Jabil Inc. Q4 FY2023 results: revenue $8.5 billion, down 6.3% on the year

Jabil Inc. (JBL) reported revenue of $8.5 billion for Q4 FY2023, the quarter ended 31 August 2023, down 6.3% on the same quarter a year earlier. Net income was $155 million, down 50.8% on the year, and diluted earnings per share $1.17. The figures are the company's own, from the 10-K it filed with the SEC on 20 October 2023.

Revenue$8.5 billiondown 6.3%

Net income$155 milliondown 50.8%

Diluted EPS$1.17

QuarterQ4 FY2023ended 31 August 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	8,458	n/a	n/a	n/a
Cost of revenue	7,692	n/a	n/a	n/a
Gross profit	766	n/a	n/a	n/a
Gross margin	9.1%	n/a	n/a
Research and development	9.0	n/a	n/a	n/a
Selling, general and administrative	295	n/a	n/a	n/a
Operating income	441	n/a	n/a	n/a
Operating margin	5.2%	n/a	n/a
Pre-tax income	370	n/a	n/a	n/a
Income tax	215	n/a	n/a	n/a
Effective tax rate	58.1%	n/a	n/a
Net income	155	n/a	n/a	n/a
Net margin	1.8%	n/a	n/a
Diluted EPS	$1.17	n/a	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	686	n/a	n/a	n/a
Capital expenditure	170	n/a	n/a	n/a
Free cash flow	516	n/a	n/a	n/a
Free cash flow margin	6.1%	n/a	n/a
Depreciation and amortisation	172	n/a	n/a	n/a
Share-based compensation	15.0	n/a	n/a	n/a
Buybacks	45.0	n/a	n/a	n/a
Dividends paid	11.0	n/a	n/a	n/a
Dividend per share	$0.08	n/a	n/a	n/a
Diluted shares, weighted	136m	n/a	n/a	n/a
Shares outstanding at period end	131m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	19,424	n/a	n/a	n/a
Cash and equivalents	1,804	n/a	n/a	n/a
Receivables	3,647	n/a	n/a	n/a
Inventory	5,206	n/a	n/a	n/a
Goodwill	621	n/a	n/a	n/a
Long-term debt	2,875	n/a	n/a	n/a
Operating lease liabilities	269	n/a	n/a	n/a
Finance lease liabilities	212	n/a	n/a	n/a
Shareholders' equity	2,866	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,458	8,387	6,767	6,765	6,964	6,994	6,728	7,828	8,252	8,305	8,282	8,751
Cost of revenue	7,692	7,612	6,137	6,157	6,301	6,388	6,152	7,147	7,469	7,563	7,536	7,923
Gross profit	766	775	630	608	663	606	576	681	783	742	746	828
Gross margin	9%	9%	9%	9%	10%	9%	9%	9%	9%	9%	9%	9%
R&D	9.0	10.0	10.0	9.0	10.0	8.0	7.0	7.0	4.0	7.0	7.0	9.0
SG&A	295	314	308	268	270	305	256	274	287	344	329	340
Operating income	441	303	1,131	261	318	197	245	403	337	283	374	445
Operating margin	5%	4%	17%	4%	5%	3%	4%	5%	4%	3%	5%	5%
Pre-tax income	370	235	1,062	201	253	139	184	290	279	220	300	366
Tax rate	58%	17%	13%	36%	45%	28%	36%	23%	22%	34%	26%	25%
Net income	155	194	927	129	138	100	117	222	218	146	223	275
Net margin	2%	2%	14%	2%	2%	1%	2%	3%	3%	2%	3%	3%
Diluted EPS	$1.17	$1.47	$7.31	$1.06	$1.33	$0.88	$1.06	$2.03	$1.95	$1.35	$2.08	$2.59
Operating cash flow	686	448	218	515	535	312	334	406	588	323	411	535
Capital expenditure	170	288	266	106	124	97.0	116	86.0	169	95.0	103	184
Free cash flow	516	160	-48.0	409	411	215	218	320	419	228	308	351
Buybacks	45.0	500	825	499	676	232	404	339	25.0	300	300	291
Dividends paid	11.0	12.0	10.0	10.0	10.0	10.0	9.0	9.0	8.0	10.0	8.0	9.0
Shares outstanding	131m	129m	122m	119m	114m	112m	110m	107m	107m	107m	106m	105m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 August 2023, filed 20 October 2023, accession 0001193125-23-259599: the filing on EDGAR. All of Jabil Inc.'s filings: EDGAR company page.

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