Jabil Inc. is a leading provider of worldwide manufacturing services and solutions, offering comprehensive electronics design, production, and product management services to companies across various industries and end markets . The company operates through two main segments: Electronics Manufacturing Services (EMS) and Diversified Manufacturing Services (DMS) . Jabil's revenue is primarily derived from production and product management services, which involve manufacturing tangible components built to customer specifications . The company has a global presence, with a substantial portion of its revenue generated from international operations .
- Electronics Manufacturing Services (EMS) - Leverages IT, supply chain design, and engineering technologies centered on core electronics, serving industries such as 5G, wireless and cloud, digital print and retail, industrial and semi-capital equipment, and networking and storage .
- Diversified Manufacturing Services (DMS) - Provides engineering solutions with an emphasis on material sciences, technologies, and healthcare, catering to automotive and transportation, connected devices, and healthcare and packaging industries .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark T. Mondello ExecutiveBoard | Executive Chairman | None | Executive Chairman since May 2023; former CEO (2013-2023) and COO (2002-2013) at Jabil. | |
Gregory B. Hebard Executive | Chief Financial Officer | None | CFO of Jabil since May 2024; joined Jabil in 2009, previously SVP and Treasurer. | |
Michael Dastoor Executive | Chief Executive Officer | Board Member at Columbus McKinnon | CEO of Jabil since May 2024; previously CFO and SVP at Jabil. Chartered Accountant. | View Report → |
Anousheh Ansari Board | Director | CEO of XPRIZE | Director at Jabil since 2016; CEO of XPRIZE and former CEO of Prodea Systems. | |
Christopher S. Holland Board | Director | Board Member at STERIS PLC | Director at Jabil since 2018; extensive financial and operational experience. | |
James Siminoff Board | Director | Chief Strategy Officer at Latch Inc. | Director at Jabil since January 2024; founder of Ring and former CEO of Ring. | |
John C. Plant Board | Director | Chairman and CEO of Howmet Aerospace Inc. | Director at Jabil since 2016; also serves as Chairman and CEO of Howmet Aerospace. | |
Kathleen A. Walters Board | Director | Chairman of Syracuse University Board of Trustees | Director at Jabil since 2019; extensive experience in global consumer products and paper industry. | |
N.V. "Tiger" Tyagarajan Board | Director | Board Member at Genpact Limited | Director at Jabil since January 2024; former CEO of Genpact Limited (2011-2024). | |
Steven A. Raymund Board | Lead Independent Director | Board Member at Wesco International, Inc. | Director at Jabil since 1996; Lead Independent Director since 2021. |
- Your utilization rates have dropped to around 70% due to surplus capacity, yet you have decided not to restructure or reduce the number of sites, believing end markets will come back. How confident are you in this approach, and what is the risk to margins if demand does not recover as expected?
- In fiscal '24, you divested your mobility business and reshaped your portfolio away from legacy networking, accounting for $2.4 billion in revenue loss. How do you plan to achieve organic growth in fiscal '25, and what strategies are in place to offset this significant reduction in revenue?
- Given the anticipated 12% year-on-year growth in the Intelligent Infrastructure segment, primarily driven by AI and data center infrastructure, are you seeing any signs of slowdown or risks to sustaining this growth rate, especially considering potential impacts from consignment in fiscal '25?
- With your AI-related businesses expected to deliver margins in line with or slightly accretive to enterprise targets, can you provide more clarity on the profitability of these investments, and how sustainable are these margins given the rapid pace of technology advancement and competition in AI hardware?
- Despite acknowledging challenges in harnessing AI and the need for significant investment in capabilities such as advanced packaging OSAT and process development for photonics, how are you addressing these challenges to ensure Jabil remains competitive, and what are the potential risks if these investments do not yield the expected returns?
Research analysts who have asked questions during JABIL earnings calls.
David Vogt
UBS Group AG
6 questions for JBL
Mark Delaney
The Goldman Sachs Group, Inc.
6 questions for JBL
Samik Chatterjee
JPMorgan Chase & Co.
6 questions for JBL
Steven Fox
Fox Research
6 questions for JBL
Ruplu Bhattacharya
Bank of America
5 questions for JBL
George Wang
Barclays PLC
4 questions for JBL
Melissa Dailey Fairbanks
Raymond James Financial, Inc.
