EarningsQ3 2026 Earnings Report

Plexus (PLXS) Q3 2026 Earnings Report

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Previous Report: Q2 2026

MX:PLXS Q3 2026 EPS Results

Actual EPS$42.14

Consensus EPS$38.72

Beat/MissBeat by +$3.41

One Year Ago EPS$34.51

MX:PLXS Q3 2026 Revenue Results

Actual Revenue$23.70B

Expected Revenue$22.33B

Beat/MissBeat by +$1.37B

YoY Revenue Growth+28.13%

Earnings Announcement Details

QuarterQ3 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:PLXS Upcoming Earnings

Plexus's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q3 2026 Earnings Call Audio

MX:PLXS Q3 2026 Earnings Call

0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call was strongly positive overall: Plexus reported record quarterly revenue (+28% YoY), delivered improved operating margin and an EPS beat, announced substantial new program wins and a record $4.5 billion funnel, and showed marked working capital improvements (62-day cash cycle, 14.9% ROIC). Management provided bullish guidance for fiscal Q4 and fiscal 2026 (revenue growth >20%) and signaled potential for continued margin expansion and strong free cash flow in fiscal 2027. Key near-term concerns include supply-chain-driven inventory preplacement that pressures working capital (leading to a Q4 free cash flow breakeven/slight usage), rising interest/non-operating expense, and expected moderation in Healthcare growth and incomplete recovery in commercial aerospace. Overall, the positive operational momentum, sizable wins funnel and improved capital efficiency outweigh the manageable near-term headwinds.

Company Guidance

Plexus guided fiscal Q4 revenue of $1.33–$1.38 billion (midpoint +4% sequential, +28% year‑over‑year) with non‑GAAP operating margin of 6.1%–6.5% and non‑GAAP EPS of $2.47–$2.63; gross margin is expected at 10.0%–10.3%, selling & administrative expense $57.5–$58.5 million, non‑operating expense ~ $6.3 million and a non‑GAAP tax rate of 12%–14%. For fiscal 2026 management now expects revenue growth in excess of 20%, non‑GAAP operating margin >6%, capital expenditures of $100–$120 million, a full‑year tax rate of 15%–17% and end‑of‑year cash‑cycle days in the low‑to‑mid‑60s (Q3 cash cycle was 62 days). They expect fiscal Q4 free cash flow to be breakeven to a slight usage and a return to meaningful FCF in fiscal 2027 (>$100M) while keeping 2027 capex around 2%–3% of revenue and targeting fiscal 2027 revenue growth above their 9%–12% goal with further operating‑margin expansion. Supporting metrics from Q3: revenue $1.305B (+12% seq, +28% YoY), non‑GAAP operating margin 6.3%, non‑GAAP EPS $2.32, cash from operations $25.9M, capex $26.6M (FCF ~‑$1M), ROIC 14.9% (590 bps above WACC), a record $4.5B funnel (+12% seq, +23% YoY), 31 new programs ($255M annualized) and $20.6M of buybacks in the quarter (≈$21M remaining authorization).

Record Revenue and Strong Top-Line Growth

Fiscal Q3 revenue of $1.305 billion, a 28% year-over-year increase and a 12% sequential increase; Q3 revenue exceeded guidance and company now expects fiscal 2026 revenue growth in excess of 20% with potential fiscal 2027 growth above the 9%–12% target.

Improved Operating Performance and EPS Beat

Non-GAAP operating margin of 6.3% in Q3 (met high end of guidance), up 30 basis points year-over-year; non-GAAP diluted EPS of $2.32 exceeded guidance.

Raised Near-Term Guidance

Fiscal Q4 revenue guidance $1.33 billion to $1.38 billion (guidance midpoint represents ~28% YoY growth); fiscal Q4 non-GAAP operating margin 6.1%–6.5% and non-GAAP EPS guidance $2.47–$2.63. Company reiterates expectation to finish fiscal 2026 with >6% non-GAAP operating margin.

Robust New Program Wins and Large Opportunity Funnel

Secured 31 new manufacturing programs in Q3 representing $255 million of annualized revenue when fully ramped; Q3 wins included $135 million in aerospace & defense and $67 million in industrial; record funnel of qualified manufacturing opportunities at $4.5 billion, up 12% sequentially and 23% year-over-year.

Aerospace & Defense and Industrial Momentum

Aerospace & defense revenue increased 10% sequentially (Q3) and sector wins of $135 million; company now expects aerospace & defense to grow >20% in fiscal 2026. Industrial sector revenue up 23% sequentially (Q3) with $67 million in wins and strong semi-cap momentum, expected to drive very strong fiscal 2026 growth.

Working Capital and Cash Efficiency Gains

Delivered a 62-day cash cycle in Q3—the best quarterly result in over five years; Q3 return on invested capital (ROIC) 14.9%, 590 basis points above weighted average cost of capital; ended Q3 in a net cash position with $172 million outstanding on revolver and >$320 million available.

Sustainability and Customer Recognition

Received multiple sustainability awards (ASM Supplier Performance & Prism Sustainability Award; Positive Impact Gold Award in Malaysia); Penang facilities operate on 100% renewable energy and company released formal greenhouse gas reduction targets.

MX:PLXS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q4)	46.37 / -	38.867	―
Jul 29, 2026	2026 (Q3)	38.72 / 42.14	34.508	22.11% (+7.63)
Apr 29, 2026	2026 (Q2)	34.20 / 37.23	30.149	23.49% (+7.08)
Jan 28, 2026	2026 (Q1)	31.89 / 32.33	31.421	2.89% (+0.91)
Oct 22, 2025	2025 (Q4)	33.95 / 38.87	33.6	15.68% (+5.27)
Jul 23, 2025	2025 (Q3)	31.13 / 34.51	26.335	31.03% (+8.17)
Apr 23, 2025	2025 (Q2)	27.97 / 30.15	17.073	76.60% (+13.08)
Jan 22, 2025	2025 (Q1)	28.93 / 31.42	18.889	66.35% (+12.53)
Oct 23, 2024	2024 (Q4)	28.17 / 33.60	26.154	28.47% (+7.45)
Jul 24, 2024	2024 (Q3)	23.07 / 26.34	23.974	9.85% (+2.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed