PLEXUS CORP
For the period ended Sep 27, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Nov 14, 2025
PLXS$192.17+2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-09-28; filed 2024-11-15.
0000785786-24-000074
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-09-27; filed 2025-11-14.
0000785786-25-000064
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 102 current paragraphs.
43 unchanged; 49 reworded; 9 added; 8 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
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.
Current report
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.
Current report
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 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.
Current report
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.
Current report
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.
Current report
•$61.1 million increase in net income.
Current report
•$(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.
Current report
•$(9.2) million in deferred income taxes driven by an increase in deferred income tax benefit in fiscal 2025 as compared to fiscal 2024.
Current report
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.
Removed paragraphs (8)
Previous report
Market Pressures Update
Previous report
We have experienced market-driven inventory corrections and incrementally weaker demand from our customers in our Healthcare/Lifesciences and Industrial market sectors. While we are starting to see improvements, if market softness continues for extended periods, this would impact our operating results in future periods.
Previous report
We believe our balance sheet is positioned to support the potential future challenges presented by the macroeconomic pressures we are facing. As of September 28, 2024, cash and cash equivalents and restricted cash were $347 million, while debt, finance lease and other financing obligations were $247 million. Borrowings under our credit facility as of September 28, 2024 were $50 million, leaving $450 million of our revolving commitment of $500 million available for use as of September 28, 2024 as well as the ability to expand our revolving commitment to $750 million upon mutual agreement with our banks. Interest expense could increase above current levels due to increased borrowing under our credit facility associated with working capital investments along with the impact of rising interest rates. Refer to Note 4, "Debt, Finance Lease and Other Financing Obligations," in Notes to Consolidated Financial Statements and "Management’s Discussion and Analysis of Liquidity and Capital Resources" in Part II, Item 7 for further information.
Previous report
As a percentage of consolidated net sales, net sales attributable to customers representing 10.0% or more of consolidated net sales as well as the percentage of net sales attributable to our ten largest customers for the indicated fiscal years were as follows:
Previous report
AMER. Net sales for fiscal 2024 in the AMER segment decreased $234.8 million, or 15.1%, as compared to fiscal 2023. The decrease in net sales was driven by overall net decreased customer end-market demand, inclusive of market-driven inventory corrections at our customers, as well as reductions in inflated component pricing. The decrease was further driven by a decrease of $38.7 million due to disengagements with customers and $35.9 million due to the discontinuation of programs with existing customers. The decrease was partially offset by an increase of $68.8 million due to production ramps of new products for existing customers and $41.4 million due to production ramps for new customers.
Previous report
APAC. Net sales for fiscal 2024 in the APAC segment decreased $145.3 million, or 6.2%, as compared to fiscal 2023. The decrease in net sales was driven by overall net decreased customer end-market demand, inclusive of market-driven inventory corrections at our customers, as well as reductions in inflated component pricing. The decrease was further driven by a decrease of $32.5 million for end-of-life products and $8.5 million due to a disengagement with a customer. The decrease was partially offset by an increase of $20.0 million due to production ramps of new products for existing customers.
Previous report
Industrial. Net sales for fiscal 2024 in the Industrial sector decreased $49.0 million, or 2.8%, as compared to fiscal 2023. The decrease in net sales was driven by overall net decreased customer end-market demand as well as a reductions in inflated component pricing. The decrease was further driven by a decrease of $45.9 million due to the discontinuation of programs with existing customers and $24.1 million due to disengagements with customers. The decrease was partially offset by an increase of $83.3 million in production ramps for a new customer.
Previous report
•$(27.3) million decrease in net income.
Reworded paragraphs (49)
Previous wording
Plexus Corp. and its subsidiaries (together "Plexus," the "Company," or "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. 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 market 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.
Current wording
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.
Previous wording
A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2023 compared to fiscal 2022 is incorporated herein by reference from 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 30, 2023, which was filed with the SEC on November 17, 2023, and is available on the SEC’s website at www.sec.gov as well as our Investor Relations website at www.plexus.com.
Current wording
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.
