01—Abstract
Summary
Summary of the 10-K filed October 17, 2025. Cited figures are marked; the original filing is the authoritative source.
Jabil Inc. (NYSE: JBL) reported fiscal year 2025 (ended August 31, 2025) net revenue of $29.8 billiona, up from $28.9 billion in fiscal 2024, while net income attributable to Jabil Inc. fell to $657 million from $1,388 million.
The decline reflects a prior-year $942 millionb pre-tax gain on the divestiture of the Mobility Business, which did not recur at that scale. Operating income was $1,182 million versus $2,013 million a year earlier, and gross profit was $2,646 million on an 8.9% gross margin, down from 9.3%. Diluted EPS was $5.92 compared with $11.17.
Diluted core EPS (non-GAAP) rose to $9.75c from $8.49, and core operating income was $1.62 billion versus $1.59 billion. Growth was driven by the Intelligent Infrastructure segment, whose net revenue increased 34% to $12.3 billion, led by a 30% increase in cloud and data center infrastructure revenue from existing customers. Connected Living and Digital Commerce revenue fell 25%, largely due to the divestiture of the Mobility Business.
Regulated Industries revenue declined 3%d. The five largest customers accounted for approximately 36% of net revenue, and Customer A alone accounted for 16%. Cash flow and capital returns remained substantial.
Net cash provided by operating activities was $1.64 billion and adjusted free cash flow (non-GAAP) was $1.32 billion. Jabil repurchased $1.0 billion of stock during the year and paid $36 million in dividends. Cash and cash equivalents were $1.93 billion at year-end, against $499 million of current notes maturities.
The company entered a $3.2 billion senior unsecured revolving credit facility in June 2025, and $4.0 billion of revolving capacity was unused at August 31, 2025. Management also authorized a new $1.0 billion repurchase program in July 2025, with $865 million remaining as of October 10, 2025.
02—Key points
Key Highlights
- Net revenue rose 3.2% to $29.80 billion in fiscal 2025, while net income attributable to Jabil Inc. declined to $657 million from $1.39 billion, which included a $942 million pre-tax gain on the Mobility Business divestiture in fiscal 2024.
- Intelligent Infrastructure net revenue grew 34% to $12.32 billion (41% of total revenue), driven by a 30% increase in cloud and data center infrastructure revenue from existing customers.
- Diluted GAAP EPS was $5.92 versus $11.17 in fiscal 2024; diluted core EPS (non-GAAP) increased to $9.75 from $8.49.
- Gross profit margin was 8.9% of net revenue, down from 9.3%, primarily due to product mix in the Connected Living and Digital Commerce and Intelligent Infrastructure segments.
- Operating cash flow was $1.64 billion and adjusted free cash flow (non-GAAP) was $1.32 billion, up from $1.06 billion.
- Customer concentration remains high: the five largest customers accounted for approximately 36% of net revenue, and Customer A represented 16%.
- Shareholder returns included $1.0 billion of share repurchases in fiscal 2025, and a new $1.0 billion repurchase program was authorized in July 2025 with $865 million remaining as of October 10, 2025.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Jabil kept $0.02.
- Revenue$29.80B100.0%
- Cost of revenue−$27.16B91.1%
- Gross profit$2.65B8.9%
- Operating costs−$1.46B4.9%
- Operating income$1.18B4.0%
- Interest, other & tax−$525.0M1.8%
- Net income$657.0M2.2%
Where FY2025 revenue went
$29.80B- Cost of revenue: $27.16B, 91% of revenue
- Net income: $657.0M, 2.2% of revenue
- R&D: $26.0M, 0.1% of revenue
- SG&A: $1.01B, 3.4% of revenue
- Other operating costs: $423.0M, 1.4% of revenue
- Interest, other & tax: $525.0M, 1.8% of revenue
Kept 2.2% as net incomeNet income $657.0M · 2.2%R&D $26.0M · 0.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed October 17, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $29.80B$28.88B | +3.2% |
| Cost of Revenue | $27.16B$26.21B | +3.6% |
| Gross Profit | $2.65B$2.68B | −1.1% |
| R&D Expenses | $26.00M$39.00M | −33.3% |
| SG&A Expenses | $1.01B$1.07B | −5.2% |
| Operating Income | $1.18B$2.01B | −41.3% |
| Net Income | $657.00M$1.39B | −52.7% |
| EPS (Basic) | $6.00$11.34 | −47.1% |
| EPS (Diluted) | $5.92$11.17 | −47.0% |
| Shares Outstanding (Basic) | 109.50M122.40M | −10.5% |
| Shares Outstanding (Diluted) | 110.90M124.30M | −10.8% |
05—Questions
Frequently Asked Questions
Why did net income fall sharply in fiscal 2025 even though revenue grew?
Net income attributable to Jabil Inc. was $657 million, compared with $1,388 million in fiscal 2024. The prior year included a $942 million pre-tax gain on the divestiture of the Mobility Business. Fiscal 2025 operating income was $1,182 million versus $2,013 million, and it also included $181 million in restructuring, severance and related charges, a $53 million loss from divestitures (including a $97 million pre-tax loss on the Italy operations, partly offset by a $54 million gain on post-closing adjustments of the Mobility sale), and a $46 million loss on securities.
Which segment is driving growth?
Intelligent Infrastructure is driving growth. Its net revenue increased 34% to $12.32 billion, rising from $9.20 billion, and it now represents 41% of total net revenue compared with 32% in fiscal 2024. The increase was primarily due to a 30% increase in cloud and data center infrastructure revenue from existing customers and a 10% increase in capital equipment revenue. Connected Living and Digital Commerce declined 25%, mainly because of the Mobility Business divestiture.
How concentrated is Jabil's customer base?
Concentration is significant. In fiscal 2025, the five largest customers accounted for approximately 36% of net revenue, and 87 customers accounted for approximately 90%. Customer A accounted for 16% of net revenue, primarily in the Intelligent Infrastructure segment, and represented 24% of accounts receivable at August 31, 2025. The filing notes that losing or reducing business with one or more large customers could materially affect results.
How strong is the company's liquidity and balance sheet?
Cash and cash equivalents were $1.93 billion at August 31, 2025. Notes payable and long-term debt totaled $2.885 billion, with $499 million of current installments. Management stated it had $4.0 billion of available unused borrowing capacity under its revolving credit facilities, of which $3.2 billion was under a new revolving credit facility entered into in June 2025. The company stated it was in compliance with its debt covenants as of August 31, 2025.
What capital return and capital expenditure plans did management outline?
Jabil repurchased $1.0 billion of common stock and paid $36 million in dividends in fiscal 2025. Management expects to continue paying quarterly dividends of an amount similar to past declarations, subject to board discretion. For fiscal 2026, net capital expenditures are expected to be 1.5% to 2.0% of net revenue. Subsequent to year-end, the company completed the acquisition of Rebound Technologies for $134 million in cash on September 1, 2025.
06—Continue