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What changed in Jabil's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Jabil's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+297 added−274 removedSource: 10-K (2025-10-17) vs 10-K (2024-10-28)

Top changes in Jabil's 2025 10-K

297 paragraphs added · 274 removed · 220 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

74 edited+13 added−24 removed25 unchanged
Biggest changeThese technologies and R&D activities include: • Automation, including automated tooling • Electronic interconnection • Advanced polymer and metal material science • Single/multi-shot injection molding, stamping, and in-mold labeling • Multi-axis computer numerical control • Vacuum metallization • Physical vapor deposition • Digital printing • Anodization • Thermal-plastic composite formation • Plastic with embedded electronics • Metal and plastic covers with insert-molded or dies-casting features for assembly • Display cover with integrated touch sensor • Material processing research (including plastics, metal, glass, and ceramic) • Additive manufacturing • Outsourced semiconductor assembly and test (“OSAT”) capabilities • Advanced electric assembly processes • Co-packaged optics • Liquid cooling • Silicon photonics • Sustainable materials and design • Artificial intelligence and machine learning Our R&D efforts span the markets we serve to provide our customers leading edge technologies and solutions.
Biggest changeThese technologies and R&D activities include: • Automation for tooling, manufacturing, and end customer solutions • Next generation electronic interconnections • Advanced electrical assembly & test processes • Advanced polymer and metal material science • Ceramic, metal and plastic single/multi-shot injection molding • In-mold mechanical & electrical assembly solutions • Advanced coating solutions for plastics, metals & lenses • Thermal-plastic composite formation • Advanced thermal management solutions • Advanced sensor integration • Optical sensors across wavelengths • Co-packaged optics • Silicon photonics • Sterilization, device filling & fluid management 5 Table of Contents • Outsourced semiconductor assembly and test (“OSAT”) capabilities • Sustainable materials and design • Artificial intelligence and machine learning Our R&D efforts span the markets we serve to provide our customers leading edge technologies and solutions.
Specifically: • We provide employee pay levels that are competitive and consistent with employee positions, skill levels, experience, knowledge, and geographic location. • Salary increases and incentive compensation are based on merit and performance. • All full-time U.S. employees are eligible for health insurance, paid and unpaid leaves, a retirement plan, and life and disability/accident coverage.
Specifically: • We seek to provide employee pay levels that are competitive and consistent with employee positions, skill levels, experience, knowledge, and geographic location. • Salary increases and incentive compensation are based on merit and performance. • All full-time U.S. employees are eligible for health insurance, paid and unpaid leaves, a retirement plan, and life and disability/accident coverage.
He holds a degree in Finance and Accounting from the University of Bombay and is a Chartered Accountant from the Institute of Chartered Accountants in England and Wales. Gregory B. Hebard (age 55) was named Chief Financial Officer in May 2024. He most recently served as Senior Vice President, Treasurer since 2021. Since joining Jabil in 2009, Mr.
He holds a degree in Finance and Accounting from the University of Bombay and is a Chartered Accountant from the Institute of Chartered Accountants in England and Wales. Gregory B. Hebard (age 56) was named Chief Financial Officer in May 2024. He most recently served as Senior Vice President, Treasurer since 2021. Since joining Jabil in 2009, Mr.
May Y. Yap (age 54) was named Senior Vice President, Chief Information Officer in September 2020. She joined Jabil in 2014 as Vice President and CIO of Jabil Green Point. Ms. Yap holds an MBA and a master’s in Computer Science from University of Hull and a doctorate in business administration and management from New York University.
May Y. Yap (age 55) was named Senior Vice President, Chief Information Officer in September 2020. She joined Jabil in 2014 as Vice President and CIO of Jabil Green Point. Ms. Yap holds an MBA and a master’s in Computer Science from University of Hull and a doctorate in business administration and management from New York University.
Business unit teams are supported by cross-functional teams, which leverage the power of our global expertise and capabilities to carry out work at the site level. We conduct our operations in facilities that are located worldwide, including but not limited to China, Mexico, Singapore, and the United States.
Business unit teams are supported by cross-functional teams, which leverage the power of our global expertise and capabilities to carry out work at the site level. We conduct our operations in facilities that are located worldwide, including but not limited to China, Malaysia, Mexico, and the United States.
Benefits outside the U.S. are provided based upon country-specific practices and are intended to support the health and wellbeing of our employees and their families. 8 Table of Contents • Supporting the mental health and emotional wellbeing of our employees and their families is a high priority at Jabil, and we have implemented several programs and benefits over the past several years to help de-stigmatize mental health issues and assist employees in finding and leveraging appropriate resources.
Benefits outside the U.S. are provided based upon country-specific practices and are intended to support the health and wellbeing of our employees and their families. • Supporting the mental health and emotional wellbeing of our employees and their families is a high priority at Jabil, and we have implemented several programs and benefits over the past several years to help de-stigmatize mental health issues and assist employees in finding and leveraging appropriate resources.
Additional financial information regarding our reportable operating segments is included in Item 7 of this report and Note 14 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements. 2 Table of Contents Industry Background Our industry was historically composed of companies that provide a range of design and manufacturing services to companies that utilize electronics components in their products.
Additional financial information regarding our reportable operating segments is included in Item 7 of this report and Note 14 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements. Industry Background Our industry was historically composed of companies that provide a range of design and manufacturing services to companies that utilize electronics components in their products.
Berry holds a bachelor’s in Communications from Boston College and an MBA from Georgia Institute of Technology. Steven D. Borges (age 56) was named Executive Vice President, Global Business Units in May 2024.
Berry holds a bachelor’s in Communications from Boston College and an MBA from Georgia Institute of Technology. Steven D. Borges (age 57) was named Executive Vice President, Global Business Units in May 2024.
Manufacturing solutions providers operate globally and are often able to more efficiently transition the location of manufacturing processes for products in response to changing macroeconomic and geopolitical environments relying on installed footprints, local teams, and consistent processes. Our Strategy Our vision for the future is to become the world’s most technologically advanced and trusted manufacturing solutions provider.
Manufacturing solutions providers operate globally and are often able to more efficiently transition the location of manufacturing processes for products in response to changing macroeconomic and geopolitical environments relying on installed footprints, local teams, and consistent processes. Our Strategy Our vision is to be the world’s most technologically advanced and trusted manufacturing solutions provider.
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. 6 Table of Contents We compete with different companies depending on the type of service we are providing or the geographic area in which an activity takes place.
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. We compete with different companies depending on the type of service we are providing and/or the geographic area in which an activity takes place.
He holds a bachelor’s in Business Administration and Management from Fitchburg State University. Matthew Crowley (age 49) was named Executive Vice President, Global Business Units in May 2024.
He holds a bachelor’s in Business Administration and Management from Fitchburg State University. Matthew Crowley (age 50) was named Executive Vice President, Global Business Units in May 2024.
Since joining Jabil in 1996, he has held positions of increasing responsibility across the Company, including as Vice President, Global Business Units since 2012. Mr. Priestley holds an honour’s in Engineering with Management from the Edinburgh Napier University. Gary K. Schick (age 54) was named Senior Vice President and Chief Human Resources Officer in October 2023.
Since joining Jabil in 1996, he has held positions of increasing responsibility across the Company, including as Vice President, Global Business Units since 2012. Mr. Priestley holds an honors in Engineering with Management from the Edinburgh Napier University. Gary K. Schick (age 55) was named Senior Vice President and Chief Human Resources Officer in October 2023.
Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries.
Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewables and energy infrastructure industries.
Our quality assurance programs include product testing under various environmental conditions to help ensure that our products meet or exceed required customer specifications. 5 Table of Contents Technology and Research and Development We believe that our manufacturing and testing technologies are among the most advanced in our industry.
Our quality assurance programs include product testing under various environmental conditions to help ensure that our products meet or exceed required customer specifications. Technology and Research and Development We believe that our manufacturing and testing technologies are among the most advanced in our industry.
Below is a list of our executive officers: Adam E. Berry (age 47) was named Senior Vice President, Investor Relations & Communications in June 2024. He previously served as Vice President, Investor Relations from September 2018. Mr. Berry held other roles of increasing responsibility since joining Jabil in 2010 as Director of Investor Relations. Mr.
Below is a list of our executive officers: Adam E. Berry (age 48) was named Senior Vice President, Investor Relations & Corporate Affairs in June 2024. He previously served as Vice President, Investor Relations from September 2018. Mr. Berry held other roles of increasing responsibility since joining Jabil in 2010 as Director of Investor Relations. Mr.
Information on our website, however, is not a part of this report. 11 Table of Contents
Information on our website, however, is not a part of this report. 10 Table of Contents
Career Growth and Development At Jabil, we have historically invested in the professional and personal growth and development of our employees at all levels of the organization. Our learning solutions empower employees to enhance their knowledge and skills, enabling them to work more effectively, develop stronger capabilities, and guide their teams to success and further reinforce the organization’s vision.
Career Growth and Development At Jabil, we invest in the professional and personal growth and development of our employees at all levels of the organization. Our learning solutions are intended to empower employees to enhance their knowledge and skills, enabling them to work more effectively, develop stronger capabilities, and guide their teams to success and further reinforce the organization’s vision.
Prior to his current role, he served as Vice President, Procurement & Purchasing Services from October 2014 and held a variety of management positions in Europe, Asia and the US since joining Jabil in 1997. Mr. McKay holds a bachelor’s from University of Strathclyde. Kristine Melachrino (age 46) was named Senior Vice President, General Counsel, in October 2022.
Prior to his current role, he served as Vice President, Procurement & Purchasing Services from October 2014 and held a variety of management positions in Europe, Asia and the US since joining Jabil in 1997. Mr. McKay holds a bachelor’s from University of Strathclyde. Kristine Melachrino (age 47) was named Executive Vice President, General Counsel, in March 2025.
He holds a master’s in International Affairs and Economics from the School of Advanced International Studies (SAIS) at Johns Hopkins University and a bachelor’s in Foreign Service from Georgetown University. Francis (“Frank”) G. McKay (age 54) was named Senior Vice President, Chief Procurement Officer, in January 2019.
He holds a master’s in International Affairs and Economics from the School of Advanced International Studies (SAIS) at Johns Hopkins University and a bachelor’s in Foreign Service from Georgetown University. 9 Table of Contents Francis (“Frank”) G. McKay (age 55) was named Senior Vice President, Chief Supply Chain and Procurement Officer, in January 2019.
Fabrication and Assembly We offer systems assembly, test, direct-order fulfillment, and configure-to-order services to our customers. Our systems assembly services extend our range of assembly activities to include assembly of higher-level sub-systems and systems incorporating multiple PCBAs. In addition, based on quality assurance programs developed with our customers, we provide testing services for our PCBAs, sub-systems, and systems products.
Our systems assembly services extend our range of assembly activities to include assembly of higher-level sub-systems and systems incorporating multiple PCBAs. In addition, based on quality assurance programs developed with our customers, we provide testing services for our PCBAs, sub-systems, and systems products.
Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products. Our global presence is key to assessing and executing on our business opportunities. For the fiscal year ended August 31, 2024, we had net revenues of $28.9 billion and net income attributable to Jabil Inc. of $1.4 billion.
Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products. Our global presence is key to assessing and executing on our business opportunities. For the fiscal year ended August 31, 2025, we had net revenues of $29.8 billion and net income attributable to Jabil Inc. of $657 million.
Our teams are strategically staffed to support Jabil customers for all development projects, from turnkey system design and joint development to industrialization and product optimization activities.
Our teams are strategically staffed to support development projects of all sizes, from turnkey system design and joint development to industrialization and product optimization activities.
Our Mechanical Design team specializes in mechanical design of plastic and metal components, enclosures, sub-assemblies, assemblies, and systems to meet product requirements with the analysis of electronic, electro-mechanical and optical assemblies using state of the art modeling and analytical tools. This includes all aspects of product concept, detail design, wide-ranging environmental applications, thermal management, and tooling management. • Optical Design.
Our Mechanical Design team specializes in the design of plastic and metal components, enclosures, sub-assemblies, and systems, with advanced modeling and analysis of electronic, electro-mechanical, and optical assemblies. This includes all aspects of product concept, detail design, wide-ranging environmental applications, thermal management, and tooling management. • Optical Design.
As we work to achieve our vision, we continue to pursue the following strategies: • Establish and Maintain Long-Term Customer Relationships. An important element of our strategy is to establish and maintain long-term relationships with leading companies in expanding industries with size and growth characteristics that can benefit from highly automated, continuous flow manufacturing on a global scale.
As we work to achieve our vision, we pursue the following strategies: • Establish and Maintain Long-Term Customer Relationships. An important element of our strategy is to develop and expand long-term relationships with leading companies in expanding industries that benefit from global, highly automated, continuous-flow manufacturing.
In alignment with our Code of Conduct, we are dedicated to establishing a discrimination-free and harassment-free environment globally. Guided by our enterprise-wide priorities of mitigating biases, cultivating inclusive leadership, and developing diverse talent, we are proud to foster a culture of belonging.
In alignment with our Code of Conduct, we are dedicated to establishing a discrimination-free and harassment-free workplace globally. This commitment is guided by our enterprise-wide priorities of mitigating biases, cultivating inclusive leadership, and developing diverse talent.
Customers and Marketing A key tenet of our strategy is to establish and maintain long-term relationships with leading companies in expanding industries with the size and growth characteristics that can benefit from highly automated, continuous flow manufacturing on a global scale. A small number of customers and significant industry sectors have historically comprised a major portion of our net revenue.
Customers and Marketing A key tenet of our strategy is to develop and expand long-term relationships with leading companies in high-growth industries that benefit from global, highly automated, continuous-flow manufacturing. A small number of customers and significant industry sectors have historically comprised a major portion of our net revenue.
Mondello has retained various executive responsibilities. Mr. Mondello joined Jabil in 1992. He holds a bachelor’s in Mechanical Engineering from the University of South Florida. Andrew D. Priestley (age 53) was named Executive Vice President, Global Business Units in May 2024. He most recently served as Senior Vice President, Global Business Units April 2014.
He holds a bachelor’s in Mechanical Engineering from the University of South Florida. Andrew D. Priestley (age 54) was named Executive Vice President, Global Business Units in May 2024. He most recently served as Senior Vice President, Global Business Units from April 2014.
Our design services support products across all markets we serve and include products such as cloud data center server platforms; medical and consumer health devices; automotive assemblies for software defined vehicles, advanced driver assistance systems, autonomous systems, and electrification; connected consumer products and appliances; digital commerce ecosystem products for retail environments; power and storage products to support the energy infrastructure; and smart controls and security for digital building and utilities.
Our design services support products across all markets we serve and include applications such as cloud data center server platforms; medical and consumer health devices; automotive assemblies for advanced architectures and enhanced functions; vision and safety systems; connected consumer products and appliances; digital commerce ecosystem products for retail environments; power and storage products supporting the energy infrastructure; and smart controls and security for digital building and utilities.
Our Manufacturing Test Solution Development team provides integral support to the design teams to embed design with testability and to promote efficient capital and resource investment in the manufacturing process. The use of software driven instrumentation and test process design and management reduces human dependent test processes and allows customer product test traceability and visibility throughout the manufacturing test process.
Our Manufacturing Test Solution Development team provides integral support to the design teams to embed testability in designs and enable efficient investment in manufacturing resources. The use of software-driven instrumentation and test process design and management reduces human-dependent test processes and promotes traceability and visibility throughout the manufacturing test process.
Materials planning, purchasing, stockroom, and shop floor control systems are supported through a computerized manufacturing resource planning system. • Electronic Supply Chain Management. We make available to our customers and suppliers an electronic commerce system/electronic data interchange and cloud-based tools to implement a variety of supply chain management programs.
Component inspection and vendor quality are monitored electronically in real-time. Materials planning, purchasing, stockroom, and shop floor control systems run on a computerized manufacturing resource planning system. • Electronic Supply Chain Management. We make available to our customers and suppliers an electronic commerce system/electronic data interchange and cloud-based tools to implement a variety of supply chain management programs.
