Flex reported $8.49 billion in revenue for the three months ended Sep 25, 2026

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June 26, September 25, 2026

20 unchanged paragraphs

The number of shares of the registrant's ordinary shares outstanding as of July 24, October 23, 2026 was 369,402,978 369,460,804 .

1 unchanged paragraph

Financial statements 146 changes

1 unchanged paragraph

To the Shareholders and the Board of Directors and Shareholders of Flex Ltd., Singapore

1 unchanged paragraph

We have reviewed the accompanying condensed consolidated balance sheet of Flex Ltd. and subsidiaries (the "Company") as of June 26, September 25, 2026, the related condensed consolidated statements of operations, comprehensive income, and shareholders' equity for the three-month and six-month periods ended June 26, September 25, 2026 and June 27, September 26, 2025, the condensed consolidated statement statements of cash flows for the three-month six-month periods ended June 26, September 25, 2026 and June 27, September 26, 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of March 31, 2026, and the related consolidated statements of operations, comprehensive income, redeemable noncontrolling interest and shareholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated May 20, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of March 31, 2026 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

6 unchanged paragraphs

As of June 26, September 25, 2026 As of March 31, 2026

1 unchanged paragraph

Inventories 6,453 5,845

Total assets $ 25,198 $ 22,060

Cash and cash equivalents $ 2,840 3,083 $ 2,389

Accounts receivable, net of allowance of $ 10 8 and $ 8 , respectively

Contract assets 1,386 1,443 1,063

Inventories 7,323 5,845

Other current assets 2,522 2,548 2,356

Total current assets 18,237 20,174 16,332

Property and equipment, net 2,655 2,849 2,505

Operating lease right-of-use assets, net 794 860 659

Goodwill 1,831 1,843 1,369

Other intangible assets, net 736 701 283

Other non-current assets 945 950 912

Total assets $ 27,377 $ 22,060

2 unchanged paragraphs

Total liabilities 19,698 16,916

Accounts payable $ 9,195 9,707 $ 8,055

Accrued payroll and benefits 579 649 671

Deferred revenue and customer working capital advances 2,053 2,534 2,156

Other current liabilities 1,393 2,159 1,134

Total current liabilities 13,220 15,049 12,016

Long-term debt, net of current portion 5,219 5,213 3,751

Operating lease liabilities, non-current 711 770 565

Other non-current liabilities 548 538 584

Total liabilities 21,570 16,916

1 unchanged paragraph

Ordinary shares, no par value; 374,939,150 375,012,083 and 371,241,931 issued, and 369,387,510 369,460,443 and 365,690,291 outstanding as of June 26, September 25, 2026 and March 31, 2026, respectively

1 unchanged paragraph

Accumulated earnings 2,449 2,711 2,164

Accumulated other comprehensive loss ( 150 151 ) ( 167 )

Total shareholders' equity 5,500 5,807 5,144

Total liabilities and shareholders' equity $ 25,198 27,377 $ 22,060

2 unchanged paragraphs

June 26, 2026 June 27, 2025

Net sales $ 7,928 $ 6,575

Cost of sales 7,177 5,987

Restructuring charges 4 16

Gross profit 747 572

Intangible amortization 23 21

Operating income 392 311

Interest expense 60 51

Net income $ 285 $ 192

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions, except per share amounts)

Net sales $ 8,491 $ 6,804 $ 16,419 $ 13,379

Cost of sales 7,664 6,181 14,841 12,168

Restructuring charges 15 9 19 25

Gross profit 812 614 1,559 1,186

Selling, general and administrative expenses 334 233 371 260 705 493

Restructuring and impairment charges (reversal) — 42 ( 2 ) 7 49

Intangible amortization 27 16 50 37

Operating income 414 296 806 607

Interest expense 69 52 129 103

Interest income 13 13 10 26 23

Other charges (income), net ( 37 ) 7 ) ( 13 ) ( 44 ) ( 6 )

Equity in earnings (losses) of unconsolidated affiliates 5 ( 5 ) — 20 ( 25 )

Income before income taxes 377 246 370 262 747 508

Provision for income taxes 92 54 107 63 199 117

Net income $ 263 $ 199 $ 548 $ 391

Basic $ 0.71 $ 0.53 $ 1.49 $ 1.05

Diluted 0.70 0.52 1.47 1.03

1 unchanged paragraph

Basic 369 374 368 374

Diluted 374 380 374 381

2 unchanged paragraphs

June 26, 2026 June 27, 2025

Net income $ 285 $ 192

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions)

Net income $ 263 $ 199 $ 548 $ 391

1 unchanged paragraph

Foreign currency translation adjustments 7 5 ( 15 8 ) 69 74

1 unchanged paragraph

Comprehensive income $ 302 $ 300

Comprehensive income $ 262 $ 204 $ 564 $ 504

3 unchanged paragraphs

Three-Months Ended June 26, September 25, 2026 Shares

3 unchanged paragraphs

BALANCE AT JUNE 26, 2026 369 $ 3,201 $ 2,449 $ 17 $ ( 167 ) $ ( 150 ) $ 5,500

Repurchase of Flex Ltd. ordinary shares at cost — — — — — — —

Issuance of Flex Ltd. vested shares under restricted share unit awards — — — — — — —

Net income — — 263 — — — 263

Provision for stock warrants — 3 — — — — 3

Stock-based compensation — 43 — — — — 43

Total other comprehensive income (loss) — — — ( 8 ) 7 ( 1 ) ( 1 )

Other activity — — ( 1 ) — — — ( 1 )

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and 66 more changes in the filing

Note 1: ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION 5 changes

1 unchanged paragraph

Flex Ltd. ("Flex" or the "Company") is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver, and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The Company's full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements. Flex partners with customers across a diverse set of industries including data center, communications, enterprise, consumer, automotive, industrial, healthcare, and power. As of June 26, September 25, 2026, Flex's three operating and reportable segments are were as follows:

11 unchanged paragraphs

On May 5, 2026, Flex announced its intention to separate its CPI segment from Flex and into an independent, publicly traded company named Axiom Solutions International, Inc. ("Axiom" or "SpinCo"). The separation of CPI into SpinCo Axiom will create a separate publicly traded company focused on data center power, digital infrastructure and power, thermal and compute integration. The spin-off of CPI from Flex is expected to be completed in the first quarter of calendar 2027 and is subject to the approval approvals of Flex's Board of Directors, shareholders, and the High Court of the Republic of Singapore and the SEC declaring SpinCo's Axiom's Form 10 registration statement effective. Subsequent to the spin-off of CPI from Flex, Flex will continue as an advanced manufacturing and supply chain solutions business consisting of the ITS and RMS segments. There can be no assurance that any spin-off transaction will ultimately occur or, if one does occur, of its terms or timing.

