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- **Record Q1 results**: $8.3B revenue, $2.85 core EPS (both high end of guidance). 
- **AI growth explosion**: FY26 AI revenue $12.1B (+35%), driven by hyperscale wins and liquid cooling. 
- **Margin expansion**: 5.7% FY26 core margin (up 10bps), 6%+ target for FY27. 
- **Strategic moves**: $200M Hanley Energy acquisition, $300M+ CLDC upside from automation. 
- **Cash generation**: $272M Q1 free cash flow, $1.3B+ FY26 guidance.

**【CFO Financial Commentary】**
- Q1 FY26 revenue: $8.3 billion (high end of guidance), core operating income: $454 million (5.5% margin), core EPS: $2.85 (high end of guidance). 
- Q2 FY26 guidance: Revenue $7.5-8.0 billion, core EPS $2.27-2.67. 
- Adjusted free cash flow: $272 million in Q1, on track for $1.3 billion+ FY26. 
- Hanley Energy acquisition ($200M FY26 contribution) expected to close in January.

**【CEO Strategic Update】**
- Full year FY26 guidance raised: Revenue $32.4 billion (+$1.1B), core margin 5.7% (+10bps), core EPS $11.55 (+$0.55). 
- AI-related revenue: $12.1 billion (35% YoY growth vs 25% prior), driven by: 
  - Cloud & DCI: $9.8 billion (+$600M) from hyperscale wins and Mexico factory ramp. 
  - Networking: $2.7 billion (+$300M) from liquid-cooled platforms in India. 
- Regulated Industries: $100M+ upside in renewables, healthcare growth steady. 
- Connected Living: $100M+ upside in automation/robotics, down 11% FY26 due to customer pruning. 
- 80%+ factory utilization, CapEx 1.5-2% of revenue. 

**【Q&A Highlights】**
- **Hyperscale demand**: Second hyperscaler AI storage revenue up $600M, third hyperscaler discussions active. 
- **Margins**: 5.7% FY26 target achievable, 6%+ possible in FY27. 
- **Healthcare**: Croatia GLP-1 facility ramping H2 FY27, M&A pipeline active. 
- **Supply constraints**: No material data center power shortages, liquid cooling retrofitting ahead of schedule. 
- **Free cash flow**: $1.3B+ FY26, cautious CapEx and working capital management.

Jabil Inc. (JBL) Q1 2026 Earnings Call Transcript

- **AI-Driven Growth**: FY 2026 AI revenue to reach $11.2 billion (+25%), fueled by 24/7 U.S. manufacturing and new North Carolina facility. 
- **Health Care Expansion**: Mid-single-digit growth in health care from GLP-1 devices and Pii CDMO wins, offsetting 5% decline in automotive.
- **Margin Expansion**: 20 bps core margin improvement to 5.6% despite 20-25 bps headwind from underutilized capacity.
- **Capital Allocation**: $1.3 billion+ free cash flow, 80% returned to shareholders via buybacks/dividends. $75-100M invested in AI infrastructure.
- **Geopolitical Resilience**: 46% revenue from Americas in FY 2025, balanced regional footprint reduces tariff risk.

**【CEO Summary Section】**
- **FY 2025 Performance**: Revenue reached $30.3 billion, with AI-related revenue growing 25% to $9 billion. Core operating margin expanded to 5.4%, driven by margin improvements in health care and intelligent infrastructure.
- **FY 2026 Outlook**: Revenue expected to grow 5% to $31.3 billion. Core operating margin to expand 20 basis points to 5.6%. AI-related revenue projected to reach $11.2 billion, up 25% year-over-year.
- **Strategic Priorities**: Invest in AI infrastructure, health care, and digital commerce; return 80% of free cash flow to shareholders; maintain investment-grade balance sheet.
- **Long-Term Goals**: Target 6%+ core operating margin and $1.5 billion+ free cash flow by leveraging system-level capabilities, automation, and regional manufacturing.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $8.3 billion (vs. $8.0 billion midpoint guidance), core operating income $519 million (vs. $450-480 million range). Core EPS $3.29, up 18% year-over-year.
- **Cash Flow**: Adjusted free cash flow $1.3 billion for FY 2025. Share buybacks completed $1 billion program, with new $1 billion authorization for FY 2026.
- **Balance Sheet**: Debt-to-core EBITDA 1.3x, cash $1.9 billion. Net CapEx 1.1% of revenue, with $75-100 million allocated to new North Carolina AI facility.

