# PLEXUS CORP (PLXS)

Informational only - not investment advice.

CIK: 0000785786
SIC: 3672 Printed Circuit Boards
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3672 Printed Circuit Boards](/industry/3672/)
Latest 10-K filed: 2025-11-14
SEC page: https://www.sec.gov/edgar/browse/?CIK=785786
Filing source: https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4032966000 | USD | 2025 | 2025-11-14 |
| Net income | 172885000 | USD | 2025 | 2025-11-14 |
| Assets | 3137110000 | USD | 2025 | 2025-11-14 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000785786.json. Derived margins are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 3,296,446,000 | 3,501,782,000 | 3,480,676,000 | 3,927,642,000 | 4,210,305,000 | 3,960,827,000 | 4,032,966,000 |
| Net income | 76,427,000 | 112,062,000 | 13,040,000 | 108,616,000 | 117,479,000 | 138,912,000 | 138,243,000 | 139,094,000 | 111,815,000 | 172,885,000 |
| Operating income | 99,439,000 | 129,908,000 | 118,283,000 | 142,055,000 | 153,372,000 | 176,268,000 | 178,185,000 | 195,820,000 | 167,732,000 | 202,371,000 |
| Gross profit | 227,359,000 | 255,855,000 | 257,600,000 | 291,838,000 | 312,706,000 | 323,296,000 | 347,229,000 | 394,554,000 | 378,530,000 | 406,514,000 |
| Diluted EPS | 2.24 | 3.24 | 0.38 | 3.50 | 3.93 | 4.76 | 4.86 | 4.95 | 4.01 | 6.26 |
| Assets | 1,765,819,000 | 1,976,182,000 | 1,932,642,000 | 2,000,883,000 | 2,289,848,000 | 2,461,893,000 | 3,393,225,000 | 3,321,172,000 | 3,153,821,000 | 3,137,110,000 |
| Liabilities | 849,022,000 | 950,243,000 | 1,011,499,000 | 1,135,307,000 | 1,312,368,000 | 1,433,661,000 | 2,297,494,000 | 2,106,790,000 | 1,828,996,000 | 1,682,522,000 |
| Stockholders' equity | 916,797,000 | 1,025,939,000 | 921,143,000 | 865,576,000 | 977,480,000 | 1,028,232,000 | 1,095,731,000 | 1,214,382,000 | 1,324,825,000 | 1,454,588,000 |
| Cash and cash equivalents | 432,964,000 | 568,860,000 | 297,269,000 | 223,761,000 | 385,807,000 | 270,172,000 | 274,805,000 | 256,233,000 | 345,109,000 | 306,464,000 |
| Net margin |  |  |  | 3.29% | 3.35% | 3.99% | 3.52% | 3.30% | 2.82% | 4.29% |
| Operating margin |  |  |  | 4.31% | 4.38% | 5.06% | 4.54% | 4.65% | 4.23% | 5.02% |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000785786.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-04-02 |  |  | 0.95 | reported discrete quarter |
| 2022-Q3 | 2022-07-02 |  |  | 1.33 | reported discrete quarter |
| 2023-Q1 | 2022-12-31 |  |  | 1.49 | reported discrete quarter |
| 2023-Q2 | 2023-04-01 | 1,096,870,000 | 40,844,000 | 1.45 | reported discrete quarter |
| 2023-Q3 | 2023-07-01 | 1,047,893,000 | 15,799,000 | 0.56 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 1,053,958,000 | 40,261,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-30 | 1,008,119,000 | 29,215,000 | 1.04 | reported discrete quarter |
| 2024-Q2 | 2024-03-30 | 997,536,000 | 16,239,000 | 0.58 | reported discrete quarter |
| 2024-Q3 | 2024-06-29 | 990,967,000 | 25,140,000 | 0.91 | reported discrete quarter |
| 2024-Q4 | 2024-09-28 | 1,081,527,000 | 41,221,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-28 | 976,122 | 37,267,000 | 1.34 | reported discrete quarter |
| 2025-Q2 | 2025-03-29 | 980,170 | 39,073,000 | 1.41 | reported discrete quarter |
| 2025-Q3 | 2025-06-28 | 1,018,308 | 45,116,000 | 1.64 | reported discrete quarter |
| 2025-Q4 | 2025-09-27 | 4,029,991,400 | 51,429,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q2 | 2026-04-04 | 1,163,757 | 49,809,000 | 1.82 | reported discrete quarter |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/785786/000078578626000031/plxs-20260404.htm

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization.
Confidence: high
Filing date: 2026-05-07
Report date: 2026-04-04

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

"SAFE HARBOR" CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

The statements contained in this Form 10-Q that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of shortages, delays and price fluctuations in obtaining components as a result of economic cycles, capacity constraints, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate engagement terms, and the lack of a track record of order volume and timing; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customers and deliver product on a timely basis; the risks of concentration of work for certain customers; the effects of start-up costs of new programs and facilities or the costs associated with winding down programs or the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of the economy regionally or globally; the effect of changes in the pricing and margins of our services; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other events outside our control, such as the conflict between Russia and Ukraine, conflict in the Middle East (including in Iran), escalating tensions between China and Taiwan or China and the United States, tensions in or amongst countries in which we operate or transact business; changes in energy prices, terrorism, global health epidemics and weather events; the impact of increased competition; an inability to successfully manage human capital, including succession planning for and transition of senior executives; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2025 Form 10-K.

