Companies · PLXS
Plexus
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Latest analysis
Updated Oct 29, 2026
Plexus posts record $1.43B Q4 FY2026 revenue, raises FY2027 growth forecast to mid-to-upper teens with new 6.5%-7.0% operating margin goal
Plexus delivered record fiscal Q4 FY2026 revenue of $1.43 billion, up 35% year over year and 9% sequentially, with non-GAAP operating margin of 6.7% exceeding guidance by approximately 40 basis points. Full-year FY2026 revenue reached approximately $5 billion, up 23% year over year, driven by exceptional semi-cap (+50%), healthcare/life sciences (+19%), and aerospace and defense (+23%) sector performance. Management raised the FY2027 revenue growth forecast to mid-to-upper teens, introduced a new non-GAAP operating margin target of 6.5%-7.0%, and cited a record $4.9 billion qualified manufacturing funnel as the structural foundation for continued outgrowth.
Tone: bullishRevenue
$4B
PLXS 10-K · FY 2025
Employees
20,000
Revenue FY2024
$4.1B
Headquarters
Neenah, WI
Profile
PLXS 10-K Item 1 · Nov 14, 2025Plexus Corp. is a Wisconsin-based electronics manufacturing services company that designs, manufactures, and services highly complex products for customers in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors. The company operates 26 facilities across the Americas, Asia-Pacific, and EMEA regions, supported by over 20,000 employees. Its services span the full product lifecycle, from design and new product introduction through volume manufacturing and sustaining services.
Read filing description ↓ Collapse description ↑
At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive companies globally in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ('AMER'), Asia-Pacific ('APAC') and Europe, Middle East and Africa ('EMEA') regions. We provide most of our solutions on a turnkey basis, under which we procure and warehouse all materials required for product assembly. We provide select solutions on a consignment basis, meaning our customers supply the necessary materials, while we provide the labor and other services required for product assembly. Other than certain test equipment, manufacturing equipment and software used for internal operations, we do not design or manufacture our own proprietary products. Our strategy consists of four pillars: Market Focus, Superior Execution, Passion Meets Purpose, and Discipline by Design. Our primary long-term goal is to achieve a 9-12% compounded annual revenue growth rate while earning a return on invested capital of 15%.
Primary products
- Design and Development
- Supply Chain Solutions
- New Product Introduction
- Manufacturing
- Sustaining Services
Business segments
End markets
Geographies
Named customers
No customer accounted for over 10% of our sales in fiscal 2025 or 2024. Our 10 largest customers accounted for 49.1% and 47.8% of our net sales in fiscal 2025 and 2024, respectively.
“We believe our ability to provide a full range of services that complement the entire product lifecycle across a global footprint provides a business advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Fiscal 2025 net sales increased $72.2 million, or 1.8%, as compared to fiscal 2024, driven primarily by APAC segment growth partially offset by EMEA declines.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.