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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
____________________________________________________________________________________________________________________________________
Date of Report (Date of earliest event reported): January 28, 2026
____________________________________________________________________________________________________________________________________
plxslogo8ka05.gif
PLEXUS CORP.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________________________________________
Wisconsin001-1442339-1344447
(State or other jurisdiction
 of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
One Plexus Way
Neenah, Wisconsin 54956
(Address of principal executive offices) (Zip Code)
Telephone Number (920) 969-6000
(Registrant’s telephone number, including Area Code) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valuePLXSThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company    ☐
        If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02    Results of Operations and Financial Condition.

On January 28, 2026, Plexus Corp. (“we” or the “Company”) announced results for the fiscal first quarter ended January 3, 2026. A copy of the Company’s related press release is furnished as Exhibit 99.1 to this report.


Item 9.01    Financial Statements and Exhibits

(d) The following exhibits are filed herewith:

Exhibit NumberDescription
99.1
104Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)




* * * * *
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 28, 2026
PLEXUS CORP.
(Registrant)
By: /s/ Patrick J. Jermain
Patrick J. Jermain
Executive Vice President and Chief Financial Officer

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Plexus Announces Fiscal First Quarter Financial Results
NEENAH, WI – January 28, 2026 - Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal first quarter ended January 3, 2026, and guidance for our fiscal second quarter ending April 4, 2026.
•Reports fiscal first quarter 2026 revenue of $1.070 billion, GAAP operating margin of 5.1% and GAAP diluted EPS of $1.51.
•Reports fiscal first quarter 2026 non-GAAP operating margin of 5.8% and non-GAAP diluted EPS of $1.78, excluding $0.27 of stock-based compensation expense.
•Initiates fiscal second quarter 2026 revenue guidance of $1.110 billion to $1.150 billion with GAAP diluted EPS of $1.53 to $1.68, including $0.27 of stock-based compensation expense. Fiscal second quarter non-GAAP EPS guidance of $1.80 to $1.95 excludes stock-based compensation expense.
Three Months Ended
Jan 3, 2026Jan 3, 2026Apr 4, 2026
Q1F26 Results
Q1F26 Guidance
Q2F26 Guidance
Summary GAAP Items
Revenue (in billions)$1.070$1.050 to $1.090$1.110 to $1.150
Operating margin5.1 %4.9% to 5.3%4.9% to 5.3%
Diluted EPS$1.51$1.40 to $1.55$1.53 to $1.68
Summary Non-GAAP Items (1)
Adjusted operating margin (2)5.8 %5.6% to 6.0%5.6% to 6.0%
Adjusted EPS (3)$1.78$1.66 to $1.81$1.80 to $1.95
Return on invested capital (ROIC)13.2 %
Economic return 4.2 %
(1)Refer to Non-GAAP Supplemental Information tables for additional information regarding non-GAAP financial measures.
(2)
Excludes stock-based compensation expense of approximately 70 bps for Q1F26 results, Q1F26 guidance and Q2F26 guidance.
(3)
Excludes stock-based compensation expense, net of tax, of $0.27 for Q1F26 results and Q2F26 guidance as well as $0.26 for Q1F26 guidance.
Fiscal First Quarter 2026 Information
•Won 22 manufacturing programs during the quarter representing $283 million in annualized revenue when fully ramped into production.
•Purchased $22.4 million of our shares at an average price of $146.36 per share under our 2026 Share Repurchase Program, leaving $62.6 million available under our existing $100.0 million authorization.






Todd Kelsey, President and Chief Executive Officer, commented, “We have achieved significant momentum from our consistent focus on delivering customer success and our ongoing investments in talent, technology, facilities and advanced capabilities. Fiscal first quarter revenue of $1.070 billion met our guidance midpoint, increasing 1% sequentially and 10% year over year on robust growth from our Healthcare/Life Sciences and Aerospace/Defense market sectors, while non-GAAP EPS of $1.78 met the high end of our guidance.”