1 unchanged paragraph

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2026 contained in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three-month three and six-month period ended June 26, September 25, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2027.

The first quarters for fiscal years 2027 and 2026 ended on June 26, 2026, which is comprised of 87 days, and June 27, 2025, respectively, and are which is comprised of 87 and 88 days. The second quarters for fiscal years 2027 and 2026 ended on September 25, 2026 and September 26, 2025, respectively, which are comprised of 91 days in both periods.

1 unchanged paragraph

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; valuation of warrants, and the fair values of restricted share unit awards granted under the Company's stock-based compensation plans. Due to global economic conditions, including the impact of ongoing trade conflicts and tariffs, and geopolitical conflicts (including the Russian invasion of Ukraine, recent U.S. and Israel Israeli military operations in Iran, and other geopolitical conflicts) there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the foregoing factors. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

3 unchanged paragraphs

Note 2: BALANCE SHEET ITEMS 19 changes

1 unchanged paragraph

Raw materials $ 5,471 $ 4,834

Finished goods 525 537

As of June 26, September 25, 2026 As of March 31, 2026

Raw materials $ 6,281 $ 4,834

Work-in-progress 457 451 474

Finished goods 591 537

In addition to the Flex controlled inventory shown above, the Company held inventory controlled by customers of $ 1.5 billion and $ 1.3 billion as of June 26, September 25, 2026 and March 31, 2026, respectively. These amounts are reported in other current assets in the condensed consolidated balance sheets.

1 unchanged paragraph

During the three-month six-month period ended June 26, September 25, 2026, goodwill increased by $ 462 474 million with $ 473 485 million from an the Electrical Power Products, Inc acquisition completed in the first quarter of fiscal year 2027. This was slightly partially offset by $ 6 million of goodwill derecognized in the sale of a site in North America and currency impacts of $ 5 million. See note 12 "Business Acquisitions & Dispositions" for further details of the acquisition and disposition completed in during the quarter. fiscal-year.

1 unchanged paragraph

Total $ 990 $ ( 254 ) $ 736 $ 515 $ ( 232 ) $ 283

June 26, September 25, 2026 March 31, 2026

Customer-related intangibles $ 616 609 $ ( 171 190 ) $ 445 419 $ 317 $ ( 156 ) $ 161

Licenses and other intangibles 374 375 ( 83 93 ) 291 282 198 ( 76 ) 122

Total $ 984 $ ( 283 ) $ 701 $ 515 $ ( 232 ) $ 283

3 unchanged paragraphs

Total amortization expense $ 736 701

(1) Represents estimated amortization for the remaining nine-month six -month period of the fiscal year ending March 31, 2027.

1 unchanged paragraph

Customer working capital advances were $ 1.7 2.0 billion and $ 1.8 billion as of June 26, September 25, 2026 and March 31, 2026, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated.

1 unchanged paragraph

Other non-current assets include deferred tax assets of $ 544 547 million and $ 538 million as of June 26, September 25, 2026 and March 31, 2026, respectively.

1 unchanged paragraph

Other current liabilities include customer-related accruals of $ 498 million 1.2 billion and $ 355 million 0.4 billion as of June 26, September 25, 2026 and March 31, 2026, respectively.

2 unchanged paragraphs

Obligations under these programs are classified within accounts payable on the condensed consolidated balance sheets, with the associated payments reflected in the operating activities section of the condensed consolidated statement of cash flows. The Company's outstanding obligations confirmed as valid under its supplier finance programs as of June 26, September 25, 2026 and March 31, 2026 were $ 134 187 million and $ 154 million, respectively.

Note 3: REVENUE 23 changes

1 unchanged paragraph

A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance. Contract liabilities, identified as deferred revenue, were $ 441 538 million and $ 431 million as of June 26, September 25, 2026 and March 31, 2026, respectively, of which $ 370 489 million and $ 362 million, respectively, is included in deferred revenue and customer working capital advances under current liabilities.

2 unchanged paragraphs

June 26, 2026 June 27, 2025

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025

1 unchanged paragraph

Point in time $ 1,554 $ 1,760

Point in time 1,504 1,429

Point in time 1,530 1,565

Point in time 4,588 4,754

Over time 3,340 1,821

Total $ 7,928 $ 6,575

Point in time $ 1,609 $ 1,869 $ 3,163 $ 3,629

Over time 1,697 851 3,199 1,649

Total 3,306 2,720 6,362 5,278

Point in time 1,509 1,417 3,013 2,846

Over time 1,168 1,037 2,334 1,999

Total 2,677 2,454 5,347 4,845

Point in time 1,007 1,557 2,537 3,122

Over time 1,501 73 2,173 134

Total 2,508 1,630 4,710 3,256

Point in time 4,125 4,843 8,713 9,597

Over time 4,366 1,961 7,706 3,782

Total $ 8,491 $ 6,804 $ 16,419 $ 13,379

1 unchanged paragraph

Sales of the Company's products are concentrated among specific customers. A significant customer accounted for 12 represented 14 % and 13 % of net sales during for the three-month period three and six-month periods ended June 26, September 25, 2026 respectively. The majority of the revenue with this customer is included within the CPI segment. No other customer accounted for more than 10% of net sales during the three-month three or six-month periods ended June 26, September 25, 2026 or June 27, September 26, 2025.

