Flex (FLEX) financial statements
Flex reported revenue of $27.9B in fiscal 2026, up 1.8% a year over 9 years.
Net income was $880M.
Free cash flow was $1.1B, and the company returned $944M in net buybacks.
The diluted share count fell 31% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Flex's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.9B | $25.4B | $26.2B | $24.2B | $24.1B | $24.6B | $28.5B | $26.4B | $25.8B | $27.9B |
| Cost of revenue | $22.3B | $23.8B | $24.6B | $22.7B | $22.3B | $22.8B | $26.5B | $24.4B | $23.6B | $25.3B |
| Gross profit | $1.5B | $1.6B | $1.5B | $1.3B | $1.7B | $1.8B | $2.0B | $1.9B | $2.2B | $2.6B |
| Research and development | $66M | $78M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $937M | $1.0B | $953M | $834M | $817M | $830M | $874M | $922M | $904M | $1.1B |
| Operating income | — | — | — | $415M | $795M | $890M | $1.0B | $853M | $1.2B | $1.4B |
| Interest expense | $108M | $123M | $146M | $7M | $150M | $166M | $230M | $207M | $218M | $215M |
| Pre-tax income | $371M | $521M | $182M | $159M | $714M | $964M | $807M | $666M | $1.0B | $1.1B |
| Income tax | $51M | $92M | $89M | $71M | $101M | $92M | $124M | -$206M | $185M | $263M |
| Net income | $320M | $429M | $93M | $88M | $613M | $936M | $793M | $1.0B | $838M | $880M |
| EPS (diluted) | $0.59 | $0.80 | $0.18 | $0.17 | $1.21 | $1.94 | $1.72 | $2.28 | $2.11 | $2.33 |
| Diluted shares | 546M | 537M | 530M | 512M | 506M | 483M | 462M | 441M | 398M | 378M |
| Gross margin | 6.4% | 6.3% | 5.8% | 5.5% | 7.0% | 7.2% | 6.9% | 7.1% | 8.4% | 9.2% |
| Operating margin | — | — | — | 1.7% | 3.3% | 3.6% | 3.6% | 3.2% | 4.5% | 4.9% |
| Net margin | 1.3% | 1.7% | 0.4% | 0.4% | 2.5% | 3.8% | 2.8% | 3.8% | 3.2% | 3.2% |
Balance sheet
Fiscal years, from Flex's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $1.5B | $1.7B | $1.9B | $2.6B | $3.0B | $3.2B | $2.5B | $2.3B | $2.4B |
| Receivables | $2.2B | $2.5B | $2.6B | $2.4B | $4.0B | $3.4B | $3.5B | $3.0B | $3.7B | $4.7B |
| Inventory | $3.4B | $3.8B | $3.7B | $3.8B | $3.9B | $6.6B | $7.4B | $6.2B | $5.1B | $5.8B |
| Total current assets | $8.4B | $9.2B | $9.1B | $9.1B | $11.4B | $14.3B | $16.0B | $13.0B | $12.8B | $16.3B |
| Property, plant and equipment | $2.3B | $2.2B | $2.3B | $2.2B | $2.1B | $2.1B | $2.3B | $2.3B | $2.3B | $2.5B |
| Goodwill | $985M | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.3B | $1.4B |
| Total assets | $12.6B | $13.7B | $13.5B | $13.7B | $15.8B | $19.3B | $21.4B | $18.3B | $18.4B | $22.1B |
| Total current liabilities | $6.5B | $7.3B | $7.6B | $7.2B | $7.8B | $10.7B | $10.9B | $8.5B | $9.8B | $12.0B |
| Long-term debt | $2.9B | $2.9B | $2.4B | $2.7B | $3.5B | $3.2B | $3.5B | $3.3B | $2.5B | $3.8B |
| Total liabilities | $9.9B | $10.7B | $10.5B | $10.9B | $12.4B | $15.1B | $15.7B | $12.9B | $13.4B | $16.9B |
| Shareholders' equity | $2.6B | $3.0B | $3.0B | $2.8B | $3.4B | $4.1B | $5.4B | $5.3B | $5.0B | $5.1B |
| Net debt | $1.1B | $1.5B | $1.4B | $915M | $1.1B | $1.2B | $530M | $787M | $1.4B | $1.4B |
Cash flow
Fiscal years, from Flex's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.8B | -$3.9B | -$3.0B | -$1.5B | $144M | $1.0B | $950M | $1.3B | $1.5B | $1.7B |
| Capital spending | $525M | $562M | $726M | $462M | $351M | $443M | $635M | $530M | $438M | $633M |
| Free cash flow | -$4.3B | -$4.4B | -$3.7B | -$2.0B | -$207M | $581M | $315M | $796M | $1.1B | $1.1B |
| Stock-based compensation | $77M | $81M | $76M | $71M | $79M | $91M | $133M | $152M | $125M | $142M |
| Share buybacks (net) | -$350M | -$180M | -$189M | -$260M | -$183M | -$686M | -$337M | -$1.3B | -$1.3B | -$944M |
| Net borrowing | $313M | $1.4B | $3.2B | $1.1B | $2.1B | $759M | $718M | $2M | $499M | $1.3B |
| Free cash flow margin | -18.2% | -17.4% | -14.1% | -8.2% | -0.9% | 2.4% | 1.1% | 3.0% | 4.1% | 3.8% |
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Open FLEX in InvestinglyQuestions
What was Flex's revenue in 2026?
$27.9B in fiscal 2026, from its 10-K filing.
How much free cash flow does Flex generate?
$1.1B in fiscal 2026 (operating cash flow minus capital spending).
From Flex's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.