloud and cooling alongside power, utility, and facility-level electrical infrastructure supporting power-dense compute workloads. - The condensed consolidated statements of operations for the three-month reporting period show Revenue from Contract with Customer, Excluding Assessed Tax of $7,928,000,000 and Operating Income (Loss) of $392,000,000. The prior-year comparative three-month period shows Revenue from Contract with Customer, Excluding Assessed Tax of $6,575,000,000 and Operating Income (Loss) of $311,000,000. Authorized direction for revenue is increase versus the prior-year comparative, and authorized direction for operating income is increase versus the prior-year comparative, with both periods remaining in profit. - The interim financial information presented for the three-month reporting period covers the condensed consolidated balance sheet at the period close, with the related statements of operations, comprehensive income, and shareholders' equity reviewed by the independent registered public accounting firm for both the current three-month period and the prior-year three-month period, alongside the condensed consolidated statement of cash flows reviewed for both three-month periods. - The filing notes that the majority of the revenue with a referenced customer is included within the CPI segment, tying a portion of consolidated revenue to that single segment without separately disclosing the residual revenue mix across ITS and RMS in this section. No segment-level revenue, operating margin, or contribution figures are provided within the quoted evidence for this section.

- Management describes Flex as an advanced, end-to-end manufacturing partner that designs, builds, delivers, and manages products for a diverse customer base across a stated number of countries, with sustainable operations and a full suite of design and engineering, supply chain, manufacturing, and integrated services capabilities. - Management states that, over time, Flex has built differentiated scale and expertise across both technology-driven and regulated markets, enabling support for customers with increasingly complex product, infrastructure, and compliance requirements, and lists customer industries that include data center, communications, enterprise, consumer, automotive, industrial, healthcare, and power. - Management also discloses a recently issued accounting pronouncement from the FASB on disaggregation of income statement expenses, indicating future disclosure obligations for specified costs and expenses, and discloses the intention to separate the CPI segment from Flex into an independent, publicly traded company referred to as SpinCo. - The independent registered public accounting firm states that, based on its reviews, it is not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with US GAAP, and that the information set forth in the condensed consolidated balance sheet is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived. Independent segment-level profitability, capital intensity, or customer-concentration figures are not provided in the quoted evidence. The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison.

Cash flow and capital

The cash-flow profile in this 10-Q filing for FLEX LTD. (FLEX) under accession 0000866374-26-000030 for period-ended-2026-06-26 shows three clearly divergent trends when the three months ended the three months ended June 26, 2026 are read against the same three months of the prior year. Net Cash Provided by (Used in) Operating Activities of $276,000,000 USD was lower than the $399,000,000 USD reported for the three months ended June 27, 2025, a decrease from a positive to a less positive comparison. Net Cash Provided by (Used in) Investing Activities of -$1,279,000,000 USD was a use of cash, deeper than the -$179,000,000 USD outflow in the prior-year period, indicating heavier net investment outflow even though both years show a cash drain. Net Cash Provided by (Used in) Financing Activities of $1,455,000,000 USD flipped from the prior-year figure of -$283,000,000 USD, moving from a cash use to a cash source.

The filing evidence does not attribute this change to any single cause.

On capital deployment within investing, Payments to Acquire Property, Plant, and Equipment rose to $236,000,000 USD in the three months ended June 26, 2026 from $133,000,000 USD in the three months ended June 27, 2025, an authorized increase that lifts gross capex even as the broader investing line also widened its outflow. Within financing, Payments for Repurchase of Common Stock of $0 USD in the current quarter compared with $247,000,000 USD in the prior year shows an authorized decrease from a positive level to a zero level, suggesting buyback activity paused for the quarter even as financing flows overall turned into a net source of cash.

The balance-sheet snapshot as of the balance sheet date of June 26, 2026 carries the working-capital backbone of the model. Cash and Cash Equivalents, at Carrying Value stood at $2,840,000,000 USD, sitting alongside Accounts Receivable, after Allowance for Credit Loss, Current of $5,036,000,000 USD on the asset side. On the liability side, Accounts Payable, Current was $9,195,000,000 USD, and Long-term Debt, Excluding Current Maturities was $5,219,000,000 USD. The supplier finance programs disclosed in the filing route obligations through accounts payable rather than debt, and the customer working capital advances sit in other current assets, so neither reshapes the headline debt and payables lines presented above.

The filing evidence does not attribute this change to any single cause.

Readers comparing this quarter's working-capital and capex posture with peers may find context in the related coverage of SMITH A O CORP (AOS) Reports Softer Revenue, Operating Income, Net Income, and Diluted EPS on Both the Quarter and Six-Month Year-to-Date Views in Form (Accession, which uses a similar balance-sheet lens across a different issuer's quarter. No peer or industry benchmarking figures are sourced from this filing itself, and no further driver is offered by the filing evidence.

Peer and historical context

For FLEX LTD. (FLEX) under 10-Q for period-ended-2026-06-26 (0000866374-26-000030), the peer-and-historical read is constrained by what the filing actually carries. The catalog exposes only three income-statement and cash-flow lines for the three-month the three months ended June 26, 2026 alongside their the three months ended June 27, 2025 comparatives: Revenue from Contract with Customer, Excluding Assessed Tax, Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Those are the dimensions a like-for-like read can stand on here.

On a year-over-year basis across the three-month window, Revenue from Contract with Customer, Excluding Assessed Tax moved higher, with $7,928,000,000 running above $6,575,000,000. Operating Income (Loss) likewise moved higher on the same comparison, with $392,000,000 ahead of $311,000,000 while remaining in profit territory on both sides, consistent with the authorized transition from profit to profit. Net Cash Provided by (Used in) Operating Activities, by contrast, moved lower on the year-over-year read, with $276,000,000 below $399,000,000 even though both periods stayed positive. The pattern is therefore one of stronger top-line and operating-income results accompanied by a softer cash-conversion print. The filing evidence does not attribute this change to any single cause.

For peer positioning the section is thinner. The filing evidence contains no peer set, no industry table, and no named competitors, so a direct benchmarking exercise cannot be written without inventing data. The filing evidence contains no peer or industry comparison. Within the broader Lizely Finance insights feed, however, recent quarterlies such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing show a similar directional pattern of higher revenue paired with higher operating income, while SMITH A O CORP (AOS) Reports Softer Revenue, Operating Income, Net Income, and Diluted EPS on Both the Quarter and Six-Month Year-to-Date Views in Form 10-Q the reporting period shows the opposite read on those same lines. Those are reference points from neighboring filings, not a constructed peer group for FLEX, and any deeper cross-read would require data outside the catalog.

Historically, the most that can be said from this filing alone is that the the three months ended June 26, 2026 three-month view extends the company-level reporting cadence rather than re-stating it; prior-period context beyond the single comparative column is not present in the supplied evidence. With only one prior-year data point for each of the three lines, trend characterization has to stay qualitative: revenue and operating income are firmer than the prior-year quarter, while operating cash flow is softer than the prior-year quarter. Readers looking for a multi-year trajectory, segment-level peer benchmarking, or any causal bridge between the income-statement strength and the cash-flow softness will not find it inside this filing.

Scenario analysis

The base case assumes revenue remains near the higher level reported for the three months ended June 26, 2026, with the year-over-year increase in $7,928,000,000 versus $6,575,000,000 sustained. The filing does not provide segment growth, backlog, pricing, volume, or margin data sufficient to determine how long that improvement will continue. It also does not provide management guidance for the next reporting period. The appropriate interpretation is therefore continuity around the latest reported revenue level, rather than an assumption of further acceleration.

- Reported fact: Revenue from contracts with customers was $7,928,000,000 for the three months ended June 26, 2026, compared with $6,575,000,000 for the three months ended June 27, 2025. - Management explanation: The filing describes contract assets, contract liabilities, advance customer payments, and performance obligations, but does not connect a specific revenue movement to any one operating factor. - Analyst inference: Holding the latest revenue performance broadly steady is the most defensible base scenario, but the evidence does not establish its duration. - Counter-evidence: Contract timing and invoice timing can affect the balance between revenue recognized and receivables, so revenue alone does not show whether customer demand, pricing, or fulfillment patterns improved. - Unknowns: The filing evidence contains no forward revenue outlook, segment bridge, margin outlook, customer concentration measure, backlog, or peer or industry comparison.

The upside case assumes revenue holds at or above the current level of $7,928,000,000. It does not assume a further increase because the filing evidence provides no quantified basis for forecasting additional growth.

- Reported fact: The latest reported revenue of $7,928,000,000 is higher than the prior-year comparative of $6,575,000,000. - Management explanation: Flex states that advance payments are recorded as contract liabilities until performance is satisfied, indicating that some reported cash collections may precede revenue recognition. The filing does not quantify future performance obligations or expected revenue conversion. - Analyst inference: If the current revenue level proves durable, the principal upside would be continuity of the higher year-over-year base rather than acceleration. The warrant deduction to revenue as qualifying customer purchases occur is another timing-related consideration, but the filing does not provide enough information to quantify its future effect. A reader comparing patterns across peers can cross-check with SMITH A O CORP (AOS) Reports Softer Revenue, Operating Income, Net Income, and Diluted EPS on Both the Quarter and Six-Month Year-to-Date Views in Form (Accession for a contrasting contract-manufacturing revenue outcome. - Counter-evidence: Higher reported revenue does not by itself establish stronger profitability, cash generation, or recurring demand, because the supplied evidence does not include those outcomes for this scenario. - Unknowns: No management forecast, segment growth assumption, order coverage, customer purchase schedule, or estimate of future warrant deductions is supplied. The filing evidence contains no peer or industry comparison.

