plxs-20250628

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________________________________________

FORM 10-Q

____________________________________________________________________________________________________________________________________

(Mark One)


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 28, 2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 001-14423

____________________________________________________________________________________________________________________________________

PLEXUS CORP.

(Exact name of registrant as specified in charter)

____________________________________________________________________________________________________________________________________


Wisconsin						39-1344447
(State or other jurisdiction of incorporation)						(I.R.S. Employer Identification No.)

One Plexus Way

Neenah, Wisconsin 54957

(Address of principal executive offices) (Zip Code)

Telephone Number (920) 969-6000

(Registrant’s telephone number, including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	PLXS	The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 29, 2025, there were 26,986,726 shares of common stock outstanding.

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PLEXUS CORP.

TABLE OF CONTENTS

June 28, 2025



PART I. FINANCIAL INFORMATION			3
ITEM 1. FINANCIAL STATEMENTS (Unaudited)			3
Condensed Consolidated Statements of Comprehensive Income			3
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Shareholders' Equity			5
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			19
"Safe Harbor" Cautionary Statement Under the Private Securities Litigation Reform Act of 1995			19
Overview			19
Results of Operations			20
Liquidity and Capital Resources			25
Disclosure About Critical Accounting Estimates			28
New Accounting Pronouncements			28
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			28
ITEM 4. CONTROLS AND PROCEDURES			29
PART II. OTHER INFORMATION			30
ITEM 1A. Risk Factors			30
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			30
ITEM 5. Other Information			30
ITEM 6. Exhibits			31
SIGNATURES			32

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PLEXUS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Net sales	$	1,018,308	$	960,751	$	2,974,600	$	2,910,258
Cost of sales	915,020		866,336		2,672,869		2,639,640
Gross profit	103,288		94,415		301,731		270,618
Selling and administrative expenses	49,680		45,950		147,789		136,487
Restructuring and other charges, net	—		9,219		4,683		20,257
Operating income	53,608		39,246		149,259		113,874
Other income (expense):
Interest expense	(2,501)		(7,389)		(9,192)		(23,299)
Interest income	934		1,015		3,039		2,640
Miscellaneous, net	(2,205)		(2,568)		(4,753)		(9,097)
Income before income taxes	49,836		30,304		138,353		84,118
Income tax expense	4,720		5,164		16,897		13,524
Net income	$	45,116	$	25,140	$	121,456	$	70,594
Earnings per share:
Basic	$	1.67	$	0.92	$	4.48	$	2.57
Diluted	$	1.64	$	0.91	$	4.39	$	2.53
Weighted average shares outstanding:
Basic	27,059		27,364		27,084		27,463
Diluted	27,532		27,765		27,670		27,918
Comprehensive income:
Net income	$	45,116	$	25,140	$	121,456	$	70,594
Other comprehensive income (loss):
Derivative instrument and other fair value adjustments	15,034		(5,397)		(859)		1,391
Foreign currency translation adjustments	18,579		(1,637)		10,104		7,207
Other comprehensive income (loss)	33,613		(7,034)		9,245		8,598
Total comprehensive income	$	78,729	$	18,106	$	130,701	$	79,192

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PLEXUS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)


	June 28, 2025		September 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	237,567	$	345,109
Restricted cash	50		2,353
Accounts receivable, net of allowances of $2,353 and $3,189, respectively	663,549		622,366
Contract assets	145,145		120,560
Inventories	1,278,219		1,311,434
Prepaid expenses and other	70,538		75,328
Total current assets	2,395,068		2,477,150
Property, plant and equipment, net	534,560		501,112
Operating lease right-of-use assets	74,741		74,360
Deferred income taxes	73,550		73,919
Other assets	27,714		27,280
Total non-current assets	710,565		676,671
Total assets	$	3,105,633	$	3,153,821

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and finance lease obligations	$	50,678	$	157,325
Accounts payable	722,270		606,378
Advanced payments from customers	592,512		709,152
Accrued salaries and wages	89,797		94,448
Other accrued liabilities	61,196		75,991
Total current liabilities	1,516,453		1,643,294
Long-term debt and finance lease obligations, net of current portion	92,215		89,993
Accrued income taxes payable	—		17,198
Long-term operating lease liabilities	31,192		32,275
Deferred income taxes	5,986		8,234
Other liabilities	40,702		38,002
Total non-current liabilities	170,095		185,702
Total liabilities	1,686,548		1,828,996
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding	—		—
Common stock, $0.01 par value, 200,000 shares authorized, 54,667 and 54,489 shares issued, respectively, and 26,985 and 27,122 shares outstanding, respectively	547		545
Additional paid-in capital	688,002		680,638
Common stock held in treasury, at cost, 27,682 and 27,367 shares, respectively	(1,233,922)		(1,190,115)
Retained earnings	1,944,599		1,823,143
Accumulated other comprehensive income	19,859		10,614
Total shareholders’ equity	1,419,085		1,324,825
Total liabilities and shareholders’ equity	$	3,105,633	$	3,153,821

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PLEXUS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands)

