Plexus Stock Earnings Reports

Plexus reported Q3 fiscal 2025 revenue of $1.018B (in-line with guidance) and non-GAAP operating margin of 6.0%, matching its stated target and marking margin at or above 6% in 3 of the last 4 quarters. Non-GAAP EPS was $1.90, beating guidance, driven by strong operating performance, lower interest expense and a favorable tax rate. The company generated $13.2M of free cash flow in the quarter and now expects approximately $100M of free cash flow for fiscal 2025 (cumulative ~ $450M over two years). Plexus secured 41 new manufacturing programs (estimated $250M annual revenue when fully ramped) and reported a $3.6B qualified-opportunity funnel. Sector highlights: Aerospace & Defense saw sequential growth with strong defense and space wins and improving European defense interest; Healthcare/Life Sciences had a modest production delay on one program but won $116M in awards including significant follow-ons; Industrial rose modestly with strong semi-cap and energy wins. Strategic priorities and drivers: continued share gains, strong engineering solutions and sustaining services (engineering > $100M of business and higher margins), operational efficiency and working-capital improvements (cash cycle guided to 64–68 days, inventory days down), debt reduction and active share repurchases (completed $50M authorization and executing on a new $100M authorization). The company is opening a new facility in Penang, Malaysia (expected modest near-term drag, quick path to profitability), sees limited tariff-driven demand disruption so far, and forecasts sequential revenue growth and sustained margins into Q4 and a healthy outlook for fiscal 2026 without assuming an end-market recovery.