revenue
7–7.6 $billion
Q2 2024
official guidance
JABIL INC.
Last · —$293.91-23.95 (-7.53%)live · yahoo · 2h ago
Market cap$29.36B—
P/E · TTM31.1fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $33.6B |
|---|---|
| Operating income | $1.4B |
| Net income | $862.0M |
| Free cash flow | $1.3B |
| Operating margin | 4.3% |
| Net margin | 2.6% |
| Return on equity | 65.2% |
| Period | TTM 2026-05-31 |
Loading chart…
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong cash returns and margin resilience are offset by broad demand weakness and limited second-half visibility.
Hold: Jabil delivered Q1 revenue of approximately $8.4 billion, core EPS of $2.60 and a 5.3% core operating margin excluding held-for-sale effects, but management cut FY24 revenue expectations by roughly $2.5 billion amid broad customer inventory digestion. The $2.5 billion FY24 buyback, $9-plus core EPS target and resilient margins support downside protection, yet visibility remains limited and the thesis depends on a recovery after one to two quarters of correction.
Themes
- Broad Demand Slowdown
- Channel Inventory
- Mobility Divestiture
- Accelerated Buyback
- Ai Cloud
- Silicon Photonics
Near term
Q2 FY24 revenue guidance is $7.0-$7.6 billion and core EPS guidance is $1.73-$2.13, with results materially dependent on the timing of the Mobility divestiture close.
Customer channel inventory correction is expected to last roughly one to two quarters, with weakness concentrated in connected devices, 5G, networking, renewables and portions of automotive.
Execution of the remaining $2.0 billion FY24 repurchase authorization could provide meaningful EPS support, while lower working capital is expected to reduce FY24 interest expense to $250-$260 million.
The Mobility transaction is expected to close in Q2 FY24; an earlier December close would reduce Q2 revenue by approximately $400 million and core EPS by approximately $0.30 versus the January 31 modeling assumption.
Longer term
AI cloud data-center volumes are growing roughly 20%, and liquid cooling, photonics and other higher-value services could improve the margin mix over time.
Healthcare, automotive, renewables and cloud remain the intended secular-growth pillars, but automotive demand is lumpy and renewables remain exposed to interest rates, channel inventory and IRA-related uncertainty.
Supply-chain consolidation and regionalized manufacturing could create additional program wins as customers seek fewer, more capable suppliers.
The Intel silicon photonics capability and internally developed 400G/800G/1.6T roadmap may strengthen Jabil's position in AI data-center infrastructure, although the business is not yet material.
Management reaffirmed FY25 core operating margin of at least 5.6% and core EPS above $10.65, assuming modest recovery and new program wins.
Red flags
Management's FY24 outlook was reduced after customer schedules weakened late in the quarter, and an analyst noted Jabil appeared to react later than some competitors; management disputed the visibility concern but did not provide independent evidence.
Connected-devices revenue is expected to decline approximately 25% after a roughly 15% decline in FY23, reflecting both weak consumer demand and Jabil's decision to reject lower-margin programs.
The $9-plus FY24 EPS target relies materially on accelerating the full $2.5 billion buyback and lower interest expense rather than a near-term revenue recovery.
Management characterized channel inventory as temporary, but second-half visibility is limited from customers' perspective and the call offered no quantified recovery schedule beyond one to two quarters.
EV growth expectations have moderated, with new programs pushed out and dealer inventories elevated; renewables face similar timing risk from financing costs and policy uncertainty.
Forward outlook
adjusted eps
1.73–2.13 $per share
Q2 2024
official guidance
revenue
31 $billion
FY 2024
official guidance
operating margin
5.3–5.5 pct
FY 2024
official guidance
adjusted eps
—
FY 2024
official guidance
operating margin
—
FY 2025
management target
adjusted eps
—
FY 2025
management target
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2025-10-17
- Intelligent Infrastructure Growth
- Margin Pressure
- Customer Concentration
- Restructuring
- Debt Maturities
- Global Manufacturing
- Supply Chain Risk
Red flags
- The company depends on a relatively small number of customers for a significant percentage of revenue, and customers can cancel, delay, reduce or relocate production with limited notice.
- Gross profit fell to $2.646 billion from $2.676 billion despite revenue growth, reducing gross margin to 8.9% from 9.3%.
- Total debt was $2.885 billion, including $499 million current, while the company recorded $181 million of restructuring charges and a $97 million pre-tax loss on the Italy divestiture in fiscal 2025.
Earnings transcripts
- Motley Fool
Jabil (JBL) Q4 2026 Earnings Call Transcript
JABIL INC.
- Issuer IR
Q3 2026 earnings call transcript
JABIL INC.
- Issuer IR
Q3 2026 earnings call transcript
JABIL INC.
- Issuer IR
Q2 2026 earnings call transcript
JABIL INC.
- Issuer IR
Q2 2026 earnings call transcript
JABIL INC.
- Issuer webcast
Q3 2022 webcast
JABIL INC.
Documents
FormReporting forFiledFlags