PLEXUS CORP, 10-Q filed on 2/5/2026
Quarterly Report
v3.25.4
Document And Entity Information - shares
 3 Months Ended
Jan. 03, 2026
Feb. 03, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 03, 2026  
Document Transition Report false  
Entity File Number 001-14423  
Entity Registrant Name PLEXUS CORP.  
Entity Incorporation, State or Country Code WI  
Entity Tax Identification Number 39-1344447  
Entity Address, Address Line One One Plexus Way  
Entity Address, City or Town Neenah  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 54956  
City Area Code 920  
Local Phone Number 969-6000  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol PLXS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   26,786,466
Entity Central Index Key 0000785786  
Current Fiscal Year End Date --10-03  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Income Statement [Abstract]    
Net sales $ 1,069,852 $ 976,122
Cost of sales 963,714 875,430
Gross profit 106,138 100,692
Selling and administrative expenses 51,674 49,149
Restructuring and other charges, net 0 4,683
Operating income 54,464 46,860
Other income (expense):    
Interest expense (2,888) (3,554)
Interest income 984 1,234
Miscellaneous, net (1,528) (1,046)
Income before income taxes 51,032 43,494
Income tax expense 9,850 6,227
Net income $ 41,182 $ 37,267
Earnings per share:    
Basic (in dollars per share) $ 1.54 $ 1.38
Diluted (in dollars per share) $ 1.51 $ 1.34
Weighted average shares outstanding:    
Basic (in shares) 26,766 27,087
Diluted (in shares) 27,349 27,763
Other comprehensive income (loss):    
Derivative instrument and other fair value adjustments $ 3,170 $ (16,756)
Foreign currency translation adjustments 793 (17,360)
Other comprehensive income (loss) 3,963 (34,116)
Total comprehensive income $ 45,145 $ 3,151
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Current assets:    
Cash and cash equivalents $ 248,825 $ 306,464
Restricted cash 598 294
Accounts receivable, net of allowances of $2,348 and $2,381, respectively 679,660 656,573
Contract assets 152,682 150,654
Inventories 1,305,339 1,229,839
Prepaid expenses and other 69,534 54,969
Total current assets 2,456,638 2,398,793
Property, plant and equipment, net 538,648 546,052
Operating lease right-of-use assets 70,346 72,863
Deferred income taxes 91,339 91,349
Other assets 28,996 28,053
Total non-current assets 729,329 738,317
Total assets 3,185,967 3,137,110
Current liabilities:    
Current portion of long-term debt and finance lease obligations 66,837 45,793
Accounts payable 745,641 726,597
Advanced payments from customers 580,370 575,850
Accrued salaries and wages 82,303 109,076
Other accrued liabilities 68,481 61,367
Total current liabilities 1,543,632 1,518,683
Long-term debt and finance lease obligations, net of current portion 91,139 91,987
Long-term operating lease liabilities 27,327 29,422
Deferred income taxes 5,156 6,000
Other liabilities 37,650 36,430
Total non-current liabilities 161,272 163,839
Total liabilities 1,704,904 1,682,522
Commitments and contingencies
Shareholders’ equity:    
Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding 0 0
Common stock, $0.01 par value, 200,000 shares authorized, 54,708 and 54,670 shares issued, respectively, and 26,713 and 26,828 shares outstanding, respectively 547 547
Additional paid-in capital 699,374 695,653
Common stock held in treasury, at cost, 27,995 and 27,842 shares, respectively (1,277,842) (1,255,451)
Retained earnings 2,037,210 1,996,028
Accumulated other comprehensive income 21,774 17,811
Total shareholders’ equity 1,481,063 1,454,588
Total liabilities and shareholders’ equity $ 3,185,967 $ 3,137,110
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 2,348 $ 2,381
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 54,708,000 54,670,000
Common stock, shares outstanding (in shares) 26,713,000 26,828,000
Treasury stock, shares (in shares) 27,995,000 27,842,000
v3.25.4
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Treasury stock
Retained earnings
Accumulated other comprehensive income (loss)
Beginning of period (in shares) at Sep. 28, 2024   27,122,000        
Stock issued during period, stock options exercised and vesting of other stock awards (in shares)   25,000        
Treasury shares purchased (in shares)   (85,000)        
End of period (in shares) at Dec. 28, 2024   27,062,000        
Beginning of period at Sep. 28, 2024 $ 1,324,825 $ 545 $ 680,638 $ (1,190,115) $ 1,823,143 $ 10,614
Exercise of stock options and vesting of other share-based awards   0        
Share-based compensation expense     6,990      
Exercise of stock options and vesting of other share-based awards, including tax withholding     (3,073)      
Treasury shares purchased       (12,824)    
Net income 37,267       37,267  
Other comprehensive income (loss) (34,116)         (34,116)
End of period at Dec. 28, 2024 $ 1,319,069 $ 545 684,555 (1,202,939) 1,860,410 (23,502)
Beginning of period (in shares) at Sep. 27, 2025 26,828,000 26,828,000        
Stock issued during period, stock options exercised and vesting of other stock awards (in shares)   38,000        
Treasury shares purchased (in shares)   (153,000)        
End of period (in shares) at Jan. 03, 2026 26,713,000 26,713,000        
Beginning of period at Sep. 27, 2025 $ 1,454,588 $ 547 695,653 (1,255,451) 1,996,028 17,811
Exercise of stock options and vesting of other share-based awards   0        
Share-based compensation expense     7,765      
Exercise of stock options and vesting of other share-based awards, including tax withholding     (4,044)      
Treasury shares purchased       (22,391)    
Net income 41,182       41,182  
Other comprehensive income (loss) 3,963         3,963
End of period at Jan. 03, 2026 $ 1,481,063 $ 547 $ 699,374 $ (1,277,842) $ 2,037,210 $ 21,774
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Cash flows from operating activities    
Net income $ 41,182 $ 37,267
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 19,236 19,408
Share-based compensation expense and related charges 7,765 6,990
Other, net 160 (1,085)
Changes in operating assets and liabilities, excluding impacts of currency:    
Accounts receivable (22,844) 17,716
Contract assets (2,017) (7,830)
Inventories (74,889) 10,923
Other current and non-current assets (12,314) 5,535
Accrued income taxes payable 2,561 1,475
Accounts payable 43,931 62,196
Advanced payments from customers 4,347 (79,688)
Other current and non-current liabilities (22,499) (19,270)
Cash flows (used in) provided by operating activities (15,381) 53,637
Cash flows from investing activities    
Payments for property, plant and equipment (35,195) (26,528)
Other, net 64 47
Cash flows used in investing activities (35,131) (26,481)
Cash flows from financing activities    
Borrowings under debt agreements 198,000 39,500
Payments on debt and finance lease obligations (179,553) (76,366)
Repurchases of common stock (22,391) (12,824)
Payments related to tax withholding for share-based compensation (4,044) (3,073)
Cash flows used in financing activities (7,988) (52,763)
Effect of exchange rate changes on cash and cash equivalents 1,165 (4,006)
Net decrease in cash and cash equivalents and restricted cash (57,335) (29,613)
Cash and cash equivalents and restricted cash:    
Beginning of period 306,758 347,462
End of period $ 249,423 $ 317,849
v3.25.4
Basis of Presentation
 3 Months Ended
Jan. 03, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the condensed consolidated financial position of the Company as of January 3, 2026 and September 27, 2025, the results of operations and shareholders' equity for the three months ended January 3, 2026 and December 28, 2024, and the cash flows for the same three month periods.
