FLEX — what changed in the latest 10-Q
A section-by-section comparison of FLEX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-07-31
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +32 | −21 | ~17 | 41 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +5 | 0 | 0 | 1 |
| Other information | Text added/removed | +2 | −3 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
Net sales during the six-month period ended September 25, 2026, totaled $16.4 billion, representing an increase of $3.0 billion or 23% from $13.4 billion during the six-month period ended September 26, 2025. Net sales for our ITS segment increased $1.1 billion, or 21% from the six-month period ended…
businesses. Net sales for our RMS segment increased $0.5 billion, or 10% from the six-month period ended September 26, 2025, primarily driven by strong growth in Industrial. Net sales for our CPI segment increased $1.5 billion or 45% from the six-month period ended September 26, 2025 primarily drive…
Our ten largest customers during the three and six-month periods ended September 25, 2026, accounted for approximately 50% and 49%, respectively, of net sales. A significant customer accounted for 14% and 13% of net sales for the three and six-month periods ending September 25, 2026, respectively. T…
Cost of sales during the six-month period ended September 25, 2026 totaled $14.8 billion, representing an increase of $2.7 billion or 22% from the $12.2 billion during the six-month period ended September 26, 2025. The higher cost of sales for the six-month period ended September 25, 2026 was primar…
Gross profit during the six-month period ended September 25, 2026 increased $0.4 billion to $1.6 billion, or 9.5% of net sales from $1.2 billion, or 8.9% of net sales, during the six-month period ended September 26, 2025. Gross margin improved 60 basis points year over year primarily due to favorabl…
Text removed vs the prior filing · source: 10-Q · 2026-07-31
Our ten largest customers during both the three-month periods ended June 26, 2026 and June 27, 2025 accounted for approximately 49% and 48% of net sales. A significant customer accounted for 12% of net sales during the first quarter of fiscal year 2027 with the majority of this revenue being reporte…
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 compensat…
ITS segment margin increased 10 basis points to 5.2% for the three-month period ended June 26, 2026, compared to 5.1% for the three-month period ended June 27, 2025, primarily driven by growth in Communications from increased demand with higher margins partially offset by the impact of lower margins…
RMS segment margin increased 130 basis points to 6.6% for the three-month period ended June 26, 2026, compared to 5.3% for the three-month period ended June 27, 2025, primarily due to favorable mix in Industrial and Automotive.
CPI segment margin increased 20 basis points to 9.7% for the three-month period ended June 26, 2026, compared to 9.5% for the three-month period ended June 27, 2025, primarily due to growth and margin expansion in Power, offset by continued investments in the growth of the CPI businesses.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-30
We are including the following additional risk factors, which supplement the risk factors disclosed in our Annual Report on Form 10-K for the year ended March 31, 2026, and which should be read in conjunction with our description of risk factors in Part I, Item 1A, "Risk Factors" of our Annual Repor…
Flex has incurred $4.4 billion of short-term acquisition indebtedness that must be repaid within 364 days, and repayment depends on the completion of the spin-off of SpinCo and the related SpinCo financings.
Flex has funded its $4.4 billion acquisition of EPC Power Corp. with $3.3 billion of borrowings under a senior term loan credit facility and $1.1 billion of borrowings under a senior bridge term loan credit facility. Each facility matures on October 13, 2027. Flex intends to repay both with the fund…
If the spin-off of SpinCo is delayed or does not occur, SpinCo must redeem its Series A Preferred Stock at a premium, and Flex has guaranteed that redemption.
On the basis that SpinCo completes its intended issuance of Series A Preferred Stock, if the spin-off of SpinCo does not occur before December 31, 2027, SpinCo must redeem all of the Series A Preferred Stock. The redemption price may be paid in cash, Flex ordinary shares, or a combination thereof, a…
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-30
On July 28, 2026, Hooi Tan, Chief Operating Officer, terminated a trading plan that was originally adopted on December 8, 2025. The trading plan was scheduled to remain in effect until December 10, 2026, and provided for the potential sale of up to 70,000 ordinary shares of the Company.
No other officers or directors adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408, during the fiscal quarter ended September 25, 2026.
Text removed vs the prior filing · source: 10-Q · 2026-07-31
During the fiscal quarter ended June 26, 2026, the officer listed below adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended.
On May 18, 2026, Daniel J. Wendler, Senior Vice President and Chief Accounting Officer, adopted a trading plan that provides for the sale of up to 10,000 ordinary shares of the Company. The plan will terminate on November 30, 2026, subject to early termination for certain specified events set forth …
No other officers or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Regulation S-K, Item 408, during the fiscal quarter ended June 26, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice