01—Abstract
Summary
Summary of the 10-K filed October 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Jabil Inc. reported net revenue of $35.95 billiona for the fiscal year ended August 31, 2026, up from $29.80 billion in fiscal 2025, with the filing stating a 20.6% increase.
Net income attributable to Jabil Inc. was $1.04 billionb, or $9.75 per diluted share, compared with $657 million, or $5.92 per diluted share, a year earlier. The company's non-GAAP core earnings were $1.40 billion, or $13.09 per diluted share. Gross margin improved to 9.2% of net revenue from 8.9%, driven by product mix in the Intelligent Infrastructure segment, which grew net revenue 45% and rose to 50% of total revenue.
Cloud and data center infrastructure revenue from existing customers rose 33%c, as AI infrastructure programs drove demand. Customer concentration remains significant. The five largest customers accounted for approximately 37% of net revenue, and Customer A alone represented 20%.
Working capital expanded sharply: accounts payable rose to $14.44 billiond from $7.94 billion, and inventories rose to $7.41 billion from $4.68 billion, which contributed to operating cash flow of $2.00 billion. Adjusted free cash flow was $1.53 billion. Jabil acquired Hanley Energy Group for $752 million and Rebound Technologies for $133 million during the year.
Total notes payable and long-term debt was $3.38 billion, and cash and cash equivalents were $1.74 billion. The filing also discloses an FDA Warning Letter received on August 27, 2026, related to a March 2026 inspection of the Pharmaceutics International, Inc. facility in Hunt Valley, Maryland. Management has paused manufacturing at that site pending remediation.
Separately, the board authorized a $1.5 billion share repurchase program in July 2026, with $898 million remaining as of October 20, 2026. The quarterly dividend was $0.08 per share, and the Connected Living and Digital Commerce segment is renamed Intelligent Devices and Robotics beginning September 1, 2026.
02—Key points
Key Highlights
- Net revenue rose to $35.95 billion in fiscal 2026 from $29.80 billion, a 20.6% increase, while net income attributable to Jabil Inc. rose to $1.04 billion from $657 million.
- Diluted EPS was $9.75 (GAAP) and $13.09 (non-GAAP core), compared with $5.92 and $9.75 in fiscal 2025.
- Intelligent Infrastructure net revenue grew 45%, driven by a 33% increase from existing cloud and data center infrastructure customers, and the segment reached 50% of total net revenue.
- Five largest customers accounted for approximately 37% of net revenue, with Customer A at 20%, highlighting ongoing concentration risk.
- Operating cash flow was $2.00 billion and adjusted free cash flow was $1.53 billion, with accounts payable and inventories both rising substantially.
- An FDA Warning Letter (August 27, 2026) covers the Pharmaceutics International facility in Hunt Valley, Maryland, where manufacturing has been paused pending remediation.
- A $1.5 billion share repurchase program was authorized in July 2026, with $898 million remaining as of October 20, 2026; the quarterly dividend is $0.08 per share.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Jabil kept $0.03.
- Revenue$35.95B100.0%
- Cost of revenue−$32.64B90.8%
- Gross profit$3.32B9.2%
- Operating costs−$1.61B4.5%
- Operating income$1.70B4.7%
- Interest, other & tax−$662.0M1.8%
- Net income$1.04B2.9%
Where FY2026 revenue went
$35.95B- Cost of revenue: $32.64B, 91% of revenue
- Net income: $1.04B, 2.9% of revenue
- R&D: $30.0M, 0.1% of revenue
- SG&A: $1.22B, 3.4% of revenue
- Other operating costs: $361.0M, 1.0% of revenue
- Interest, other & tax: $662.0M, 1.8% of revenue
Kept 2.9% as net incomeNet income $1.04B · 2.9%R&D $30.0M · 0.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed October 23, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $35.95B$29.80B | +20.6% |
| Cost of Revenue | $32.64B$27.16B | +20.2% |
| Gross Profit | $3.32B$2.65B | +25.4% |
| R&D Expenses | $30.00M$26.00M | +15.4% |
| SG&A Expenses | $1.22B$1.01B | +20.4% |
| Operating Income | $1.70B$1.18B | +44.2% |
| Net Income | $1.04B$657.00M | +58.6% |
| EPS (Basic) | $9.86$6.00 | +64.3% |
| EPS (Diluted) | $9.75$5.92 | +64.7% |
| Shares Outstanding (Basic) | 105.80M109.50M | −3.4% |
| Shares Outstanding (Diluted) | 106.90M110.90M | −3.6% |
05—Questions
Frequently Asked Questions
How did Jabil perform financially in fiscal 2026?
Net revenue was $35.95 billion, up 20.6% from $29.80 billion. Operating income was $1.70 billion, compared with $1.18 billion, and net income attributable to Jabil Inc. was $1.04 billion, compared with $657 million. Gross profit was $3.32 billion, or 9.2% of net revenue.
What is driving growth in the business?
The Intelligent Infrastructure segment drove growth, with net revenue up 45%. The filing attributes this to a 33% increase in revenue from existing cloud and data center infrastructure customers, an 8% increase in networking and communications, and a 4% increase in capital equipment. The filing says AI-related revenue growth was primarily driven by strong demand for certain AI infrastructure programs. Regulated Industries net revenue rose 7%, while Connected Living and Digital Commerce declined 4%.
How concentrated is Jabil's customer base?
In fiscal 2026, the five largest customers accounted for approximately 37% of net revenue, and 76 customers accounted for approximately 90%. Customer A represented 20% of net revenue, up from 16% in fiscal 2025, and 33% of accounts receivable. The filing notes that loss or reduction of business from a major customer could have a material adverse effect.
What regulatory issue should investors be aware of?
On August 27, 2026, Jabil received an FDA Warning Letter related to a March 2026 inspection of the Pharmaceutics International, Inc. facility in Hunt Valley, Maryland. The letter cites manufacturing practices and quality systems findings. Management has paused manufacturing at the site, made leadership changes, and launched a corrective action plan. The company says all findings relate to that location.
How is Jabil returning capital and managing its balance sheet?
Jabil repurchased $1.06 billion of common stock in fiscal 2026 and paid $35 million in dividends. Its 2027 Share Repurchase Program authorizes up to $1.5 billion, with $898 million remaining as of October 20, 2026. Total notes payable and long-term debt was $3.38 billion, cash and cash equivalents were $1.74 billion, and the company had $4.4 billion of available unused borrowing capacity under its revolving credit facilities and receivables financing facility.
06—Continue