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Flex Ltd. Business Segments

Business, geographic, and product segment breakdowns

Flex Ltd. generates $27.9B in annual revenue across 4 key segments: FAS ($10.4B), FRS ($7.9B), ITS ($10.2B), and RMS ($9.2B). The company-wide operating margin is 4.9%. Based on the Q1 2026 filing.

FAS (TTM)$10.4BFRS (TTM)$7.9BITS (TTM)$10.2BRMS (TTM)$9.2B
Latest FilingQ1 2026
Report Date2026-05-20
Market Cap$55.7B
P/E Ratio63.28
ROE17.35%

Geographic

Concentration risk percentage

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Americas0.140.140.140.140.140.14
Asia0.070.070.070.070.070.07
Europe0.050.050.050.050.050.05

Sales and import taxes, number of tax assessments remaining

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
BRAZIL2.002.00————

Deferred tax liability on undistributed foreign earnings

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
China——$82M———

Undistributed earnings of subsidiaries

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
China——$822M———
Singapore——$930M———

Deferred tax liability not recognized undistributed earnings of its subsidiaries

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Singapore——$82M———

Tax effect of foreign income not repatriated to Singapore

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Singapore$24M$24M$12.3M$12.3M$12.3M$12.3M

Business Segments

Total depreciation expense

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Regulated Manufacturing Solutions$52.3M$52.3M$55.3M$55.3M$55.3M$55.3M
Integrated Technology Solutions$45M$45M$40.5M$40.5M$40.5M$40.5M
Cloud and Power Infrastructure$9.8M$9.8M$15.5M$15.5M$15.5M$15.5M
FAS$44M$44M————
FRS$66M$67M————

Acquisitions

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
CPI$50.3M$50.3M$2M$2M$2M$2M
ITS$2M$2M$0$0$0$0
RMS$0$0$0$0$0$0

Foreign currency translation adjustments

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RMS$0$0$7.3M$7.3M$7.3M$7.3M
CPI-$750K-$750K-$2.8M-$2.8M-$2.8M-$2.8M
ITS$0$0$500K$500K$500K$500K

Cost Of Inventory

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
ITS$2.6B$2.6B$2.6B$2.6B$2.6B$2.6B
RMS$2.2B$2.2B$2.3B$2.3B$2.3B$2.3B
FAS$2.8B$2.8B————
FRS$2B$2.1B————

Manufacturing Costs

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
FAS$667M$695M————
FRS$768M$758M————

Operating Income (Loss), Adjusted

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RMS$126.3M$126.3M$152.8M$152.8M$152.8M$152.8M
ITS$135.3M$135.3M$149M$149M$149M$149M
FAS$227M$239M————
FRS$197M$233M————

Selling, General And Administrative Expense, Adjusted

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RMS$80.5M$80.5M$88.8M$88.8M$88.8M$88.8M
ITS$70.8M$70.8M$70.5M$70.5M$70.5M$70.5M
FAS$92M$89M————
FRS$117M$112M————