The Company’s fiscal year ends on the Saturday closest to September 30. The Company also uses a "4-4-5" weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. The first quarter of fiscal 2026 included 14 weeks while all other fiscal quarters presented herein included 13 weeks.
Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2025 Annual Report on Form 10-K.
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and notes thereto. The full extent to which current global events and economic conditions will impact the Company's business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted. The Company has considered information available as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.
Recently Issued Accounting Pronouncements Not Yet Adopted:
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740), which requires enhanced disclosures for income taxes. Early adoption is permitted. The Company intends to adopt the guidance when it becomes effective in the fourth quarter of fiscal 2026. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures.
In November 2024, the FASB issued ASU 2024-03 Disaggregation of Income Statement Expense (Subtopic 220-40), which requires disaggregated information about certain income statement expense line items. The guidance is effective for the Company beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to project stages, and requires capitalization of software costs to begin when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of the standard will have on our financial statement disclosures.
The Company does not believe that any other recently issued accounting standards will have a material impact on its Consolidated Financial Statements or apply to its operations.
v3.25.4
Inventories
 3 Months Ended
Jan. 03, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories as of January 3, 2026 and September 27, 2025 consisted of the following (in thousands):
January 3,
2026		September 27,
2025
Raw materials$1,127,312 $1,069,064 
Work-in-process68,160 57,988 
Finished goods109,867 102,787 
Total inventories$1,305,339 $1,229,839 
In certain circumstances, per contractual terms, customer deposits are received by the Company to offset inventory risks. The total amount of customer deposits related to inventory are included within advanced payments from customers on the accompanying Condensed Consolidated Balance Sheets. As of January 3, 2026 and September 27, 2025, these customer deposits totaled $386.5 million and $413.7 million, respectively.
v3.25.4
Debt, Finance Lease and Other Financing Obligations
 3 Months Ended
Jan. 03, 2026
Debt and Lease Obligation [Abstract]  
Debt, Finance Lease and Other Financing Obligations Debt, Finance Lease and Other Financing Obligations
Debt and finance lease obligations as of January 3, 2026 and September 27, 2025, consisted of the following (in thousands):
January 3,
2026		September 27,
2025
4.22% Senior Notes, due June 15, 2028
$50,000 $50,000 
Borrowings under the Credit Facility60,000 40,000 
Finance lease and other financing obligations48,400 48,274 
Unamortized deferred financing fees(424)(494)
Total obligations157,976 137,780 
Less: current portion(66,837)(45,793)
Long-term debt, finance lease and other financing obligations, net of current portion$91,139 $91,987 
As of January 3, 2026, the Company was in compliance with covenants for all debt agreements.
During the three months ended January 3, 2026, the highest daily borrowing under the Company's 5-year senior unsecured revolving credit facility (referred to as the "Credit Facility") was $145.0 million; the average daily borrowings were $86.4 million. During the three months ended December 28, 2024, the highest daily borrowing was $50.0 million; the average daily borrowings were $40.0 million.
The fair value of the Company’s debt, excluding finance lease and other financing obligations, was $109.3 million and $89.0 million as of January 3, 2026 and September 27, 2025, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $110.0 million and $90.0 million as of January 3, 2026 and September 27, 2025, respectively. If measured at fair value in the financial statements, the Company's debt would be classified as Level 1 in the fair value hierarchy. Refer to Note 4, "Derivatives and Fair Value Measurements," for further information regarding the Company's fair value calculations and classifications.
v3.25.4
Derivatives and Fair Value Measurements
 3 Months Ended
Jan. 03, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Fair Value Measurements Derivatives and Fair Value Measurements
All derivatives are recognized in the accompanying Condensed Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage the variability of foreign currency obligations. The Company has cash flow hedges related to forecasted foreign currency obligations, in addition to non-designated hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes.
The Company designates some foreign currency exchange contracts as cash flow hedges of forecasted foreign currency expenses. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in "Accumulated other comprehensive income" in the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates that $13.3 million of unrealized gains, net of tax, related to cash flow hedges will be reclassified from other comprehensive income (loss) into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous, net" in the accompanying Condensed Consolidated Statements of Comprehensive Income.
The Company enters into forward currency exchange contracts for its operations in certain jurisdictions in the AMER and APAC segments on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $274.6 million as of January 3, 2026, and a notional value of $249.4 million as of September 27, 2025. These forward currency contracts fix the exchange rates for the settlement of future foreign currency obligations that have yet to be realized. The total fair value of the forward currency exchange contracts was a $13.3 million asset as of January 3, 2026, and a $10.1 million asset as of September 27, 2025.