Note 4: SHARE-BASED COMPENSATION AND WARRANTS 19 changes

3 unchanged paragraphs

June 26, 2026 June 27, 2025

Cost of sales $ 7 $ 8

On August 15, 2025, the Company issued the Warrant ("the Warrant") to Amazon.com NV Investment Holdings LLC ("Warrantholder"), a wholly-owned subsidiary of Amazon.com, Inc. ("Parent") to purchase up to an aggregate of 3,859,851 Warrant Shares ("Warrant Shares") at an exercise price of $ 51.29 per share, which is the preceding 30 trading days Volume-Weighted Average Price. The Warrant allows for cashless exercise and expires on August 15, 2030; however, if there are unexercised Warrant Shares as of the expiration date, and the Company and Warrantholder maintain a continued commercial relationship, the Company shall negotiate in good faith with Warrantholder to agree to issue to Warrantholder a new two-year warrant as of the expiration date that provides the same exercise price and other terms for vested and unexercised Warrant Shares, that also takes into account the commercial relationship in effect at such time. The Warrant Shares are subject to vesting based on qualifying payments (as defined in the Warrant) for the purchase of all products and services by or on behalf of Parent and its affiliates over the term of the Warrant. Upon the consummation of an acquisition transaction (as defined in the related transaction agreement), which may include a distribution to shareholders, subject to a specified condition, the unvested portion of the Warrant will vest in part or in full. So long as the Warrant is unexercised, the Warrant does not entitle Warrant holder to any voting rights or any other shareholder rights. The exercise price and the number of Warrant Shares are subject to customary anti-dilution adjustments. The expense associated with the Warrant Shares will be recorded as a deduction to revenue as the customer purchases products and services over the vesting period.

The estimated fair value of the Warrant was determined as of the issuance date, using the Black-Scholes option pricing model. The following assumptions were used in the model:

As of August 15, 2025

Expected volatility 45.8 %

Expected dividend yield — %

Expected life 7 years

Risk-free interest rate 4.0 %

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions)

Cost of sales $ 9 $ 9 $ 16 $ 17

Selling, general and administrative expenses 44 26 34 28 78 54

Total share-based compensation expense $ 51 43 $ 34 37 $ 94 $ 71

During the three-month six-month period ended June 26, September 25, 2026, the Company granted 1.7 1.8 million restricted share unit ("RSU") awards. Of this amount, 0.8 million are plain-vanilla unvested RSU awards that vest over a period of three years , with no performance or market conditions, with an average grant date price of $ 151.88 149.17 per award. In addition, 0.3 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, with an average grant date price of $ 151.99 149.67 per award. These performance-based RSUs include awards tied to the Company's adjusted earnings per share growth and awards tied to operating profit goals. The number of shares that will ultimately vest will range from zero up to a maximum of approximately 0.7 million based on the level of achievement of these performance conditions. The awards will cliff vest after a period of three years , depending on the specific performance metrics, to the extent such performance conditions have been met. No shares were granted awards with market based market-based conditions during the first quarter of have been granted thus far in fiscal year 2027. The remaining balance of 0.7 million represents the number of shares issued upon the vesting of RSU awards above target levels based on the achievement of certain market and performance conditions for awards granted in fiscal year 2024. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.

As of June 26, September 25, 2026, 6.2 6.1 million unvested RSU awards under the 2017 Plan were outstanding, of which vesting for a targeted amount of 0.5 million shares is contingent on meeting certain market conditions, and vesting for a targeted amount of 1.6 1.7 million shares is contingent on meeting certain performance conditions. The number of shares tied to market conditions that will ultimately be issued can range from zero to approximately 0.9 million based on the achievement levels. The number of shares tied to performance conditions that will ultimately be issued can range from zero to approximately 3.9 million based on the achievement levels. During the three-month six-month period ended June 26, September 25, 2026, 1.4 million shares vested in connection with the awards with market and performance conditions granted in fiscal year 2024.

As of June 26, September 25, 2026, total unrecognized compensation expense related to unvested RSU awards under the 2017 Plan was $ 350 309 million and will be recognized over a weighted-average remaining vesting period of 2.2 2.0 years.

During fiscal-year 2026, the Company issued the Warrant ("the Warrant") to Amazon.com NV Investment Holdings LLC ("Warrantholder"), a wholly-owned subsidiary of Amazon.com, Inc. ("Parent") to purchase up to an aggregate of 3,859,851 Warrant Shares ("Warrant Shares") at an exercise price of $ 51.29 per share, which is the preceding 30 trading days Volume-Weighted Average Price.

The calculated fair value of each Warrant Share at the issuance date was $ 25.47 . The Company recorded charges of $ 3 million and $ 6 million during the three-month period three and six-month periods ended June 26, September 25, 2026. As of the quarter ended June 26, September 25, 2026, 0.1 million Warrant Shares have vested and are exercisable.

Note 5: EARNINGS PER SHARE 11 changes

1 unchanged paragraph

June 26, 2026 June 27, 2025

Net income $ 285 $ 192

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions, except per share amounts)

Net income $ 263 $ 199 $ 548 $ 391

Weighted-average ordinary shares outstanding - basic 366 369 374 368 374

Weighted-average ordinary share equivalents from RSU awards (1) 8 5 6 6 7

Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted 374 380 374 381

Basic $ 0.71 $ 0.53 $ 1.49 $ 1.05

Diluted $ 0.70 $ 0.52 $ 1.47 $ 1.03

Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted 374 381 (1) An immaterial amount of RSU awards for both the three-month three and six-month periods ended June 26, September 25, 2026 and June 27, September 26, 2025, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

Note 6: BANK BORROWINGS AND LONG-TERM DEBT 16 changes

Bank borrowings and long-term debt as of June 26, September 25, 2026 and March 31, 2026 are as follows:

Maturity Date As of June 26, September 25, 2026 As of March 31, 2026

2 unchanged paragraphs

November 2035 598 598

November 2027 1,450 —

November 2035 599 598

Senior Term Loan (3) November 2027 1,450 —

2 unchanged paragraphs

December 2031 318 296

December 2031 312 296

Debt issuance costs ( 21 19 ) ( 17 )

1 unchanged paragraph

Non-current portion $ 5,219 5,213 $ 3,751

3 unchanged paragraphs

The weighted-average interest rate for the Company's long-term debt was 4.8 % and 4.9 % as of June 26, both September 25, 2026 and March 31, 2026. respectively.

Scheduled repayments of the Company's bank borrowings and long-term debt as of June 26, September 25, 2026 are as follows:

2 unchanged paragraphs

In April 2026, the Company entered into a $ 1.45 billion loan agreement to finance the acquisition of Electrical Power Products, Inc. ("EPP"). This loan was syndicated in May 2026, with $ 1.38 billion of the debt being transferred to new lenders. This transfer is accounted for as a debt extinguishment and so is presented as additional borrowings and repayments in the condensed consolidated statements of cash flows. Interest is based on Term SOFR plus an applicable credit spread determined by Flex's credit rating. The term loan matures on November 29, 2027.

