Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%
Flex Ltd. · FLEX · FY2026 Q2 · Calendar Q4 2025
Flex raises FY2026 outlook as data-center demand accelerates
Flex’s Q2 results and raised FY2026 guidance support a constructive near-term operating picture, led by AI-related data-center demand. The evidence to monitor is whether capacity investment and demand translate into durable margins while tariff, foreign-exchange and segment headwinds persist.
Reported Before market openNASDAQTechnology
$31.11B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.79
Consensus $0.75
EPS surprise
+4.8%
Reported versus consensus
Reported revenue
$6.80B
Consensus $6.68B
Revenue surprise
+1.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.9%
Event window
SPY move
+0.0%
Same window
Abnormal move
+2.8%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-11.6%
Up to 20 sessions
FLEXSPY benchmark
Ask FN2 about FLEX FY2026 Q2
Transcript, numbers and history already loaded
Why did FLEX rise 2.9% after beating EPS estimates in FY2026 Q2?What changed in FLEX's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FLEX after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported Q2 revenue growth and higher adjusted EPS, described data-center business growth of at least 35% year over year, and raised FY2026 revenue, operating-margin and EPS guidance. It also described increased capacity investment, facility expansion and acquisitions. No prior-quarter analysis was available in the supplied facts, so quarter-over-quarter narrative changes cannot be assessed here.
Guidance delta
Management raised FY2026 guidance to revenue of $26.7–$27.3 billion, operating margin of 6.2–6.3%, and EPS of $3.09–$3.17.
Key takeaways
- Q2 revenue was $6.8 billion, up 4% year over year, with 6% operating margin and adjusted EPS of $0.79, up 23%.
- Management said data-center business was growing at least 35% year over year, citing AI, cloud and power demand.
- Full-year FY2026 guidance was raised across revenue, operating margin and EPS.
- The Ukraine facility shutdown was described as a roughly $100 million revenue headwind; tariffs and foreign exchange remain headwinds.
Management priorities
- Scale the AI infrastructure platform and data-center capacity, including modular infrastructure and cloud power and cooling solutions.
- Expand facilities and pursue the Poland asset and JetCool acquisitions.
- Invest in factory AI and robotics to improve productivity.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$88.36Current
$24Low
$118Average
$203High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 29, 2026 |
| B of A Securities | Buy | Buy | Maintain | Oct 27, 2026 |
| Freedom Capital Markets | Buy | Buy | Maintain | Sep 28, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 30, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 7, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 20, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 16, 2026 |
| Jefferies | Hold | Hold | Maintain | Nov 12, 2025 |
| Craig-Hallum | Buy | Buy | Maintain | Oct 31, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 27, 2023 |
| Citigroup | Buy | Buy | Maintain | Jan 27, 2023 |
| Argus Research | Buy | Hold | Upgrade | May 18, 2022 |
| Cross Research | Buy | Hold | Upgrade | May 6, 2021 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Oct 16, 2020 |
| CFRA | Hold | Hold | Maintain | May 11, 2020 |
| Argus | Hold | Buy | Downgrade | Oct 30, 2018 |
| Needham | Hold | Buy | Downgrade | Oct 26, 2018 |
| Standpoint Research | Buy | Hold | Upgrade | Jun 18, 2018 |
| B. Riley FBR | Buy | Buy | Maintain | May 5, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 27, 2018 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Apr 27, 2018 |
| UBS | Buy | Buy | Maintain | Oct 27, 2017 |
| B. Riley Securities | Buy | Buy | Maintain | Jan 29, 2016 |
| Deutsche Bank | Hold | Hold | Maintain | Oct 20, 2015 |
| Longbow Research | Neutral | Buy | Downgrade | Jan 25, 2013 |
| Bank oferica | Buy | Buy | Maintain | May 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $88.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Tim Long | $128 | $93.03 | +44.9% | Oct 29, 2026 |
| UBS | Analyst unavailable | $150 | $76.99 | +69.8% | Oct 27, 2026 |
| Robert W. Baird | Luke Junk | $142 | $103.02 | +60.7% | Jul 30, 2026 |
