# JABIL INC (JBL)

Informational only - not investment advice.

CIK: 0000898293
SIC: 3672 Printed Circuit Boards
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3672 Printed Circuit Boards](/industry/3672/)
Latest 10-K filed: 2025-10-17
SEC page: https://www.sec.gov/edgar/browse/?CIK=898293
Filing source: https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm

## At a glance

FY2025 · period end 2025-08-31 · filed 2025-10-17 · accession 0001628280-25-045293 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000898293.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 29,802,000,000 USD | 2025 | verified |
| Net income | 657,000,000 USD | 2025 | verified |
| Assets | 18,543,000,000 USD | 2025 | verified |
| Free cash flow | 1,172,000,000 USD | 2025 | computed |
| Net margin | 2.20% | 2025 | computed |
| Operating margin | 3.97% | 2025 | computed |
| Revenue YoY | +3.18% | 2025 | computed |
| ROE | 43.42% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | JBL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.2% | 3.1% | 29 | 8 |
| Operating margin | 4.0% | 4.6% | 29 | 8 |
| Revenue growth | 3.2% | 4.2% | 43 | 8 |
| FCF margin | 3.9% | 3.9% | 57 | 8 |
| ROE | 43.4% | 11.0% | 100 | 8 |
| ROA | 3.5% | 4.1% | 29 | 8 |
| Liabilities / equity | 11.25 | 1.17 | 100 | 8 |
| Current ratio | 1.00 | 1.83 | 0 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3672 Printed Circuit Boards, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 29802000000 | USD | 2025 | 2025-10-17 |
| Net income | 657000000 | USD | 2025 | 2025-10-17 |
| Assets | 18543000000 | USD | 2025 | 2025-10-17 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-10-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000898293.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 22,095,416,000 | 25,282,000,000 | 27,266,000,000 | 29,285,000,000 | 33,478,000,000 | 34,702,000,000 | 28,883,000,000 | 29,802,000,000 |
| Net income | 254,095,000 | 129,090,000 | 86,330,000 | 287,000,000 | 54,000,000 | 696,000,000 | 996,000,000 | 818,000,000 | 1,388,000,000 | 657,000,000 |
| Operating income | 522,833,000 | 410,230,000 | 542,153,000 | 701,000,000 | 500,000,000 | 1,055,000,000 | 1,393,000,000 | 1,537,000,000 | 2,013,000,000 | 1,182,000,000 |
| Gross profit | 1,527,704,000 | 1,545,643,000 | 1,706,792,000 | 1,913,000,000 | 1,931,000,000 | 2,359,000,000 | 2,632,000,000 | 2,867,000,000 | 2,676,000,000 | 2,646,000,000 |
| Diluted EPS | 1.32 | 0.69 | 0.49 | 1.81 | 0.35 | 4.58 | 6.90 | 6.02 | 11.17 | 5.92 |
| Operating cash flow | 916,207,000 | -1,464,085,000 | -1,105,448,000 | 1,193,000,000 | 1,257,000,000 | 1,433,000,000 | 1,651,000,000 | 1,734,000,000 | 1,716,000,000 | 1,640,000,000 |
| Capital expenditures | 924,239,000 | 716,485,000 | 1,036,651,000 | 1,005,000,000 | 983,000,000 | 1,159,000,000 | 1,385,000,000 | 1,030,000,000 | 784,000,000 | 468,000,000 |
| Dividends paid | 62,436,000 | 59,959,000 | 57,833,000 | 52,000,000 | 50,000,000 | 50,000,000 | 48,000,000 | 45,000,000 | 42,000,000 | 36,000,000 |
| Share buybacks | 148,340,000 | 306,640,000 | 450,319,000 | 350,000,000 | 215,000,000 | 428,000,000 | 696,000,000 | 487,000,000 | 2,500,000,000 | 1,000,000,000 |
| Assets | 10,322,677,000 | 11,095,995,000 | 12,045,641,000 | 12,970,475,000 | 14,397,000,000 | 16,654,000,000 | 19,717,000,000 | 19,424,000,000 | 17,351,000,000 | 18,543,000,000 |
| Liabilities | 7,865,180,000 | 8,727,651,000 | 10,082,261,000 | 11,069,717,000 | 12,572,000,000 | 14,517,000,000 | 17,265,000,000 | 16,557,000,000 | 15,614,000,000 | 17,026,000,000 |
| Stockholders' equity | 2,438,171,000 | 2,353,514,000 | 1,950,257,000 | 1,887,443,000 | 1,811,000,000 | 2,136,000,000 | 2,451,000,000 | 2,866,000,000 | 1,737,000,000 | 1,513,000,000 |