The 2027 Credit Facilities

On September 29, 2026, the Company entered into a Credit Agreement which provides a senior term loan credit facility (the "Credit Facility") in an aggregate committed amount of $ 3.3 billion. Refer to note 17 "Subsequent Events" for additional information.

On October 9, 2026, the Company entered into a $ 1.1 billion Bridge Credit Agreement which provides a senior bridge term loan credit facility (the "Bridge Credit Facility"). On October 14, 2026, the Company borrowed $ 1.1 billion under the Bridge Credit Facility in a single advance. Refer to note 17 "Subsequent Events" for additional information.

Note 7: INTEREST EXPENSE AND INTEREST INCOME 7 changes

June 26, 2026 June 27, 2025

Interest expense and interest income for the three-month three and six-month periods ended June 26, September 25, 2026 and June 27, September 26, 2025 are composed of the following:

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions)

Interest expenses on debt obligations $ 57 66 $ 45 47 $ 123 $ 92

AR sale program related expenses 3 5 6 11

Interest income ( 13 ) ( 13 10 ) ( 26 ) ( 23 )

Note 8: FINANCIAL INSTRUMENTS 10 changes

2 unchanged paragraphs

As of June 26, September 25, 2026, the aggregate notional amount of the Company's outstanding foreign currency derivative contracts was $ 8.2 7.3 billion as summarized below:

2 unchanged paragraphs

Total Notional Contract Value in USD $ 5,341 5,132 $ 2,823 2,163

As of June 26, September 25, 2026, the fair value of the Company's short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company's exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of other charges (income), net in the condensed consolidated statements of operations. The Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders' equity in the condensed consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. Deferred gains were $ 27 19 million as of June 26, September 25, 2026 and are expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations over the next twelve-month period, except for gains attributable to changes in fair value of the USD HUF cross currency swaps, which are discussed below.

The Company entered into USD HUF cross currency swaps in December 2021 to hedge the foreign currency risk on the HUF bonds due December 2031, and the fair value of the cross currency swaps was included in other current assets and other non-current current liabilities as of June 26, September 25, 2026 and in other current assets and other non-current liabilities as of March 31, 2026, respectively. The changes in fair value of the USD HUF cross currency swaps are reported in accumulated other comprehensive loss. In addition, corresponding amounts are reclassified out of accumulated other comprehensive loss to other charges (income), net to offset the remeasurement of the underlying HUF bond principal, which also impacts the same line.

The following table presents the fair value of the Company's derivative instruments utilized for foreign currency risk management purposes at June 26, September 25, 2026 and March 31, 2026:

3 unchanged paragraphs

Location September 25,

Location September 25,

1 unchanged paragraph

Foreign currency contracts Other current assets $ 33 24 $ 39 Other current liabilities $ ( 22 20 ) $ ( 18 )

Foreign currency contracts Other non-current assets 27 19 — Other non-current liabilities — ( 29 )

1 unchanged paragraph

Foreign currency contracts Other current assets $ 24 16 $ 15 Other current liabilities $ ( 30 27 ) $ ( 27 )

1 unchanged paragraph

Note 9: ACCUMULATED OTHER COMPREHENSIVE LOSS 20 changes

2 unchanged paragraphs

June 26, 2026 June 27, 2025

September 25, 2026 September 26, 2025

5 unchanged paragraphs

Beginning balance $ 17 $ ( 167 ) $ ( 150 ) $ 20 $ ( 136 ) $ ( 116 )

Other comprehensive gain (loss) before reclassifications — 8 8 23 5 28

Net (gain) loss reclassified from accumulated other comprehensive loss ( 8 ) ( 1 ) ( 9 ) ( 23 ) — ( 23 )

Net current-period other comprehensive gain (loss) ( 8 ) 7 ( 1 ) — 5 5

Ending balance $ 9 $ ( 160 ) $ ( 151 ) $ 20 $ ( 131 ) $ ( 111 )

Six-Month Periods Ended

September 25, 2026 September 26, 2025

(loss) on derivative

other Foreign currency

adjustments Total Unrealized gain

(loss) on derivative

other Foreign currency

1 unchanged paragraph

Ending balance $ 17 $ ( 167 ) $ ( 150 ) $ 20 $ ( 136 ) $ ( 116 )

Other comprehensive gain (loss) before reclassifications 77 ( 16 8 ) 61 57 69 126 81 74 155

Net (gain) loss reclassified from accumulated other comprehensive loss ( 45 53 ) 1 — 44 ( 53 ) 18 ( 42 ) — 18 ( 42 )

Net current-period other comprehensive gain (loss) 32 24 ( 15 8 ) 17 16 39 69 108 74 113

Ending balance $ 9 $ ( 160 ) $ ( 151 ) $ 20 $ ( 131 ) $ ( 111 )

Substantially all unrealized gains and losses relating to derivative instruments and other, reclassified from accumulated other comprehensive loss for the three-month period three and six-month periods ended June 26, September 25, 2026 were reclassified out of accumulated other comprehensive loss to other charges (income), net and cost of sales in the condensed consolidated statements of operations, which primarily relate to the Company's foreign currency contracts accounted for as cash flow hedges. The tax impacts on the changes in accumulated other comprehensive loss for the three-month periods ended June September 25, 2026 and September 26, 2025 were $ 0 million and $( 2 ) million, respectively. The tax impacts on the changes in accumulated other comprehensive loss for the six-month periods ended September 25, 2026 and June 27, September 26, 2025 were $ 1 0 million and $( 11 13 ) million, respectively.

Note 10: TRADE RECEIVABLES SALES PROGRAMS 1 change

The Company sells accounts receivables to certain third-party banking institutions under factoring programs. The outstanding balance of receivables sold and not yet collected on accounts where the Company has continuing involvement was $ 0.6 0.4 billion and $ 0.5 billion as of June 26, September 25, 2026 and March 31, 2026. For the three-month six-month periods ended June 26, September 25, 2026 and June 27, September 26, 2025, total accounts receivable sold to certain third-party banking institutions was approximately $ 0.6 1.2 billion and $ 0.9 1.7 billion, respectively. The receivables that were sold were removed from the condensed consolidated balance sheets and the cash received was included as cash provided by operating activities in the condensed consolidated statements of cash flows.