Mr. Kelsey added, “Our team delivered 22 manufacturing wins for the fiscal first quarter, representing $283 million in annualized revenue. Included in these wins was a record quarterly performance from our Aerospace/Defense market sector of $220 million in annualized revenue. Through this performance, our Aerospace/Defense go-to-market team strengthened our partnership with existing customers, significantly expanded our leadership in commercial space and added new and exciting partners deploying disruptive technologies.”

Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, "For the fiscal first quarter, we delivered return on invested capital of 13.2%, which was 420 basis points above our weighted average cost of capital. Our fiscal first quarter cash cycle of 69 days met our guidance and reflected working capital investments to support significant program ramps and increased customer demand. While these investments resulted in a cash usage for the fiscal first quarter, we reconfirm our fiscal 2026 expectation for free cash flow of approximately $100 million."

Mr. Kelsey continued, “We are forecasting accelerating sequential revenue growth for our fiscal second quarter from continued new program ramps, market share gains and improved end-market demand. We are guiding revenue of $1.110 to $1.150 billion, representing 6% sequential and 15% year-over-year growth at the midpoint, non-GAAP operating margin of 5.6% to 6.0% and non-GAAP EPS of $1.80 to $1.95."

Mr. Kelsey concluded, “With a strong start to the fiscal year, we now see the potential to meet or exceed the high-end of our 9% to 12% revenue growth goal. We believe this positive momentum is the result of our consistent strategy, which is enabling share gains and leadership in growth markets, and from our ongoing investments to further our industry-leading solutions and drive greater long-term operational efficiency.”

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Quarterly ComparisonThree Months Ended
(in thousands, except EPS)Jan 3, 2026Sep 27, 2025Dec 28, 2024
Revenue$1,069,852 $1,058,366 $976,122 
Gross profit106,138 104,783 100,692 
Operating income54,464 53,112 46,860 
Net income41,182 51,429 37,267 
Diluted EPS$1.51 $1.87 $1.34 
Gross margin9.9 %9.9 %10.3 %
Operating margin5.1 %5.0 %4.8 %
ROIC (1)13.2 %14.6 %13.8 %
Economic return (1)4.2 %5.7 %4.9 %
(1) Refer to Non-GAAP Supplemental Information tables for non-GAAP financial measures discussed and/or disclosed in this release, such as adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and economic return.
Business Segment and Market Sector Revenue
Plexus measures operational performance and allocates resources on a geographic segment basis. Plexus also reports revenue based on the market sector breakout set forth in the table below, which reflects Plexus’ market sector focused strategy. Top 10 customers comprised 52% of revenue during the first quarter of fiscal 2026. This is up 3 percentage points from the fourth quarter of fiscal 2025 and up 1 percentage point from the first quarter of fiscal 2025.

Business Segments ($ in millions)Three Months Ended
Jan 3, 2026Sep 27, 2025Dec 28, 2024
Americas$345 $336 $274 
Asia-Pacific612 605 607 
Europe, Middle East and Africa118 119 101 
Elimination of inter-segment sales(5)(2)(6)
Total Revenue$1,070 $1,058 $976 

Market Sectors ($ in millions)Three Months Ended
Jan 3, 2026Sep 27, 2025Dec 28, 2024
Aerospace/Defense$178 17 %$173 16 %$160 16 %
Healthcare/Life Sciences466 43 %424 40 %374 38 %
Industrial426 40 %461 44 %442 46 %
Total Revenue$1,070 $1,058 $976 

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Non-GAAP Supplemental Information
Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow, because such measures are used for internal management goals and decision-making, and because they provide management and investors with additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted EPS, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of non-recurring items that are not reflective of continuing operations. For additional information on non-GAAP measures, please refer to the attached Non-GAAP Supplemental Information tables.

