Plexus Q4 Earnings Surpass Estimates, Revenues Up Marginally Y/Y

Plexus Corp PLXS reported fourth-quarter fiscal 2025 adjusted earnings per share (EPS) of $2.14 compared with the year-ago quarter’s earnings of $1.85. The figure beat the Zacks Consensus Estimate of $1.84 per share. Management expected non-GAAP EPS to be in the band of $1.82-$1.97.

Revenues of $1.058 billion were up nearly 0.7% year over year and topped the Zacks Consensus Estimate of $1.046 billion. Management expected revenues to be between $1.025 billion and $1.065 billion. 

In the reported quarter, revenues from the Americas increased 9.4% to $336 million. Revenues from EMEA and Asia-Pacific declined 7% and 2.1%, respectively. 

Plexus Corp. Price, Consensus and EPS Surprise

Plexus Corp. price-consensus-eps-surprise-chart | Plexus Corp. Quote

In the fiscal fourth quarter, Plexus announced 28 manufacturing program wins, which are estimated to contribute $274 million in annualized revenues once fully ramped into production. 

For fiscal 2025, PLXS reported revenues of $4.03 billion (up 1.8% from fiscal 2024) and adjusted EPS of $7.43 (up 29.9%). Management highlighted that strong fiscal 2025 results and new program wins across solutions position it for achieving revenue growth toward the 9% to 12% target for fiscal 2026.

In the past year, shares have gained 0.9% compared with the Electronic- Manufacturing Services industry’s growth of 112.5%.

Looking at PLXS’ Market Sector Details

Industrial sector’s revenues were up 2% year over year to $461 million, driven by strength in broadband, semicap and energy. This segment contributed 44% to total revenues. PLXS expected the segment to register a low single-digit increase in revenues. Management anticipates current-quarter revenues to be affected by weakness due to seasonality and muted near-term demand. 

Healthcare/Life Sciences’ revenues were up 2.2% from the year-ago quarter’s levels to $424 million. This contributed 40% to total revenues. PLXS expected the Healthcare Life Sciences sector’s revenues to grow in low single digits. Management anticipates the current quarter to gain from ongoing program ramps and some demand strength. 

Revenues from Aerospace/Defense fell 6% year over year to $173 million due to program ramp timings. This segment contributed 16% to total revenues. Management guided for flat revenue growth for this sector. For the fiscal first quarter, PLXS expects growth from program ramps in commercial aerospace, defense and unmanned aircrafts.

Our estimates for revenues from the Industrial, Healthcare/Life Sciences and Aerospace/Defense were $429.2 million, $433.7 million and $183.2 million, respectively. 

The company’s top 10 customers accounted for 49% of net revenues in the fiscal fourth quarter.

Plexus’ Operating Details

Gross profit on a GAAP basis decreased 2.9% year over year to $104.8 million. Gross margin was 9.9%, down from 10.3% reported in the year-ago quarter. 

Selling and administrative expenses declined 4.4% from the year-ago quarter’s actuals to $51.7 million.

Adjusted operating margin contracted 40 basis points to 5.8%.

PLXS’ Cash Flow & Balance Sheet Position

As of Sept. 27, 2025, Plexus had cash & cash equivalents worth $307 million compared with $237.6 million as of June 28. 

PLXS had long-term debt and finance lease obligations, net of the current portion of $91.9 million as of Sept. 27, 2025, compared with $92.2 million as of June 28. 

For the quarter under review, cash flows from operations were $132 million. Plexus reported a free cash flow of $97.2 million. For fiscal 2025, free cash flow came in at $154 million. 

The company repurchased $21.5 million worth of shares at an average price of $134.07 per share under its repurchase program. For fiscal 2025, PLXS repurchases $65 million worth of shares. Out of the $100 million authorization, $85 million remains available.

Plexus’ Q1 Outlook

For first-quarter fiscal 2025, revenues are anticipated to be between $1.05 billion and $1.09 billion. 

Non-GAAP operating margin is expected to be between 5.6% and 6%. Non-GAAP EPS is expected to be in the band of $1.66-$1.81.

Zacks Rank of PLXS

Plexus currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Performance of Other Companies in Tech Space

Jabil Inc JBL reported strong third-quarter fiscal 2025 results, with both bottom and top lines surpassing the Zacks Consensus Estimate. Non-GAAP net income in the reported quarter was $279 million or $2.55 per share compared with $230 million or $1.89 in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate of $2.33. 

Net sales during the quarter increased to $7.82 billion from $6.76 billion reported in the year-ago quarter. The top line beat the consensus estimate of $7.08 billion. Solid demand in Intelligent Infrastructure and Connected Living & Digital Commerce boosted the top line. Over the past year, shares of JBL have gained 59%.

Texas Instruments TXN reported third-quarter fiscal 2025 earnings per share of $1.48, which beat the Zacks Consensus Estimate by 0.7% and came at the midpoint of management’s guidance of $1.36 to $1.60. The quarterly earnings increased 1% year over year. Revenues of $4.74 billion beat the Zacks Consensus Estimate by 2.1%. The figure came above the midpoint of management’s guidance of $4.45-$4.80 billion. The top line rose 14% year over year. Texas Instruments’ gross profit increased 10% year over year to $2.72 billion.

Over the past year, shares of TXN have declined 17.4%.

BlackBerry BB reported second-quarter fiscal 2026 non-GAAP EPS of 4 cents. The figure beat the company’s estimate of breakeven to EPS of 1 cent. In the year-ago quarter, it reported a non-GAAP EPS of breakeven. The Zacks Consensus Estimate was pegged at 1 cent. Blackberry’s total revenues of $129.6 million exceeded its guidance ($115-$125 million) and were up 3% year over year. Management reported that the Secure Communications division outperformed expectations on both top and bottom line, while achieving improvements across its key metrics.

Over the past year, shares of BB have gained 86.4%.

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