Previous wording
Net sales. Fiscal 2024 net sales decreased $249.5 million, or 5.9%, as compared to fiscal 2023.
Current wording
Net sales. Fiscal 2025 net sales increased $72.2 million, or 1.8%, as compared to fiscal 2024.
Previous wording
EMEA. Net sales for fiscal 2024 in the EMEA segment increased $138.6 million, or 34.4%, as compared to fiscal 2023. The increase in net sales was driven by an increase of $89.3 million due to production ramps for new customers, $22.6 million due to production ramps of new products for existing customers and overall net increased customer end-market demand. The increase was partially offset by a decrease of $10.4 million due to the discontinuation of a program with an existing customer and reductions in inflated component pricing.
Current wording
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.
Previous wording
Healthcare/Life Sciences. Net sales for fiscal 2024 in the Healthcare/Life Sciences sector decreased $320.0 million, or 17.1%, as compared to fiscal 2023. The decrease in net sales was driven by overall net decreased customer end-market demand, inclusive of market-driven inventory corrections at our customers, as well as a reduction in inflated component pricing. The decrease was further driven by a decrease of $31.9 million for end-of-life products. The decrease was partially offset by an increase of $87.4 million in production ramps of new products for existing customers and $14.3 million in production ramps for new customers.
Current wording
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.
Previous wording
Aerospace/Defense. Net sales for fiscal 2024 in the Aerospace/Defense sector increased $119.5 million, or 20.6%, as compared to fiscal 2023. The increase was driven by overall net increased customer end-market demand, an increase of $32.9 million in production ramps for new customers and $19.7 million in production ramps of new products for existing customers. The increase was partially offset by a decrease of $20.7 million due to disengagements with customers.
Current wording
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.
Previous wording
Cost of sales. Cost of sales for fiscal 2024 decreased $233.5 million, or 6.1%, as compared to fiscal 2023. Cost of sales is comprised primarily of material and component costs, labor costs and overhead. In both fiscal 2024 and 2023, approximately 89% of the total cost of sales was variable in nature and fluctuated with sales volumes. Approximately 87% of these costs in both fiscal 2024 and 2023 were related to material and component costs.
Current wording
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.
Previous wording
As compared to fiscal 2023, the decrease in cost of sales in fiscal 2024 was primarily driven by the decrease in net sales and a positive shift in customer mix, partially offset by an increase in fixed costs.
Current wording
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.
Previous wording
Gross profit. Gross profit for fiscal 2024 decreased $16.1 million, or 4.1%, as compared to fiscal 2023. Gross margin of 9.6% increased 20 basis points compared to fiscal 2023. The primary drivers of the decrease in gross profit as compared to fiscal 2023 were a decrease in net sales and an increase in fixed costs to support new customer program ramps, partially offset by a positive shift in customer mix, which drove the increase in gross margin.
Current wording
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.
Previous wording
Operating income. Operating income for fiscal 2024 decreased $28.1 million, or 14.4%, as compared to fiscal 2023. Operating margin of 4.2% decreased 50 basis points compared to fiscal 2023. The primary drivers of the decrease in operating income and operating margin as compared to fiscal 2023 was the result of the decrease in gross profit and an increase of $14.9 million in S&A, partially offset by a decrease of $2.8 million in restructuring and other charges. The increase in S&A was primarily due to an increase of $9.0 million in stock-based compensation expense primarily due to $5.1 million of accelerated stock-based compensation expense related to executive retirement agreements. The increase in S&A was further driven by a net increase in compensation costs and an increase in information technology and professional service expenses. The restructuring and other charges for fiscal 2024 consisted of employee severance costs associated with a reduction in the Company's workforce as well as closure costs associated with sites in the Company's AMER and EMEA regions, offset by insurance proceeds received in an arbitration decision regarding a contractual matter that took place in the Company's EMEA region in fiscal 2023. The restructuring and other charges for fiscal 2023 consisted of severance from the reduction of the Company's workforce, a lease agreement termination and an arbitration decision regarding a contractual matter that occurred in the Company's EMEA region.
Current wording
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.
