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美国

证券交易委员会

华盛顿特区 20549

10-K 表

（勾选一项）


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的年度报告

截至 2026 年 8 月 31 日的财政年度

或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自至

委员会档案编号 001-14063

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JABIL INC.

（注册人章程中指定的确切名称）


特拉华州		38-1886260
（州或其他注册地或组织地）		（美国国税局雇主识别号）

10800 Roosevelt Boulevard North, St. Petersburg, Florida 33716

（主要行政办公室地址）（邮政编码）

(727) 577-9749

注册人电话号码（含区号）

根据该法第 12(b) 条注册的证券：


各类别证券名称	交易代码	注册所在交易所名称
普通股，每股面值 $0.001	JBL	纽约证券交易所

根据该法第 12(g) 条注册的证券：无

请勾选标记，说明注册人是否为《证券法》第 405 条所定义的知名成熟发行人。是 ☒ 否 ☐

请勾选标记，说明注册人是否无需根据该法第 13 条或第 15(d) 条提交报告。是 ☐ 否 ☒

请勾选标记，说明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，且 (2) 在过去 90 天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选标记，说明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章 § 232.405）要求提交的每个交互式数据文件。是 ☒ 否 ☐

请勾选标记，说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》规则 12b-2 中对“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的定义。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小型报告公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请勾选表明注册人是否选择不采用《交易法》第 13(a) 条规定的延长过渡期，以遵守任何新的或修订的财务会计准则。 ☐

请勾选表明注册人是否已提交报告，且由编制或出具审计报告的注册会计师事务所对其根据《萨班斯-奥克斯利法案》第 404(b) 条（15 U.S.C. 7262(b)）进行的财务报告内部控制有效性评估出具鉴证意见。 ☒

如果证券依据该法第 12(b) 条登记，请勾选表明注册人本次申报中包含的财务报表是否反映了对先前发布的财务报表中错误的更正。 ☐

请勾选表明上述错误更正是否属于重述，且根据 §240.10D-1(b)，需要对相关追偿期内注册人任何高管所获基于激励的薪酬进行追偿分析。 ☐

请勾选表明注册人是否为空壳公司（定义见该法第 12b-2 条）。是 ☐ 否 ☒

根据纽约证券交易所报告的普通股于2026年2月28日收盘价计算，注册人非关联方持有的有表决权普通股总市值约为240亿美元。在此认定中，已排除各高级职员和董事以及持有已发行普通股10%或以上的各人士所持有的普通股，因为这些人士可能被视为关联方。此关联方身份认定不一定构成其他用途下的最终认定。截至2026年10月20日营业结束时，注册人已发行普通股数量为102,974,470股。注册人没有任何已发行无表决权股票。

通过引用纳入的文件

我们已将预计于2027年1月21日举行的年度股东大会委托书中的部分内容通过引用纳入本报告第三部分，具体范围见本文所述。

JABIL INC.及其子公司

2026年度10-K表格年报


第一部分
第1项	业务	2
第1A项	风险因素	12
第1B项	未解决的员工意见	26
第1C项	网络安全	26
第2项	物业	28
第3项	法律诉讼	28
第4项	矿山安全披露	28
第二部分
第5项	注册人普通股市场、相关股东事项及发行人购买股权证券	29
第 6 项。	[预留]	30
第 7 项。	管理层对财务状况和经营业绩的讨论与分析	31
第 7A 项。	有关市场风险的定量和定性披露	47
第 8 项。	财务报表及补充数据	47
第 9 项。	会计及财务披露方面与会计师的变更和分歧	47
第 9A 项。	控制和程序	48
第 9B 项。	其他信息	48
第三部分。
第 10 项。	董事、执行官及公司治理	49
第 11 项。	高管薪酬	49
第 12 项。	特定受益所有人及管理层的证券所有权和相关股东事项	49
第 13 项。	某些关系及关联交易，以及董事独立性	49
第 14 项。	主要会计费用和服务	49
第四部分。
第 15 项。	附件及财务报表附表	50
第 16 项。	10-K 表格摘要	95
签名		96

本年度 10-K 表格报告（“Form 10-K”）包含《1995 年私人证券诉讼改革法案》所指的前瞻性陈述，涉及风险和不确定性。本 Form 10-K 中许多前瞻性陈述位于第二部分第 7 项“管理层对财务状况和经营业绩的讨论与分析”标题下。前瞻性陈述基于某些假设，对未来事件作出当前预期，包括任何未直接涉及历史或当前事实的陈述。前瞻性陈述也可通过“未来”“预期”“相信”“估计”“预计”“打算”“计划”“预测”“将”“会”“应该”“可能”“可以”等词语及类似表述加以识别。前瞻性陈述并非对未来业绩的保证，公司的实际结果可能与前瞻性陈述中讨论的结果存在重大差异。预期结果的实现面临重大风险、不确定性和不准确假设。如果这些风险或不确定性成为现实，或者基本假设被证明不准确，实际结果可能与过去的结果以及预期、估计或预测的结果存在重大差异。在考虑前瞻性陈述时，您应牢记这一点，并谨此提醒您不要过度依赖前瞻性陈述。除法律或 SEC 规则和法规要求外，无论是由于新信息、未来事件还是其他原因，我们均不承担公开更新前瞻性陈述的义务。不过，建议您查阅我们就相关主题发布的任何后续披露。可能导致此类差异的因素包括但不限于本 Form 10-K 第一部分第 1A 项“风险因素”标题下讨论的因素，该部分以引用方式并入本文。本报告中提及“公司”“Jabil”“我们”“我们的”或“本公司”时，均指 Jabil Inc. 及其合并子公司，但上下文另有要求的情况除外。

第一部分

第 1 项。业务

公司

Jabil 是领先的工程、供应链和制造解决方案提供商之一。我们为众多行业和终端市场的企业提供全面的设计、生产和产品管理服务。我们的能力贯穿整个产品生命周期——从创新、设计和规划，到制造、组装、交付和生产后服务——使我们能够在全球供应链中无缝管理资源和材料。通过这些集成服务，我们帮助客户降低制造成本、提高供应链效率、最大限度地降低库存风险、减少运输费用并加快产品交付。

我们主要通过专门的业务部门为客户提供服务，这些部门将高度自动化的连续流制造与先进的电子设计和面向可制造性的设计相结合。每个业务部门团队都是客户与 Jabil 之间的单一联络点。业务部门团队由跨职能团队提供支持，后者利用我们的全球专业知识和能力，在各个站点层面开展工作。

我们的运营设施遍布全球，包括但不限于中国、马来西亚、墨西哥和美国。我们的全球生产基地使客户能够在最适合其产品的地点同步制造产品。我们的全球布局是评估和把握业务机会的关键。截至2026年8月31日的财年，我们的净营收为360亿美元，归属于 Jabil Inc. 的净利润为10亿美元。

我们的业务分为以下三个部门：受监管行业、智能基础设施以及互联生活与数字商务，这些也是公司的可报告部门。受监管行业部门专注于受监管市场，营收主要来自汽车与交通、医疗保健与包装以及可再生能源与能源基础设施行业的客户。智能基础设施部门专注于现代数字生态系统，包括人工智能（“AI”）基础设施，营收主要来自资本设备、云与数据中心基础设施以及网络与通信行业的客户。互联生活与数字商务部门专注于数字化和自动化，包括仓库自动化与机器人，营收主要来自互联生活与数字商务行业的客户。

自2026年9月1日起，我们将互联生活与数字商务部门更名为智能设备与机器人部门，以更好地反映业务的发展，包括我们更加重视自动化和机器人能力，以及战略性地转向复杂度更高、经过工程设计的解决方案。智能设备与机器人部门专注于数字化和自动化，包括仓库自动化与机器人，营收主要来自互联生活与数字商务以及机器人行业的客户。此次更名未影响公司可报告部门的构成，也未影响这些部门的财务信息。

有关我们可报告经营部门的其他财务信息，载于本报告第7项以及合并财务报表附注13——“风险集中与分部数据”。

行业背景

我们的行业历来由向在产品中使用电子元件的公司提供各类设计和制造服务的企业组成。此后，行业范围扩大，客户所需的产品和服务已超出电子元件，还包括塑料和金属部件、包装及注塑成型。

我们持续关注当前经济环境及其对所服务客户和终端市场的潜在影响；我们严格管理成本和资本资源，以便在情况变化时作出适当应对。我们认为，从长远来看，推动现有和潜在客户使用本行业服务的因素包括：

•高效制造。制造解决方案提供商通常能够以更低的总成本为企业制造产品。这些成本优势源于更高的产能利用率和规模效益，这得益于多样化的产品需求，以及通常对制造成本构成要素的更加关注。企业日益寻求减少在制造所用库存、设施和设备方面的投资，并优先将资本投入销售与营销、研究与开发（“R&D”）等其他活动。资本部署方面的这一战略转变，推动了对外部制造服务提供商外包服务的需求和兴趣增长。

•加快产品上市和扩大产量的速度。制造解决方案提供商通常能够加快生产启动，并高效地将新产品导入生产。提供商还能够更迅速地扩大产能，以适应市场变化，并在服务于全球主要市场的地点布局。随着产品生命周期日益缩短，这些关键服务可使新产品更快地推向市场。

•获取先进的设计和制造技术。借助制造解决方案提供商，客户能够获得更多先进制造工艺技术，以及产品和生产设计方面的技术，从而显著提升产品的性能、质量、成本效益、上市速度和可制造性。

•改进库存管理并增强采购议价能力。制造解决方案提供商通常能够更高效地管理采购和库存。凭借运营规模和持续参与材料市场，提供商在以更优惠价格采购组件方面展现出专业能力。

•全球布局与区域化制造。制造解决方案提供商在全球开展运营，通常能够根据不断变化的宏观经济和地缘政治环境，更高效地调整产品制造流程的所在地，这得益于其现有布局、当地团队和一致的流程。

我们的战略

我们的愿景是成为全球技术最先进、最值得信赖的制造解决方案提供商。为实现这一愿景，我们采取以下战略：

•建立并维护长期客户关系。我们战略的重要组成部分，是与扩张中的行业内领先企业建立并巩固长期关系，这些行业受益于全球化、高度自动化、连续流制造。我们通过拓展产品线和服务深化合作伙伴关系，创造更深入、更一体化的价值。此外，我们还寻求与符合目标特征的新客户建立合作关系：财务稳健、以技术为驱动、注重增长，并致力于长期合作。

•多元化。我们在广泛行业中，拥有多元化的客户、终端市场、技术和产品项目组合。我们为云和数据中心基础设施、医疗保健、能源和可再生能源基础设施、汽车和交通运输、仓库自动化、网络和通信以及半导体资本设备等市场的客户提供制造、供应链管理、电子设计和产品管理服务。多元化的客户和终端市场基础，加上我们代表客户制造和支持的各类产品与解决方案，有助于降低我们对任何单一行业、客户或产品类别的风险敞口。随着客户需求、终端市场和技术不断变化，我们持续评估扩展和平衡业务组合的机会，以支持业务的韧性和长期增长。

•采用以客户为中心的业务部门。我们的大多数业务部门服务于单一客户，使用专用生产设备、员工、主管、采购人员、计划人员和工程师，提供全面、定制化的制造解决方案。我们认为，以客户为中心的业务部门能够提升响应能力，尤其有利于覆盖多个生产地点的客户关系。

•发挥全球生产优势。我们认为，全球化生产能够降低过时风险、降低到岸成本，并促进全球质量一致。按照这一战略，我们已在美洲、欧洲和亚洲设立或收购运营机构。广泛的全球布局使我们能够选择最能满足客户需求的生产地点。我们认为，集中采购流程与单一企业资源规划系统相结合，增强了全球布局的优势，并使客户能够掌握整个供应链的情况。客户也越来越倾向于在靠近其终端市场的地点进行制造。为满足这一需求，我们投资发展本地服务本地和本地服务区域的能力，以提升韧性、缩短交付周期、增强可持续性，并能够在客户所在地直接为其提供支持。

•拓展增值服务。我们的系统组装、直接订单履行和按订单配置服务，能够帮助客户通过减少在制品和成品库存总量，降低产品成本和过时风险。这些服务可在我们所有的制造地点提供。

•提供设计专业能力。我们提供广泛的增值设计服务，重点在于提升性能、降低成本、加快上市时间并增强可制造性。我们的设计专长还能帮助客户应对技术转型和监管要求，打造从概念到生产无缝整合的全生命周期解决方案。

•推进战略性收购。我们的收购战略可补充现有能力，使业务多元化进入新的行业领域并拓展客户群，同时扩大我们提供的服务范围。

我们的制造方法

为实现高水平的制造绩效，我们采用以下方法：

•分散式客户参与模式。我们的大多数业务部门服务于单一客户，并获授权根据该客户的需求量身定制策略。我们的业务部门通常设有专用生产线，配备设备、生产工人、主管、采购员、计划员和工程师。在某些情况下，一条生产线可能服务于多个业务部门，以最大限度地提高资源利用率。业务部门直接负责制造成果和产量爬坡，从而促进责任落实和主人翁意识。我们的客户参与方式具有模块化特点，使我们能够逐步扩大规模，而不会干扰其他业务部门的运营。业务部门管理层会审查客户专属财务绩效，以评估业务部门是否履行了指定职责，并确保制造活动的日常执行按计划推进。业务部门根据其服务的终端市场汇总为运营分部。

•自动化连续流。我们采用高度自动化的连续流制造方式，将不同设备直接连接或通过传送带连接，形成在线装配流程。这一流程与批量生产方式不同，后者的设备作为独立工作中心运行。消除连续工序前的等待时间，可加快制造速度、提高效率、加强质量控制并减少在制品库存。我们认为，在大批量产品生产中应用连续流制造能够降低成本并改善质量。此外，我们会尽可能将重复性或耗时的任务自动化，使员工能够承担更具创造性和附加值的工作。

•计算机化控制与监测。我们利用先进的计算机化控制和监测系统支持制造活动的各个方面。组件检验和供应商质量均通过电子方式实时监控。物料规划、采购、仓储和车间控制系统运行于计算机化制造资源规划系统之上。

•电子供应链管理。我们向客户和供应商提供电子商务系统/电子数据交换以及基于云的工具，以实施各种供应链管理计划。客户使用这些工具共享需求和产品预测并发送采购订单；我们则利用这些工具与供应商合作，实现准时交付、供应商管理库存和寄售式供应商管理库存。这些能力包括采购情报平台和由 AI 驱动的编排系统，可提供实时数据洞察，支持全球供应网络的成本管理、库存优化和风险缓解。这些数字工具提升了整个供应链的可视性、响应能力和协作水平。

我们的设计服务

我们提供广泛的增值设计服务，以深化与现有客户的合作关系并建立新的客户关系。我们的团队经过战略性配置，可支持各种规模的开发项目，涵盖交钥匙系统设计、联合开发、产业化和产品优化等活动。我们的设计服务支持我们所服务的所有市场中的产品，应用包括云数据中心服务器平台；医疗和消费健康设备；面向先进架构和增强功能的汽车组件；视觉与安全系统；互联消费类产品和家电；面向零售环境的数字商务生态系统产品；支持能源基础设施的电力和存储产品；以及用于数字建筑和公用事业的智能控制与安防。设计服务包括：

•电子设计。我们的电子设计团队为模拟、数字、射频、电源、传感器和光学元件应用提供电子硬件和嵌入式软件设计服务，涵盖从初始概念和系统架构，到设计实施、新产品导入，再到大规模生产的各个阶段。

•体验设计。我们的体验设计团队与产品设计团队合作，通过用户研究、工业设计、用户界面设计和人因工程，打造能引起消费者共鸣的产品体验。这些能力有助于构思、开发并衔接概念与规格，从而优化产品对消费者和制造合作伙伴的功能、价值和外观。

•机械设计。我们的机械设计团队专长于塑料和金属部件、外壳、子组件及系统的设计，并对电子、机电和光学组件进行先进建模与分析。这涵盖产品概念、详细设计、广泛的环境应用、热管理和模具管理等各个方面。

•光学设计。我们的光学设计团队运用先进的光学专业知识，为虚拟和/或增强现实、光探测与测距（“LiDAR”）、3D 传感、投影和成像开发解决方案。在整个设计过程中，我们会开发光学领域所需的流程、设备和测试，以帮助确保从设计到精密大规模生产的顺利过渡。

•产业化工程服务。我们的工程服务整合多项职能，与设计团队合作优化产品，以实现最高性能、最高质量和更快上市，同时兼顾成本与可制造性。这些职能包括运用先进 CAD 工具提供 PCBA 设计的计算机辅助设计（“CAD”）团队；提升价值并降低电气和机械组件成本的价值分析与价值工程团队；以及支持所有开发阶段的工程原型制作团队。相关工作重点在于优化设计、减少材料和组件的复杂性，并寻找经济高效的采购方案。

•产品验证。我们的产品验证团队在整个设计周期内提供全面的产品验证，并执行特定测试服务。这包括在模拟真实环境条件下评估性能、可靠性和耐用性的产品验证、故障分析、法规合规与安全、包装、仿真、数据分析，以及组件分析，以便在开发流程早期识别并降低潜在风险。

•制造测试解决方案开发。我们的制造测试解决方案开发团队为设计团队提供全面支持，将可测试性融入设计，并实现对制造资源的高效投入。采用软件驱动的仪器以及测试流程设计与管理，可减少依赖人工的测试流程，并在整个制造测试过程中提升可追溯性和可视性。相关能力包括制定测试规范、测试设备设计，以及执行结构、功能和环境测试。及早整合测试规划有助于减少缺陷并保持产品质量稳定。

制造与组装

我们为客户提供系统组装、测试、直接订单履行和按订单配置服务。我们的系统组装服务扩展了组装业务范围，涵盖更高级别的子系统组装，以及包含多个印刷电路板组件（PCBA）的系统组装。此外，我们根据与客户共同制定的质量保证计划，为印刷电路板组件、子系统和系统产品提供测试服务。我们的质量保证计划包括在各种环境条件下对产品进行测试，以帮助确保产品达到或超过客户要求的规格。

技术与研发

我们认为，我们的制造和测试技术处于行业领先水平。为满足客户日益复杂的需求，我们持续开展研发活动，旨在为客户打造新的、改进的产品和制造解决方案。通过研发工作，我们计划继续运用最新技术，为客户提供高效的制造流程、高质量且具有差异化的产品解决方案。这些技术和研发活动包括：

•面向工装、制造和终端客户解决方案的自动化

•下一代电子互连技术

•先进的电气组装与测试流程

•先进的聚合物与金属材料科学

•陶瓷、金属和塑料单次/多次注射成型

•模内机械与电气组装解决方案

•面向塑料、金属和镜片的先进涂层解决方案

•热塑性复合材料成型

•先进的热管理解决方案

•先进的传感器集成

•覆盖不同波长的光学传感器

•共封装光学

•硅光子学

•灭菌、设备灌装和流体管理

•半导体委外封装与测试（“OSAT”）能力

•可持续材料与设计

•人工智能与机器学习

我们的研发工作覆盖所服务的市场，旨在为客户提供领先的技术与解决方案。

客户与营销

我们战略的一个关键原则，是与受益于全球化、高度自动化、连续流制造的高增长行业领先企业建立并拓展长期关系。历史上，少数客户和重要行业板块占据了我们净收入的较大部分。虽然这种集中度体现了客户关系的深度，但我们仍在跨行业和跨地域拓展客户群，以增强韧性。我们还通过网站和社交媒体平台推广服务与解决方案，并与潜在客户直接接洽、参加行业活动以及开展有针对性的外联活动。

