AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Customer-specific production provides some friction, but manufacturing processes generally lack significant proprietary protection and rivals possess comparable global resources.
durability · 1/4 · Lengthy ramps may protect an existing program temporarily. Internal manufacturing alternatives and realized rival pricing pressure weaken protection across product cycles.
customer dependency · 2/4 · Dedicated operations and existing-customer growth support operational reliance indirectly. Customer concentration and declining connected living demand prevent a stronger assessment of customer dependence on Jabil.
erosion resilience · 1/4 · Improving results provide a positive counterweight, but limited process protection and existing competitive pricing pressure indicate fragile structural defenses.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Competitive pricing pressure is disclosed, but actual selling-price changes and achieved pass-through outcomes are absent. Neither that pressure nor aggregate margin improvement establishes realized pricing outcomes.
retention · 2/4 · Existing-customer growth across infrastructure and regulated businesses demonstrates repeat demand indirectly, while connected living declines show uneven demand. No retention rate or evidence that customers accepted higher prices is supplied.
margin resilience · 2/4 · Nine-month gross profit and operating income increased faster than revenue, supporting observed resilience. Ramp-up losses and historical product-quality charges temper this evidence; the improvement cannot be attributed specifically to pricing.
contractual freedom · 2/4 · Most significant long-term contracts permit periodic prospective repricing in both directions. This offers cost-adjustment flexibility, but timing gaps, exceptions and negotiation constrain unilateral pricing freedom.
Predictability89
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 11.23
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.24
Financial strength66
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 79.12
- netDebtEbitGrade
- 83.89
- interestCoverageGrade
- 82.94
- currentRatioGrade
- 20.04
- Debt / FCF (x)
- 2.46
- Net debt / operating income (x)
- 0.81
- Current ratio (x)
- 1.00
- cashInterestPaid
- 162.00
- cashInterestCoverage
- 10.12
Capital allocation100
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 50.41
- 3-year average dilution (%)
- -8.11
- 3-year average SBC / revenue (%)
- 0.31
- cashConversionGrade
- 98.08
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Executed repurchases reduced shares despite employee issuance, demonstrating capital-return execution. Higher debt, lower cash and a disposal requiring cash payment with a realized loss make discipline mixed; buyback value creation and acquisition returns are not established.
incentive alignment · 3/4 · Established cash-flow and operating-performance incentives, granted three-year relative-return awards and actual executive stock vesting demonstrate meaningful alignment. Adjusted EPS metrics can benefit from repurchases, and change-in-control provisions allow accelerated vesting. Total executive ownership is unavailable.
execution · 3/4 · Reported revenue and operating-income growth, existing-customer expansion and substantial completion of the restructuring plan demonstrate execution. This is indirect operating evidence rather than proof of management causality; connected living declines and the Italy disposal loss temper the record.
governance · 2/4 · An independent compensation committee, executive sessions, an adopted related-party policy and a severance cap provide concrete safeguards. Shareholder rights described in the board's opposition statement are issuer disclosures; these passages do not demonstrate exceptional oversight effectiveness or establish adoption of the written-consent proposal.
Evidence
Most of our business units serve a single customer, using dedicated production equipment, workers, supervisors, buyers, planners, and engineers to provide comprehensive, customized manufacturing solutions.
Business strategy / customer-centric business units · Filed 17/10/2025
The necessary process to begin manufacturing can be lengthy.
Risk factors / manufacturing ramp-up · Filed 17/10/2025
Because we make capital expenditures during this ramping-up process and do not receive payment until after we produce and ship the customer’s products, any delays or unanticipated costs in the ramping-up process have, and may again have, a significant adverse effect on our cash flows and our results of operations.
Risk factors / realized ramp-up cash-flow and operating effects · Filed 17/10/2025
Our business is highly competitive, and our manufacturing processes are generally not subject to significant proprietary protection.
Risk factors / competition and proprietary protection · Filed 17/10/2025
The significant purchasing power and market power of these competitors, many of which are large companies, has and could increase pricing and competitive pressures for us.
Risk factors / competitor purchasing power and pricing pressure · Filed 17/10/2025
Most of our competitors have international operations and significant financial resources and some have substantially greater manufacturing, research and development (R&D) and marketing resources.
Risk factors / competitor resources and international operations · Filed 17/10/2025
We also face competition from the manufacturing operations of our current and potential customers, who are continually evaluating the merits of manufacturing products internally against the advantages of outsourcing.
Business / competition from customers' manufacturing operations · Filed 17/10/2025
As of August 31, 2025, our workforce consists of talented and dedicated employees across approximately 100 locations in 30 countries.
Business / operating footprint · Filed 17/10/2025
We believe that our global footprint is strengthened by our centralized procurement process, which, when coupled with our single Enterprise Resource Planning system, provides our customers end-to-end supply chain visibility.