| Goldman Sachs | Mark Delaney | $154 | $103.02 | +74.3% | Jul 30, 2026 |
| Barclays | Tim Long | $144 | $103.02 | +63.0% | Jul 30, 2026 |
| Raymond James | Analyst unavailable | $170 | $103.02 | +92.4% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $203 | $161.94 | +129.7% | Jun 4, 2026 |
| Goldman Sachs | Mark Delaney | $177 | $135.94 | +100.3% | May 7, 2026 |
| KeyBanc | Analyst unavailable | $180 | $134.51 | +103.7% | May 7, 2026 |
| Robert W. Baird | Analyst unavailable | $165 | $134.73 | +86.7% | May 7, 2026 |
| Barclays | Analyst unavailable | $174 | $134.73 | +96.9% | May 7, 2026 |
| Stifel Nicolaus | Ruben Roy | $95 | $81.83 | +7.5% | Apr 20, 2026 |
| Raymond James | Melissa Fairbanks | $80 | $57.22 | -9.5% | Feb 4, 2026 |
| Raymond James | Analyst unavailable | $75 | $64.27 | -15.1% | Jan 14, 2026 |
| Barclays | Tim Long | $71 | $64.27 | -19.6% | Jan 14, 2026 |
| Goldman Sachs | Analyst unavailable | $74 | $67.54 | -16.3% | Dec 9, 2025 |
| Argus Research | Jim Kelleher | $85 | $63.48 | -3.8% | Oct 31, 2025 |
| KeyBanc | Steve Barger | $75 | $65.41 | -15.1% | Oct 30, 2025 |
| Goldman Sachs | Analyst unavailable | $73 | $65.2 | -17.4% | Oct 30, 2025 |
| Barclays | Tim Long | $78 | $66.1 | -11.7% | Oct 30, 2025 |
| KeyBanc | Steve Barger | $70 | $59.63 | -20.8% | Oct 10, 2025 |
| Goldman Sachs | Analyst unavailable | $66 | $56.85 | -25.3% | Sep 29, 2025 |
| Craig-Hallum | Christian Schwab | $45 | $34.67 | -49.1% | Oct 31, 2024 |
| KeyBanc | Steve Barger | $41 | $34.39 | -53.6% | Oct 21, 2024 |
| Goldman Sachs | Mark Delaney | $39 | $34.9 | -55.9% | Oct 17, 2024 |
| Craig-Hallum | Christian Schwab | $39 | $31.76 | -55.9% | Jul 25, 2024 |
| Craig-Hallum | Christian Schwab | $27 | $26.34 | -69.4% | May 2, 2024 |
| Industrial Alliance Securities | Mark Delaney | $24 | $23.15 | -72.8% | Dec 13, 2022 |
| Goldman Sachs | Mark Delaney | $21 | $17.38 | -76.2% | Jun 7, 2022 |
Track every rating change on FLEX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFlex Ltd. is a global provider offering extensive design, engineering, manufacturing, and supply chain management solutions to original equipment manufacturers (OEMs) across Asia, the Americas, and Europe. Its operations are structured into three primary segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company specializes in a range of cross-industry technologies, such as human-machine interfaces, Internet of Things (IoT) platforms, advanced power solutions, sensor fusion, and smart audio systems. A significant offering includes integrated solar tracker and software solutions tailored for utility-scale and ground-mounted distributed generation solar projects. Flex also delivers value-added design and engineering support, alongside comprehensive systems assembly and manufacturing services. These encompass enclosure fabrication, rigorous testing, and meticulous materials procurement and inventory management.…
Historical context
All FLEX earningsTechnology peers this season
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|---|---|---|---|---|
| SHOP Shopify Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -5.7% | Shopify pairs Q3 growth with agentic commerce investment |
| BR Broadridge Financial Solutions, Inc. | FY2027 Q1 · Calendar Q4 2026 | — | +0.2% | Broadridge Q1 FY2027: 11% recurring-revenue growth; outlook reaffirmed |
| IT Gartner, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -13.0% | Gartner Raises FY2026 Guidance as Contract Value Growth Accelerates |
| FISV Fiserv, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +12.4% | Fiserv Holds FY2026 Guidance as Merchant Trends Improve, Risks Persist |
| LDOS Leidos Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -3.3% | Leidos Q3: Defense Tech Strength Offsets VBA Contract Uncertainty |
| TSEM Tower Semiconductor Ltd. | FY2026 Q3 · Calendar Q4 2026 | +7.5% | -6.7% | Tower Semiconductor posts record Q3 as silicon photonics expansion advances |
Latest beats and misses
Who reports nextBeat on EPS
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
Missed on EPS
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
Get the FLEX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-03T16:00:48.018062+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T16:00:48.015428+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.