| Cash and cash equivalents | 912,059,000 | 1,189,919,000 | 1,257,949,000 | 1,163,343,000 | 1,394,000,000 | 1,567,000,000 | 1,478,000,000 | 1,804,000,000 | 2,201,000,000 | 1,933,000,000 |
| Free cash flow | -8,032,000 | -2,180,570,000 | -2,142,099,000 | 188,000,000 | 274,000,000 | 274,000,000 | 266,000,000 | 704,000,000 | 932,000,000 | 1,172,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 0.39% | 1.14% | 0.20% | 2.38% | 2.98% | 2.36% | 4.81% | 2.20% |
| Operating margin |  |  | 2.45% | 2.77% | 1.83% | 3.60% | 4.16% | 4.43% | 6.97% | 3.97% |
| Return on equity | 10.42% | 5.48% | 4.43% | 15.21% | 2.98% | 32.58% | 40.64% | 28.54% | 79.91% | 43.42% |
| Return on assets | 2.46% | 1.16% | 0.72% | 2.21% | 0.38% | 4.18% | 5.05% | 4.21% | 8.00% | 3.54% |
| Liabilities / equity | 3.23 | 3.71 | 5.17 | 5.86 | 6.94 | 6.80 | 7.04 | 5.78 | 8.99 | 11.25 |
| Current ratio | 1.05 | 0.96 | 1.04 | 0.98 | 1.01 | 1.02 | 1.02 | 1.16 | 1.09 | 1.00 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/JBL/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000898293.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-11-30 |  |  | 1.61 | reported discrete quarter |
| 2023-Q2 | 2023-02-28 |  |  | 1.52 | reported discrete quarter |
| 2023-Q3 | 2023-05-31 |  |  | 1.72 | reported discrete quarter |
| 2023-Q4 | 2023-08-31 | 8,458,000,000 | 155,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-11-30 | 8,387,000,000 | 194,000,000 | 1.47 | reported discrete quarter |
| 2024-Q2 | 2024-02-29 | 6,767,000,000 | 927,000,000 | 7.31 | reported discrete quarter |
| 2024-Q3 | 2024-05-31 | 6,765,000,000 | 129,000,000 | 1.06 | reported discrete quarter |
| 2024-Q4 | 2024-08-31 | 6,964,000,000 | 138,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-11-30 | 6,994,000,000 | 100,000,000 | 0.88 | reported discrete quarter |
| 2025-Q2 | 2025-02-28 | 6,728,000,000 | 117,000,000 | 1.06 | reported discrete quarter |
| 2025-Q3 | 2025-05-31 | 7,828,000,000 | 222,000,000 | 2.03 | reported discrete quarter |
| 2025-Q4 | 2025-08-31 | 8,252,000,000 | 218,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-11-30 | 8,305,000,000 | 146,000,000 | 1.35 | reported discrete quarter |
| 2026-Q2 | 2026-02-28 | 8,282,000,000 | 223,000,000 | 2.08 | reported discrete quarter |
| 2026-Q3 | 2026-05-31 | 8,751,000,000 | 275,000,000 | 2.59 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from JBL's latest 10-K: [/company/JBL/business/](/company/JBL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from JBL's latest 10-K: [/company/JBL/risk-factors/](/company/JBL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/898293/000162828026046138/jbl-20260531.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-30
Report date: 2026-05-31

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are one of the leading providers of worldwide manufacturing services and solutions. We provide comprehensive electronics design, production, and product management services to companies in various industries and end markets. Our services enable our customers to reduce manufacturing costs, improve supply-chain management, reduce inventory obsolescence, lower transportation costs, and reduce product fulfillment time. Our manufacturing and supply chain management services and solutions include innovation, design, planning, fabrication and assembly, delivery, and managing the flow of resources and products. We derive substantially all of our revenue from production and product management services (collectively referred to as “manufacturing services”), which encompass the act of producing tangible components that are built to customer specifications and are then provided to the customer.