在2026财年，前五大客户约占我们净收入的37%，76家客户约占我们净收入的90%。下表列示了所示期间内占我们净收入较大比例的客户分别贡献的净收入占比：


	净收入百分比截至8月31日的财年，
	2026		2025		2024
客户 A (1)	20	%		16	%		*
客户 B (2)	*		*		11	%

* 金额低于总额的10%。

(1)来自该客户的销售额主要计入智能基础设施业务部门。

(2)来自该客户的销售额计入互联生活与数字商务业务部门。

竞争

我们的业务竞争激烈。我们与众多国内外电子制造解决方案提供商、多元化制造服务提供商和设计服务提供商展开竞争。我们还面临来自现有及潜在客户制造业务的竞争，这些客户不断评估自行生产产品与外包生产优势之间的利弊。

根据所提供服务的类型和/或活动开展的地理区域不同，我们的竞争对手也有所不同。我们认为，制造服务市场的主要竞争因素包括：成本；加快产品上市时间；提高效率；全球布局；快速扩大生产规模；先进技术；质量；以及更优惠的零部件价格。我们认为，在所有这些因素方面，我们都极具竞争力。

零部件采购

我们根据每个装配项目的具体情况，从广泛的供应商群体采购零部件。我们的全球采购地点以及全球大宗商品管理和供应商关系团队战略性地分布在世界各地。这些地点负责管理端到端的采购周期。区域化专业能力与供应商关系相结合，使我们的采购运营高效开展。

我们制造的某些产品包含一个或多个仅有单一来源的组件。有时，因供应短缺，这些组件会被配给。在某些情况下，供应短缺将大幅削减所有使用特定组件的组件产品的产量。

专有权利

我们将技术、设计、生产和产品管理、供应链及其他服务的某些方面视为专有知识产权。我们依靠知识产权法律与客户、员工、供应商及其他第三方签订的保密和不披露协议，以及安全系统、政策和程序来保护我们的专有权利。我们拥有涉及多种发明的专利和专利申请组合，并预计随着业务发展继续开发知识产权并有选择地予以保护。尽管我们认为知识产权整体上对业务很重要，但我们不认为业务在实质上依赖于任何单项专利或其他知识产权。我们的成功还取决于管理层和员工队伍的知识与经验，以及我们开发、改进和营销技术与服务的能力。

我们从第三方取得某些技术和知识产权的许可。这些许可通常允许我们在运营所在司法辖区使用相关技术和知识产权，并且通常可能因我们发生重大违约而终止。我们不认为业务在实质上依赖于任何此类单项技术或知识产权许可。

人力资本管理

截至2026年8月31日，我们的员工队伍由遍布30个国家约120个地点的优秀敬业员工组成。以下为按地区划分的员工人数概要（单位：千人）：


地区		员工人数
亚洲		72
美洲		52
欧洲		16
总计(1)		140

(1)员工总人数包括正式员工、临时员工和合同工。

在某些地点，我们的员工由工会和职工委员会代表。我们在全球范围内促进良好的员工关系，且未经历重大停工或罢工。

安全

“安全第一，始终如一”是深植于我们文化中的基本价值观。我们致力于在所有设施贯彻安全标准。我们实施了以持续改进为基础的健康与安全管理体系，包括年度培训评估，并由积极投入、将安全置于首位的领导者和员工共同落实。

人权

我们认为，尊重基本人权是负责任企业公民行为的重要组成部分。我们致力于按照国际公认的人权和劳工标准开展业务，并通过《行为准则》《供应商准则》及相关政策予以支持。

文化与归属感：Jabil 的文化倡议

我们的员工队伍为我们持续取得成功带来了创新与创造力。我们的文化建立在尊重之上，营造出让员工感到受欢迎、受到重视且安全的环境——无论是在心理还是身体层面。我们欢迎不同的背景、经历、观点和能力，并携手营造这样的环境：员工可以真实地展现自我，并为 Jabil 的成功作出贡献。

根据我们的《行为准则》，我们致力于在全球打造无歧视、无骚扰的工作场所。这一承诺以公司全体层面的优先事项为指引：减少偏见、培养包容型领导力，以及发展多元化人才。

我们的全球各地站点已制定并实施相关计划，以支持残障员工的就业、发展和留任。这些举措包括改善实体和数字无障碍环境，以及开展培训，旨在为全体员工营造更加包容的环境。我们还与运营团队合作，对各站点的无障碍情况进行了基线评估，以指导未来改进并衡量长期进展。

我们对员工安全与福祉的承诺不仅关乎身体健康，也包括心理健康。在 Jabil，除标准带薪休假和节假日外，我们还为全职员工提供两天带薪健康与福祉假，以及一天社区服务假。

为了服务我们生活和运营所在的社区，Jabil 员工在 2026 财年完成了超过 529,000 小时的志愿服务。Jabil 在 2027 财年将继续践行回馈社会的承诺，重点关注教育、赋能和环境领域。我们相信，尽管我们的行动由当地推动，其影响却遍及全球。

Jabil 举办了年度 Deliver Best Practices 全球总决赛，参赛者来自 12 个国家的 18 个地点。这项持续改进计划体现了 Jabil 文化的精髓，同时聚焦于我们的关键业务驱动因素（人员、流程、社会与环境、技术与创新）。

认可对于感谢那些超越日常职责、为客户、员工和社区做正确之事的人，发挥着重要作用。Jabil 通过公司级认可计划 Respect. Recognize. Reward. 肯定这些值得赞扬的付出，同时也通过区域和站点层面的认可活动，庆祝全球员工的贡献。2025 财年，我们扩大了该计划，每季度表彰更多员工；2026 财年，获表彰员工超过 4,400 人，较上一财年增加 66%。

薪酬与福利

Jabil 的薪酬计划旨在使员工薪酬与 Jabil 的业绩相匹配，并提供适当的激励，以吸引、留住和激励员工取得卓越成果。具体而言：

•我们致力于提供具有竞争力的员工薪酬水平，并确保其与员工的职位、技能水平、经验、知识和地理位置相符。

•加薪和激励性薪酬以绩效和表现为依据。

•所有美国全职员工均有资格享受医疗保险、带薪和无薪假期、退休计划以及人寿、伤残和意外保险。美国以外地区的福利根据各国的具体惯例提供，旨在支持员工及其家人的健康与福祉。

•支持员工及其家人的心理健康和情绪福祉是 Jabil 的首要任务。过去几年，我们实施了多项计划和福利，帮助消除对心理健康问题的污名，并协助员工寻找和利用适当的资源。这些举措包括全球员工援助计划（EAP）、部分地点的现场行为健康资源，以及为领导者提供教育培训，使其能够识别并应对心理健康和药物滥用问题的迹象。此外，我们的全球健康与福祉计划有助于增强心理韧性。

•全球大多数员工都有资格参加我们的员工股票购买计划，以折扣价购入 Jabil 股票，成为公司股东。

职业成长与发展

在 Jabil，我们投资于组织各级员工的职业和个人成长与发展。我们的学习方案旨在帮助员工培养技能、提升能力并支持长期职业发展。Jabil 为各级员工（小时工、专业人员和管理人员）提供学习计划和项目。

作为人才战略的一部分，我们继续使用 LinkedIn Learning 平台，扩大员工获取职业发展所需工具、资源和支持的渠道。我们为所有专业人员、管理人员和高管提供免费的 LinkedIn Learning 使用权限。随着技术不断发展，Jabil 正投资于 AI 认知和能力培养，帮助员工适应不断变化的工作方式。通过学习资源以及对 AI 工具的实际应用，我们鼓励员工掌握所需知识和技能，以提升生产力、创新能力和决策水平。

我们的领导者是 Jabil 成功的基石。他们在战略愿景与日常工作执行之间发挥着关键纽带作用。用于提升领导技能的一个项目是“主管基础知识计划”——这是一项内部开发的计划，旨在帮助主管掌握基础知识，强化 Jabil 的文化，确立主管与员工互动的一致标准，并加深对关键财务和法律原则的理解。

员工敬业度

员工反馈在塑造 Jabil 的员工体验方面发挥着重要作用。通过“倾听策略——你的声音很重要”（Your Voice Matters），我们借助独立第三方收集全球员工的反馈。我们交替开展全面的全球员工敬业度调查和有针对性的脉搏调查，以监测员工情绪、评估行动计划的进展，并发现持续改进的机会。2026 财年是开展脉搏调查的一年。通过这些调查收集的见解有助于指导领导层采取行动，并推动整个组织持续改进。

环境法律法规

我们受各种联邦、州、地方和外国环境、健康与安全、产品管理及生产者责任法律法规的约束，包括涉及制造过程中使用的危险化学品的使用、储存、排放和处置的法律法规；管理员工健康与安全的法律法规；要求进行设计变更、供应链调查或符合性评估的法律法规；以及涉及我们制造产品的回收或再利用的法律法规。

有关我们执行官的信息

执行官由董事会任命，并由董事会酌情决定其任职。我们的执行官与董事之间不存在亲属关系。我们的任何执行官与其他任何人士之间，均不存在据以选任该执行官的安排或谅解。以下为执行官名单：

Adam E. Berry（49 岁）于 2024 年 5 月获任高级副总裁，负责投资者关系与企业事务。他此前自 2018 年 9 月起担任投资者关系副总裁。自 2010 年以投资者关系总监身份加入 Jabil 以来，Berry 先生曾担任职责不断扩大的其他职务。Berry 先生拥有波士顿学院传播学学士学位及佐治亚理工学院工商管理硕士学位。

Steven D. Borges（58 岁）于 2024 年 5 月获任全球业务部门执行副总裁。他此前自 2022 年 6 月起担任多元化制造服务首席执行官兼执行副总裁；自 2020 年 9 月起担任受监管行业首席执行官兼执行副总裁，并额外负责增材制造；以及自 2016 年 9 月至 2020 年 8 月担任医疗保健业务首席执行官兼执行副总裁。Borges 先生于 1993 年加入 Jabil。他拥有菲奇堡州立大学工商管理学士学位。

Matthew Crowley （51 岁）于 2024 年 5 月获任全球业务部门执行副总裁。他最近自 2022 年 5 月起担任全球业务部门高级副总裁；并于 2019 年 3 月至 2022 年 4 月担任全球业务部门副总裁，以及于 2018 年 2 月至 2019 年 2 月担任云业务高级总监。2018 年加入 Jabil 之前，Crowley 先生曾在 Dell 和 Amazon Web Services 任职。

Michael Dastoor（61岁）于2024年5月被任命为首席执行官。在Jabil任职25年期间，他在Jabil全球市场担任过多个领导职务，包括自2018年4月起担任执行副总裁兼首席财务官。Dastoor先生此前自2010年7月起担任高级副总裁兼财务总监。Dastoor先生于2000年加入Jabil。他拥有孟买大学的金融与会计学位，并且是英格兰及威尔士特许会计师协会的特许会计师。

Gregory B. Hebard（57岁）于2024年5月被任命为首席财务官。他最近自2021年起担任高级副总裁兼财务主管。Hebard先生于2009年加入Jabil，此后在财务领域担任过职责逐步提升的多个职位，包括2017年至2021年担任高级副总裁、Green Point首席财务官，以及2013年至2017年担任副总裁、财务规划与分析负责人。他拥有DePaul University的工商管理硕士学位和University of Iowa的金融学学士学位。

Francis（“Frank”）G. McKay（56岁）于2019年1月被任命为高级副总裁兼首席供应链官。在现任职务之前，他自2014年10月起担任副总裁、采购与采购服务负责人；自1997年加入Jabil以来，他还在欧洲、亚洲和美国担任过多个管理职位。McKay先生拥有University of Strathclyde的学士学位。

Kristine Melachrino（48岁）于2025年3月被任命为执行副总裁兼总法律顾问。她最近自2022年10月起担任高级副总裁兼总法律顾问。她于2007年加入Jabil，在法务部门担任过多个职位，为全球职能团队和业务团队提供支持。在此之前，Melachrino女士担任副总裁兼高级副总法律顾问，负责全球商业法务团队，就复杂的法律和监管事务提供建议，以促进业务增长；她还担任助理公司秘书。她拥有Stetson University College of Law的法律博士学位，以及Stetson University的工商管理硕士学位。

Andrew D. Priestley（55岁）于2026年1月被任命为执行副总裁兼首席运营官。他最近自2024年5月起担任执行副总裁、全球业务部门负责人。自1996年加入Jabil以来，他在公司担任过职责逐步提升的多个职位，包括自2014年起担任高级副总裁、全球业务部门负责人。Priestley先生拥有Edinburgh Napier University的工程与管理荣誉学位。

Rafael Renno（47岁）于2026年1月被任命为高级副总裁、全球业务部门负责人，领导Jabil的互联生活与数字商务业务板块。在现任职务之前，他于2023年9月至2026年1月担任高级副总裁、全球业务部门负责人，领导Jabil的数字商务部门。2023年之前，他担任副总裁、全球业务部门负责人，领导零售自动化业务。Renno先生于2005年加入Jabil，曾在业务拓展和供应链管理领域担任多个高级领导职务。他拥有巴西米纳斯吉拉斯联邦大学的机械工程学士学位，以及Fundação Dom Cabral的金融学研究生学位。

Gary K. Schick（56岁）于2023年10月被任命为高级副总裁兼首席人力资源官。他最近担任的职务是人力资源运营副总裁，任职时间为2022年10月起。自2018年8月以人力资源高级总监身份加入Jabil以来，Schick先生在人力资源领域还担任过多个职责逐步提升的职位。Schick先生拥有西北大学经济学学士学位，以及匹兹堡大学法学院法学博士学位。

May Y. Yap（56岁）于2020年9月被任命为高级副总裁兼首席信息官。她于2014年加入Jabil，担任Jabil Green Point副总裁兼首席信息官。Yap女士拥有赫尔大学工商管理硕士学位和计算机科学硕士学位，以及纽约大学工商管理与管理学博士学位。

其他信息

我们的主要执行办公室位于佛罗里达州圣彼得斯堡罗斯福大道北10800号，邮编33716，电话号码为(727) 577-9749。我们于1992年在特拉华州注册成立。我们的网站地址为https://www.jabil.com。通过我们网站“投资者”栏目中的链接，我们免费提供年度10-K表报告、季度10-Q表报告、当前8-K表报告及其任何修订版，并在向美国证券交易委员会（SEC）以电子方式提交或提供后，在合理可行的情况下尽快提供。我们网站的“投资者”栏目包含大量有关本公司的信息，包括可持续发展报告以及面向投资者的财务和其他信息。我们在网站“投资者”栏目发布的信息可能被视为重要信息。我们鼓励投资者、媒体以及其他对Jabil感兴趣的人访问我们的网站。但是，我们网站上的信息不属于本报告的一部分。

第1A项。风险因素

业务和运营风险

我们安排生产、管理资本支出以及最大限度提高制造产能效率的能力，很大程度上取决于客户的行动。客户通常不会承诺长期生产计划，并可能取消订单、更改生产数量、延迟生产和/或改变采购策略。

我们的许多客户不会承诺超过一个季度的确定生产计划。我们会根据对客户需求的估计，作出重大决策，包括确定我们寻求并接受的业务量、生产计划和地点、零部件采购承诺、人员需求以及其他资源需求。我们无法确定地预测客户订单水平，因此难以安排生产，并最大限度地利用我们的制造产能和供应链能力。

Many factors outside of our control impact our customers and their ordering behavior, including recession in end markets, changing technology and industry standards, commercial acceptance for products and shifting market demand, product obsolescence, global pandemics, and loss of business. Customers have canceled their orders, changed production quantities or designs, delayed production, changed their sourcing strategy, and terminated their relationships with us. We cannot assure you that present or future customers will not terminate their service arrangements with us or significantly change, reduce, cancel, or delay the amount of services ordered. Such changes, delays, and cancellations have led to, and may lead in the future to, a decline in our production and our possession of excess or obsolete inventory that we may not be able to sell to customers or third parties. Our ability to recover excess and obsolete inventory costs varies by customer and industry. This has, and may again, result in write downs of inventories, reduction in the number of products that we sell, delays in payment for inventory that we purchased, and reductions in the use of our manufacturing facilities. As many of our costs and operating expenses are relatively fixed, a reduction in customer demand, particularly a reduction in demand for a product that represents a significant amount of revenue, can harm our gross profit margins and results of operations. In the past, we have also been required to increase staffing and other expenses in order to meet anticipated demand. On occasion, customers have required rapid increases in production for one or more of their products or requested that we relocate our manufacturing operations or transfer manufacturing from one facility to another, which stresses our resources and may reduce operating margins.

Our business at times experiences periods of rapid growth which can place considerable demands upon our management team and our operational, financial, and management information systems. Our ability to manage growth effectively requires us to continue to implement and improve these systems; avoid cost overruns; maintain customer, supplier, and other favorable business relationships during transition periods; efficiently and effectively dedicate resources to existing customers as well as new projects; acquire or construct additional facilities; occasionally transfer operations to different facilities; acquire equipment in anticipation of demand; procure materials and components; continue to develop the management skills of our managers and supervisors; adapt relatively quickly to new markets or technologies and continue to hire, train, motivate and manage our employees. Our failure to effectively manage growth, as well as our failure to realize the anticipated benefits of the actions we take to try to manage our growth, could have a material adverse effect on our results of operations.

In addition, we sometimes experience difficulty forecasting the timing of our receipt of payment from customers. The necessary process to begin manufacturing can be lengthy. Because we make capital expenditures during this ramping-up process and may not receive payment until after we produce and ship the customer’s products, any delays or unanticipated costs in the ramping-up process have, and may again have, a significant adverse effect on our cash flows and our results of operations. Servicing our largest customers may also require us to increase our capital expenditures.

Because we depend on a limited number of customers, a reduction in sales to any one of those customers has and could again cause a significant decline in our revenue.

We currently depend, and expect to continue to depend for the foreseeable future, upon a relatively small number of customers for a significant percentage of our net revenue and upon their continued existence, growth, viability, and financial stability. See “Business – The Company.” In some instances, particular manufacturing services we provide for a customer represent a significant portion of the overall revenue we receive from that customer. As a result of this concentration, a reduction in business from one or more of our largest customers could have a material adverse effect on our results of operations. In addition, if one or more of our significant customers were to become insolvent or otherwise become unable to pay us on a timely basis, or at all, our operating results and financial condition could be adversely affected.

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Efficient component and material purchasing is critical to our manufacturing processes and contractual arrangements. A shortage of components or an increase in price could interrupt our operations and reduce our profit, increase our inventory carrying costs, increase our risk of exposure to inventory obsolescence and cause us to purchase components of a lesser quality.

