FLEX LTD. Earnings Per Share Disclosure
| Fiscal Year Ended March 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income from continuing operations | $ | 838 | $ | 872 | $ | 683 | |||||||||||
| Net income from discontinued operations, net of tax (Note 7) | — | 373 | 350 | ||||||||||||||
| Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest (Note 7) | — | 239 | 240 | ||||||||||||||
| Net income from discontinued operations attributable to Flex Ltd. (Note 7) | — | 134 | 110 | ||||||||||||||
| Total net income attributable to Flex Ltd. | $ | 838 | $ | 1,006 | $ | 793 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average ordinary shares outstanding - basic | 391 | 435 | 454 | ||||||||||||||
| Weighted-average ordinary share equivalents from RSU awards (1) | 7 | 6 | 8 | ||||||||||||||
| Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted | 398 | 441 | 462 | ||||||||||||||
| Earnings per share - basic | |||||||||||||||||
| Continuing operations | $ | 2.14 | $ | 2.00 | $ | 1.50 | |||||||||||
| Discontinued operations, net of tax (Note 7) | — | 0.31 | 0.25 | ||||||||||||||
| Total attributable to the shareholders of Flex Ltd. | $ | 2.14 | $ | 2.31 | $ | 1.75 | |||||||||||
| Earnings per share - diluted | |||||||||||||||||
| Continuing operations | $ | 2.11 | $ | 1.98 | $ | 1.48 | |||||||||||
| Discontinued operations, net of tax (Note 7) | — | 0.30 | 0.24 | ||||||||||||||
| Total attributable to the shareholders of Flex Ltd. | $ | 2.11 | $ | 2.28 | $ | 1.72 | |||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.