Jabil Inc.

Fourth-quarter revenue was approximately $10.6 billion, up 29% year over year and more than $1 billion above the midpoint of June guidance. GAAP operating income was $602 million, or 5.7% of revenue; core operating income was $675 million, or a 6.4% margin. GAAP diluted EPS was $3.76 and core diluted EPS was $4.40, up 34% year over year. For FY 2026, cash from operations was approximately $2 billion, adjusted free cash flow was more than $1.5 billion, and net capital expenditures were $470 million, or 1.3% of revenue. For Q1 FY 2027, management guided revenue of $10.6 billion to $11.4 billion, GAAP EPS of $2.78 to $3.18, core EPS of $3.80 to $4.20, and core operating income of $592 million to $652 million. For FY 2027, Jabil guided revenue of approximately $44.5 billion, core operating margin of 6.1%, core EPS of $17.55, and adjusted free cash flow of approximately $1.6 billion.

Mike Dastoor framed Jabil as an engineering-led, supply chain-enabled manufacturing solutions company that is moving up the value chain into more complex, higher-margin work. He emphasized that fiscal 2027 growth is supported by added capacity, committed customer demand, and diversification across AI infrastructure, automotive, healthcare, energy infrastructure, defense and automation. His tone was confident and upbeat, with a clear focus on converting growth into earnings, free cash flow and shareholder returns.

Greg Hebard highlighted a strong fiscal Q4 beat, with revenue of approximately $10.6 billion, core EPS of $4.40 and core operating margin of 6.4%. He noted improved inventory, with net inventory days down about 4 days sequentially to 64, cash from operations of $733 million in the quarter, and adjusted free cash flow of $541 million in Q4 and more than $1.5 billion for the year. He also pointed to a strong balance sheet with debt to core EBITDA of 1.3x, cash of approximately $1.7 billion, total available liquidity of approximately $6.1 billion, and a plan to return 80% or more of adjusted free cash flow to shareholders over time.

The first analyst asked about execution risk around adding about $8.5 billion of revenue and how much of the expected 6.1% operating margin would come from operating leverage versus factors management can control. Mike Dastoor said he felt very good about the 6.1% margin target and said the company is growing capacity to support the opportunity, implying the growth is backed by committed demand and added manufacturing footprint rather than speculative ramping. The Q&A began to focus on the scale of the ramp and the operational discipline required to deliver it.