What the filings add is a detail the headlines leave out: revenue growth is running at a pace higher than 95% of the company's own past readings, while the free-cash-flow margin of −3.7% beats only 3% of them.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY27 Q1.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY25 Q2 | 14.8% | 9.6% | 10.1% |
| FY25 Q3 | 17.1% | 9.5% | 8.3% |
| FY25 Q4 | 18.6% | 9.5% | 6.0% |
| FY26 Q1 | 19.7% | 9.5% | 5.6% |
| FY26 Q2 | 24.7% | 9.7% | 2.6% |
| FY26 Q3 | 29.8% | 9.9% | 1.1% |
| FY26 Q4 | 35.7% | 10.0% | 0.1% |
| FY27 Q1 | 43.0% | 10.0% | -3.7% |
Reported profit is holding up better than cash
Revenue over the twelve months to Q1 2027 reached $5.1 billion, up 43.0% on the year before. That growth rate was 7.2 percentage points higher than the rate a quarter earlier. Reports connecting to this figure describe the company's earnings call as highlighting capacity expansion and AI demand, and one framed the revenue jump as a lift for optics stocks ahead of earnings.
Profit is holding up under that growth. Operating margin was 10.0%, up 0.5 percentage points from a year earlier, and net income reached $480.6 million, up 36.9%. Gross margin sat at 11.9% and net margin at 9.4%.
Cash flow tells the other half of the story. Operating cash flow fell 49.5% to $175.4 million over the same twelve months, while capital spending of $367.2 million, 7.1% of revenue, outstripped it. Free cash flow was −$191.7 million, a margin of −3.7%, down 9.3 percentage points from a year earlier.
The contrast between the two sides is the point: reported profit is holding up better than cash. Operating margin of 10.0% sits above 89% of the company's own past readings, while the free-cash-flow margin of −3.7% beats only 3% of them.
Growth has picked up
The free-cash-flow margin of −3.7% is higher than only 3% of the company's past quarterly readings, which have ranged from −6.6% to 12.7%. Operating margin at 10.0% is higher than 89% of past readings, which span −11.2% to 14.2%. The twelve-month revenue growth rate of 43.0% is higher than 95% of past readings, which range from −29.0% to 46.3%.
What the filings cannot tell you at Fabrinet
Our figures run to Q1 2027, from the company's own filings, and they cannot confirm, explain or rule out anything in the reports. The revenue growth and free-cash-flow figures above bear directly on the AI-demand narrative in the coverage, but the filings do not break out which product lines or customers are driving the increase.