I would say the outlook ranges at the midpoint: revenue $32.3–33.8 B, up about 18%; adjusted operating margin 7%–7.1%, up roughly 80 bps. The timing is clear for two reasons – first, we expect to recoup the prior year’s infrastructure investment; second, Cloud and Power Infrastructure is projected to rise 65%–75%, with Power outpacing Cloud. To put a finer point on it, capex is slated at $1.4–1.6 B this year, unique before normalizing.

src ▸

FLEX / The outlook, ranged at the midpoint

rcpt ▸

/p/p-day-20260724-flex-src-flex-fy2027-outlook-rotation ↗

ts ▸

2026-07-24T03:46:30.568Z