Note 11: FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES 19 changes

6 unchanged paragraphs

The Company accrued for contingent consideration related to an acquisition in fiscal year 2025, classified as a level 3 measurement in the fair value hierarchy due to significant unobservable inputs. Fair value is determined using internal cash flow models that incorporate unobservable inputs, including the probability of achieving performance milestones. During the three months six-months ended June 26, September 25, 2026, the Company fully released the remaining $ 2 million contingent consideration liability. Accordingly, the contingent consideration liability was zero and $ 2 million as of June 26, September 25, 2026 and March 31, 2026 respectively.

1 unchanged paragraph

During the three-month periods ended June 26, 2026 and June 27, 2025, there were no other additions to the accrual, payments, fair value adjustments, or unrealized gains or losses included in earnings.

2 unchanged paragraphs

The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 26, September 25, 2026 and March 31, 2026:

Fair Value Measurements as of June 26, September 25, 2026

1 unchanged paragraph

Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 2,176 2,690 $ — $ 2,176 2,690

Foreign currency contracts (Note 8) — 84 59 — 84 59

1 unchanged paragraph

Contingent consideration in connection with business acquisitions — — — —

Mutual funds, money market accounts and equity securities 40 13 14 — 53 54

Foreign currency contracts (Note 8) $ — $ ( 52 47 ) $ — $ ( 52 47 )

9 unchanged paragraphs

The following table presents the Company's major debts not carried at fair value as of June 26, September 25, 2026 and March 31, 2026:

As of June 26, September 25, 2026 As of March 31, 2026

1 unchanged paragraph

$ 399 $ 406 402 $ 398 $ 406 Level 1

1 unchanged paragraph

654 655 653 639 654 655 Level 1

1 unchanged paragraph

670 670 668 645 671 669 Level 1

1 unchanged paragraph

651 653 624 651 651 Level 1

1 unchanged paragraph

598 591 599 552 598 585 Level 1

Senior Term Loan due November 2027 1,450 1,452 1,450 — — Level 1

2 unchanged paragraphs

318 254 312 282 296 237 Level 2

The Notes due January 2028, June 2029, May 2030, January 2032, and November 2035 are valued based on broker trading prices in active markets. The Senior Term Loan due November 2027 and the Term Loan due December 2027 bears bear interest at variable interest rates; therefore, as of June 26, September 25, 2026, the carrying amount approximates fair value. HUF Bonds are valued based on the broker trading prices in an inactive market. The Senior Term loan due November 2027 bears interest at variable interest rates.

Note 12: BUSINESS ACQUISITIONS & DISPOSITIONS 8 changes

1 unchanged paragraph

The following represents the Company's initial preliminary allocation of the total purchase price to the acquired assets and liabilities of the acquired business (in millions):

5 unchanged paragraphs

Intangible assets 478 469

Total assets $ 1,254 1,257

7 unchanged paragraphs

Total purchase consideration $ 1,187 1,190

The following represents the Company's initial preliminary allocation of intangible assets identified in the purchase price allocation of the acquired business (in millions):

4 unchanged paragraphs

Customer Relationships 256 249 20 years

1 unchanged paragraph

On October 14, 2026, the Company completed the acquisition of 100 % ownership of EPC Power Corp. (EPC Power), a leading provider of intelligent power conversion solutions for data centers and grid applications for total consideration of approximately $ 4.4 billion. The business will be included in the CPI segment. Refer to note 17 "Subsequent Events" for additional information.

1 unchanged paragraph

During the first quarter of fiscal year 2027, the Company sold a non-strategic North American business that was reported in its RMS segment. Gross cash sale proceeds of $ 90 million were received, generating a gain on sale of $ 46 million. During the three-months ended September 25, 2026, Flex recognized an additional $ 2 million gain from closing adjustments, bringing the total gain on the sale to $ 48 million. The gain on sale is reported in other charges (income), net in the condensed consolidated statement of operations. Derecognized assets included $ 6 million of goodwill allocated on a relative fair value basis from the Automotive reporting unit.

Note 14: SHARE REPURCHASES 2 changes

During the three-month three and six-month period ended June 26, September 25, 2026, the Company made no share repurchases.

Under the Company's current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $ 1.7 2.0 billion in accordance with the share repurchase purchase mandate approved by the Company's shareholders at the most recent Annual General Meeting held on August 6, 2025. 5, 2026. As of June 26, September 25, 2026, shares in the aggregate amount of $ 1.1 2.0 billion were available to be repurchased under the current plan.

Note 15: SEGMENT REPORTING 97 changes

3 unchanged paragraphs

Net Sales $ 3,056 $ 2,670 $ 2,202 $ 7,928

Segment Cost of Sales Total ( 2,831 ) ( 2,403 ) ( 1,928 )

Segment income $ 158 $ 176 $ 214 $ 548

Selected financial information by segment for the three-month and six-month periods ended June 26, September 25, 2026 and June 27, September 26, 2025 are in the tables below: Historical information for the three-month period three and six-month periods ended June 27, September 26, 2025 has been recast to reflect the operating and reportable segments in the table below and in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Three-Months Ended June 26, September 25, 2026 (In millions)

Net Sales $ 3,306 $ 2,677 $ 2,508 $ 8,491

Segment total cost of sales ( 3,058 ) ( 2,412 ) ( 2,178 )

Segment selling, general and administrative expenses ( 67 ) ( 91 93 ) ( 60 62 )

Segment income $ 181 $ 172 $ 268 $ 621

1 unchanged paragraph

Other charges (income), net ( 37 )

Equity in earnings (losses) of unconsolidated affiliates ( 5 )

Income before income taxes $ 377

(1) Certain restructuring charges of $ 1 million are excluded from the reconciling amount of $ 1 million as they are included within segment income.

(2) Legal and other consists of costs not directly related to core business results and including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims, impairments and other costs such as acquisition and portfolio optimization related costs. For the three month period ended June 26, 2026, legal and other included $ 53 million of costs associated with the intended spin-off of the CPI business and $ 14 million of costs related to business acquisitions.