4 questions for JBL
Matt Sheerin
Stifel
2 questions for JBL
Melissa Fairbanks
Raymond James
2 questions for JBL
Dong Wang
Nomura Instinet
1 question for JBL
Matthew Sheerin
Stifel
1 question for JBL
Tim Long
Barclays
1 question for JBL
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Apple | Electronics manufacturing and supply chain services | DMS | Contributed 11% of Jabil's FY 2024 total revenue of $28.883 billion (i.e., approximately $3.177 billion) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Mikros Technologies LLC | 2025 | Jabil Inc. acquired Mikros Technologies LLC on October 1, 2024, for a purchase price of $63 million, with the transaction structured via the acquisition method and including key assets such as $40M in intangible assets and $15M in goodwill allocated to the Intelligent Infrastructure segment. |
ProcureAbility Inc. | 2024 | ProcureAbility Inc. was acquired on November 1, 2023, for approximately $60 million in cash, resulting in total assets of $87 million (including $40M in intangible assets and $38M in goodwill allocated to the DMS segment), while assuming liabilities of $26 million, to enhance its technology-enabled procurement services. |
Recent press releases and 8-K filings for JBL.
- Jabil delivered $8.3 billion in Q4 revenue (beating guidance by $0.8 billion) with $519 million in core operating income and $3.29 core EPS; core margin improved to 6.3% year-over-year.
- All three segments beat expectations: Regulated Industries revenue of $3.1 billion (+3% YoY; 6.5% margin), Intelligent Infrastructure $3.7 billion (+$400 million beat; 5.9% margin), and Connected Living & Digital Commerce $1.4 billion (–14% YoY; 6.6% margin).
- Strong cash generation with $588 million in Q4 operating cash flow and $1.64 billion for FY 2025; net CapEx of $83 million in Q4 (1.1% of revenue) and $322 million full-year; adjusted free cash flow exceeded $1.3 billion; debt/EBITDA at 1.3×, cash of $1.9 billion, and total liquidity over $5.9 billion.
- Returned capital to shareholders by completing a $1 billion buyback and authorizing a new $1 billion program for FY 2026; Q1 FY 2026 guidance calls for $7.7–8.3 billion in revenue and $2.47–2.87 core EPS.
- Jabil delivered Q4 FY2025 net revenue of $8.252 billion, representing an 18% y/y increase, with U.S. GAAP net income of $218 million, diluted EPS of $1.99, and core EPS of $3.29.
- FY2025 net revenue was $29.802 billion, with core EPS of $9.75 and $1.318 billion in adjusted free cash flow.
- Among segments, Intelligent Infrastructure revenue surged 62% y/y, Regulated Industries grew 3%, and Connected Living & Digital Commerce declined 14%.
- For Q1 FY2026, Jabil guides net revenue of $7.7–$8.3 billion and core EPS of $2.47–$2.87; full-year FY2026 outlook is $31.3 billion revenue, $11.00 core EPS, and over $1.3 billion in free cash flow.
- Q4 FY25 net revenue of $8.3 billion, GAAP operating income of $337 million and diluted EPS of $1.99; non-GAAP core operating income was $519 million and core diluted EPS was $3.29.
- FY25 net revenue of $29.8 billion, GAAP operating income of $1.2 billion and diluted EPS of $5.92; non-GAAP core operating income was $1.6 billion and core diluted EPS was $9.75.
- Q1 FY26 guidance: net revenue of $7.7–$8.3 billion, GAAP operating income of $263–$343 million and EPS of $1.27–$1.84; core operating income of $400–$460 million and core EPS of $2.47–$2.87.
- Full-year FY26 outlook anticipates revenue of $31.3 billion, core operating margin of 5.6%, core EPS of $11.00, and adjusted free cash flow >$1.3 billion.
- Jabil’s Q4 net revenue rose 18.5% to $8.25 billion, with adjusted EPS of $3.29, topping analyst estimates of $2.92–$2.95.
- For fiscal 2026, the company forecasts net revenue of $31.3 billion and adjusted EPS of $11.00, both above consensus.
- Growth is driven by AI data center infrastructure, healthcare, and advanced automation initiatives.
- Q1 fiscal 2026 outlook calls for net revenue of $7.7–$8.3 billion and adjusted EPS of $2.47–$2.87, again surpassing expectations.
- Jabil expects adjusted free cash flow to exceed $1.3 billion with a core operating margin of 5.6% in FY 2026.