We serve our customers primarily through dedicated business units that combine highly automated, continuous flow manufacturing with advanced electronic design and design for manufacturability. We currently depend, and expect to continue to depend for the foreseeable future, upon a relatively small number of customers for a significant percentage of our net revenue, which in turn depends upon their growth, viability, and financial stability.

We conduct our operations in facilities that are located worldwide, including but not limited to China, Malaysia, Mexico, and the United States. We derived a substantial majority, 75.8% and 73.8% of net revenue from our international operations for the three months and nine months ended May 31, 2026. Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products. Our global presence is key to assessing and executing on our business opportunities.

We have three reporting segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital, and risk profiles. Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries. Our Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries. Our Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries.

We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

On February 20, 2026, the U.S. Supreme Court issued a ruling striking down tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), including, among others, tariffs on imports of certain Canadian, Chinese, and Mexican goods, a universal baseline tariff on imports from most countries, and reciprocal tariffs on select countries. On April 20, 2026, the U.S. Customs and Border Protection launched a system to process IEEPA tariff refund claims. The Company will recognize refunds in the condensed consolidated financial statements as and when the amounts are probable and reasonably estimable. During the three months ended May 31, 2026, the Company began receiving refunds for IEEPA tariffs previously paid, which did not have a material impact on the Company’s results of operations. 

The global tariff landscape continues to shift rapidly, with changes impacting businesses and markets around the world. We continue to monitor the situation, including any further refunds, and we do not expect that any further refunds received would have a material impact on the Company’s results of operations. For additional information, refer to Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended August 31, 2025.

Refer to Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” section contained in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025, for further discussion of the items disclosed in Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations” section as of May 31, 2026, contained herein.

22

Table of Contents    

Summary of Results

The following table sets forth, for the periods indicated, certain key operating results and other financial information (in millions, except per share data):

[[GREPCENT_TABLE]]
[["","Three months ended","","Nine months ended"],["","May 31, 2026","","May 31, 2025","","May 31, 2026","","May 31, 2025"],["Net revenue","$","8,751","","","$","7,828","","","$","25,338","","","$","21,550"],["Gross profit","$","828","","","$","681","","","$","2,316","","","$","1,863"],["Operating income","$","445","","","$","403","","","$","1,102","","","$","845"],["Net income attributable to Jabil Inc.","$","275","","","$","222","","","$","644","","","$","439"],["Earnings per share \u2013 basic","$","2.61","","","$","2.05","","","$","6.07","","","$","3.98"],["Earnings per share \u2013 diluted","$","2.59","","","$","2.03","","","$","6.01","","","$","3.94"]]
[[/GREPCENT_TABLE]]

Key Performance Indicators

Management regularly reviews financial and non-financial performance indicators to assess the Company’s operating results. Changes in our operating assets and liabilities are largely affected by our working capital requirements, which are dependent on the effective management of our sales cycle as well as timing of payments. Our sales cycle measures how quickly we can convert our manufacturing services into cash through sales. We believe the metrics set forth below are useful to investors in measuring our liquidity as future liquidity needs will depend on fluctuations in levels of inventory, accounts receivable, and accounts payable.

The following table sets forth, for the quarterly periods indicated, certain of management’s key financial performance indicators:

[[GREPCENT_TABLE]]
[["","Three months ended"],["","May 31, 2026","","February 28, 2026","","May 31, 2025"],["Sales cycle(1)","5 days","","21 days","","24 days"],["Inventory turns (annualized)(2)","4 turns","","5 turns","","5 turns"],["Days in accounts receivable(3)","56 days","","48 days","","46 days"],["Days in inventory(4)","84 days","","75 days","","74 days"],["Days in accounts payable(5)","135 days","","102 days","","96 days"]]
[[/GREPCENT_TABLE]]

(1)The sales cycle is calculated as the sum of days in accounts receivable and days in inventory, less the days in accounts payable; accordingly, the variance in the sales cycle quarter over quarter was a direct result of changes in these indicators.