Three-Months Ended June 27, 2025 (In millions)

Net Sales $ 2,558 $ 2,391 $ 1,626 $ 6,575

Segment Cost of Sales Total ( 2,363 ) ( 2,182 ) ( 1,428 )

Segment selling, general and administrative expenses ( 64 ) ( 83 ) ( 43 )

Segment income $ 131 $ 126 $ 155 $ 412

Corporate & other $ 17

Intangible amortization 21

Stock-based compensation 34

Restructuring charges 23

Legal and other (1) 6

Interest expenses 51

Intangible amortization 23 27

Stock-based compensation 51 43

Restructuring and impairment charges (1) 1 13

Legal and other (2) 67 110

Interest expenses 60 69

1 unchanged paragraph

Equity in earnings (losses) of unconsolidated affiliates ( 20 ) 5

Income before income taxes $ 246 370

(1) Certain restructuring charges of $ 2 million are excluded from the reconciling amount of $ 13 million as they are included within segment income.

(1) (2) Legal and other consists of costs not directly related to core business results, and including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims, impairments and other issues on a global basis as well costs such as acquisition and portfolio optimization related costs. and asset impairments. During For the first quarter of fiscal year three-month period ended September 25, 2026, Legal and other included $ 91 million of costs were primarily associated with the intended spin-off of the CPI business and $ 19 million of costs related to costs from acquisitions. occurring in fiscal year 2025 and the first quarter of fiscal year 2026.

Six-Months Ended September 25, 2026 (In millions)

Net Sales $ 6,362 $ 5,347 $ 4,710 $ 16,419

Segment total cost of sales ( 5,889 ) ( 4,815 ) ( 4,106 )

Segment selling, general and administrative expenses ( 134 ) ( 184 ) ( 122 )

Segment income $ 339 $ 348 $ 482 $ 1,169

Corporate & other $ 28

Intangible amortization 50

Stock-based compensation 94

Restructuring and impairment charges (1) 14

Legal and other (2) 177

Interest expenses 129

Other charges (income), net ( 44 )

Equity in earnings (losses) of unconsolidated affiliates —

Income before income taxes $ 747

(1) Certain restructuring charges of $ 3 million are excluded from the reconciling amount of $ 14 million as they are included within segment income.

(2) Legal and other consists of costs not directly related to core business results, including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims, impairments and other costs such as acquisition and portfolio optimization related costs. For the six-month period ended September 25, 2026, legal and other included $ 144 million of costs associated with the intended spin-off of the CPI business and $ 33 million of costs related to acquisitions and portfolio optimization.

Three-Months Ended September 26, 2025 (In millions)

Net Sales $ 2,720 $ 2,454 $ 1,630 $ 6,804

Segment total cost of sales ( 2,506 ) ( 2,222 ) ( 1,444 )

Segment selling, general and administrative expenses ( 70 ) ( 88 ) ( 50 )

Segment income $ 144 $ 144 $ 136 $ 424

Corporate & other $ 15

Intangible amortization 16

Stock-based compensation 37

Restructuring and impairment charges (1) 51

Legal and other (2) 9

Interest expenses 52

Other charges (income), net ( 13 )

Equity in earnings (losses) of unconsolidated affiliates ( 5 )

Income before income taxes $ 262

(1) The Company recognized a total of $ 41 million in asset impairments, inventory write-downs and other related charges as a result of a missile strike on its Mukachevo, Ukraine facility on August 21, 2025. Refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further details.

(2) Legal and other consists of costs not directly related to core business results and including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims, impairments and other costs such as acquisition and portfolio optimization related costs. For the three-month period ended

September 26, 2025, legal costs were primarily related to costs from acquisitions occurring in fiscal year 2025 and the first quarter of fiscal year 2026.

Six-Months Ended September 26, 2025 (In millions)

Net Sales $ 5,278 $ 4,845 $ 3,256 $ 13,379

Segment total cost of sales ( 4,869 ) ( 4,404 ) ( 2,872 )

Segment selling, general and administrative expenses ( 134 ) ( 171 ) ( 93 )

Segment income $ 275 $ 270 $ 291 $ 836

Corporate & other $ 32

Intangible amortization 37

Stock-based compensation 71

Restructuring and impairment charges (1) 74

Legal and other (2) 15

Interest expenses 103

Other charges (income), net ( 6 )

Equity in earnings (losses) of unconsolidated affiliates ( 25 )

1 unchanged paragraph

1 unchanged paragraph

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and 17 more changes in the filing

Note 16: RESTRUCTURING CHARGES 5 changes

The Company continued to improve operational efficiencies through targeted restructuring activities during the first second quarter of fiscal year 2027. During the three-month periods six-month period ended June 26, September 25, 2026, the Company recognized $ 2 17 million of restructuring and impairment charges, of which $ 1 15 million was related to employee severance restructuring charges and $ 1 2 million for related to impairment charges.

The following table summarizes the provisions, respective payments, and remaining accrued balance for restructuring charges incurred as of June 26, September 25, 2026:

2 unchanged paragraphs

Balance as of June 26, 2026

Balance as of September 25, 2026

Less: Current portion (classified as other current liabilities) 42 34

1 unchanged paragraph

MD&A 129 changes

2 unchanged paragraphs

We are the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. Our full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements. We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, enterprise, consumer, automotive, industrial, healthcare, and lifestyle. power. As of June 26, September 25, 2026, our three operating and reportable segments were as follows:

16 unchanged paragraphs

We continue to monitor and respond to the conflict in Ukraine and the associated sanctions and other restrictions. We also are monitoring and responding to the Israel-Hamas conflict and recent U.S. and Israel Israeli military operations in Iran. The full impact of these conflicts on our business operations and financial performance remains uncertain and will depend on future developments, including the severity and duration of the conflicts and their impact on regional and global economic conditions. We will continue to monitor the conflicts and assess the related restrictions and other effects and pursue prudent decisions for our team members, customers, and business.

