What Does Flex’s Record Sales Growth Really Show?
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One large company sold about a quarter more in its latest reporting period than in the same period a year earlier. That company is Flex (FLEX), and sales growth that fast is its highest in ten years, set in the quarter that ended on September 25, 2026. So in a normal quarter over that decade, how fast do you think Flex’s sales grew?
How Unusual Is This For Flex?
Very. Flex’s sales grew 24.8% in that quarter, while in a typical quarter over the past ten years, counting every quarter, they grew 3.6%. So Flex is growing about seven times as fast as usual. The table shows the same fiscal quarter in each of those ten years.
| Quarter ended | Sales, change from the same quarter a year earlier |
|---|---|
| 2017-09-29 (Q2 FY2018) | 4.4% |
| 2018-09-28 (Q2 FY2019) | 6.3% |
| 2019-09-27 (Q2 FY2020) | -8.6% |
| 2020-09-25 (Q2 FY2021) | -1.7% |
| 2021-10-01 (Q2 FY2022) | 4.1% |
| 2022-09-30 (Q2 FY2023) | 24.7% |
| 2023-09-29 (Q2 FY2024) | -10.7% |
| 2024-09-27 (Q2 FY2025) | -5.6% |
| 2025-09-26 (Q2 FY2026) | 4.0% |
| 2026-09-25 (Q2 FY2027) | 24.8% |
One fiscal quarter in each row: the same fiscal quarter in each year, 2017-09-29 (Q2 FY2018) to 2026-09-25 (Q2 FY2027). The 2023-09-29 row sets sales without Nextracker, a business Flex later spun off, against a year-earlier quarter that included it; management put that quarter’s fall at about 4%.
The previous high was 24.7%, set in the quarter to September 2022, so the new record clears the old one by only a tenth of a point. This is a fresh record, not one Flex has been extending. The last time Flex grew this fast, its sales were shrinking from a year earlier within a year.
What Is Behind Flex’s Record Sales Growth?
The fastest growth came from Flex’s Cloud and Power Infrastructure business, whose revenue rose 54% in the quarter on continued strength in power and in cloud and cooling, management said. Management also said Flex plans to spin off that business, now called Axiom, and its full-year forecasts do not reflect the spin-off. That business made up 23.7% of Flex’s sales in fiscal 2026, up from 18.6% a year before.
Flex’s Regulated Manufacturing Solutions business and its Integrated Technology Solutions business together grew 16%, with strong growth in communications lifting Integrated Technology Solutions. Total sales at Flex have now risen from a year earlier for eight quarters in a row.
Is The Latest Quarter Still Improving?
Yes, and it has been for a year. Flex’s sales grew 4.0% in the quarter to September 2025, and growth has picked up in each of the four quarters since, reaching 20.6% in the quarter to June 2026 and 24.8% in the latest quarter.
A single strong quarter can outpace the full year, and Flex’s twelve-month figure is lower. Sales grew 17.5% over the twelve months to September 2026. The newest quarter is still pulling the twelve-month figure up, and Flex is moving further from its usual pace, not back toward it.
When The Record Is Next Tested
Management expects growth to rise again. On its October 28, 2026 call, it forecast sales growth of 28% at the midpoint for fiscal Q3 2027, the quarter to December, and it raised its full-year sales forecast. About half of that full-year raise came from EPC Power, a power conversion business Flex bought on October 14, and the guidance now includes that business, management said.
Flex stock returned 21.5% over the twelve months to November 10, 2026, against 13.1% for the S&P 500.
When Flex reports, expected in February 2027, its sales growth in the quarter to December against the latest quarter’s pace is the figure to watch. Sales in that quarter will include EPC Power, which Flex bought after the latest quarter ended.
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