Revenue growth has accelerated to 39.3% in 2026Q3, though operating margins remain constrained near 9.9% due to the pass-through nature of the company's manufacturing model.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 |
|---|
| Sales/Revenue | 4.24B | 3.42B | 2.88B | 2.65B | 2.26B | 1.88B | 1.64B | 1.58B | 1.37B | 1.42B | 976.75M | 773.59M | 677.85M | 641.54M | 564.73M | 743.57M | 505.71M | 441.1M | 511.1M | 496.14M | 375.66M |
| Revenue Growth % | 29.79% | 18.6% | 8.99% | 16.93% | 20.37% | 14.47% | 3.63% | 15.48% | -3.42% | 45.43% | 26.26% | 14.12% | 5.66% | 13.6% | -24.05% | 47.03% | 14.65% | -13.7% | 3.01% | 32.07% | - |
| Cost of Goods Sold | 3.73B | 3.01B | 2.53B | 2.31B | 1.98B | 1.66B | 1.46B | 1.41B | 1.22B | 1.25B | 857.22M | 685.81M | 603.62M | 572.12M | 502.82M | 648.82M | 441.37M | 383.06M | 442.78M | 423.86M | 339.68M |
| COGS % of Revenue | - | 87.91% | 87.65% | 87.29% | 87.69% | 88.22% | 88.66% | 88.69% | 88.82% | 87.93% | 87.76% | 88.65% | 89.05% | 89.18% | 89.04% | 87.26% | 87.28% | 86.84% | 86.63% | 85.43% | 90.42% |
| Gross Profit | 509.75M | 413.35M | 356.12M | 336.27M | 278.59M | 221.36M | 186.1M | 179.22M | 153.41M | 171.46M | 119.52M | 87.77M | 74.23M | 69.42M | 61.91M | 94.75M | 64.34M | 58.04M | 68.31M | 72.28M | 35.98M |
| Gross Margin % | 12.04% | 12.09% | 12.35% | 12.71% | 12.31% | 11.78% | 11.34% | 11.31% | 11.18% | 12.07% | 12.24% | 11.35% | 10.95% | 10.82% | 10.96% | 12.74% | 12.72% | 13.16% | 13.37% | 14.57% | 9.58% |
| Gross Profit Growth % | - | 16.07% | 5.9% | 20.7% | 25.85% | 18.95% | 3.84% | 16.83% | -10.53% | 43.45% | 36.17% | 18.24% | 6.94% | 12.12% | -34.65% | 47.26% | 10.86% | -15.04% | -5.49% | 100.92% | - |
| Operating Expenses | 92.06M | 88.9M | 78.51M | 84.57M | 74.08M | 70.61M | 68.7M | 56.58M | 59.59M | 65.63M | 49.72M | 40.61M | -17.08M | -1.37M | 122.73M | 24.81M | 16.19M | 24.35M | 21.74M | 18.04M | 10.94M |
| OpEx % of Revenue | - | 2.6% | 2.72% | 3.2% | 3.27% | 3.76% | 4.18% | 3.57% | 4.34% | 4.62% | 5.09% | 5.25% | -2.52% | -0.21% | 21.73% | 3.34% | 3.2% | 5.52% | 4.25% | 3.64% | 2.91% |
| Selling, General & Admin | 91.99M | 87.47M | 78.12M | 77.67M | 73.94M | 70.57M | 68.37M | 55.07M | 57.81M | 65.63M | 49.75M | 39.46M | 27.66M | 23.79M | 23.47M | 24.81M | 16.19M | 21.96M | 21.74M | 18.04M | 10.94M |
| SG&A % of Revenue | - | 2.56% | 2.71% | 2.94% | 3.27% | 3.75% | 4.16% | 3.48% | 4.21% | 4.62% | 5.09% | 5.1% | 4.08% | 3.71% | 4.16% | 3.34% | 3.2% | 4.98% | 4.25% | 3.64% | 2.91% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 69K | 1.44M | 389K | 6.9M | 135K | 43K | 329K | 1.52M | 1.78M | 0 | -36K | 1.15M | -44.75M | -25.16M | 99.26M | 0 | 0 | 2.39M | 0 | 0 | 0 |
| Operating Income | 417.69M | 324.45M | 277.61M | 251.7M | 204.52M | 150.75M | 117.4M | 122.64M | 93.82M | 105.83M | 69.81M | 47.16M | 91.32M | 70.79M | -60.82M | 69.94M | 48.15M | 33.69M | 46.57M | 54.25M | 25.04M |
| Operating Margin % | 9.86% | 9.49% | 9.63% | 9.52% | 9.04% | 8.02% | 7.15% | 7.74% | 6.84% | 7.45% | 7.15% | 6.1% | 13.47% | 11.03% | -10.77% | 9.41% | 9.52% | 7.64% | 9.11% | 10.93% | 6.67% |
| Operating Income Growth % | - | 16.87% | 10.29% | 23.07% | 35.66% | 28.41% | -4.27% | 30.71% | -11.35% | 51.61% | 48.02% | -48.36% | 29% | 216.4% | -186.95% | 45.26% | 42.91% | -27.66% | -14.15% | 116.63% | - |
| EBITDA | 431.9M | 377.88M | 326.62M | 295.54M | 243.26M | 187M | 148.28M | 152.59M | 122.91M | 129.63M | 87.16M | 60.11M | 101.97M | 81M | -51.1M | 79.14M | 56.36M | 42.42M | 54.2M | 60.61M | 30.63M |
| EBITDA Margin % | 10.2% | 11.05% | 11.33% | 11.17% | 10.75% | 9.95% | 9.03% | 9.63% | 8.96% | 9.13% | 8.92% | 7.77% | 15.04% | 12.63% | -9.05% | 10.64% | 11.14% | 9.62% | 10.6% | 12.22% | 8.15% |
| EBITDA Growth % | 19.86% | 15.69% | 10.52% | 21.49% | 30.08% | 26.12% | -2.82% | 24.14% | -5.18% | 48.72% | 45.01% | -41.06% | 25.89% | 258.51% | -164.58% | 40.41% | 32.86% | -21.73% | -10.58% | 97.85% | - |
| D&A (Non-Cash Add-back) | 14.21M | 53.43M | 49.02M | 43.83M | 38.74M | 36.25M | 30.88M | 29.94M | 29.09M | 23.79M | 17.36M | 12.95M | 10.66M | 10.21M | 9.71M | 9.2M | 8.21M | 8.73M | 7.62M | 6.36M | 5.59M |
| EBIT | 314.39M | 355.18M | 311.48M | 261.57M | 207.4M | 151.58M | 122.29M | 131.61M | 91.64M | 107.18M | 69.8M | 48.24M | 93.88M | 72.92M | -58.01M | 69.22M | 48.59M | 34.81M | 47.34M | 55.28M | 25.88M |
| Net Interest Income | 25.74M | 40.16M | 33.08M | 9.76M | 1.77M | 2.68M | 4.55M | 1.32M | 319K | -1.34M | -34K | 637K | 1.08M | 73K | 417K | 137K | -173K | -510K | -183K | -1.47M | -2.33M |
| Interest Income | 33.16M | 40.16M | 33.2M | 11.23M | 2.21M | 3.78M | 7.59M | 6.7M | 3.92M | 1.98M | 1.53M | 1.25M | 1.79M | 1.08M | 844K | 494K | 327K | 756K | 1.36M | 1.37M | 1.01M |
| Interest Expense | 0 | 0 | 124K | 1.47M | 432K | 1.1M | 3.04M | 5.38M | 3.61M | 3.32M | 1.57M | 616K | 713K | 1.01M | 427K | 357K | 500K | 1.27M | 1.55M | 2.84M | 3.35M |
| Other Income/Expense | 30.94M | 30.73M | 33.75M | 8.39M | 2.45M | -269K | 1.84M | 3.59M | -5.79M | -1.98M | -1.57M | 466K | 1.85M | 1.12M | 2.38M | -1.08M | -60K | -3.23M | -782K | -1.81M | -2.51M |
| Pretax Income | 448.63M | 355.18M | 311.35M | 260.1M | 206.97M | 150.48M | 119.24M | 126.23M | 88.03M | 103.86M | 68.23M | 47.63M | 93.17M | 71.91M | -58.44M | 68.86M | 48.09M | 33.54M | 45.79M | 52.44M | 22.53M |
| Pretax Margin % | 10.59% | 10.39% | 10.8% | 9.83% | 9.15% | 8.01% | 7.26% | 7.97% | 6.42% | 7.31% | 6.99% | 6.16% | 13.74% | 11.21% | -10.35% | 9.26% | 9.51% | 7.6% | 8.96% | 10.57% | 6% |
| Income Tax | 9.6M | 22.65M | 15.17M | 12.18M | 6.59M | 2.14M | 5.76M | 5.28M | 3.86M | 6.74M | 6.33M | 3.98M | 1.44M | 2.94M | -1.97M | 4.54M | 3.77M | 2.24M | 3.96M | 2.7M | 1.08M |
| Effective Tax Rate % | 2.14% | 6.38% | 4.87% | 4.68% | 3.18% | 1.42% | 4.83% | 4.18% | 4.39% | 6.49% | 9.28% | 8.37% | 1.54% | 4.09% | 3.37% | 6.59% | 7.83% | 6.67% | 8.65% | 5.15% | 4.78% |
| Net Income | 418.01M | 332.53M | 296.18M | 247.91M | 200.38M | 148.34M | 113.48M | 120.95M | 84.17M | 97.11M | 61.9M | 43.64M | 91.73M | 68.97M | -56.47M | 64.33M | 44.32M | 31.3M | 41.83M | 49.74M | 21.45M |
| Net Margin % | 9.87% | 9.72% | 10.27% | 9.37% | 8.86% | 7.89% | 6.91% | 7.63% | 6.13% | 6.84% | 6.34% | 5.64% | 13.53% | 10.75% | -10% | 8.65% | 8.76% | 7.1% | 8.18% | 10.03% | 5.71% |
| Net Income Growth % | 28.07% | 12.27% | 19.47% | 23.72% | 35.08% | 30.72% | -6.18% | 43.71% | -13.33% | 56.9% | 41.83% | -52.42% | 33% | 222.14% | -187.78% | 45.14% | 41.59% | -25.16% | -15.9% | 131.84% | - |
| Net Income (Continuing) | 295.76M | 332.53M | 296.18M | 247.91M | 200.38M | 148.34M | 113.48M | 120.95M | 84.17M | 97.11M | 61.9M | 43.64M | 91.73M | 68.97M | -56.47M | 64.33M | 44.32M | 31.3M | 41.83M | 49.74M | 21.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.54 | 9.17 | 8.10 | 6.73 | 5.36 | 3.95 | 3.01 | 3.23 | 2.21 | 2.57 | 1.68 | 1.21 | 2.58 | 1.98 | -1.64 | 1.87 | 1.41 | 1.00 | 1.33 | 1.59 | 0.68 |
| EPS Growth % | 29.77% | 13.21% | 20.36% | 25.56% | 35.7% | 31.23% | -6.81% | 46.15% | -14.01% | 52.98% | 38.84% | -53.1% | 30.3% | 220.73% | -187.7% | 32.62% | 41% | -24.81% | -16.35% | 133.82% | - |
| EPS (Basic) | - | 9.23 | 8.17 | 6.79 | 5.43 | 4.02 | 3.07 | 3.29 | 2.26 | 2.63 | 1.73 | 1.23 | 2.63 | 2.00 | -1.64 | 1.90 | 1.44 | 1.03 | 1.40 | 1.61 | 0.70 |
| Diluted Shares Outstanding | 36.22M | 36.27M | 36.56M | 36.85M | 37.39M | 37.55M | 37.66M | 37.41M | 38.03M | 37.85M | 36.87M | 35.98M | 35.59M | 34.85M | 34.38M | 34.41M | 31.37M | 31.18M | 31.35M | 31.37M | 31.37M |
| Basic Shares Outstanding | 35.81M | 36.02M | 36.25M | 36.52M | 36.88M | 36.87M | 36.91M | 36.8M | 37.26M | 36.93M | 35.86M | 35.35M | 34.94M | 34.56M | 34.38M | 33.92M | 30.85M | 30.36M | 29.89M | 30.85M | 30.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 69.6% | 32.12% | - | - | - |
Extreme customer concentration risk
As reported in recent financial filings, Fabrinet's quarterly revenue growth has accelerated significantly, reaching 39.3% in 2026Q3 compared to 6.6% in 2024Q2, primarily fueled by the rapid adoption of high-speed optical transceivers within hyperscale data center infrastructure and AI-related hardware deployments.
The sharp upward trajectory in top-line performance suggests that the company is successfully capturing the high-complexity segment of the AI infrastructure build-out. Investors should monitor whether this growth remains sustainable or if it reflects a temporary surge in demand that may normalize as the current product cycle matures.
Based on the provided income statement data, Fabrinet maintains a remarkably consistent gross margin profile, hovering near the 12% level, which appears to reflect the pass-through nature of its manufacturing model despite the significant recent scaling of total revenue volumes.