(Unaudited)


	Three Months Ended				Nine Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Common stock - shares outstanding
Beginning of period	27,122		27,470		27,122		27,466
Exercise of stock options and vesting of other share-based awards	6		—		177		190
Treasury shares purchased	(143)		(185)		(314)		(371)
End of period	26,985		27,285		26,985		27,285

Total stockholders' equity, beginning of period	$	1,351,675	$	1,259,762	$	1,324,825	$	1,214,382
Common stock - par value
Beginning of period	547		545		545		543
Exercise of stock options and vesting of other share-based awards	—		—		2		2
End of period	547		545		547		545
Additional paid-in capital
Beginning of period	680,880		663,130		680,638		661,270
Share-based compensation expense	7,695		7,074		22,466		19,759
Exercise of stock options and vesting of other share-based awards, including tax withholding	(573)		(5)		(15,102)		(10,830)
End of period	688,002		670,199		688,002		670,199
Treasury stock
Beginning of period	(1,215,481)		(1,151,997)		(1,190,115)		(1,134,429)
Treasury shares purchased	(18,441)		(18,577)		(43,807)		(36,145)
End of period	(1,233,922)		(1,170,574)		(1,233,922)		(1,170,574)
Retained earnings
Beginning of period	1,899,483		1,756,782		1,823,143		1,711,328
Net income	45,116		25,140		121,456		70,594
End of period	1,944,599		1,781,922		1,944,599		1,781,922
Accumulated other comprehensive income (loss)
Beginning of period	(13,754)		(8,698)		10,614		(24,330)
Other comprehensive income (loss)	33,613		(7,034)		9,245		8,598
End of period	19,859		(15,732)		19,859		(15,732)
Total stockholders' equity, end of period	$	1,419,085	$	1,266,360	$	1,419,085	$	1,266,360

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PLEXUS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	Nine Months Ended
	June 28, 2025		June 29, 2024
Cash flows from operating activities
Net income	$	121,456	$	70,594
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	58,509		58,249
Share-based compensation expense and related charges	22,466		19,759
Asset impairment charges	—		4,736
Deferred income taxes	(1,792)		7,450
Other, net	(6,589)		2,230
Changes in operating assets and liabilities, excluding impacts of currency:
Accounts receivable	(37,265)		19,020
Contract assets	(24,090)		26,049
Inventories	37,543		131,519
Other current and non-current assets	(1,262)		(30,984)
Accrued income taxes payable	(13,361)		(16,054)
Accounts payable	88,902		(39,217)
Advanced payments from customers	(118,276)		(25,297)
Other current and non-current liabilities	(9,028)		(11,683)
Cash flows provided by operating activities	117,213		216,371
Cash flows from investing activities
Payments for property, plant and equipment	(60,441)		(68,874)
Other, net	(412)		129
Cash flows used in investing activities	(60,853)		(68,745)
Cash flows from financing activities
Borrowings under debt agreements	293,500		452,000
Payments on debt and finance lease obligations	(402,875)		(539,332)
Repurchases of common stock	(43,807)		(36,145)
Proceeds from exercise of stock options	—		210
Payments related to tax withholding for share-based compensation	(15,100)		(11,038)
Cash flows used in financing activities	(168,282)		(134,305)
Effect of exchange rate changes on cash and cash equivalents	2,077		(85)
Net (decrease) increase in cash and cash equivalents and restricted cash	(109,845)		13,236
Cash and cash equivalents and restricted cash:
Beginning of period	347,462		256,654
End of period	$	237,617	$	269,890

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PLEXUS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JUNE 28, 2025 AND JUNE 29, 2024

(Unaudited)

1. 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 June 28, 2025 and September 28, 2024, the results of operations and shareholders' equity for the three and nine months ended June 28, 2025 and June 29, 2024, and the cash flows for the same nine 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. All 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 2024 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.

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 Chief Operating Decision Maker ("CODM"). The Company's composition of operating segments and reportable segments did not change. Net sales and operating 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, operating income or net income for the current or comparative periods.

Recently Issued Accounting Pronouncements Not Yet Adopted:

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280), which requires enhanced disclosures for segment reporting. Early adoption is permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance retrospectively when it becomes effective in the fourth quarter of fiscal 2025.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740), which requires enhanced disclosures for income taxes. Early adoption is permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance prospectively when it becomes effective in the first quarter of fiscal 2026.

In March 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. The SEC stayed its climate disclosure rules to facilitate the orderly judicial resolution of pending legal challenges. In March 2025, the SEC ended its legal defense of the final rules and therefore there will be no impact to the Company's financial statement disclosures.

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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 the fourth quarter of fiscal 2028. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its 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.

2. Inventories

Inventories as of June 28, 2025 and September 28, 2024 consisted of the following (in thousands):


	June 28, 2025		September 28, 2024
Raw materials	$	1,117,282	$	1,184,222
Work-in-process	56,529		49,513
Finished goods	104,408		77,699
Total inventories	$	1,278,219	$	1,311,434

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 June 28, 2025 and September 28, 2024, these customer deposits totaled $420.6 million and $536.2 million, respectively.