*    *    *

OVERVIEW

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 27 facilities.

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide an analysis of both short-term results and future prospects from management’s perspective, including an assessment of the financial condition and results of operations, events and uncertainties that are not indicative of future operations and any other financial or statistical data that we believe will enhance the understanding of our company’s financial condition, cash flows and other changes in financial condition and results of operations.

The following information should be read in conjunction with our condensed consolidated financial statements included herein and "Risk Factors" included in Part II, Item 1A included herein as well as Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, and our "Safe Harbor" Cautionary Statement included above.

20

Table of Contents

RESULTS OF OPERATIONS

Consolidated Performance Summary. The following table presents selected consolidated financial data (dollars in millions, except per share data):

Three Months Ended

Six Months Ended

April 4,

2026

March 29,

2025

April 4,

2026

March 29,

2025

Net sales

$

1,163.8 

$

980.2 

$

2,233.6 

$

1,956.3 

Cost of sales

1,044.6 

882.4 

2,008.3 

1,757.8 

Gross profit

119.2 

97.8 

225.3 

198.4 

Gross margin

10.2 

%

10.0 

%

10.1 

%

10.1 

%

Operating income

61.8 

48.8 

116.3 

95.7 

Operating margin

5.3 

%

5.0 

%

5.2 

%

4.9 

%

Other expense

4.0 

3.8 

7.4 

7.1 

Income tax expense

8.1 

6.0 

17.9 

12.2 

Net income

49.8 

39.1 

91.0 

76.3 

Diluted earnings per share

$

1.82 

$

1.41 

$

3.32 

$

2.75 

Return on invested capital*

13.8 

%

13.7 

%

Economic return*

4.8 

%

4.8 

%

*Non-GAAP metric; refer to "Return on Invested Capital ("ROIC") and economic return" below and Exhibit 99.1 for more information.

Net sales. For the three months ended April 4, 2026, net sales increased $183.6 million, or 18.7%, as compared to the three months ended March 29, 2025. For the six months ended April 4, 2026, net sales increased $277.3 million, or 14.2%, as compared to the six months ended March 29, 2025.

Net sales are analyzed by management by geographic segment, which reflects our reportable segments, and by market sector. Management measures operational performance and allocates resources on a geographic segment basis. Our global business development strategy is based on our targeted market sectors.

A discussion of net sales by reportable segment is presented below (in millions):

Three Months Ended

Six Months Ended

April 4,

2026

March 29,

2025

April 4,

2026

March 29,

2025

Net sales:

AMER

$

396.9 

$

295.2 

$

741.7 

$

569.1 

APAC

652.0 

587.0 

1,263.7 

1,194.2 

EMEA

115.8 

102.6 

234.1 

203.9 

Elimination of inter-segment sales

(0.9)

(4.6)

(5.9)

(10.9)

Total net sales

$

1,163.8 

$

980.2 

$

2,233.6 

$

1,956.3 

21

Table of Contents

AMER. Net sales for the three months ended April 4, 2026 in the AMER segment increased $101.7 million, or 34.5%, as compared to the three months ended March 29, 2025. The increase in net sales was driven by an increase of $87.2 million due to production ramps of new products for existing customers and an increase of $28.9 million due to production ramps for new customers. The increase was partially offset by net decreased customer-specific end-market demand.

During the six months ended April 4, 2026, net sales in the AMER segment increased $172.6 million, or 30.3%, as compared to the six months ended March 29, 2025. The increase in net sales was driven by an increase of $168.0 million due to production ramps of new products for existing customers and an increase of $34.5 million due to production ramps for new customers. The increase was partially offset by a decrease of $16.1 million due to disengagements with customers and net decreased customer-specific end-market demand.

APAC. Net sales for the three months ended April 4, 2026 in the APAC segment increased $65.0 million, or 11.1%, as compared to the three months ended March 29, 2025. The increase in net sales was driven by overall net increased customer end-market demand and an increase of $17.5 million due to production ramps of new products for existing customers.

During the six months ended April 4, 2026, net sales in the APAC segment increased $69.5 million, or 5.8%, as compared to the six months ended March 29, 2025. The increase in net sales was driven by overall net increased customer end-market demand and an increase of $27.7 million due to production ramps of new products for existing customers. The increase was partially offset by a decrease of $5.8 million due to a disengagement with a customer.

EMEA. Net sales for the three months ended April 4, 2026 in the EMEA segment increased $13.2 million, or 12.9%, as compared to the three months ended March 29, 2025. The increase in net sales was driven by overall net increased customer end-market demand.

During the six months ended April 4, 2026, net sales in the EMEA segment increased $30.2 million, or 14.8%, as compared to the six months ended March 29, 2025. The increase in net sales was driven by an increase of $17.3 million due to production ramps of new products for existing customers and overall net increased customer end-market demand.

