I would say for fiscal 2026 it reached $6.6 billion, about 24% of company sales, up from 19% the prior year and 12% two years before. It grew 38% year over year, past its roughly 35% target, with Power’s growth outpacing Cloud’s. Margin sits at 9.2% adjusted operating margin, down about 100 bps for two reasons – first, infrastructure investment in critical power; second, ramp costs in cloud. To put a finer point on it, we expect to recoup the full 100 bps next year, and this is the business being spun off.

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FLEX / Cloud and Power Infrastructure - the segment that outgrew the target

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/p/p-day-20260801-flex-src-flex-cpi-segment-rotation ↗

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2026-08-01T21:15:41.601Z