Plexus Corp. reported fiscal first‑quarter 2026 revenue of $1.070 billion, up 1 % from the $1.058 billion earned in the fourth quarter of 2025 and 10 % from the $976 million earned in the same quarter a year earlier. The growth was driven by a $466 million increase in Healthcare/Life Sciences revenue and a $178 million rise in Aerospace/Defense revenue, while Industrial revenue remained flat at $426 million.
Non‑GAAP earnings per share were $1.78, matching the high end of the company’s guidance range and beating the consensus estimate of $1.77 by $0.01, a 0.57 % surprise. The company’s non‑GAAP operating margin held steady at 5.8 %, the same level reported in Q4 2025, indicating that the mix of high‑margin Aerospace/Defense contracts offset the cost of new program ramps.
Management highlighted 22 new manufacturing wins that translate to $283 million in annualized revenue, including a record $220 million in Aerospace/Defense program wins that expanded Plexus’s presence in commercial space and defense technology. The wins were driven by new contracts with major aerospace customers and a surge in demand for advanced electronics in defense applications.
Plexus reiterated its fiscal 2026 guidance, projecting Q2 revenue of $1.110 billion to $1.150 billion, a 6 % sequential increase and 15 % year‑over‑year growth at the midpoint. The company also reaffirmed a full‑year free cash flow expectation of $100 million and maintained a non‑GAAP operating margin target of 5.6 % to 6.0 %. CEO Todd Kelsey said the company is “generating significant momentum” and that the guidance reflects confidence in continued demand and operational efficiency.
Investors reacted with a muted after‑hours move, with the stock trading only 0.24 % lower, indicating that the market had largely priced in the in‑line results and is now focusing on the forward‑looking guidance. Analysts noted that the Q2 revenue outlook exceeded consensus estimates, which is a key driver of the subdued reaction.
Overall, Plexus’s first‑quarter performance demonstrates steady revenue growth, strong program wins in high‑margin sectors, and a stable margin profile, while the company’s guidance signals confidence in continued expansion and cash‑flow generation.
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