Our net sales by market sector for the indicated fiscal period were as follows (in millions):

Three Months Ended

Six Months Ended

April 4,

2026

March 29,

2025

April 4,

2026

March 29,

2025

Net sales:

Aerospace/Defense

$

212.2 

$

172.5 

$

390.1 

$

332.2 

Healthcare/Life Sciences

472.9 

410.7 

938.9 

784.8 

Industrial

478.7 

397.0 

904.6 

839.3 

Total net sales

$

1,163.8 

$

980.2 

$

2,233.6 

$

1,956.3 

Aerospace/Defense. Net sales for the three months ended April 4, 2026 in the Aerospace/Defense sector increased $39.7 million, or 23.0%, as compared to the three months ended March 29, 2025. The increase in net sales was driven by an increase of $26.9 million in production ramps of new products for existing customers, an increase of $9.8 million due to production ramps for a new customer and overall net increased customer end-market demand.

During the six months ended April 4, 2026, net sales in the Aerospace/Defense sector increased $57.9 million, or 17.4%, as compared to the six months ended March 29, 2025. The increase in net sales was driven by an increase of $62.8 million in production ramps of new products for existing customers and an increase of $10.8 million due to pr

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization.
Confidence: high

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions.

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide an analysis of both short-term results and future prospects from management’s perspective, including an assessment of the financial condition and results of operations, events and uncertainties that are not indicative of future operations and any other financial or statistical data that we believe will enhance the understanding of our company’s financial condition, cash flows and other changes in financial condition and results of operations. The information should be read in conjunction with our consolidated financial statements included herein and "Risk Factors" included in Part I, Item 1A herein.

A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 can be found in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our Annual Report on the Form 10-K for the fiscal year ended September 28, 2024, which was filed with the SEC on November 15, 2024, and is available on the SEC’s website at www.sec.gov as well as our Investor Relations website at www.plexus.com. However, such discussion is not incorporated by reference into, and does not constitute a part of this Annual Report on Form 10-K.

27

Table of Contents

RESULTS OF OPERATIONS

Consolidated Performance Summary. The following table presents selected consolidated financial data for the indicated fiscal years (dollars in millions, except per share data):

2025

2024

Net sales

$

4,033.0 

$

3,960.8 

Cost of sales

3,626.5 

3,582.3 

Gross profit

406.5 

378.5 

Gross margin

10.1 

%

9.6 

%

Operating income

202.4 

167.7 

Operating margin

5.0 

%

4.2 

%

Other expense

14.4 

38.2 

Income tax expense

15.1 

17.7 

Net income

172.9 

111.8 

Diluted earnings per share

$

6.26 

$

4.01 

Return on invested capital*

14.6 

%

11.8 

%

Economic return*

5.7 

%

3.6 

%

*Non-GAAP metric; refer to "Return on Invested Capital ("ROIC") and economic return" below and Exhibit 99.1 for more information.

Net sales. Fiscal 2025 net sales increased $72.2 million, or 1.8%, as compared to fiscal 2024.

Net sales are analyzed by management by geographic segment, which reflects our reportable segments, and by market sector. Management measures operational performance and allocates resources on a geographic segment basis. Our global business development strategy is based on our targeted market sectors.

In the first quarter of fiscal 2025, we changed internal management reporting to focus on value-add sales in each region and adjusted the allocation of certain corporate costs among reportable segments. These changes have been implemented and are consistent with what was provided to the Chief Operating Decision Maker ("CODM"). Our composition of operating segments and reportable segments did not change. Net sales and operating income for our three reportable segments for the current period and comparative periods presented have been recast to conform to those changes. These changes had no effect on our consolidated net sales, operating income or net income for the current or comparative periods.

As a percentage of consolidated net sales, no customer accounted for over 10.0% or more of consolidated net sales in fiscal 2025 or 2024. Our 10 largest customers accounted for 49.1% and 47.8% of our net sales in fiscal 2025 and 2024, respectively.

A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions):

2025

2024

Net sales:

AMER

$

1,216.3 

$

1,219.2 

APAC

2,392.9 

2,213.3 

EMEA

440.0 

538.1 

Elimination of inter-segment sales

(16.2)

(9.8)

Total net sales

$

4,033.0 

$

3,960.8 

AMER. Net sales for fiscal 2025 in the AMER segment decreased $2.9 million, or 0.2%, as compared to fiscal 2024. The decrease in net sales was driven by overall net decreased customer end-market demand, a decrease of $54.1 million due to disengagements with customers and a decrease of $13.9 million due to the discontinuation of a program with an existing customer. The decrease was partially offset by an increase of $71.4 million due to production ramps of new products for existing customers and an increase of $10.5 million due to production ramps for new customers.

APAC. Net sales for fiscal 2025 in the APAC segment increased $179.6 million, or 8.1%, as compared to fiscal 2024. The increase in net sales was driven by an increase of $103.1 million due to production ramps of new products for existing

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customers and overall net increased customer end-market demand. The increase was partially offset by a decrease of $12.6 million due to disengagements with customers.

