Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%
Flex Ltd. · FLEX · FY2027 Q1 · Calendar Q3 2026
Flex posts strong Q1 as AI infrastructure demand drives growth
The quarter supports a constructive one-year growth case: Flex reported strong growth, maintained FY2027 guidance, and cited durable demand for AI power, cooling, and modular infrastructure. The case remains dependent on executing the SpinCo separation, scaling capacity, and sustaining AI and data-center demand.
Reported Before market openNASDAQTechnology
$31.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.00
Consensus $0.90
EPS surprise
+11.2%
Reported versus consensus
Reported revenue
$7.93B
Consensus $7.53B
Revenue surprise
+5.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-9.1%
Event window
SPY move
-1.5%
Same window
Abnormal move
-7.5%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+8.5%
Up to 20 sessions
FLEXSPY benchmark
Ask FN2 about FLEX FY2027 Q1
Transcript, numbers and history already loaded
Why did FLEX fall 9.1% after beating EPS estimates in FY2027 Q1?What changed in FLEX's guidance and outlook in FY2027 Q1?Give me the bull and bear case for FLEX after FY2027 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Flex reported Q1 FY2027 revenue of $7.9 billion, up 21% year over year, with adjusted EPS of $1.00 and margin expansion across all segments. Cloud & Power Infrastructure revenue grew 35% year over year. Management maintained FY2027 guidance and highlighted the planned Q1 calendar 2027 SpinCo separation, JetCool liquid cooling, and an NVIDIA power-cooling partnership.
Guidance delta
Maintained FY2027 guidance: revenue of $33.7-$35.2 billion, adjusted operating margin of 7.7%-8.2%, adjusted EPS of $4.42-$4.74, and free-cash-flow conversion of about 40%.
Key takeaways
- Revenue and adjusted EPS exceeded the supplied consensus estimates, while reported growth was broad across segments.
- Cloud & Power Infrastructure growth and AI-related power, cooling, and modular platforms remain the central growth drivers.
- The planned SpinCo separation is on track, but execution and capacity investment raise near-term complexity.
- Management plans significant FY2027 capex for power, cooling, high-voltage, and modular-platform capacity.
Management priorities
- Complete the tax-free SpinCo separation in Q1 calendar 2027.
- Scale JetCool liquid cooling and modular power-cooling platforms with hyperscaler and strategic partners.
- Expand 400V/800V high-voltage manufacturing capacity in Dallas and Iowa.
- Develop the long-term strategic roadmap at the planned November 10 Investor Day.
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Try FN2 freeEarnings History
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Beat
Miss
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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 Oct 31, 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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| 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 |
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Missed on EPS
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- 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 · 2026-07-29T15:07:07.319240+00:00
- FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
- Polygon adjusted daily market bars · 2026-10-31T18:10:41.074290+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T18:10:41.071380+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 2026-10-31. For educational purposes only; not investment advice.