The Company had additional forward currency exchange contracts outstanding with a notional value of $165.0 million as of January 3, 2026, and a notional value of $172.8 million as of September 27, 2025. The Company did not designate these derivative instruments as hedging instruments. The net settlement amount (fair value) related to these contracts is recorded on the Condensed Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of "Miscellaneous, net" in the Condensed Consolidated Statements of Comprehensive Income. The total fair value of these derivatives was a $1.8 million asset as of January 3, 2026, and a less than $0.1 million liability as of September 27, 2025.
The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements:
Fair Values of Derivative Instruments (in thousands)
  Derivative AssetsDerivative Liabilities
    January 3,
2026		September 27,
2025		  January 3,
2026		September 27,
2025
Derivatives designated as hedging instrumentsBalance sheet
classification		Fair ValueFair ValueBalance sheet
classification		Fair ValueFair Value
Foreign currency forward contractsPrepaid expenses and other$13,300 $10,141 Other accrued liabilities$— $11 
Fair Values of Derivative Instruments (in thousands)
  Derivative AssetsDerivative Liabilities
    January 3,
2026		September 27,
2025		  January 3,
2026		September 27,
2025
Derivatives not designated as hedging instrumentsBalance sheet
classification		Fair ValueFair ValueBalance sheet
classification		Fair ValueFair Value
Foreign currency forward contractsPrepaid expenses and other$2,614 $579 Other accrued liabilities$829 $599 
The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income ("OCI") (in thousands)
for the Three Months Ended
Derivatives in cash flow hedging relationships
Amount of Gain (Loss) Recognized in OCI on Derivatives
January 3, 2026December 28, 2024
Foreign currency forward contracts$8,424 $(14,303)
Derivative Impact on Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands)
for the Three Months Ended
Derivatives in cash flow hedging relationships
Classification of Gain Reclassified from Accumulated OCI into Income
Amount of Gain Reclassified from Accumulated OCI into Income 
January 3, 2026December 28, 2024
Foreign currency forward contractsCost of sales$5,014 $2,303 
Foreign currency forward contractsSelling and administrative expenses240 150 
Derivatives not designated as hedging instruments
Location of Gain Recognized on Derivatives in Income
Amount of Gain on Derivatives Recognized in Income
January 3, 2026December 28, 2024
Foreign currency forward contractsMiscellaneous, net$2,192 $4 

Fair Value Measurements:
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are:
Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities.
Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
The following table lists the fair values of the Company’s derivatives as of January 3, 2026 and September 27, 2025, by input level:
Fair Value Measurements Using Input Levels Asset (in thousands)
Fiscal period ended January 3, 2026
Level 1Level 2Level 3Total
Derivatives    
Foreign currency forward contracts$— $15,085 $— $15,085 
Fiscal period ended September 27, 2025
Derivatives
Foreign currency forward contracts$— $10,110 $— $10,110 
The fair value of foreign currency forward contracts is determined using a market approach, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currency.
v3.25.4
Income Taxes
 3 Months Ended
Jan. 03, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense for the three months ended January 3, 2026 was $9.9 million compared to $6.2 million for the three months ended December 28, 2024.
The effective tax rates for the three months ended January 3, 2026 and December 28, 2024 were 19.3% and 14.3%, respectively. The effective tax rate for the three months ended January 3, 2026 was higher than the effective tax rate for the three months ended December 28, 2024 primarily due to the implementation of the global minimum tax across several jurisdictions in which the Company operates.
The amount of unrecognized tax benefits recorded for uncertain tax positions increased by $0.1 million for the three months ended January 3, 2026. The Company recognizes accrued interest and penalties on uncertain tax positions as a component of income tax expense. The amount of interest and penalties recorded for the three months ended January 3, 2026 was $0.3 million.
Within the next 12 months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits by approximately $3.8 million, either because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statute of limitations closes.
The Company maintains valuation allowances when it is more likely than not that all or a portion of a net deferred tax asset will not be realized. During the three months ended January 3, 2026, the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the EMEA and APAC segments and a partial valuation allowance against its net deferred tax assets in certain jurisdictions within the AMER segment, as it was more likely than not that these assets would not be fully realized based primarily on historical performance. The Company will continue to record a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions going forward until it determines it is more likely than not that the deferred tax assets will be realized.
v3.25.4
Earnings Per Share
 3 Months Ended
Jan. 03, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three months ended January 3, 2026 and December 28, 2024 (in thousands, except per share amounts):
Three Months Ended
 January 3,
2026		December 28,
2024
Net income$41,182 $37,267 
Basic weighted average common shares outstanding26,766 27,087 
Dilutive effect of share-based awards and options outstanding583 676 
Diluted weighted average shares outstanding27,349 27,763 
Earnings per share:
Basic$1.54 $1.38 
Diluted$1.51 $1.34 
For the three months ended January 3, 2026, share-based awards for less than 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive awards. For the three months ended December 28, 2024, there were no antidilutive awards.
See also Note 12, "Shareholders' Equity," for information regarding the Company's share repurchase plans.
v3.25.4
Leases
 3 Months Ended
Jan. 03, 2026
Leases [Abstract]  
Leases Leases
The components of lease expense for the three months ended January 3, 2026 and December 28, 2024 indicated were as follows (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Finance lease expense:
   Amortization of right-of-use assets$1,305 $1,357 
   Interest on lease liabilities1,602 1,426 
Operating lease expense2,808 2,584 
Other lease expense1,497 908 
Total$7,212 $6,275 
Based on the nature of the right-of-use ("ROU") asset, amortization of finance lease ROU assets, operating lease expense and other lease expense are recorded within either cost of goods sold or selling and administrative expenses and interest on finance lease liabilities is recorded within interest expense on the Condensed Consolidated Statements of Comprehensive Income. Other lease expense includes lease expense for leases with an estimated total term of twelve months or less and variable lease expense related to variations in lease payments as a result of a change in factors or circumstances occurring after the lease possession date.
