Flex Ltd (FLEX) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended September 25, 2026 and Flex published the results on October 28, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Flex reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Flex now reports three segments: Integrated Technology Solutions, Regulated Manufacturing Solutions and Cloud and Power Infrastructure. The year-ago figures are shown on that basis, as in the 10-Q.
• Flex plans to spin off Cloud and Power Infrastructure as Axiom Solutions International, expected in the first quarter of calendar 2027. Until then it is reported as a Flex segment.
• Flex's fiscal year ends March 31; Q2 fiscal 2027 ended September 25, 2026.

Source: Flex Q2 fiscal 2027 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 25, 2026. Figures as reported; checked against the release on November 10, 2026.

How Flex splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Flex's Integrated Technology Solutions revenue was $3.3 billion in Q2 fiscal 2027, up 22% from $2.7 billion in Q2 fiscal 2026, 39% of total revenue.
• Flex's Regulated Manufacturing Solutions revenue was $2.7 billion in Q2 fiscal 2027, up 9% from $2.5 billion in Q2 fiscal 2026, 32% of total revenue.
• Flex's Cloud and Power Infrastructure revenue was $2.5 billion in Q2 fiscal 2027, up 54% from $1.6 billion in Q2 fiscal 2026, 30% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two lines are Flex's Q3 fiscal 2027 guidance and the last two its updated full fiscal 2027 guidance, which includes acquisitions closed after September 25, 2026 and does not reflect the planned spin-off of Cloud and Power Infrastructure.

In its Q2 fiscal 2027 release, Flex said:

“Net Sales: $8.87 billion to $9.17 billion, growth of 28% at the midpoint”

“Adjusted EPS: $1.19 to $1.25”

“Net Sales: $34.9 billion to $35.9 billion, growth of 27% at the midpoint”

“Adjusted EPS: $4.84 to $5.16”

Source: Flex Q2 fiscal 2027 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the FLEX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and GAAP diluted EPS, each as first reported in that quarter's release.

Flex's next report is expected around January 27, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Oct 28, 2026

Flex's net sales were $8,491 million in Q2 fiscal 2027, up 25% from $6,804 million a year earlier. Integrated Technology Solutions brought in $3,306 million (38% of the total), Regulated Manufacturing Solutions $2,677 million (32%) and Cloud and Power Infrastructure $2,508 million (30%), up from 24% of sales a year earlier. (Flex Form 10-Q, Q2 fiscal 2027, Oct 30, 2026)

Cloud and Power Infrastructure grew 54%, which Flex attributes to continued strength in Power and Cloud & Cooling, plus $0.1 billion of sales from the EPP acquisition it closed on May 1, 2026. Integrated Technology Solutions grew 22% on demand in Communications and higher memory pricing in Communications and Lifestyle. Regulated Manufacturing Solutions, which covers Industrial, Automotive and Healthcare, grew 9%, mainly from Industrial. (Flex Form 10-Q, Q2 fiscal 2027, Oct 30, 2026)

Flex's sales are concentrated. Its ten largest customers accounted for about 50% of net sales in the quarter, and one customer accounted for 14%, mostly within Cloud and Power Infrastructure. By region, sales rose $1.0 billion in the Americas, $0.6 billion in Asia and $0.1 billion in Europe. (Flex Form 10-Q, Q2 fiscal 2027, Oct 30, 2026)

Flex plans to separate Cloud and Power Infrastructure into a publicly traded company named Axiom Solutions International, focused on data center power, digital infrastructure and power, thermal and compute integration, with completion expected in the first quarter of calendar 2027. On October 14, 2026, after the quarter closed, Flex completed its acquisition of EPC Power, a maker of power conversion systems for data centers and grid applications, for about $4.4 billion; it will be part of the CPI segment. (Flex Form 10-Q, Q2 fiscal 2027, Oct 30, 2026)

Flex's GAAP diluted EPS was $0.70 in Q2 fiscal 2027, against $0.52 a year earlier, and adjusted EPS was a record $1.18, against $0.79. The adjusted figure excludes $110 million of legal and other costs, $43 million of stock-based compensation, $27 million of intangible amortization and $13 million of restructuring and impairment charges. Most of the legal and other line, about $91 million, related to the planned spin-off, with $19 million of acquisition costs. (Flex Q2 fiscal 2027 earnings release, Oct 28, 2026)

Flex's effective tax rate rose to 29% from 24%, which the 10-Q puts down to the jurisdictional mix of income and one-time tax impacts of the planned spin-off. Interest expense was $69 million, against $52 million, as long-term debt rose to $5,213 million from $3,751 million at the end of March. (Flex Form 10-Q, Q2 fiscal 2027, Oct 30, 2026; Flex Q2 fiscal 2027 earnings release, Oct 28, 2026)

Flex made no share repurchases in the first half of fiscal 2027, against $544 million a year earlier, and had $2.0 billion available under its repurchase authorization. Diluted shares were 374 million, against 380 million a year earlier. (Flex Form 10-Q, Q2 fiscal 2027, Oct 30, 2026; Flex Q2 fiscal 2027 earnings release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Flex gives quarterly and full-year guidance in its release. For Q3 fiscal 2027 it guided net sales of $8.87 billion to $9.17 billion, adjusted operating income of $685 million to $715 million and adjusted EPS of $1.19 to $1.25, with about 375 million weighted average shares and a 21% adjusted tax rate. (Flex Q2 fiscal 2027 earnings release, Oct 28, 2026)

Flex raised its fiscal 2027 guidance to net sales of $34.9 billion to $35.9 billion, from $33.7 billion to $35.2 billion, and adjusted EPS of $4.84 to $5.16, from $4.42 to $4.74. It expects Cloud and Power Infrastructure sales to grow 75% to 85% for the year and RMS plus ITS 8% to 11%, and the full-year figures include acquisitions closed after September 25, 2026 but not the effect of the spin-off. (Flex Q2 fiscal 2027 earnings release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Flex, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Flex's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FLEX is on is FLEX a buy or a sell?, what analysts expect next is on the FLEX forecast, and what the company does is on the Flex Ltd (FLEX) stock page.

Every number on this page can be traced to a document Flex published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.