We have implemented a continuous improvement-based Health and Safety Management System, including annual training assessments coupled with engaged leaders and employees who prioritize safety. 7 Table of Contents Human Rights We believe that respect for fundamental human rights as an essential element of responsible corporate citizenship.
We are committed to safety standards in all of our facilities. We have implemented a continuous improvement-based Health and Safety Management System, including annual training assessments coupled with engaged leaders and employees who prioritize safety. Human Rights We believe that respect for fundamental human rights is an essential element of responsible corporate citizenship.
Some of the products we manufacture contain one or more components that are only available from a single source. Some of these components are allocated from time to time in response to supply shortages. In some cases, supply shortages will substantially curtail production of all assemblies using a particular component.
Some of the products we manufacture contain one or more components that are only available from a single source. Some of these components are allocated from time to time in response to supply shortages.
Reward. program, which recognized 1,528 people from 142 sites and 25 countries in fiscal year 2024. 9 Table of Contents Environmental We are subject to a variety of federal, state, local, and foreign environmental, health and safety, product stewardship, and producer responsibility laws and regulations, including those relating to the use, storage, discharge, and disposal of hazardous chemicals used during our manufacturing process; those governing worker health and safety; those requiring design changes, supply chain investigation, or conformity assessments; or those relating to the recycling or reuse of products we manufacture.
Environmental Laws and Regulations We are subject to a variety of federal, state, local, and foreign environmental, health and safety, product stewardship, and producer responsibility laws and regulations, including those relating to the use, storage, discharge, and disposal of hazardous chemicals used during our manufacturing process; those governing worker health and safety; those requiring design changes, supply chain investigation, or conformity assessments; or those relating to the recycling or reuse of products we manufacture.
Respect is the foundation of our culture, and we want all our employees to feel valued and psychologically and physically safe. Welcoming a spectrum of backgrounds, experiences, viewpoints, and abilities, we collaborate to create a culture of belonging where everyone can be their authentic selves and contribute to Jabil’s success.
Built on respect, our culture fosters an environment where employees feel welcomed, valued, and safe – both psychologically and physically. Welcoming a spectrum of backgrounds, experiences, viewpoints, and abilities, we collaborate to create an environment where employees can be their authentic self and contribute to Jabil’s success.
Item 1. Business The Company We are one of the leading providers of manufacturing services and solutions worldwide. We provide comprehensive electronics design, production, and product management services to companies in various industries and end markets.
Item 1. Business The Company Jabil is one of the leading providers of engineering, manufacturing, and supply chain solutions. We deliver comprehensive design, production, and product management services to companies across a diverse range of industries and end markets.
Our Approach to Manufacturing To achieve high levels of manufacturing performance, we have adopted the following approaches: • Decentralized Business Unit Model. Most of our business units are dedicated to serve one customer each and are empowered to formulate strategies tailored to an individual customer’s needs.
Our Approach to Manufacturing To achieve high levels of manufacturing performance, we have adopted the following approaches: • Decentralized Business Unit Model. Most of our business units serve a single customer and are empowered to tailor strategies to that customer’s needs. Our business units generally have dedicated production lines consisting of equipment, production workers, supervisors, buyers, planners, and engineers.
As part of our talent strategy, we have introduced the LinkedIn Learning platform to enhance employees' access to the tools, resources, and support needed to take charge of their career development. We made this significant investment by providing free access to LinkedIn Learning for over 30,000 employees worldwide, including all professional, management, and executive leaders.
Jabil offers learning programs and offerings for all level of employees (hourly, professional, management). As part of our talent strategy, we continue to utilize the LinkedIn Learning platform to enhance employees' access to the tools, resources, and support needed to take charge of their career development. We provide free access to LinkedIn Learning to all professional, management, and executive leaders.
Companies are increasingly seeking to reduce their investment in inventory, facilities, and equipment used in manufacturing and prioritizing capital investments in other activities, such as sales and marketing and research and development (“R&D”). This strategic shift in capital deployment has contributed to increased demand for and interest in outsourcing to external manufacturing service providers. • Accelerated Product Time-to-Market and Time-to-Volume.
Companies are increasingly seeking to reduce their investment in inventory, facilities, and equipment used in manufacturing and prioritizing capital investments in other activities, such as sales and marketing and research and development (“R&D”).
With increasingly shorter product life cycles, these key services allow new products to be sold in the marketplace in an accelerated time frame. • Access to Advanced Design and Manufacturing Technologies.
Providers are also able to more rapidly scale production for changing markets and to position themselves in global locations that serve the leading world markets. With increasingly shorter product life cycles, these key services allow new products to be sold in the marketplace in an accelerated time frame. • Access to Advanced Design and Manufacturing Technologies.
The table below sets forth the respective portion of net revenue attributable to the customer that accounted for a significant concentration of our net revenue during the periods indicated: Fiscal Year Ended August 31, 2024 2023 2022 Apple, Inc. 11 % 17 % 19 % Competition Our business is highly competitive.
The table below sets forth the respective portion of net revenue attributable to customers that accounted for a significant concentration of our net revenue during the periods indicated: Percentage of Net Revenue Fiscal Year Ended August 31, 2025 2024 2023 Customer A (1) 16 % * * Customer B (2) * 11 % 17 % * Amount was less than 10% of total.
We are a founding member of the Responsible Business Alliance (RBA), which is one of the world’s largest industry coalitions for corporate social responsibility in global supply chains.
We are a founding member of the Responsible Business Alliance (RBA), which is one of the world’s largest industry coalitions for corporate social responsibility in global supply chains. Culture & Belonging: Jabil’s Cultural Initiatives Our workforce provides us with the innovation and creativity that allows us to continue our success.
Our global sites developed and implemented programs focused on employment and retention of employees with disabilities, physical and digital infrastructure, and training programs to foster an inclusive environment for all. In collaboration with our Operations team and utilizing best practices from Disability:IN, we have also established a baseline for site accessibility.
Our global sites developed and implemented programs focused on supporting employment and retention of employees with disabilities, with physical and digital infrastructure and training programs to foster an inclusive environment for all.
We focus on balancing our portfolio of products and product families to those that align with higher return areas of our business. This includes manufacturing, supply chain management services, comprehensive electronics design, production, and product management services for markets such as cloud and data infrastructure, healthcare, packaging, automotive and transportation, warehouse automation, networking and communications, and semi-capital equipment.
This includes manufacturing, supply chain management services, comprehensive electronics design, production, and product management services for markets such as cloud and data infrastructure, healthcare, packaging, automotive and transportation, warehouse automation, networking and communications, and semi-capital equipment. We have made concentrated efforts to diversify our industry sectors and customer base.
We believe continuous flow manufacturing provides cost reductions and quality improvement when applied to high volumes of product. • Computerized Control and Monitoring. We support all aspects of our manufacturing activities with advanced computerized control and monitoring systems. Component inspection and vendor quality are monitored electronically in real-time.
The elimination of waiting time prior to sequential operations results in faster manufacturing, improved efficiency, tighter quality control, and reduced work-in-process inventory. We believe continuous flow manufacturing provides cost reductions and quality improvement when applied to high volumes of product. • Computerized Control and Monitoring. We support all aspects of our manufacturing activities with advanced computerized control and monitoring systems.
She holds a Juris Doctor from Stetson University College of Law, and an MBA from Stetson University. Mark T. Mondello (age 60) was named Chairman of Jabil’s Board of Directors effective November 2021 and has been a member of the Board since March 2013. Mr. Mondello served as our Chief Executive Officer until May 2023. Mr.
Mondello (age 61) was named Chairman of Jabil’s Board of Directors effective November 2021 and has been a member of the Board since March 2013. Mr. Mondello served as our Chief Executive Officer until May 2023. Mr. Mondello has retained various executive responsibilities. Mr. Mondello joined Jabil in 1992.
We believe that our global footprint is strengthened by our centralized procurement process, which, when coupled with our single Enterprise Resource Planning system, affords our customers with end-to-end supply chain visibility. • Offer Systems Assembly, Direct-Order Fulfillment, and Configure-to-Order Services.
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. Increasingly, our customers also prefer manufacturing to be located closer to their end markets.
These functions include our computer-assisted design (“CAD”) team, to provide PCBA design services using advanced CAD engineering tools, our Value Analysis and Value Engineering (“VAVE”) team, to increase value and decrease cost of both electrical and mechanical assemblies, and our Engineering Prototyping teams for all development stages. • Product Verification.
These functions include our computer-assisted design (“CAD”) team, delivering PCBA design with advanced CAD tools; our Value Analysis and Value Engineering team, improving value and reducing cost of both electrical and mechanical assemblies; and our Engineering Prototyping teams for all development stages. Efforts focus on optimizing designs, reducing material and component complexity, and identifying cost-effective sourcing options. • Product Verification.
Throughout the design process, we develop the required processes, equipment, and testing specific to optics in order to take the customer from design to precision mass production. • Industrialization Engineering Services. Our engineering services combine multiple functions to work with design teams to optimize products for maximum performance, highest quality, and time to market while balancing cost and manufacturability.
Our engineering services combine multiple functions to work with design teams to optimize products for maximum performance, highest quality, and time to market while balancing cost and manufacturability.
Our Product Verification team provides complete product verification throughout the full design cycle and executes specific test services. This includes product verification, failure analysis, regulatory, compliance and safety, packaging, simulation, and data analysis. • Manufacturing Test Solution Development.
Our Product Verification team provides complete product verification throughout the full design cycle and executes specific test services.
Consistent with this strategy, we have established or acquired operations in the Americas, Europe and Asia. Our extensive global footprint positions us well to implement safe and practical solutions in order to select production locations which best serve the needs of our customers.
We believe that global production reduces obsolescence risk, lowers landed costs, and promotes consistent quality worldwide. Consistent with this strategy, we have established or acquired operations in the Americas, Europe and Asia. Our extensive global footprint allows us to select production locations that best serve customer needs.
We license some technology and intellectual property rights from third parties. Generally, the license agreements that govern such third-party technology and intellectual property rights grant us the right to use the subject technology anywhere in the world and terminate upon a material breach by us.
Generally, the license agreements that govern such third-party technology and intellectual property rights grant us the right to use the subject technology anywhere in the world and terminate upon a material breach by us. Human Capital Management As of August 31, 2025, our workforce consists of talented and dedicated employees across approximately 100 locations in 30 countries.
We promote positive employee relations globally and have not experienced a significant work stoppage or strike. Safety “Safety First. Always.” is a fundamental value that is ingrained in our culture. We are committed to safety standards in all of our facilities, so that our employees are protected and can return home safely after each work shift.
None of our U.S. employees are represented by a labor union. In certain international locations, our employees are represented by labor unions and by works councils. We promote positive employee relations globally and have not experienced a significant work stoppage or strike. Safety “Safety First. Always.” is a fundamental value that is ingrained in our culture.
The business units aggregate into operating segments based on the end markets they serve. • Automated Continuous Flow. We use a highly automated, continuous flow approach to manufacturing, whereby different pieces of equipment are joined directly or by conveyor to create an in-line assembly process.
We use a highly automated, continuous flow approach to manufacturing, whereby different pieces of equipment are joined directly or by conveyor to create an in-line assembly process. This process contrasts with a batch approach, in which equipment operates as standalone work-centers.
She joined Jabil in 2007 holding various roles in the legal department supporting the functional and business teams globally. Prior to this role, Ms. Melachrino served as Vice President, Senior Deputy General Counsel for the global Commercial legal team, advising on 10 Table of Contents complex legal and regulatory matters to facilitate business growth; and Assistant Corporate Secretary.
She most recently served as Senior Vice President, General Counsel since October 2022. She joined Jabil in 2007 holding various roles in the legal department supporting the functional and business teams globally. Prior to this role, Ms.
Our business units generally have dedicated production lines consisting of equipment, production workers, supervisors, buyers, planners, and engineers. Under certain circumstances, a production line may serve more than one business unit to maximize resource utilization. Business units have direct responsibility for manufacturing results and time-to-volume production, thereby promoting a sense of individual commitment and ownership.
Under certain circumstances, a production line may serve more than one business unit to maximize resource utilization. Business units have direct responsibility for manufacturing results and time-to-volume production, thereby promoting accountability and ownership. The business unit approach is modular and enables us to grow incrementally without disrupting the operations of other business units.
We also market our services and solutions through our website and social media platforms. In fiscal year 2024, our five largest customers accounted for approximately 36% of our net revenue and 88 customers accounted for approximately 90% of our net revenue.
In fiscal year 2025, our five largest customers accounted for approximately 36% of our net revenue and 87 customers accounted for approximately 90% of our net revenue.
Compensation and Benefits Jabil’s compensation programs are designed to align the compensation of our employees with Jabil’s performance and to provide the proper incentives to attract, retain, and motivate employees to achieve superior results.
Jabil acknowledges these well-deserved efforts through our Enterprise recognition program, Respect. Recognize. Reward., in addition to regional and site-based recognition efforts that celebrate our employees worldwide. Compensation and Benefits Jabil’s compensation programs are designed to align the compensation of our employees with Jabil’s performance and to provide the proper incentives to attract, retain, and motivate employees to achieve superior results.
Beginning September 1, 2024, we reorganized our internal structure to focus on speed, precision, and solutions and as a result of our organizational realignment, we will report our business in the following three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce.
As of September 1, 2024, we are reporting our business in the following three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are also the Company’s reportable segments.
Our Experience Design team works with product design teams to create product experiences that resonate with consumers through user research, industrial design, user interface design, and human factors.
Our Experience Design team works with product design teams to create product experiences that resonate with consumers through user research, industrial design, user interface design, and human factors. These capabilities help create, develop, and connect concepts and specifications that optimize the function, value, and appearance of products for both consumers and manufacturing partners. 4 Table of Contents • Mechanical Design.
At Jabil, we provide our full-time employees two days of paid time off for health and wellbeing and one day for community service. From January to August 2024, approximately 79,000 employees have utilized their wellness days, and approximately 19,000 employees have completed a paid day of community service.
At Jabil, we provide our full-time employees two days of paid time off for health and wellbeing and one day for community service in addition to standard paid time off and holidays. To support our commitment to serve our communities where we live and operate, in 2024, Jabil employees completed over 580,000 volunteer hours.
We currently have a relatively modest number of patents for various innovations. We believe that our intellectual property portfolio will continue to evolve as we expand our business activities. Other factors significant to our proprietary rights include the knowledge and experience of our management and workforce and our ability to develop, enhance, and market our technology and services.
Other factors significant to our proprietary rights include the knowledge and experience of our management and workforce and our ability to develop, enhance, and market our technology and services. We license some technology and intellectual property rights from third parties.
As a core part of Jabil’s culture, recognition plays an important role in appreciating others for going above and beyond their normal job duties and doing what’s right for our customers, people, and communities. Jabil acknowledges these well-deserved efforts through our Respect, Recognize.
This continuous improvement program embodies the best of Jabil’s culture while focusing on our key business drivers (People, Process, Social & Environmental, and Technology & Innovation). Recognition plays an important role in appreciating others for going above and beyond their normal job duties and doing what’s right for our customers, people, and communities.
We have made concentrated efforts to diversify our industry sectors and customer base. Because of these efforts, we have experienced business growth from both existing and new customers as well as from acquisitions. 3 Table of Contents • Utilize Customer-Centric Business Units.
Because of these efforts, we have experienced business growth from both existing and new customers as well as from acquisitions. In addition, we continue to evaluate emerging end-markets and technologies to help ensure our portfolio remains balanced, resilient, and aligned with long-term customer demand. • Utilize Customer-Centric Business Units.
Most of our business units are dedicated to serve one customer each and operate by primarily utilizing dedicated production equipment, production workers, supervisors, buyers, planners, and engineers to provide comprehensive manufacturing solutions that are customized to each customer’s needs.
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. We believe our customer-centric business units promote increased responsiveness, particularly for relationships that extend across multiple production locations. • Leverage Global Production.
