Jabil
We deliver comprehensive design, production, and product management services to companies across a diverse range of industries and end markets.
10-K, Oct 17, 2025
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
Business
How does Jabil make money?
Intelligent Infrastructure is 41.3% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0001628280-25-045293 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($29.8B).
- Intelligent Infrastructure: $12.3B · 41.3%
- Regulated Industries: $11.9B · 39.9%
- Connected Living And Digital Commerce: $5.6B · 18.8%
What is left of every $100?
Of every $100 in revenue, $2 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $29.8B
- Gross profit: $2.6B
- Operating income: $1.2B
- Net income: $657M
- Free cash flow: $1.2B
Where do customers sit?
25.0% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001628280-25-045293 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Our capabilities span the entire product lifecycle—from innovation, design, and planning to fabrication, assembly, and delivery—enabling seamless management of resources and materials across global supply chains.”
“Through these integrated services, we help our customers reduce manufacturing costs, enhance supply chain efficiency, minimize inventory risk, lower transportation expenses, and accelerate product fulfillment.”
“We serve our customers primarily through dedicated business units that combine highly automated, continuous flow manufacturing with advanced electronic design and design for manufacturability.”
Item 1 · Business · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
Where did the growth actually come from?
Segments were redrawn between FY2016 and FY2025.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“In fiscal year 2025, our five largest customers accounted for approximately 36% of our net revenue and 87 customers accounted for approximately 90% of our net revenue.”
Item 1 · Business · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 3.2% to $29.8B.
Revenue grew 12% YoY to $8.8B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 15.9%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
4.0% operating margin, down from 7.0%.
8.9% gross margin, down from 9.3%.
Operating income fell 41% to $1.2B.
Net income fell 53% to $657M.
R&D fell 33% to $26.0M.
SG&A fell 3.3% to $1.1B.
EPS diluted fell 47% to $5.92.
5.1% operating margin, down from 5.1%.
9.5% gross margin, up from 8.7%.
Operating income grew 10% YoY to $445M.
Net income grew 24% YoY to $275M.
R&D grew 29% YoY to $9.0M.
SG&A grew 24% YoY to $340M.
EPS diluted grew 28% YoY to $2.59.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $4 of every $100 as free cash.
Operating cash flow fell 4.4% to $1.6B.
Capex fell 40% to $468M.
Buybacks fell 60% to $1.0B.
Dividends fell 14% to $36.0M.
Stock-based compensation grew 20% to $107M.
Free cash flow grew 9.7% YoY to $351M.
Operating cash flow grew 32% YoY to $535M.
Capex grew 114% YoY to $184M.
Buybacks fell 14% YoY to $291M.
Dividends was flat at $9.0M YoY.
Stock-based compensation grew 32% YoY to $25.0M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.9B cash vs $2.9B debt.
Total debt grew 0.2% to $2.9B.
Total assets grew 6.9% to $18.5B.
Equity fell 13% to $1.5B.
Cash fell 11% YoY to $1.4B.
Total debt grew 17% YoY to $3.4B.
Total assets grew 28% YoY to $23.8B.
Equity grew 3.0% YoY to $1.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 16% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Jabil annual report)
“The table below sets forth the respective portion of net revenue attributable to customers that accounted for a significant concentration of our net revenue during the periods indicated: Percentage of Net Revenue Fiscal Year Ended August 31, 2025 2024 2023 Customer A (1) 16% * * Customer B (2) * 11% 17% * Amount was less than 10% of total.”
10-K · 0001628280-25-045293 · filed Oct 17, 2025 · basis: filing text, verified verbatim
Suppliers named by Jabil
No supplier among the covered companies is named in the filings.
Jabil holds stakes in
No stake in a covered company found in SEC filings.
Others name Jabil
1 competitor mention (e.g. Celestica) · 1 other mention (e.g. Flex) · 1 partner mention (e.g. Arista) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 33 risk factors, one per theme.
Customer concentration
“Because we depend on a limited number of customers, a reduction in sales to any one of those customers has and could again cause a significant decline in our revenue.”
Item 1A · Risk Factors · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
Supply chain and manufacturing
“Our ability to schedule production, manage capital expenditures, and maximize the efficiency of our manufacturing capacity is highly dependent on the actions of our customers, who generally do not commit to long-term production schedules and cancel orders, change production quantities, delay production, and/or change sourcing strategy.”
Item 1A · Risk Factors · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
Competition
“The success of our business is dependent on our ability to keep pace with technological changes and competitive conditions in our industry and our ability to effectively adapt our services as our customers react to technological changes and competitive conditions in their respective industries.”
Item 1A · Risk Factors · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
AI and new products
“Introducing new business models or programs requiring implementation of new competencies, such as new process technologies and our development of new products or services, has and could affect our operations and financial results.”
Item 1A · Risk Factors · 10-K · 0001628280-25-045293 · filed Oct 17, 2025
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.18%.
Vanguard Capital Management LLC7.18%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Vanguard Portfolio Management LLC5.09%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock Inc.8% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
6 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.9%
10.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.8%
6.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Texas Yale Capital Corp.6.2%
6.3M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.3%
5.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp4.8%
4.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
1,119 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
1 purchases · 101 sales · $76.1M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 36 SEC metrics, FY2016–FY2025
Income statement 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | not reported | |||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | |||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | ||||||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values