Strategic and efficient component and materials purchasing is an aspect of our strategy. Inflation rates have increased and may continue to rise. Our suppliers have raised their prices and may continue to raise prices. When prices rise, they impact our margins and results of operations if we are not able to pass the increases through to our customers or otherwise offset them. Most of our significant long-term customer contracts permit quarterly or other periodic prospective adjustments to pricing based on decreases and increases in component prices and other factors; however, we could bear the risk of component price increases that occur between any such re-pricings or, if such re-pricing is not permitted, during the balance of the term of the particular customer contract. There can be no assurance that we will continue to be able to purchase the components and materials needed to manufacture customer products at favorable prices. Accordingly, certain component price increases could adversely affect our gross profit margins and results of operations.

Some of the products we manufacture require one or more components that are only available from a single source. Some of these components are subject to supply shortages from time to time. In some cases, supply shortages will substantially curtail production of all assemblies using a particular component. A supply shortage can also increase our cost of goods sold if we have to pay higher prices for components in limited supply, or cause us to have to redesign or reconfigure products to accommodate a substitute component. In the past there have been industry wide conditions, pandemics, natural disasters and global events that have caused material and component shortages. Our supply chain has recently been impacted by component shortages, most notably in the semiconductor industry, and is currently impacted by the global memory component shortage. Our production of a customer’s product has and could again be negatively impacted by any quality, reliability or availability issues with any of our component suppliers. The financial condition of our suppliers could affect their ability to supply us with components and their ability to satisfy any warranty obligations they may have, which could have a material adverse effect on our results of operations.

If a component shortage is threatened or anticipated, we have and may in the future purchase such components early to avoid a delay or interruption in our operations. Purchasing components early has, and may again cause us to incur additional inventory carrying costs and experience inventory obsolescence, both of which may not be recoverable from our customers and could adversely affect our gross profit margins and results of operations. A component shortage will require us to look to second tier vendors or to procure components through brokers. Component availability may be impacted by a supplier’s decision to change part design, performance specifications, manufacturing process, manufacturing locations, and/or use of subcontractors, or by both planned and unforeseen product discontinuation.

Although the impact of the Russia/Ukraine conflict on our supply chain has not been significant, some sub-tier suppliers providing raw materials such as palladium, neon gas, and high-grade aluminum are partially dependent on supply from the regions that may be impacted by the conflict. We will continue to closely monitor the supply availability and price fluctuations of these raw materials. In addition, we source some parts from certain suppliers located in Israel. Although the impact of the Russia/Ukraine conflict and conflicts in the Middle East on our supply chain has not been significant to date, we cannot assure you that this will continue to be the case. Price increases resulting from such shortages and/or other factors which we cannot recover from our customers may adversely impact our results of operations.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business – Components Procurement.”

Customer relationships with emerging companies present more risks than with established companies.

Customer relationships with emerging companies present special risks because we do not have an extensive product or customer relationship history. There is less demonstration of market acceptance of their products, making it harder for us to anticipate requirements as compared to established customers. Our credit risk on these customers, especially in trade accounts receivable and inventories, and the risk that these customers will be unable to fulfill indemnification obligations to us, are potentially increased. We sometimes offer these customers extended payment terms, loans, and other support and financial accommodations which increases our financial exposure and has impacted our financial results in the past.

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The success of our business is dependent on our ability to keep pace with technological changes and competitive conditions in our industry and our ability to effectively adapt our services as our customers react to technological changes and competitive conditions in their respective industries.

If we are unable to offer technologically advanced, cost effective, quick response manufacturing services that are differentiated from our competition (including utilization of machine learning and artificial intelligence) and adapt those services as our customers’ requirements change, demand for our services will decline. There are significant risks involved in our efforts to keep pace with technological developments and no assurance can be provided that the usage of such technology will enhance our business.

Introducing new business models or programs requiring implementation of new competencies, such as new process technologies and our development of new products or services, has and could affect our operations and financial results.

The introduction of new business models or programs requiring implementation or development of new competencies, such as new process technology within our operations and our independent development of new products or services, presents challenges in addition to opportunities. The success of new business models or programs depends on a number of factors including, but not limited to, a sufficient understanding of the new business or markets, timely and successful product development (by us and/or our customer), market acceptance, our ability to manage the risks associated with new business models or programs and new product production ramp-up, the effective management of purchase commitments and inventory levels in line with anticipated product demand, our development or acquisition of appropriate intellectual property, the availability of supplies in adequate quantities and at appropriate costs to meet anticipated demand, and the risk that new products may have quality or other defects in the early stages of introduction. Accordingly, we cannot determine in advance the ultimate result of new business models or programs.

As a result, we must make long-term investments, develop or obtain appropriate intellectual property, and commit significant resources before knowing whether our assumptions will accurately reflect customer demand. After the development of a new business model, program, product, or service, we typically must be able to manufacture appropriate volumes quickly and at low cost. To accomplish this, we endeavor to accurately forecast volumes, mixes of products and configurations; however, we do not always succeed at doing so.

The addition of new customers has also introduced different demand cycles. For example, cloud-based service providers are cyclically different from our traditional customers, creating changes to our historical revenue patterns and increasing the complexity of the management of our working capital requirements.

We compete with numerous other diversified manufacturing service providers, electronic manufacturing services, design providers, and others.

Our business is highly competitive, and our manufacturing processes are generally not subject to significant proprietary protection. We compete against numerous domestic and foreign electronic manufacturers, manufacturing service providers, design providers, and others. The significant purchasing power and market power of these competitors, many of which are large companies, has and could increase pricing and competitive pressures for us. Most of our competitors have international operations and significant financial resources and some have substantially greater manufacturing, research and development (R&D) and marketing resources. These competitors may:

•respond more quickly to new or emerging technologies or changes in customer requirements;

•have technological expertise, engineering capabilities, and/or manufacturing resources that are greater than ours;

•have greater name recognition, critical mass, and geographic market presence;

•be better able to take advantage of acquisition opportunities;

•devote greater resources to the development, promotion, and sale of their services and execution of their strategy;

•be better positioned to compete on price for their services;

•have excess capacity, and be better able to utilize such excess capacity;

•have greater direct buying power from component suppliers, distributors, and raw material suppliers;

•have lower cost structures as a result of their geographic location or the services they provide;

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•be willing or able to make sales or provide services at lower margins than we do;

•have increased vertical capabilities, providing them greater cost savings.

We also face competition from the manufacturing operations of our current and potential customers, who are continually evaluating the merits of manufacturing products internally against the advantages of outsourcing. In the past, some of our customers moved a portion of their manufacturing from us in order to more fully utilize their excess internal manufacturing capacity.

The actions of competitors and current and potential customers have and could cause a decline in our sales and/or compression of our profits.

Our business has and could be adversely affected by any delays, or increased costs, resulting from common carrier or transportation issues.

We rely on a variety of common carriers across the globe to transport our materials from our suppliers and to our customers. Problems suffered by any of these common carriers, including natural disaster, pandemic, labor problems, increased energy prices, or criminal activity, have and could result in shipping delays for products or materials, increased costs, or other supply chain disruptions, and could therefore have a negative impact on our ability to receive products from suppliers and deliver products to customers, resulting in a material adverse effect on our operations.

We may not be able to maintain our engineering, technological, and manufacturing expertise.

Many of the markets for our manufacturing and engineering services are characterized by rapidly changing technology and evolving process development. The continued success of our business will depend upon our ability to:

•hire, retain and expand our pool of qualified engineering and technical personnel;

•maintain and continually improve our engineering and technological expertise;

•develop and market manufacturing services that meet changing customer needs; and

•anticipate and respond to technological changes in manufacturing processes on a cost-effective and timely basis.

Although we use the assembly and testing technologies, equipment, and processes that are currently required by our customers, we cannot be certain that we will be able to maintain or develop the capabilities required by our customers in the future. The emergence of new technology, industry standards, or customer requirements may render our equipment, inventory, or processes obsolete or noncompetitive. The acquisition and implementation of new technologies and equipment and the offering of new or additional services to our customers has in the past and may again in the future require significant expense or capital investment, which could reduce our operating margins and our operating results. In facilities that we newly establish or acquire, we may not be able to insert or maintain our engineering, technological and manufacturing process expertise. Our failure to anticipate and adapt to our customers’ changing technological needs and requirements or to hire sufficient personnel to maintain our engineering, technological and manufacturing expertise could have a material adverse effect on our results of operations.

We depend on attracting and retaining officers, managers, and skilled personnel.

Our success depends to a large extent upon the continued services of our officers, managers, and skilled personnel. These employees are not generally bound by employment or non-competition agreements, and we cannot assure you that we will retain them. To aid in managing our growth and strengthening our pool of management and skilled personnel, we will need to internally develop, recruit, and retain skilled management personnel. If we are not able to do so, our business and our ability to continue to grow could be harmed.

We derive a substantial majority of our revenues from our international operations, which are subject to a number of different risks and often require more management time and expense than our domestic operations.

Our international operations are subject to a number of risks, including:

•difficulties in staffing and managing foreign operations and attempting to ensure compliance with our policies, procedures, and applicable local laws;

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•less flexible employee relationships that can be difficult and expensive to terminate due to, among other things, labor laws and regulations;

•rising labor costs (including the introduction or expansion of certain social programs), in particular within the lower-cost regions in which we operate, due to, among other things, demographic changes and economic development in those regions;

•labor unrest and dissatisfaction, including potential labor strikes or claims;

•increased scrutiny by the media and other third parties of labor practices within our industry (including working conditions, compliance with employment and labor laws and compensation) which may result in allegations of violations, more stringent and burdensome labor laws, and regulations, higher labor costs, and/or loss of revenues if our customers become dissatisfied with our labor practices and diminish or terminate their relationship with us;

•burdens of complying with a wide variety of foreign laws, including those relating to export and import duties, domestic and foreign import and export controls, trade barriers (including tariffs and quotas), environmental policies and privacy issues, and local statutory corporate governance rules;

•risk of non-compliance with the U.S. Foreign Corrupt Practices Act (the “FCPA”) or similar regulations in other jurisdictions;

•less favorable, less predictable, or relatively undefined, intellectual property laws;

•lack of sufficient or available locations from which to operate or inability to renew leases on terms that are acceptable to us or at all;

•unexpected changes in regulatory requirements and laws or government or judicial interpretations of such regulatory requirements and laws and adverse trade policies, and adverse changes to any of the policies of either the U.S. or any of the foreign jurisdictions in which we operate;

•adverse changes in tax rates or accounting rules and the manner in which the U.S. and other countries tax multinational companies or interpret their tax laws or accounting rules;

•limitations on imports or exports of components or products, or other trade sanctions;

•political and economic instability and unsafe working conditions;

•geopolitical unrest, including the invasion of Ukraine, the possibility of military activity in countries near or adjacent to Ukraine, and the sanctions and other actions taken by the European Union, the United States, and other governments around the world in response;

•the Israel-Hamas war, attacks on shipping vessels in the Red Sea, the possibility of military activity in countries near or adjacent to Israel, and the sanctions and other actions that have or may be taken by other governments around the world in response could impact the Company although we have limited business in Israel;

•risk of governmental expropriation of our property;

•inadequate infrastructure for our operations (e.g., lack of adequate power, water, transportation, and raw materials);

•legal or political constraints on our ability to maintain or increase prices;

•health concerns, epidemics, and related government actions;

•increased travel costs and difficulty in coordinating our communications and logistics across geographic distances and multiple time zones;

•longer customer payment cycles and difficulty collecting trade accounts receivable;

•fluctuations in currency exchange rates;

•economies that are emerging or developing or that are subject to greater currency volatility, negative growth, high inflation, limited availability of foreign exchange, and other risks;

•higher potential for theft, misappropriation, or unauthorized access to or use of technology, data, or intellectual property; and

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•international trade disputes have and could result in tariffs and other protectionist measures that have and could adversely affect our business. Tariffs have and could increase the costs of the components and raw materials we use in the manufacturing process as well as import and export costs for finished products. Countries could adopt other protectionist measures that could limit our ability to manufacture products or provide services. Increased costs to our U.S. customers who use our non-U.S. manufacturing sites and components may adversely impact demand for our services and our results of operation and financial condition. Additionally, international trade disputes may cause our customers to decide to relocate the manufacturing of their products to another location, either within country, or into a new country. Relocations may require considerable management time as well as expenses related to market, personnel and facilities development before any significant revenue is generated, which may negatively affect our margin. Furthermore, there can be no assurance that all customer manufacturing needs can be met in available locations within the desired timeframe, or at all, which may cause us to lose business, which may negatively affect our financial condition and results of operation.

In particular, a significant portion of our manufacturing, design, support and storage operations are conducted in our facilities in China, and revenues associated with our China operations are important to our success. Therefore, our business, financial condition, and results of operations may be materially adversely affected by economic, political, legal, regulatory, competitive, infrastructure and other factors in China. International trade disputes or political differences with China have and could result in tariffs and other measures that could adversely affect the Company’s business. The Chinese economy differs from the economies of most developed countries in many respects, including the level of government involvement and control over economic growth. In addition, our operations in China are governed by Chinese laws, rules, and regulations, some of which are relatively new. The Chinese legal system continues to rapidly evolve, which may result in uncertainties with respect to the interpretation and enforcement of Chinese laws, rules, and regulations that could have a material adverse effect on our business. China experiences high turnover of direct labor in the manufacturing sector due to the intensely competitive and fluid market for labor, and the retention of adequate labor is a challenge. If our labor turnover rates are higher than we expect, or we otherwise fail to adequately manage our labor needs, then our business and results of operations could be adversely affected. We are also subject to risks associated with our subsidiaries organized in China. For example, regulatory and registration requirements and government approvals affect the financing that we can provide to our subsidiaries. If we fail to receive required registrations and approvals to fund our subsidiaries organized in China, or if our ability to remit currency out of China is limited, then our business and liquidity could be adversely affected.

Beginning in February 2025, the U.S. implemented tariffs on a variety of countries and commodities, including, among others, tariffs on aluminum and steel derivative products, imports of certain Canadian and Mexican goods, and imports of Chinese goods, universal tariffs on imports from most countries, and reciprocal tariffs on select countries. In response, certain countries have imposed, or are considering, retaliatory tariffs on U.S. exports. The global tariff landscape continues to shift rapidly, with changes impacting businesses and markets around the world. These increased tariffs have impacted and may continue to impact end, customer demand. If we are unable to fully pass on these costs, our operating results and cash flows could be adversely impacted.

These factors may harm our results of operations. Also, any measures that we may implement to reduce risks of our international operations may not be effective, may increase our expenses, and may require significant management time and effort. Entry into new international markets requires considerable management time as well as start-up expenses related to market, personnel and facilities development before any significant revenue is generated. As a result, initial operations in a new market may operate at low margins or may be unprofitable.

Although we have implemented policies and procedures designed to cause compliance with the FCPA and similar laws, there can be no assurance that all of our employees and agents, as well as those companies to which we outsource certain of our business operations, will not take actions in violation of our policies which could have a material adverse effect on our operations.

Energy price increases or shortages may negatively impact our results of operations.

Certain of the components that we use in our manufacturing activities are petroleum-based. In addition, we, along with our suppliers and customers, rely on various energy sources (including oil) in our facilities and transportation activities. An increase in energy prices, which have been volatile historically, or energy shortages or restrictions could cause disruption in our operations and/or increase in our raw material costs and transportation costs. In addition, increased transportation costs of certain of our suppliers and customers could be passed along to us. We may not be able to increase our product prices enough to offset these increased costs. In addition, any increase in our product prices may reduce our future customer orders and profitability.

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We have on occasion not achieved, and may not in the future achieve, expected profitability from our acquisitions; divestitures may adversely affect our business, reputation, financial condition, results of operations, or cash flows.

We have in the past and will continue to seek and complete acquisitions and divestitures. We have previously experienced challenges in integrating the operations and management of our recent acquisitions, and we cannot assure you that we will be able to successfully integrate the operations and management of our recent acquisitions in the future. Similarly, we cannot assure you that we will be able to identify future strategic acquisitions and adequately conduct due diligence, consummate these potential acquisitions on favorable terms, if at all, or if consummated, successfully integrate the operations and management of future acquisitions. Acquisitions involve significant risks, which could have a material adverse effect on us including:

•Financial risks, such as: (1) overpayment; (2) an increase in our expenses and working capital requirements; (3) exposure to liabilities of the acquired businesses, with contractually-based time and monetary limitations on a seller’s obligation to indemnify us; (4) integration costs or failure to achieve synergy targets; (5) incurrence of additional debt; (6) valuation of goodwill and other identifiable intangible assets; (7) possible adverse tax and accounting effects; (8) the risk that we acquire manufacturing facilities and assume significant contractual and other obligations with no guaranteed levels of revenue; (9) the risk that, in the future, we may have to close or sell acquired facilities at our cost, which may include substantial employee severance costs and asset write-offs, which have resulted, and may result, in our incurring significant losses; and (10) costs associated with environmental risks including fines, remediation and clean-up.

•Operating risks, such as: (1) the diversion of management’s attention and resources to the integration of the acquired businesses and their employees and to the management of expanding operations; (2) the risk that the acquired businesses will fail to maintain the quality of services that we have historically provided; (3) the need to implement financial and other systems and add management resources; (4) the need to maintain customer, supplier or other favorable business relationships of acquired operations and restructure or terminate unfavorable relationships; (5) the potential for deficiencies in internal controls of the acquired operations; (6) the inability to attract and retain the employees necessary to support the acquired businesses; (7) potential inexperience in a line of business that is either new to us or that has become materially more significant to us as a result of the transaction; (8) unforeseen difficulties (including any unanticipated liabilities) in the acquired operations; (9) the impact on us of any unionized work force we may acquire or any labor disruptions that might occur; (10) the possibility that the acquired business’s past transactions or practices before our acquisition may lead to future commercial or regulatory risks; (11) the difficulty of presenting a unified corporate image; (12) the possibility that we will have unutilized capacity due to our acquisition activity; (13) when acquiring an operation from a customer and continuing or entering into a supply arrangement, our inability to meet the expectations of the customer as to volume, product quality, timeliness and cost reductions.

Although we conduct what we believe to be a prudent level of due diligence regarding the businesses we purchase, in light of the circumstances of each transaction, an unavoidable level of risk remains regarding the actual condition of these businesses. We have in the past, and we may in the future, assume liabilities related to the businesses we purchase which were not identified or fully understood in our due diligence process. Until we actually integrate and assume operating control of such businesses and their assets and operations, we may not be able to ascertain the actual value or understand the potential liabilities of the acquired entities and their operations.

Many of our acquisitions involve operations outside of the U.S., which are subject to various risks including those described in “Risk Factors – We derive a substantial majority of our revenue from our international operations, which may be subject to a number of risks and often require more management time and expense than our domestic operations.”

We have acquired and may continue to pursue the acquisition of manufacturing and supply chain management operations from our customers (or potential customers). In these acquisitions, the divesting company will typically enter into a supply arrangement with the acquirer. Therefore, our competitors often also pursue these acquisitions. In addition, certain divesting companies may choose not to offer to sell their operations to us because of our current supply arrangements with other companies or may require terms and conditions that may impact our profitability. If we are unable to attract and consummate some of these acquisition opportunities at favorable terms, our growth and profitability could be adversely impacted.

In addition, divestitures involve significant risks, including without limitation, difficulty finding financially sufficient buyers or selling on acceptable terms in a timely manner. Divestitures could adversely affect our profitability and, under certain circumstances, require us to record impairment charges or a loss as a result of the transaction. In addition, completing divestitures is costly, diverts management’s attention and could leave us with certain continuing liabilities.

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These and other factors could harm our ability to achieve anticipated levels of profitability or realize other anticipated benefits of an acquisition or divestiture and could adversely affect our business and operating results.

We face risks arising from the restructuring of our operations.

In recent years, we have undertaken initiatives to restructure our business operations with the intention of improving utilization and realizing cost savings. These initiatives have included changing the number and location of our production facilities, largely to align our capacity and infrastructure with current and anticipated customer demand. The process of restructuring entails, among other activities, moving production between facilities, transferring programs from higher cost geographies to lower cost geographies, closing facilities, reducing the level of staff, realigning our business processes, and reorganizing our management.

Restructurings could adversely affect us, including a decrease in employee morale, delays encountered in finalizing the scope of, and implementing, the restructurings, failure to achieve targeted cost savings, and failure to meet operational targets and customer requirements due to the restructuring process. These risks are further complicated by our extensive international operations, which subject us to different legal and regulatory requirements that govern the extent and speed of our ability to reduce our manufacturing capacity and workforce.

We have and may be required to take additional charges in the future to align our operations and cost structures with global economic conditions, market demands, cost competitiveness, and our geographic footprint as it relates to our customers' production requirements or following divestitures. We have and may consolidate or divest certain manufacturing facilities or transfer certain of our operations to other geographies. If we are required to take additional restructuring charges in the future, our operating results, financial condition, and cash flows could be adversely impacted.

Disruptions to our information systems, including security breaches, losses of data or outages, and other security issues, have and could in the future adversely affect our operations.

We rely on information systems, some of which are managed by third parties, to store, process, and transmit confidential information, including financial reporting, inventory management, procurement, invoicing, and electronic communications, belonging to our customers, our suppliers, our employees, and/or us. Any delay or disruption in the operation of these information systems have and could result in material adverse consequences, including disruption of operations, loss of information, and unanticipated increases in costs. We monitor and mitigate our exposure to cybersecurity issues and modify our systems when warranted, and we have implemented business continuity items including data backups at alternative sites, multi-factor authentication, regular risk assessment, and other cybersecurity safeguards. Nevertheless, these systems are vulnerable to, and at times have suffered from, among other things, damage from power loss or natural disasters, computer system and network failures, loss of telecommunication services, physical and electronic loss of data, terrorist attacks, computer viruses, cyberattacks, and security breaches, ranging from uncoordinated individual attempts to gain unauthorized access to our IT systems to sophisticated and targeted measures. These include industrial espionage attacks, data theft, malware, phishing, ransomware attacks, or other cybersecurity threats or incidents. The increased use of mobile technologies and the internet of things can heighten these and other operational risks. If we, or the third parties who own and operate certain of our information systems, are unable to prevent such breaches, losses of data, and outages, our operations have and could be disrupted. Also, the time and funds spent on monitoring and mitigating our exposure and responding to breaches, including the training of employees, the purchase of protective technologies and the hiring of additional employees and consultants to assist in these efforts could adversely affect our financial results. The increasing sophistication of cyberattacks requires us to continually evaluate the threat landscape and new technologies and processes intended to detect and prevent these attacks. There can be no assurance that the security measures and systems configurations we choose to implement will be sufficient to protect the data we manage. Any theft or misuse of information resulting from a security breach have and could result in, among other things, loss of significant and/or sensitive information, litigation by affected parties, financial obligations resulting from such theft or misuse, higher insurance premiums, governmental investigations, negative reactions from current and potential future customers (including potential negative financial ramifications under certain customer contract provisions), and poor publicity. Any of these could adversely affect our financial results. The increased use of artificial intelligence (“AI”) technologies in our services and operations may exacerbate these risks. In addition, if any of our contractors, consultants, vendors or service providers use any third-party AI-powered software or other tools in connection with our business or the services they provide to us, it may lead to the inadvertent disclosure of our confidential information through its incorporation into publicly available training sets, which may impact our ability to realize the benefit of, or adequately maintain or protect, our confidential information, harming our competitive position and business. In addition, we must comply with increasingly complex regulations intended to protect business and personal data in the U.S. and globally. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal information among the Company and its international subsidiaries. Several jurisdictions have passed laws in this area, and additional jurisdictions are considering imposing additional restrictions or have laws that are pending. These laws continue to develop and may be inconsistent from jurisdiction to

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jurisdiction. Complying with emerging and changing requirements causes the Company to incur substantial costs and has required and may in the future require the Company to change its business practices. Compliance with these regulations can be costly and any failure to comply could result in legal and reputational risks as well as penalties, fines and damages that could adversely affect our financial results.

Regulatory Risks

We are subject to extensive government regulations and industry standards and the terms of complex contracts; a failure to comply with current and future regulations and standards, or the terms of our contractual arrangements, could have an adverse effect on our business, customer relationships, reputation, and profitability.

We are subject to extensive government regulation and industry standards relating to the products we design and manufacture as well as how we conduct our business, including regulations and standards relating to labor and employment practices, workplace health and safety, the environment, sourcing and import/export practices, the market sectors we support, privacy and data protection, the regulations that apply to government contracts, machine learning, and artificial intelligence, and many other facets of our operations. The regulatory climate in the U.S. and other countries has become increasingly complex and fragmented, and regulatory activity has increased in recent periods. Failure or noncompliance with such regulations or standards could have an adverse effect on our reputation, customer relationships, profitability, and results of operations. In addition, we regularly enter into a large number of complex contractual arrangements as well as operate pursuant to the terms of a significant number of ongoing intricate contractual arrangements. Our failure or our customers’ failure to comply with the terms of such arrangements could expose us to claims or other demands and could have an adverse effect on our reputation, customer relationships, profitability, and results of operations.

If we manufacture products containing design or manufacturing defects, demand for our services may decline, our reputation may be damaged, and we may be subject to liability claims.

Our customers’ products and the manufacturing processes and design services that we use to produce them often are highly complex. Defects in the products we manufacture or design, whether caused by a design, manufacturing, process or component failure or error, or deficiencies in our manufacturing processes, have occurred and resulted in delayed shipments to customers or reduced or canceled customer orders. If these defects or deficiencies are significant, our business reputation may also be damaged. The failure of the products that we manufacture or of our manufacturing processes or facilities have subjected us to regulatory enforcement, fines, or penalties and, in some cases, required us to shut down, temporarily halted operations and incurred considerable expense to correct a manufacturing process or facility. In addition, these defects have resulted in, and may in the future result in, liability claims against us, expose us to liability to pay for the recall or remanufacture of a product, or adversely affect product sales or our reputation. Even if our customers are responsible for the defects or defective specifications, they may not, or may not have resources to, assume responsibility for any costs or liabilities arising from these defects, which could expose us to additional liability claims. Any of these actions could increase our expenses, reduce our revenue or damage our reputation as a supplier to these customers.

We may face heightened liability risks specific to our medical device business as a result of additional healthcare regulatory related compliance requirements and the potential severe consequences (e.g., death or serious injury) that could result from manufacturing defects or malfunctions of the medical devices we manufacture or design.

As a service provider engaged in the business of designing and manufacturing medical devices for our customers, we have compliance requirements in addition to those relating to other industries we serve within our business. We are required to register with the U.S. Food and Drug Administration (“FDA”) and are subject to periodic inspection by the FDA for compliance with the FDA’s Quality System Regulation (“QSR”), including current Good Manufacturing Practices (cGMPs). This regulation establishes requirements for manufacturers of medical devices to implement design and process manufacturing controls, quality control, labeling, handling, and documentation procedures. The FDA, through periodic inspections and post-market surveillance, continuously and rigorously monitors compliance with these QSR requirements and other applicable regulatory requirements. If any FDA inspection reveals noncompliance, and we do not address the FDA’s concerns to its satisfaction, the FDA may elect to take enforcement action against us, including issuing inspection observations or a notice of violation or a warning letter, imposing fines, bringing an action against the Company and its officers, requiring a recall of the products we manufactured, issuing an import detention on products entering the U.S. from an offshore facility, or temporarily halting operations at or shutting down a manufacturing facility. In August 2026, we received an FDA Warning Letter relating to a March 2026 inspection of the Pharmaceutics International, Inc. facility in Hunt Valley, Maryland. The letter includes findings related to manufacturing practices and quality systems. Since the inspection, management has paused manufacturing at the site pending remediation.

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Beyond the FDA, our medical device business is also subject to applicable state and foreign regulatory requirements. Within the European Union (“EU”), we are required to fulfill certain internationally recognized standards and must undergo periodic inspections to obtain and maintain certifications to these standards. Continued noncompliance to the EU regulations could stop the flow of products into the EU from us or from our customers. In China, the National Medical Products Administration controls and regulates the manufacture and commerce of healthcare products. We must comply with the regulatory laws applicable to medical device manufacturers, or our ability to manufacture products in China could be impacted. In Japan, the Pharmaceutical Affairs Laws regulate the manufacture and commerce of healthcare products. These regulations also require that subcontractors manufacturing products intended for sale in Japan register with authorities and submit to regulatory audits. Other foreign countries where we operate have similar laws regarding the regulation of medical device manufacturing. In the event of any noncompliance with these requirements, interruption of our operations and/or ability to allow commerce in these markets could occur, which in turn could cause our reputation and business to suffer.

Compliance or the failure to comply with current and future environmental, health and safety, product stewardship, and producer responsibility laws or regulations could cause us significant expense.

We are subject to a variety of federal, state, local, and foreign environmental, health and safety, product stewardship, and producer responsibility laws and regulations, including those arising from global pandemics or relating to the use, generation, storage, discharge, and disposal of hazardous chemicals used during our manufacturing process, those governing worker health and safety, those requiring design changes, supply chain investigation or conformity assessments, and those relating to the recycling or reuse of products we manufacture. If we fail to comply with any present or future regulations or timely obtain any needed permits, we could become subject to liabilities, and we could face fines or penalties, the suspension of production, or prohibitions on sales of products we manufacture. In addition, such regulations could restrict our ability to expand our facilities or could require us to acquire costly equipment, or to incur other significant expenses, including expenses associated with the recall of any non-compliant product or with changes in our operational, procurement, and inventory management activities.

Certain environmental laws impose liability for the costs of investigation, removal, and remediation of hazardous or toxic substances on an owner, occupier, or operator of real estate, or on parties who arranged for hazardous substance treatment or disposal, even if such person or company was unaware of, or not responsible for, contamination at the affected site. Soil and groundwater contamination may have occurred at or near, or may have arisen from, some of our facilities. From time to time we investigate, remediate, and monitor soil and groundwater contamination at certain of our operating sites. In certain instances where contamination existed prior to our ownership or occupation of a site, landlords or former owners have retained some contractual responsibility for contamination and remediation. However, failure of such persons to perform those obligations could result in us being required to address such contamination. As a result, we may incur clean-up costs in such potential removal or remediation efforts. In other instances, we may be responsible for clean-up costs and other liabilities, including the possibility of claims due to health risks by both employees and non-employees, as well as other third-party claims in connection with contaminated sites.

In addition, there is an increasing governmental focus around the world on global warming and environmental impact issues, which has resulted in new environmental, health, and safety regulations that may affect us, our suppliers, and our customers. This could cause us to incur additional direct costs for compliance, as well as increased indirect costs resulting from our customers, suppliers, or both, incurring additional compliance costs that get passed on to us. These costs may adversely impact our operations and financial condition.

We have limited insurance coverage for potential environmental liabilities associated with current operations, and we do not anticipate increasing such coverage in the future.

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We are subject to litigation and proceedings, which have resulted in substantial expenses, settlement costs, or judgments; required the time and attention of key management resources; and/or resulted in adverse publicity, any of which may negatively impact our financial performance.

We are party to various legal actions incidental to our business, as plaintiff or defendant, as well as various other claims, suits, investigations, and legal or governmental proceedings. Regardless of the merits of the claims, litigation or governmental proceedings are both time-consuming and disruptive to our business. The defense and ultimate outcome of any lawsuits or other legal proceedings may result in higher expenses, which could have a material adverse effect on our business, financial condition, or results of operations. We cannot predict the final outcome of such lawsuits or proceedings or the likelihood that other proceedings will be initiated against us. Accordingly, the cost of defending against such lawsuits or proceedings, or any future lawsuits or proceedings, may be high and, in any event, these legal proceedings may result in the diversion of our management's time and attention away from our business. In the event that there is an adverse ruling in any legal proceeding, we may be required to make payments to third parties that could be in excess of any amounts accrued and could have a material adverse effect on our reputation, financial condition, and/or results of operations.

Our operations result in exposure to intellectual property claims.

Our operations expose us to intellectual property rights claims from third parties, some of whom may hold key intellectual property rights in areas in which we operate. Intellectual property clearance or licensing efforts or activities, if any, may be inadequate to anticipate and avoid intellectual property claims. Our customers or suppliers, or their customers or suppliers, could also become subject to intellectual property claims.

Even though many, but not all, of our contracts require others to indemnify Jabil for intellectual property claims relating to their products, designs, or technology, any such party may not, or may not have the resources to, assume responsibility for such claims. We may be responsible for claims that our services, designs, technologies, products, or components, equipment, or processes we supply or use, infringe, misappropriate, or otherwise violate third party intellectual property rights. Providing turnkey design solutions, designs, technologies, products, and other services may expose us to different or greater potential liabilities than those we face providing traditional manufacturing services. These liabilities may include an increase in exposure to claims that products we design or supply, or processes, materials, or components we use, infringe, misappropriate, or otherwise violate third-party intellectual property rights. Customers for our products and services in which we provide significant design or technology contributions sometimes require that we indemnify them against risk of intellectual property claims.

If any intellectual property claims are brought, regardless of their merits, we could be required to expend significant resources in the defense or settlement of such claims, or in the defense or settlement of related indemnification claims. Intellectual property rights claims could subject us to significant liability for damages, potential injunctive action, or hamper our normal operations such as by interfering with the availability of components or have a material adverse effect on our results of operations and financial position. In the event of such a claim, we may spend significant amounts of money and effort to develop non-infringing alternatives or obtain and maintain licenses. We may not be successful in developing such alternatives or obtaining and maintaining such licenses on reasonable terms or at all. We, or suppliers or customers, may be required to or decide to discontinue products or services, and such discontinuance may result in a significant decrease in our business and/or could have a material adverse effect on our results of operations and financial position. These risks may be heightened in connection with our customer relationships with emerging companies.

The success of certain aspects of our business depends in part on our ability to obtain, protect, and leverage intellectual property rights.

In certain circumstances, we strive to obtain and protect certain intellectual property rights related to solutions, designs, processes, and products that we create. We believe that obtaining a significant level of protected proprietary technology may give us a competitive advantage. In addition to selectively relying on patent rights, we rely on unpatented proprietary know-how and trade secrets and employ various methods, including non-disclosure agreements, with our customers, employees, and suppliers and our internal security systems, policies, and procedures to protect our know-how and trade secrets. However, we cannot be certain the measures we employ will result in protected intellectual property rights or will result in the prevention of unauthorized use of our technology. If we are unable to obtain and protect intellectual property rights embodied within our solutions, designs, processes, and products, this could reduce or eliminate competitive advantages of our proprietary technology, which would harm our business and could have a material adverse effect on our results of operations and financial position.

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Even if we take steps to protect certain intellectual property rights, these mechanisms may not afford complete or sufficient protection, and misappropriation or unauthorized use may still occur. Further, there can be no assurance that we will be able to acquire or enforce our patent or other rights, if any, and that others will not independently develop similar know-how and trade secrets, or develop better solutions, designs, processes and products than us. We have not historically sought patent protection for many of our proprietary processes, designs or other patentable intellectual property. Further, we may not be able to prevent current or former customers, employees, contractors and other parties from breaching non-disclosure agreements and misappropriating proprietary information. If any of the foregoing occur, it could impair our ability to compete, result in a significant decrease in our business and/or could have material adverse effect on our results of operations and financial position.

Financial Risks

Exposure to financially troubled customers or suppliers may adversely affect our financial results.

We provide manufacturing services to companies and industries that have in the past, and may in the future, experience financial difficulty. When customers experience financial difficulty, we have difficulty recovering amounts owed to us from these customers, and demand for our products from these customers sometimes declines. Additionally, if our suppliers experience financial difficulty, we could have difficulty sourcing supplies necessary to fulfill production requirements. When one or more of our customers becomes insolvent or otherwise is unable to pay for the services provided by us on a timely basis, or at all, our operating results and financial condition are adversely affected. Such adverse effects have included and may in the future include one or more of the following: an increase in our provision for doubtful accounts, a charge for inventory writeoffs, an impairment of contract assets, a reduction in revenue, and an increase in our working capital requirements due to higher inventory levels and increases in days our accounts receivable are outstanding. In addition, because we securitize certain of our accounts receivable, our securitization program could be negatively affected by customer financial difficulty affecting the recovery of a significant amount of receivables.

When financial markets experience significant turmoil, the financial arrangements we may need to enter into, refinance or repay and our customers may be adversely affected.

Credit market turmoil could negatively impact the counterparties and lenders to our forward foreign exchange contracts, trade accounts receivable securitization and sale programs, unsecured credit and term loan facilities, commercial paper program, various foreign subsidiary credit facilities and other debt facilities. These potential negative impacts could limit our ability to borrow under these financing agreements, contracts, facilities and programs or renew or obtain future additional financing. Credit market turmoil could also negatively impact certain of our customers and certain of their respective customers, which could cause them to reduce or cancel their orders and have a negative effect on our results of operations.

We are subject to the risk of increased taxes.

We base our tax positions on the anticipated nature and conduct of our business and our understanding of the tax laws of the various countries in which we have assets or conduct activities. Our tax positions are subject to review and possible challenge by taxing authorities (including application of transfer pricing rules to our intercompany transactions) and to possible changes in law. These changes include the enactment and implementation by various countries of the Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two global minimum tax framework, which could increase our effective tax rate and cash tax liabilities. We cannot determine in advance the extent to which some jurisdictions may assess additional taxes, interest, or penalties. In addition, our effective tax rate has been and may be increased by changes in the mix of earnings between jurisdictions, changes in the valuation of deferred tax assets and liabilities, changes in our cash management strategies, changes in local tax rates, or taxing authorities adopting more aggressive interpretations of tax laws. Acquisitions and/or divestitures may cause our effective tax rate to increase, depending on the jurisdictions in which the operations are located.

Several countries in which we are located allow for tax incentives to attract and retain business. We have obtained incentives where available and practicable. Our taxes could increase if certain tax incentives are retracted, which could occur if we are unable to satisfy the conditions on which such incentives are based, if they are not renewed upon expiration, if tax rates applicable to us in such jurisdictions otherwise increase, or if the global minimum tax reduces the benefits achieved from the tax incentives.

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Our credit rating may be downgraded.

Our credit is and certain of our financial instruments and our commercial paper are rated by credit rating agencies. Any potential future negative change in our credit ratings may make it more expensive for us to raise additional capital on terms that are acceptable to us, if at all; negatively impact the price of our common stock; increase our interest payments under existing debt agreements; cause us to lose the ability to utilize our commercial paper program; and have other negative implications on our business, many of which are beyond our control. In addition, the interest rate payable under the Credit Facility (as such terms are defined in Note 7 – “Notes Payable and Long-Term Debt” to the Consolidated Financial Statements) is subject to adjustment from time to time if our credit ratings change. Thus, any potential future negative change in our credit rating may increase the interest rate payable on the Credit Facility and certain of our other borrowings.

Our amount of debt could significantly increase in the future.

The Company has a number of debt facilities. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” and Note 7 – “Notes Payable and Long-Term Debt” to the Consolidated Financial Statements for further details.

Should we desire to consummate significant additional acquisition opportunities, undertake significant additional expansion activities, or make substantial investments in our infrastructure or in support of customer opportunities, our capital needs would increase and could result in our need to increase borrowings under our revolving credit facilities or access public or private debt and equity markets. There can be no assurance, however, that we would be successful in raising additional debt or equity on terms that we would consider acceptable. An increase in the level of our indebtedness, among other things, could:

•make it difficult for us to obtain any necessary financing in the future for other acquisitions, working capital, capital expenditures, debt service requirements, or other purposes;

•limit our flexibility in planning for, or reacting to changes in, our business;

•make us more vulnerable in the event of a downturn in our business; and

•impact certain financial covenants that we are subject to in connection with our debt and asset-backed securitization program.

There can be no assurance that we will be able to meet future debt service obligations.

An adverse change in the interest rates for our borrowings has and could adversely affect our financial condition.

We pay interest on outstanding borrowings under our revolving credit facilities and certain other debt obligations at interest rates that fluctuate based upon changes in various base interest rates. An adverse change in the base rates upon which our interest rates are determined has and may continue to have a material adverse effect on our financial position, results of operations and cash flows. If certain economic or fiscal issues occur, interest rates have and could rise, which would increase our interest costs and reduce our net income. Also, increased interest rates could make any future fixed interest rate debt obligations more expensive.

We are subject to risks of currency fluctuations and related hedging operations.

Although a significant number of our operations are located outside the United States, the majority of our business is conducted in U.S. dollars. Changes in exchange rates will affect our net revenue, cost of sales, operating margins, and net income. We cannot predict the impact of future exchange rate fluctuations. We use financial instruments, primarily forward contracts, to hedge our exposure to exchange rate fluctuations. We believe that our hedging activities enable us to largely protect ourselves from future exchange rate fluctuations. If, however, these hedging activities are not successful, if the counterparties to these hedging activities default on their obligations to us or if we change or reduce these hedging activities in the future, we may experience significant unexpected expenses from fluctuations in exchange rates. In addition, certain countries in which we operate have adopted, or may adopt, currency controls requiring that local transactions be settled only in local currency. Such controls could require us to hedge larger amounts of local currency than we have in the past.

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An impairment in the value of our assets would reduce the value of our assets and reduce our net income in the year in which the write-off occurs.

We have recorded intangible assets, including goodwill, in connection with business acquisitions. We perform a goodwill impairment analysis on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired. See Note 6 – “Goodwill and Other Intangible Assets” to the Consolidated Financial Statements for further discussion of the impairment testing of goodwill and identifiable intangible assets. A decline in general economic conditions or global equity valuations could impact the judgments and assumptions about the fair value of our businesses, and we could be required to record impairment charges on our goodwill or other identifiable intangible assets in the future, which could impact our Consolidated Balance Sheets, as well as our Consolidated Statements of Operations.

General Risk Factors

Changes in financial accounting standards or policies have affected, and in the future may affect, our reported financial condition or results of operations.

We prepare our financial statements in conformity with U.S. GAAP. These principles are subject to interpretation by the Financial Accounting Standards Board (FASB), the American Institute of Certified Public Accountants, the SEC, and various bodies formed to interpret and create appropriate accounting policies. A change in these policies can have a significant effect on our reported results and may affect our reporting of transactions that are completed before a change is announced. Changes to those rules or questions as to how we interpret or implement them may have a material adverse effect on our reported financial results or on the way we conduct business.

We are subject to risks associated with natural disasters, climate change, and global events.

Our operations and those of our customers and suppliers have been and may again be subject to natural disasters, climate change-related events, pandemics, or other business disruptions, which could seriously harm our results of operation and increase our costs and expenses. We are susceptible to losses and interruptions caused by hurricanes (including in Florida, where our headquarters are located), earthquakes, power shortages, telecommunications failures, water or other natural resource shortages, tsunamis, floods, typhoons, drought, fire, extreme weather conditions, rising sea level, geopolitical events such as direct or indirect terrorist acts or acts of war, other natural or manmade disasters, boycotts and sanctions, or widespread criminal activities. Such events could make it difficult or impossible to manufacture or to deliver products to our customers, receive production materials from our suppliers, or perform critical functions, which could adversely affect our business globally or in certain regions. While we maintain similar manufacturing capacities at different locations and coordinate multi-source supplier programs on many of our materials, which we believe better enables us to respond to these types of events, we cannot be sure that our plans will fully protect us from all such disruptions. Our insurance coverage with respect to natural disasters is limited and is subject to deductibles and coverage limits. Such coverage may not be adequate or may not continue to be available at commercially reasonable rates and terms.

While we manufacture our products in a large number of diversified facilities and maintain insurance covering our facilities, including business interruption insurance, a catastrophic loss of the use of all or a portion of one of our key manufacturing facilities due to accident, labor issues, weather conditions, natural disaster or otherwise, whether short- or long-term, could have a material adverse effect on us.

Expectations relating to environmental, social, and governance considerations expose the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business.

Many governments, regulators, investors, employees, customers and other stakeholders are increasingly focused on environmental, social and governance considerations relating to businesses, including climate change and greenhouse gas emissions, and human and civil rights. In addition, we make statements about our environmental, social, and governance goals and initiatives through our sustainability report. Responding to these environmental, social, and governance considerations and implementation of these goals and initiatives involves risks and uncertainties and requires investments. We cannot guarantee that we will achieve our goals and initiatives. Any failure, or perceived failure, to achieve our goals, further our initiatives, adhere to our public statements, comply with federal, state, or international environmental, social, and governance laws and regulations, or meet evolving and sometimes conflicting shareholder expectations and standards could result in legal and regulatory proceedings against us and materially adversely affect our business, reputation, results of operations, financial condition, and stock price.

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Item 1B. Unresolved Staff Comments

There are no unresolved written comments from the SEC staff regarding our periodic or current reports.

Item 1C. Cybersecurity

Risk Management and Strategy

We are committed to reducing the risk of cybersecurity compromise, either intentional or unintentional, to our customers, employees, and company proprietary information resources.

Our cybersecurity risk management program is integrated into our global enterprise risk management framework, which is designed to help identify, monitor, and mitigate key strategic risks. Our enterprise risk assessment, which includes data protection and cybersecurity, is developed annually to provide insight into the risks with the greatest potential to impact Jabil’s strategy and our financial goals. Key components of our cybersecurity risk management program include the following:

•Cybersecurity policies. We leverage cybersecurity industry-standard frameworks, including the National Institute of Standards and Technology Cybersecurity Framework (“NIST”), and insights from internal assessments to develop policies to guide the use of our information assets (for example, business information and information resources such as mobile phones, computers, and workstations), access to specific intellectual property or technologies, deployment of AI within the Company, and protection of personal information. The Company has also established written policies and procedures to help ensure that cybersecurity incidents are quickly assessed and addressed.

•Risk assessment. The Company uses risk assessment processes to identify and prioritize cybersecurity risks, employ operational controls to mitigate risks, report incidents, and analyze trends, and employ a corrective action process to address nonconformities. Key risk indicators are used across all business functions to monitor and measure our cybersecurity risk exposure. Through this cross-functional approach, management identifies potential operational and strategic risks which could impact our strategy and financial goals.

•System safeguards. We implement industry-standard technical safeguards that are designed to protect our information systems, operations, and sensitive information from cybersecurity threats. By collaborating with internal stakeholders across the company, we integrate foundational cybersecurity principles throughout our organization, including multiple layers of cybersecurity defenses and restricted access based on business need. We frequently conduct vulnerability assessments to identify new risks and periodically test the efficacy of our safeguards through both internal and external penetration tests.

•Security Awareness and Training. Cybersecurity education contributes to the safety of the Company, customer data, and employee sensitive data and assets. Our employees undergo regular training on information security, cybersecurity awareness, and the protection of confidential information. This training is designed to promote an understanding of the behaviors and technical requirements needed to safeguard Company data. Additionally, we provide ongoing education to help employees recognize and report suspicious activity. In addition, higher risk employees undergo routine anti-phishing testing and training.

•Assessments. We periodically assess and test our cybersecurity policies, standards, processes, and practices that are designed to address threats. This includes monthly metrics review, threat modeling, vulnerability testing, and other exercises to evaluate our cybersecurity effectiveness. We regularly engage third parties to assist with our assessments and testing. Where appropriate, we adjust our cybersecurity policies, standards, processes, and practices accordingly based on internal and external assessment and testing results.

•Engagement of third-party service providers. The Company utilizes third-party cybersecurity experts to assess the Company’s cybersecurity risks and conduct penetration testing to measure our cybersecurity risk management program relative to industry-standard frameworks. The Company has established a standardized process for assessing and managing potential risks associated with the engagement of third-party service providers that request access to the Company’s information systems.

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•Incident response. The Cybersecurity Incident Response Team (“CIRT”), deploys, maintains, and monitors various tools and processes, including periodic tabletop exercises, designed to safeguard against and detect cybersecurity incidents that may occur. As part of our incident response program, members of management are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. In accordance with established written policies and procedures, escalation protocols are used to provide information to, and engage with, executive management, the Cybersecurity Committee and the Board, throughout the incident response process. The CIRT reviews these controls regularly, and makes enhancements as needed to incorporate lessons learned, updated industry standards, and any new or revised legal requirements.

As of the date of this report, we are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected us during fiscal year 2026 or are reasonably likely to materially affect us in the near term, including our business strategy, results of operations, or financial condition. Additional information about our cybersecurity risks is discussed in “Disruptions to our information systems, including security breaches, losses of data or outages, and other security issues, have and could in the future adversely affect our operations” in Item 1A. Risk Factors, which should be read in conjunction with the information above.

Governance

The Board oversees risk management directly and through its committees. Generally, the Board oversees risks that may affect the business of Jabil as a whole, including operational matters. The Cybersecurity Committee (“the Committee”) assists the Board in fulfilling its oversight responsibilities with regard to the Company’s cybersecurity programs and risks, including the cybersecurity practices, procedures, and controls management uses to identify, assess, and manage the Company’s key cybersecurity programs and risks, to protect the confidential intellectual property information and data of the Company and its customers and to comply with applicable data protection laws and regulations.

The Committee of the Board meets quarterly. At each meeting, it receives reports from the Chief Information Security Officer (“CISO”).

As part of its role in overseeing risk management, the Committee reports to the Board annually regarding briefings provided by management and advisors as well as the Committees’ own analysis and conclusions regarding cybersecurity risks faced by the Company. The Committee will review with management and the Board, and advise them regarding the following matters, as necessary:

•Management’s implementation of cybersecurity programs, policies, and procedures and management’s actions to safeguard their effectiveness;

•The effectiveness of the Company’s cybersecurity programs and its practices for identifying, assessing, and mitigating cybersecurity risks across all business functions;

•The Company’s controls to prevent, detect and respond to cyber-attacks or information or data breaches involving the Company;

•Cyber crisis preparedness, incident response plans, and disaster recovery capabilities;

•Reports and presentations received from management and the Company’s advisors regarding the management of cybersecurity programs and risks, including protection of confidential intellectual property, information, and data.

The CISO leads the Corporate Information Security organization which oversees the security posture of Jabil’s data, networks, and resources. The CISO is responsible for notifying and providing updates on cybersecurity incidents to the Chief Information Officer (“CIO”). The CIO is responsible for overseeing global IT operations and digital transformation across the Company and leads the strategic direction on IT polices to safeguard company and client assets against cybersecurity threats.

The CISO has over 21 years of experience leading large-scale security programs protecting critical infrastructure and sensitive data, modernizing digital identity systems, and driving cultural transformation within security teams in the federal, healthcare, and global manufacturing sectors. The CIO has over 34 years of experience focused on corporate strategy formulation and implementation, IT management including cybersecurity, and business and process transformation.

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Item 2. Properties

We own or lease facilities located primarily in the geographies listed below. We believe that our properties are generally in good condition, are well maintained, and are generally suitable and adequate to carry out our business at expected capacity for the foreseeable future. The majority of the square footage is active manufacturing space and is reported in the Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce operating segments, as all use these properties. Our corporate headquarters is located in St. Petersburg, Florida.

The table below lists the approximate square footage for our facilities as of August 31, 2026 (in millions):


Region	Approximate Square Footage
Asia	20
Americas	15
Europe	5
Total(1)(2)	40

(1)Approximately 13% of our total square footage is not currently used in business operations.

(2)Consists of 15 million square feet in facilities that we own with the remaining 25 million square feet in leased facilities.

Our manufacturing facilities are ISO certified to ISO 9001:2008 standards and most are also certified to ISO-14001:2004 environmental standards.

Item 3. Legal Proceedings

See the discussion in Note 18 – “Commitments and Contingencies” to the Consolidated Financial Statements.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information and Dividends

Our common stock trades on the New York Stock Exchange under the symbol “JBL.” See discussion of our cash dividends declared to common shareholders in Note 12 – “Stockholders’ Equity” to the Consolidated Financial Statements.

We expect to continue to declare and pay quarterly dividends of an amount similar to our past declarations. However, the declaration and payment of future dividends are discretionary and will be subject to determination by our Board of Directors each quarter following its review of our financial performance and global economic conditions.

On October 20, 2026, the closing sales price for our common stock as reported on the New York Stock Exchange was $277.18. As of October 20, 2026, there were 872 holders of record of our common stock. A substantially greater number of holders of our common stock are “street name” or beneficial holders, whose shares of common stock are held of record by banks, brokers, and other financial institutions.

Information regarding equity compensation plans is incorporated by reference to the information set forth in Item 12 of Part III of this report.

Stock Performance Graph

The performance graph and table show a comparison of cumulative total stockholder return, assuming the reinvestment of dividends, from a $100 investment in the common stock of Jabil over the five-year period ending August 31, 2026, with the cumulative stockholder return of the (1) S&P 500 Index and (2) peer group which includes Celestica Inc., Flex Ltd., Hon-Hai Precision Industry Co. Ltd, Plexus Corp., and Sanmina Corp.

$\"StkPerGraphFY26.jpg\"$


August 31	2021		2022	2023		2024	2025		2026
Jabil Inc.	$	100		$	98		$	187		$	179	$	336	$	501
S&P 500 Index – Total Returns	$	100		$	89		$	103		$	131	$	152	$	183
Peer Group	$	100		$	96		$	105		$	178	$	252	$	357

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Issuer Purchases of Equity Securities

The following table provides information relating to our repurchase of common stock, excluding excise tax, during the three months ended August 31, 2026:


Period	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program(2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)(2)
June 1, 2026 – June 30, 2026	39,912		$	369.59		39,912	$	94
July 1, 2026 – July 31, 2026	310,376		$	297.86		306,682	$	1,503
August 1, 2026 – August 31, 2026	188,141		$	333.68		188,141	$	1,440
Total	538,429		$	315.70		534,735

(1)The purchases include amounts that are attributable to 3,694 shares of common stock surrendered to us by employees to satisfy, in connection with the vesting of restricted stock units and the exercise of stock options and stock appreciation rights, their tax withholding obligations.

(2)In July 2025, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock as publicly announced in a press release on July 17, 2025 (the “2026 Share Repurchase Program”). In July 2026, our Board of Directors authorized the repurchase of up to $1.5 billion of our common stock as publicly announced in a press release on July 15, 2026 (the “2027 Share Repurchase Program”). For more information, see “Liquidity and Capital Resources - Dividends and Share Repurchases”.

In December 2024, we issued a warrant to Amazon.com NV Investment Holdings LLC to acquire up to 1,158,539 of our ordinary shares as reported in a Current Report on Form 8-K filed on January 3, 2025. See Note 12 – “Stockholders’ Equity” to the Consolidated Financial Statements for further details.

Item 6. [Reserved]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are one of the leading providers of engineering, supply chain, and manufacturing solutions. We deliver comprehensive design, production, and product management services to companies across a diverse range of industries and end markets. Our capabilities span the entire product lifecycle—from innovation, design, and planning to fabrication, assembly, delivery, and post-production— enabling seamless management of resources and materials across global supply chains. Through these integrated services, we help our customers reduce manufacturing costs, enhance supply chain efficiency, minimize inventory risk, lower transportation expenses, and accelerate product fulfillment.

We have three reporting segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital, and risk profiles. Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable and energy infrastructure industries. Our Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries. Our Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries.

Beginning September 1, 2026, our Connected Living and Digital Commerce segment was renamed to Intelligent Devices and Robotics to better reflect the evolution of the business, including our increased emphasis on automation and robotic capabilities and a strategic shift towards more highly complex, engineered solutions. Our Intelligent Devices and Robotics segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce and robotics industries. The name change did not impact the composition of the Company's reportable segments or the financial information reported for those segments.

Our cost of revenue includes the cost of electronic components and other materials that comprise the products we manufacture; the cost of labor and manufacturing overhead; and adjustments for excess and obsolete inventory. As a provider of turnkey manufacturing services, we are responsible for procuring components and other materials. This requires us to commit significant working capital to our operations and to manage the purchasing, receiving, inspecting, and stocking of materials. At times, we collect deposits from our customers related to the purchase of inventory in order to effectively manage our working capital. Although we bear the risk of fluctuations in the cost of materials and excess scrap, our ability to purchase components and materials efficiently may contribute significantly to our operating results. While we periodically negotiate cost of materials adjustments with our customers, rising component and material prices may negatively affect our margins. Net revenue from each product that we manufacture consists of an element based on the costs of materials in that product and an element based on the labor and manufacturing overhead costs allocated to that product. Our gross margin for any product depends on the mix between the cost of materials in the product and the cost of labor and manufacturing overhead allocated to the product.

Our operating results are impacted by the level of capacity utilization of manufacturing facilities; indirect labor costs; and selling, general, and administrative expenses. Operating income margins have generally improved during periods of high production volume and high capacity utilization. During periods of low production volume, we generally have reduced operating income margins.

We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

On February 20, 2026, the U.S. Supreme Court issued a ruling striking down tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), including, among others, tariffs on imports of certain Canadian, Chinese, and Mexican goods, a universal baseline tariff on imports from most countries, and reciprocal tariffs on select countries. On April 20, 2026, the U.S. Customs and Border Protection launched a system to process IEEPA tariff refund claims. The Company recognizes refunds in the Consolidated Financial Statements as and when the amounts are probable and reasonably estimable. During the fiscal year ended August 31, 2026, the Company began receiving refunds for IEEPA tariffs previously paid, which did not have a material impact on the Company’s results of operations. The global tariff landscape continues to shift rapidly, with changes impacting businesses and markets around the world. We continue to monitor the situation, including whether any additional refunds may be forthcoming, and we do not expect that the receipt of any additional refunds would have a material impact on the Company’s results of operations.

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We have consistently utilized advanced circuit design, production design and manufacturing technologies to meet the needs of our customers. To support this effort, our engineering staff focuses on developing and refining design and manufacturing technologies to meet specific needs of specific customers. Most of the expenses associated with these customer-specific efforts are reflected in our cost of revenue. In addition, our engineers engage in research and development (“R&D”) of new technologies that apply generally to our operations. The expenses of these R&D activities are reflected in the research and development line item within our Consolidated Statements of Operations.

An important element of our strategy is the expansion of our global production facilities. The majority of our revenue and materials costs worldwide are denominated in U.S. dollars, while our labor and utility costs in operations outside the U.S. are denominated in local currencies. We economically hedge certain of these local currency costs, based on our evaluation of the potential exposure as compared to the cost of the hedge, through the purchase of foreign currency exchange contracts. Changes in the fair value of such hedging instruments are reflected within the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income.

See Note 13 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements.

Summary of Results

The following table sets forth, for the periods indicated, certain key operating results and other financial information (in millions, except per share data):


	Fiscal Year Ended August 31,
	2026		2025	2024
Net revenue	$	35,954		$	29,802	$	28,883
Gross profit	$	3,317		$	2,646	$	2,676
Operating income	$	1,704		$	1,182	$	2,013
Net income attributable to Jabil Inc.	$	1,042		$	657	$	1,388
Earnings per share – basic	$	9.86		$	6.00	$	11.34
Earnings per share – diluted	$	9.75		$	5.92	$	11.17

Key Performance Indicators

Management regularly reviews financial and non-financial performance indicators to assess the Company’s operating results. Changes in our operating assets and liabilities are largely affected by our working capital requirements, which are dependent on the effective management of our sales cycle as well as timing of payments. Our sales cycle measures how quickly we can convert our manufacturing services into cash through sales. We believe the metrics set forth below are useful to investors in measuring our liquidity, as future liquidity needs will depend on fluctuations in levels of inventory, accounts receivable, and accounts payable.

The following table sets forth, for the quarterly periods indicated, certain of management’s key financial performance indicators:

Three Months Ended

August 31, 2026

May 31, 2026

August 31, 2025

Sales cycle(1)

2 days

5 days

18 days

Inventory turns (annualized)(2)

4 turns

5 turns

Days in accounts receivable(3)

55 days

56 days

44 days

Days in inventory(4)

82 days

84 days

69 days

Days in accounts payable(5)

135 days

96 days

(1)The sales cycle is calculated as the sum of days in accounts receivable and days in inventory, less the days in accounts payable; accordingly, the variance in the sales cycle quarter over quarter is a direct result of changes in these indicators.

(2)Inventory turns (annualized) are calculated as 360 days divided by days in inventory.

(3)Days in accounts receivable is calculated as accounts receivable, net, divided by net revenue multiplied by 90 days. During the three months ended August 31, 2026, the increase in days in accounts receivable from the three months ended August 31, 2025, was primarily driven by timing of payments.

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(4)Days in inventory is calculated as inventories, net and contract assets divided by cost of revenue multiplied by 90 days. During the three months ended August 31, 2026, the increase in days in inventory from the three months ended August 31, 2025, was primarily driven by timing of customer shipments in the Intelligent Infrastructure segment during the quarter.

(5)Days in accounts payable is calculated as accounts payable divided by cost of revenue multiplied by 90 days. During the three months ended August 31, 2026, the increase in days in accounts payable from the three months ended August 31, 2025, was primarily due to timing of payments in the Intelligent Infrastructure segment during the quarter.

Critical Accounting Policies and Estimates

The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect our reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. Management believes that our estimates and assumptions are reasonable under the circumstances; however, actual results may vary from these estimates and assumptions under different future circumstances. We have identified the following critical accounting policies that affect the more significant judgments and estimates used in the preparation of our Consolidated Financial Statements. For further discussion of our significant accounting policies, see Note 1 – “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements.

Revenue Recognition

For our over time customers, we believe the measure of progress which best depicts the transfer of control is based on costs incurred to date, relative to total estimated cost at completion (i.e., an input method). This method is a faithful depiction of the transfer of goods or services because it results in the recognition of revenue on the basis of our to-date efforts in the satisfaction of a performance obligation relative to the total expected efforts in the satisfaction of the performance obligation. We believe that the use of an input method best depicts the transfer of control to the customer, which occurs as we incur costs on our contracts. The transaction price of each performance obligation is generally based upon the contractual standalone selling price of the product or service.

Inventory Valuation

We purchase inventory based on forecasted demand and record inventory at the lower of cost and net realizable value. Management regularly assesses inventory valuation based on current and forecasted usage, customer inventory-related contractual obligations, and other lower of cost and net realizable value considerations. If actual market conditions or our customers’ product demands are less favorable than those projected, additional valuation adjustments may be necessary.

Long-Lived Assets

We have recorded intangible assets, including goodwill, in connection with business acquisitions. Estimated useful lives of amortizable intangible assets are determined by management based on an assessment of the period over which the asset is expected to contribute to future cash flows. The fair value of acquired amortizable intangible assets impacts the amounts recorded as goodwill. We review amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

We perform a goodwill impairment analysis on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired, and a loss is recognized in the amount equal to that excess.

For further discussion related to impairment analyses performed during fiscal year 2026, see Note 6 – “Goodwill and Other Intangible Assets” to the Consolidated Financial Statements.

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Income Taxes

We estimate our income tax provision in each of the jurisdictions in which we operate, a process that includes estimating exposures related to examinations by taxing authorities. We must also make judgments regarding the ability to realize deferred tax assets. The carrying value of our net deferred tax assets is based on our belief that it is more likely than not that we will generate sufficient future taxable income in certain jurisdictions to realize these deferred tax assets. A valuation allowance has been established for deferred tax assets that we do not believe meet the “more likely than not” criteria. We assess whether an uncertain tax position taken or expected to be taken in a tax return meets the threshold for recognition and measurement in the Consolidated Financial Statements. Our judgments regarding future taxable income as well as tax positions taken or expected to be taken in a tax return may change due to changes in market conditions, changes in tax laws or other factors. If our assumptions and consequently our estimates change in the future, the valuation allowances and/or tax reserves established may be increased or decreased, resulting in a respective increase or decrease in income tax expense. For further discussion related to our income taxes, see Note 15 – “Income Taxes” to the Consolidated Financial Statements.

Recent Accounting Pronouncements

See Note 19 – “New Accounting Guidance” to the Consolidated Financial Statements for a discussion of recent accounting guidance.

Results of Operations

Refer to Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" section contained in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025, for the results of operations discussion for the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024.

Net Revenue

Generally, we assess revenue on a global customer basis regardless of whether the growth is associated with organic growth or as a result of an acquisition. Accordingly, we do not differentiate or separately report revenue increases generated by acquisitions as opposed to existing business. In addition, the added cost structures associated with our acquisitions have historically been relatively insignificant when compared to our overall cost structure.

The distribution of revenue across our segments has fluctuated, and will continue to fluctuate, as a result of numerous factors, including the following: fluctuations in customer demand; efforts to diversify certain portions of our business; business growth from new and existing customers; specific product performance; and any potential termination, or substantial winding down, of significant customer relationships.


	Fiscal Year Ended August 31,		Change
(dollars in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024



Net revenue	$	35,954		$	29,802		$	28,883	20.6	%	3.2	%

2026 vs. 2025

Net revenue increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025. Specifically, the Intelligent Infrastructure segment net revenue increased 45% primarily due to: (i) a 33% increase in revenues from existing customers within our cloud and data center infrastructure business, (ii) a 8% increase in revenues from existing customers within our networking and communications business, and (iii) a 4% increase in revenues from existing customers within our capital equipment business. AI-related revenue growth across these end markets was primarily driven by strong demand for certain AI infrastructure programs. The Regulated Industries segment net revenue increased 7% primarily due to: (i) a 4% increase in revenues from existing customers within our automotive and transportation business, and (ii) a 3% increase in revenues from existing customers within our renewable and energy infrastructure business. The Connected Living and Digital Commerce segment net revenue decreased 4% primarily due to a 11% decrease in revenues from existing customers within our connected living business. The decrease was partially offset by a 7% increase in revenues from existing customers within our digital commerce business.

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The following table sets forth, for the periods indicated, revenue by segment expressed as a percentage of net revenue:


	Fiscal Year Ended August 31,
	2026		2025		2024
Regulated Industries	35	%		40	%	42	%
Intelligent Infrastructure	50	%		41	%	32	%
Connected Living and Digital Commerce	15	%		19	%	26	%
Total	100	%		100	%	100	%

The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:


	Fiscal Year Ended August 31,
	2026		2025		2024
Foreign source revenue	73.1	%		75.0	%	82.5	%

Gross Profit


	Fiscal Year Ended August 31,
(dollars in millions)	2026		2025		2024
Gross profit	$	3,317			$	2,646			$	2,676
Percent of net revenue	9.2	%		8.9	%		9.3	%

2026 vs. 2025

Gross profit as a percentage of net revenue increased for the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to product mix in our Intelligent Infrastructure segment.

Selling, General and Administrative


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Selling, general and administrative	$	1,222		$	1,015		$	1,071	$	207	$	(56)

2026 vs. 2025

Selling, general and administrative expenses increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to an increase in salary and salary related expenses, including salary and salary related expenses resulting from the acquisitions of Hanley Energy Group (“Hanley”) and Rebound Technologies Group Holdings Limited (“Rebound Technologies”).

2025 vs. 2024

Selling, general and administrative expenses decreased during the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024. The decrease is primarily due to: (i) lower salary and salary related expenses primarily driven by the divestiture of the Mobility Business during the fiscal year ended August 31, 2024, (ii) a decrease in office and support costs, and (iii) a decrease in business interruption and impairment charges, net.

See Note 16 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information.

Stock-Based Compensation Expense and Related Charges


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Stock-based compensation expense and related charges	$	140		$	107		$	89	$	33	$	18

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2026 vs. 2025

Stock-based compensation expense and related charges increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to accelerated expense recognition associated with retirement provisions applicable to awards granted during the fiscal year ended August 31, 2026 and higher anticipated achievement levels for certain performance-based stock awards.

2025 vs. 2024

Stock-based compensation expense and related charges remained relatively consistent for the fiscal year ended August 31, 2025, compared to the fiscal year ended August 31, 2024.

See Note 12 – “Stockholders’ Equity” to the Consolidated Financial Statements for additional information.

Research and Development


	Fiscal Year Ended August 31,
(dollars in millions)	2026		2025		2024
Research and development	$	30			$	26			$	39
Percent of net revenue	0.1	%		0.1	%		0.1	%

2026 vs. 2025

Research and development expenses remained consistent as a percent of net revenue during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025.

Amortization of Intangibles


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Amortization of intangibles	$	89		$	62		$	40	$	27	$	22

2026 vs. 2025

Amortization of intangibles increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to additional amortization associated with intangible assets related to the acquisitions of Hanley, Rebound Technologies, and Pharmaceutics International, Inc. (“Pii”). The increase is partially offset by a decrease in amortization related to the Green Point trade name, which was fully amortized during the fiscal year ended August 31, 2026.

See Note 16 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information.

Restructuring, Severance, and Related Charges


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Restructuring, severance and related charges	$	97		$	181		$	296	$	(84)	$	(115)

2026 vs. 2025

Restructuring, severance and related charges decreased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to higher restructuring, severance and related charges, related to the 2025 Restructuring Plan, during the fiscal year ended August 31, 2025. The decrease is partially offset by restructuring, severance, and related charges, related to targeted restructuring activities to optimize our cost structure and improve operational efficiencies, during the fiscal year ended August 31, 2026.

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2025 Restructuring Plan

On September 24, 2024, our Board of Directors approved a restructuring plan to align our support infrastructure to further optimize organizational effectiveness. This action includes headcount reductions across our Selling, General and Administrative (“SG&A”) and manufacturing cost base and capacity realignment (the “2025 Restructuring Plan”).

The 2025 Restructuring Plan, totaling approximately $200 million in pre-tax restructuring and other related costs, was substantially complete as of August 31, 2026.

See Note 14 – “Restructuring, Severance and Related Charges” to the Consolidated Financial Statements for additional information.

Loss (Gain) from the Divestiture of Businesses


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Loss (gain) from the divestiture of businesses	$	1		$	53		$	(942)	$	(52)	$	995

2026 vs. 2025

Charges recorded during the fiscal year ended August 31, 2025, related primarily to a pre-tax loss of $97 million recognized for the divestiture of our operations in Italy. Additionally, certain post-closing adjustments associated with the divestiture of the Mobility Business were realized during the fiscal year ended August 31, 2025, resulting in the recognition of a $54 million pre-tax gain.

See Note 16 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information.

Acquisition and Divestiture Related Charges


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Acquisition and divestiture related charges	$	34		$	20		$	70	$	14	$	(50)

2026 vs. 2025

Acquisition and divestiture related charges increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to higher transaction costs incurred in connection with pursuing acquisition opportunities during the fiscal year ended August 31, 2026. The increase is partially offset by $8 million of gains on forward foreign exchange contracts in connection with the acquisition of Hanley during the fiscal year ended August 31, 2026.

See Note 16 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information.

Loss on Securities


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Loss on securities	$	—		$	46		$	—	$	(46)	$	46

2026 vs. 2025

Loss on securities during the fiscal year ended August 31, 2025, related to an impairment of an investment in Preferred Stock.

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Other Expense


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Other expense	$	115		$	97		$	89	$	18	$	8

2026 vs. 2025

Other expense increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to an increase in fees related to higher utilization on our trade accounts receivable sales programs. The increase was partially offset by lower interest rates related to these programs.

Interest Expense, net


	Fiscal Year Ended August 31,		Change
(in millions)	2026		2025	2024		2026 vs. 2025	2025 vs. 2024
Interest expense, net	$	181		$	147		$	173	$	34	$	(26)

2026 vs. 2025

Interest expense, net increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to higher interest rates on fixed interest rate debt obligations, attributable to the issuance of 4.200% Senior Notes and 4.750% Senior Notes during the fiscal year ended August 31, 2026.

Income Tax Expense


	Fiscal Year Ended August 31,		Change
	2026		2025		2024	2026 vs. 2025		2025 vs. 2024
Effective income tax rate	26.1	%		26.4	%	20.7	%		(0.3)	%	5.7	%

2026 vs. 2025

The effective income tax rate remained consistent for the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025.

The Organization for Economic Co-operation and Development (“OECD”) and participating countries, including countries in which we have tax incentives, continue to implement a 15% global minimum corporate tax framework. OECD guidance issued January 5, 2026 provides that U.S. parented multinationals may be exempt from aspects of the global minimum tax; however, timing and manner of adoption of such guidance may vary by country. These tax changes did not have a material impact to our effective income tax rate for the fiscal year ending August 31, 2026.

On July 4, 2025, the U.S. One Big Beautiful Bill Act (“OBBBA”) was enacted which includes permanent extensions of certain expiring provisions of the Tax Cuts and Jobs Act and makes significant modifications to the U.S. international tax framework. The legislation has multiple effective dates, with certain provisions effective in fiscal year 2025 and others implemented through the fiscal year ended August 31, 2027. The OBBBA did not have a material impact to our Consolidated Financial Statements for the fiscal year ended August 31, 2026; however, we will continue to monitor developments and evaluate any potential future impacts.

Non-GAAP (Core) Financial Measures

The following discussion and analysis of our financial condition and results of operations include certain non-GAAP financial measures as identified in the reconciliation below. The non-GAAP financial measures disclosed herein do not have standard meaning and may vary from the non-GAAP financial measures used by other companies or how we may calculate those measures in other instances from time to time. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Also, our “core” financial measures should not be construed as an inference by us that our future results will be unaffected by those items that are excluded from our “core” financial measures.

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Management believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, (gain) loss from the divestiture of businesses, acquisition and divestiture related charges, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP “core” financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation.

We use an annual normalized tax rate (“normalized core tax rate”) for the computation of the non-GAAP (core) income tax provision to provide better consistency across reporting periods. In estimating the normalized core tax rate annually, we utilize a full-year financial projection of core earnings that considers the mix of earnings across tax jurisdictions, existing tax positions, and other significant tax matters. We may adjust the normalized core tax rate during the year for material impacts from new tax legislation or material changes to our operations.

We are reporting “core” operating income, “core” operating margin, “core” earnings and cash flows to provide investors with an additional method for assessing operating income and earnings, by presenting what we believe are our “core” manufacturing operations. A significant portion (based on the respective values) of the items that are excluded for purposes of calculating “core” operating income, “core” operating margin and “core” earnings also impacted certain balance sheet assets, resulting in a portion of an asset being written off without a corresponding recovery of cash we may have previously spent with respect to the asset. In the case of restructuring, severance and related charges, we may make associated cash payments in the future. In addition, although, for purposes of calculating “core” operating income, “core” operating margin and “core” earnings, we exclude stock-based compensation expense (which we anticipate continuing to incur in the future) because it is a non-cash expense, the associated stock issued may result in an increase in our outstanding shares of common stock, which may result in the dilution of our stockholders’ ownership interest. We encourage you to consider these matters when evaluating the utility of these non-GAAP financial measures.

Adjusted free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures (acquisition of property, plant and equipment less proceeds and advances from the sale of property, plant and equipment). We report adjusted free cash flow as we believe this non-GAAP financial measure is useful to investors in measuring our ability to generate cash internally and fund future growth and to provide a return to shareholders.

Included in the tables below are a reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures as provided in our Consolidated Financial Statements:

Refer to Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" section contained in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025 for the non-GAAP financial measures discussion for the fiscal year ended August 31, 2025 compared to the fiscal year ended August 31, 2024.

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Reconciliation of U.S. GAAP Financial Results to Non-GAAP Measures


	Fiscal Year Ended August 31,
(in millions, except for per share data)	2026		2025		2024
Net revenue	$	35,954			$	29,802			$	28,883

Operating income (U.S. GAAP)	$	1,704			$	1,182			$	2,013
Amortization of intangibles	89			62			40
Stock-based compensation expense and related charges	140			107			89
Restructuring, severance and related charges(1)	97			181			296

Net periodic benefit cost	4			7			6
Business interruption and impairment charges, net(2)	—			8			16
Loss (gain) from the divestiture of businesses(3)	1			53			(942)
Acquisition and divestiture related charges(4)	34			20			70
Adjustments to operating income	365			438			(425)
Core operating income (Non-GAAP)	$	2,069			$	1,620			$	1,588

Operating margin (U.S. GAAP)	4.7	%		4.0	%		7.0	%
Core operating margin (Non-GAAP)	5.8	%		5.4	%		5.5	%

Net income attributable to Jabil Inc. (U.S. GAAP)	$	1,042			$	657			$	1,388
Adjustments to operating income	365			438			(425)
Loss on securities(5)	—			46			—

Net periodic benefit cost	(4)			(7)			(6)
Adjustment for taxes(6)	(4)			(52)			99
Core earnings (Non-GAAP)	$	1,399			$	1,082			$	1,056

Diluted earnings per share (U.S. GAAP)	$	9.75			$	5.92			$	11.17

Diluted core earnings per share (Non-GAAP)	$	13.09			$	9.75			$	8.49

Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP)	106.9			110.9			124.3

(1)Charges recorded during the fiscal year ended August 31, 2026, relate to targeted restructuring activities to optimize our cost structure and improve operational efficiencies. Charges recorded during the fiscal year ended August 31, 2025, primarily related to the 2025 Restructuring Plan.

(2)Charges recorded during the fiscal year ended August 31, 2025, related primarily to costs associated with damage from Hurricanes Helene and Milton, which impacted our operations in St. Petersburg, Florida and Asheville and Hendersonville, North Carolina. Charges recorded during the fiscal year ended August 31, 2025, are classified as a component of cost of revenue and selling, general and administrative expenses in the Consolidated Statements of Operations.

(3)Charges recorded during the fiscal year ended August 31, 2025, related primarily to a pre-tax loss of $97 million recognized for the divestiture of our operations in Italy. Additionally, certain post-closing adjustments associated with the divestiture of the Mobility Business were realized during the fiscal year ended August 31, 2025, resulting in the recognition of a $54 million pre-tax gain.

(4)Charges recorded during the fiscal year ended August 31, 2026, include $8 million of gains on forward foreign exchange contracts in connection with the acquisition of Hanley.

(5)Charges recorded during the fiscal year ended August 31, 2025, related to an impairment of an investment in Preferred Stock.

(6)Tax adjustments for the fiscal year ended August 31, 2025, were partially driven by an income tax benefit associated with a reduction in unrecognized tax benefits from a lapse in statute of limitations.

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Adjusted Free Cash Flow


	Fiscal Year Ended August 31,
(in millions)	2026		2025		2024
Net cash provided by operating activities (U.S. GAAP)	$	2,002			$	1,640		$	1,716

Acquisition of property, plant and equipment (“PP&E”)	(628)			(468)			(784)
Proceeds and advances from sale of PP&E	158			146			123
Adjusted free cash flow (Non-GAAP)	$	1,532			$	1,318		$	1,055

Quarterly Results (Unaudited)

The following table sets forth certain unaudited quarterly financial information for the three months ended August 31, 2026, and 2025. In the opinion of management, this information has been presented on the same basis as the audited consolidated financial statements appearing elsewhere, and all necessary adjustments (consisting primarily of normal recurring accruals) have been included in the amounts stated below to present fairly the unaudited quarterly results when read in conjunction with the audited consolidated financial statements and related notes thereto. The operating results for any quarter are not necessarily indicative of results for any future period.


	Three Months Ended
(in millions, except for per share data)	August 31, 2026		August 31, 2025
Net revenue	$	10,616		$	8,252
Gross profit	$	1,001		$	783
Operating income	$	602		$	337

Net income attributable to Jabil Inc.	$	398		$	218

Earnings per share – basic	$	3.80		$	2.03
Earnings per share – diluted	$	3.76		$	1.99

Acquisitions and Divestitures

See Note 16 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for discussion.

Certain Regulatory Matters

On August 27, 2026, we received an FDA Warning Letter relating to an inspection in March 2026 of the Pharmaceutics International, Inc. (“Pii”) facility in Hunt Valley, Maryland. The letter includes findings related to manufacturing practices and quality systems. All findings relate to Pii and that location, and we do not conduct aseptic filling at any other Jabil location. Since the inspection, management has paused manufacturing at the site, made leadership changes, and launched a comprehensive corrective action plan supported by Jabil’s quality, technical, and operational resources, as well as external industry experts. We are working constructively with the FDA as we address the findings and will begin full remediation once the plan is approved.

Liquidity and Capital Resources

We believe that our level of liquidity sources – which includes cash on hand, available borrowings under our revolving credit facilities, receivables financing facility and commercial paper program, additional proceeds available under our global asset-backed securitization program and under our uncommitted trade accounts receivable sale programs, and cash flows provided by operating activities – and our access to the capital markets will be adequate to fund our capital expenditures, the payment of any declared quarterly dividends, any share repurchases under the approved program, any potential acquisitions, our working capital requirements and our contractual obligations for the next 12 months and beyond. We continue to assess our capital structure and evaluate the merits of redeploying available cash.

Cash and Cash Equivalents

As of August 31, 2026, we had approximately $1.7 billion in cash and cash equivalents, of which a significant portion was held by our foreign subsidiaries. Most of our foreign cash and cash equivalents as of August 31, 2026, could be repatriated to the United States without potential tax expense.

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Notes Payable and Credit Facilities

Following is a summary of principal debt payments and debt issuance for our notes payable and credit facilities:


(in millions)	1.700% Senior Notes(1)		4.250% Senior Notes		3.950% Senior Notes		5.450% Senior Notes	4.200% Senior Notes(1)		3.600% Senior Notes	3.000% Senior Notes		4.750% Senior Notes(1)		Borrowings under revolving credit facilities and other(2)					Total notes payable and credit facilities
Balance as of August 31, 2024	$	499			$	496		$	498		$	296			$	—		$	497		$	594	$	—		$	—	$	2,880
Borrowings	—			—			—		—		—			—			—		—		1,844				1,844
Payments	—			—			—		—		—			—			—		—		(1,844)				(1,844)
Other	—			1			1		1		—			1			1		—		—				5
Balance as of August 31, 2025	499			497			499		297		—			498			595		—		—				2,885
Borrowings	—			—			—		—		500			—			—		496		1,777				2,773
Payments	(500)			—			—		—		—			—			—		—		(1,775)				(2,275)
Other	1			2			—		1		(3)			—			1		(4)		(2)				(4)
Balance as of August 31, 2026	$	—			$	499		$	499		$	298			$	497		$	498		$	596	$	492		$	—	$	3,379
Maturity Date	Apr 15, 2026		May 15, 2027		Jan 12, 2028		Feb 1, 2029	Feb 1, 2029		Jan 15, 2030	Jan 15, 2031		Feb 1, 2033		Jun 18, 2030
Original Facility/ Maximum Capacity	$500 million		$500 million		$500 million		$300 million	$500 million		$500 million	$600 million		$500 million		$4.4 billion(2)

(1)On January 23, 2026, we issued $500 million aggregate principal amount of 4.200% Senior Notes due 2029 (the “4.200% Senior Notes”) and $500 million aggregate principal amount of 4.750% Senior Notes due 2033 (the “4.750% Senior Notes”) in an underwritten public offering. We used the net proceeds for general corporate purposes, including the repayment of the $500 million aggregate principal amount of 1.700% Senior Notes due in April 2026.

(2)As of August 31, 2026, we had $4.4 billion in available unused borrowing capacity under our revolving credit facilities and receivables financing facility, of which $3.2 billion was available under the senior unsecured credit agreement dated June 18, 2025 (the “Revolving Credit Facility”). The Revolving Credit Facility acts as the back-up facility for commercial paper outstanding, if any. We have a borrowing capacity of up to $3.2 billion under our commercial paper program. Under the receivables financing facility, we receive cash advances from an unaffiliated financial institution in exchange for rights to designated pools of trade accounts receivable. Borrowings under commercial paper and the receivables financing facility with an original maturity of 90 days or less are recorded net within the Consolidated Statements of Cash Flows, and have been excluded from the table above.

In the ordinary course of business, we have letters of credit and surety bonds with banks and insurance companies outstanding of $137 million as of August 31, 2026. Unused letters of credit were immaterial as of August 31, 2026. Letters of credit and surety bonds are generally available for draw down in the event we do not perform.

We have a shelf registration statement with the SEC registering the potential sale of an indeterminate amount of debt and equity securities in the future to augment our liquidity and capital resources.

Our Senior Notes and our credit facilities contain various financial and nonfinancial covenants. A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the notes payable and credit facilities and potentially causing acceleration of amounts due under these notes payable and credit facilities. As of August 31, 2026, and 2025, we were in compliance with our debt covenants. See Note 7 – “Notes Payable and Long-Term Debt” to the Consolidated Financial Statements for further details.

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Global Asset-Backed Securitization Program

Certain Jabil entities participating in the global asset-backed securitization program continuously sell designated pools of trade accounts receivable to a special purpose entity, which in turn sells certain of the receivables at a discount to conduits administered by an unaffiliated financial institution on a monthly basis. In addition, a foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis. As these accounts receivable are sold without recourse, we do not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions.

We continue servicing the receivables sold and in exchange receive an immaterial servicing fee under the global asset-backed securitization program. In conjunction with our global asset-backed securitization program, we are required to remit amounts collected as a servicer under the global asset-backed securitization program to a special purpose entity. We do not record a servicing asset or liability on the Consolidated Balance Sheets as we estimate that the fee we receive to service these receivables approximates the fair market compensation to provide the servicing activities.

The special purpose entity in the global asset-backed securitization program is a wholly owned subsidiary of the Company and is included in our Consolidated Financial Statements. Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of August 31, 2026.

The global asset-backed securitization program expires in January 2028. Effective August 17, 2026, the terms of the global asset-backed securitization program were amended to increase the maximum amount of net cash proceeds available at any one time from $700 million to $800 million through September 2026 and to $900 million starting in October 2026.

The outstanding balance of receivables sold and not yet collected on accounts where we have continuing involvement was approximately $378 million and $372 million as of August 31, 2026, and 2025, respectively. During the fiscal year ended August 31, 2026, we sold $4.5 billion of trade accounts receivable, and we received cash proceeds of $4.5 billion. The receivables that were sold were removed from the Consolidated Balance Sheets and the cash received was included as cash provided by operating activities on the Consolidated Statements of Cash Flows.

The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Revolving Credit Facility. As of August 31, 2026, and 2025, we were in compliance with all covenants under our global asset-backed securitization program. See Note 8 – “Asset-Backed Securitization Program” to the Consolidated Financial Statements for further details on the program.

Trade Accounts Receivable Sale Programs

We regularly sell designated pools of high credit quality trade accounts receivable under uncommitted trade accounts receivable sale programs to unaffiliated financial institutions without recourse. In conjunction with our trade accounts receivable sale programs, we are required to remit amounts collected as a servicer under the trade accounts receivable sale programs to the unaffiliated financial institutions that purchased the receivables. The outstanding balance of receivables sold and not yet collected on accounts where we have continuing involvement was approximately $677 million and $927 million as of August 31, 2026, and 2025, respectively. During the fiscal year ended August 31, 2026, we sold $18.3 billion of trade accounts receivable under these programs and we received cash proceeds of $18.3 billion. The receivables that were sold were removed from the Consolidated Balance Sheets and the cash received was included as cash provided by operating activities on the Consolidated Statements of Cash Flows.

Cash Flows

The following table sets forth selected consolidated cash flow information (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
Net cash provided by operating activities	$	2,002			$	1,640		$	1,716
Net cash (used in) provided by investing activities	(1,335)			(714)			1,351
Net cash used in financing activities	(866)			(1,204)			(2,668)
Effect of exchange rate changes on cash and cash equivalents	5			10			(2)
Net (decrease) increase in cash and cash equivalents	$	(194)			$	(268)		$	397

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Operating Activities

Net cash provided by operating activities during the fiscal year ended August 31, 2026, was primarily due to an increase in accounts payable, accrued expenses and other liabilities and non-cash expenses and net income. Net cash provided by operating activities was partially offset by an increase in inventories, an increase in prepaid expenses and other current assets, an increase in accounts receivable, and an increase in contract assets. The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of purchases and cash payments in the Intelligent Infrastructure segment. The increase in inventories is primarily driven by timing of customer shipments in the Intelligent Infrastructure segment. The increase in prepaid expenses and other current assets is primarily driven by the timing of shipments of customer-controlled consignment components in the Intelligent Infrastructure segment. The increase in accounts receivable is primarily driven by the timing of collections. The increase in contract assets is primarily due to the timing of revenue recognition for the over time customers.

Investing Activities

Net cash used in investing activities during the fiscal year ended August 31, 2026, consisted primarily of the acquisition of Hanley and Rebound Technologies and capital expenditures, principally to support ongoing business in the Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce segments, partially offset by proceeds and advances from the sale of property, plant and equipment.

Financing Activities

Net cash used in financing activities during the fiscal year ended August 31, 2026, was primarily due to (i) payments for debt agreements, (ii) the repurchase of our common stock under our share repurchase authorization, (iii) treasury stock minimum tax withholding related to vesting of restricted stock, and (iv) dividend payments. Net cash used in financing activities was partially offset by (i) borrowings under debt agreements and (ii) net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan.

Capital Expenditures

For Fiscal Year 2027, we anticipate our net capital expenditures to be in the range of 1.5% to 2.0% of net revenue. In general, our capital expenditures support ongoing maintenance and growth in our Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce segments and investments in capabilities and targeted end markets. The amount of actual capital expenditures may be affected by general economic, financial, competitive, legislative, and regulatory factors, among other things.

Dividends and Share Repurchases

Following is a summary of the dividends and share repurchases for the fiscal years indicated below (in millions):


	Dividends Paid(1)		Share Repurchases(2)	Total
Fiscal years 2016 – 2023	$	426		$	3,079	$	3,505
Fiscal year 2024	$	42		$	2,500	$	2,542
Fiscal year 2025	$	36		$	1,000	$	1,036
Fiscal year 2026	$	35		$	1,060	$	1,095
Total	$	539		$	7,639	$	8,178

(1)The difference between dividends declared and dividends paid is due to dividend equivalents for unvested restricted stock units that are paid at the time the awards vest.

(2)Excludes commissions and excise taxes.

We currently expect to continue to declare and pay regular quarterly dividends in amounts similar to our past declarations. However, the declaration and payment of future dividends are discretionary and will be subject to determination by our Board of Directors each quarter following its review of our financial performance and global economic conditions.

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We repurchase shares of our common stock under share repurchase programs authorized by our Board of Directors. The following Board approved share repurchase programs were executed through a combination of accelerated share repurchase (“ASR”) agreements and open market transactions (in millions):


	Board Approval Date	Amount Authorized		Shares Repurchased	Total Cash Utilized	Remaining Authorization		Authorization Completion Date



Amended 2023 Share Repurchase Program	Q1 FY 2024	$	2,500		20.4	$	2,500		$	—	Q1 FY 2025
2025 Share Repurchase Program	Q1 FY 2025	$	1,000		6.6	$	1,000		$	—	Q4 FY 2025
2026 Share Repurchase Program	Q4 FY 2025	$	1,000		4.0	$	1,000		$	—	Q4 FY 2026
2027 Share Repurchase Program(1)	Q4 FY 2026	$	1,500		1.9	$	602		$	898

(1)As of August 31, 2026, 0.2 million shares of common stock had been repurchased for $60 million and $1.4 billion remains available under the 2027 Share Repurchase Program. As of October 20, 2026, 1.9 million shares of common stock had been repurchased for $602 million and $898 million remained available under the 2027 Share Repurchase Program.

Under ASR agreements, we make payments to the participating financial institutions and receive an initial delivery of shares of common stock. The final number of shares of common stock delivered upon settlement of the ASR agreements is determined based on a discount to the volume weighted average price of our common stock during the term of the agreements. The initial delivery and final delivery of shares of common stock, results in an immediate reduction of the outstanding shares of common stock used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.

The terms of ASR agreements, structured as outlined above, were as follows (in millions, except average price):


Agreement Execution Date	Agreement Settlement Date		Agreement Amount		Initial Shares Delivered	Additional Shares Delivered	Total Shares Delivered	Average Price Paid Per Share
Q1 FY 2024	Q1 FY 2024		$	500		3.3	0.6	3.9	$	128.61
Q4 FY 2024	Q1 FY 2025		$	555		4.2	1.0	5.2	$	107.08
Q2 FY 2025	Q3 FY 2025		$	310		1.8	0.2	2.0	$	154.44
Q3 FY 2025	Q4 FY 2025		$	309		1.8	0.0	1.8	$	171.91
Q1 FY 2026	Q2 FY 2026	(1)	$	45		0.2	0.0	0.2	$	209.67
Q2 FY 2026	Q3 FY 2026	(2)	$	200		0.8	0.0	0.8	$	246.29
Q1 FY 2027	Q2 FY 2027		$	281		0.8	(3)	(3)	$	304.41

(1)In October 2025, we entered into ASR agreements to repurchase $45 million, excluding excise tax, of our common stock. Under the ASR agreements, we made payments of $45 million to participating financial institutions and received an initial delivery of shares of common stock. In December 2025, the ASR transaction was completed and the final delivery of shares of common stock was received.

(2)In December 2025, we entered into ASR agreements to repurchase $200 million, excluding excise tax, of our common stock. Under the ASR agreements, we made payments of $200 million to participating financial institutions and received an initial delivery of shares of common stock. In March 2026, the ASR transaction was completed and the final delivery of shares of common stock was received.

(3)In October 2026, we entered into ASR agreements to repurchase $281 million, excluding excise tax, of our common stock. Under the ASR agreements, we made payments of $281 million to participating financial institutions and received an initial delivery of shares of common stock. The delivery of any remaining shares will occur at the final settlement of the transactions under the ASR agreements.

In addition, we repurchased shares of our common stock through the open market as follows (in millions):


	Fiscal Year Ended August 31,
	2026	2025		2024
	Shares	Cost		Shares	Cost	Shares		Cost
Open market share repurchases(1)	3.2	$	815		2.8	$	377		11.3	$	1,445

(1)As of October 20, 2026, 1.1 million shares of common stock had been repurchased for $321 million through open market transactions under the 2027 Share Repurchase Program.

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Warrants

On December 27, 2024, we issued a warrant (the “Warrant”) to Amazon.com NV Investment Holdings LLC (“Warrantholder”) to acquire up to 1,158,539 of our ordinary shares (“Warrant Shares”) at an initial exercise price of $137.7671 per share, which is the preceding 30 trading day VWAP. The Warrant allows for cashless exercise and expires December 27, 2031. The Warrant Shares are subject to vesting for payments for purchased products and services over the seven-year Warrant term, with 59,582 of the Warrant Shares having vested upon issuance. As of August 31, 2026, 59,582 Warrant Shares have vested and remain unexercised. See Note 12 – “Stockholders’ Equity” to the Consolidated Financial Statements for additional information.

Contractual Obligations

Our contractual obligations as of August 31, 2026, are summarized below. As disclosed below, while we have certain non-cancelable purchase order obligations for property, plant and equipment, we generally do not enter into non-cancelable purchase orders for materials until we receive a corresponding purchase commitment from our customer. Non-cancelable purchase orders do not typically extend beyond the normal lead time of several weeks, at most. Purchase orders beyond this time frame are typically cancellable.


	Payments due by period (in millions)
	Total		Less than 1 year		1-3 years		3-5 years	After 5 years
Notes payable and long-term debt	$	3,379			$	499		$	1,294	$	1,094	$	492
Future interest on notes payable and long-term debt(1)	425			133			180		79	33
Operating lease obligations(2)(3)	785			138			228		167	252
Finance lease obligations(2)(3)(4)	377			99			116		52	110
Non-cancelable purchase order obligations(5)	623			388			204		31	—
Pension and postretirement contributions and payments(6)	68			31			6		8	23

Total contractual obligations(7)	$	5,657			$	1,288		$	2,028	$	1,431	$	910

(1)Consists of interest on notes payable and long-term debt outstanding as of August 31, 2026.

