Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%
Flex Ltd. · FLEX · FY2026 Q4 · Calendar Q2 2026
Flex posts record Q4 as AI infrastructure drives growth and SpinCo takes shape
Flex's Q4 results support a constructive growth case centered on AI data-center power and thermal infrastructure, but the thesis depends on executing the SpinCo separation, scaling capacity and converting projected CPI growth without losing margin discipline.
Reported Before market openNASDAQTechnology
$31.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.93
Consensus $0.87
EPS surprise
+6.4%
Reported versus consensus
Reported revenue
$7.48B
Consensus $6.96B
Revenue surprise
+7.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+39.7%
Event window
SPY move
+1.4%
Same window
Abnormal move
+38.3%
Stock minus SPY
Volume
4.7×
Versus trailing sessions
Subsequent drift
+18.4%
Up to 20 sessions
FLEXSPY benchmark
Ask FN2 about FLEX FY2026 Q4
Transcript, numbers and history already loaded
Why did FLEX rise 39.7% after beating EPS estimates in FY2026 Q4?What changed in FLEX's guidance and outlook in FY2026 Q4?Give me the bull and bear case for FLEX after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Flex moved from discussing AI infrastructure expansion to announcing a CPI spin-off, adding the EP2 acquisition and providing a higher-growth FY27 outlook. Capex is expected to rise in FY27 and normalize in FY28.
Guidance delta
Management raised FY27 guidance, with CPI revenue projected to grow 65–75% in FY27 and more than 80% in FY28.
Key takeaways
- Record Q4 revenue and margins were driven by growth in Cloud and Power Infrastructure.
- Management plans to spin off CPI as SpinCo, expected to close in Q1 2027.
- AI data-center demand, power and thermal solutions, and the EP2 acquisition are central to the growth plan.
- FY27 capex will be elevated for infrastructure investment before normalizing in FY28.
Management priorities
- Complete the SpinCo spin-off in early 2027.
- Invest in power and cooling infrastructure for AI data centers.
- Integrate EP2 and expand health care, robotics and warehouse automation offerings.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$86.48Current
$24Low
$118Average
$203High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 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 $86.48. 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 | +48.0% | Oct 29, 2026 |
| UBS | Analyst unavailable | $150 | $76.99 | +73.5% | Oct 27, 2026 |
| Robert W. Baird | Luke Junk | $142 | $103.02 | +64.2% | Jul 30, 2026 |
| Goldman Sachs | Mark Delaney | $154 | $103.02 | +78.1% | Jul 30, 2026 |
| Barclays | Tim Long | $144 | $103.02 | +66.5% | Jul 30, 2026 |
| Raymond James | Analyst unavailable | $170 | $103.02 | +96.6% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $203 | $161.94 | +134.7% | Jun 4, 2026 |
| Goldman Sachs | Mark Delaney | $177 | $135.94 | +104.7% | May 7, 2026 |
| KeyBanc | Analyst unavailable | $180 | $134.51 | +108.1% | May 7, 2026 |
| Robert W. Baird | Analyst unavailable | $165 | $134.73 | +90.8% | May 7, 2026 |
| Barclays | Analyst unavailable | $174 | $134.73 | +101.2% | May 7, 2026 |
| Stifel Nicolaus | Ruben Roy | $95 | $81.83 | +9.9% | Apr 20, 2026 |
| Raymond James | Melissa Fairbanks | $80 | $57.22 | -7.5% | Feb 4, 2026 |
| Raymond James | Analyst unavailable | $75 | $64.27 | -13.3% | Jan 14, 2026 |
| Barclays | Tim Long | $71 | $64.27 | -17.9% | Jan 14, 2026 |
| Goldman Sachs | Analyst unavailable | $74 | $67.54 | -14.4% | Dec 9, 2025 |
| Argus Research | Jim Kelleher | $85 | $63.48 | -1.7% | Oct 31, 2025 |
| KeyBanc | Steve Barger | $75 | $65.41 | -13.3% | Oct 30, 2025 |
| Goldman Sachs | Analyst unavailable | $73 | $65.2 | -15.6% | Oct 30, 2025 |
| Barclays | Tim Long | $78 | $66.1 | -9.8% | Oct 30, 2025 |
| KeyBanc | Steve Barger | $70 | $59.63 | -19.1% | Oct 10, 2025 |
| Goldman Sachs | Analyst unavailable | $66 | $56.85 | -23.7% | Sep 29, 2025 |
| Craig-Hallum | Christian Schwab | $45 | $34.67 | -48.0% | Oct 31, 2024 |
| KeyBanc | Steve Barger | $41 | $34.39 | -52.6% | Oct 21, 2024 |
| Goldman Sachs | Mark Delaney | $39 | $34.9 | -54.9% | Oct 17, 2024 |
| Craig-Hallum | Christian Schwab | $39 | $31.76 | -54.9% | Jul 25, 2024 |
| Craig-Hallum | Christian Schwab | $27 | $26.34 | -68.8% | May 2, 2024 |
| Industrial Alliance Securities | Mark Delaney | $24 | $23.15 | -72.2% | Dec 13, 2022 |
| Goldman Sachs | Mark Delaney | $21 | $17.38 | -75.7% | 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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|---|---|---|---|---|
| INTC Intel Corp. | FY2026 Q3 · Calendar Q4 2026 | +27.9% | -28.6% | Intel: AI Server Demand Offsets PC Weakness, CapEx Rises |
| GDDY GoDaddy Inc. | FY2026 Q3 · Calendar Q4 2026 | +9.5% | +10.7% | GoDaddy: Airo accelerates while guidance is maintained |
| MPWR Monolithic Power Systems, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.1% | +1.1% | MPWR tops $1 billion in revenue as data-center demand accelerates |
| TWLO Twilio Inc. | FY2026 Q3 · Calendar Q4 2026 | +12.2% | -15.2% | Twilio raises growth outlook as AI and software adoption expand |
| SNDK Sandisk Corporation | FY2027 Q1 · Calendar Q4 2026 | +6.1% | -13.5% | SNDK: AI-driven NAND demand remains strong, but execution risks persist |
| RBLX Roblox Corporation | FY2026 Q3 · Calendar Q4 2026 | +26.2% | -18.1% | Roblox pairs strong engagement with lower Q4 bookings guidance |
Latest beats and misses
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Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
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- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— 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 · 2026-11-01T06:08:02.000774+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T06:08:01.998005+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 2026-11-01. For educational purposes only; not investment advice.