Short answer
PLEXUS CORP (PLXS) filed its fiscal 2025 10-K annual report with the SEC on Nov 14, 2025. It reported revenue of $4.0B (−1.1% year over year) and net income of $173M.
- Top risk flagged: Regulatory tax risk: Expiration of APAC tax holiday on December 31, 2034, provides $43.1M tax reduction in fiscal 2025, subject to certain conditions
FY2025 key financial metrics · XBRL
- Revenue
- $4.0B
- −1.1% YoY
- Net income
- $173M
- +54.6% YoY
- Operating margin
- 5.0%
- +0.9 pp YoY
- Gross margin
- 10.1%
- +0.8 pp YoY
- EPS (diluted)
- $6.26
- +56.1% YoY
- ROE
- 11.9%
- +3.4 pp YoY
- Operating cash flow
- $249M
- −42.9% YoY
Source: XBRL data from the PLEXUS CORP (PLXS) FY2025 10-K on SEC EDGAR. USD.
PLEXUS CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Design, manufacture, service complex products in regulated markets for Aerospace/Defense, Healthcare/Life Sciences, Industrial sectors
- Emphasis on delivering solutions with zero defects and perfect delivery through operational excellence
- Strategic focus on high growth markets with demanding regulatory environments and commitment to disciplined financial model targeting 9-12% revenue CAGR
- Workforce expanded to over 20,000 employees across 26 global facilities in AMER, APAC, and EMEA regions
- Fiscal 2025 WACC recalculated at 8.9%, aiming for 15% ROIC to drive positive economic return and shareholder value
Management Discussion & Analysis
- Revenue and profitability details not disclosed in overview section
- No cash flow, capital allocation, or specific dollar amounts mentioned
- No management outlook or forward-looking guidance detailed in overview
Risk Factors
- Regulatory tax risk: Expiration of APAC tax holiday on December 31, 2034, provides $43.1M tax reduction in fiscal 2025, subject to certain conditions
- Macroeconomic risk: 85% of $306.8M cash held outside U.S., exposing liquidity to foreign market and currency fluctuations
- Operational vulnerability: 18.2% net sales decline in EMEA segment due to decreased customer demand and $21.0M customer disengagements
- Competitive risk: $54.1M net sales reduction in AMER from customer disengagements and program discontinuation, impacting defense and industrial sectors
- Financial risk: $50M 4.22% Senior Notes due 2028 with covenants; credit facility max commitment $500M (extendable to $750M); $128M max daily borrowing in fiscal 2025
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