Our manufacturing and supply chain management services and solutions include innovation, design, planning, fabrication and assembly, delivery and managing the flow of resources and products. Our services enable our customers to reduce manufacturing costs, improve supply chain management, reduce inventory obsolescence, lower transportation costs, and reduce product fulfillment times.
Our capabilities span the entire product lifecycle—from innovation, design, and planning to fabrication, assembly, and delivery—enabling seamless management of resources and materials across global supply chains. Through these integrated services, we help our customers reduce manufacturing costs, enhance supply chain efficiency, minimize inventory risk, lower transportation expenses, and accelerate product fulfillment.
Proprietary Rights We regard certain aspects of our technology, design, production and product management, supply chain, and other services as proprietary intellectual property. We rely largely upon a combination of intellectual property laws, non-disclosure agreements with our customers, employees, and suppliers and our internal security systems, policies, and procedures.
We rely largely upon a combination of intellectual property laws, non-disclosure agreements with our customers, employees, and suppliers and our internal security systems, policies, and procedures. We currently have a relatively modest number of patents for various innovations. We believe that our intellectual property portfolio will continue to evolve as we expand our business activities.
The business unit approach is modular and enables us to grow incrementally without disrupting the operations of other business units. Business unit management reviews the customer financial information to assess whether the business units are meeting their designated responsibilities and to ensure that the daily execution of manufacturing activities is being effectively managed.
Business unit management reviews customer-specific financial performance to assess whether the business units are meeting their designated responsibilities and to ensure that the daily execution of manufacturing activities remains on track. The business units aggregate into operating segments based on the end markets they serve. • Automated Continuous Flow.
Action plans resulting from the 2023 global survey have been modified accordingly and further action plans have been developed and are being executed at all sites to promote continued excellence in employee engagement at Jabil. Cultural Initiatives Our commitment to our employees’ safety and wellbeing goes beyond physical health to include social, emotional, and mental health.
Action plans have been developed and are in the process of being executed at all sites to promote continued excellence in employee engagement at Jabil. This is a continuation of the Your Voice Matters Pulse Surveys conducted in 2024 to measure the impact of action plans developed from the 2023 global survey.
Our Optical Design team focuses on applying our knowledge in advanced optics to provide optical product solutions for virtual and/or augmented reality, Light Detection and Ranging (“LiDAR”), 3D sensing, projection, and imaging.
Our Optical Design team applies advanced optics expertise to develop solutions for virtual and/or augmented reality, Light Detection and Ranging (“LiDAR”), 3D sensing, projection, and imaging. Throughout the design process, we develop the required processes, equipment, and testing specific to optics to help ensure seamless transition from design to precision mass production. • Industrialization Engineering Services.
Our systems assembly, direct-order fulfillment and configure-to-order services allow our customers to reduce product cost and risk of product obsolescence by reducing total work-in-process and finished goods inventory. These services are available at all of our manufacturing locations. • Offer Design Services.
To meet this need, we invest in local-for-local and local-for-regional capabilities that improve resilience, reduce lead times, enhance sustainability, and enable us to support customers directly where they operate. • Expand Value-Added Services. Our systems assembly, direct-order fulfillment, and configure-to-order services allow customers to reduce product cost and obsolescence risk by lowering total work-in-process and finished goods inventory.
Our customers use these tools to share demand and product forecasts and deliver purchase orders, and we use these tools with our suppliers for just-in-time delivery, supplier-managed inventory, and consigned supplier-managed inventory. 4 Table of Contents Our Design Services We offer a wide spectrum of value-add design services to enhance our relationships with current customers and to help develop relationships with our new customers.
Our customers use these tools to share demand and product forecasts and deliver purchase orders, and we use these tools with our suppliers for just-in-time delivery, supplier-managed inventory, and consigned supplier-managed inventory. These capabilities include procurement intelligence platforms and AI-driven orchestration systems that deliver real-time data insights to support cost management, inventory optimization, and risk mitigation across global supply networks.
Manufacturing solutions providers are often able to deliver accelerated production start-ups and achieve high efficiencies in bringing new products to production. Providers are also able to more rapidly scale production for changing markets and to position themselves in global locations that serve the leading world markets.
This strategic shift in capital deployment has contributed to increased demand for and interest in outsourcing to external manufacturing service providers. 2 Table of Contents • Accelerated Product Time-to-Market and Time-to-Volume. Manufacturing solutions providers are often able to deliver accelerated production start-ups and achieve high efficiencies in bringing new products to production.
We compete against numerous domestic and foreign electronic manufacturing solutions providers, diversified manufacturing service providers, and design providers.
(1) Sales to this customer were reported primarily in the Intelligent Infrastructure segment. (2) Sales to this customer were reported in the Connected Living and Digital Commerce segment. Competition Our business is highly competitive. We compete against numerous domestic and foreign electronic manufacturing solutions providers, diversified manufacturing service providers, and design providers.
We focus on maintaining long-term relationships with our customers and seek to expand these relationships to include additional product lines and services. In addition, we focus on identifying and developing relationships with new customers that meet our targeted profile, which includes financial stability, the need for technology-driven turnkey manufacturing, anticipated unit volume, and long-term relationship stability. • Product Diversification.
We grow these partnerships across product lines and services to create deeper, more integrated value. In addition, we pursue relationships with new customers that meet our targeted profile: financially stable, technology-driven, growth-oriented, and committed to long-term collaboration. • Product Diversification. We focus on balancing our portfolio of products and product families toward higher-return and strategically important segments.
Removed
On December 29, 2023 (“the Closing Date”), we completed the sale of our product manufacturing business in Chengdu, including its supporting component manufacturing in Wuxi (the “Mobility Business”) to an affiliate of BYD Electronic (International) Co. Ltd. (“BYDE”) for pre-tax cash proceeds of approximately $2.2 billion, subject to certain post-closing adjustments.
Added
These services are available at all of our manufacturing locations. • Deliver Design Expertise. We offer a wide spectrum of value-add design services focused on improving performance, reducing costs, accelerating time-to-market, and enhancing manufacturability.
Removed
See Note 17 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information. At August 31, 2024, we had two reporting segments: Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”), which are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital, and risk profiles.
Added
Our design expertise also helps customers navigate technology transitions and regulatory requirements, creating end-to-end solutions that integrate seamlessly from concept through production. 3 Table of Contents • Pursue Strategic Acquisitions. Our acquisition strategy complements current capabilities, diversifies us into new industry sectors and customers, and expands the scope of services we offer.
Removed
Our EMS segment is focused on leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing our large scale manufacturing infrastructure and our ability to serve a broad range of end markets.
Added
These digital tools improve visibility, responsiveness, and collaboration across the supply chain. Our Design Services We offer a wide spectrum of value-add design services to enhance our relationships with current customers and to build new customer relationships.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThe process of restructuring entails, among other activities, moving production between facilities, transferring programs from higher cost geographies to lower cost geographies, closing facilities, reducing the level of staff, realigning our business processes, and reorganizing our management. 18 Table of Contents Restructurings could adversely affect us, including a decrease in employee morale, delays encountered in finalizing the scope of, and implementing, the restructurings, failure to achieve targeted cost savings, and failure to meet operational targets and customer requirements due to the restructuring process.
Biggest changeRestructurings could adversely affect us, including a decrease in employee morale, delays encountered in finalizing the scope of, and implementing, the restructurings, failure to achieve targeted cost savings, and failure to meet operational targets and customer requirements due to the restructuring process.
Foreign Corrupt Practices Act (the “FCPA”) or similar regulations in other jurisdictions; • less favorable, less predictable, or relatively undefined, intellectual property laws; • lack of sufficient or available locations from which to operate or inability to renew leases on terms that are acceptable to us or at all; • unexpected changes in regulatory requirements and laws or government or judicial interpretations of such regulatory requirements and laws and adverse trade policies, and adverse changes to any of the policies of either the U.S. or any of the foreign jurisdictions in which we operate; • adverse changes in tax rates or accounting rules and the manner in which the U.S. and other countries tax multinational companies or interpret their tax laws or accounting rules or restrictions on the transfer of funds to us from our operations outside the U.S.; • limitations on imports or exports of components or products, or other trade sanctions; • political and economic instability and unsafe working conditions; • geopolitical unrest, including the invasion of Ukraine, the possibility of military activity in countries near or adjacent to Ukraine, and the sanctions and other actions taken by the European Union, the United States, and other governments around the world in response; • the Israel-Hamas war, attacks on shipping vessels in the Red Sea, the possibility of military activity in countries near or adjacent to Israel, and the sanctions and other actions that have or may be taken by other governments around the world in response could impact the Company although we have limited business in Israel; • risk of governmental expropriation of our property; • inadequate infrastructure for our operations (e.g., lack of adequate power, water, transportation, and raw materials); • legal or political constraints on our ability to maintain or increase prices; • health concerns, epidemics, and related government actions; • increased travel costs and difficulty in coordinating our communications and logistics across geographic distances and multiple time zones; • longer customer payment cycles and difficulty collecting trade accounts receivable; • fluctuations in currency exchange rates; • economies that are emerging or developing or that are subject to greater currency volatility, negative growth, high inflation, limited availability of foreign exchange, and other risks; • higher potential for theft, misappropriation, or unauthorized access to or use of technology, data, or intellectual property; and 16 Table of Contents • international trade disputes have and could result in tariffs and other protectionist measures that have and could adversely affect our business.
Foreign Corrupt Practices Act (the “FCPA”) or similar regulations in other jurisdictions; • less favorable, less predictable, or relatively undefined, intellectual property laws; • lack of sufficient or available locations from which to operate or inability to renew leases on terms that are acceptable to us or at all; • unexpected changes in regulatory requirements and laws or government or judicial interpretations of such regulatory requirements and laws and adverse trade policies, and adverse changes to any of the policies of either the U.S. or any of the foreign jurisdictions in which we operate; • adverse changes in tax rates or accounting rules and the manner in which the U.S. and other countries tax multinational companies or interpret their tax laws or accounting rules or restrictions on the transfer of funds to us from our operations outside the U.S.; • limitations on imports or exports of components or products, or other trade sanctions; • political and economic instability and unsafe working conditions; • geopolitical unrest, including the invasion of Ukraine, the possibility of military activity in countries near or adjacent to Ukraine, and the sanctions and other actions taken by the European Union, the United States, and other governments around the world in response; • the Israel-Hamas war, attacks on shipping vessels in the Red Sea, the possibility of military activity in countries near or adjacent to Israel, and the sanctions and other actions that have or may be taken by other governments around the world in response could impact the Company although we have limited business in Israel; • risk of governmental expropriation of our property; • inadequate infrastructure for our operations (e.g., lack of adequate power, water, transportation, and raw materials); • legal or political constraints on our ability to maintain or increase prices; • health concerns, epidemics, and related government actions; • increased travel costs and difficulty in coordinating our communications and logistics across geographic distances and multiple time zones; • longer customer payment cycles and difficulty collecting trade accounts receivable; • fluctuations in currency exchange rates; • economies that are emerging or developing or that are subject to greater currency volatility, negative growth, high inflation, limited availability of foreign exchange, and other risks; • higher potential for theft, misappropriation, or unauthorized access to or use of technology, data, or intellectual property; and 15 Table of Contents • international trade disputes have and could result in tariffs and other protectionist measures that have and could adversely affect our business.
Acquisitions involve significant risks, which could have a material adverse effect on us including: 17 Table of Contents • Financial risks, such as: (1) overpayment; (2) an increase in our expenses and working capital requirements; (3) exposure to liabilities of the acquired businesses, with contractually-based time and monetary limitations on a seller’s obligation to indemnify us; (4) integration costs or failure to achieve synergy targets; (5) incurrence of additional debt; (6) valuation of goodwill and other intangible assets; (7) possible adverse tax and accounting effects; (8) the risk that we acquire manufacturing facilities and assume significant contractual and other obligations with no guaranteed levels of revenue; (9) the risk that, in the future, we may have to close or sell acquired facilities at our cost, which may include substantial employee severance costs and asset write-offs, which have resulted, and may result, in our incurring significant losses; and (10) costs associated with environmental risks including fines, remediation and clean-up. • Operating risks, such as: (1) the diversion of management’s attention and resources to the integration of the acquired businesses and their employees and to the management of expanding operations; (2) the risk that the acquired businesses will fail to maintain the quality of services that we have historically provided; (3) the need to implement financial and other systems and add management resources; (4) the need to maintain customer, supplier or other favorable business relationships of acquired operations and restructure or terminate unfavorable relationships; (5) the potential for deficiencies in internal controls of the acquired operations; (6) the inability to attract and retain the employees necessary to support the acquired businesses; (7) potential inexperience in a line of business that is either new to us or that has become materially more significant to us as a result of the transaction; (8) unforeseen difficulties (including any unanticipated liabilities) in the acquired operations; (9) the impact on us of any unionized work force we may acquire or any labor disruptions that might occur; (10) the possibility that the acquired business’s past transactions or practices before our acquisition may lead to future commercial or regulatory risks; (11) the difficulty of presenting a unified corporate image; (12) the possibility that we will have unutilized capacity due to our acquisition activity; (13) when acquiring an operation from a customer and continuing or entering into a supply arrangement, our inability to meet the expectations of the customer as to volume, product quality, timeliness and cost reductions.
Acquisitions involve significant risks, which could have a material adverse effect on us including: • Financial risks, such as: (1) overpayment; (2) an increase in our expenses and working capital requirements; (3) exposure to liabilities of the acquired businesses, with contractually-based time and monetary limitations on a seller’s obligation to indemnify us; (4) integration costs or failure to achieve synergy targets; (5) incurrence of additional debt; (6) valuation of goodwill and other intangible assets; (7) possible adverse tax and accounting effects; (8) the risk that we acquire manufacturing facilities and assume significant contractual and other obligations with no guaranteed levels of revenue; (9) the risk that, in the future, we may have to close or sell acquired facilities at our cost, which may include substantial employee severance costs and asset write-offs, which have resulted, and may result, in our incurring significant losses; and (10) costs associated with environmental risks including fines, remediation and clean-up. • Operating risks, such as: (1) the diversion of management’s attention and resources to the integration of the acquired businesses and their employees and to the management of expanding operations; (2) the risk that the acquired businesses will fail to maintain the quality of services that we have historically provided; (3) the need to implement financial and other systems and add management resources; (4) the need to maintain customer, supplier or other favorable business relationships of acquired operations and restructure or terminate unfavorable relationships; (5) the potential for deficiencies in internal controls of the acquired operations; (6) the inability to attract and retain the employees necessary to support the acquired businesses; (7) potential inexperience in a line of business that is either new to us or that has become materially more significant to us as a result of the transaction; (8) unforeseen difficulties (including any unanticipated liabilities) in the acquired operations; (9) the impact on us of any unionized work force we may acquire or any labor disruptions that might occur; (10) the possibility that the acquired business’s past transactions or practices before our acquisition may lead to future commercial or regulatory risks; (11) the difficulty of presenting a unified corporate image; (12) the possibility that we will have unutilized capacity due to our acquisition activity; (13) when acquiring an operation from a customer and continuing or entering into a supply arrangement, our inability to meet the expectations of the customer as to volume, product quality, timeliness and cost reductions.
Our international operations are subject to a number of risks, including: • difficulties in staffing and managing foreign operations and attempting to ensure compliance with our policies, procedures, and applicable local laws; • less flexible employee relationships that can be difficult and expensive to terminate due to, among other things, labor laws and regulations; 15 Table of Contents • rising labor costs (including the introduction or expansion of certain social programs), in particular within the lower-cost regions in which we operate, due to, among other things, demographic changes and economic development in those regions; • labor unrest and dissatisfaction, including potential labor strikes or claims; • increased scrutiny by the media and other third parties of labor practices within our industry (including working conditions, compliance with employment and labor laws and compensation) which may result in allegations of violations, more stringent and burdensome labor laws, and regulations, higher labor costs, and/or loss of revenues if our customers become dissatisfied with our labor practices and diminish or terminate their relationship with us; • burdens of complying with a wide variety of foreign laws, including those relating to export and import duties, domestic and foreign import and export controls, trade barriers (including tariffs and quotas), environmental policies and privacy issues, and local statutory corporate governance rules; • risk of non-compliance with the U.S.
Our international operations are subject to a number of risks, including: • difficulties in staffing and managing foreign operations and attempting to ensure compliance with our policies, procedures, and applicable local laws; 14 Table of Contents • less flexible employee relationships that can be difficult and expensive to terminate due to, among other things, labor laws and regulations; • rising labor costs (including the introduction or expansion of certain social programs), in particular within the lower-cost regions in which we operate, due to, among other things, demographic changes and economic development in those regions; • labor unrest and dissatisfaction, including potential labor strikes or claims; • increased scrutiny by the media and other third parties of labor practices within our industry (including working conditions, compliance with employment and labor laws and compensation) which may result in allegations of violations, more stringent and burdensome labor laws, and regulations, higher labor costs, and/or loss of revenues if our customers become dissatisfied with our labor practices and diminish or terminate their relationship with us; • burdens of complying with a wide variety of foreign laws, including those relating to export and import duties, domestic and foreign import and export controls, trade barriers (including tariffs and quotas), environmental policies and privacy issues, and local statutory corporate governance rules; • risk of non-compliance with the U.S.
Problems suffered by any of these common carriers, including natural disaster, pandemic, labor problems, increased energy prices, or criminal activity, has and could result in shipping delays for products or materials, increased costs, or other supply chain disruptions, and could therefore have a negative impact on our ability to receive products from suppliers and deliver products to customers, resulting in a material adverse effect on our operations.
Problems suffered by any of these common carriers, including natural disaster, pandemic, labor problems, increased energy prices, or criminal activity, have and could result in shipping delays for products or materials, increased costs, or other supply chain disruptions, and could therefore have a negative impact on our ability to receive products from suppliers and deliver products to customers, resulting in a material adverse effect on our operations.
These competitors may: • respond more quickly to new or emerging technologies or changes in customer requirements; • have technological expertise, engineering capabilities, and/or manufacturing resources that are greater than ours; • have greater name recognition, critical mass, and geographic market presence; • be better able to take advantage of acquisition opportunities; • devote greater resources to the development, promotion, and sale of their services and execution of their strategy; • be better positioned to compete on price for their services; • have excess capacity, and be better able to utilize such excess capacity; • have greater direct buying power from component suppliers, distributors, and raw material suppliers; • have lower cost structures as a result of their geographic location or the services they provide; • be willing or able to make sales or provide services at lower margins than we do; 14 Table of Contents • have increased vertical capabilities, providing them greater cost savings.
These competitors may: • respond more quickly to new or emerging technologies or changes in customer requirements; • have technological expertise, engineering capabilities, and/or manufacturing resources that are greater than ours; • have greater name recognition, critical mass, and geographic market presence; • be better able to take advantage of acquisition opportunities; • devote greater resources to the development, promotion, and sale of their services and execution of their strategy; • be better positioned to compete on price for their services; • have excess capacity, and be better able to utilize such excess capacity; • have greater direct buying power from component suppliers, distributors, and raw material suppliers; • have lower cost structures as a result of their geographic location or the services they provide; 13 Table of Contents • be willing or able to make sales or provide services at lower margins than we do; • have increased vertical capabilities, providing them greater cost savings.
In addition, our operations in China are governed by Chinese laws, rule, and regulations, some of which are relatively new. The Chinese legal system continues to rapidly evolve, which may result in uncertainties with respect to the interpretation and enforcement of Chinese laws, rules, and regulations that could have a material adverse effect on our business.
In addition, our operations in China are governed by Chinese laws, rules, and regulations, some of which are relatively new. The Chinese legal system continues to rapidly evolve, which may result in uncertainties with respect to the interpretation and enforcement of Chinese laws, rules, and regulations that could have a material adverse effect on our business.
If any FDA inspection reveals noncompliance, and we do not address the FDA’s concerns to its satisfaction, the FDA may elect to take enforcement action against us, including issuing inspection observations or a notice of violation or a warning letter, imposing fines, bringing an action against the Company and its officers, requiring a recall of the products we manufactured, issuing an import detention on products entering the U.S. from an offshore facility, or temporarily halting operations at or shutting down a manufacturing facility. 20 Table of Contents Beyond the FDA, our medical device business is also subject to applicable state and foreign regulatory requirements.
If any FDA inspection reveals noncompliance, and we do not address the FDA’s concerns to its satisfaction, the FDA may elect to take enforcement action against us, including issuing inspection observations or a notice of violation or a warning letter, imposing fines, bringing an action against the Company and its officers, requiring a recall of the products we manufactured, issuing an import detention on products entering the U.S. from an offshore facility, or temporarily halting operations at or shutting down a manufacturing facility. 19 Table of Contents Beyond the FDA, our medical device business is also subject to applicable state and foreign regulatory requirements.
Compliance with these regulations can be costly and any failure to comply could result in legal and reputational risks as well as penalties, fines and damages that could adversely affect our financial results. 19 Table of Contents Regulatory Risks We are subject to extensive government regulations and industry standards and the terms of complex contracts; a failure to comply with current and future regulations and standards, or the terms of our contractual arrangements, could have an adverse effect on our business, customer relationships, reputation, and profitability.
Compliance with these regulations can be costly and any failure to comply could result in legal and reputational risks as well as penalties, fines and damages that could adversely affect our financial results. 18 Table of Contents Regulatory Risks We are subject to extensive government regulations and industry standards and the terms of complex contracts; a failure to comply with current and future regulations and standards, or the terms of our contractual arrangements, could have an adverse effect on our business, customer relationships, reputation, and profitability.
An increase in the level of our indebtedness, among other things, could: • make it difficult for us to obtain any necessary financing in the future for other acquisitions, working capital, capital expenditures, debt service requirements, or other purposes; • limit our flexibility in planning for, or reacting to changes in, our business; • make us more vulnerable in the event of a downturn in our business; and • impact certain financial covenants that we are subject to in connection with our debt and asset-backed securitization programs.
An increase in the level of our indebtedness, among other things, could: • make it difficult for us to obtain any necessary financing in the future for other acquisitions, working capital, capital expenditures, debt service requirements, or other purposes; • limit our flexibility in planning for, or reacting to changes in, our business; • make us more vulnerable in the event of a downturn in our business; and • impact certain financial covenants that we are subject to in connection with our debt and asset-backed securitization program.
We sometimes offer these customers extended payment terms, loans, and other support and financial accommodations which increases our financial exposure and has impacted our financial results in the past. 13 Table of Contents The success of our business is dependent on our ability to keep pace with technological changes and competitive conditions in our industry and our ability to effectively adapt our services as our customers react to technological changes and competitive conditions in their respective industries.
We sometimes offer these customers extended payment terms, loans, and other support and financial accommodations which increases our financial exposure and has impacted our financial results in the past. 12 Table of Contents The success of our business is dependent on our ability to keep pace with technological changes and competitive conditions in our industry and our ability to effectively adapt our services as our customers react to technological changes and competitive conditions in their respective industries.
In addition, if one or more of our significant customers were to become insolvent or otherwise become unable to pay us on a timely basis, or at all, our operating results and financial condition could be adversely affected. 12 Table of Contents Efficient component and material purchasing is critical to our manufacturing processes and contractual arrangements.
In addition, if one or more of our significant customers were to become insolvent or otherwise become unable to pay us on a timely basis, or at all, our operating results and financial condition could be adversely affected. 11 Table of Contents Efficient component and material purchasing is critical to our manufacturing processes and contractual arrangements.
In addition, because we securitize certain of our accounts receivable, our securitization programs could be negatively affected by customer financial difficulty affecting the recovery of a significant amount of receivables. When financial markets experience significant turmoil, the financial arrangements we may need to enter into, refinance or repay and our customers may be adversely affected.
In addition, because we securitize certain of our accounts receivable, our securitization program could be negatively affected by customer financial difficulty affecting the recovery of a significant amount of receivables. When financial markets experience significant turmoil, the financial arrangements we may need to enter into, refinance or repay and our customers may be adversely affected.
In the event that there is an adverse ruling in any legal proceeding, 21 Table of Contents we may be required to make payments to third parties that could be in excess of any amounts accrued and could have a material adverse effect on our reputation, financial condition, and/or results of operations.
In the event that there is an adverse ruling in any legal proceeding, 20 Table of Contents we may be required to make payments to third parties that could be in excess of any amounts accrued and could have a material adverse effect on our reputation, financial condition, and/or results of operations.
If any of the foregoing occur, it could impair our ability to compete, result in a significant decrease in our business and/or could have material adverse effect on our results of operations and financial position. 22 Table of Contents Financial Risks Exposure to financially troubled customers or suppliers may adversely affect our financial results.
If any of the foregoing occur, it could impair our ability to compete, result in a significant decrease in our business and/or could have material adverse effect on our results of operations and financial position. 21 Table of Contents Financial Risks Exposure to financially troubled customers or suppliers may adversely affect our financial results.
Such controls could require us to hedge larger amounts of local currency than we have in the past. 24 Table of Contents An impairment in the value of our assets would reduce the value of our assets and reduce our net income in the year in which the write-off occurs.
Such controls could require us to hedge larger amounts of local currency than we have in the past. 23 Table of Contents An impairment in the value of our assets would reduce the value of our assets and reduce our net income in the year in which the write-off occurs.
Further, the global minimum tax is expected to reduce the benefits achieved from tax incentives. 23 Table of Contents Our credit rating may be downgraded. Our credit is and certain of our financial instruments and our commercial paper are rated by credit rating agencies.
Further, the global minimum tax is expected to reduce the benefits achieved from tax incentives. 22 Table of Contents Our credit rating may be downgraded. Our credit is and certain of our financial instruments and our commercial paper are rated by credit rating agencies.
We pay interest on outstanding borrowings under our revolving credit facilities and certain other long term debt obligations at interest rates that fluctuate based upon changes in various base interest rates.
We pay interest on outstanding borrowings under our revolving credit facilities and certain other debt obligations at interest rates that fluctuate based upon changes in various base interest rates.
These and other factors could harm our ability to achieve anticipated levels of profitability or realize other anticipated benefits of an acquisition or divestiture and could adversely affect our business and operating results. We face risks arising from the restructuring of our operations.
These and other factors could harm our ability to achieve anticipated levels of profitability or realize other anticipated benefits of an acquisition or divestiture and could adversely affect our business and operating results. 17 Table of Contents We face risks arising from the restructuring of our operations.
Any failure, or perceived failure, to achieve our goals, further our initiatives, adhere to our public statements, comply with federal, state, or international environmental, social, and governance laws and regulations, or meet evolving and varied shareholder expectations and standards could result in legal and regulatory proceedings against us and materially adversely affect our business, reputation, results of operations, financial condition, and stock price. 25 Table of Contents Item 1B.
Any failure, or perceived failure, to achieve our goals, further our initiatives, adhere to our public statements, comply with federal, state, or international environmental, social, and governance laws and regulations, or meet evolving and sometimes conflicting shareholder expectations and standards could result in legal and regulatory proceedings against us and materially adversely affect our business, reputation, results of operations, financial condition, and stock price. 24 Table of Contents Item 1B.
Any of these could adversely affect our financial results. In addition, we must comply with increasingly complex regulations intended to protect business and personal data in the U.S. and globally. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal information among the Company and its international subsidiaries.
In addition, we must comply with increasingly complex regulations intended to protect business and personal data in the U.S. and globally. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal information among the Company and its international subsidiaries.
Our taxes could increase if certain tax incentives are retracted, which could occur if we are unable to satisfy the conditions on which such incentives are based, if they are not renewed upon expiration, or if tax rates applicable to us in such jurisdictions otherwise increase.
We have obtained incentives where available and practicable. Our taxes could increase if certain tax incentives are retracted, which could occur if we are unable to satisfy the conditions on which such incentives are based, if they are not renewed upon expiration, or if tax rates applicable to us in such jurisdictions otherwise increase.
Responding to these environmental, social, and governance considerations and implementation of these goals and initiatives involves risks and uncertainties and requires investments. We cannot guarantee that we will achieve our goals and initiatives.
In addition, we make statements about our environmental, social, and governance goals and initiatives through our sustainability report. Responding to these environmental, social, and governance considerations and implementation of these goals and initiatives involves risks and uncertainties and requires investments. We cannot guarantee that we will achieve our goals and initiatives.
We cannot assure you that we will be able to successfully integrate the operations and management of our recent acquisitions.
We have in the past and will continue to seek and complete acquisitions and divestitures. We cannot assure you that we will be able to successfully integrate the operations and management of our recent acquisitions.
These factors may harm our results of operations. Also, any measures that we may implement to reduce risks of our international operations may not be effective, may increase our expenses, and may require significant management time and effort.
If we are unable to fully pass on these costs, our operating results and cash flows could be adversely impacted. These factors may harm our results of operations. Also, any measures that we may implement to reduce risks of our international operations may not be effective, may increase our expenses, and may require significant management time and effort.
Many countries, including countries in which we have tax incentives, have enacted or are in the process of enacting laws based on the OECD’s proposals. Our effective tax rate and cash tax liability could be adversely impacted by these rules beginning in fiscal year 2025, with the full impact occurring in subsequent years.
Many countries, including countries in which we have tax incentives, have enacted or are in the process of enacting laws based on the OECD’s proposals. Our effective tax rate and cash tax liability could be adversely impacted by these rules in future years. Several countries in which we are located allow for tax incentives to attract and retain business.
We have on occasion not achieved, and may not in the future achieve, expected profitability from our acquisitions; divestitures may adversely affect our business, reputation, financial condition, results of operations, or cash flows. We have in the past and will continue to seek and complete acquisitions and divestitures.
In addition, any increase in our product prices may reduce our future customer orders and profitability. 16 Table of Contents We have on occasion not achieved, and may not in the future achieve, expected profitability from our acquisitions; divestitures may adversely affect our business, reputation, financial condition, results of operations, or cash flows.
We may not be able to increase our product prices enough to offset these increased costs. In addition, any increase in our product prices may reduce our future customer orders and profitability.
We may not be able to increase our product prices enough to offset these increased costs.
Expectations relating to environmental, social, and governance considerations expose the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business.
Expectations relating to environmental, social, and governance considerations expose the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business. Many governments, regulators, investors, employees, customers and other stakeholders are increasingly focused on environmental, social and governance considerations relating to businesses, including climate change and greenhouse gas emissions, and human and civil rights.
Any delay in the implementation of these information systems could result in material adverse consequences, including disruption of operations, loss of information, and unanticipated increases in costs. We monitor and mitigate our exposure to cybersecurity issues and modify our systems when warranted, and we have implemented certain business continuity items including data backups at alternative sites.
We monitor and mitigate our exposure to cybersecurity issues and modify our systems when warranted, and we have implemented business continuity items including data backups at alternative sites, multi-factor authentication, regular risk assessment, and other cybersecurity safeguards.
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Several countries in which we are located allow for tax incentives to attract and retain business. We have obtained incentives where available and practicable.
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There are significant risks involved in our efforts to keep pace with technological developments and no assurance can be provided that the usage of such technology will enhance our business.
Removed
Many governments, regulators, investors, employees, customers and other stakeholders are increasingly focused on environmental, social and governance considerations relating to businesses, including climate change and greenhouse gas emissions, human and civil rights, and diversity, equity, and inclusion. In addition, we make statements about our environmental, social, and governance goals and initiatives through our sustainability report.
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Beginning in February 2025, the U.S. implemented tariffs on a variety of countries and commodities, including, among others, tariffs on aluminum and steel derivative products, imports of certain Canadian and Mexican goods, and imports of Chinese goods, universal tariffs on imports from most countries, and reciprocal tariffs on select countries.
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In response, certain countries have imposed, or are considering, retaliatory tariffs on U.S. exports. The global tariff landscape continues to shift rapidly, with changes impacting businesses and markets around the world. These increased tariffs have impacted and may continue to impact end, customer demand.
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The process of restructuring entails, among other activities, moving production between facilities, transferring programs from higher cost geographies to lower cost geographies, closing facilities, reducing the level of staff, realigning our business processes, and reorganizing our management.
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Any delay or disruption in the operation of these information systems could result in material adverse consequences, including disruption of operations, loss of information, and unanticipated increases in costs.
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Any of these could adversely affect our financial results. The increased use of artificial intelligence (“AI”) technologies in our services and operations may exacerbate these risks.
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In addition, if any of our contractors, consultants, vendors or service providers use any third-party AI-powered software or other tools in connection with our business or the services they provide to us, it may lead to the inadvertent disclosure of our confidential information through its incorporation into publicly available training sets, which may impact our ability to realize the benefit of, or adequately maintain or protect, our confidential information, harming our competitive position and business.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur CISO holds industry-recognized cybersecurity certifications, including Certified Information Systems Security Professional (CISSP) certification. The CIO has over 32 years of experience focused on corporate strategy formulation and implementation, IT management including cybersecurity, and business and process transformation. 27 Table of Contents
Biggest changeOur CISO holds industry-recognized cybersecurity certifications, including Certified Information Systems Security Professional (CISSP) certification. The CIO has over 33 years of experience focused on corporate strategy formulation and implementation, IT management including cybersecurity, and business and process transformation. 26 Table of Contents Effective September 1, 2025, the Company transitioned cybersecurity responsibilities to a new CISO.
Cybersecurity education contributes to safety of the Company, customer data, and employee sensitive data and assets. Our employees undergo regular training on information security, cybersecurity awareness, and the protection of confidential information. This training is designed to promote an understanding of the behaviors and technical requirements needed to safeguard Company data.
Cybersecurity education contributes to the safety of the Company, customer data, and employee sensitive data and assets. Our employees undergo regular training on information security, cybersecurity awareness, and the protection of confidential information. This training is designed to promote an understanding of the behaviors and technical requirements needed to safeguard Company data.
The Company has also established written policies and procedures to help ensure that cybersecurity incidents are quickly assessed and addressed. • Risk assessment. The Company uses routine risk assessment processes to identify and prioritize cybersecurity risks, employ operational controls to mitigate risks, report incidents, and analyze trends, and employ a corrective action process to address nonconformities.
The Company has also established written policies and procedures to help ensure that cybersecurity incidents are quickly assessed and addressed. • Risk assessment. The Company uses risk assessment processes to identify and prioritize cybersecurity risks, employ operational controls to mitigate risks, report incidents, and analyze trends, and employ a corrective action process to address nonconformities.
The CIO is responsible for overseeing global IT operations and digital transformation across the Company and leads the strategic direction on IT polices to safeguard company and client assets against cybersecurity threats. The CISO has over 38 years of experience working in cybersecurity, risk management, and infrastructure technology and network architecture.
The CIO is responsible for overseeing global IT operations and digital transformation across the Company and leads the strategic direction on IT polices to safeguard company and client assets against cybersecurity threats. The CISO has over 39 years of experience working in cybersecurity, risk management, and infrastructure technology and network architecture.
The Company has established a standardized process for assessing and managing potential risks associated with the engagement of third-party service providers that request access to the Company’s information systems. 26 Table of Contents • Incident response.
The Company has established a standardized process for assessing and managing potential risks associated with the engagement of third-party service providers that request access to the Company’s information systems. 25 Table of Contents • Incident response.
We leverage cybersecurity industry-standard frameworks and insights from internal assessments to develop policies to guide the use of our information assets (for example, business information and information resources such as mobile phones, computers, and workstations), access to specific intellectual property or technologies, and protection of personal information.
We leverage cybersecurity industry-standard frameworks and insights from internal assessments to develop policies to guide the use of our information assets (for example, business information and information resources such as mobile phones, computers, and workstations), access to specific intellectual property or technologies, deployment of AI within the Company, and protection of personal information.
As of the date of this report, we are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.
As of the date of this report, we are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected us during fiscal year 2025 or are reasonably likely to materially affect us in the near term, including our business strategy, results of operations, or financial condition.
Added
The new CISO has over 20 years of experience leading large-scale security programs protecting critical infrastructure and sensitive data, modernizing digital identity systems, and driving cultural transformation within security teams in the federal, healthcare, and global manufacturing sectors.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe table below lists the approximate square footage for our facilities as of August 31, 2024 (in millions): Region Approximate Square Footage Asia (1) 21 Americas 13 Europe 4 Total (2)(3) 38 (1) Decrease from prior period is driven by the divestiture of the Mobility Business during the fiscal year ended August 31, 2024.
Biggest changeThe table below lists the approximate square footage for our facilities as of August 31, 2025 (in millions): Region Approximate Square Footage Asia 17 Americas 13 Europe 5 Total (1)(2) 35 (1) Approximately 10% of our total square footage is not currently used in business operations.
The majority of the square footage is active manufacturing space and are reported in both the EMS and DMS operating segments, as both use these properties. Our corporate headquarters is located in St. Petersburg, Florida.
The majority of the square footage is active manufacturing space and is reported in the Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce operating segments, as all use these properties. Our corporate headquarters is located in St. Petersburg, Florida.
Our manufacturing facilities are ISO certified to ISO 9001:2008 standards and most are also certified to ISO-14001:2004 environmental standards. Item 3. Legal Proceedings See the discussio n in Note 19 – “Commitments and Contingencies” to the Consolidat ed Financial Statements.
Legal Proceedings See the discussio n in Note 19 – “Commitments and Contingencies” to the Consolidat ed Financial Statements.
Removed
See Note 17 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information. (2) Approximately 8% of our total square footage is not currently used in business operations. (3) Consists of 13 million square feet in facilities that we own with the remaining 25 million square feet in leased facilities.
Added
(2) Consists of 14 million square feet in facilities that we own with the remaining 21 million square feet in leased facilities. Our manufacturing facilities are ISO certified to ISO 9001:2008 standards and most are also certified to ISO-14001:2004 environmental standards. Item 3.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.
Biggest changeItem 3. Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 29 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIssuer Purchases of Equity Securities The following table provides information relating to our repurchase of common stock, excluding excise tax, during the three months ended August 31, 2024: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions) (2) June 1, 2024 – June 30, 2024 5,275,487 $ 112.44 5,275,487 $ — July 1, 2024 – July 31, 2024 2,983 $ 110.54 — $ — August 1, 2024 – August 31, 2024 — $ — — $ — Total 5,278,470 $ 112.44 5,275,487 (1) The purchases include amounts that are attributable to 2,983 shares surrendered to us by employees to satisfy, in connection with the vesting of restricted stock units and the exercise of stock options and stock appreciation rights, their tax withholding obligations.
Biggest changeAugust 31 2020 2021 2022 2023 2024 2025 Jabil Inc. $ 100 $ 182 $ 179 $ 340 $ 326 $ 612 S&P 500 Index – Total Returns $ 100 $ 131 $ 116 $ 135 $ 172 $ 199 Peer Group $ 100 $ 157 $ 150 $ 164 $ 280 $ 396 28 Table of Contents Issuer Purchases of Equity Securities The following table provides information relating to our repurchase of common stock, excluding excise tax, during the three months ended August 31, 2025: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions) (2) June 1, 2025 – June 30, 2025 — $ — — $ 25 July 1, 2025 – July 31, 2025 10,018 $ 225.14 4,050 $ 20 August 1, 2025 – August 31, 2025 93,013 $ 219.10 93,013 $ — Total 103,031 $ 219.69 97,063 (1) The purchases include amounts that are attributable to 5,968 shares surrendered to us by employees to satisfy, in connection with the vesting of restricted stock units and the exercise of stock options and stock appreciation rights, their tax withholding obligations.
Stock Performance Graph The performance graph and table show a comparison of cumulative total stockholder return, assuming the reinvestment of dividends, from a $100 investment in the common stock of Jabil over the five-year period ending August 31, 2024, with the cumulative stockholder return of the (1) S&P 400 Index, (2) S&P 500 Index, and (3) peer group which includes Celestica Inc., Flex Ltd., Hon-Hai Precision Industry Co.
Stock Performance Graph The performance graph and table show a comparison of cumulative total stockholder return, assuming the reinvestment of dividends, from a $100 investment in the common stock of Jabil over the five-year period ending August 31, 2025, with the cumulative stockholder return of the (1) S&P 500 Index and (2) peer group which includes Celestica Inc., Flex Ltd., Hon-Hai Precision Industry Co.
(2) In September 2022, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock as publicly announced in a press release on September 27, 2022 (the “2023 Share Repurchase Program”).
(2) In September 2024, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock as publicly announced in a press release on September 26, 2024 (the “2025 Share Repurchase Program”).
On October 21, 2024, the closing sales price for our common stock as reported on the New York Stock Exchange was $124.37. As of October 21, 2024, there were 1,040 holders of record of our common stock.
On October 10, 2025, the closing sales price for our common stock as reported on the New York Stock Exchange was $193.99. As of October 10, 2025, there were 956 holders of record of our common stock.
In September 2023, our Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of our common stock as publicly announced in a press release on September 28, 2023. For more information, see “Liquidity and Capital Resources - Dividends and Share Repurchases”.
In July 2025, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock as publicly announced in a press release on July 17, 2025 (the “2026 Share Repurchase Program”). For more information, see “Liquidity and Capital Resources – Dividends and Share Repurchases”.
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Ltd, Plexus Corp., and Sanmina Corp. 29 Table of Contents August 31 2019 2020 2021 2022 2023 2024 Jabil Inc. $ 100 $ 120 $ 218 $ 214 $ 407 $ 390 S&P 400 Index – Total Returns (1) $ 100 $ 104 $ 151 $ 135 $ 150 $ 178 S&P 500 Index – Total Returns (1) $ 100 $ 122 $ 160 $ 142 $ 165 $ 209 Peer Group $ 100 $ 116 $ 181 $ 174 $ 190 $ 323 (1) During the fiscal year ended August 31, 2024, we were added to the S&P 500 Index.
Added
In December 2024, we issued a warrant to Amazon.com NV Investment Holdings LLC to acquire up to 1,158,539 of our ordinary shares as reported in a Current Report on Form 8-K filed on January 3, 2025. Refer to Note 13 – “Stockholders’ Equity” to the Consolidated Financial Statements for further details.
Removed
We were previously a member of the S&P 400 Index.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeNotes Payable and Credit Facilities Following is a summary of principal debt payments and debt issuance for our notes payable and credit facilities: (in millions) 4.900% Senior Notes 3.950% Senior Notes 3.600% Senior Notes 3.000% Senior Notes 1.700% Senior Notes 4.250% Senior Notes 5.450% Senior Notes Borrowings under revolving credit facilities (1)(2) Borrowings under loans Total notes payable and credit facilities Balance as of August 31, 2022 $ 300 $ 497 $ 496 $ 592 $ 497 $ 493 $ — $ — $ — $ 2,875 Borrowings — — — — — — 298 3,749 — 4,047 Payments (300) — — — — — — (3,747) — (4,047) Other — — — 1 1 2 (2) (2) — — Balance as of August 31, 2023 — 497 496 593 498 495 296 — — 2,875 Borrowings — — — — — — — 1,992 — 1,992 Payments — — — — — — — (1,992) — (1,992) Other — 1 1 1 1 1 — — — 5 Balance as of August 31, 2024 $ — $ 498 $ 497 $ 594 $ 499 $ 496 $ 296 $ — $ — $ 2,880 Maturity Date Jul 14, 2023 Jan 12, 2028 Jan 15, 2030 Jan 15, 2031 Apr 15, 2026 May 15, 2027 Feb 1, 2029 Jan 22, 2026 and Jan 22, 2028 Jul 31, 2026 Original Facility/ Maximum Capacity $300 million $500 million $500 million $600 million $500 million $500 million $300 million $4.0 billion (2) $1 million (1) On February 23, 2024, we entered into an amendment (the “Amendment”) to our senior unsecured credit agreement dated as of January 22, 2020 (as amended, the “Credit Facility”).
Biggest changeMost of our foreign cash and cash equivalents as of August 31, 2025, could be repatriated to the United States without potential tax expense. 41 Table of Contents Notes Payable and Credit Facilities Following is a summary of principal debt payments and debt issuance for our notes payable and credit facilities: (in millions) 3.950% Senior Notes 3.600% Senior Notes 3.000% Senior Notes 1.700% Senior Notes 4.250% Senior Notes 5.450% Senior Notes Borrowings under revolving credit facilities (1)(2) Total notes payable and credit facilities Balance as of August 31, 2023 $ 497 $ 496 $ 593 $ 498 $ 495 $ 296 $ — $ 2,875 Borrowings — — — — — — 1,992 1,992 Payments — — — — — — (1,992) (1,992) Other 1 1 1 1 1 — — 5 Balance as of August 31, 2024 498 497 594 499 496 296 — 2,880 Borrowings — — — — — — 1,844 1,844 Payments — — — — — — (1,844) (1,844) Other 1 1 1 — 1 1 — 5 Balance as of August 31, 2025 $ 499 $ 498 $ 595 $ 499 $ 497 $ 297 $ — $ 2,885 Maturity Date Jan 12, 2028 Jan 15, 2030 Jan 15, 2031 Apr 15, 2026 May 15, 2027 Feb 1, 2029 Jun 18, 2030 Original Facility/ Maximum Capacity $500 million $500 million $600 million $500 million $500 million $300 million $4.0 billion (2) (1) On June 18, 2025, we entered into a senior unsecured credit agreement (the “Agreement”).
Management believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, gain from the divestiture of businesses, acquisition and divestiture related charges, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges.
Management believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, (gain) loss from the divestiture of businesses, acquisition and divestiture related charges, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges.
Liquidity and Capital Resources We believe that our level of liquidity sources, which includes cash on hand, available borrowings under our revolving credit facilities and commercial paper program, additional proceeds available under our global asset-backed securitization program and under our uncommitted trade accounts receivable sale programs, cash flows provided by operating activities, and access to the capital markets will be adequate to fund our capital expenditures, the payment of any declared quarterly dividends, any share repurchases under the approved program, any potential acquisitions, our working capital requirements and our contractual obligations for the next 12 months and beyond.
Liquidity and Capital Resources We believe that our level of liquidity sources – which includes cash on hand, available borrowings under our revolving credit facilities and commercial paper program, additional proceeds available under our global asset-backed securitization program and under our uncommitted trade accounts receivable sale programs, and cash flows provided by operating activities – and our access to the capital markets will be adequate to fund our capital expenditures, the payment of any declared quarterly dividends, any share repurchases under the approved program, any potential acquisitions, our working capital requirements and our contractual obligations for the next 12 months and beyond.
Prior to fiscal year 2023, the Company determined the tax effect of the items included and excluded from core earnings quarterly. 38 Table of Contents We are reporting “core” operating income, “core” earnings and cash flows to provide investors with an additional method for assessing operating income and earnings, by presenting what we believe are our “core” manufacturing operations.
Prior to fiscal year 2023, the Company determined the tax effect of the items included and excluded from core earnings quarterly. 37 Table of Contents We are reporting “core” operating income, “core” earnings and cash flows to provide investors with an additional method for assessing operating income and earnings, by presenting what we believe are our “core” manufacturing operations.
As we acquire PP&E, we recognize the cash payments in acquisition of PP&E. When our customers reimburse us and obtain control, we recognize the cash receipts in proceeds and advances from the sale of PP&E. Quarterly Results (Unaudited) The following table sets forth certain unaudited quarterly financial information for the three months ended August 31, 2024, and 2023.
As we acquire PP&E, we recognize the cash payments in acquisition of PP&E. When our customers reimburse us and obtain control, we recognize the cash receipts in proceeds and advances from the sale of PP&E. Quarterly Results (Unaudited) The following table sets forth certain unaudited quarterly financial information for the three months ended August 31, 2025, and 2024.
Financing Activities Net cash used in financing activities during the fiscal year ended August 31, 2024, was primarily due to (i) the repurchase of our common stock under our share repurchase authorization, (ii) payments for debt agreements, (iii) treasury stock minimum tax withholding related to vesting of restricted stock, and (iv) dividend payments.
