Jabil (JBL)

Electronics manufacturing services (Jabil) — contract manufacturing incl. AI/cloud hardware

AI exposure 44% — derived from reported segment revenue, not asserted.

Where it sits

Connectivity → EMS / ODM · figures rebased to Q4 FY2026, reported 2026-09-30

Jabil manufactures and integrates other companies' hardware, and all three segments are contract manufacturing, so EMS / ODM is the whole company. Intelligent Infrastructure is the largest at 54.7% of Q4 FY2026 revenue (cloud and data-centre infrastructure, networking, capital equipment), then Regulated Industries 32.1% and Connected Living & Digital Commerce 13.2%.

Reported segments

• Intelligent Infrastructure — 54.7% of revenue
• Regulated Industries — 32.1% of revenue
• Connected Living & Digital Commerce — 13.2% of revenue

Jabil (Q4 FY2026, reported 30 Sep 2026: revenue $10.62B, +28.6% YoY; fiscal 2026 $35.95B, +20.6%). Intelligent Infrastructure 54.7% ($5.8B, +56% — cloud and data-centre infrastructure, capital equipment, networking) = primary B3 EMS / ODM; Regulated Industries 32.1% ($3.4B, +9%); Connected Living & Digital Commerce 13.2% ($1.4B, flat), renamed Intelligent Devices & Robotics for fiscal 2027. AI-related revenue was $14.4B in fiscal 2026 (40%) and is guided to $22.1B. Segment revenue is from the call, rounded to $0.1B — the 10-K will give exact figures.

How the 44% is built

• Intelligent Infrastructure — 54.7% of revenue × 80% AI-driven (estimate). AI-related revenue ($14.4B in fiscal 2026) over the segment's implied fiscal-2026 revenue (~$17.9B): AI racks, power, liquid cooling, networking and semiconductor capital equipment
• Regulated Industries — 32.1% of revenue × 0% AI-driven (estimate). Healthcare, automotive, energy infrastructure, defence and aerospace manufacturing
• Connected Living & Digital Commerce — 13.2% of revenue × 5% AI-driven (estimate). Consumer devices and warehouse and retail automation, with a small robotics slice

Investment read

Moat. EMS scale plus engineering and integration services, now AI-led: Intelligent Infrastructure is 54.7% of Q4 FY2026 revenue and AI-related revenue was $14.4B, 40% of fiscal 2026. But 9.4% gross and 6.4% core operating margins say the advantage is scale and execution, not structure.

Bottleneck / pricing power. No structural pricing power — the scarce inputs (GPUs, HBM, high-density interconnect) are priced by others. Margin gains come from mix into power, cooling and photonics: Intelligent Infrastructure's core margin rose 60bps to 6.5%, and fiscal 2027 is guided to a 6.1% company core margin.

Role in the AI stack. The diversified EMS build layer for AI/cloud hardware.

Connected companies

• NVIDIA (NVDA) — JBL supplies: contract manufacturing + supply-chain for AI hardware
• Apple (AAPL) — JBL supplies: Apple ~11% of revenue (FY24 10-K); Apple-casings Mobility unit divested to BYD Dec 2023, remaining Apple work much reduced
• Celestica (CLS) — JBL competes with: AI-server / cloud infrastructure manufacturing — Jabil outsizes CLS but direct cloud rival
• Flex (FLEX) — JBL competes with: Large diversified EMS majors — cloud, healthcare, industrial
• Microsoft (MSFT) — JBL supplies: builds AI data-center infra (servers/networking/photonics) for Microsoft
• Amazon (AMZN) — JBL supplies: data-center infra mfg for AWS
• Fabrinet (FN) — JBL competes with: EMS — Fabrinet vs Jabil
• Meta Platforms (META) — JBL supplies: AI rack/power/cooling manufacturing for hyperscalers (Meta not publicly named)
• Alphabet (GOOGL) — JBL supplies: builds AI infrastructure for GOOGL AI data centers
• Oracle (ORCL) — JBL supplies: builds AI infrastructure for ORCL AI data centers
• CoreWeave (CRWV) — JBL supplies: builds AI infrastructure for CRWV AI data centers
• Motorola Solutions (MSI) — JBL supplies: PCB assembly and electronics manufacturing services for Motorola Solutions.
• NetApp (NTAP) — JBL supplies: Named as a supplier in NTAP's value chain: provides PCB assembly and hardware manufacturing services for NetApp products
• Axon Enterprise (AXON) — JBL supplies: Named as a supplier in AXON's value chain: Manufactures Axon hardware devices under contract

Others in EMS / ODM

• Celestica (CLS)
• Flex (FLEX)
• Fabrinet (FN)

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