Previous wording
APAC. Operating income decreased $0.3 million in fiscal 2024 as compared to fiscal 2023, primarily as a result of a decrease in net sales, partially offset by a positive shift in customer mix.
Current wording
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.
Previous wording
EMEA. Operating income increased $11.8 million in fiscal 2024 as compared to fiscal 2023 primarily as a result of an increase in net sales and a positive shift in customer mix, partially offset by increased fixed costs and an increase in S&A.
Current wording
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.
Previous wording
AMER. Operating income decreased $40.1 million in fiscal 2024 as compared to fiscal 2023, primarily as a result of a decrease in net sales and an increase in S&A, partially offset by a positive shift in customer mix and a decrease in fixed costs.
Current wording
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.
Previous wording
Other expense. Other expense for fiscal 2024 increased $3.4 million as compared to fiscal 2023. The increase in other expense for fiscal 2024 was primarily driven by a decrease in other miscellaneous income of $4.9 million as prior year insurance recoveries did not recur and an increase in foreign exchange losses of $1.6 million, partially offset by a decrease in interest expense of $2.7 million due to lower borrowings on our credit facility.
Current wording
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.
Previous wording
Income taxes. Income tax expense for fiscal 2024 was $17.7 million compared to $21.9 million for fiscal 2023. The decrease is primarily due to a decrease in pre-tax book income and the geographic distribution of worldwide earnings.
Current wording
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.
Previous wording
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 2024 and 2023, 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 $37.3 million ($1.36 per basic share, $1.34 per diluted share) and $25.9 million ($0.94 per basic share, $0.92 per diluted share), respectively.
Current wording
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.
Previous wording
The annual effective tax rate for fiscal 2025 is expected to be approximately 14.0% to 16.0%.
Current wording
The annual effective tax rate for fiscal 2026 is expected to be approximately 17.0% to 19.0% assuming no changes to tax laws.
Previous wording
Net income. Net income for fiscal 2024 decreased $27.3 million, or 19.6%, from fiscal 2023 to $111.8 million. Net income decreased primarily as a result of the decrease in operating income and the increase in other expense, partially offset by the decrease in tax expense as previously discussed.
Current wording
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.
Previous wording
Diluted earnings per share. Diluted earnings per share decreased to $4.01 in fiscal 2024 from $4.95 in fiscal 2023, primarily as a result of decreased net income due to the factors discussed above, partially offset by a reduction in diluted shares outstanding.
Current wording
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.
Previous wording
We review our internal calculation of WACC annually. Our WACC was 8.2% for fiscal 2024 and 9.0% for fiscal 2023. By exercising discipline to generate ROIC in excess of our WACC, our goal is to create value for our shareholders. Fiscal 2024 ROIC of 11.8% reflects an economic return of 3.6%, based on our weighted average cost of capital of 8.2%, and fiscal 2023 ROIC of 13.4% reflects an economic return of 4.4%, based on our weighted average cost of capital of 9.0%.
Current wording
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%.
Previous wording
Cash and cash equivalents and restricted cash were $347.5 million as of September 28, 2024, as compared to $256.7 million as of September 30, 2023.
Current wording
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.
Previous wording
As of September 28, 2024, 88% of our cash and cash equivalents balance was held outside of the U.S. by our foreign subsidiaries. Currently, we believe that our cash balance, together with cash available under our Credit Facility, will be sufficient to meet our liquidity needs and potential share repurchases, if any, for the next twelve months and for the foreseeable future.
Current wording
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.
Previous wording
Our future cash flows from operating activities will be reduced by $31.4 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 with the first payment. The table below provides the expected timing of these future cash outflows, in accordance with the following installment schedule for the remaining two years (in millions):
Current wording
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.
Previous wording
Operating Activities. Cash flows provided by operating activities were $436.5 million for fiscal 2024, as compared to $165.8 million for fiscal 2023. The increase was primarily due to cash flow improvements (reductions) of:
Current wording
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:
Previous wording
•$213.7 million in inventory cash flows driven by a larger decrease in inventory in fiscal 2024 as compared to fiscal 2023 due to inventory reduction efforts.
