Revenue growth has accelerated to 11.8% in 2026Q3, though structural constraints keep gross margins tightly capped at 9.5%.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 33.59B | 29.8B | 28.88B | 34.7B | 33.48B | 29.29B | 27.27B | 25.28B | 22.1B | 19.06B | 18.35B | 17.9B | 15.76B | 17.25B | 16.14B | 16.52B | 13.41B | 11.68B | 12.78B | 12.29B | 10.27B | 7.52B | 6.25B | 4.73B | 3.55B | 4.33B | 3.56B | 2B | 1.28B | 978.1M | 863.3M |
| Revenue Growth % | 17.8% | 3.18% | -16.77% | 3.66% | 14.32% | 7.4% | 7.85% | 14.42% | 15.91% | 3.87% | 2.54% | 13.56% | -8.62% | 6.87% | -2.29% | 23.19% | 14.76% | -8.57% | 3.98% | 19.73% | 36.43% | 20.33% | 32.21% | 33.4% | -18.13% | 21.7% | 77.88% | 56.62% | 30.58% | 13.3% | 54.3% |
| Cost of Goods Sold | 30.49B | 27.16B | 26.21B | 31.84B | 30.85B | 26.93B | 25.34B | 23.37B | 20.39B | 17.52B | 16.83B | 16.4B | 14.74B | 16.04B | 14.98B | 15.26B | 12.41B | 10.97B | 11.91B | 11.48B | 9.5B | 6.9B | 5.71B | 4.29B | 3.21B | 3.94B | 3.2B | 1.72B | 1.08B | 857.2M | 790.3M |
| COGS % of Revenue | - | 91.12% | 90.73% | 91.74% | 92.14% | 91.94% | 92.92% | 92.43% | 92.28% | 91.89% | 91.68% | 91.6% | 93.49% | 92.97% | 92.81% | 92.41% | 92.51% | 93.85% | 93.21% | 93.39% | 92.55% | 91.65% | 91.39% | 90.79% | 90.56% | 90.9% | 89.93% | 85.88% | 84.55% | 87.64% | 91.54% |
| Gross Profit | 3.1B | 2.65B | 2.68B | 2.87B | 2.63B | 2.36B | 1.93B | 1.91B | 1.71B | 1.55B | 1.53B | 1.5B | 1.03B | 1.21B | 1.16B | 1.25B | 1B | 718.82M | 867.8M | 812.03M | 764.9M | 628.51M | 538.38M | 435.47M | 334.59M | 394.07M | 358.35M | 282.4M | 197.3M | 120.9M | 73M |
| Gross Margin % | 9.23% | 8.88% | 9.26% | 8.26% | 7.86% | 8.06% | 7.08% | 7.57% | 7.72% | 8.11% | 8.32% | 8.4% | 6.51% | 7.03% | 7.19% | 7.59% | 7.49% | 6.15% | 6.79% | 6.61% | 7.45% | 8.35% | 8.61% | 9.21% | 9.44% | 9.1% | 10.07% | 14.12% | 15.45% | 12.36% | 8.46% |
| Gross Profit Growth % | - | -1.12% | -6.66% | 8.93% | 11.57% | 22.16% | 0.94% | 12.08% | 10.43% | 1.17% | 1.63% | 46.57% | -15.39% | 4.41% | -7.46% | 24.94% | 39.69% | -17.17% | 6.87% | 6.16% | 21.7% | 16.74% | 23.63% | 30.15% | -15.09% | 9.97% | 26.89% | 43.13% | 63.19% | 65.62% | 51.45% |
| Operating Expenses | 1.65B | 1.46B | 663M | 1.33B | 1.24B | 1.3B | 1.43B | 1.21B | 1.16B | 1.14B | 1B | 947.81M | 821.53M | 759.77M | 611.38M | 675.84M | 676.58M | 1.63B | 616.4M | 630.09M | 523.09M | 376.54M | 316.61M | 391.01M | 286.54M | 230.3M | 145.43M | 141.1M | 91.5M | 39M | 27.6M |
| OpEx % of Revenue | - | 4.91% | 2.3% | 3.83% | 3.7% | 4.45% | 5.25% | 4.79% | 5.27% | 5.96% | 5.48% | 5.3% | 5.21% | 4.4% | 3.79% | 4.09% | 5.05% | 13.94% | 4.82% | 5.13% | 5.1% | 5% | 5.06% | 8.27% | 8.08% | 5.32% | 4.09% | 7.05% | 7.16% | 3.99% | 3.2% |
| Selling, General & Admin | 1.3B | 1.12B | 1.16B | 1.21B | 1.15B | 1.21B | 1.18B | 1.11B | 1.05B | 907.7M | 924.43M | 862.65M | 675.73M | 614.29M | 572.64M | 590.57M | 589.74M | 495.94M | 491.32M | 491.97M | 382.21M | 314.27M | 257.75M | 243.66M | 203.84M | 184.11M | 132.72M | 81M | 52M | 35.9M | 25.5M |