ROIC and Economic Return
ROIC for the first quarter of fiscal 2026 was 13.2%. Plexus defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a two-quarter period for the first fiscal quarter. Invested capital is defined as equity plus debt and operating lease obligations, less cash and cash equivalents. Plexus' weighted average cost of capital for fiscal 2026 is 9.0%. ROIC for the first quarter of fiscal 2026 less Plexus’ weighted average cost of capital resulted in an economic return of 4.2%.

Free Cash Flow
Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended January 3, 2026, cash flows used in operations was $15.4 million and capital expenditures were $35.2 million, which resulted in negative free cash flow of $50.6 million.

Cash Cycle DaysThree Months Ended
Jan 3, 2026Sep 27, 2025Dec 28, 2024
Days in Accounts Receivable585756
Days in Contract Assets131312
Days in Inventory124118134
Days in Accounts Payable(71)(70)(69)
Days in Advanced Payments(55)(55)(65)
Annualized Cash Cycle (1)696368
(1)Plexus calculates cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in advanced payments.


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Conference Call and Webcast Information
What:
Plexus Fiscal 2026 Q1 Earnings Conference Call and Webcast
When:
Thursday, January 29, 2026 at 8:30 a.m. Eastern Time
Where:
Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com. Participants can also join utilizing the links below:

Webcast link:
https://events.q4inc.com/attendee/441967466
Replay:
The webcast will be archived on the Plexus website and will be available as on-demand for 12 months
Investor and Media Contact
Shawn Harrison
+1.920.969.6325
shawn.harrison@plexus.com
About Plexus
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 global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 27 facilities. For more information about Plexus, visit our website at www.plexus.com.
Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of shortages, delays and price fluctuations in obtaining components as a result of economic cycles, capacity constraints, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate engagement terms, and the lack of a track record of order volume and timing; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customers and deliver product on a timely basis; the risks of concentration of work for certain customers; the effects of start-up costs of new programs and facilities or the costs associated with winding down programs or the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of the economy regionally or globally; the effect of changes in the pricing and margins of our services; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other events outside our control, such as the conflict between Russia and Ukraine, conflict in the Middle East, escalating tensions between China and Taiwan or China and the United States, tensions in or amongst countries in which we operate or transact business, changes in energy prices, terrorism, global health epidemics and weather events; the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2025 Form 10-K.
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PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
Jan 3,Dec 28,
20262024
Net sales$1,069,852 $976,122 
Cost of sales963,714 875,430 
Gross profit106,138 100,692 
Operating expenses:
Selling and administrative expenses51,674 49,149 
Restructuring and other charges, net— 4,683 
Operating income54,464 46,860 
Other income (expense):
Interest expense(2,888)(3,554)
Interest income984 1,234 
Miscellaneous, net(1,528)(1,046)
Income before income taxes51,032 43,494 
Income tax expense9,850 6,227 
Net income
$41,182 $37,267 
Earnings per share:
Basic$1.54 $1.38 
Diluted$1.51 $1.34 
Weighted average shares outstanding:
Basic26,766 27,087 
Diluted27,349 27,763 

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PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
Jan 3,Sep 27,
20262025
ASSETS
Current assets:
Cash and cash equivalents$248,825 $306,464 
Restricted cash598 294 
Accounts receivable679,660 656,573 
Contract assets152,682 150,654 
Inventories1,305,339 1,229,839 
Prepaid expenses and other69,534 54,969 
Total current assets2,456,638 2,398,793 
Property, plant and equipment, net538,648 546,052 
Operating lease right-of-use assets70,346 72,863 
Deferred income taxes91,339 91,349 
Other assets28,996 28,053 
Total non-current assets729,329 738,317 
Total assets$3,185,967 $3,137,110 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and finance lease obligations$66,837 $45,793 
Accounts payable745,641 726,597 
Advanced payments from customers580,370 575,850 
Accrued salaries and wages82,303 109,076 
Other accrued liabilities68,481 61,367 
Total current liabilities1,543,632 1,518,683 
Long-term debt and finance lease obligations, net of current portion 91,139 91,987 
Long-term operating lease liabilities27,327 29,422 
Deferred income taxes5,156 6,000 
Other liabilities37,650 36,430 
Total non-current liabilities161,272 163,839 
Total liabilities1,704,904 1,682,522 
Shareholders’ equity:
Common stock547 547 
Additional paid-in-capital699,374 695,653 
Common stock held in treasury(1,277,842)(1,255,451)
Retained earnings2,037,210 1,996,028 
Accumulated other comprehensive income21,774 17,811 
Total shareholders’ equity1,481,063 1,454,588 
Total liabilities and shareholders’ equity$3,185,967 $3,137,110 

