PLEXUS CORPPLXS
PLEXUS CORP Segments Disclosure
Reportable Segments, Geographic Information and Major Customers
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.
In the first quarter of fiscal 2025, the Company changed internal management reporting to focus on value-add sales in each region and adjusted the allocation of certain corporate costs among reportable segments. These changes have been implemented and are consistent with what is provided to the CODM. The Company's composition of operating segments and reportable segments did not change. Net sales and segment income for the three reportable segments for the current period and comparative periods presented have been recast to conform to those changes. These changes had no effect on the Company's consolidated net sales, segment income or net income for the current or comparative periods.
Information about the Company’s three reportable segments for fiscal 2025, 2024 and 2023 is as follows (in thousands):
| 2025 | ||||||||||||||||||||||||||||||||
| AMER | APAC | EMEA | Eliminations | Total | ||||||||||||||||||||||||||||
| Net sales | $ | 1,216,344 | $ | 2,392,897 | $ | 440,000 | $ | (16,275) | $ | 4,032,966 | ||||||||||||||||||||||
| Cost of sales | 1,092,496 | 2,042,936 | 410,068 | |||||||||||||||||||||||||||||
| Selling and administrative expenses | 23,362 | 12,213 | 8,673 | |||||||||||||||||||||||||||||
| Segment income | $ | 100,486 | $ | 337,748 | $ | 21,259 | $ | 459,493 | ||||||||||||||||||||||||
| Restructuring and other charges | 4,683 | |||||||||||||||||||||||||||||||
| Corporate and other costs | 252,439 | |||||||||||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||||||
| Interest expense | (11,605) | |||||||||||||||||||||||||||||||
| Interest income | 3,922 | |||||||||||||||||||||||||||||||
| Miscellaneous, net | (6,670) | |||||||||||||||||||||||||||||||
| Income before income taxes | $ | 188,018 | ||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||
| AMER | APAC | EMEA | Eliminations | Total | ||||||||||||||||||||||||||||
| Net sales | $ | 1,219,225 | $ | 2,213,253 | $ | 538,053 | $ | (9,704) | $ | 3,960,827 | ||||||||||||||||||||||
| Cost of sales | 1,112,699 | 1,893,527 | 500,793 | |||||||||||||||||||||||||||||
| Selling and administrative expenses | 22,826 | 6,525 | 6,227 | |||||||||||||||||||||||||||||
| Segment income | $ | 83,700 | $ | 313,201 | $ | 31,033 | $ | 427,934 | ||||||||||||||||||||||||
| Restructuring and other charges | 20,257 | |||||||||||||||||||||||||||||||
| Corporate and other costs | 239,945 | |||||||||||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||||||
| Interest expense | (28,876) | |||||||||||||||||||||||||||||||
| Interest income | 3,860 | |||||||||||||||||||||||||||||||
| Miscellaneous, net | (13,184) | |||||||||||||||||||||||||||||||
| Income before income taxes | $ | 129,532 | ||||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||
| AMER | APAC | EMEA | Eliminations | Total | ||||||||||||||||||||||||||||
| Net sales | $ | 1,468,996 | $ | 2,361,777 | $ | 402,427 | $ | (22,895) | $ | 4,210,305 | ||||||||||||||||||||||
| Cost of sales | 1,324,583 | 2,041,849 | 380,901 | |||||||||||||||||||||||||||||
| Selling and administrative expenses | 21,314 | 6,808 | 5,513 | |||||||||||||||||||||||||||||
| Segment income | $ | 123,099 | $ | 313,120 | $ | 16,013 | $ | 452,232 | ||||||||||||||||||||||||
| Restructuring and other charges | 23,094 | |||||||||||||||||||||||||||||||
| Corporate and other costs | 233,318 | |||||||||||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||||||
| Interest expense | (31,542) | |||||||||||||||||||||||||||||||
| Interest income | 3,138 | |||||||||||||||||||||||||||||||
| Miscellaneous, net | (6,403) | |||||||||||||||||||||||||||||||
| Income before income taxes | $ | 161,013 | ||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Capital expenditures: | ||||||||||||||||||||