- Jabil expands collaboration with Endeavour Energy to deliver modular, just-in-time AI-ready infrastructure via the Edged data center platform, targeting up to 2 GW per year of capacity.
- The JIT model seeks to cut upfront investment by up to 90% and enable commissioning 50–60% faster than industry norms.
- This effort builds on Jabil’s $500 million commitment to domestic cloud and AI infrastructure manufacturing, expected to be operational by mid-2026.
- The collaboration spans over a dozen Edged data centers in North America and Europe, with the JIT platform launching in the U.S. in Q1 2027.
- On June 18, 2025, Jabil Inc. entered into a five-year senior unsecured revolving credit facility with initial commitments of $3.2 billion, subject to a lender-discretionary increase of up to $1 billion; the facility matures in five years with successive one-year extension options (tenor capped at five years).
- Interest is based on Jabil’s non-credit-enhanced long-term senior unsecured debt ratings, currently set at 0.075% above the base rate or 1.075% above the benchmark rate; fees include a facility fee on commitments and a letter of credit fee on outstanding letters of credit.
- The facility was undrawn at closing and replaces Jabil’s prior credit agreement dated January 22, 2020 (totaling $3.2 billion across three- and five-year revolvers), which was terminated without early termination penalties.
- Q3 FY2025 highlights: Net revenue grew 16% YoY to $7.83B driven by a 51% surge in Intelligent Infrastructure (44% of sales); net income reached $222M and adjusted EPS was $2.55.
- Q4 FY2025 guidance: Projects revenue of $7.1B–$7.8B with adjusted EPS of $2.64–$3.04; additionally, GAAP guidance includes operating income of $331M–$411M and EPS of $1.79–$2.37.
- Full-year FY2025 outlook: Raised to $29B in revenue, with a revised target of $9.33 core diluted EPS, 5.4% core operating margin, and over $1.2B in adjusted free cash flow.
- Operating performance: Non-GAAP core operating income increased to $420M (up from $350M), while GAAP operating income was $403M.
- Robust cash metrics: Recorded operating cash flow of $406M, adjusted free cash flow of $326M, alongside $339M in share repurchases in Q3.
- CEO insight: Mike Dastoor highlighted strong growth in cloud, data center infrastructure, and AI-driven demand in the Intelligent Infrastructure segment, offsetting softness in EVs, renewables, and 5G.
- USMCA advantage in Mexico: The executives highlighted the benefits of running USMCA-compliant operations in Mexico with available capacity around 75%, creating opportunities for customer expansion despite potential tariff uncertainties.
- Margin improvement focus: Management is targeting margin accretion from 5.4% to 6-6.5% by leveraging vertical integration, mix improvements, and operational efficiencies through technology and acquisitions.
- Hyperscale and optics expansion: The company is advancing its work with hyperscale customers, including ramping up 1.6T transceivers and liquid cooling capabilities to position itself competitively in next-generation data center solutions.
- Healthcare segment growth: Jabil is expanding its healthcare offerings through strategic acquisitions, such as the recent add of a pharmaceutical capabilities company, to deepen share-of-wallet and broaden its product portfolio.
- Margin and free cash flow accretion remains a top priority, with a focus on reducing outstanding shares through an 80% free cash flow allocation to share buybacks, a strategy that has delivered strong historical results.
- The company is leveraging its global footprint—with 30 U.S. sites and significant capacity in Mexico—to effectively navigate tariff challenges and drive regionalization of its supply chain.
- Jabil is actively investing in high-growth sectors by executing capability-based acquisitions in intelligent infrastructure and healthcare (including pharma filling), while also preparing to capitalize on long-term opportunities in EV manufacturing.
- Revenue reached $6.7 billion in Q2 2025 with a 3% year-on-year increase (excluding the divested Mobility business), delivering a core operating income of $334 million and core EPS of $1.94.
- Segment performance was mixed: Regulated Industries declined by 8% amid challenges in renewable energy and EV markets, while Intelligent Infrastructure posted an 18% revenue increase with a 110 basis point margin improvement, and Connected Living showed adjusted growth despite a 13% decline due to the Mobility divestiture.
- The company reported strong cash flows with $334 million from operations, a solid balance sheet with debt to core EBITDA at 1.4x and $1.6 billion in cash, continued its share repurchase program by buying 2.5 million shares leaving $364 million of repurchase authorization, and provided positive Q3 and FY '25 guidance including free cash flow expected to exceed $1.2 billion along with strategic acquisitions in the healthcare space.