(2)Inventory turns (annualized) are calculated as 360 days divided by days in inventory.

(3)Days in accounts receivable is calculated as accounts receivable, net, divided by net revenue multiplied by 90 days. During the three months ended May 31, 2026, the increase in days in accounts receivable from the prior sequential quarter and the three months ended May 31, 2025, was primarily driven by timing of payments.

(4)Days in inventory is calculated as inventories, net and contract assets divided by cost of revenue multiplied by 90 days. During the three months ended May 31, 2026, the increase in days in inventory from the prior sequential quarter and the three months ended May 31, 2025, was primarily driven by timing of customer shipments in the Intelligent Infrastructure segment during the quarter.

(5)Days in accounts payable is calculated as accounts payable divided by cost of revenue multiplied by 90 days. During the three months ended May 31, 2026, the increase in days in accounts payable from the prior sequential quarter and the three months ended May 31, 2025, was primarily due to timing of payments in the Intelligent Infrastructure segment during the quarter.

23

Table of Contents    

Critical Accounting Policies and Estimates

The preparation of our Condensed Consolidated Financial Statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect our reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. Management believes that our estimates and assumptions are reasonable under the circumstances; however, actual results may vary from these estimates and assumptions under different future circumstances. For further discussion of our significant accounting policies, refer to Note 1 – “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025.

Recent Accounting Pronouncements

See Note 18 – “New Accounting Guidance” to the Condensed Consolidated Financial Statements for a discussion of recent accounting guidance.

Results of Operations

Net Revenue

Generally, we assess revenue on a global customer basis regardless of whether the growth is associated with organic growth or as a result of an acquisition. Accordingly, we do not differentiate or separately report revenue increases generated by acquisitions as opposed to existing business. In addition, the added cost structures associated with our acquisitions have historically been relatively insignificant when compared to our overall cost structure.

The distribution of revenue across our segments has fluctuated, and will continue to fluctuate, as a result of numerous factors, including the following: fluctuations in customer demand; efforts to diversify certain portions of our business; business growth from new and existing customers; specific product performance; and any potential termination, or substantial winding down, of significant customer relationships.

[[GREPCENT_TABLE]]
[["","Three months ended","","","","Nine months ended"],["(dollars in millions)","May 31, 2026","","May 31, 2025","","Change","","May 31, 2026","","May 31, 2025","","Change"],["Net revenue","$","8,751","","","$","7,828","","","11.8","%","","$","25,338","","","$","21,550","","","17.6","%"]]
[[/GREPCENT_TABLE]]

Net revenue increased during the three months ended May 31, 2026, compared to the three months ended May 31, 2025. Specifically, the Intelligent Infrastructure segment net revenue increased 21% primarily due to: (i) a 10% increase in revenues from existing customers within our networking and communications business, (ii) a 8% increase in revenues from existing customers within our cloud and data center infrastructure business, and (iii) a 3% increase in revenues from existing customers within our capital equipment business. The Regulated Industries segment net revenue increased 4% primarily due to a 4% increase in revenues from existing customers within our automotive and transportation business. The Connected Living and Digital Commerce segment net revenue increased 5% primarily due to a 13% increase in rev

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm
Complete FY 2025 MD&A: /company/JBL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-10-17
Report date: 2025-08-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are one of the leading providers of worldwide manufacturing services and solutions. We provide comprehensive electronics design, production, and product management services to companies in various industries and end markets. We derive substantially all of our revenue from production and product management services (collectively referred to as “manufacturing services”), which encompass the act of producing tangible components that are built to customer specifications and are then provided to the customer.

At August 31, 2025, we have three reporting segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce. Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries. Our Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries. Our Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries.