The following tables set forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets (in thousands):
Financial Statement Line ItemJanuary 3,
2026		September 27,
2025
ASSETS
   Finance lease assetsProperty, plant and equipment, net$35,439 $36,127 
   Operating lease assetsOperating lease right-of-use assets70,346 72,863 
      Total lease assets$105,785 $108,990 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
  Finance lease liabilitiesCurrent portion of long-term debt and finance lease obligations$3,609 $3,468 
Operating lease liabilitiesOther accrued liabilities7,943 8,253 
Non-current
  Finance lease liabilitiesLong-term debt and finance lease obligations, net of current portion40,840 41,071 
  Operating lease liabilitiesLong-term operating lease liabilities27,327 29,422 
        Total lease liabilities$79,719 $82,214 
v3.25.4
Share-Based Compensation
 3 Months Ended
Jan. 03, 2026
Compensation Related Costs [Abstract]  
Share-Based Compensation Share-Based CompensationThe Company recognized $7.8 million and $7.0 million of compensation expense associated with share-based awards for the three months ended January 3, 2026 and December 28, 2024, respectively.
v3.25.4
Litigation
 3 Months Ended
Jan. 03, 2026
Commitments and Contingencies Disclosure [Abstract]  
Litigation Litigation
The Company is party to lawsuits in the ordinary course of business. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated.
Management does not believe that any such proceedings, individually or in the aggregate, will have a material positive or adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures.
v3.25.4
Reportable Segments
 3 Months Ended
Jan. 03, 2026
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM) in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s
performance is evaluated based upon its segment income. Segment income includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring costs and other charges, if any. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. The CODM for the Company is the chief executive officer. The CODM uses income generated from each segment in evaluating segment performance and whether to reinvest profits or allocate resources into the corresponding segment, in addition to long-term growth potential and other qualitative factors. Segment income is used to monitor budget versus actual results.
Information about the Company’s three reportable segments for the three months ended January 3, 2026 and December 28, 2024 is as follows (in thousands):
Three Months Ended January 3, 2026
AMERAPACEMEAEliminationsTotal
Net sales$344,762 $611,704 $118,384 $(4,998)$1,069,852 
Cost of sales314,695 521,643 107,105 
Selling and administrative expenses6,116 3,294 1,867 
Segment income$23,951 $86,767 $9,412 $120,130 
Corporate and other costs65,666 
Other income (expense):
Interest expense(2,888)
Interest income984 
Miscellaneous, net(1,528)
Income before income taxes$51,032 
Three Months Ended December 28, 2024
AMERAPACEMEAEliminationsTotal
Net sales$273,871 $607,147 $101,238 $(6,134)$976,122 
Cost of sales247,858 516,167 94,687 
Selling and administrative expenses6,892 3,232 2,047 
Segment income$19,121 $87,748 $4,504 $111,373 
Restructuring and other charges4,683 
Corporate and other costs59,830 
Other income (expense):
Interest expense(3,554)
Interest income1,234 
Miscellaneous, net(1,046)
Income before income taxes$43,494 
Three Months Ended
January 3,
2026		December 28,
2024
Capital expenditures:
   AMER$5,568 $12,532 
   APAC27,716 11,613 
EMEA385 123 
Corporate1,526 2,260 
$35,195 $26,528 
Depreciation:
AMER$5,823 $5,754 
APAC8,264 8,040 
EMEA2,663 2,407 
Corporate2,486 2,911 
$19,236 $19,112 
v3.25.4
Guarantees
 3 Months Ended
Jan. 03, 2026
Guarantees [Abstract]  
Guarantees Guarantees
The Company offers certain indemnifications under its customer manufacturing agreements. In the normal course of business, the Company may from time to time be obligated to indemnify its customers or its customers’ customers against damages or liabilities arising out of the Company’s negligence, misconduct, breach of contract, or infringement of third-party intellectual property rights. Certain agreements have extended broader indemnification, and while most agreements have contractual limits, some do not. However, the Company generally does not provide for such indemnities and seeks indemnification from its customers for damages or liabilities arising out of the Company’s adherence to customers’ specifications or designs or use of materials furnished, or directed to be used, by its customers. The Company does not believe its obligations under such indemnities are material.
In the normal course of business, the Company also provides its customers a limited warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranty generally provides that products will be free from defects in the Company’s workmanship and meet mutually agreed-upon specifications for periods generally ranging from 12 to 24 months. The Company’s obligation is generally limited to correcting, at its expense, any defect by repairing or replacing such defective product. The Company’s warranty generally excludes defects resulting from faulty customer-supplied components, design defects or damage caused by any party or cause other than the Company.
The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in "other accrued liabilities." The primary factors that affect the Company’s warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary.
Below is a table summarizing the activity related to the Company’s limited warranty liability for the three months ended January 3, 2026 and December 28, 2024 (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Reserve balance, beginning of period$7,419 $6,752 
Accruals for warranties issued during the period529 834 
Settlements (in cash or in kind) during the period(502)(556)
Reserve balance, end of period$7,446 $7,030 
v3.25.4
Shareholders' Equity
 3 Months Ended
Jan. 03, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
On August 14, 2024, the Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to $50.0 million of its common stock (the "2025 Program"). The 2025 Program became effective upon completion of the 2024 Program and was completed in fiscal 2025. During the three months ended December 28, 2024, the Company repurchased 84,823 shares under this program for $12.8 million at an average price of $151.19 per share.
On May 14, 2025, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $100.0 million of its common stock (the “2026 Program”). The 2026 Program became effective upon completion of the 2025 Program and has no expiration. During the three months ended January 3, 2026, the Company repurchased 152,987 shares under this program for $22.4 million at an average price of $146.36 per share. As of January 3, 2026, $62.6 million of authority remained under the 2026 Program.
All shares repurchased under the aforementioned programs were recorded as treasury stock.
v3.25.4
Trade Accounts Receivable Sale Programs
 3 Months Ended
Jan. 03, 2026
Receivables [Abstract]  
Trade Accounts Receivable Sale Programs Trade Accounts Receivable Sale Programs
The Company has Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (the "MUFG RPA"), HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") and other unaffiliated financial institutions, under which the Company may elect to sell receivables; at a discount. All facilities are uncommitted facilities. The maximum facility amount under the MUFG RPA is $340.0 million. The maximum facility amount under the HSBC RPA is $70.0 million. The MUFG RPA will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA.