EMEA. Net sales for fiscal 2025 in the EMEA segment decreased $98.1 million, or 18.2%, as compared to fiscal 2024. The decrease in net sales was driven by overall net decreased customer end-market demand and a decrease of $21.0 million due to disengagements with customers.

Our net sales by market sector for the indicated fiscal years were as follows (in millions):

2025

2024

Net sales:

Aerospace/Defense

$

688.5 

$

698.5 

Healthcare/Life Sciences

1,629.3 

1,554.8 

Industrial

1,715.2 

1,707.5 

Total net sales

$

4,033.0 

$

3,960.8 

Aerospace/Defense. Net sales for fiscal 2025 in the Aerospace/Defense sector decreased $10.0 million, or 1.4%, as compared to fiscal 2024. The decrease in net sales was driven by a decrease of $23.6 million due to disengagements with customers, a decrease of $13.9 million due to the discontinuation of a program with an existing customer and overall net decreased customer end-market demand. The decrease was partially offset by an increase of $44.4 million due to production ramps of new products for existing customers.

Healthcare/Life Sciences. Net sales for fiscal 2025 in the Healthcare/Life Sciences sector increased $74.5 million, or 4.8%, as compared to fiscal 2024. The increase in net sales was driven by an increase of $112.8 million in production ramps of new products for existing customers. The increase was partially offset by a decrease of $25.9 million due to disengagements with customers and overall net decreased customer end-market demand.

Industrial. Net sales for fiscal 2025 in the Industrial sector increased $7.7 million, or 0.5%, as compared to fiscal 2024. The increase in net sales was driven by overall net increased customer end-market demand, an increase of $15.1 million in production ramps of new products for existing customers and an increase of $10.5 million due to production ramps for new customers. The increase was partially offset by a decrease of $38.9 million due to disengagements with customers.

Cost of sales. Cost of sales for fiscal 2025 increased $44.2 million, or 1.2%, as compared to fiscal 2024. Cost of sales is comprised primarily of material and component costs, labor costs and overhead. In both fiscal 2025 and 2024, approximately 89% of the total cost of sales was variable in nature and fluctuated with sales volumes. Approximately 87% of these costs were related to material and component costs.

As compared to fiscal 2024, the increase in cost of sales in fiscal 2025 was primarily driven by an increase in net sales, partially offset by a positive shift in customer mix and a decrease in fixed costs resulting from progress on operational efficiency initiatives.

Gross profit. Gross profit for fiscal 2025 increased $28.0 million, or 7.4%, as compared to fiscal 2024. Gross margin of 10.1% increased 50 basis points compared to fiscal 2024. The primary drivers of the increase in gross profit and gross margin as compared to fiscal 2024 were a positive shift in customer mix as well as lower costs resulting from operational efficiencies and prior restructuring activities.

Operating income. Operating income for fiscal 2025 increased $34.7 million, or 20.7%, as compared to fiscal 2024. Operating margin of 5.0% increased 80 basis points compared to fiscal 2024. The primary drivers of the increase in operating income and operating margin as compared to fiscal 2024 were the increase in gross profit and gross margin as well as a decrease of $15.6 million in restructuring and other charges. The restructuring and other charges for fiscal 2025 primarily consisted of severance costs associated with a reduction in our workforce in the EMEA and AMER regions. The restructuring and other charges for fiscal 2024 consisted of employee severance costs associated with a reduction in our workforce as well as closure costs associated with sites in our AMER and EMEA regions, partially offset by insurance proceeds received in an arbitration decision regarding a contractual matter that took place in the our EMEA region in fiscal 2023. The increases in operating income were partially offset by an increase of $8.9 million in selling and administrative expenses ("S&A"). The increase in S&A was primarily due to an increase in compensation costs.

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A discussion of operating income by reportable segment for the indicated fiscal years is presented below (in millions):

2025

2024

Operating income:

AMER

$

100.5 

$

83.7 

APAC

337.7 

313.2 

EMEA

21.3 

31.0 

Corporate and other costs

(257.1)

(260.2)

Total operating income

$

202.4 

$

167.7 

AMER. Operating income increased $16.8 million in fiscal 2025 as compared to fiscal 2024, primarily as a result of a decrease in fixed costs resulting from progress on operational efficiency initiatives and a positive shift in customer mix, partially offset by a decrease in net sales.

APAC. Operating income increased $24.5 million in fiscal 2025 as compared to fiscal 2024, primarily as a result of an increase in net sales and a positive shift in customer mix, partially offset by an increase in fixed costs and an increase in S&A.

EMEA. Operating income decreased $9.7 million in fiscal 2025 as compared to fiscal 2024, primarily as a result of a decrease in net sales and an increase in S&A, partially offset by a decrease in fixed costs and a positive shift in customer mix.

Other expense. Other expense for fiscal 2025 decreased $23.8 million as compared to fiscal 2024. The decrease in other expense for fiscal 2025 was primarily driven by a decrease in interest expense of $17.3 million due to lower borrowings on our credit facility, a decrease of $3.2 million in factoring fees and a decrease in foreign exchange losses of $3.2 million.

