$PLXS

PLEXUS CORP

CIK:0000785786|SEC Filings

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 1,304,778	$ 1,018,308	$ 3,538,387	$ 2,974,600
Cost of sales	1,173,399	915,020	3,181,694	2,672,869
Gross profit	131,379	103,288	356,693	301,731
Selling and administrative expenses	70,119	49,680	179,132	147,789
Restructuring and other charges, net	0	0	0	4,683
Operating income	61,260	53,608	177,561	149,259
Other income (expense):
Interest expense	(4,089)	(2,501)	(10,399)	(9,192)
Interest income	1,463	934	3,259	3,039
Miscellaneous, net	(2,185)	(2,205)	(5,063)	(4,753)
Income before income taxes	56,449	49,836	165,358	138,353
Income tax expense	13,456	4,720	31,374	16,897
Net income	$ 42,993	$ 45,116	$ 133,984	$ 121,456
Earnings per share:
Basic (in dollars per share)	$ 1.61	$ 1.67	$ 5.01	$ 4.48
Diluted (in dollars per share)	$ 1.58	$ 1.64	$ 4.90	$ 4.39
Weighted average shares outstanding:
Basic (in shares)	26,712	27,059	26,745	27,084
Diluted (in shares)	27,294	27,532	27,347	27,670
Other comprehensive (loss) income:
Derivative instrument and other fair value adjustments	$ (3,826)	$ 15,034	$ (7,544)	$ (859)
Foreign currency translation adjustments	(53)	18,579	(2,942)	10,104
Other comprehensive (loss) income	(3,879)	33,613	(10,486)	9,245
Total comprehensive income	$ 39,114	$ 78,729	$ 123,498	$ 130,701

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash flows from operating activities
Net income	$ 133,984	$ 121,456
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	57,357	58,509
Share-based compensation expense and related charges	36,820	22,466
Other, net	(211)	(8,381)
Changes in operating assets and liabilities, excluding impacts of currency:
Accounts receivable	(140,201)	(37,265)
Contract assets	(43,250)	(24,090)
Inventories	(259,911)	37,543
Other current and non-current assets	(47,874)	(1,262)
Accrued income taxes payable	(3,930)	(13,361)
Accounts payable	271,371	88,902
Advanced payments from customers	27,444	(118,276)
Other current and non-current liabilities	7,389	(9,028)
Cash flows provided by operating activities	38,988	117,213
Cash flows from investing activities
Payments for property, plant and equipment	(74,312)	(60,441)
Other, net	(258)	(412)
Cash flows used in investing activities	(74,570)	(60,853)
Cash flows from financing activities
Borrowings under debt agreements	605,500	293,500
Payments on debt and finance lease obligations	(476,674)	(402,875)
Debt issuance costs	(1,108)	0
Repurchases of common stock	(64,055)	(43,807)
Payments related to tax withholding for share-based compensation	(21,473)	(15,100)
Cash flows provided by (used in) financing activities	42,190	(168,282)
Effect of exchange rate changes on cash and cash equivalents	1,201	2,077
Net increase (decrease) in cash and cash equivalents and restricted cash	7,809	(109,845)
Cash and cash equivalents and restricted cash:
Beginning of period	306,758	347,462
End of period	$ 314,567	$ 237,617

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2026	Sep. 27, 2025
Current assets:
Cash and cash equivalents	$ 314,053	$ 306,464
Restricted cash	514	294
Accounts receivable, net of allowances of $2,189 and $2,381, respectively	795,159	656,573
Contract assets	193,942	150,654
Inventories	1,488,391	1,229,839
Prepaid expenses and other	103,285	54,969
Total current assets	2,895,344	2,398,793
Property, plant and equipment, net	546,159	546,052
Operating lease right-of-use assets	66,560	72,863
Deferred income taxes	95,173	91,349
Other assets	30,361	28,053
Total non-current assets	738,253	738,317
Total assets	3,633,597	3,137,110
Current liabilities:
Current portion of long-term debt and finance lease obligations	183,814	45,793
Accounts payable	978,899	726,597
Advanced payments from customers	602,933	575,850
Accrued salaries and wages	111,557	109,076
Other accrued liabilities	68,563	61,367
Total current liabilities	1,945,766	1,518,683
Long-term debt and finance lease obligations, net of current portion	91,644	91,987
Long-term operating lease liabilities	23,888	29,422
Deferred income taxes	7,322	6,000
Other liabilities	36,225	36,430
Total non-current liabilities	159,079	163,839
Total liabilities	2,104,845	1,682,522
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 200,000 shares authorized, 54,861 and 54,670 shares issued, respectively, and 26,677 and 26,828 shares outstanding, respectively	549	547
Additional paid-in capital	710,372	695,653
Common stock held in treasury, at cost, 28,184 and 27,842 shares, respectively	(1,319,506)	(1,255,451)
Retained earnings	2,130,012	1,996,028
Accumulated other comprehensive income	7,325	17,811
Total shareholders’ equity	1,528,752	1,454,588
Total liabilities and shareholders’ equity	$ 3,633,597	$ 3,137,110