Transfers of receivables under the programs are accounted for as sales and, accordingly, receivables sold under the programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. Proceeds from the transfer reflect the face value of the receivables less a discount. The sale discount is recorded within "Miscellaneous, net" in the Condensed Consolidated Statements of Comprehensive Income in the period of the sale. The Company continues servicing receivables sold and performing all accounts receivable administrative functions, in exchange receives a servicing fee, under both the MUFG RPA and HSBC RPA. Servicing fees related to trade accounts receivable programs recognized during the three months ended January 3, 2026 and December 28, 2024 were not material.

The Company sold $216.3 million and $151.2 million of trade accounts receivable under these programs, or their predecessors, during the three months ended January 3, 2026 and December 28, 2024, respectively, in exchange for cash proceeds of $214.5 million and $149.7 million, respectively.
As of January 3, 2026 and September 27, 2025, $225.2 million and $214.4 million, respectively, of accounts receivables sold under trade accounts receivable programs and subject to servicing by the Company remained outstanding and had not yet been collected.
v3.25.4
Revenue from Contracts with Customers
 3 Months Ended
Jan. 03, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement.
The Company recognizes revenue when a contract exists and when, or as, it satisfies a performance obligation by transferring control of a product or service to a customer. Contracts are accounted for when they have approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer.
The Company generally enters into a master services arrangement that establishes the framework under which business will be conducted. These arrangements represent the master terms and conditions of the Company's services that apply to individual orders, but they do not commit the customer to work with, or to continue to work with, the Company nor do they obligate the customer to any specific volume or pricing of purchases. Moreover, these terms can be amended in appropriate situations.
Customer purchase orders are received for specific quantities with predominantly fixed pricing and delivery requirements. Thus, for the majority of our contracts, there is no guarantee of any revenue to the Company until a customer submits a purchase order. As a result, the Company generally considers its arrangement with a customer to be the combination of the master services arrangement and the purchase order. Most of the Company's arrangements with customers create a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct.
The Company’s performance obligations are satisfied over time as work progresses or at a point in time. A performance obligation is satisfied over time if the Company has an enforceable right to payment, including a reasonable profit margin. Determining if an enforceable right to payment includes a reasonable profit margin requires judgment and is assessed on a contract-by-contract basis.
Generally, there are no subjective customer acceptance requirements or further obligations related to goods or services provided; if such requirements or obligations exist, then a sale is recognized at the time when such requirements are completed and such obligations are fulfilled.
The Company does not allow for a general right of return. Net sales include amounts billed to customers for shipping and handling and out-of-pocket expenses. The corresponding shipping and handling costs and out-of-pocket expenses are included in cost of sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from net sales.
Contract Costs
For contracts requiring over time revenue recognition, the selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses a cost-based input measurement of progress because it best depicts the transfer of assets to the customer, which occurs as costs are incurred during the manufacturing process or as services are rendered. Under the cost-based measure of progress, the extent of progress toward completion is measured based on the costs incurred to date.
Disaggregated Revenue
The table below includes the Company’s revenue for the three months ended January 3, 2026 and December 28, 2024 (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Net sales:
Aerospace/Defense$177,931 $159,730 
Healthcare/Life Sciences466,027 374,089 
Industrial425,894 442,303 
Total net sales$1,069,852 $976,122 
For the three months ended January 3, 2026 and December 28, 2024, approximately 85% of the Company's revenue was recognized as products and services transferred over time.
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and deferred revenue on the Company’s accompanying Condensed Consolidated Balance Sheets.
Contract Assets: For performance obligations satisfied at a point in time, billing occurs subsequent to revenue recognition, at which point the customer has been billed and the resulting asset is recorded within accounts receivable. For performance obligations satisfied over time as work progresses, the Company has an unconditional right to payment, which results in the recognition of contract assets. The following table summarizes the activity in the Company's contract assets during the three months ended January 3, 2026 and December 28, 2024 (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Contract assets, beginning of period$150,654 $120,560 
Revenue recognized during the period938,801 802,487 
Amounts collected or invoiced during the period(936,773)(794,961)
Contract assets, end of period$152,682 $128,086 
Deferred Revenue: Deferred revenue is recorded when consideration is received from a customer prior to transferring goods or services to the customer under the terms of the contract, which is included in advanced payments from customers on the Condensed Consolidated Balance Sheets. As of January 3, 2026 and September 27, 2025, the balance of advance payments from customers attributable to deferred revenue was $185.7 million and $151.3 million, respectively. The advance payment is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the company from the other party failing to adequately complete some or all of its obligations under the contract. Deferred revenue is recognized into revenue when all revenue recognition criteria are met. For performance obligations satisfied over time, recognition will occur as work progresses; otherwise, deferred revenue will be recognized based upon shipping terms.
v3.25.4
Basis of Presentation (Policies)
 3 Months Ended
Jan. 03, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the condensed consolidated financial position of the Company as of January 3, 2026 and September 27, 2025, the results of operations and shareholders' equity for the three months ended January 3, 2026 and December 28, 2024, and the cash flows for the same three month periods.
The Company’s fiscal year ends on the Saturday closest to September 30. The Company also uses a "4-4-5" weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. The first quarter of fiscal 2026 included 14 weeks while all other fiscal quarters presented herein included 13 weeks.
Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2025 Annual Report on Form 10-K.
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and notes thereto. The full extent to which current global events and economic conditions will impact the Company's business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted. The Company has considered information available as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.
Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Issued Accounting Pronouncements Not Yet Adopted:
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740), which requires enhanced disclosures for income taxes. Early adoption is permitted. The Company intends to adopt the guidance when it becomes effective in the fourth quarter of fiscal 2026. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures.
In November 2024, the FASB issued ASU 2024-03 Disaggregation of Income Statement Expense (Subtopic 220-40), which requires disaggregated information about certain income statement expense line items. The guidance is effective for the Company beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to project stages, and requires capitalization of software costs to begin when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of the standard will have on our financial statement disclosures.
The Company does not believe that any other recently issued accounting standards will have a material impact on its Consolidated Financial Statements or apply to its operations.
Fair Value of Financial Instruments
Fair Value Measurements:
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are:
Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities.
Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
v3.25.4
Inventories (Tables)
 3 Months Ended
Jan. 03, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories as of January 3, 2026 and September 27, 2025 consisted of the following (in thousands):
January 3,
2026		September 27,
2025
Raw materials$1,127,312 $1,069,064 
Work-in-process68,160 57,988 
Finished goods109,867 102,787 
Total inventories$1,305,339 $1,229,839 
v3.25.4
Debt, Finance Lease and Other Financing Obligations (Tables)
 3 Months Ended
Jan. 03, 2026
Debt and Lease Obligation [Abstract]  
Schedule of Debt, Finance Lease and Other Financing Obligations
Debt and finance lease obligations as of January 3, 2026 and September 27, 2025, consisted of the following (in thousands):
January 3,
2026		September 27,
2025
4.22% Senior Notes, due June 15, 2028
$50,000 $50,000 
Borrowings under the Credit Facility60,000 40,000 
Finance lease and other financing obligations48,400 48,274 
Unamortized deferred financing fees(424)(494)
Total obligations157,976 137,780 
Less: current portion(66,837)(45,793)
Long-term debt, finance lease and other financing obligations, net of current portion$91,139 $91,987 
v3.25.4
Derivatives and Fair Value Measurements (Tables)
 3 Months Ended
Jan. 03, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Instruments
Fair Values of Derivative Instruments (in thousands)
  Derivative AssetsDerivative Liabilities
    January 3,
2026		September 27,
2025		  January 3,
2026		September 27,
2025
Derivatives designated as hedging instrumentsBalance sheet
classification		Fair ValueFair ValueBalance sheet
classification		Fair ValueFair Value
Foreign currency forward contractsPrepaid expenses and other$13,300 $10,141 Other accrued liabilities$— $11 
Fair Values of Derivative Instruments (in thousands)
  Derivative AssetsDerivative Liabilities
    January 3,
2026		September 27,
2025		  January 3,
2026		September 27,
2025
Derivatives not designated as hedging instrumentsBalance sheet
classification		Fair ValueFair ValueBalance sheet
classification		Fair ValueFair Value
Foreign currency forward contractsPrepaid expenses and other$2,614 $579 Other accrued liabilities$829 $599 
Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss)
The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income ("OCI") (in thousands)
for the Three Months Ended
Derivatives in cash flow hedging relationships
Amount of Gain (Loss) Recognized in OCI on Derivatives
January 3, 2026December 28, 2024
Foreign currency forward contracts$8,424 $(14,303)
Schedule of Derivative Impact on Gain (Loss) Recognized in Income
Derivative Impact on Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands)
for the Three Months Ended
Derivatives in cash flow hedging relationships
Classification of Gain Reclassified from Accumulated OCI into Income
Amount of Gain Reclassified from Accumulated OCI into Income 
January 3, 2026December 28, 2024
Foreign currency forward contractsCost of sales$5,014 $2,303 
Foreign currency forward contractsSelling and administrative expenses240 150 
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments
Location of Gain Recognized on Derivatives in Income
Amount of Gain on Derivatives Recognized in Income
January 3, 2026December 28, 2024
Foreign currency forward contractsMiscellaneous, net$2,192 $4 
Schedule of Derivatives Fair Value Measurements Using Input Levels
The following table lists the fair values of the Company’s derivatives as of January 3, 2026 and September 27, 2025, by input level:
Fair Value Measurements Using Input Levels Asset (in thousands)
Fiscal period ended January 3, 2026
Level 1Level 2Level 3Total
Derivatives    
Foreign currency forward contracts$— $15,085 $— $15,085 
Fiscal period ended September 27, 2025
Derivatives
Foreign currency forward contracts$— $10,110 $— $10,110 
v3.25.4
Earnings Per Share (Tables)
 3 Months Ended
Jan. 03, 2026
Earnings Per Share [Abstract]  
Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share
The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three months ended January 3, 2026 and December 28, 2024 (in thousands, except per share amounts):
Three Months Ended
 January 3,
2026		December 28,
2024
Net income$41,182 $37,267 
Basic weighted average common shares outstanding26,766 27,087 
Dilutive effect of share-based awards and options outstanding583 676 
Diluted weighted average shares outstanding27,349 27,763 
Earnings per share:
Basic$1.54 $1.38 
Diluted$1.51 $1.34 
v3.25.4
Leases (Tables)
 3 Months Ended
Jan. 03, 2026
Leases [Abstract]  
Schedule of Lease Expense and Other Information
The components of lease expense for the three months ended January 3, 2026 and December 28, 2024 indicated were as follows (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Finance lease expense:
   Amortization of right-of-use assets$1,305 $1,357 
   Interest on lease liabilities1,602 1,426 
Operating lease expense2,808 2,584 
Other lease expense1,497 908 
Total$7,212 $6,275 
Schedule of Lease Assets and Liabilities
The following tables set forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets (in thousands):
Financial Statement Line ItemJanuary 3,
2026		September 27,
2025
ASSETS
   Finance lease assetsProperty, plant and equipment, net$35,439 $36,127 
   Operating lease assetsOperating lease right-of-use assets70,346 72,863 
      Total lease assets$105,785 $108,990 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
  Finance lease liabilitiesCurrent portion of long-term debt and finance lease obligations$3,609 $3,468 
Operating lease liabilitiesOther accrued liabilities7,943 8,253 
Non-current
  Finance lease liabilitiesLong-term debt and finance lease obligations, net of current portion40,840 41,071 
  Operating lease liabilitiesLong-term operating lease liabilities27,327 29,422 
        Total lease liabilities$79,719 $82,214 
v3.25.4
Reportable Segments (Tables)
 3 Months Ended
Jan. 03, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segments Information
Information about the Company’s three reportable segments for the three months ended January 3, 2026 and December 28, 2024 is as follows (in thousands):
Three Months Ended January 3, 2026
AMERAPACEMEAEliminationsTotal
Net sales$344,762 $611,704 $118,384 $(4,998)$1,069,852 
Cost of sales314,695 521,643 107,105 
Selling and administrative expenses6,116 3,294 1,867 
Segment income$23,951 $86,767 $9,412 $120,130 
Corporate and other costs65,666 
Other income (expense):
Interest expense(2,888)
Interest income984 
Miscellaneous, net(1,528)
Income before income taxes$51,032 
Three Months Ended December 28, 2024
AMERAPACEMEAEliminationsTotal
Net sales$273,871 $607,147 $101,238 $(6,134)$976,122 
Cost of sales247,858 516,167 94,687 
