Plexus Shares Fall 9% Despite Record $5B Year

Plexus reported record fiscal 2026 revenue of about $5 billion, up 23% year over year, and fourth-quarter revenue of $1.427 billion, up 35%. Adjusted earnings per share of $2.84 and quarterly operating margin of 6.7% exceeded expectations, while annual margin reached 6.2%, above the company’s target. Management forecast mid- to upper-teens revenue growth for fiscal 2027 and raised its long-term adjusted operating-margin goal to 6.5%-7.0%; it also cited 36 new manufacturing wins worth $290 million in annualized revenue at full ramp and a record $4.9 billion opportunity funnel. Despite the strong results and guidance, Plexus shares fell sharply after the report, with investors weighing elevated expectations, lower first-quarter margin guidance than the latest quarter, and cash-flow and customer-concentration concerns. Wall Street Zen separately upgraded the stock to Buy, amid mixed analyst rating changes.