| SG&A % of Revenue | - | 3.76% | 4.02% | 3.48% | 3.45% | 4.14% | 4.31% | 4.39% | 4.76% | 4.76% | 5.04% | 4.82% | 4.29% | 3.56% | 3.55% | 3.58% | 4.4% | 4.24% | 3.84% | 4% | 3.72% | 4.18% | 4.12% | 5.15% | 5.75% | 4.25% | 3.73% | 4.05% | 4.07% | 3.67% | 2.95% |
| Research & Development | 27M | 26M | 39M | 34M | 33M | 34M | 43M | 43M | 38.53M | 29.68M | 31.95M | 27.64M | 28.61M | 28.41M | 25.84M | 25.03M | 28.09M | 27.32M | 32.98M | 36.38M | 34.98M | 22.51M | 13.81M | 9.91M | 7.86M | 6.45M | 4.84M | 4.1M | 3.8M | 3.1M | 2.1M |
| R&D % of Revenue | - | 0.09% | 0.14% | 0.1% | 0.1% | 0.12% | 0.16% | 0.17% | 0.17% | 0.16% | 0.17% | 0.15% | 0.18% | 0.16% | 0.16% | 0.15% | 0.21% | 0.23% | 0.26% | 0.3% | 0.34% | 0.3% | 0.22% | 0.21% | 0.22% | 0.15% | 0.14% | 0.21% | 0.3% | 0.32% | 0.24% |
| Other Operating Expenses | 4M | 316M | -536M | 90M | 52M | 57M | 213M | 58M | 75.39M | 198.03M | 48.49M | 57.52M | 117.19M | 117.06M | 12.9M | 60.23M | 58.76M | 1.11B | 92.1M | 101.74M | 105.91M | 39.76M | 45.05M | 137.44M | 74.83M | 39.74M | 7.88M | 56M | 35.7M | 0 | 0 |
| Operating Income | 1.45B | 1.18B | 2.01B | 1.54B | 1.39B | 1.05B | 500M | 701M | 542.15M | 410.23M | 522.83M | 555.41M | 204.07M | 452.42M | 549.57M | 578.73M | 327.57M | -910.2M | 251.4M | 181.94M | 241.81M | 251.97M | 221.77M | 44.45M | 48.05M | 163.76M | 212.92M | 141.3M | 105.8M | 81.9M | 45.4M |
| Operating Margin % | 4.32% | 3.97% | 6.97% | 4.43% | 4.16% | 3.6% | 1.83% | 2.77% | 2.45% | 2.15% | 2.85% | 3.1% | 1.29% | 2.62% | 3.4% | 3.5% | 2.44% | -7.79% | 1.97% | 1.48% | 2.36% | 3.35% | 3.55% | 0.94% | 1.36% | 3.78% | 5.98% | 7.06% | 8.28% | 8.37% | 5.26% |
| Operating Income Growth % | - | -41.28% | 30.97% | 10.34% | 32.04% | 111% | -28.67% | 29.3% | 32.16% | -21.54% | -5.87% | 172.16% | -54.89% | -17.68% | -5.04% | 76.68% | 135.99% | -462.06% | 38.18% | -24.76% | -4.03% | 13.62% | 398.89% | -7.49% | -70.66% | -23.09% | 50.68% | 33.55% | 29.18% | 80.4% | 175.15% |
| EBITDA | 1.95B | 1.86B | 2.71B | 2.46B | 2.32B | 1.93B | 1.29B | 1.47B | 1.32B | 1.17B | 1.22B | 1.08B | 691.35M | 870.54M | 903.06M | 897.91M | 610.85M | -618.2M | 527.71M | 421.64M | 439.08M | 471.09M | 443.44M | 268.89M | 236.36M | 319.15M | 312.25M | 197.3M | 141.5M | 106.8M | 63.6M |
| EBITDA Margin % | 5.81% | 6.23% | 9.38% | 7.09% | 6.92% | 6.59% | 4.75% | 5.83% | 5.96% | 6.14% | 6.65% | 6.06% | 4.39% | 5.05% | 5.59% | 5.44% | 4.56% | -5.29% | 4.13% | 3.43% | 4.28% | 6.26% | 7.09% | 5.69% | 6.67% | 7.37% | 8.78% | 9.86% | 11.08% | 10.92% | 7.37% |
| EBITDA Growth % | 1.51% | -31.49% | 10.08% | 6.17% | 20.04% | 49.11% | -12.08% | 11.94% | 12.41% | -4.01% | 12.45% | 56.88% | -20.58% | -3.6% | 0.57% | 46.99% | 198.81% | -217.15% | 25.16% | -3.97% | -6.79% | 6.24% | 64.91% | 13.76% | -25.94% | 2.21% | 58.26% | 39.43% | 32.49% | 67.92% | 123.16% |
| D&A (Non-Cash Add-back) | 501M | 674M | 696M | 924M | 925M | 876M | 795M | 772M | 773.7M | 760.4M | 696.75M | 529.18M | 487.28M | 418.12M | 353.49M | 319.18M | 283.28M | 292M | 276.31M | 239.7M | 197.27M | 219.12M | 221.67M | 224.44M | 188.31M | 155.39M | 99.34M | 56M | 35.7M | 24.9M | 18.2M |
| EBIT | 1.42B | 1.14B | 1.92B | 1.47B | 1.38B | 1.07B | 435M | 639M | 522.4M | 394.31M | 523.58M | 559.74M | 200.18M | 448.14M | 542.64M | 578.88M | 326.44M | -922.89M | 251.51M | 180.58M | 323.39M | 251.97M | 223.11M | 145.03M | 107.77M | 197.69M | 218.07M | 141.3M | 105.8M | 81.9M | 45.4M |
| Net Interest Income | -310M | -244M | -173M | -206M | -146M | -124M | -159M | -167M | -131.19M | -125.55M | -127.41M | -118.14M | -124.31M | -119.21M | -104.09M | -94.56M | -76.21M | -74.82M | -82.3M | -71.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 5M | 6M | 14.56M | 21.46M | 17.81M | 12.53M | 9.13M | 9.95M | 3.74M | 1.9M | 2.04M | 3.13M | 2.96M | 7.43M | 12.01M | 14.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 310M | 244M | 173M | 206M | 151M | 130M | 173.88M | 188M | 149M | 138.07M | 135.79M | 128.09M | 128.06M | 121.02M | 106.09M | 97.55M | 80.3M | 82.25M | 94.32M | 86.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -287M | -290M | -262M | -275M | -162M | -111M | -239M | -250M | -168.75M | -154M | -135.79M | -123.77M | -131.95M | -125.31M | -113.02M | -97.55M | -80.3M | -94.93M | -94.2M | -87.43M | -16.69M | -11M | -18.5M | -7.5M | -3.29M | 2.39M | -220K | -1.7M | -23.9M | -1.7M | -7.3M |
| Pretax Income | 1.17B | 892M | 1.75B | 1.26B | 1.23B | 944M | 261M | 451M | 373.4M | 256.23M | 387.05M | 431.65M | 72.12M | 327.11M | 436.55M | 481.19M | 247.27M | -1.01B | 157.19M | 94.51M | 225.12M | 240.97M | 203.27M | 36.95M | 44.76M | 166.15M | 212.7M | 139.6M | 81.9M | 80.2M | 38.1M |
| Pretax Margin % | 3.47% | 2.99% | 6.06% | 3.64% | 3.68% | 3.22% | 0.96% | 1.78% | 1.69% | 1.34% | 2.11% | 2.41% | 0.46% | 1.9% | 2.7% | 2.91% | 1.84% | -8.6% | 1.23% | 0.77% | 2.19% | 3.2% | 3.25% | 0.78% | 1.26% | 3.84% | 5.98% | 6.98% | 6.41% | 8.2% | 4.41% |
| Income Tax | 304M | 235M | 363M | 444M | 235M | 246M | 204M | 162M | 285.86M | 129.07M | 132.15M | 137.46M | 73.71M | 7.63M | 102.87M | 98.23M | 76.5M | 160.9M | 25.12M | 21.4M | 60.6M | 37.09M | 29.54M | -6.05M | 10.04M | 47.63M | 67.05M | 48.1M | 25M | 27.7M | 13.7M |
| Effective Tax Rate % | 26.09% | 26.35% | 20.73% | 35.18% | 19.09% | 26.06% | 78.16% | 35.92% | 76.56% | 50.37% | 34.14% | 31.85% | 102.2% | 2.33% | 23.56% | 20.41% | 30.94% | -16.01% | 15.98% | 22.64% | 26.92% | 15.39% | 14.53% | -16.38% | 22.43% | 28.67% | 31.52% | 34.46% | 30.53% | 34.54% | 35.96% |
| Net Income | 862M | 657M | 1.39B | 818M | 996M | 696M | 54M | 287.11M | 86.33M | 129.09M | 254.09M | 284.02M | 241.31M | 371.48M | 394.69M | 381.06M | 168.84M | -1.17B | 133.89M | 73.24M | 164.52M | 203.88M | 166.9M | 43.01M | 34.72M | 118.52M | 145.65M | 91.5M | 56.9M | 52.5M | 24.3M |
| Net Margin % | 2.57% | 2.2% | 4.81% | 2.36% | 2.98% | 2.38% | 0.2% | 1.14% | 0.39% | 0.68% | 1.38% | 1.59% | 1.53% | 2.15% | 2.45% | 2.31% | 1.26% | -9.97% | 1.05% | 0.6% | 1.6% | 2.71% | 2.67% | 0.91% | 0.98% | 2.74% | 4.09% | 4.57% | 4.46% | 5.37% | 2.81% |
| Net Income Growth % | 49.39% | -52.67% | 69.68% | -17.87% | 43.1% | 1188.89% | -81.19% | 232.57% | -33.12% | -49.2% | -10.54% | 17.7% | -35.04% | -5.88% | 3.58% | 125.69% | 114.49% | -970.26% | 82.82% | -55.48% | -19.3% | 22.15% | 288.08% | 23.89% | -70.71% | -18.63% | 59.18% | 60.81% | 8.38% | 116.05% | 232.88% |
| Net Income (Continuing) | 861M | 657M | 1.39B | 818M | 996M | 698M | 57M | 289M | 87.54M | 127.17M | 254.9M | 294.19M | -1.59M | 319.48M | 333.68M | 382.96M | 170.77M | -1.17B | 132.07M | 73.11M | 164.52M | 203.88M | 173.73M | 43.01M | 34.72M | 118.52M | 145.65M | 91.5M | 56.9M | 52.5M | 24.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 243.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4M | 4M | 0 | 1M | 1M | 1M | 14M | 13.31M | 13.12M | 14.83M | 19.33M | 20.16M | 18.54M | 20.28M | 2.28M | 16.7M | 14.73M | 7.25M | 7.4M | 8.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.09 | 5.92 | 11.17 | 6.02 | 6.90 | 4.58 | 0.35 | 1.81 | 0.49 | 0.69 | 1.32 | 1.45 | 1.19 | 1.79 | 1.87 | 1.73 | 0.78 | -5.63 | 0.65 | 0.35 | 0.77 | 0.98 | 0.85 | 0.14 | 0.17 | 0.59 | 0.78 | 0.49 | 0.37 | 0.34 | 0.17 |
| EPS Growth % | 55.53% | -47% | 85.55% | -12.75% | 50.65% | 1208.57% | -80.66% | 269.39% | -28.99% | -47.73% | -8.97% | 21.85% | -33.52% | -4.28% | 8.09% | 121.79% | 113.85% | -966.15% | 85.71% | -54.55% | -21.43% | 15.29% | 507.14% | -17.65% | -71.19% | -24.36% | 59.18% | 32.43% | 8.82% | 100% | 183.33% |
| EPS (Basic) | - | 6.00 | 11.34 | 6.15 | 7.05 | 4.69 | 0.36 | 1.85 | 0.50 | 0.71 | 1.33 | 1.47 | 1.19 | 1.83 | 1.91 | 1.78 | 0.79 | -5.63 | 0.65 | 0.36 | 0.79 | 1.01 | 0.87 | 0.14 | 0.18 | 0.62 | 0.81 | 0.51 | 0.39 | 0.34 | 0.17 |
| Diluted Shares Outstanding | 106.5M | 110.9M | 124.3M | 135.9M | 144.4M | 152.1M | 155.27M | 158.65M | 175.04M | 185.84M | 192.75M | 196M | 202.5M | 207.81M | 211.18M | 220.72M | 217.6M | 207M | 206.16M | 206.97M | 212.54M | 207.71M | 205.56M | 201.67M | 200.78M | 202.22M | 187.45M | 174.33M | 154.3M | 153.36M | 145.81M |
| Basic Shares Outstanding | 105.3M | 109.5M | 122.4M | 133M | 141.2M | 148.5M | 151.61M | 155.61M | 172.24M | 181.9M | 190.41M | 193.69M | 202.5M | 203.1M | 206.16M | 214.5M | 214.33M | 207M | 205.28M | 203.78M | 207.41M | 202.5M | 200.43M | 198.5M | 197.4M | 191.86M | 179.03M | 166.75M | 148.5M | 153.36M | 145.34M |
| Dividend Payout Ratio | - | 5.48% | 3.03% | 5.5% | 4.82% | 7.18% | 93.45% | 18.11% | 66.99% | 46.45% | 24.57% | 22.23% | 28.27% | 18.08% | 16.53% | 15.85% | 35.46% | - | 43.79% | 78.66% | 9.03% | - | - | - | - | - | - | - | - | - | - |
High debt leverage sensitivity
According to recent quarterly filings, Jabil's revenue growth has accelerated to 11.8% in 2026Q3, marking a significant recovery from the double-digit contractions observed throughout 2024, suggesting that the company's strategic shift toward higher-complexity manufacturing services is successfully capturing renewed demand in its core industrial and healthcare end-markets.
The transition from negative growth in 2024 to double-digit expansion in 2026 suggests that the company has successfully navigated the volatility associated with its legacy mobility business. Investors should monitor whether this growth is sustainable or if it remains tethered to the cyclicality of the broader electronics manufacturing sector.