Income taxes. Income tax expense for fiscal 2025 was $15.1 million compared to $17.7 million for fiscal 2024. The decrease was primarily due to an increase in discrete tax benefits and the geographic distribution of worldwide earnings, partially offset by an increase in pre-tax book income. During fiscal 2025, we released a state valuation allowance of $3.3 million due to a tax law change and released tax reserves of $4.9 million following the closure of the statute of limitations.

Our annual effective tax rate varies from the U.S. statutory rate of 21.0% primarily due to the geographic distribution of worldwide earnings as well as a tax holiday granted to a subsidiary located in the APAC segment where we derive a significant portion of our earnings. Our effective tax rate may also be impacted by disputes with taxing authorities, tax planning activities, adjustments to uncertain tax positions and changes in valuation allowances.

We have been granted a tax holiday for a foreign subsidiary operating in the APAC segment. This tax holiday will expire on December 31, 2034, and is subject to certain conditions. In fiscal 2025 and 2024, the holiday resulted in tax reductions, net of the impact of the GILTI provisions of the U.S. Tax Cuts and Jobs Act, of approximately $43.1 million ($1.59 per basic share, $1.56 per diluted share) and $37.3 million ($1.36 per basic share, $1.34 per diluted share), respectively.

See also Note 6, "Income Taxes," in Notes to Consolidated Financial Statements for additional information regarding our tax rate.

The annual effective tax rate for fiscal 2026 is expected to be approximately 17.0% to 19.0% assuming no changes to tax laws.

Net income. Net income for fiscal 2025 increased $61.1 million, or 54.7%, from fiscal 2024 to $172.9 million. Net income increased primarily as a result of the increase in operating income, the decrease in other expense and the decrease in tax expense as previously discussed.

Diluted earnings per share. Diluted earnings per share increased to $6.26 in fiscal 2025 from $4.01 in fiscal 2024, primarily as a result of increased net income due to the factors discussed above.

Return on Invested Capital ("ROIC") and economic return. We use a financial model that is aligned with our business strategy and includes an ROIC goal of 15% which would exceed our weighted average cost of capital ("WACC") by more than 500 basis points and represent positive economic return. Economic return is the amount our ROIC exceeds our WACC.

Non-GAAP financial measures, including ROIC and economic return, are used for internal management goals and decision making because such measures provide management and investors additional insight into financial performance. In particular, we provide ROIC and economic return because we believe they offer insight into the metrics that are driving management decisions. We view ROIC and economic return as important measures in evaluating the efficiency and effectiveness of our long-term capital investments. We also use ROIC as a performance criteria in determining certain elements of compensation as well as economic return performance.

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We define ROIC as tax-effected operating income before restructuring and other charges divided by average invested capital over a rolling five-quarter period for the fiscal year. Invested capital is defined as equity plus debt and operating lease liabilities, less cash and cash equivalents. Other companies may not define or calculate ROIC in the same way. ROIC and other non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

We review our internal calculation of WACC annually. Our WACC was 8.9% for fiscal 2025 and 8.2% for fiscal 2024. By exercising discipline to generate ROIC in excess of our WACC, our goal is to create value for our shareholders. Fiscal 2025 ROIC of 14.6% reflects an economic return of 5.7%, based on our weighted average cost of capital of 8.9%, and fiscal 2024 ROIC of 11.8% reflects an economic return of 3.6%, based on our weighted average cost of capital of 8.2%.

For a reconciliation of ROIC, economic return and adjusted operating income (tax-effected) to our financial statements that were prepared using U.S. GAAP, see Exhibit 99.1 to this annual report on Form 10-K, which exhibit is incorporated herein by reference.

Refer to the table below, which includes the calculation of ROIC and economic return for the indicated fiscal years (dollars in millions):

2025

2024

Adjusted operating income (tax-effected)

$

190.5 

$

168.0 

Average invested capital

1,303.6 

1,418.7 

After-tax ROIC

14.6 

%

11.8 

%

WACC

8.9 

%

8.2%

Economic return

5.7 

%

3.6 

%

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LIQUIDITY AND CAPITAL RESOURCES

Cash and cash equivalents and restricted cash were $306.8 million as of September 27, 2025, as compared to $347.5 million as of September 28, 2024.

As of September 27, 2025, 85% of our cash and cash equivalents balance was held outside of the U.S. by our foreign subsidiaries. Based on current expectations, we believe that our projected cash flows provided by operations, available cash and cash equivalents, potential borrowings under the Credit Facility, and our leasing capabilities should be sufficient to meet our working capital and fixed capital requirements, as well as execute our share repurchase authorization as management deems appropriate, for the next twelve months.

Our future cash flows from operating activities will be reduced by $16.5 million due to cash payments for U.S. federal taxes on the deemed repatriation of undistributed foreign earnings that are payable over an eight year period that began in fiscal 2019 and will end in fiscal 2026.