During the fiscal year ended March 31, 2026, we recognized $51 million in asset impairments, inventory write-downs and other charges as a result of a missile strike on our Mukachevo, Ukraine facility in Western Ukraine on August 21, 2025. The missile strike represents an unusual and infrequent event as hostilities related to the Russian invasion of Ukraine have been primarily focused in Eastern Ukraine. The missile strike caused substantial physical damage and disrupted normal operations at the facility. In response, we activated contingency manufacturing plans and transitioned production to alternative facilities. During the three-month period ended September 25, 2026, the site has continued to follow the management plan as restoration activities progress in Mukachevo. We expect to incur additional immaterial near-term inefficiencies. For further information, refer to Item 1A, "Risk Factors - Global economic conditions and geopolitical uncertainty have in the past adversely affected, and could in the future adversely affect, our business, results of operations, financial condition, and access to capital markets. " in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

The U.S. tariffs initially announced in April 2025, which continue to evolve, and other countries' potential retaliatory tariffs and import/export restrictions may materially increase our product input costs and negatively affect global economic conditions, contracting customer demand. As a contract manufacturer, we expect to recover the cost of tariffs by passing tariff costs to our customers which would increase net sales, decrease operating income margins, and negatively affect operating cash flow timing as we recover paid tariffs from our customers. During the quarter three and six-month periods ended June 26, September 25, 2026, tariff costs paid and recoveries from our customers impacted our revenues and costs of goods by approximately less than one percent and had a negligible impact on our profitability. If, in the future, we are no longer able to fully pass through these tariffs, our results from operations and cash flows would be negatively impacted. On February 20, 2026, the U.S. Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") and on April 20, 2026, the U.S. government opened a system to facilitate refunds for IEEPA tariffs paid. We have requested and received a portion the majority of our requested IEEPA tariff refunds and do not expect refunds received will have a material effect on our financial performance. We will continue to monitor changes in global trade policy and employ measures to mitigate the impact of tariffs and leverage competitive opportunities. However, despite these efforts, the Company may not be able to fully mitigate the impact of changes in trade policies. For further information, refer to Item 1A, "Risk Factors - Tariffs, trade restrictions, export controls, and changes in trade policy, including heightened trade volatility and uncertainty regarding trade agreements, have in the past adversely affected, and could in the future adversely affect, our business, results of operations, and financial condition " in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

1 unchanged paragraph

June 26, 2026 June 27, 2025

During the first quarter half of fiscal year 2027, market prices for memory components, including DRAM and NAND products, remained elevated as industry supply continued to be constrained by strong demand from AI and data center applications. The Company generally expects to pass through increases in memory costs to its customers, where contractual mechanisms permit recovery of component cost increases, however, sustained increases in memory pricing could continue to favorably impact net sales, while unfavorably impacting our gross profit percentage and increasing inventory balances and working capital requirements. For further information, refer to "Risk Factors - Supply chain disruptions and demand forecasting failures have in the past adversely affected, and could in the future adversely affect, our ability to meet customer demand, and lead to higher costs, or result in excess or obsolete inventory ." in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

We are one of the world's largest providers of global supply chain solutions, with revenues of $7.9 $16.4 billion for the three-month six-month period ended June 26, September 25, 2026, and $27.9 billion in the fiscal year ended March 31, 2026. We have established an extensive network of manufacturing facilities in the world's major markets (Asia, the Americas, and Europe) to serve the outsourcing needs of both multinational and regional customers. We design, build, ship, and service consumer and enterprise products for our customers through a network of more than 100 facilities across approximately 30 countries on four continents. The following tables set forth the relative percentages and dollar amounts of net sales by region and by country, and net property and equipment by country, based on the location of our manufacturing sites:

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions)

1 unchanged paragraph

Americas $ 4,171 53 % $ 3,364 51 %

Asia 2,343 30 % 1,870 28 %

Europe 1,414 17 % 1,341 21 %

Americas $ 4,420 52 % $ 3,400 50 % $ 8,591 52 % $ 6,764 51 %

Asia 2,586 30 % 2,019 30 % 4,929 30 % 3,889 29 %

Europe 1,485 18 % 1,385 20 % 2,899 18 % 2,726 20 %

1 unchanged paragraph

Mexico $ 2,201 28 % $ 1,709 26 %

China 1,118 14 % 1,072 16 %

Malaysia 951 12 % 597 9 %

Brazil 460 6 % 354 5 %

Hungary 294 4 % 346 5 %

Other 1,415 17 % 1,214 19 %

Mexico $ 2,457 29 % $ 1,688 25 % $ 4,658 28 % $ 3,397 25 %

China 1,254 15 % 1,123 17 % 2,372 14 % 2,195 16 %

Malaysia 1,055 12 % 656 10 % 2,006 12 % 1,253 9 %

Brazil 469 6 % 355 5 % 929 6 % 709 5 %

Hungary 329 4 % 342 5 % 623 4 % 688 5 %

Other 1,456 17 % 1,304 18 % 2,871 18 % 2,518 20 %

June 26, September 25, 2026 March 31, 2026

1 unchanged paragraph

Mexico $ 970 37 % $ 891 36 %

China 300 11 % 306 12 %

Mexico $ 1,048 37 % $ 891 36 %

China 297 10 % 306 12 %

Malaysia 215 236 8 % 191 8 %

Hungary 167 171 6 % 165 7 %

1 unchanged paragraph

Other 440 17 % 430 16 %

Other 460 16 % 430 16 %

16 unchanged paragraphs

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Due to global economic conditions, including the impact of ongoing trade conflicts and tariffs, and geopolitical conflicts (including the Russian invasion of Ukraine and recent U.S. and Israel Israeli military operations in Iran), there has been and we expect there will continue to be uncertainty and disruption in the global economy and financial markets. We have made estimates and assumptions taking into consideration certain possible impacts due to the foregoing factors. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

3 unchanged paragraphs

June 26, 2026 June 27, 2025

Cost of sales 90.5 91.1

Gross profit 9.4 8.7

Income before income taxes 4.8 3.7

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025

Net sales 100.0 % 100.0 % 100.0 % 100.0 %

Cost of sales 90.3 90.8 90.4 90.9

Restructuring charges 0.1 0.2 0.1 0.2

Gross profit 9.6 9.0 9.5 8.9

Selling, general and administrative expenses 4.2 3.5 4.4 3.8 4.3 3.7

Restructuring and impairment charges (reversal) — 0.1 0.6 — 0.4

Intangible amortization 0.3 0.4 0.2 0.3 0.3

Operating income 4.9 4.7 4.4 4.9 4.5

Interest expense 0.7 0.8 0.8 0.8 0.8

Interest income 0.2 0.1 0.2 0.2

Other charges (income), net (0.5) (0.1) (0.1) (0.2) (0.1)

Equity in earnings (losses) of unconsolidated affiliates — (0.1) (0.3) 0.0 (0.2)

Income before income taxes 4.4 3.9 4.5 3.8

Provision for income taxes 1.3 1.0 1.2 0.8 0.9

Net income 3.6 3.1 % 2.9 % 3.3 % 2.9 %

1 unchanged paragraph

June 26, 2026 June 27, 2025

Integrated Technology Solutions $ 3,056 38 % $ 2,558 39 %

Regulated Manufacturing Solutions 2,670 34 % 2,391 36 %

Cloud and Power Infrastructure 2,202 28 % 1,626 25 %

Our ten largest customers during both the three-month periods ended June 26, 2026 and June 27, 2025 accounted for approximately 49% and 48% of net sales. A significant customer accounted for 12% of net sales during the first quarter of fiscal year 2027 with the majority of this revenue being reported in our CPI segment. No other customer accounted for more than 10% of net sales during the three-month periods ended June 26, 2026 or June 27, 2025.