Financing Activities Net cash used in financing activities during the fiscal year ended August 31, 2025, was primarily due to: (i) payments for debt agreements, (ii) the repurchase of our common stock under our share repurchase authorization, (iii) treasury stock minimum tax withholding related to vesting of restricted stock , and (iv) dividend payments.
Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. (5) Consists of purchase commitments entered into as of August 31, 2024, primarily for property, plant and equipment and software pursuant to legally enforceable and binding agreements.
Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. (5) Consists of purchase commitments entered into as of August 31, 2025, primarily for property, plant and equipment and software pursuant to legally enforceable and binding agreements.
The adjustment for taxes for the fiscal year ended August 31, 2023, primarily related to a change in the indefinite reinvestment assertion associated with operations that were classified as held for sale. Adjusted Free Cash Flow Fiscal Year Ended August 31, (in millions) 2024 2023 2022 Net cash provided by operating activities (U.S.
The adjustment for taxes for the fiscal year ended August 31, 2023, primarily related to a change in the indefinite reinvestment assertion associated with operations that were classified as held for sale. Adjusted Free Cash Flow Fiscal Year Ended August 31, (in millions) 2025 2024 2023 Net cash provided by operating activities (U.S.
The divestiture did not meet the criteria to be reported as discontinued operations, and we continued to report the operating results for the Mobility Business in our Consolidated Statements of Operations in the DMS segment until the Closing Date (defined below). On December 29, 2023, (the “Closing Date”), we completed the sale of the Mobility Business.
The divestiture did not meet the criteria to be reported as discontinued operations, and we continued to report the operating results for the Mobility Business in our Consolidated Statements of Operations in the DMS segment until December 29, 2023 (the “Closing Date”). On the Closing Date, we completed the sale of the Mobility Business.
This is also the Company’s maximum exposure to loss related to the VIE. (4) Excludes $274 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees.
This is also the Company’s maximum exposure to loss related to the VIE. (4) Excludes $280 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees.
A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the notes payable and credit facilities and potentially causing acceleration of amounts due under these notes payable and credit facilities. As of August 31, 2024, and 2023, we were in compliance with our debt covenants.
A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the notes payable and credit facilities and potentially causing acceleration of amounts due under these notes payable and credit facilities. As of August 31, 2025, and 2024, we were in compliance with our debt covenants.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our Annual Report on Form 10-K for the fiscal year ended August 31, 2023 for the non-GAAP financial measures discussion for the fiscal year ended August 31, 2023 compared to the fiscal year ended August 31, 2022. Reconciliation of U.S.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024 for the non-GAAP financial measures discussion for the fiscal year ended August 31, 2024 compared to the fiscal year ended August 31, 2023. Reconciliation of U.S.
During the three months ended August 31, 2024, the decrease in days in inventory from the prior sequential quarter and the three months ended August 31, 2023, was primarily driven by higher consumption of inventory to support sales during the quarter and improved working capital management.
During the three months ended August 31, 2025, the decrease in days in inventory from the prior sequential quarter and the three months ended August 31, 2024, was primarily driven by higher consumption of inventory to support sales during the quarter and improved working capital management.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our Annual Report on Form 10-K for the fiscal year en ded August 31, 2023, for the results of operations discussion for the fiscal year ended August 31, 2023, compared to the fiscal year ended August 31, 2022 .
"Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our Annual Report on Form 10-K for the fiscal year en ded August 31, 2024, for the results of operations discussion for the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023 .
GAAP Financial Results to Non-GAAP Measures Fiscal Year Ended August 31, (in millions, except for per share data) 2024 2023 2022 Operating income (U.S.
GAAP Financial Results to Non-GAAP Measures Fiscal Year Ended August 31, (in millions, except for per share data) 2025 2024 2023 Operating income (U.S.
The following Board approved share repurchase programs were executed through a combination of open market transactions and accelerated share repurchase (“ASR”) agreements (in millions): Board Approval Date Amount Authorized Shares Repurchased Total Cash Utilized Remaining Authorization Authorization Completion Date 2022 Share Repurchase Program Q4 FY 2021 $ 1,000 16.5 $ 1,000 $ — Q2 FY 2023 2023 Share Repurchase Program Q1 FY 2023 $ 1,000 2.7 $ 224 (1) Q4 FY 2023 Amended 2023 Share Repurchase Program Q1 FY 2024 $ 2,500 20.4 $ 2,500 $ — Q1 FY 2025 2025 Share Repurchase Program (2) Q1 FY 2025 $ 1,000 0.7 $ 84 $ 916 (1) In September 2023, the Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of our common stock.
The following Board approved share repurchase programs were executed through a combination of open market transactions and accelerated share repurchase (“ASR”) agreements (in millions): Board Approval Date Amount Authorized Shares Repurchased Total Cash Utilized Remaining Authorization Authorization Completion Date 2022 Share Repurchase Program Q4 FY 2021 $ 1,000 16.5 $ 1,000 $ — Q2 FY 2023 2023 Share Repurchase Program Q1 FY 2023 $ 1,000 2.7 $ 224 (1) Q4 FY 2023 Amended 2023 Share Repurchase Program Q1 FY 2024 $ 2,500 20.4 $ 2,500 $ — Q1 FY 2025 2025 Share Repurchase Program Q1 FY 2025 $ 1,000 6.6 $ 1,000 $ — Q4 FY 2025 2026 Share Repurchase Program (2) Q4 FY 2025 $ 1,000 0.6 $ 135 $ 865 (1) In September 2023, the Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of our common stock.
If our assumptions and consequently our estimates change in the future, the valuation allowances and/or tax reserves established may be increased or decreased, resulting in a respective increase or decrease in income tax expense. For further discussion related to our income taxes, refer to Note 16 – “Income Taxes” to the Consolidated Financial Statements.
If our 32 Table of Contents assumptions and consequently our estimates change in the future, the valuation allowances and/or tax reserves established may be increased or decreased, resulting in a respective increase or decrease in income tax expense. For further discussion related to our income taxes, refer to Note 16 – “Income Taxes” to the Consolidated Financial Statements.
(2) Excludes $25 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable. (3) Includes $124 million of payments related to a lease with a variable interest entity (“VIE”), for which the Company is not the primary beneficiary.
(2) Excludes $176 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable. (3) Includes $144 million of payments related to a lease with a variable interest entity (“VIE”), for which the Company is not the primary beneficiary.
(6) Includes the estimated company contributions to funded pension plans during fiscal year 2025 and the expected benefit payments for unfunded pension and postretirement plans from fiscal years 2025 through 2034. These future payments are not recorded on the Consolidated Balance Sheets but will be recorded as incurred.
(6) Includes the estimated company contributions to funded pension plans during fiscal year 2026 and the expected benefit payments for unfunded pension and postretirement plans from fiscal years 2026 through 2035. These future payments are not recorded on the Consolidated Balance Sheets but will be recorded as incurred.
Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of August 31, 2024. The global asset-backed securitization program expires on November 25, 2024.
Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of August 31, 2025.
The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the DMS segment. The majority of the goodwill is currently not expected to be deductible for income tax 40 Table of Contents purposes.
The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the Regulated Industries segment. The majority of the goodwill is currently not expected to be deductible for income tax purposes.
This action includes headcount reductions across our SG&A and manufacturing cost base and capacity realignment (the “2025 Restructuring Plan”). The 2025 Restructuring Plan reflects our intention only and restructuring decisions, including the timing of such decisions, at certain locations remain subject to consultation with the Company’s employees and their representatives.
This action includes headcount reductions across our Selling, General and Administrative (“SG&A”) and manufacturing cost base and capacity realignment (the “2025 Restructuring Plan”). The 2025 Restructuring Plan reflects our intention only and restructuring decisions, including the timing of such decisions, at certain locations remain subject to consultation with our employees and their representatives.
GAAP) $ 1,716 $ 1,734 $ 1,651 Acquisition of property, plant and equipment (“PP&E”) (1) (784) (1,030) (1,385) Proceeds and advances from sale of PP&E (1) 123 322 544 Adjusted free cash flow (Non-GAAP) $ 1,055 $ 1,026 $ 810 (1) Certain customers co-invest in PP&E with us.
GAAP) $ 1,640 $ 1,716 $ 1,734 Acquisition of property, plant and equipment (“PP&E”) (1) (468) (784) (1,030) Proceeds and advances from sale of PP&E (1) 146 123 322 Adjusted free cash flow (Non-GAAP) $ 1,318 $ 1,055 $ 1,026 (1) Certain customers co-invest in PP&E with us.
Research and Development Fiscal Year Ended August 31, (dollars in millions) 2024 2023 2022 Research and development $ 39 $ 34 $ 33 Percent of net revenue 0.1 % 0.1 % 0.1 % 35 Table of Contents 2024 vs. 2023 Research and development expenses remained consistent as a percent of net revenue during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023.
Research and Development Fiscal Year Ended August 31, (dollars in millions) 2025 2024 2023 Research and development $ 26 $ 39 $ 34 Percent of net revenue 0.1 % 0.1 % 0.1 % 2025 vs. 2024 Research and development expenses remained consistent as a percent of net revenue during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024.
Assets acquired of $87 million, including $40 million in intangible assets and $38 million in goodwill, and liabilities assumed of $26 million were recorded at their estimated fair values as of the acquisition date. The preliminary estimates and measurements are subject to change during the measurement period for assets acquired, liabilities assumed and tax adjustments.
Assets acquired of $357 million, including $149 million in intangible assets and $142 million in goodwill, and liabilities assumed of $48 million were recorded at their estimated fair values as of the acquisition date. The preliminary estimates and measurements are subject to change during the measurement period for assets acquired, liabilities assumed, and tax adjustments.
Selling, General and Administrative Fiscal Year Ended August 31, Change (in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Selling, general and administrative $ 1,160 $ 1,206 $ 1,154 $ (46) $ 52 2024 vs. 2023 Selling, general and administrative expenses decreased during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023.
Selling, General and Administrative Fiscal Year Ended August 31, Change (in millions) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Selling, general and administrative $ 1,122 $ 1,160 $ 1,206 $ (38) $ (46) 2025 vs. 2024 Selling, general and administrative expenses decreased during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024.
We continue to assess our capital structure and evaluate the merits of redeploying available cash. 41 Table of Contents Cash and Cash Equivalents As of August 31, 2024, we had approximately $2.2 billion in cash and cash equivalents, of which a significant portion was held by our foreign subsidiaries.
We continue to assess our capital structure and evaluate the merits of redeploying available cash. Cash and Cash Equivalents As of August 31, 2025, we had approximately $1.9 billion in cash and cash equivalents, of which a significant portion was held by our foreign subsidiaries.
Summary of Results The following table sets forth, for the periods indicated, certain key operating results and other financial information (in millions, except per share data): Fiscal Year Ended August 31, 2024 2023 2022 Net revenue $ 28,883 $ 34,702 $ 33,478 Gross profit $ 2,676 $ 2,867 $ 2,632 Operating income $ 2,013 $ 1,537 $ 1,393 Net income attributable to Jabil Inc. $ 1,388 $ 818 $ 996 Earnings per share – basic $ 11.34 $ 6.15 $ 7.06 Earnings per share – diluted $ 11.17 $ 6.02 $ 6.90 Key Performance Indicators Management regularly reviews financial and non-financial performance indicators to assess the Company’s operating results.
Summary of Results The following table sets forth, for the periods indicated, certain key operating results and other financial information (in millions, except per share data): Fiscal Year Ended August 31, 2025 2024 2023 Net revenue $ 29,802 $ 28,883 $ 34,702 Gross profit $ 2,646 $ 2,676 $ 2,867 Operating income $ 1,182 $ 2,013 $ 1,537 Net income attributable to Jabil Inc. $ 657 $ 1,388 $ 818 Earnings per share – basic $ 6.00 $ 11.34 $ 6.15 Earnings per share – diluted $ 5.92 $ 11.17 $ 6.02 Key Performance Indicators Management regularly reviews financial and non-financial performance indicators to assess the Company’s operating results.
Acquisition and Divestiture Related Charges Fiscal Year Ended August 31, Change (in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Acquisition and divestiture related charges $ 70 $ — $ — $ 70 $ — Acquisition and divestiture related charges recorded during the fiscal year ended August 31, 2024, primarily related to transaction and disposal costs incurred in connection with the divestiture of the Mobility Business.
Acquisition and Divestiture Related Charges Fiscal Year Ended August 31, Change (in millions) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Acquisition and divestiture related charges $ 20 $ 70 $ — $ (50) $ 70 2025 vs. 2024 Acquisition and divestiture related charges decreased during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024, primarily due to transaction and disposal costs incurred in connection with the divestiture of the Mobility Business during the fiscal year ended August 31, 2024.
(2) As of August 31, 2024, we had $4.0 billion in available unused borrowing capacity under our revolving credit facilities. The Credit Facility acts as the back-up facility for commercial paper outstanding, if any. We have a borrowing capacity of up to $3.2 billion under our commercial paper program.
(2) As of August 31, 2025, we had $4.0 billion in available unused borrowing capacity under our existing revolving credit facilities, of which $3.2 billion was available under the Revolving Credit Facility. The Revolving Credit Facility acts as the back-up facility for commercial paper outstanding, if any.
(2) As of October 21, 2024, 0.7 million shares had been repurchased for $84 million and $916 million remains available under the 2025 Share Repurchase Program. Under ASR agreements, we make payments to the participating financial institutions and receive an initial delivery of shares of common stock.
(2) As of October 10, 2025, 0.6 million shares had been repurchased for $135 million and $865 million remains available under the 2026 Share Repurchase Program. Under ASR agreements, we make payments to the participating financial institutions and receive an initial delivery of shares of common stock.
(“ProcureAbility”) for approximately $60 million in cash. ProcureAbility is a procurement services provider specializing in technology-enabled advisory, managed services, digital, staffing, and recruiting solutions. The acquisition of ProcureAbility was accounted for as a business combination using the acquisition method of accounting.
Fiscal Year 2024 On November 1, 2023, we completed the acquisition of ProcureAbility Inc. (“ProcureAbility”) for approximately $60 million in cash. ProcureAbility is a procurement services provider specializing in technology-enabled advisory, managed services, digital, staffing, and recruiting solutions. The acquisition of ProcureAbility was accounted for as a business combination using the acquisition method of accounting.
GAAP) $ 11.17 $ 6.02 $ 6.90 Diluted core earnings per share (Non-GAAP) $ 8.49 $ 8.63 $ 7.65 Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP) 124.3 135.9 144.4 (1) Charges recorded during the fiscal year ended August 31, 2024, related to the 2024 Restructuring Plan.
GAAP) $ 5.92 $ 11.17 $ 6.02 Diluted core earnings per share (Non-GAAP) $ 9.75 $ 8.49 $ 8.63 Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP) 110.9 124.3 135.9 (1) Charges recorded during the fiscal year ended August 31, 2025 and 2024, primarily related to the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively.
(3) Inventory turns (annualized) are calculated as 360 days divided by days in inventory. 32 Table of Contents (4) Days in accounts receivable is calculated as accounts receivable, net, divided by net revenue multiplied by 90 days.
(2) Inventory turns (annualized) are calculated as 360 days divided by days in inventory. (3) Days in accounts receivable is calculated as accounts receivable, net, divided by net revenue multiplied by 90 days.
GAAP) $ 2,013 $ 1,537 $ 1,393 Amortization of intangibles 40 33 34 Stock-based compensation expense and related charges 89 95 81 Restructuring, severance and related charges (1) 296 57 18 Net periodic benefit cost (2) 6 11 17 Business interruption and impairment charges, net (3) 16 — — Gain from the divestiture of businesses (4) (942) — — Acquisition and divestiture related charges (4) 70 — — Adjustments to operating income (425) 196 150 Core operating income (Non-GAAP) $ 1,588 $ 1,733 $ 1,543 Net income attributable to Jabil Inc.
GAAP) $ 1,182 $ 2,013 $ 1,537 Amortization of intangibles 62 40 33 Stock-based compensation expense and related charges 107 89 95 Restructuring, severance and related charges (1) 181 296 57 Net periodic benefit cost (2) 7 6 11 Business interruption and impairment charges, net (3) 8 16 — Loss (gain) from the divestiture of businesses (4) 53 (942) — Acquisition and divestiture related charges 20 70 — Adjustments to operating income 438 (425) 196 Core operating income (Non-GAAP) $ 1,620 $ 1,588 $ 1,733 Net income attributable to Jabil Inc.
This information will be subject to the finalization of timetables for the transition of functions, consultation with employees and their representatives as well as the statutory severance requirements of the jurisdictions impacted, and the amount and timing of the actual charges may vary due to a variety of factors.
The amount and timing of the actual charges may vary due to a variety of factors, including the finalization of timetables for the transition of functions, consultation with employees and their representatives, as well as the impact of jurisdictional statutory severance requirements.
Under the programs we may elect to sell receivables, and the unaffiliated financial institutions may elect to purchase, at a discount, on an ongoing basis (in millions): Program Maximum Amount (1) Type of Facility Expiration Date A $ 350 Uncommitted (2) B $ 120 Uncommitted (2) C 1,900 CNY Uncommitted (2) D $ 150 Uncommitted May 4, 2028 (2) E $ 170 Uncommitted (3) F $ 50 Uncommitted (3) G $ 100 Uncommitted (2) H $ 800 Uncommitted (2) I $ 250 Uncommitted (2) J 8,100 INR Uncommitted (2) K $ 100 Uncommitted (2) L $ 75 Uncommitted January 23, 2025 (2) (1) Maximum amount of trade accounts receivable that may be sold under a facility at any one time.
Under the programs we may elect to sell receivables, and the unaffiliated financial institutions may elect to purchase, at a discount, on an ongoing basis (in millions): Program Maximum Amount (1)(2) A $ 350 B $ 100 C 1,900 CNY D $ 230 E $ 170 F $ 75 G $ 100 H $ 2,000 I $ 250 J $ 250 (1) Maximum amount of trade accounts receivable that may be sold under a facility at any one time.
Dividends and Share Repurchases Following is a summary of the dividends and share repurchases for the fiscal years indicated below (in millions): Dividends Paid (1) Share Repurchases (2) Total Fiscal years 2016 – 2021 $ 333 $ 1,896 $ 2,229 Fiscal year 2022 $ 48 $ 696 $ 744 Fiscal year 2023 $ 45 $ 487 $ 532 Fiscal year 2024 $ 42 $ 2,500 $ 2,542 Total $ 468 $ 5,579 $ 6,047 44 Table of Contents (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.
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.
We are not able to reasonably estimate the timing of payments, or the amount by which our liability for these uncertain tax positions will increase or decrease over time, and accordingly, this liability has been excluded from the above table.
We are not able to reasonably estimate the timing of payments, or the amount by which these liabilities will increase or decrease over time, and accordingly, they have been excluded from the above table.
Fiscal Year Ended August 31, Change (dollars in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Net revenue $ 28,883 $ 34,702 $ 33,478 (16.8) % 3.7 % 2024 vs. 2023 Net revenue decreased during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023.
Fiscal Year Ended August 31, Change (dollars in millions) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net revenue $ 29,802 $ 28,883 $ 34,702 3.2 % (16.8) % 2025 vs. 2024 Net revenue increased during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024.
(U.S. GAAP) $ 1,388 $ 818 $ 996 Adjustments to operating income (425) 196 150 Loss on debt extinguishment — — 4 Net periodic benefit cost (2) (6) (11) (17) Adjustment for taxes (5) 99 169 (28) Core earnings (Non-GAAP) $ 1,056 $ 1,172 $ 1,105 Diluted earnings per share (U.S.
(U.S. GAAP) $ 657 $ 1,388 $ 818 Adjustments to operating income 438 (425) 196 Loss on securities (5) 46 — — Net periodic benefit cost (2) (7) (6) (11) Adjustment for taxes (6) (52) 99 169 Core earnings (Non-GAAP) $ 1,082 $ 1,056 $ 1,172 Diluted earnings per share (U.S.
The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of purchases and cash payments. The increase in prepaid expenses and other current assets is primarily due to the timing of payments. The increase in accounts receivable is primarily driven by the timing of collections.
Net cash provided by operating activities was partially offset by an increase in accounts receivable, an increase in inventories, and an increase in prepaid expenses and other current assets. The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of purchases and cash payments.
As of August 31, 2024, we had up to $1.7 billion in available liquidity under our trade accounts receivable sale programs. 43 Table of Contents Cash Flows The following table sets forth selected consolidated cash flow information (in millions): Fiscal Year Ended August 31, 2024 2023 2022 Net cash provided by operating activities $ 1,716 $ 1,734 $ 1,651 Net cash provided by (used in) investing activities 1,351 (723) (858) Net cash used in financing activities (2,668) (680) (888) Effect of exchange rate changes on cash and cash equivalents (2) (5) 6 Net increase (decrease) in cash and cash equivalents $ 397 $ 326 $ (89) Operating Activities Net cash provided by operating activities during the fiscal year ended August 31, 2024, was primarily due to non-cash expenses and net income, a decrease in inventories and an increase in accounts payable, accrued expenses, and other liabilities.
Cash Flows The following table sets forth selected consolidated cash flow information (in millions): Fiscal Year Ended August 31, 2025 2024 2023 Net cash provided by operating activities $ 1,640 $ 1,716 $ 1,734 Net cash (used in) provided by investing activities (714) 1,351 (723) Net cash used in financing activities (1,204) (2,668) (680) Effect of exchange rate changes on cash and cash equivalents 10 (2) (5) Net (decrease) increase in cash and cash equivalents $ (268) $ 397 $ 326 Operating Activities Net cash provided by operating activities during the fiscal year ended August 31, 2025, was primarily due to non-cash expenses and net income and an increase in accounts payable, accrued expenses and other liabilities.
We derive substantially all of our revenue from production and product management services (collectively referred to as “manufacturing services”), which encompass the act of producing tangible components that are built to customer specifications and are then provided to the customer.
We derive substantially all of our revenue from production and product management services (collectively referred to as “manufacturing services”), which encompass the act of producing tangible components that are built to customer specifications and are then provided to the customer. At August 31, 2025, we have three reporting segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce.
Income Tax Expense Fiscal Year Ended August 31, Change 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Effective income tax rate 20.7 % 35.2 % 19.1 % (14.5) % 16.1 % 2024 vs. 2023 The effective income tax rate decreased for the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023, primarily due to: (i) the gain from the divestiture of the Mobility Business and corresponding $58 million of income tax expense for the fiscal year ended August 31, 2024, and (ii) an income tax expense of $146 million related to a change in the indefinite reinvestment assertion associated with the divestiture of the Mobility Business for the fiscal year ended August 31, 2023.
Income Tax Expense Fiscal Year Ended August 31, Change 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Effective income tax rate 26.4 % 20.7 % 35.2 % 5.7 % (14.5) % 2025 vs. 2024 The effective income tax rate differed for the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024, primarily due to: (i) a change in the jurisdictional mix of earnings and (ii) the gain from the divestiture of the Mobility Business and corresponding $58 million of income tax expense during the fiscal year ended August 31, 2024.
We monitor the current economic environment and its potential impact on both the customers we serve as well as our end markets and closely manage our costs and capital resources so that we can try to respond appropriately as circumstances change. 31 Table of Contents We have consistently utilized advanced circuit design, production design and manufacturing technologies to meet the needs of our customers.
We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.
Unused letters of credit were $60 million as of August 31, 2024. Letters of credit and surety bonds are generally available for draw down in the event we do not perform.
In the ordinary course of business, we have letters of credit and surety bonds with banks and insurance companies outstanding of $92 million as of August 31, 2025. Unused letters of credit were $67 million as of August 31, 2025. Letters of credit and surety bonds are generally available for draw down in the event we do not perform.
Net cash used in financing activities was partially offset by (i) borrowings under debt agreements and (ii) net proceeds from the exercise of stock options and issuance of common stock under the employee stock purchase plan.
Net cash used in financing activities was partially offset by: (i) borrowings under debt agreements and (ii) net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan. Capital Expenditures For Fiscal Year 2026, we anticipate our net capital expenditures to be in the range of 1.5% to 2.0% of net revenue.
We have identified the following critical accounting policies that affect the more significant judgments and estimates used in the preparation of our Consolidated Financial Statements. For further discussion of our significant accounting policies, refer to Note 1 – “Des cription of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements.
For further discussion of our significant accounting policies, refer to Note 1 – “Des cription of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements.
The results of operations were included in our condensed consolidated financial results beginning on November 1, 2023. Pro forma information has not been provided as the acquisition of ProcureAbility is not deemed to be significant. On October 1, 2024, we completed the acquisition of Mikros Technologies LLC for consideration transferred of $62 million.
The majority of the goodwill is currently expected to be deductible for income tax purposes. The results of operations were included in our consolidated financial results beginning on October 1, 2024. Pro forma information has not been provided as the acquisition of Mikros Technologies is not deemed to be significant.
We incurred transaction and disposal costs in connection with the sale of approximately $67 million during the fiscal year ended August 31, 2024, which are included in continuing operations in our Consolidated Statements of Operations.
In addition, we agreed to indemnify BYDE from certain liabilities that may arise post-close that relate to periods prior to the Closing Date. We incurred transaction and disposal costs in connection with the sale of approximately $67 million during the fiscal year ended August 31, 2024, which are included in continuing operations in our Consolidated Statements of Operations.
Amortization of Intangibles Fiscal Year Ended August 31, Change (in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Amortization of intangibles $ 40 $ 33 $ 34 $ 7 $ (1) 2024 vs. 2023 Amortization of intangibles increased during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023, primarily due to amortization related to the Green Point trade name, which was reclassified to a definite-lived intangible asset during fiscal year 2024.
Amortization of Intangibles Fiscal Year Ended August 31, Change (in millions) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Amortization of intangibles $ 62 $ 40 $ 33 $ 22 $ 7 34 Table of Contents 2025 vs. 2024 Amortization of intangibles increased during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024, primarily due to (i) additional amortization associated with intangible assets related to the acquisitions of Mikros Technologies LLC and Pharmaceutics International, Inc. that occurred during the fiscal year ended August 31, 2025 and (ii) amortization related to the Green Point trade name, which was reclassified to a definite-lived intangible asset during the fiscal year ended August 31, 2024.
There is no impact to core earnings or diluted core earnings per share for this adjustment. 39 Table of Contents (3) Charges recorded during the fiscal year ended August 31, 2024, related to costs associated with product quality liabilities, which is classified as a component of cost of revenue and selling, general and administrative expenses in the Consolidated Statements of Operations.
Charges recorded during the fiscal year ended August 31, 2024, related to costs associated with product quality liabilities. Charges recorded during the fiscal years ended August 31, 2025, and 2024, are classified as a component of cost of revenue and selling, general and administrative expenses in the Consolidated Statements of Operations.
The DMS segment net revenue decreased 16% due to: (i) a 13% decrease primarily driven by the divestiture of the Mobility Business, (ii) a 3% decrease in revenues from existing customers within our connected devices business, and (iii) a 1% decrease in revenues from existing customers within our healthcare and packaging business.
The Regulated Industries segment net revenue decreased 3% primarily due to: (i) a 2% decrease in revenues from existing customers within our automotive and transportation business, and (ii) a 1% decrease in revenues from existing customers within our healthcare and packaging business.
Refer to Note 8 – “Asset-Backed Securitization Programs” to the Consolidated Financial Statements for further details on the programs. Trade Accounts Receivable Sale Programs Following is a summary of the trade accounts receivable sale programs with unaffiliated financial institutions.
As of August 31, 2025, we were in compliance with all covenants under our global asset-backed securitization program. Refer to Note 8 – “Asset-Backed Securitization Program” to the Consolidated Financial Statements for further details on the program. Trade Accounts Receivable Sale Programs Following is a summary of the uncommitted trade accounts receivable sale programs with unaffiliated financial institutions.
We economically hedge certain of these local currency costs, based on our evaluation of the potential exposure as compared to the cost of the hedge, through the purchase of foreign currency exchange contracts. Changes in the fair market value of such hedging instruments are reflected within the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income.
We economically hedge certain of these local currency costs, based on our evaluation of the potential exposure as compared to the cost of the hedge, through the purchase of foreign currency exchange contracts.
Other Expense Fiscal Year Ended August 31, Change (in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Other expense $ 89 $ 69 $ 12 $ 20 $ 57 2024 vs. 2023 Other expense increased during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023, due to an increase in fees primarily due to higher interest rates on our trade accounts receivable sales programs and global asset-backed securitization program, as well as higher utilization of our global asset-backed securitization program. 37 Table of Contents Interest Expense, net Fiscal Year Ended August 31, Change (in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Interest expense, net $ 173 $ 206 $ 146 $ (33) $ 60 2024 vs. 2023 Interest expense, net decreased during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023, due to lower borrowings primarily on our credit facilities and commercial paper program.
Other Expense Fiscal Year Ended August 31, Change (in millions) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Other expense $ 97 $ 89 $ 69 $ 8 $ 20 2025 vs. 2024 Other expense increased during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024, primarily due to an increase in fees related to higher utilization on our trade accounts receivable sales programs and global asset-backed securitization program.
Our estimates for the charges discussed above exclude any potential income tax effects. 36 Table of Contents See Note 15 – “Restructuring, Severance and Related Charges” to the Consolidated Financial Statements for further discussion of restructuring, severance and related charges.
See Note 15 – “Restructuring, Severance and Related Charges” to the Consolidated Financial Statements for further discussion of restructuring, severance and related charges.
Investing Activities Net cash provided by investing activities during the fiscal year ended August 31, 2024, consisted primarily of proceeds from the divestiture of our Mobility Business and proceeds and advances from the sale of property, plant and equipment, partially offset by capital expenditures, principally to support ongoing business in the DMS and EMS segments and the acquisition of ProcureAbility and certain other third-party assets.
Investing Activities Net cash used in investing activities during the fiscal year ended August 31, 2025, consisted primarily of the acquisition of Pharmaceutics International, Inc., Mikros Technologies, LLC and certain other third-party assets, capital expenditures principally to support ongoing business in the Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce segments and the disposition of the Italy operations, partially offset by proceeds and advances from the sale of property, plant and equipment and a working capital adjustment related to the divestiture of the Mobility Business.
Assets and liabilities classified as held for sale had a carrying value less than the estimated fair value less cost to sell and, thus, no adjustment to the carrying value of the disposal group was necessary. Depreciation and amortization expense for long-lived assets was not recorded for the period in which these assets were classified as held for sale.
As of August 31, 2023, we determined the Mobility Business met the criteria to be classified as held for sale. Assets and liabilities classified as held for sale had a carrying value less than the estimated fair value less cost to sell and, thus, no adjustment to the carrying value of the disposal group was necessary.
Three Months Ended (in millions, except for per share data) August 31, 2024 August 31, 2023 Net revenue $ 6,964 $ 8,458 Gross profit $ 663 $ 766 Operating income $ 318 $ 441 Net income attributable to Jabil Inc. $ 138 $ 155 Earnings per share – basic $ 1.20 $ 1.18 Earnings per share – diluted $ 1.18 $ 1.15 Acquisitions and Divestitures Acquisitions On November 1, 2023, we completed the acquisition of ProcureAbility Inc.
Three Months Ended (in millions, except for per share data) August 31, 2025 August 31, 2024 Net revenue $ 8,252 $ 6,964 Gross profit $ 783 $ 663 Operating income $ 337 $ 318 Net income attributable to Jabil Inc. $ 218 $ 138 Earnings per share – basic $ 2.03 $ 1.20 Earnings per share – diluted $ 1.99 $ 1.18 39 Table of Contents Acquisitions and Divestitures Acquisitions Fiscal Year 2026 On September 1, 2025, we completed the acquisition of Rebound Technologies Group Holdings Limited (“Rebound Technologies”) for cash consideration transferred of $134 million.
