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- Pillar Two Top-up Tax (new) — A new $57.4M current income tax expense from Pillar Two UTPR legislation more than doubled the effective tax rate to 14.8%.
- Customer Concentration (worsened) — Four customers now each contribute over 10% of revenue, up from two, increasing dependence on a few large accounts.
- Capital Expenditure Surge (worsened) — Capex more than doubled to $298.9M and is expected to rise further, while operating cash flow fell to $256.7M.
Fabrinet FY26 revenue jumps 35.7% to $4.64B, but Pillar Two tax and capex surge pressure cash
Filed August 18, 2026 · Period ending June 26, 2026 · Compared to 10-K Aug 19, 2025 · ~1 min read
Key Changes
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Revenue rose 35.7% to $4.64B, with data center now the largest segment at 47.9% of sales; operating income climbed 42.7% to $462.9M.
MD&A: Revenue & Operating Income verify on EDGAR → -
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Effective tax rate more than doubled to 14.8% due to a new $57.4M Pillar Two top-up tax, cutting into net income growth.
MD&A: Income Taxes verify on EDGAR → -
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Capital expenditures more than doubled to $298.9M, and the company expects further increases in FY27 for a new California facility and Pathum Thani expansion.
MD&A: Capex Outlook verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 3, 2026 · How we verify