Three-Month Periods Ended Six-Month Periods Ended

September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 (In millions)

Integrated Technology Solutions $ 3,306 38 % $ 2,720 40 % $ 6,362 39 % $ 5,278 40 %

Regulated Manufacturing Solutions 2,677 32 % 2,454 36 % 5,347 32 % 4,845 36 %

Cloud and Power Infrastructure 2,508 30 % 1,630 24 % 4,710 29 % 3,256 24 %

Net sales during the three-month period ended June 26, September 25, 2026 totaled $7.9 $8.5 billion, representing an increase of $1.4 $1.7 billion, or 21% 25% from $6.6 $6.8 billion during the three-month period ended June 27, September 26, 2025. Net sales for our ITS segment increased $0.5 $0.6 billion, or 20% 22% from the three-month period ended June 27, September 26, 2025, primarily driven by strong growth in the Communications business due to increased demand and increased memory pricing in both Communications and our Lifestyle businesses. Net sales for our RMS segment increased $0.3 $0.2 billion, or 12% 9% from the three-month period ended June 27, September 26, 2025, which was primarily driven by strong growth in Industrial. Net sales for our CPI segment increased $0.6 $0.9 billion, or 35% 54% from the three-month period ended June 27, September 26, 2025, which was driven by strong growth continued strength in both Power which includes contributions from the recent EPP acquisition combined with growth in Cloud and Cloud & Cooling due and $0.1 billion in net sales related to increased demand. the May 1, 2026 EPP acquisition. Net sales increased $0.8 $1.0 billion in the Americas, $0.5 $0.6 billion in Asia, and $0.1 billion in Europe for a total increase of $1.4 $1.7 billion.

Net sales during the six-month period ended September 25, 2026, totaled $16.4 billion, representing an increase of $3.0 billion or 23% from $13.4 billion during the six-month period ended September 26, 2025. Net sales for our ITS segment increased $1.1 billion, or 21% from the six-month period ended September 26, 2025, primarily driven by strong growth in Communications business due to increased demand and increased memory pricing in both Communications and our Lifestyle businesses. Net sales for our RMS segment increased $0.5 billion, or 10% from the six-month period ended September 26, 2025, primarily driven by strong growth in Industrial. Net sales for our CPI segment increased $1.5 billion or 45% from the six-month period ended September 26, 2025 primarily driven by continued strength in Power and Cloud & Cooling and $0.2 billion in net sales related to the May 1, 2026 EPP acquisition. Net sales increased $1.8 billion in the Americas, $1.0 billion in Asia, and $0.2 billion in Europe for a total increase of $3.0 billion.

Our ten largest customers during the three and six-month periods ended September 25, 2026, accounted for approximately 50% and 49%, respectively, of net sales. A significant customer accounted for 14% and 13% of net sales for the three and six-month periods ending September 25, 2026, respectively. The majority of the revenue with this customer is included within the CPI segment. No other customer accounted for more than 10% of net sales during the three and six-month periods ended September 25, 2026, or September 26, 2025.

1 unchanged paragraph

Cost of sales during the three-month period ended June 26, September 25, 2026, totaled $7.2 $7.7 billion, representing an increase of $1.2 $1.5 billion, or 20% 24% from $6.0 $6.2 billion during the three-month period ended June 27, September 26, 2025. The higher cost of sales for the three-month period ended June 26, September 25, 2026, was primarily driven by a $1.4 $1.7 billion, or 21%, 25%, increase in consolidated sales . Cost of sales in our ITS segment for the three-month period ended June 26, September 25, 2026, increased b y 20% by 22% from the three-month period ended June 27, September 26, 2025, in line with revenue growth. Cost of sales in our RMS segment for the three-month period ended June 26, September 25, 2026 increased by 10% 9% from the three-month period ended June 27, September 26, 2025, primarily driven by in line with revenue growth. of 12%, partially offset by favorable mix and Cost efficiencies . Cost of sales in our CPI segment for the three-month period ended June 26, September 25, 2026 increased by 35% 51% from the three-month period ended June 27, September 26, 2025, in line with re venue below the 54% revenue growth for the segment. Lower CPI cost of sales was primarily attributed to margin expansion in both Power and Cloud & Cooling and favorable Power mix.

Cost of sales during the six-month period ended September 25, 2026 totaled $14.8 billion, representing an increase of $2.7 billion or 22% from the $12.2 billion during the six-month period ended September 26, 2025. The higher cost of sales for the six-month period ended September 25, 2026 was primarily driven by revenue growth. Cost of sales in our ITS segment for the six-month period ended September 25, 2026 increased by 21% from the six-month period ended September 26, 2025 in line with revenue growth. Cost of sales in our RMS segment for the six-month period ended September 25, 2026 increased by 9% from the six-month period ended September 26, 2025, in line with revenue growth. Cost of sales in our CPI segment for the six-month period ended September 25, 2026 increased by 43% from the six-month period ended September 26, 2025, compared to revenue growth of 45%. The improvement was driven by margin expansion in both Power and Cloud & Cooling and favorable Power mix.

1 unchanged paragraph

3 unchanged paragraphs

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2 unchanged paragraphs

1 unchanged paragraph

and 56 more changes in the filing

Market risk 1 change

and 1 more change in the filing

Controls and procedures 2 changes

1 unchanged paragraph

1 unchanged paragraph

and 2 more changes in the filing

Risk factors 5 changes

1 unchanged paragraph

and 5 more changes in the filing

Unregistered sales of stock 1 change

1 unchanged paragraph

and 1 more change in the filing

Other information 4 changes

1 unchanged paragraph

and 4 more changes in the filing

Exhibits 11 changes

2 unchanged paragraphs

11 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

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and 11 more changes in the filing