Jabil (JBL) FY2025 results: revenue $29.8 billion, up 3.2% on the year

Jabil builds products for other companies. The filing calls it one of the leading providers of engineering, manufacturing and supply chain solutions, covering the whole product lifecycle from design and planning through fabrication, assembly and delivery. Customers use it to cut manufacturing cost, run leaner supply chains, carry less inventory risk and get products to market faster. Facilities sit worldwide, among them China, Malaysia, Mexico and the United States, so a customer can build the same product in more than one place at once.

The three segments

Reporting has run on three segments since 1 September 2024. Regulated Industries covers customers in automotive and transportation, healthcare and packaging, and renewables and energy infrastructure. Intelligent Infrastructure covers the digital ecosystem, artificial intelligence infrastructure included, with customers in capital equipment, cloud and data centre infrastructure, and networking and communications. Connected Living and Digital Commerce covers digitalisation and automation, including warehouse automation and robotics, with customers in connected living and digital commerce.

How it is organised

Most business units serve a single customer and each is the customer's single point of contact, with its own production lines, workers, supervisors, buyers, planners and engineers, and direct responsibility for manufacturing results and time to volume. The filing describes the model as modular, so a new unit can be added without disturbing the others, and the units aggregate into segments by the end market they serve. Manufacturing itself is highly automated and continuous flow: equipment joined directly or by conveyor into an in-line assembly process rather than standalone work centres operating in batches, which removes waiting time between operations. Component inspection and vendor quality are monitored electronically in real time, and materials planning, purchasing, stockroom and shop floor control run on a computerised manufacturing resource planning system. Customers and suppliers connect through an electronic data interchange and cloud tools that carry demand forecasts, purchase orders, just-in-time delivery and supplier-managed inventory.

Design

The design teams take on work from turnkey system design and joint development through to industrialisation and product optimisation. Electronic Design does hardware and embedded software for analog, digital, radio frequency, power, sensor and optical applications, from concept and system architecture to mass production. Experience Design works on user research, industrial design, user interface design and human factors. Mechanical Design sits alongside them. The applications the filing lists run from cloud data centre server platforms and medical and consumer health devices to automotive assemblies, vision and safety systems, connected consumer products and appliances, retail commerce products, power and storage for energy infrastructure, and smart controls for buildings and utilities.

Customers and rivals

A small number of customers has historically been a large part of what the company earns. In fiscal 2025 the five largest were approximately 36% of net revenue. Approximately 90% of it came from 87 customers. One customer, reported mainly in Intelligent Infrastructure, was 16% on its own; the customer that had been 11% and 17% in the two prior years, reported in Connected Living and Digital Commerce, fell below 10%. The filing describes the business as highly competitive, against other electronic manufacturing solutions providers, diversified manufacturing service providers and design providers, and also against the in-house manufacturing operations of current and potential customers who keep weighing building for themselves against outsourcing. It states that the factors that decide the contest are cost, production time to market, efficiency, global locations, the ability to scale production quickly, advanced technologies, quality and component pricing.

Supply and people

Components are procured from a broad group of suppliers, chosen assembly by assembly, through sourcing and purchasing locations placed in various countries alongside commodity management and supplier relationship teams. Some products contain components available from a single source only, and those are allocated from time to time in a shortage, which can curtail production of every assembly using the part. The workforce stood at 135 thousand across approximately 100 locations in 30 countries at 31 August 2025, counting permanent, temporary and contingent workers: 71 thousand in Asia, 49 thousand in the Americas and 15 thousand in Europe. None of the US employees are represented by a labor union; in certain international locations employees are represented by unions and works councils.

From Jabil's annual report on Form 10-K for the year ended 31 August 2025. The filing

Written from the 10-K filed 17 October 2025: read the full 10-K.