| AMER | $ | 23,198 | $ | 18,392 | $ | 23,880 | ||||||||||||||
| APAC | 60,246 | 29,664 | 45,923 | |||||||||||||||||
| EMEA | 2,200 | 38,820 | 23,120 | |||||||||||||||||
| Corporate | 9,620 | 8,306 | 11,126 | |||||||||||||||||
| $ | 95,264 | $ | 95,182 | $ | 104,049 | |||||||||||||||
| Depreciation: | ||||||||||||||||||||
| AMER | $ | 22,795 | $ | 23,544 | $ | 23,560 | ||||||||||||||
| APAC | 32,962 | 32,270 | 29,218 | |||||||||||||||||
| EMEA | 11,172 | 11,005 | 6,281 | |||||||||||||||||
| Corporate | 9,875 | 9,843 | 9,513 | |||||||||||||||||
| $ | 76,804 | $ | 76,662 | $ | 68,572 | |||||||||||||||
| September 27, 2025 | September 28, 2024 | |||||||||||||
| Total assets: | ||||||||||||||
| AMER | $ | 1,007,340 | $ | 937,409 | ||||||||||
| APAC | 1,526,827 | 1,608,377 | ||||||||||||
| EMEA | 411,240 | 443,514 | ||||||||||||
| Corporate and eliminations | 191,703 | 164,521 | ||||||||||||
| $ | 3,137,110 | $ | 3,153,821 | |||||||||||
The following information is provided in accordance with the required segment disclosures for fiscal 2025, 2024 and 2023. Net sales were based on the Company’s location providing the product or service (in thousands):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net sales: | ||||||||||||||||||||
| United States | $ | 690,878 | $ | 718,569 | $ | 910,124 | ||||||||||||||
| Malaysia | 1,872,494 | 1,761,772 | 1,891,081 | |||||||||||||||||
| Mexico | 525,756 | 500,655 | 558,872 | |||||||||||||||||
| Romania | 333,577 | 424,146 | 302,237 | |||||||||||||||||
| China | 413,624 | 384,223 | 455,898 | |||||||||||||||||
| Thailand | 106,779 | 67,257 | 14,798 | |||||||||||||||||
| United Kingdom | 106,121 | 111,152 | 93,679 | |||||||||||||||||
| Germany | 12 | 2,757 | 6,511 | |||||||||||||||||
| Elimination of inter-country sales | (16,275) | (9,704) | (22,895) | |||||||||||||||||
| $ | 4,032,966 | $ | 3,960,827 | $ | 4,210,305 | |||||||||||||||
| September 27, 2025 | September 28, 2024 | |||||||||||||
| Long-lived assets: | ||||||||||||||
| United States | $ | 103,997 | $ | 96,956 | ||||||||||
| Malaysia | 228,925 | 173,139 | ||||||||||||
| Mexico | 67,776 | 74,158 | ||||||||||||
| Romania | 47,621 | 56,877 | ||||||||||||
| Thailand | 53,306 | 56,415 | ||||||||||||
| China | 33,534 | 40,254 | ||||||||||||
| Poland | 14,870 | 13,594 | ||||||||||||
| United Kingdom | 11,996 | 12,689 | ||||||||||||
| Corporate | 56,890 | 51,390 | ||||||||||||
| $ | 618,915 | $ | 575,472 | |||||||||||
As the Company operates flexible manufacturing facilities and processes designed to accommodate customers with multiple product lines and configurations, it is impracticable to report net sales for individual products or services or groups of similar products and services.
Long-lived assets as of September 27, 2025 and September 28, 2024 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $119.4 million and $101.2 million, respectively.
As a percentage of consolidated net sales, there were no customers representing 10.0% or more of consolidated net sales for fiscal 2025 or 2024. As a percentage of consolidated net sales, GE Healthcare Technologies, Inc. ("GEHC") represented 10.3% of consolidated net sales for fiscal 2023.
During fiscal 2023, GE completed the separation of its healthcare business, GEHC, as a stand-alone company. During fiscal 2025, 2024 and 2023, net sales attributable to GEHC and GE, respectively, were reported in all three reportable segments.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 14, 2025 | Showing above |
| 2024 | Nov 15, 2024 | |
| 2023 | Nov 17, 2023 | |
| 2022 | Nov 18, 2022 | |
| 2021 | Nov 19, 2021 | |
| 2020 | Nov 20, 2020 | |
| 2019 | Nov 15, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2017 | Nov 17, 2017 | |
| 2016 | Nov 18, 2016 | |
| 2015 | Nov 20, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.