Selling and administrative expenses6,892 3,232 2,047 
Segment income$19,121 $87,748 $4,504 $111,373 
Restructuring and other charges4,683 
Corporate and other costs59,830 
Other income (expense):
Interest expense(3,554)
Interest income1,234 
Miscellaneous, net(1,046)
Income before income taxes$43,494 
Three Months Ended
January 3,
2026		December 28,
2024
Capital expenditures:
   AMER$5,568 $12,532 
   APAC27,716 11,613 
EMEA385 123 
Corporate1,526 2,260 
$35,195 $26,528 
Depreciation:
AMER$5,823 $5,754 
APAC8,264 8,040 
EMEA2,663 2,407 
Corporate2,486 2,911 
$19,236 $19,112 
v3.25.4
Guarantees (Tables)
 3 Months Ended
Jan. 03, 2026
Guarantees [Abstract]  
Schedule of Activity Related to Limited Warranty Liability
Below is a table summarizing the activity related to the Company’s limited warranty liability for the three months ended January 3, 2026 and December 28, 2024 (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Reserve balance, beginning of period$7,419 $6,752 
Accruals for warranties issued during the period529 834 
Settlements (in cash or in kind) during the period(502)(556)
Reserve balance, end of period$7,446 $7,030 
v3.25.4
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Jan. 03, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The table below includes the Company’s revenue for the three months ended January 3, 2026 and December 28, 2024 (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Net sales:
Aerospace/Defense$177,931 $159,730 
Healthcare/Life Sciences466,027 374,089 
Industrial425,894 442,303 
Total net sales$1,069,852 $976,122 
Schedule of Contract Assets The following table summarizes the activity in the Company's contract assets during the three months ended January 3, 2026 and December 28, 2024 (in thousands):
Three Months Ended
January 3,
2026		December 28,
2024
Contract assets, beginning of period$150,654 $120,560 
Revenue recognized during the period938,801 802,487 
Amounts collected or invoiced during the period(936,773)(794,961)
Contract assets, end of period$152,682 $128,086 
v3.25.4
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 1,127,312 $ 1,069,064
Work-in-process 68,160 57,988
Finished goods 109,867 102,787
Total inventories $ 1,305,339 $ 1,229,839
v3.25.4
Inventories - Narrative (Details) - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Inventory [Line Items]    
Advanced payments from customers $ 580,370 $ 575,850
Inventory    
Inventory [Line Items]    
Advanced payments from customers $ 386,500 $ 413,700
v3.25.4
Debt, Finance Lease and Other Financing Obligations - Schedule of Debt, Finance Lease and Other Financing Obligations (Details) - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Debt Instrument [Line Items]    
Long-term debt, gross $ 110,000 $ 90,000
Finance lease and other financing obligations 48,400 48,274
Unamortized deferred financing fees (424) (494)
Total obligations 157,976 137,780
Current portion of long-term debt and finance lease obligations (66,837) (45,793)
Long-term debt, finance lease and other financing obligations, net of current portion 91,139 91,987
Senior Notes | 4.22% Senior Notes, due June 15, 2028    
Debt Instrument [Line Items]    
Long-term debt, gross $ 50,000 $ 50,000
Interest Rate, Senior Notes 4.22% 4.22%
Line of Credit | Borrowings under the Credit Facility    
Debt Instrument [Line Items]    
Long-term debt, gross $ 60,000 $ 40,000
v3.25.4
Debt, Finance Lease and Other Financing Obligations- Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Sep. 27, 2025
Debt Instrument [Line Items]      
Fair value of debt $ 109,300   $ 89,000
Long-term debt, gross $ 110,000   $ 90,000
Revolving Credit Facility      
Debt Instrument [Line Items]      
Credit facility, term 5 years    
Highest daily borrowings $ 145,000 $ 50,000  
Average daily borrowings $ 86,400 $ 40,000  
v3.25.4
Derivatives and Fair Value Measurements - Schedule of Fair Values of Derivative Instruments (Details) - Foreign Exchange Forward [Member] - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative asset $ 1,800  
Fair value of derivative liability   $ 100
Prepaid expenses and other | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative asset 13,300 10,141
Prepaid expenses and other | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative asset 2,614 579
Other accrued liabilities | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liability 0 11
Other accrued liabilities | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liability $ 829 $ 599
v3.25.4
Derivatives and Fair Value Measurements - Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Foreign Exchange Forward [Member] | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in OCI (OCL) on Derivatives $ 8,424 $ (14,303)
v3.25.4
Derivatives and Fair Value Measurements - Schedule of Derivative Impact on Gain(Loss) Recognized in Income (Details) - Derivatives designated as hedging instruments - Derivatives in cash flow hedging relationships - Foreign Exchange Forward [Member] - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Cost of sales    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of Gain (Loss) Reclassified from Accumulated OCI (OCL) into Income $ 5,014 $ 2,303
Selling and administrative expenses    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of Gain (Loss) Reclassified from Accumulated OCI (OCL) into Income $ 240 $ 150
v3.25.4
Derivatives and Fair Value Measurements - Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign Exchange Forward [Member]    
Derivative [Line Items]    
Amount of Gain (Loss) Recognized in Income $ 2,192 $ 4
v3.25.4
Derivatives and Fair Value Measurements - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Foreign Exchange Forward [Member] - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Derivative Asset $ 15,085 $ 10,110
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other Prepaid expenses and other
Level 1    
Derivative Asset $ 0 $ 0
Level 2    
Derivative Asset 15,085 10,110
Level 3    
Derivative Asset $ 0 $ 0
v3.25.4
Derivatives and Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Sep. 27, 2025
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months $ 13,300  
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign Exchange Forward [Member]    
Notional amount of forward exchange contracts 274,600 $ 249,400
Fair value of derivative asset 13,300 10,100
Derivatives not designated as hedging instruments | Foreign Exchange Forward [Member]    
Notional amount of forward exchange contracts 165,000 172,800
Fair value of derivative asset $ 1,800  
Fair value of derivative liability   $ 100
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Income Tax Disclosure [Abstract]    