Business strategy / centralized procurement and enterprise system · Filed 17/10/2025
These cost advantages result from higher utilization of capacity and efficiencies of scale because of diversified product demand and, generally, a greater focus on the components of manufacturing cost.
Business / industry outsourcing scale economies · Filed 17/10/2025
Most of our significant long-term customer contracts permit quarterly or other periodic prospective adjustments to pricing based on decreases and increases in component prices and other factors; however, we could bear the risk of component price increases that occur between any such re-pricings or, if such re-pricing is not permitted, during the balance of the term of the particular customer contract.
Risk factors / contractual pricing adjustments · Filed 17/10/2025
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except for per share data) (Unaudited) 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 Cost of revenue 7,923 7,147 23,022 19,687 Gross profit 828 681 2,316 1,863 Operating expenses: Selling, general and administrative 340 274 1,013 835 Research and development 9 7 23 22 Amortization of intangibles 23 17 65 45 Restructuring, severance and related charges 7 16 88 144 Loss (gain) from the divestiture of businesses 1 (45) 1 (45) Acquisition and divestiture related charges 3 9 24 17 Operating income 445 403 1,102 845 Loss on securities — 46 — 46 Other expense 28 30 88 74 Interest expense, net 51 37 128 112 Income before income tax 366 290 886 613 Income tax expense 91 68 243 174 Net income 275 222 643 439 Net loss attributable to noncontrolling interests, net of tax — — (1) — Net income attributable to Jabil Inc.
Condensed consolidated statements of operations / three and nine months ended May 31, 2026 · Filed 30/06/2026
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.
MD&A / quarterly Intelligent Infrastructure existing-customer revenue · Filed 30/06/2026
The increase was partially offset by a 8% decrease in revenues from existing customers within our connected living business.
MD&A / quarterly connected living existing-customer revenue decline · Filed 30/06/2026
The Regulated Industries segment net revenue increased 6% primarily due to: (i) a 3% increase in revenues from existing customers within our automotive and transportation business, and (ii) a 3% increase in revenues from existing customers within our renewable energy infrastructure business.
MD&A / nine-month Regulated Industries existing-customer revenue · Filed 30/06/2026
For fiscal year 2025, the Company’s five largest customers accounted for approximately 36% of its net revenue and 87 customers accounted for approximately 90% of its net revenue.
Concentration of risk / fiscal 2025 customer concentration · Filed 17/10/2025
While we periodically negotiate cost of materials adjustments with our customers, rising component and material prices may negatively affect our margins.
MD&A / negotiated materials pricing adjustments · Filed 17/10/2025
Dividends and Share Repurchases Following is a summary of the dividends and share repurchases for the fiscal years indicated below (in millions): 44 Table of Contents Dividends Paid(1) Share Repurchases(2) Total Fiscal years 2016 – 2022 $ 381 $ 2,592 $ 2,973 Fiscal year 2023 $ 45 $ 487 $ 532 Fiscal year 2024 $ 42 $ 2,500 $ 2,542 Fiscal year 2025 $ 36 $ 1,000 $ 1,036 Total $ 504 $ 6,579 $ 7,083 (1)The difference between dividends declared and dividends paid is due to dividend equivalents for unvested restricted stock units that are paid at the time the awards vest.
Liquidity and capital resources / historical dividends and repurchases · Filed 17/10/2025
Notes Payable and Long-Term Debt Notes payable and long-term debt outstanding as of May 31, 2026, and August 31, 2025, are summarized below (in millions): Maturity Date May 31, 2026 August 31, 2025 3.950% Senior Notes Jan 12, 2028 $ 499 $ 499 3.600% Senior Notes Jan 15, 2030 498 498 3.000% Senior Notes Jan 15, 2031 595 595 1.700% Senior Notes(1) Apr 15, 2026 — 499 4.250% Senior Notes May 15, 2027 499 497 5.450% Senior Notes Feb 1, 2029 298 297 4.200% Senior Notes(1) Feb 1, 2029 497 — 4.750% Senior Notes(1) Feb 1, 2033 492 — Borrowings under credit facilities and other(2) Jun 18, 2030 — — Total notes payable and long-term debt 3,378 2,885 Less current installments of notes payable and long-term debt 499 499 Notes payable and long-term debt, less current installments $ 2,879 $ 2,386 (1)On January 23, 2026, the Company issued $500 million aggregate principal amount of 4.200% Senior Notes due 2029 (the “4.200% Senior Notes”) and $500 million aggregate principal amount of 4.750% Senior Notes due 2033 (the “4.750% Senior Notes”) in an underwritten public offering.
