Fabrinet

Strong Q4 and full-year momentum (above guidance): - Q4 FY26 revenue: $1.316B, up 45% YoY, and above the top end of guidance. - Q4 non-GAAP EPS: $4.10, also above guidance. - Full-year FY26 revenue: $4.6B, up 36% YoY; full-year non-GAAP EPS: $14.09, up 39% YoY. - CEO emphasized performance was broad-based across many customers/products (not dependent on a single product category/customer).

New revenue mix reporting (important for investors to track trends): - Company will shift from older telecom/datacom framing to 3 end-market categories: (1) Data Centers, (2) Communications Infrastructure, (3) Automotive/Industrial/Other. - Management says this is purely presentational (no change to total revenue), and the investor deck includes a 12-quarter history and reconciliation under the new structure. - Q4 under new categories: Data Centers $669M (+68% YoY) = 51% of revenue; Communications Infrastructure $413M (+40% YoY) = 31%; Auto/Industrial/Other $234M (+8% YoY) = 18%. - Surprising/positive: Data Centers became the largest category and continued strong growth (with PCI a major contributor and HPC contributing as well).

Q1 FY27 outlook (guidance) + margin/operating leverage expectations: - Q1 FY27 revenue forecast: $1.375B–$1.425B, implying ~43% YoY growth at the midpoint. - Q1 non-GAAP EPS forecast: $4.10–$4.25. - Management expects operating leverage despite typical Q1 expense seasonality (temporary margin headwind), and remains confident in longer-term demand durability due to customer visibility “into FY27 and beyond” (not treated as order commitments).