Income Tax Expense (Benefit) $ 9,850 $ 6,227
Effective Income Tax Rate Reconciliation, Percent 19.30% 14.30%
Unrecognized Tax Benefits, Period Increase (Decrease) $ 100  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense 300  
Decrease in Unrecognized Tax Benefits is Reasonably Possible $ 3,800  
v3.25.4
Earnings Per Share - Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Earnings Per Share [Abstract]    
Net income $ 41,182 $ 37,267
Basic weighted average common shares outstanding (in shares) 26,766 27,087
Dilutive effect of share-based awards and options outstanding (in shares) 583 676
Diluted weighted average shares outstanding (in shares) 27,349 27,763
Earnings per share:    
Basic (in dollars per share) $ 1.54 $ 1.38
Diluted (in dollars per share) $ 1.51 $ 1.34
v3.25.4
Earnings Per Share - Narrative (Details) - shares
shares in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Earnings Per Share [Abstract]    
Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share 100 0
v3.25.4
Leases - Schedule of Lease Expense and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Leases [Abstract]    
Amortization of right-of-use assets $ 1,305 $ 1,357
Interest on lease liabilities 1,602 1,426
Operating lease expense 2,808 2,584
Other lease expense 1,497 908
Total lease expense $ 7,212 $ 6,275
v3.25.4
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jan. 03, 2026
Sep. 27, 2025
Assets and Liabilities, Leases [Abstract]    
Finance lease right-of-use assets $ 35,439 $ 36,127
Operating lease right-of-use assets 70,346 72,863
Total lease Assets 105,785 108,990
Current finance lease liabilities $ 3,609 $ 3,468
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current portion of long-term debt and finance lease obligations Current portion of long-term debt and finance lease obligations
Current operating lease liabilities $ 7,943 $ 8,253
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other accrued liabilities Other accrued liabilities
Long-term finance lease liabilities $ 40,840 $ 41,071
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt and finance lease obligations, net of current portion Long-term debt and finance lease obligations, net of current portion
Long-term operating lease liabilities $ 27,327 $ 29,422
Total lease liabilities $ 79,719 $ 82,214
v3.25.4
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Compensation Related Costs [Abstract]    
Share-based Compensation Expense $ 7,800 $ 7,000
v3.25.4
Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Net sales $ 1,069,852 $ 976,122
Cost of sales 963,714 875,430
Selling and administrative expenses 51,674 49,149
Segment income 54,464 46,860
Segment income, adjusted 120,130 111,373
Restructuring and other charges, net 0 4,683
Corporate and other costs 65,666 59,830
Interest expense (2,888) (3,554)
Investment income 984 1,234
Miscellaneous, net (1,528) (1,046)
Income before income taxes 51,032 43,494
Capital expenditures 35,195 26,528
Depreciation 19,236 19,112
Elimination of inter-segment sales    
Net sales (4,998) (6,134)
Corporate    
Capital expenditures 1,526 2,260
Depreciation 2,486 2,911
AMER | Operating Segments    
Net sales 344,762 273,871
Cost of sales 314,695 247,858
Selling and administrative expenses 6,116 6,892
Segment income 23,951 19,121
Capital expenditures 5,568 12,532
Depreciation 5,823 5,754
APAC | Operating Segments    
Net sales 611,704 607,147
Cost of sales 521,643 516,167
Selling and administrative expenses 3,294 3,232
Segment income 86,767 87,748
Capital expenditures 27,716 11,613
Depreciation 8,264 8,040
EMEA | Operating Segments    
Net sales 118,384 101,238
Cost of sales 107,105 94,687
Selling and administrative expenses 1,867 2,047
Segment income 9,412 4,504
Capital expenditures 385 123
Depreciation $ 2,663 $ 2,407
v3.25.4
Reportable Segments - Narrative (Details)
 3 Months Ended
Jan. 03, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
Guarantees - Schedule of Activity Related to Limited Warranty Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]    
Limited warranty liability, beginning balance $ 7,419 $ 6,752
Accruals for warranties issued during the period 529 834
Settlements (in cash or in kind) during the period (502) (556)
Limited warranty liability, ending balance $ 7,446 $ 7,030
v3.25.4
Guarantees - Narrative (Details)
 3 Months Ended
Jan. 03, 2026
Minimum  
Product Warranty Liability [Line Items]  
Product warranty specification period 12 months
Maximum  
Product Warranty Liability [Line Items]  
Product warranty specification period 24 months
v3.25.4
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
May 14, 2025
Aug. 14, 2024
2025 Stock Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Authorized repurchase amount       $ 50,000
Amount repurchased (in shares)   84,823    
Amount repurchased   $ 12,800    
Average repurchase price (in dollars per share)   $ 151.19    
2026 Stock Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Authorized repurchase amount     $ 100,000  
Amount repurchased (in shares) 152,987      
Amount repurchased $ 22,400      
Average repurchase price (in dollars per share) $ 146.36      
Remaining authorized repurchase amount $ 62,600      
v3.25.4
Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Sep. 27, 2025
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]      
Trade accounts receivable sold $ 216,300 $ 151,200  
Cash proceeds received from accounts receivable sold 214,500 $ 149,700  
Trade accounts receivable sold, not yet collected 225,200   $ 214,400
MUFG RPA      
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]      
Maximum facility amount $ 340,000    
Minimum prior notice required to cancel automatic extension 10 days    
HSBC RPA      
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]      
Maximum facility amount $ 70,000    
v3.25.4
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($)
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer $ 1,069,852 $ 976,122
Aerospace/Defense | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer 177,931 159,730
Healthcare/Life Sciences | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer 466,027 374,089
Industrial | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer $ 425,894 $ 442,303
v3.25.4
Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]        
Contract assets $ 152,682 $ 128,086 $ 150,654 $ 120,560
Revenue recognized 938,801 802,487    
Amounts collected or invoiced $ (936,773) $ (794,961)    
v3.25.4
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Sep. 27, 2025
Disaggregation of Revenue [Line Items]      
Deferred Revenue $ 185,700   $ 151,300
Transferred over Time      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 85.00% 85.00%