**【Q&A Highlights】**
- **AI Growth**: 25% AI revenue growth in FY 2026, driven by liquid-cooled rack manufacturing and hyperscale customer expansion. New North Carolina facility to add 80 MW capacity by FY 2027.
- **Health Care Expansion**: Health care revenue expected to grow mid-single digits, supported by GLP-1 auto-injectors and Pii CDMO wins. Croatia facility on track for FY 2027 launch.
- **Margin Dynamics**: FY 2026 margin expansion (20 bps) offset by 20-25 bps headwind from underutilized non-U.S. capacity. Long-term margin improvement via automation, mix shift, and capacity utilization.
- **Geopolitical Strategy**: U.S. manufacturing prioritized (30+ sites) with 46% revenue from Americas in FY 2025. India investments focused on domestic demand, with no immediate tariff impact on decision-making.


Jabil Inc. (JBL) Q4 2025 Earnings Call Transcript

- **Record Q3 Growth**: $7.8B revenue (+16% YoY), core EPS $2.55 (+35% YoY), driven by 51% surge in AI-related infrastructure. 
- **$500M U.S. Expansion**: New AI/data center factory to support 2027+ growth, with 1.5%-2% annualized CapEx. 
- **Margin Ambition**: Targeting 6%+ operating margin via utilization, SG&A leverage, and high-margin AI solutions. 
- **Free Cash Flow**: $1.2B+ FY25, with 80%+ allocated to buybacks. 
- **Risk Management**: Prudent EV/renewables outlook offset by health care and digital commerce growth.

**【Management Opening Remarks】**
Adam Berry kicked off the call, highlighting Jabil's strong Q3 performance and emphasizing the company's strategic focus on AI-driven growth and U.S. manufacturing expansion. He noted the importance of the upcoming Virtual Investor Briefing in September for further updates on fiscal 2026 outlook.

**【CFO Financial Commentary】**
- **Q3 Results**: Revenue of $7.8 billion (+16% YoY), core operating income of $420 million, and core EPS of $2.55 (+35% YoY). 
- **Segment Performance**: 
  - *Intelligent Infrastructure*: $3.4 billion (+51% YoY), driven by cloud, data center, and AI-related demand. 
  - *Connected Living & Digital Commerce*: $1.3 billion (-7% YoY) due to consumer product softness, but margin improvement to 5.3%. 
- **Q4 Guidance**: Revenue $7.1-7.8 billion, core EPS $2.64-3.04. Free cash flow expected to exceed $1.2 billion for FY25. 
- **Capital Allocation**: $339 million in share buybacks Q3, with $1 billion authorization on track for Q4 completion.

**【CEO Commentary】**
- **Strategic Investments**: $500 million U.S. manufacturing expansion for AI/data center infrastructure, with first site operational mid-2026. 
- **Margin Outlook**: Targeting 6%+ operating margin through capacity utilization (20bps), SG&A leverage (20bps), and higher-margin business mix (20bps). 
- **Segment Growth**: Health care and digital commerce (warehouse automation, robotics) as key growth drivers. 
- **Risk Management**: Diversified portfolio mitigates EV/renewables headwinds; U.S. manufacturing reduces tariff exposure.

