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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 26, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-23354

FLEX LTD.

(Exact name of registrant as specified in its charter)


Singapore						98-1773351
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)


12515-8 Research Blvd, Suite 300,
Austin, Texas						78759
(Address of principal executive offices)						(Zip Code)

(512) 425-7929

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary Shares, No Par Value

FLEX

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s ordinary shares outstanding as of October 24, 2025 was 369,790,328.

Table of Contents

FLEX LTD.

INDEX


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Report of Independent Registered Public Accounting Firm	3
	Condensed Consolidated Balance Sheets (unaudited) — September 2 6 , 2025 and March 31, 2025	4
	Condensed Consolidated Statements of Operations (unaudited) — Three -Month and Six -Month Periods Ended September 2 6 , 2025 and September 2 7 , 2024	5
	Condensed Consolidated Statements of Comprehensive Income (unaudited) — Three-Month and Six-Month Periods Ended September 2 6 , 2025 and September 2 7 , 2024	6
	Condensed Consolidated Statements of Shareholders' Equity (unaudited) — Three-Month and Six-Month Periods Ended September 2 6 , 2025 and September 2 7 , 2024	7
	Condensed Consolidated Statements of Cash Flows (unaudited) — Six -Month Periods Ended September 2 6 , 2025 and September 2 7 , 2024	9
	Notes to Condensed Consolidated Financial Statements (unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	40
Item 4.	Mine Safety Disclosures	40
Item 5.	Other Information	40
Item 6.	Exhibits	41
Signatures		42

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Flex Ltd., Singapore

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of Flex Ltd. and subsidiaries (the “Company”) as of September 26, 2025, the related condensed consolidated statements of operations, comprehensive income, and shareholders’ equity for the six-month periods ended September 26, 2025 and September 27, 2024, the condensed consolidated statement of cash flows for the six-month periods ended September 26, 2025 and September 27, 2024, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of March 31, 2025, and the related consolidated statements of operations, comprehensive income, redeemable noncontrolling interest and shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated May 21, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of March 31, 2025 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ DELOITTE & TOUCHE LLP
San Jose, California
October 31, 2025

Table of Contents

FLEX LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS


	As of September 26, 2025		As of March 31, 2025
	(In millions, except share amounts) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,249	$	2,289
Accounts receivable, net of allowance of $9 and $7, respectively	3,857		3,671
Contract assets	819		616
Inventories	5,270		5,071
Other current assets	1,647		1,194
Total current assets	13,842		12,841
Property and equipment, net	2,352		2,330
Operating lease right-of-use assets, net	703		562
Goodwill	1,375		1,341
Other intangible assets, net	314		343
Other non-current assets	960		964
Total assets	$	19,546	$	18,381

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	676	$	1,209
Accounts payable	6,125		5,147
Accrued payroll and benefits	568		560
Deferred revenue and customer working capital advances	1,914		1,957
Other current liabilities	1,091		977
Total current liabilities	10,374		9,850
Long-term debt, net of current portion	3,013		2,483
Operating lease liabilities, non-current	604		456
Other non-current liabilities	520		590
Total liabilities	14,511		13,379
Shareholders’ equity
Ordinary shares, no par value; 376,417,513 and 383,369,073 issued, and 370,865,873 and 377,817,433 outstanding as of September 26, 2025 and March 31, 2025, respectively	3,671		4,142
Treasury stock, at cost; 5,551,640 shares	(200)		(200)
Accumulated earnings	1,675		1,284
Accumulated other comprehensive loss	(111)		(224)
Total shareholders’ equity	5,035		5,002
Total liabilities and shareholders' equity	$	19,546	$	18,381

FLEX LTD. 10-Q