Plexus (PLXS) financial statements
Plexus reported revenue of $4.0B in fiscal 2025, up 5.2% a year over 9 years.
Net income was $173M and the operating margin 5.0%, against 3.9% in 2016.
Free cash flow was $154M, and the company returned $65M in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Plexus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.5B | $2.9B | $3.2B | $3.4B | $3.4B | $3.8B | $4.2B | $4.0B | $4.0B |
| Cost of revenue | $2.3B | $2.3B | $2.6B | $2.9B | $3.1B | $3.0B | $3.5B | $3.8B | $3.6B | $3.6B |
| Gross profit | $227M | $256M | $258M | $292M | $313M | $323M | $347M | $395M | $379M | $407M |
| Selling, general and admin | $121M | $126M | $139M | $148M | $153M | $144M | $167M | $176M | $191M | $199M |
| Operating income | $99M | $130M | $118M | $142M | $153M | $176M | $178M | $196M | $168M | $202M |
| Interest expense | $15M | $14M | $12M | $13M | $16M | $14M | $16M | $32M | $29M | $12M |
| Pre-tax income | $87M | $122M | $108M | $126M | $135M | $160M | $158M | $161M | $130M | $188M |
| Income tax | $11M | $10M | $95M | $17M | $18M | $21M | $20M | $22M | $18M | $15M |
| Net income | $76M | $112M | $13M | $109M | $117M | $139M | $138M | $139M | $112M | $173M |
| EPS (diluted) | $2.24 | $3.24 | $0.38 | $3.50 | $3.93 | $4.76 | $4.86 | $4.95 | $4.01 | $6.26 |
| Diluted shares | 34M | 35M | 34M | 31M | 30M | 29M | 28M | 28M | 28M | 28M |
| Gross margin | 8.9% | 10.1% | 9.0% | 9.2% | 9.2% | 9.6% | 9.1% | 9.4% | 9.6% | 10.1% |
| Operating margin | 3.9% | 5.1% | 4.1% | 4.5% | 4.5% | 5.2% | 4.7% | 4.7% | 4.2% | 5.0% |
| Net margin | 3.0% | 4.4% | 0.5% | 3.4% | 3.5% | 4.1% | 3.6% | 3.3% | 2.8% | 4.3% |
Balance sheet
Fiscal years, from Plexus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $433M | $569M | $297M | $224M | $386M | $270M | $275M | $256M | $345M | $306M |
| Receivables | $417M | $366M | $395M | $488M | $482M | $520M | $738M | $662M | $622M | $657M |
| Inventory | $564M | $655M | $794M | $701M | $763M | $972M | $1.6B | $1.6B | $1.3B | $1.2B |
| Total current assets | $1.4B | $1.6B | $1.5B | $1.5B | $1.8B | $1.9B | $2.8B | $2.7B | $2.5B | $2.4B |
| Property, plant and equipment | $291M | $315M | $341M | $384M | $384M | $395M | $445M | $492M | $501M | $546M |
| Total assets | $1.8B | $2.0B | $1.9B | $2.0B | $2.3B | $2.5B | $3.4B | $3.3B | $3.2B | $3.1B |
| Total current liabilities | $650M | $908M | $738M | $866M | $1.0B | $1.1B | $2.0B | $1.8B | $1.6B | $1.5B |
| Long-term debt | $184M | $26M | $183M | $187M | — | — | — | — | — | — |
| Total liabilities | $849M | $950M | $1.0B | $1.1B | $1.3B | $1.4B | $2.3B | $2.1B | $1.8B | $1.7B |
| Shareholders' equity | $917M | $1.0B | $921M | $866M | $977M | $1.0B | $1.1B | $1.2B | $1.3B | $1.5B |
| Net debt | -$249M | -$543M | -$114M | -$36M | -$386M | -$270M | -$275M | -$256M | -$345M | -$306M |
Cash flow
Fiscal years, from Plexus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $128M | $172M | $67M | $115M | $210M | $143M | -$26M | $166M | $437M | $249M |
| Capital spending | $31M | $39M | $63M | $91M | $50M | $57M | $102M | $104M | $95M | $95M |
| Free cash flow | $97M | $133M | $4M | $25M | $160M | $85M | -$128M | $62M | $341M | $154M |
| Stock-based compensation | $19M | $17M | $18M | $21M | $24M | $25M | $23M | $21M | $30M | $30M |
| Share buybacks (net) | -$30M | -$34M | -$137M | -$182M | -$41M | -$108M | -$50M | -$41M | -$56M | -$65M |
| Net borrowing | $625M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 3.8% | 5.3% | 0.1% | 0.8% | 4.7% | 2.5% | -3.4% | 1.5% | 8.6% | 3.8% |
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Open PLXS in InvestinglyQuestions
What was Plexus's revenue in 2025?
$4.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Plexus generate?
$154M in fiscal 2025 (operating cash flow minus capital spending).
From Plexus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.