**【Q&A Highlights】**
- **AI Growth**: Q3 AI-related revenue $8.5 billion (+50% YoY), with 2026+ expansion driven by hyperscalers and liquid cooling. 
- **Margin Pressures**: Networking (5G) dilutive, but photonics/transceivers (+200/400G) growing 3x+ in 2025. 
- **Capacity Utilization**: 75% global (vs. 85% target), with U.S. sites underutilized due to AI demand mismatch. 
- **M&A Strategy**: Capability-driven (e.g., photonics, liquid cooling) over buybacks, with 1.4x debt/EBITDA allowing flexibility.

Jabil (JBL)-17 Jun 25-2025 Q3 Earnings call transcript

- **AI-Driven Growth**: AI-related revenue to reach $7.5 billion (+40% YoY), led by data center infrastructure and photonics.
- **U.S. Manufacturing Advantage**: 30 U.S. sites and 80-90% Mexico business compliant with U.S. MCA support tariff mitigation.
- **Healthcare Expansion**: $20 billion addressable market via PII acquisition in aseptic drug manufacturing.
- **FY25 Financials**: $27.9 billion revenue, 5.4% core margins, $8.95 EPS, >$1.2 billion free cash flow.
- **Key Risks**: Prudent outlook for EVs, renewables, and 5G; 13% sequential decline in Connected Living.

**【Management Opening Remarks】**
- Adam Berry welcomed participants and highlighted the company's strong Q2 performance, emphasizing resilience and strategic positioning amid geopolitical uncertainties.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Revenue of $6.7 billion (3% YoY growth excluding divested mobility business). Core operating income of $334 million, with 5% core margins.
- **Segment Performance**: 
  - **Regulated Industries**: $2.7 billion revenue (-8% YoY) due to EV and renewable energy weakness, but margin improved 20bps to 4.8%.
  - **Intelligent Infrastructure**: $2.6 billion revenue (+18% YoY), driven by AI, cloud, and data center growth. Margin expanded 110bps to 5.3%.
  - **Connected Living & Digital Commerce**: $1.3 billion revenue (-13% YoY), but +4% ex-mobility. Sequential decline due to holiday seasonality.
- **Cash Flow**: Q2 free cash flow of $261 million, with FY25 guidance >$1.2 billion. Debt-to-core EBITDA at 1.4x, $1.6 billion cash.
- **Q3 Guidance**: Revenue $6.7-7.3 billion, core EPS $2.08-2.48. FY25 outlook: $27.9 billion revenue, 5.4% core margins, $8.95 EPS.

**【CEO Strategic Remarks】**
- **AI & Infrastructure Growth**: AI-related revenue expected to reach $7.5 billion (+40% YoY), driven by servers, photonics, and liquid-cooled data centers. Expansion in India for photonics capabilities.
- **Healthcare Expansion**: Acquisition of PII to enter $20 billion aseptic drug manufacturing market, complementing existing auto-injector expertise.
- **Tariff Resilience**: U.S.-based manufacturing advantage with 30 U.S. sites. 80-90% of Mexico business compliant with U.S. MCA. Quick factory setup capability (e.g., 6-month hyperscale build).
- **Segment Outlook**: Prudent on EVs and renewables, optimistic on digital commerce (+14% FY25) and healthcare.

**【Q&A Highlights】**
- **Tariff Strategy**: Customers exploring U.S. manufacturing shifts, but end-market specific. Jabil's U.S. footprint and automation expertise enable rapid capacity expansion.
- **Cloud & AI Momentum**: Q2 AI revenue up 40% YoY, with hyperscale testing gear and photonics driving growth. 1.6Tbps photonics showcased at OFC 2025.
- **Margin Management**: CLDC segment seasonal weakness offset by digital commerce growth. Intelligent Infrastructure margins improving due to mix shift.
- **Future Opportunities**: Expansion in India for sovereign data centers. CPO assembly positioning via silicon photonics and liquid cooling acquisitions.
- **Risk Mitigation**: Prudent guidance adjustments for EV, renewables, and 5G. Focus on high-margin AI and healthcare segments.

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