3. Debt, Finance Lease and Other Financing Obligations

Debt and finance lease obligations as of June 28, 2025 and September 28, 2024, consisted of the following (in thousands):


	June 28, 2025		September 28, 2024
4.05% Senior Notes, due June 15, 2025	$	—	$	100,000
4.22% Senior Notes, due June 15, 2028	50,000		50,000
Borrowings under the Credit Facility	45,000		50,000
Finance lease and other financing obligations	48,458		48,142
Unamortized deferred financing fees	(565)		(824)
Total obligations	142,893		247,318
Less: current portion	(50,678)		(157,325)
Long-term debt, finance lease and other financing obligations, net of current portion	$	92,215	$	89,993

As of June 28, 2025, the Company was in compliance with covenants for all debt agreements.

On June 15, 2025, the Company repaid, on maturity, $100.0 million in principal amount of its 4.05% Senior Notes.

During the nine months ended June 28, 2025, the highest daily borrowing under the Company's 5-year senior unsecured revolving credit facility (referred to as the "Credit Facility") was $125.0 million; the average daily borrowings were $33.3 million. During the nine months ended June 29, 2024, the highest daily borrowing was $376.0 million; the average daily borrowings were $292.1 million.

The fair value of the Company’s debt, excluding finance lease and other financing obligations, was $93.6 million and $197.8 million as of June 28, 2025 and September 28, 2024, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $95.0 million and $200.0 million as of June 28, 2025 and September 28, 2024, 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.

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4. 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 $10.4 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 $243.0 million as of June 28, 2025, and a notional value of $186.5 million as of September 28, 2024. 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 $10.4 million asset as of June 28, 2025, and an $11.3 million asset as of September 28, 2024.

The Company had additional forward currency exchange contracts outstanding with a notional value of $103.6 million as of June 28, 2025, and a notional value of $144.0 million as of September 28, 2024. 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 $1.3 million asset as of June 28, 2025, and a $2.7 million asset as of September 28, 2024.

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 Assets

Derivative Liabilities

June 28,
2025

September 28,
2024

June 28,
2025

September 28,
2024

Derivatives designated as hedging instruments

Balance sheet
classification

Fair Value

Balance sheet
classification

Fair Value

Foreign currency forward contracts

Prepaid expenses and other

10,431

16,294

Other accrued liabilities

5,020

Fair Values of Derivative Instruments (in thousands)

Derivative Assets

Derivative Liabilities

June 28,
2025

September 28,
2024

June 28,
2025

September 28,
2024

Derivatives not designated as hedging instruments

Balance sheet
classification

Fair Value

Balance sheet
classification

Fair Value

Foreign currency forward contracts

Prepaid expenses and other

2,551

3,868

Other accrued liabilities

1,229

1,125

The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) ("OCI") (in thousands)

for the Three Months Ended

Derivatives in cash flow hedging relationships

Amount of Gain (Loss) Recognized in OCI on Derivatives

June 28, 2025

June 29, 2024

Foreign currency forward contracts

12,564

(5,731)

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Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands)

for the Three Months Ended

Derivatives in cash flow hedging relationships

Classification of Loss Reclassified from Accumulated OCI into Income

Amount of Loss Reclassified from Accumulated OCI into Income

June 28, 2025

June 29, 2024

Foreign currency forward contracts

Cost of sales

(2,328)

(313)

Foreign currency forward contracts

Selling and administrative expenses

(142)

(21)

Derivatives not designated as hedging instruments

Location of Gain (Loss) Recognized on Derivatives in Income

Amount of Gain (Loss) on Derivatives Recognized in Income

June 28, 2025

June 29, 2024

Foreign currency forward contracts

Miscellaneous, net

3,762

(385)

The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) ("OCI") (in thousands)

for the Nine Months Ended

Derivatives in cash flow hedging relationships

Amount of Gain (Loss) Recognized in OCI on Derivatives

June 28, 2025

June 29, 2024

Foreign currency forward contracts

115

(2,939)

Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands)

for the Nine Months Ended

Derivatives in cash flow hedging relationships

Classification of Gain (Loss) Reclassified from Accumulated OCI into Income

Amount of Gain (Loss) Reclassified from Accumulated OCI into Income

June 28, 2025

June 29, 2024

Foreign currency forward contracts

Cost of sales

871

(4,093)

Foreign currency forward contracts

Selling and administrative expenses

103

(237)

Derivatives not designated as hedging instruments

Location of Gain Recognized on Derivatives in Income

Amount of Gain on Derivatives Recognized in Income

June 28, 2025

June 29, 2024

Foreign currency forward contracts

Miscellaneous, net

284

1,286

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.

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The following table lists the fair values of the Company’s derivatives as of June 28, 2025 and September 28, 2024, by input level:

Fair Value Measurements Using Input Levels Asset (in thousands)

Fiscal period ended June 28, 2025

Level 1

Level 2

Level 3

Total

Derivatives

Foreign currency forward contracts

—