The following table sets forth, for the quarterly periods indicated, certain of management’s key financial performance indicators: Three Months Ended August 31, 2024 May 31, 2024 August 31, 2023 (1) Sales cycle (2) 34 days 47 days 43 days Inventory turns (annualized) (3) 5 turns 4 turns 5 turns Days in accounts receivable (4) 46 days 45 days 40 days Days in inventory (5) 76 days 81 days 80 days Days in accounts payable (6) 88 days 79 days 77 days (1) The calculation of these key performance indicators includes assets and liabilities held for sale for the three months ended August 31, 2023.
The following table sets forth, for the quarterly periods indicated, certain of management’s key financial performance indicators: Three Months Ended August 31, 2025 May 31, 2025 August 31, 2024 Sales cycle (1) 18 days 24 days 34 days Inventory turns (annualized) (2) 5 turns 5 turns 5 turns Days in accounts receivable (3) 44 days 46 days 46 days Days in inventory (4) 69 days 74 days 76 days Days in accounts payable (5) 96 days 96 days 88 days (1) The sales cycle is calculated as the sum of days in accounts receivable and days in inventory, less the days in accounts payable; accordingly, the variance in the sales cycle quarter over quarter is a direct result of changes in these indicators.
Based on the analysis done to date, we currently expect to recognize approximately $150 million to $200 million in pre-tax restructuring and other related costs over the course of our 2025 fiscal year.
We expect to recognize approximately $200 million in pre-tax restructuring and other related costs related to the 2025 Restructuring Plan.
(6) Days in accounts payable is calculated as accounts payable divided by cost of revenue multiplied by 90 days. During the three months ended August 31, 2024, the increase in days in accounts payable from the prior sequential quarter and the three months ended August 31, 2023, was primarily due to timing of purchases and cash payments during the quarter.
During the three months ended August 31, 2025, the decrease in days in accounts receivable from the prior sequential quarter and the three months ended August 31, 2024, was primarily driven by an increase in net revenue and the timing of payments.
(4) We completed the divestiture of our Mobility Business and recorded a pre-tax gain of $942 million, subject to certain post-closing adjustments that are still being finalized. We incurred $70 million of acquisition and divestiture related charges during the fiscal year ended August 31, 2024, primarily related to the divestiture of our Mobility Business.
(4) Charges recorded during the fiscal year ended August 31, 2025, relate primarily to a pre-tax loss of $97 million recognized for the divestiture of our operations in Italy. We completed the divestiture of the Mobility Business and recorded a pre-tax gain of $942 million during the fiscal year ended August 31, 2024.
In addition, we agreed to indemnify BYDE from certain liabilities that may arise post-close that relate to periods prior to the Closing Date.
(7) As of August 31, 2025, we have $109 million recorded as a long-term liability for uncertain tax positions. In addition, we agreed to indemnify BYDE from certain liabilities that may arise post-close that relate to periods prior to the Closing Date.
In addition, a foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis. We continue servicing the receivables sold and in exchange receive an immaterial servicing fee under the global asset-backed securitization program.
In addition, a foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis. As these accounts receivable are sold without recourse, we do not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions.
The following table sets forth, for the periods indicated, revenue by segment expressed as a percentage of net revenue: Fiscal Year Ended August 31, 2024 2023 2022 EMS 48 % 48 % 50 % DMS 52 % 52 % 50 % Total 100 % 100 % 100 % The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue: Fiscal Year Ended August 31, 2024 (1) 2023 2022 Foreign source revenue 82.5 % 85.8 % 83.9 % (1) Decrease from prior periods is driven by the divestiture of the Mobility Business during the fiscal year ended August 31, 2024.
The following table sets forth, for the periods indicated, revenue by segment expressed as a percentage of net revenue: Fiscal Year Ended August 31, 2025 2024 2023 Regulated Industries 40 % 42 % 38 % Intelligent Infrastructure 41 % 32 % 32 % Connected Living and Digital Commerce 19 % 26 % 30 % Total 100 % 100 % 100 % 33 Table of Contents The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue: Fiscal Year Ended August 31, 2025 (1) 2024 2023 Foreign source revenue 75.0 % 82.5 % 85.8 % (1) Decrease from prior periods was primarily driven by domestic revenue growth within our Intelligent Infrastructure segment during the fiscal year ended August 31, 2025 and the divestiture of the Mobility Business during the fiscal year ended August 31, 2024.
The amount of actual capital expenditures may be affected by general economic, financial, competitive, legislative, and regulatory factors, among other things.
In general, our capital expenditures support ongoing maintenance in our Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce segments and investments in capabilities and targeted end markets. The amount of actual capital expenditures may be affected by general economic, financial, competitive, legislative, and regulatory factors, among other things.
Restructuring, Severance, and Related Charges Fiscal Year Ended August 31, Change (in millions) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Restructuring, severance and related charges $ 296 $ 57 $ 18 $ 239 $ 39 2024 vs. 2023 Restructuring, severance and related charges increased during the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023, primarily due to charges related to the 2024 Restructuring Plan. 2024 Restructuring Plan On September 26, 2023, our Board of Directors approved a restructuring plan to (i) realign our cost base for stranded costs associated with the sale and realignment of the Mobility Business and (ii) optimize our global footprint.
Our estimates for the charges discussed above exclude any potential income tax effects. 2024 Restructuring Plan On September 26, 2023, our Board of Directors approved a restructuring plan to (i) realign our cost base for stranded costs associated with the sale and realignment of the Mobility Business and (ii) optimize our global footprint.
The terms of ASR agreements, structured as outlined above, were as follows (in millions, except average price): Agreement Execution Date Agreement Settlement Date Agreement Amount Initial Shares Delivered Additional Shares Delivered Total Shares Delivered Average Price Paid Per Share Q1 FY 2024 Q1 FY 2024 $ 500 3.3 0.6 3.9 $ 128.61 Q4 FY 2024 Q1 FY 2025 $ 555 4.2 1.0 5.2 $ 107.08 In addition, we repurchased shares of our common stock through the open market as follows (in millions): Fiscal Year Ended August 31, 2024 2023 2022 Shares Cost Shares Cost Shares Cost Open market share repurchases 11.3 $ 1,445 6.7 $ 487 11.8 $ 696 Contractual Obligations Our contractual obligations as of August 31, 2024, are summarized below.
The terms of ASR agreements, structured as outlined above, were as follows (in millions, except average price): Agreement Execution Date Agreement Settlement Date Agreement Amount Initial Shares Delivered Additional Shares Delivered Total Shares Delivered Average Price Paid Per Share Q1 FY 2024 Q1 FY 2024 $ 500 3.3 0.6 3.9 $ 128.61 Q4 FY 2024 Q1 FY 2025 (1) $ 555 4.2 1.0 5.2 $ 107.08 Q2 FY 2025 Q3 FY 2025 (2) $ 310 1.8 0.2 2.0 $ 154.44 Q3 FY 2025 Q4 FY 2025 (3) $ 309 1.8 0.0 1.8 $ 171.91 (1) In September 2024, as part of the amended 2023 Share Repurchase Program, an ASR transaction was completed, and 1.0 million additional shares were delivered under the Q4 FY 2024 ASR agreements.
The 2024 Restructuring Plan, totaling approximately $300 million in pre-tax restructuring and other related costs, was substantially complete as of August 31, 2024. 2025 Restructuring Plan On September 24, 2024, our Board of Directors approved a restructuring plan to align our support infrastructure to further optimize organizational effectiveness.
The decrease is partially offset by increased restructuring, severance and related charges, related to the 2025 Restructuring Plan, during the fiscal year ended August 31, 2025. 2025 Restructuring Plan On September 24, 2024, our Board of Directors approved a restructuring plan to align our support infrastructure to further optimize organizational effectiveness.
Gross Profit Fiscal Year Ended August 31, (dollars in millions) 2024 2023 2022 Gross profit $ 2,676 $ 2,867 $ 2,632 Percent of net revenue 9.3 % 8.3 % 7.9 % 2024 vs. 2023 Gross profit as a percentage of net revenue increased for the fiscal year ended August 31, 2024, compared to the fiscal year ended August 31, 2023, primarily due to product mix and depreciation and amortization for long-lived assets related to the Mobility Business divestiture no longer being recorded while these assets were classified as held for sale.
Gross Profit Fiscal Year Ended August 31, (dollars in millions) 2025 2024 2023 Gross profit $ 2,646 $ 2,676 $ 2,867 Percent of net revenue 8.9 % 9.3 % 8.3 % 2025 vs. 2024 Gross profit as a percentage of net revenue decreased for the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024, primarily due to product mix in our Connected Living and Digital Commerce and Intelligent Infrastructure segments.
These decreases were partially offset by a change in the jurisdictional mix of earnings, driven in part by restructuring charges, for the fiscal year ended August 31, 2024. Non-GAAP (Core) Financial Measures The following discussion and analysis of our financial condition and results of operations include certain non-GAAP financial measures as identified in the reconciliation below.
Non-GAAP (Core) Financial Measures The following discussion and analysis of our financial condition and results of operations include certain non-GAAP financial measures as identified in the reconciliation below.
Commercial paper borrowings with an original maturity of 90 days or less are recorded net within the Consolidated Statements of Cash Flows, and have been excluded from the table above. In the ordinary course of business, we have letters of credit and surety bonds with banks and insurance companies outstanding of $58 million as of August 31, 2024.
We have a borrowing capacity of up to $3.2 billion under our commercial paper program. Commercial paper borrowings with an original maturity of 90 days or less are recorded net within the Consolidated Statements of Cash Flows, and have been excluded from the table above.
Mikros Technologies LLC is a leader in the engineering and manufacturing of liquid cooling solutions for thermal management. The final purchase price is subject to adjustment based on conditions within the purchase agreement. Divestitures We announced on September 26, 2023, that, through our indirect subsidiary, Jabil Circuit (Singapore) Pte.
On October 1, 2024, we completed the acquisition of Mikros Technologies LLC (“Mikros Technologies”) for consideration transferred of $63 million. Mikros Technologies is a leader in the engineering and manufacturing of liquid cooling solutions for thermal management. The final purchase price is subject to adjustment based on certain customary conditions as outlined in the purchase agreement.
(5) The majority of the adjustment for taxes for the fiscal year ended August 31, 2024, was driven by income tax expense associated with the divestiture of the Mobility Business.
(6) Tax adjustments for the fiscal year ended August 31, 2025, were partially driven by an income tax benefit associated with a reduction in unrecognized tax benefits from a lapse in statute of limitations. Tax adjustments for the fiscal year ended August 31, 2024, were partially driven by an income tax expense associated with the divestiture of the Mobility Business.
Purchase orders beyond this time frame are typically cancellable. 45 Table of Contents Payments due by period (in millions) Total Less than 1 year 1-3 years 3-5 years After 5 years Notes payable and long-term debt $ 2,880 $ — $ 995 $ 794 $ 1,091 Future interest on notes payable and long-term debt (1) 424 102 187 103 32 Operating lease obligations (2) 425 106 144 89 86 Finance lease obligations (2)(3)(4) 398 129 147 31 91 Non-cancelable purchase order obligations (5) 466 265 151 50 — Pension and postretirement contributions and payments (6) 64 31 6 6 21 Other (7) 17 7 10 — — Total contractual obligations (8) $ 4,674 $ 640 $ 1,640 $ 1,073 $ 1,321 (1) Consists of interest on notes payable and long-term debt outstanding as of August 31, 2024.
Purchase orders beyond this time frame are typically cancellable. 46 Table of Contents Payments due by period (in millions) Total Less than 1 year 1-3 years 3-5 years After 5 years Notes payable and long-term debt $ 2,885 $ 499 $ 996 $ 795 $ 595 Future interest on notes payable and long-term debt (1) 322 99 148 68 7 Operating lease obligations (2) 594 112 165 118 199 Finance lease obligations (2)(3)(4) 422 208 65 30 119 Non-cancelable purchase order obligations (5) 625 313 254 58 — Pension and postretirement contributions and payments (6) 68 32 6 7 23 Total contractual obligations (7) $ 4,916 $ 1,263 $ 1,634 $ 1,076 $ 943 (1) Consists of interest on notes payable and long-term debt outstanding as of August 31, 2025.
Effective February 20, 2024, the terms of the global asset-backed securitization program were amended to increase the maximum amount of net cash proceeds available at any one time from $600 million to $700 million. During the fiscal year ended August 31, 2024, we sold $4.0 billion of trade accounts receivable, and we received cash proceeds of $4.0 billion.
Effective January 23, 2025, the terms of the global asset-backed securitization program were amended to extend the termination date from January 2025 to January 2028. The maximum amount of net cash proceeds available at any one time is $700 million.
See Note 14 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements.
Changes 30 Table of Contents in the fair market value of such hedging instruments are reflected within the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income. See Note 14 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe change in fair value related to contracts not designated as accounting hedging instruments will be reflected in cost of revenue within our Consolidated Statements of Operations. 46 Table of Contents Based on our overall currency rate exposures as of August 31, 2024 and August 31, 2023, respectively, including the derivative financial instruments intended to hedge the nonfunctional currency-denominated monetary assets and liabilities, an immediate 10% hypothetical change of foreign currency exchange rates would not have a material effect on our Consolidated Financial Statements.
Biggest changeBased on our overall currency rate exposures as of August 31, 2025 and August 31, 2024, respectively, including the derivative financial instruments intended to hedge the nonfunctional currency-denominated monetary assets and liabilities, an immediate 10% hypothetical change of foreign currency exchange rates would not have a material effect on our Consolidated Financial Statements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Foreign Currency Exchange Risks We transact business in various foreign countries and are, therefore, subject to risk of foreign currency exchange rate fluctuations.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Foreign Currency Exchange Risks We transact business in various foreign countries and are, therefore, subject to the risk of foreign currency exchange rate fluctuations.
We are exposed to interest rate risk primarily on intra-quarter variable rate borrowings under the Credit Facility and our commercial paper program. There were no borrowings outstanding under debt facilities with variable interest rates as of August 31, 2024 and August 31, 2023, respectively. We utilize valuation models to estimate the effects of sudden interest rate changes.
We are exposed to interest rate risk primarily on intra-quarter variable rate borrowings under the Credit Facility and our commercial paper program. There were no borrowings outstanding under debt facilities with variable interest rates as of August 31, 2025 and August 31, 2024, respectively. We utilize valuation models to estimate the effects of sudden interest rate changes.
See Note 11 — “Derivative Financial Instruments and Hedging Activities” to the Consolidated Financial Statements for additional information. Interest Rate Risk Our exposure to market risk includes changes in interest rates that could affect the Consolidated Balance Sheet, Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows.
See Note 11 – “Derivative Financial Instruments and Hedging Activities” to the Consolidated Financial Statements for additional information. 47 Table of Contents Interest Rate Risk Our exposure to market risk includes changes in interest rates that could affect the Consolidated Balance Sheet, Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows.
All derivative instruments are recorded on our Consolidated Balance Sheets at their respective fair values. Forward foreign exchange contracts will generally expire in less than three months and are primarily denominated in Chinese yuan renminbi, Euro, Malaysian Ringgit, Mexican peso and Swiss franc.
All derivative instruments are recorded on our Consolidated Balance Sheets at their respective fair values. Forward foreign exchange contracts will generally expire in less than three months and are primarily denominated in Chinese yuan renminbi, Euro, Indian Rupee, Malaysian Ringgit, and Mexican peso.
The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances. As of August 31, 2024, there are no outstanding interest rate swaps. See Note 11 — “Derivative Financial Instruments and Hedging Activities” for additional information regarding interest rate risk management.
As of August 31, 2024, there were no outstanding interest rate swaps. See Note 11 – “Derivative Financial Instruments and Hedging Activities” for additional information regarding interest rate risk management.
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The change in fair value related to contracts not designated as accounting hedging instruments will be reflected in cost of revenue within our Consolidated Statements of Operations.
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The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances. As of August 31, 2025, we have forward interest rate swaps with an aggregate notional amount of $100 million, which are scheduled to expire on July 31, 2026.