Cash Flows. The following table provides a summary of cash flows for fiscal 2025 and 2024 (in millions):

2025

2024

Cash flows provided by operating activities

$

249.2 

$

436.5 

Cash flows used in investing activities

(95.6)

(94.9)

Cash flows used in financing activities

(196.4)

(255.6)

Effect of exchange rate changes on cash and cash equivalents

2.1 

4.8 

Net (decrease) increase in cash and cash equivalents and restricted cash

$

(40.7)

$

90.8 

Operating Activities. Cash flows provided by operating activities were $249.2 million for fiscal 2025, as compared to $436.5 million for fiscal 2024. The decrease was primarily due to cash flow improvements (reductions) of:

•$61.1 million increase in net income.

•$(177.4) million in inventory cash flows driven by a smaller decrease in inventory in fiscal 2025 as compared to fiscal 2024. We drove significant efforts and initiatives to reduce inventory during fiscal 2024. While still achieving a decrease in inventory from fiscal 2024 to fiscal 2025, we did not experience as significant a reduction.

•$(78.7) million in advanced payments from customers cash flows driven by a larger decrease in advanced payments in fiscal 2025 as compared to fiscal 2024. We disposed greater amounts of aged inventory during fiscal 2025 which resulted in an increase in advanced payments returned to customers.

•$(75.7) million in accounts receivable cash flows driven by timing of shipments and mix of customer payment terms.

•$(51.3) million in contract assets cash flows corresponding to changes in demand from over time customers.

•$(11.2) million in other current and non-current liabilities cash flows primarily driven by lower cash flow benefit of accrued salaries and wages due to the timing of the year-end.

•$(9.2) million in deferred income taxes driven by an increase in deferred income tax benefit in fiscal 2025 as compared to fiscal 2024.

•$129.5 million in accounts payables cash flows primarily driven by the timing of materials procurement and payments to suppliers.

•$28.0 million in other current and non-current asset cash flows primarily driven by a decrease in prepayments to suppliers in fiscal 2025 as compared to an increase in fiscal 2024.

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The following table provides a summary of cash cycle days for the periods indicated (in days):

Three Months Ended

September 27,

2025

September 28,

2024

Days in accounts receivable

57

54

Days in contract assets

13

10

Days in inventory

118

127

Days in accounts payable

(70)

(59)

Days in advanced payments

(55)

(68)

Annualized cash cycle

63

64

We calculate days in accounts receivable and contract assets as each balance sheet item for the respective quarter divided by annualized sales for the respective quarter by day. We calculate days in inventory, accounts payable and advanced payments as each balance sheet line item for the respective quarter divided by annualized cost of sales for the respective quarter by day. We calculate annualized cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in advanced payments.

As of September 27, 2025, annualized cash cycle days decreased one day compared to September 28, 2024 due to the following:

Days in accounts receivable for the three months ended September 27, 2025 increased three days compared to the three months ended September 28, 2024. The increase is primarily attributable to the timing of customer shipments and payments as well as the mix of customer payment terms.

Days in contract assets for the three months ended September 27, 2025 increased three days compared to the three months ended September 28, 2024. The increase is primarily attributable to a decrease in advanced payments from customers with arrangements requiring revenue to be recognized over time as products are produced.

Days in inventory for the three months ended September 27, 2025 decreased nine days compared to the three months ended September 28, 2024. The decrease is primarily due to inventory reduction efforts as well as lower working capital investments to support our customers. These efforts include improved materials management and timely disposition of aged inventory.

Days in accounts payable for the three months ended September 27, 2025 increased eleven days compared to the three months ended September 28, 2024. The increase is primarily attributable to the timing of materials procurement and payments to suppliers.

Days in advanced payments for the three months ended September 27, 2025 decreased thirteen days compared to the three months ended September 28, 2024. The decrease was primarily attributable to a return of advanced payments to customers in line with lower inventory balances.

Free Cash Flow. We define free cash flow ("FCF"), a non-GAAP financial measure, as cash flows provided by operating activities less capital expenditures. FCF was $154.0 million for fiscal 2025 compared to $341.3 million for fiscal 2024, a decrease of $187.3 million. The decline in FCF was primarily due to significant inventory reduction efforts as well as lower working capital investments in inventory to support our customers in the prior year.

Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.

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A reconciliation of FCF to our financial statements that were prepared using GAAP as follows (in millions):

2025

2024

Cash flows provided by operating activities

$

249.2 

$

436.5 

Payments for property, plant and equipment

(95.2)

(95.2)

Free cash flow

$

154.0 

$

341.3 

Investing Activities. Cash flows used in investing activities were $95.6 million for fiscal 2025 compared to $94.9 million for fiscal 2024. The increase in cash used in investing activities was due to a $0.6 million increase in other investing outflows.

We utilized available cash and financing cash flows as the sources for funding our operating requirements during fiscal 2025. We currently estimate capital expenditures for fiscal 2026 will be approximately $90.0 million to $110.0 million to support new program ramps and replace older equipment.

Financing Activities. Cash flows used in financing activities were $196.4 million for fiscal 2025 compared to $255.6 million for fiscal 2024. The decrease was primarily attributable to the overall decrease in net repayments consisting of net repayments on the credit facility of $10.0 million in fiscal 2025 compared to $183.0 million fiscal 2024 as well as repayment, on maturity, of $100.0 million in principal amount of our 4.05% Senior Notes. The overall decrease in net repayments was partially offset by an increase of $9.6 million in cash used to repurchase our common stock.