Our cost of revenue includes the cost of electronic components and other materials that comprise the products we manufacture; the cost of labor and manufacturing overhead; and adjustments for excess and obsolete inventory. As a provider of turnkey manufacturing services, we are responsible for procuring components and other materials. This requires us to commit significant working capital to our operations and to manage the purchasing, receiving, inspecting, and stocking of materials. At times, we collect deposits from our customers related to the purchase of inventory in order to effectively manage our working capital. Although we bear the risk of fluctuations in the cost of materials and excess scrap, our ability to purchase components and materials efficiently may contribute significantly to our operating results. While we periodically negotiate cost of materials adjustments with our customers, rising component and material prices may negatively affect our margins. Net revenue from each product that we manufacture consists of an element based on the costs of materials in that product and an element based on the labor and manufacturing overhead costs allocated to that product. Our gross margin for any product depends on the mix between the cost of materials in the product and the cost of labor and manufacturing overhead allocated to the product.

Our operating results are impacted by the level of capacity utilization of manufacturing facilities; indirect labor costs; and selling, general, and administrative expenses. Operating income margins have generally improved during periods of high production volume and high capacity utilization. During periods of low production volume, we generally have reduced operating income margins.

We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

Beginning in February 2025, the U.S. implemented tariffs on a variety of countries and commodities, including, among others, tariffs on aluminum and steel derivative products, imports of certain Canadian and Mexican goods, imports of Chinese goods, universal tariffs on imports from most countries, and reciprocal tariffs on select countries. In response, certain countries have imposed, or are considering, retaliatory tariffs on U.S. exports. The global tariff landscape continues to shift rapidly, with changes impacting businesses and markets around the world. While these increased tariffs have and may continue to impact end customer demand, we expect that we will recover the tariff costs by passing them on to our customers. If we are unable to fully pass on these costs, our operating results and cash flows could be adversely impacted.

We have consistently utilized advanced circuit design, production design and manufacturing technologies to meet the needs of our customers. To support this effort, our engineering staff focuses on developing and refining design and manufacturing technologies to meet specific needs of specific customers. Most of the expenses associated with these customer-specific efforts are reflected in our cost of revenue. In addition, our engineers engage in research and development (“R&D”) of new technologies that apply generally to our operations. The expenses of these R&D activities are reflected in the research and development line item within our Consolidated Statements of Operations.

An important element of our strategy is the expansion of our global production facilities. The majority of our revenue and materials costs worldwide are denominated in U.S. dollars, while our labor and utility costs in operations outside the U.S. are denominated in local currencies. We economically hedge certain of these local currency costs, based on our evaluation of the potential exposure as compared to the cost of the hedge, through the purchase of foreign currency exchange contracts. Changes

30

Table of Contents

in the fair market value of such hedging instruments are reflected within the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income.

See Note 14 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements.

Summary of Results

The following table sets forth, for the periods indicated, certain key operating results and other financial information (in millions, except per share data):

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended August 31,"],["","2025","","2024","","2023"],["Net revenue","$","29,802","","","$","28,883","","","$","34,702"],["Gross profit","$","2,646","","","$","2,676","","","$","2,867"],["Operating income","$","1,182","","","$","2,013","","","$","1,537"],["Net income attributable to Jabil Inc.","$","657","","","$","1,388","","","$","818"],["Earnings per share \u2013 basic","$","6.00","","","$","11.34","","","$","6.15"],["Earnings per share \u2013 diluted","$","5.92","","","$","11.17","","","$","6.02"]]
[[/GREPCENT_TABLE]]

Key Performance Indicators

Management regularly reviews financial and non-financial performance indicators to assess the Company’s operating results. Changes in our operating assets and liabilities are largely affected by our working capital requirements, which are dependent on the effective management of our sales cycle as well as timing of payments. Our sales cycle measures how quickly we can convert our manufacturing services into cash through sales. We believe the metrics set forth below are useful to investors in measuring our liquidity, as future liquidity needs will depend on fluctuations in levels of inventory, accounts receivable, and accounts payable.