Notes payable and long-term debt / balances and January 2026 issuance · Filed 30/06/2026
The following represents the stock-based compensation information as of the period indicated (in millions): May 31, 2026 Unrecognized stock-based compensation expense – restricted stock units $ 78 Remaining weighted-average period for restricted stock units expense 1.4 years Common Stock Outstanding The following represents the common stock outstanding for the periods indicated: Three months ended Nine months ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Common stock outstanding: Beginning balances 105,818,234 109,539,804 107,480,895 113,744,167 Shares issued under employee stock purchase plan 9 — 210,759 355,851 Vesting of restricted stock 2,517 938 1,104,276 1,089,969 Purchases of treasury stock under employee stock plans (603) (297) (315,712) (324,288) Treasury shares purchased (995,855) (2,221,608) (3,655,916) (7,546,862) Ending balances 104,824,302 107,318,837 104,824,302 107,318,837 12 Table of Contents Treasury Shares Purchased The Company repurchases shares of its common stock under share repurchase programs authorized by the Company’s Board of Directors.
Stockholders' equity / actual issuance, vesting and treasury purchases · Filed 30/06/2026
As of May 31, 2026, we had approximately $1.4 billion in cash and cash equivalents, of which a significant portion was held by our foreign subsidiaries.
Liquidity and capital resources / May 31, 2026 cash · Filed 30/06/2026
In fiscal year 2025, we established threshold and target levels of corporate core operating income, corporate core operating income margin and corporate free cash flow that applied to annual cash incentives and established certain earnings per share growth targets over a three-year performance period required for performance-based equity awards to vest.
Compensation discussion / established fiscal 2025 incentive metrics · Filed 12/12/2025
We also granted equity awards that vest based on total stockholder return relative to the S&P Composite1500 Technology Hardware and Equipment Index for a three-year performance period.
Compensation discussion / granted relative-return equity awards · Filed 12/12/2025
Stock Awards Name Number of Shares Acquired on Vesting (#) Value Realized on Vesting ($)(1) Dastoor 43,506 5,424,479 Mondello 227,376 28,337,598 Hebard 6,534 816,676 Borges 42,933 5,352,109 Priestley 19,303 2,907,876 (1) The value realized upon vesting is determined by multiplying the number of shares that vested by Jabil’s closing stock price per share on the day prior to the vesting date.
Stock vested in fiscal year 2025 / actual executive vesting · Filed 12/12/2025
The compensation program for our NEOs is composed of the following features, among others: • Our Compensation Committee is composed solely of independent directors.
Compensation matters / independent compensation committee · Filed 12/12/2025
Executive Sessions The independent directors of the Board meet at least once annually in executive session without management present.
Corporate governance / independent executive sessions · Filed 12/12/2025
Jabil Inc. 2026 Proxy Statement 13 Table of Contents Related Party Transactions Related Party Transactions Policy Our Board of Directors has adopted a written policy governing the approval of related party transactions.
Corporate governance / adopted related-party transaction policy · Filed 12/12/2025
Cash Severance Policy for Executive Officers In October 2024, we adopted a cash severance policy (Severance Policy), which provides that we will not enter into any new employment agreement, severance agreement, or separation agreement with any executive officer, or establish any new severance plan or policy covering any executive officer, in each case that provides for “cash severance benefits” (as defined in the Severance Policy) exceeding 2.99 times the sum of the executive officer’s base salary plus target bonus, unless we seek stockholder ratification of such agreement, plan, or policy.
Compensation policies / adopted executive cash-severance policy · Filed 12/12/2025
In the event of a change in control, any award outstanding under the Equity Incentive Plan will become fully vested on the earlier of (i) the applicable vesting date under the original vesting schedule, (ii) the first anniversary of the date of the change in control if the grantee has remained as an employee, consultant or non-employee director, or (iii) the date the grantee is terminated without cause or resigns for good reason.
Compensation policies / change-in-control vesting · Filed 12/12/2025
Importantly, our stockholders already have the ability to call special meetings of stockholders and the ability to nominate director candidates through the Company’s proxy access bylaw—both of which provide stockholders with effective means to voice their views.
Board opposition to written-consent proposal / existing shareholder rights · Filed 12/12/2025
As a result of the transaction, the Company derecognized net assets of approximately $36 million and recorded a pre-tax loss of $97 million during the three months ended August 31, 2025.
Business divestitures / realized Italy disposal loss · Filed 30/06/2026
As part of the terms of the agreement, the Company also paid cash consideration of $63 million to the buyer.
Business divestitures / cash paid to Italy buyer · Filed 30/06/2026
The 2025 Restructuring Plan, totaling approximately $200 million in pre-tax restructuring and other related costs, was substantially complete as of November 30, 2025.
MD&A / substantially completed 2025 restructuring plan · Filed 30/06/2026
Charges recorded during the fiscal year ended August 31, 2024, related to costs associated with product quality liabilities.
MD&A / fiscal 2024 product-quality liability charges · Filed 17/10/2025
