# Who are Flex Ltd.'s customers? Who does Flex Ltd. earn revenue from?
Canonical: https://valuechain.wiki/flex-ltd · Facet: customers · Updated: 2026-09-24T11:00:19.552167+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Flex Ltd.'s confirmed revenue counterparties include Alphabet (Google), F5, Inc., Palo Alto Networks. Per the valuechain.wiki graph: 3 revenue edges, backed by 6 dated sources, 2 of them primary filings (as of 2026-09-24).

### 알파벳 (구글) (high)  → /alphabet.md
- note: In the FY2026 Q4 earnings call (2026-05-06), CEO Revathi Advaithi and CFO Kevin Krumm directly named Google as a hyperscaler customer under a multi-year contract. The contract value was not disclosed; it spans power infrastructure, thermal systems and complex hardware manufacturing. J.P. Morgan sharply raised its price target immediately after the results.
- [mentions] The Globe and Mail (newswire) (EN, research, published 2026-05-08) https://www.theglobeandmail.com/investing/markets/stocks/FLEX/pressreleases/1797922/jp-morgan-sticks-to-its-buy-rating-for-flex-flex/: "J.P. Morgan analyst Samik Chatterjee raised the price target to $160.00 from $84.00 and maintained a Buy rating on Flex (FLEX)."
- [confirms] The Motley Fool (EN, news, published 2026-05-06) https://www.fool.com/earnings/call-transcripts/2026/05/06/flex-flex-q4-2026-earnings-call-transcript/: "Revathi Advaithi (CEO): "We've recently secured substantial incremental business with several hyperscaler and data center customers, including Google." Kevin Krumm (CFO): "We secured significant business with multiple customers, including a multiyear contract with Google, underpinning our strong CPI growth expectations of 65% to 75% in FY '27.""

### F5 (high)  → /f5.md
- note: Flex is F5's primary third-party hardware manufacturing partner, performing assembly, quality control, and systems testing in Guadalajara and Zhuhai while also managing component procurement and fulfillment.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/1048695/000104869525000157/ffiv-20250930.htm: "We outsource the manufacturing of our products to various manufacturing partners, including our primary third-party manufacturer service provider, Flex Ltd."
- [confirms] F5 (EN, ir, published 2025-04-24) https://cdn.studio.f5.com/files/k6fem79d/production/5392ad1056bd12c9c668de6de9ea87fa7a637300.pdf: "Our supply chain consists of a global network of electronic component suppliers, with final product assembly completed by Flex Ltd. in Guadalajara, Mexico and Zhuhai, China. Purchasing of components for F5 production is done primarily through Flex."

### 팔로알토 네트웍스 (mid)  → /palo-alto-networks.md
- note: Palo Alto Networks' 10-K filings from FY2015 through FY2019 named Flex (formerly Flextronics) as its EMS provider, and a 2022 Palo Alto Networks customer case study reaffirmed Flex as the manufacturer of its Next-Generation Firewalls. However, Palo Alto Networks' FY2025 10-K no longer names a specific manufacturer, so it is unconfirmed whether the relationship continues in the same form today (see open_questions).
- [confirms] Palo Alto Networks (EN, news, published 2022-12-01) https://www.paloaltonetworks.com/customers/flex: ""Flex already had an established relationship with the company as a manufacturer of Palo Alto Networks Next-Generation Firewalls.""
- [confirms] SEC EDGAR / Palo Alto Networks (EN, filing, published 2019-09-09) https://www.sec.gov/Archives/edgar/data/1327567/000132756719000032/panw-7312019x10k.htm: ""Our EMS provider is Flextronics International, Ltd. ("Flex"), who assembles our products using design specifications, quality assurance programs, and standards that we establish, and procures components and assembles our products based on our demand forecasts.""

Reverse side: https://valuechain.wiki/flex-ltd/suppliers.md · Ripple: https://valuechain.wiki/flex-ltd/ripple.md

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