The following table sets forth, for the quarterly periods indicated, certain of management’s key financial performance indicators:

[[GREPCENT_TABLE]]
[["","Three Months Ended"],["","August 31, 2025","","May 31, 2025","","August 31, 2024"],["Sales cycle(1)","18 days","","24 days","","34 days"],["Inventory turns (annualized)(2)","5 turns","","5 turns","","5 turns"],["Days in accounts receivable(3)","44 days","","46 days","","46 days"],["Days in inventory(4)","69 days","","74 days","","76 days"],["Days in accounts payable(5)","96 days","","96 days","","88 days"]]
[[/GREPCENT_TABLE]]

(1)The sales cycle is calculated as the sum of days in accounts receivable and days in inventory, less the days in accounts payable; accordingly, the variance in the sales cycle quarter over quarter is a direct result of changes in these indicators.

(2)Inventory turns (annualized) are calculated as 360 days divided by days in inventory.

(3)Days in accounts receivable is calculated as accounts receivable, net, divided by net revenue multiplied by 90 days. During the three months ended August 31, 2025, the decrease in days in accounts receivable from the prior sequential quarter and the three months ended August 31, 2024, was primarily driven by an increase in net revenue and the timing of payments.

(4)Days in inventory is calculated as inventory and contract assets divided by cost of revenue multiplied by 90 days. During the three months ended August 31, 2025, the decrease in days in inventory from the prior sequential quarter and the three months ended August 31, 2024, was primarily driven by higher consumption of inventory to support sales during the quarter and improved working capital management.

(5)Days in accounts payable is calculated as accounts payable divided by cost of revenue multiplied by 90 days. During the three months ended August 31, 2025, the increase in days in accounts payable from the three months ended August 31, 2024, was primarily due to higher purchases of customer-controlled consignment components and the timing of cash payments.

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Table of Contents

Critical Accounting Policies and Estimates

The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect our reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. Management believes that our estimates and assumptions are reasonable under the circumstances; however, actual results may vary from these estimates and assumptions under different future circumstances. We have identified the following critical accounting policies that affect the more significant judgments and estimates used in the preparation of our Consolidated Financial Statements. For further discussion of our significant accounting policies, refer to Note 1 – “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements.

Revenue Recognition

For our over time customers, we believe the measure of progress which best depicts the transfer of control is based on costs incurred to date, relative to total estimated cost at completion (i.e., an input method). This method is a faithful depiction of the transfer of goods or services because it results in the recognition of revenue on the basis of our to-date efforts in the satisfaction of a performance obligation relative to the total expected efforts in the satisfaction of the performance obligation. We believe that the use of an input method best depicts the transfer of control to the customer, which occurs as we incur costs on our contracts. The transaction price of each performance obligation is generally based upon the contractual standalone selling price of the product or service.

Inventory Valuation

We purchase inventory based on forecasted demand and record inventory at the lower of cost and net realizable value. Management regularly assesses inventory valuation based on current and forecasted usage, customer inventory-related contractual obligations, and other lower of cost and net realizable value considerations. If actual market conditions or our customers’ product demands are less favorable than those projected, additional valuation adjustments may be necessary.

Long-Lived Assets

We have recorded intangible assets, including goodwill, in connection with business acquisitions. Estimated useful lives of amortizable intangible assets are

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/JBL/mda/fy2025/
All MD&A years: /company/JBL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/JBL/mda/fy2024/): filed 2024-10-28; accession 0001628280-24-043960 (https://www.sec.gov/Archives/edgar/data/898293/000162828024043960/jbl-20240831.htm)
- [FY 2023 MD&A](/company/JBL/mda/fy2023/): filed 2023-10-20; accession 0001193125-23-259599 (https://www.sec.gov/Archives/edgar/data/898293/000119312523259599/d533726d10k.htm)
- [FY 2022 MD&A](/company/JBL/mda/fy2022/): filed 2022-10-25; accession 0001193125-22-268383 (https://www.sec.gov/Archives/edgar/data/898293/000119312522268383/d389587d10k.htm)
- [FY 2021 MD&A](/company/JBL/mda/fy2021/): filed 2021-10-22; accession 0001193125-21-305429 (https://www.sec.gov/Archives/edgar/data/898293/000119312521305429/d176971d10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3672 Printed Circuit Boards) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/JBL.md · JSON record: /company/JBL.json · verified financials: /company/JBL/financials.json / /company/JBL/financials.csv · machine TOC for the whole site: /llms.txt