The stability of these margins suggests that the company's value-add is primarily tied to assembly services rather than proprietary component ownership. While this limits margin expansion potential, it also provides a degree of protection against raw material price volatility, provided the company maintains its current operational efficiency.
According to the latest quarterly figures, operating income has scaled from $69.0 million in 2024Q2 to $120.0 million in 2026Q3, indicating that Fabrinet is effectively leveraging its fixed-cost base as revenue growth outpaces the incremental increases in SG&A expenses.
The ability to grow operating income faster than revenue suggests disciplined overhead management and successful absorption of capacity expansions like Building 9. This trend appears to validate the company's strategy of scaling its specialized manufacturing footprint to meet the demands of its largest technology partners.
Financial statements indicate that net income frequently tracks closely with or exceeds operating income, a phenomenon that appears driven by significant tax benefits and interest income on cash reserves rather than purely operational performance improvements.
Investors should be cautious when evaluating the quality of earnings, as the reliance on Thai Board of Investment tax holidays may mask the underlying operational tax burden. Future analysis should adjust for these non-operating items to better understand the core profitability of the manufacturing business.
While the company exhibits strong growth, the extreme customer concentration, where a single entity likely accounts for over 50% of revenue, represents a significant structural vulnerability that could lead to rapid earnings volatility if that customer alters its sourcing or product roadmap.
The lack of geographic and customer diversification suggests that Fabrinet's income statement is essentially a derivative of a single partner's success. Any shift toward insourcing or a change in technology standards, such as a move to co-packaged optics, could fundamentally undermine the current growth narrative.
Quick answers to the most common questions about buying FN stock.
For fiscal year 2025, Fabrinet (FN) reported total revenue of $3.42B. This represents a 810.2% increase compared to $375.7M in 2006.
Fabrinet (FN) is profitable, generating $332.5M in net income for the fiscal year ending 2025 with a net profit margin of 9.7%.
Fabrinet (FN) reported an operating income of $324.4M, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Fabrinet (FN) generated $413.3M in gross profit for the year, representing a gross profit margin of 12.1%. This demonstrates the company's core pricing power and production efficiency.