Flex Ltd. reported a revenue of $25.8 billion for the fiscal year ending March 31, 2025, marking a decrease of approximately 2% from the previous year's revenue of $26.4 billion. The decline was primarily attributed to a 6% drop in the Flex Reliability Solutions (FRS) segment, which faced reduced demand in its industrial, automotive, and health solutions businesses. In contrast, the Flex Agility Solutions (FAS) segment saw a slight increase in revenue, driven by a 15% rise in consumer devices, although this was offset by a 4% decline in the lifestyle sector. Gross profit for the year increased by 16% to $2.2 billion, reflecting improved product mix and operational efficiencies.
The company underwent significant strategic changes during the fiscal year, including the introduction of its EMS + Products + Services approach, aimed at enhancing its manufacturing and supply chain capabilities while expanding its proprietary product offerings. Flex also completed several acquisitions, including JetCool Technologies and Crown Technical Systems, to bolster its capabilities in critical power solutions and liquid cooling technologies for data centers. Additionally, on January 2, 2024, Flex completed the spin-off of its remaining interest in Nextracker, which has since been classified as discontinued operations.
Operationally, Flex's workforce totaled approximately 148,000 employees as of March 31, 2025, with a balanced global manufacturing footprint that includes 100 facilities across 30 countries. The company reported that its ten largest customers accounted for 44% of net sales, with no single customer exceeding 10% of total sales. The company also noted a shift in revenue recognition for certain contracts, transitioning from point-in-time to over-time recognition, which increased contract assets significantly.
Looking ahead, Flex anticipates continued challenges from global economic conditions, including inflationary pressures and geopolitical uncertainties, which may impact customer demand and operational costs. The company remains focused on leveraging its extensive capabilities to navigate these complexities and is committed to maintaining its competitive position in the market. Flex's management expressed confidence in its liquidity and capital resources, indicating that the current financial condition is adequate to meet future commitments.
About FLEX LTD.
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