On August 18, 2022, the Board of Directors approved a share repurchase program under which we were authorized to repurchase up to $50.0 million of our common stock (the "2023 Program"). During fiscal 2024 and 2023, we completed the 2023 Program by repurchasing 59,277 and 425,746 shares under this program for $5.7 million and $40.9 million at an average price of $95.59 and $95.96 per share, respectively.

On January 16, 2024, we announced a share repurchase program authorized by the Board of Directors under which we were authorized to repurchase up to $50.0 million of our common stock (the "2024 Program"). The 2024 Program became effective upon completion of the 2023 Program. During fiscal 2024, we completed the 2024 Program by repurchasing 477,012 shares under this program for $50.0 million at an average price of $104.82 per share.

On August 14, 2024, the Board of Directors approved a share repurchase program under which we were authorized to repurchase up to $50.0 million of our common stock (the "2025 Program"). The 2025 Program became effective upon completion of the 2024 Program. During fiscal 2025, we completed the 2025 Program by repurchasing 362,325 shares under this program for $50.0 million at an average price of $138.00 per share. The fiscal 2025 purchased amounts exclude excise tax on share repurchases of $0.4 million.

On May 14, 2025, the Board of Directors approved a share repurchase program under which we are authorized to repurchase up to $100.0 million of our common stock (the “2026 Program”). The 2026 Program became effective upon completion of the 2025 Program and has no expiration. During fiscal 2025, we repurchased 112,601 shares under this program for $15.0 million at an average price of $132.94 per share. As of September 27, 2025, $85.0 million of authority remained under the 2026 Program.

All shares repurchased under the aforementioned programs were recorded as treasury stock.

On June 15, 2018, we entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which we issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. On June 15, 2025, we repaid, on maturity, $100.0 million in principal amount of our 4.05% Senior Notes.

The 2018 NPA includes customary operational and financial covenants with which we are required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. As of September 27, 2025, $50.0 million of the 4.22% Series B Senior Notes were outstanding and we were in compliance with the covenants under the 2018 NPA. The remaining 4.22% Series B Senior Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the notes is payable semiannually.

On June 9, 2022, we refinanced our then-existing senior unsecured revolving credit facility (as amended by that certain Amendment No. 1 to Credit Agreement dated April 29, 2020, the "Prior Credit Facility") by entering into a new 5-year revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $350.0 million to $500.0 million and extended the maturity from May 15, 2024 to June 9, 2027. The maximum commitment under the Credit Facility may be further increased to $750.0 million, generally by mutual

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agreement of the lenders and us, subject to certain customary conditions. During fiscal 2025, the highest daily borrowing were $128.0 million; the average daily balance was $46.5 million. We borrowed $477.0 million and repaid $487.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during fiscal 2025. As of September 27, 2025, we were in compliance with all financial covenants relating to the Credit Facility, which are generally consistent with those in the 2018 NPA discussed above. We are required to pay a commitment fee on the daily unused credit facility based on our leverage ratio; the fee was 0.100% as of September 27, 2025.

The Credit Facility and the 2018 NPA allow for the future payment of cash dividends or the repurchase of shares provided that no event of default (including any failure to comply with a financial covenant) exists at the time of, or would be caused by, the dividend payment or the share repurchases. We have not paid cash dividends in the past. However, we evaluate from time to time potential uses of excess cash, which in the future may include share repurchases above those already authorized, a special dividend or recurring dividends.

We have Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (the "MUFG RPA"), HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") and other unaffiliated financial institutions, under which we may elect to sell receivables, at a discount. These facilities are uncommitted facilities. The maximum facility amount under the MUFG RPA as of September 27, 2025 is $340.0 million. The maximum facility amount under the HSBC RPA as of September 27, 2025 is $70.0 million. The MUFG RPA will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA previously discussed.

We sold $705.0 million and $854.7 million of trade accounts receivable under these programs during fiscal 2025 and 2024, respectively, in exchange for cash proceeds of $698.1 million and $844.6 million, respectively. As of September 27, 2025 and September 28, 2024, $214.4 million and $220.2 million, respectively, of accounts receivables sold under trade accounts receivable programs and subject to servicing by us remained outstanding and had not yet been collected.

In all cases, the sale discount was recorded within "Miscellaneous, net" in the Consolidated Statements of Comprehensive Income in the period of the sale. For further information regarding the receivable sale programs, see Note 14, "Trade Accounts Receivable Sale Programs," in Notes to Consolidated Financial Statements.

Based on current expectations, we believe that our projected cash flows provided by operations, available cash and cash equivalents, potential borrowings under the Credit Facility and our leasing capabilities should be sufficient to meet our working capital and fixed capital requirements, as well as execution upon our share repurchase authorizations as management deems appropriate, for the next twelve months. We believe our balance sheet is positioned to support the potential future challenges presented by macroeconomic factors including increased working capital requirements associated with longer lead-times for components, increased component and labor costs, and operating inefficiencies due to supply chain constraints. As of the end of fiscal 2025, cash and cash equivalents and restricted cash were $307 million, while debt, finance lease and other financing obligations were $138 million. If our future financing needs increase, then we may need to arrange additional debt or equity financing. Accordingly, we evaluate and consider from time to time various financing alternatives to supplement our financial resources. However, we cannot be assured that we will be able to make any such arrangements on acceptable terms or at all.