As reported in financial statements, Jabil maintains a gross margin profile hovering near 9.5%, which underscores the inherent limitations of its high-volume, pass-through business model where raw material procurement costs dictate the majority of the cost structure and limit significant expansion in profitability metrics.
While the company has attempted to pivot toward higher-margin Diversified Manufacturing Services, the gross margin remains tightly bound to component pricing and factory throughput. This suggests that meaningful margin expansion may be difficult to achieve without a more radical shift in the product mix toward proprietary engineering services.
Based on Jabil's reported figures, operating income has shown significant volatility, scaling from $197 million in 2025Q1 to $445 million in 2026Q3, which indicates that the company's fixed-cost base requires consistent, high-volume throughput to achieve meaningful operating leverage in its global manufacturing footprint.
The fluctuation in operating margins suggests that Jabil is highly sensitive to capacity utilization rates across its facilities. Analysts should investigate whether the recent improvement in operating income is a result of structural efficiency gains or merely a temporary benefit from increased factory utilization during the current growth phase.
Analysis of the income statement reveals that Jabil's net income has been subject to significant non-operating noise, including the massive $927 million net income spike in 2024Q2, which warrants caution when evaluating the underlying earnings power of the core manufacturing operations versus one-time divestiture gains.
The absence of stock-based compensation in recent quarters is a positive development for earnings quality, yet the historical reliance on non-recurring items complicates the assessment of normalized EPS. Investors should focus on core operating income to strip away the impact of strategic asset sales and restructuring charges.
Data from recent filings indicates a debt-to-equity ratio of 2.22, which suggests that Jabil's aggressive capital allocation strategy may leave the company vulnerable to interest rate volatility and cyclical downturns that could pressure its ability to service debt while maintaining necessary capital expenditures for manufacturing upgrades.
While the company has successfully divested non-core assets to de-lever, the current debt load remains a significant overhang that could limit strategic flexibility. A prolonged period of high interest rates may force management to prioritize debt repayment over the growth investments required to maintain its competitive moat.
Quick answers to the most common questions about buying JBL stock.
For fiscal year 2025, Jabil Inc. (JBL) reported total revenue of $29.80B. This represents a 3352.1% increase compared to $863.3M in 1996.
Jabil Inc. (JBL) is profitable, generating $657.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Jabil Inc. (JBL) reported an operating income of $1.18B, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Jabil Inc. (JBL) generated $2.65B in gross profit for the year, representing a gross profit margin of 8.9%. This demonstrates the company's core pricing power and production efficiency.