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SEGMENT REPORTING
 6 Months Ended
Sep. 26, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company reports its financial performance based on two operating and reportable segments, Flex Agility Solutions and Flex Reliability Solutions, and analyzes operating income as the measure of segment profitability. The determination of these segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics.
An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, certain restructuring and impairment charges, customer related asset impairment, legal and other, interest expense, interest income, other charges (income), net, and equity in earnings of unconsolidated affiliates. A portion of depreciation is allocated to the respective segments, together with other general corporate, research and development and administrative expenses.
The Company's Chief Executive Officer is our Chief Operating Decision Maker ("CODM") who uses segment income in evaluating how we allocate resources, assess performance and make strategic and operational decisions.
Selected financial information by segment for the three and six-month periods ended September 26, 2025 and September 27, 2024 are in the tables below:
FASFRSCorporate & OtherTotal
Three-Months Ended September 26, 2025(In millions)
Net Sales$3,766 $3,038 $— $6,804 
Cost of inventory(2,780)(1,956)(1)(4,737)
Manufacturing expenses(667)(768)— (1,435)
Segment selling, general and administrative expenses(92)(117)(14)(223)
      Segment income$227 $197 $(15)$409 
Reconciling items:
Intangible amortization$16 
Stock-based compensation37 
Restructuring and impairment charges (1)51 
Legal and other (2)9 
Interest expenses52 
Interest income10 
Other charges (income), net(13)
Equity in earnings (losses) of unconsolidated affiliates(5)
Income before income taxes$262 
(1)The Company recognized a total of $41 million in asset impairments, inventory write-downs and other related charges as a result of a missile strike on its Mukachevo, Ukraine facility on August 21, 2025. Refer to note 1 "Organization of the Company and Basis of Presentation" for further details.
(2)Legal and other consists of costs not directly related to core business results and including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs. During fiscal year 2026, legal costs were primarily related to costs from acquisitions occurring in fiscal year 2025 and the first quarter of fiscal year 2026.
FASFRSCorporate & OtherTotal
Six-Months Ended September 26, 2025(In millions)
Net Sales$7,457 $5,922 $— $13,379 
Cost of inventory(5,512)(3,883)(1)(9,396)
Manufacturing expenses(1,301)(1,449)(5)(2,755)
Segment selling, general and administrative expenses(177)(221)(26)(424)
Segment income$467 $369 $(32)$804 
Reconciling items:
Intangible amortization$37 
Stock-based compensation71 
Restructuring and impairment charges (1)74 
Legal and other (2)15 
Interest expenses103 
Interest income23 
Other charges (income), net(6)
Equity in earnings (losses) of unconsolidated affiliates(25)
Income before income taxes$508 
(1)The Company recognized a total of $41 million in asset impairments, inventory write-downs and other related charges as a result of a missile strike on its Mukachevo, Ukraine facility on August 21, 2025. Refer to note 1 "Organization of the Company and Basis of Presentation" for further details.
(2)Legal and other consists of costs not directly related to core business results and including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs. During fiscal year 2026, legal costs were primarily related to costs from acquisitions occurring in fiscal year 2025 and the first quarter of fiscal year 2026.
FASFRSCorporate & OtherTotal
Three-Months Ended September 27, 2024(In millions)
Net Sales$3,606 $2,939 $— $6,545 
Cost of inventory(2,680)(1,988)— (4,668)
Manufacturing expenses(625)(692)(6)(1,323)
Segment selling, general and administrative expenses(83)(100)(13)(196)
Segment income$218 $159 $(19)$358 
Reconciling items:
Intangible amortization$16 
Stock-based compensation28 
Restructuring charges17 
Interest expenses53 
Interest income16 
Other charges (income), net(8)
Equity in earnings (losses) of unconsolidated affiliates(4)
Income before income taxes$264 
FASFRSCorporate & OtherTotal
Six-Months Ended September 27, 2024(In millions)
Net Sales$6,971 $5,888 $— $12,859 
Cost of inventory(5,176)(3,991)— (9,167)
Manufacturing expenses(1,238)(1,391)(14)(2,643)
Segment selling, general and administrative expenses(160)(200)(25)(385)
      Segment income$397 $306 $(39)$664 
Reconciling items:
Intangible amortization$32 
Stock-based compensation60 
Restructuring charges42 
Interest expenses109 
Interest income32 
Other charges (income), net(6)
Equity in earnings (losses) of unconsolidated affiliates(3)
Income before income taxes$456 
Corporate and Other primarily includes corporate service costs that are not included in the CODM's assessment of the performance of each of the identified reportable segments.
The Company provides an overall platform of assets and services, which the segments utilize for the benefit of their various customers. The shared assets and services are contained within the Company's global manufacturing and design operations and include manufacturing and design facilities. Most of the underlying manufacturing and design assets are co-mingled in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM.
Property and equipment on a segment basis is not separately identified and is not internally reported by segment to the Company's CODM as described above.
Total depreciation expense, including amounts allocated to the reportable segments and Corporate and Other for the three and six-month periods ended September 26, 2025 and September 27, 2024 are as follows:
Three-Month Periods Ended
Six-Month Periods Ended
September 26, 2025September 27, 2024September 26, 2025September 27, 2024
(In millions)(In millions)
Depreciation expense:
   Flex Agility Solutions$44 $45 $94 $89 
   Flex Reliability Solutions66 64 128 126 
   Corporate and Other4 2 7 6 
        Total depreciation expense$114 $111 $229 $221