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CONTRACTUAL OBLIGATIONS, COMMITMENTS AND OFF-BALANCE SHEET OBLIGATIONS

Our disclosures regarding contractual obligations and commercial commitments are located in various parts of our regulatory filings. Information in the following table provides a summary of our contractual obligations and commercial commitments as of September 27, 2025 (dollars in millions):

Payments Due by Fiscal Year

Contractual Obligations

Total

2026

2027-2028

2029-2030

2031 and thereafter

Debt Obligations (1)

$

96.3 

$

42.1 

$

54.2 

$

— 

$

— 

Finance Lease Obligations

107.7 

8.4 

24.1 

10.9 

64.3 

Operating Lease Obligations

43.1 

9.5 

15.0 

7.6 

11.0 

Purchase Obligations (2)

1,214.4 

1,147.9 

65.7 

0.4 

0.4 

Repatriation Tax on Undistributed Foreign Earnings (3)

16.5 

16.5 

— 

— 

— 

Other Liabilities on the Balance Sheet (4)

19.7 

2.1 

3.2 

0.7 

13.7 

Other Liabilities not on the Balance Sheet (5)

9.0 

4.6 

1.5 

— 

2.9 

Total Contractual Cash Obligations

$

1,506.7 

$

1,231.1 

$

163.7 

$

19.6 

$

92.3 

1)Debt obligations includes $50.0 million in principal amount of 2018 Notes and $40.0 million of borrowings on the revolving commitment of the Credit Facility, as well as interest.

2)Purchase obligations consist primarily of purchases of inventory and equipment in the ordinary course of business.

3)Repatriation tax on undistributed foreign earnings consists of U.S. federal income taxes on the deemed repatriation of undistributed foreign earnings due to U.S. Tax Reform. Refer to "Liquidity and Capital Resources" above for further detail.

4)Other obligations on the balance sheet included deferred compensation obligations to certain of our former and current executive officers, as well as other key employees, other financing obligations arising from information technology maintenance agreements and asset retirement obligations related to our buildings. We have excluded from the above table the impact of approximately $19.1 million, as of September 27, 2025, related to unrecognized income tax benefits. We cannot make reliable estimates of the future cash flows by period related to these obligations.

5)Other obligations not on the balance sheet consist of guarantees and a commitment for salary continuation and certain benefits in the event employment of one executive officer is terminated without cause. Excluded from the amounts disclosed are certain bonus and incentive compensation amounts, which would be paid on a prorated basis in the year of termination.

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DISCLOSURE ABOUT CRITICAL ACCOUNTING ESTIMATES

Our accounting policies are disclosed in Note 1 "Description of Business and Significant Accounting Policies" of Notes to Consolidated Financial Statements. During fiscal 2025 there were no material changes to these policies. Our critical accounting estimates are described below:

Revenue Recognition: Revenue is recognized over time for arrangements with customers for which: (i) our performance does not create an asset with an alternative use to us, and (ii) we have an enforceable right to payment, including reasonable profit margin, for performance completed to date. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement.

For contracts requiring over time revenue recognition, we calculate the revenue to recognize using the costs incurred to date plus a reasonable profit margin. We use historical information to estimate the profit margin associated with the performance obligation that is satisfied over time. We reevaluate our estimate of profit margins on a quarterly basis. While experience has shown that trends in profit margins are not volatile, changes in pricing or cost efficiencies could create significant fluctuations for certain performance obligations. As actual experience becomes available, we use the data to update the historical averages and compare the results to estimates. Based on review of profits margins we update our estimate to the model as necessary.

See Note 15 "Revenue from Contracts with Customers" of Notes to Consolidated Financial Statements for further information on our revenue recognition policies.

Income Taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We maintain valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In determining whether a valuation allowance is required, we take into account such factors as:

•Prior earnings history. A pattern of recent financial reporting losses in a jurisdiction is heavily weighted as a source of negative evidence. We also consider the strength and trend of earnings, as well as other relevant factors. In certain circumstances, historical earnings may not be as relevant due to changes in our business operations;

•Expected future earnings. Future reversals of existing temporary differences are heavily weighted sources of objectively verifiable positive evidence. Projections of future taxable income exclusive of reversing temporary differences are an additional source of positive evidence;

•Tax planning strategies. If necessary and available, tax planning strategies would be implemented to accelerate taxable amounts to utilize expiring carryforwards. These strategies would be a source of additional positive evidence.

See Note 6 "Income Taxes" of Notes to Consolidated Financial Statements for further information on our income tax policies.

NEW ACCOUNTING PRONOUNCEMENTS

See Note 1, "Description of Business and Significant Accounting Policies," in Notes to Consolidated Financial Statements regarding recent accounting pronouncements. 

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