Current wording
•$(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.
Previous wording
•$(34.1) million in advanced payments from customers cash flows driven by a larger decrease in advanced payments in fiscal 2024 as compared to fiscal 2023.
Current wording
•$(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.
Previous wording
•$(36.5) million in accounts receivable cash flows driven by timing of shipments and mix of customer payment terms.
Current wording
•$(75.7) million in accounts receivable cash flows driven by timing of shipments and mix of customer payment terms.
Previous wording
•$24.8 million in contract assets cash flows driven by lower demand from over time customers.
Current wording
•$(51.3) million in contract assets cash flows corresponding to changes in demand from over time customers.
Previous wording
•$139.9 million in accounts payables cash flows primarily driven by the timing of materials procurement and payments to suppliers.
Current wording
•$129.5 million in accounts payables cash flows primarily driven by the timing of materials procurement and payments to suppliers.
Previous wording
•$(23.6) million in other current and non-current asset cash flows primarily driven by an increase in tax prepayments related to timing of payments and an increase in prepayments to suppliers in fiscal 2024 as compared to a decrease in fiscal 2023.
Current wording
•$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.
Previous wording
As of September 28, 2024, annualized cash cycle days decreased twenty-three days compared to September 30, 2023 due to the following:
Current wording
As of September 27, 2025, annualized cash cycle days decreased one day compared to September 28, 2024 due to the following:
Previous wording
Days in accounts receivable for the three months ended September 28, 2024 decreased five days compared to the three months ended September 30, 2023. The decrease is primarily attributable to the timing of customer shipments and payments as well as the mix of customer payment terms.
Current wording
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.
Previous wording
Days in contract assets for the three months ended September 28, 2024 decreased three days compared to the three months ended September 30, 2023. The decrease is primarily attributable to a decrease in demand from customers with arrangements requiring revenue to be recognized over time as products are produced.
Current wording
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.
Previous wording
Days in inventory for the three months ended September 28, 2024 decreased twenty-seven days compared to the three months ended September 30, 2023. The decrease is primarily due to inventory reduction efforts.
Current wording
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.
Previous wording
Days in accounts payable for the three months ended September 28, 2024 decreased five days compared to the three months ended September 30, 2023. The decrease is primarily attributable to timing of materials procurement and payments to suppliers.
Current wording
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.
Previous wording
Days in advanced payments for the three months ended September 28, 2024 decreased seven days compared to the three months ended September 30, 2023. The decrease was primarily attributable to a return of advanced payments to customers in line with lower inventory balances.
Current wording
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.
Previous wording
Free Cash Flow. We define free cash flow ("FCF"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was $341.3 million for fiscal 2024 compared to $61.8 million for fiscal 2023, an increase of $279.5 million. The improvement in FCF was primarily due to inventory reduction efforts as well as lower working capital investments in inventory to support our customers.
Current wording
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.
Previous wording
Investing Activities. Cash flows used in investing activities were $94.9 million for fiscal 2024 compared to $93.3 million for fiscal 2023. The increase in cash used in investing activities was due to $10.8 million from insurance proceeds in fiscal 2023, partially offset by an $8.9 million decrease in capital expenditures.
Current wording
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.
Previous wording
We utilized available cash and financing cash flows as the sources for funding our operating requirements during fiscal 2024. We currently estimate capital expenditures for fiscal 2025 will be approximately $120.0 million to $150.0 million to support new program ramps and replace older equipment. This estimate also includes $60.0 million related to the footprint expansion on the mainland of Penang, Malaysia.
Current wording
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.
Previous wording
Financing Activities. Cash flows used in financing activities were $255.6 million for fiscal 2024 compared to $92.7 million for fiscal 2023. The increase was primarily attributable to net repayments on the credit facility in fiscal 2024 of $183.0 million compared to net repayments on the credit facility in 2023 of $30.0 million as well as an increase of $14.7 million in cash used to repurchase our common stock.
Current wording
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.
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Current report — wording carried from elsewhere
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.