JBL

Jabil is one of the larger electronics manufacturing services (EMS) providers, now organized into three segments — Regulated Industries, Intelligent Infrastructure (AI infrastructure, cloud and data center), and Connected Living and Digital Commerce. The top line is stabilizing: FY2025 revenue of $29.8B grew 3.2% off the FY2024 trough of $28.9B, though it remains well below the FY2023 peak of $34.7B, and gross profit was essentially flat at $2.65B (-1.1%). The MD&A frames the business as a turnkey procurement-heavy model that commits 'significant working capital,' with margins that improve in high-utilization periods and compress in low ones — a structurally thin-margin franchise.

The concern is profitability. Net income fell 52.7% to $657M, operating income dropped 41.3% to $1.18B, and diluted EPS fell 47% to $5.92 — all while gross profit barely moved. That divergence means a large jump in below-gross-line costs that the provided data does not itemize, and it makes FY2024's $1.39B net income (the highest in the five-year history despite the second-lowest revenue) look anomalously flattered by prior-year items. Either way, FY2025 profitability stepped down hard, and EMS margins leave little room for error: 8.9% gross, 4.0% operating, 2.2% net.