The downside case assumes revenue remains positive but does not preserve the higher level reported for the three months ended June 26, 2026. This is a qualitative risk framing, not a quantified forecast.

- Reported fact: Revenue increased from $6,575,000,000 in the three months ended June 27, 2025 to $7,928,000,000 in the three months ended June 26, 2026. - Management explanation: The filing explains that revenue can be recognized before invoicing through contract assets, while advance payments create contract liabilities. It does not identify a particular weakness in current demand or fulfillment. - Analyst inference: A reversal toward the prior-year level would indicate that the latest improvement was not sustained. The evidence cannot establish whether such a reversal would arise from timing, customer activity, pricing, or other conditions. The filing evidence does not attribute this change to any single cause. - Counter-evidence: The latest revenue comparison is favorable, and the filing provides no quantified indication of an imminent contraction. - Unknowns: The filing evidence does not state a revenue forecast, downside range, cancellation exposure, backlog conversion schedule, or sensitivity to customer purchasing levels. No peer or industry comparison is available. The filing evidence contains no peer or industry comparison.

Risks and what to watch

- Reported facts: The filing reports Revenue from Contract with Customer, Excluding Assessed Tax of $6,575,000,000 USD for the prior-year three-month period and $7,928,000,000 USD for the current three-month period the three months ended June 27, 2025 and the three months ended June 26, 2026, covering FLEX LTD. under the cited form and accession. The reported comparison for that line is an authorized direction increase between the prior and current periods.

Beyond that single top-line anchor and the standard share-count table reproduced in the Earnings Per Share section, the source narrative that the section can lean on is mostly equity-instrument disclosure: a balance of RSU shares tied to market and performance conditions that may ultimately settle in a range from zero to a stated ceiling, a vested-and-exercisable tranche of Warrant Shares, an anti-dilutive RSU carve-out that was described as immaterial in both comparative periods, and a Warrant with a defined expiration, cashless-exercise mechanic, and an embedded good-faith re-issuance provision if unexercised shares remain at expiry and a continued commercial relationship is maintained.

- Management explanations: Management's framing inside the quoted passage is procedural rather than narrative. It describes how market-condition shares can settle anywhere in a stated range, how performance-condition shares behave the same way, that vesting in the current period was tied to awards granted in an earlier fiscal year, that the Warrant allows cashless exercise, that the exercise price and share count are subject to customary anti-dilution adjustments, and that the Warrant's expense is recorded as a deduction to revenue as the underlying customer purchases products and services over the vesting period.

No forward-looking demand, margin, mix, or capacity commentary from management is part of the filing evidence for this period. - Analyst inference: Under the reported rules, the only year-over-year statement permitted on revenue is the authorized direction increase between the three months ended June 27, 2025 and the three months ended June 26, 2026 for $7,928,000,000 versus $6,575,000,000. The presence of an anti-dilutive RSU exclusion described as immaterial in both periods, and a Warrant structure that explicitly records expense as a deduction to revenue, are observable design points rather than interpretive claims.

- Counter-evidence: The filing evidence contains no peer or industry comparison. The filing does not lay out a peer set, so no cross-issuer counterweight is supplied here. A comparable perspective from another reporter in the same window can be sampled from the SMITH A O CORP (AOS) Reports Softer Revenue, Operating Income, Net Income, and Diluted EPS on Both the Quarter and Six-Month Year-to-Date Views brief, which moves in the opposite direction on revenue and bottom-line metrics and therefore frames the current authorized-increase read against an external counter-example rather than confirming it.

- Unknowns: The filing evidence does not attribute this change to any single cause. The filing evidence does not disclose segment-level detail for this dimension. Segment-level breakdown, customer concentration, and any single-driver explanation for the revenue move are not surfaced in the source narrative and cannot be reconstructed here.

- Metrics to watch next period: Settlement of the market-condition and performance-condition RSU tranches against their stated ranges, movement in the vested-and-exercisable Warrant Share count, any change in the anti-dilutive RSU exclusion, and the next quarter's Revenue from Contract with Customer, Excluding Assessed Tax relative to the three months ended June 26, 2026 all warrant follow-up; risk-factor and legal-proceedings language under the cited Item references should also be re-read at the next filing.