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PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 1
(in thousands, except per share data)
(unaudited)
Three Months Ended
Jan 3,Sep 27,Dec 28,
202620252024
Operating income, as reported$54,464 $53,112 $46,860 
Operating margin, as reported5.1 %5.0 %4.8 %
Non-GAAP adjustments:
Restructuring costs (1)— — 4,683 
Stock-based compensation7,765 7,803 6,990 
Non-GAAP operating income$62,229 $60,915 $58,533 
Non-GAAP operating margin5.8 %5.8 %6.0 %
Net income, as reported$41,182 $51,429 $37,267 
Non-GAAP adjustments:
Restructuring costs, net of tax (1)— — 4,191 
Stock-based compensation, net of tax7,377 7,414 6,640 
Adjusted net income$48,559 $58,843 $48,098 
Diluted earnings per share, as reported$1.51 $1.87 $1.34 
Non-GAAP per share adjustments:
Restructuring costs, net of tax (1)— — 0.15 
Stock-based compensation, net of tax0.27 0.27 0.24 
Adjusted diluted earnings per share$1.78 $2.14 $1.73 
(1)During the three months ended December 28, 2024, restructuring costs of $4.7 million, or $4.2 million net of taxes, were incurred primarily for employee severance costs associated with a reduction in the Company's workforce in the EMEA and AMER regions.

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PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
 (in thousands)
(unaudited)
ROIC and Economic Return Calculations Three Months EndedTwelve Months EndedThree Months Ended
Jan 3,Sep 27,Dec 28,
202620252024
Operating income, as reported$54,464 $202,371 $46,860 
Restructuring and other charges, net+— +4,683 +4,683 
Adjusted operating income$54,464 $207,054 $51,543 
x4x4
Adjusted annualized operating income$217,856 $207,054 $206,172 
Adjusted effective tax ratex17 %x8 %x15 %
Tax impact37,036 16,564 30,926 
Adjusted operating income (tax-effected)$180,820 $190,490 $175,246 
Average invested capital÷$1,374,532 ÷$1,303,575 ÷$1,268,309 
ROIC13.2 %14.6 %13.8 %
Weighted average cost of capital-9.0 %-8.9 %-8.9 %
Economic return4.2 %5.7 %4.9 %
Average Invested Capital CalculationsJan 3,Sep 27,Jun 28,Mar 29,Dec 28,Sep 28,
202620252025202520242024
Equity$1,481,063 $1,454,588 $1,419,085 $1,351,675 $1,319,069 $1,324,825 
Plus:
Debt and finance lease obligations - current66,837 45,793 50,678 121,014 121,977 157,325 
Operating lease obligations - current (1)7,943 8,253 8,470 9,968 14,875 14,697 
Debt and finance lease obligations - long-term
91,139 91,987 92,215 88,761 88,728 89,993 
Operating lease obligations - long-term27,327 29,422 31,192 32,720 35,124 32,275 
Less: Cash and cash equivalents(248,825)(306,464)(237,567)(310,531)(317,161)(345,109)
$1,425,484 $1,323,579 $1,364,073 $1,293,607 $1,262,612 $1,274,006 
(1)Included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
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