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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: CPI ($6.6B), FAS ($14.8B), FRS ($12.1B), and ITS ($11.1B). The company-wide operating margin is 4.9%. Based on the Q1 2026 filing.

CPI (TTM)$6.6BFAS (TTM)$14.8BFRS (TTM)$12.1BITS (TTM)$11.1BRMS (TTM)$10.2B
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
Americas13.8%13.8%14.2%14.2%14.2%14.2%
Asia7.5%7.5%7.5%7.5%7.5%7.5%
Europe5.3%5.3%5.0%5.0%5.0%5.0%

Net Sales

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Americas$3.2B$3.2B$3.5B$3.5B$3.5B$3.5B
Asia$1.9B$1.9B$2.1B$2.1B$2.1B$2.1B
Europe$1.4B$1.4B$1.4B$1.4B$1.4B$1.4B
Singapore$66.5M$66.5M$48.5M$48.5M$48.5M$48.5M

PP&E (Net)

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Americas—$1.3B———$1.4B
Mexico—$815M———$891M
Asia—$555M———$585M
Europe—$483M———$501M
U.S.—$376M———$443M
China—$293M———$306M
Singapore—$4M———$4M

Sales and import taxes, number of tax assessments

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
BRAZIL——6.00———

Sales and import taxes, number of tax assessments defeated

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
BRAZIL——4.00———

Sales and import taxes, number of tax assessments remaining

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
BRAZIL2.00—2.002.002.00—

Deferred tax liability on undistributed foreign earnings

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
China—$117M———$82M

Undistributed earnings of subsidiaries

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Singapore—$767M———$930M
China—$1.2B———$822M

Deferred tax liability not recognized undistributed earnings of its subsidiaries

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Singapore—$80M———$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$45M$45M$50M$44M$44M—
FRS$62M$61M$62M$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

Goodwill

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
CPI—$614M———$611M
RMS—$490M———$519M
ITS—$237M———$239M

Net Sales

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
ITS$2.8B$2.8B$2.8B$2.8B$2.8B$2.8B
RMS$2.4B$2.4B$2.5B$2.5B$2.5B$2.5B
CPI$1.2B$1.2B$1.7B$1.7B$1.7B$1.7B
FAS$3.6B$3.5B$3.7B$3.8B$3.8B—
FRS$3B$2.9B$2.9B$3B$3.2B—

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$2.7B$2.6B$2.7B$2.8B$2.8B—
FRS$2B$1.9B$1.9B$2B$2.1B—

Manufacturing Costs

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
FAS$637M$633M$634M$667M$695M—
FRS$685M$698M$681M$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$230M$240M$227M$239M—
FRS$198M$180M$172M$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$85M$89M$85M$92M$89M—
FRS$107M$108M$104M$117M$112M—