Jabil — 2026Q3 earnings

“Net revenue: $10.6 billion • U.S. GAAP operating income: $602 million • U.S. GAAP diluted earnings per share: $3.76 • Core operating income (Non-GAAP): $675 million • Core diluted earnings per share (Non-GAAP): $4.40”

“Net revenue: $36.0 billion • U.S. GAAP operating income: $1.7 billion • U.S. GAAP diluted earnings per share: $9.75 • Core operating income (Non-GAAP): $2.1 billion • Core diluted earnings per share (Non-GAAP): $13.09”

“We delivered a fourth quarter that exceeded our expectations, closing an exceptional fiscal 2026 in which we grew revenue 21%, expanded core operating margin 40 basis points and generated more than $1.5 billion in adjusted free cash flow”

“These results reflect the progress we’ve made in moving up the value chain, taking on more of our customers’ engineering and manufacturing complexity while maintaining an asset-light model.”

“Net revenue $10.6 billion to $11.4 billion • U.S. GAAP operating income $481 million to $541 million • U.S. GAAP diluted earnings per share $2.78 to $3.18 per diluted share • Core operating income (Non-GAAP) (1) $592 million to $652 million • Core diluted earnings per share (Non-GAAP) (1) $3.80 to $4.20 per diluted share”

“We expect revenue of $44.5 billion, up 24%, core operating margin expansion of 30 basis points to 6.1%, core diluted earnings per share growth of 34% to $17.55, and adjusted free cash flow of approximately $1.6 billion.”

“Our fiscal 2027 outlook reflects the strength of Jabil’s diversified portfolio, with accelerating AI demand complemented by solid growth in automotive, healthcare, energy infrastructure, defense and aerospace, and warehouse and retail automation”

“Fourth quarter revenue and core earnings per share both exceeded the high end of our guidance, reflecting solid execution across the business. Revenue was approximately $10.6 billion, up 29% year-over-year and more than $1 billion above the midpoint of our June outlook.”

“In Intelligent Infrastructure, revenue was approximately $5.8 billion, up 56% year-over-year and roughly $900 million above our June outlook.”

“First, AI-related demand remained very strong and continued to accelerate, exceeding the significant growth we had already incorporated in our June outlook. Second, capacity came online sooner than planned and customer ramps progressed better than anticipated, allowing us to support that higher level of demand.”

“In fiscal 2026, the team delivered approximately $14.4 billion of AI-related revenue, up $5.4 billion year-over-year. In fiscal 2027, we expect that to grow to approximately $22.1 billion, up 54%.”

“most of our AI business supports everyday AI usage rather than frontier model training, which makes our demand less exposed to swings in the AI spending boom.”

“I expect the second hyperscaler to be a 10% plus customer in FY '27.”

“On the networking side, we're actually growing roughly 45% to 50%. And so what you're seeing pull-through in the 15% in that reporting line is really effectively some of the downside that we're seeing in the communications space.”

“Memory, in particular, is being reallocated towards AI and hyperscale demand, tightening supply across many of the diversified end markets that we serve.”

“I think it's 45% to 55% first half to second half. The margins, though, are a little bit back-end loaded because of the initial ramp that you get when you put out that much capacity.”

“reducing net inventory days by approximately 4 days sequentially to 64, including inventory deposits. Gross inventory days ended the year at approximately 82. While net inventory days remain above our target range of 55 to 60 days, we expect continued improvement and a return to that range as we move through fiscal 2027.”