(2)Excludes $149 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

(3)Excludes $452 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees. Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities.

(4)Includes $135 million of payments related to a lease with a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is also the Company’s maximum exposure to loss related to the VIE.

(5)Consists of purchase commitments entered into as of August 31, 2026, primarily for property, plant and equipment and software pursuant to legally enforceable and binding agreements.

(6)Includes the estimated company contributions to funded pension plans during fiscal year 2027 and the expected benefit payments for unfunded pension and postretirement plans from fiscal years 2027 through 2036. These future payments are not recorded on the Consolidated Balance Sheets but will be recorded as incurred.

(7)As of August 31, 2026, we have $159 million recorded as a long-term liability for uncertain tax positions. In addition, we agreed to indemnify BYDE from certain liabilities that may arise post-close that relate to periods prior to the Closing Date. We are not able to reasonably estimate the timing of payments, or the amount by which these liabilities will increase or decrease over time, and accordingly, they have been excluded from the above table.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Foreign Currency Exchange Risks

We transact business in various foreign countries and are, therefore, subject to the risk of foreign currency exchange rate fluctuations. We enter into forward foreign exchange contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, intercompany transactions, and fixed purchase obligations denominated in a currency other than the functional currency of the respective operating entity. We do not, and do not intend to use, derivative financial instruments for speculative or trading purposes. All derivative instruments are recorded on our Consolidated Balance Sheets at their respective fair values.

Forward foreign exchange contracts will generally expire in less than three months and are primarily denominated in Chinese yuan renminbi, euro, Malaysian ringgit, Mexican peso, and Swiss franc. Based on our overall currency rate exposures as of August 31, 2026 and 2025, respectively, including the derivative financial instruments intended to hedge the nonfunctional currency-denominated monetary assets and liabilities, an immediate 10% hypothetical change of foreign currency exchange rates would not have a material effect on our Consolidated Financial Statements. See Note 11 – “Derivative Financial Instruments and Hedging Activities” to the Consolidated Financial Statements for additional information.

Interest Rate Risk

Our exposure to market risk includes changes in interest rates that could affect the Consolidated Balance Sheet, Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows. We are exposed to interest rate risk primarily on intra-quarter variable rate borrowings under the Credit Facility and our commercial paper program. There were no borrowings outstanding under debt facilities with variable interest rates as of August 31, 2026 and 2025, respectively.

We utilize valuation models to estimate the effects of sudden interest rate changes. A hypothetical 100-basis-point change in the interest rates under the Credit Facility and our commercial paper program would not have a material effect on our Consolidated Financial Statements. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” and Note 7 – “Notes Payable and Long-Term Debt” to the Consolidated Financial Statements for additional information regarding our outstanding debt obligations.

The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances. Contemporaneously with the issuance of the 4.750% Senior Notes in January 2026, the Company settled cash flow hedges with an aggregate notional amount of $400 million, with various effective dates from March 2025 through December 2025. The cash received for the cash flow hedges at settlement was immaterial. The settled cash flow hedges are recorded in the Consolidated Balance Sheets as a component of AOCI and are amortized to interest expense, net in the Consolidated Statements of Operations. As of August 31, 2026, there were no outstanding interest rate swaps. See Note 11 – “Derivative Financial Instruments and Hedging Activities” for additional information regarding interest rate risk management.

Item 8. Financial Statements and Supplementary Data

Certain information required by this item is included in Item 7 of Part II of this Report under the heading “Quarterly Results (Unaudited)” and is incorporated into this item by reference. All other information required by this item is included in Item 15 of Part IV of this Report and is incorporated into this item by reference.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

There have been no changes in or disagreements with our accountants on accounting and financial disclosure.

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Item 9A. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

We carried out an evaluation required by Rules 13a-15 and 15d-15 under the Exchange Act (the “Evaluation”), under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15 and 15d-15 under the Exchange Act as of August 31, 2026. Based on the Evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and (ii) accumulated and communicated to our senior management, including our CEO and CFO, to allow timely decisions regarding required disclosure.

On January 2, 2026, we completed the acquisition of Hanley Energy Group (“Hanley”). The scope of our evaluation of the effectiveness of our disclosure controls and procedures did not include the internal control over financial reporting of Hanley. This exclusion is in accordance with the SEC Staff’s guidance that an assessment of a recently acquired business may be omitted from the scope of a registrant’s assessment for a period of up to one year following the acquisition. Hanley accounted for 3.3% of total assets and less than 1.0% of net revenue as of and for the fiscal year ended August 31, 2026.

(b) Management’s Report on Internal Control over Financial Reporting

We assessed the effectiveness of our internal control over financial reporting as of August 31, 2026. Management’s report on internal control over financial reporting as of August 31, 2026, is incorporated herein at Item 15. Ernst & Young LLP, our independent registered public accounting firm, issued an audit report on the effectiveness of our internal control over financial reporting as of August 31, 2026, which is incorporated herein at Item 15.

Our management, including our CEO and CFO, does not expect that our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls may be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.

The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Notwithstanding the foregoing limitations on the effectiveness of controls, we have reached the conclusions set forth in Management’s report on internal control over financial reporting as of August 31, 2026.

For our fiscal quarter ended August 31, 2026, we did not identify any modifications to our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

Rule 10b5-1 Trading Plans

During the three months ended August 31, 2026, no director or “officer” of the Company (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934 (the “Exchange Act”)) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408 of Regulation S-K of the Exchange Act).

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information regarding our executive officers is included in Item 1 of Part I of this Report under the heading “Information about our Executive Officers.”

The other information required by this item is incorporated by reference to the information set forth under the captions “Election of Directors”, “Beneficial Ownership – Delinquent Section 16(a) Reports”, “Corporate Governance”, “Audit Committee Matters” and “Insider Trading Policy” in our Proxy Statement for the Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of our fiscal year ended August 31, 2026 (“Proxy Statement”).

Item 11. Executive Compensation

The information required by this item is incorporated by reference to the information set forth under the captions “Compensation Matters” (excluding the information under the caption “Pay Versus Performance”), “Election of Directors – Director Compensation” and “Corporate Governance – Compensation Committee Interlocks and Insider Participation” in our Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item is incorporated by reference to the information set forth under the captions “Beneficial Ownership – Share Ownership by Principal Stockholders and Management” and “Compensation Matters – Equity Compensation Plan Information” in our Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this item is incorporated by reference to the information set forth under the captions “Corporate Governance – Related Party Transactions – Certain Related Party Transactions”, “Corporate Governance – Determinations of Director Independence” in our Proxy Statement.

Item 14. Principal Accounting Fees and Services

The information required by this item is incorporated by reference to the information set forth under the captions “Audit Committee Matters – Principal Accounting Fees and Services”, “– Policy on Audit Committee Pre-Approval of Audit, Audit-Related and Permissible Non-Audit Services” and “Ratification of Appointment of Independent Registered Public Accounting Firm” in our Proxy Statement.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) The following documents are filed as part of this Report:

1.Financial Statements. Our consolidated financial statements, and related notes thereto, with the independent registered public accounting firm reports thereon are included in Part IV of this report on the pages indicated by the Index to Consolidated Financial Statements and Schedule.

2.Financial Statement Schedule. Our financial statement schedule is included in Part IV of this report on the page indicated by the Index to Consolidated Financial Statements and Schedule. This financial statement schedule should be read in conjunction with our consolidated financial statements, and related notes thereto.

Schedules not listed in the Index to Consolidated Financial Statements and Schedule have been omitted because they are not applicable, not required, or the information required to be set forth therein is included in the consolidated financial statements or notes thereto.

3.Exhibits. See Item 15(b) below.

(b) Exhibits. The following exhibits are included as part of, or incorporated by reference into, this Report.

EXHIBIT LIST

Incorporated by Reference Herein

Exhibit No.

Description

Form

Exhibit

Filing Date/ Period End

3.1

Registrant’s Certificate of Incorporation, as amended.

10-Q

3.1

5/31/2017

3.2

Registrant’s Amended and Restated Bylaws.

8-K

3.1

10/23/2024

4.1

Form of Certificate for Shares of the Registrant’s Common Stock. (P)

S-1

3/17/1993

4.2

Indenture, dated January 16, 2008, with respect to Senior Debt Securities of the Registrant, between the Registrant and U.S. Bank National Association (as successor in interest to The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust) Company, N.A.), as trustee.

8-K

4.2

1/17/2008

4.3

Form of 4.250% Registered Senior Notes due 2027 (included as Exhibit A to the Officers’ Certificate filed herewith as Exhibit 4.1 0 ).

8-K

4.2

5/4/2022

4.4

Form of 3.950% Senior Notes due 2028 (included as Exhibit A to the Officers’ Certificate filed herewith as Exhibit 4.1 1 ).

8-K

4.2

1/17/2018

4.5

Form of 4.200% Senior Notes due 2029 (included as Exhibit A to the Officers’ Certificate filed herewith as Exhibit 4.1 5 ).

8-K

4.2

1/23/2026

4.6

Form of 5.450% Senior Notes due 2029 (included as Exhibit A to the Officers’ Certificate filed herewith as Exhibit 4.1 2 ).

8-K

4.2

4/13/2023

4.7

Form of 3.600% Senior Notes due 2030 (included as Exhibit B to the Officers’ Certificate filed herewith as Exhibit 4.1 3 ).

8-K

4.2

1/15/2020

4.8

Form of 3.000% Senior Notes due 2031 (included as Exhibit B to the Officer s ’ Certificate filed herewith as Exhibit 4.1 4 ).

8-K

4.1

7/13/2020

4.9

Form of 4.750% Senior Notes due 2033 (included as Exhibit B to the Officers’ Certificate filed herewith as Exhibit 4.15).

8-K

4.3

1/23/2026

4.10

Officers’ Certificate, dated as of May 4, 2022, establishing the 4.250% Senior Notes due 2027.

8-K

4.1

5/4/2022

4.11

Officers’ Certificate, dated as of January 17, 2018, establishing the 3.950% Senior Notes due 2028.

8-K

4.1

1/17/2018

4.12

Officers’ Certificate, dated as of April 13, 2023, establishing the 5.450% Senior Notes due 2029.

8-K

4.1

4/13/2023

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4.13

Officers’ Certificate, dated as of January 15, 2020, establishing the 3.600% Senior Notes due 2030.

8-K

4.1

1/15/2020

4.14

Officers’ Certificate, dated as of July 13, 2020, establishing the 3.000% Senior Notes due 2031.

8-K

4.1

7/13/2020

4.15

Officers’ Certificate, dated as of January 23, 2026, establishing the 4.200% Senior Notes due 2029 and the 4.750% Senior Notes due 2033.

8-K

4.1

1/23/2026

4.16

Description of Jabil Securities.

10-K

4.9

8/31/2021

10.1†

Restated cash or deferred profit sharing plan under section 401(k). (P)

S-1

3/3/1993

10.2†

Form of Indemnification Agreement between the Registrant and its Officers and Directors. (P)

S-1

3/3/1993

10.3†

Jabil Inc. 2011 Employee Stock Purchase Plan, as amended.

14A

12/9/2020

10.4†

Jabil Inc. 2021 Equity Incentive Plan.

14A

12/9/2020

10.4a†**

Form of Jabil Inc. Restricted Stock Unit Award Agreement (PBRSU EPS – Executive).

10-Q

10.2

11/30/2024

10.4b†**

Form of Jabil Inc. Restricted Stock Unit Award Agreement (PBRSU TSR – Executive).

10-Q

10.3

11/30/2024

10.4c†

Form of Jabil Inc. Restricted Stock Unit Award Agreement (TBRSU Executive).

10-Q

10.4

11/30/2024

10.4d†

Form of Jabil Inc. Restricted Stock Unit Award Agreement (TBRSU Executive – Non-Retirement Eligible).

10-Q

10.5

11/30/2024

10.4e†

Form of Jabil Inc. Restricted Stock Unit Award Agreement (TBRSU Non-Employee Director).

10-Q

10.6

11/30/2024

10.4f†**

Form of Jabil Inc. Restricted Stock Unit Award Agreement (PBRSU EPS – Executive).

10-Q

10.3

11/30/2025

10.4g†**

Form of Jabil Inc. Restricted Stock Unit Award Agreement (PBRSU TSR – Executive).

10-Q

10.4

11/30/2025

10.4h†

Form of Jabil Inc. Restricted Stock Unit Award Agreement (TBRSU).

10-Q

10.5

11/30/2025

10.4i†

Form of Jabil Inc. Restricted Stock Unit Award Agreement (TBRSU – Non-Retirement Eligible).

10-Q

10.6

11/30/2025

10.4j†

Form of Jabil Inc. Restricted Stock Unit Award Agreement (TBRSU – Non-Retirement Eligible, Three-Year Cliff Vesting).

10-Q

10.7

11/30/2025

10.5†

Executive Deferred Compensation Plan.

10-Q

10.3

5/31/2026

10.6**

Warrant to Purchase Common Stock, dated December 27, 2024, issued to Amazon.com, Inc.

8-K

4.1

1/3/2025

10.7

Credit Agreement dated as of June 18, 2025 among Jabil Inc.; the lenders named therein; Citibank, N.A., as administrative agent; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; BNP Paribas, Credit Agricole Corporate and Investment Bank, Miz uho Bank, Ltd., Sumitomo Mitsui Banking Corporation and U.S. Bank National Association, as co-documentation agents; and Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A., BNP Paribas Securities Corp., Credit Agricole Corporate and Investment Bank, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and U.S. Bank National Association, as joint lead arrangers and joint bookrunners.

8-K

10.1

6/24/2025

10.8†

Consulting Agreement dated January 22, 2026, between Jabil Inc. and Mark T. Mondello.

8-K

10.1

1/28/2026

10.9†

Underwriting Agreement , dated as of January 14, 2026, among the Com pany, BNP Paribas Securities Corp., Citigroup Global Markets Inc ., Credit Agricole Securities (USA) Inc., and SMBC Nikko Securities America, Inc., as representatives of the several underwriters listed ther e in .

8-K

1.1

1/23/2026

19.1

Insider Trading Policy

10-K

19.1

8/31/2024

21.1*

List of Subsidiaries.

23.1*

Consent of Independent Registered Public Accounting Firm.

24.1*

Power of Attorney (See Signature page).

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31.1*

Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer of the Registrant.

31.2*

Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer of the Registrant.

32.1*

Section 1350 Certification by the Chief Executive Officer of the Registrant.

32.2*

Section 1350 Certification by the Chief Financial Officer of the Registrant.

97.1

Executive Compensation Recoupment (Clawback) Policy.

10-K

97.1

8/31/2024

101

The following financial information from Jabil’s Annual Report on Form 10-K for the fiscal period ended August 31, 2026, formatted in Inline XBRL: (i) Consolidated Balance Sheets as of August 31, 2026 and August 31, 2025; (ii) Consolidated Statements of Operations for the fiscal years ended August 31, 2026, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the fiscal years ended August 31, 2026, 2025 and 2024; (iv) Consolidated Statements of Comprehensive Stockholders’ Equity for the fiscal years ended August 31, 2026, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the fiscal years ended August 31, 2026, 2025 and 2024; and (vi) Notes to Consolidated Financial Statements.

104

Cover Page Interactive Data File (Embedded within the inline XBRL Document in Exhibit 101).

†

Indicates management compensatory plan, contract or arrangement.

Filed or furnished herewith.

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. Jabil agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon request.

Certain instruments with respect to long-term debt of the Company and its consolidated subsidiaries are not filed herewith pursuant to Item 601(b)(4)(iii) of Regulation S-K since the total amount of securities authorized under each such instrument does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of any such instrument to the SEC upon request.

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JABIL INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE


Management’s Report on Internal Control over Financial Reporting	54
Reports of Independent Registered Public Accounting Firm (Ernst & Young LLP; PCAOB ID: 42)	55

Consolidated Financial Statements:
Consolidated Balance Sheet s – August 31, 2026 and 2025	58
Consolidated Statements of Operations – Fiscal years ended August 31, 2026, 2025, and 2024	59
Consolidated Statements of Comprehensive Income – Fiscal years ended August 31, 2026, 2025,and 2024	60
Consolidated Statements of Stockholders’ Equity – Fiscal years ended August 31, 2026, 2025, and 2024	61
Consolidated Statements of Cash Flows – Fiscal years ended August 31, 2026, 2025, and 2024	62
Notes to Consolidated Financial Statements	63

Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts	98

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management of Jabil Inc. (the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

On January 2, 2026, the Company completed the acquisition of Hanley Energy Group (“Hanley”). The scope of its evaluation of the effectiveness of the Company’s disclosure controls and procedures did not include the internal control over financial reporting of Hanley. This exclusion is in accordance with the SEC Staff’s guidance that an assessment of a recently acquired business may be omitted from the scope of a registrant’s assessment for a period of up to one year following the acquisition. Hanley accounted for 3.3% of total assets and less than 1.0% of net revenue as of and for the fiscal year ended August 31, 2026.

Under the supervision of and with the participation of the Chief Executive Officer and the Chief Financial Officer, the Company’s management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting as of August 31, 2026. Management based this assessment on the framework as established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management’s assessment included an evaluation of the design of the Company’s internal control over financial reporting and testing of the effectiveness of its internal control over financial reporting.

Based on this assessment, management has concluded that, as of August 31, 2026, the Company maintained effective internal control over financial reporting.

Ernst & Young LLP, the Company’s independent registered public accounting firm, issued an audit report on the effectiveness of the Company’s internal control over financial reporting which follows this report.

October 23, 2026

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Jabil Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Jabil Inc. and subsidiaries’ internal control over financial reporting as of August 31, 2026, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Jabil Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of August 31, 2026, based on the COSO criteria.

As indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Hanley Energy Group (Hanley), which is included in the 2026 consolidated financial statements of the Company and constituted 3.3% of total assets as of August 31, 2026 and less than 1.0% of net revenue for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Hanley.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of August 31, 2026 and 2025, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended August 31, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a), and our report dated October 23, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.


/s/ Ernst & Young LLP

Tampa, Florida

October 23, 2026

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Jabil Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Jabil Inc. and subsidiaries (the Company) as of August 31, 2026 and 2025, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended August 31, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at August 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended August 31, 2026, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of August 31, 2026, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated October 23, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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	U.S. Income Tax Valuation Allowance
Description of the Matter	The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. As explained in Note 1, the Company records the effects of the Global Intangible Low-Taxed Income (“GILTI”) or, as applicable, Net Controlled Foreign Corporation Tested Income (“NCTI”) as a period cost and applies the incremental cash tax savings approach when analyzing the impact GILTI or NCTI could have on its U.S. valuation allowance. The incremental cash tax savings approach considers the realizable benefit of a net operating loss and other deferred tax assets by comparing the incremental cash taxes in the calculation of GILTI or NCTI with and without the net operating loss and other deferred tax assets. Auditing the Company’s assessment of the realizability of U.S. deferred tax assets was challenging due to the complex auditor judgment required in analyzing the incremental cash tax savings approach and resulting impact of GILTI or NCTI on the U.S. valuation allowance. This required an increased extent of effort, including the need to involve tax professionals, to evaluate the Company’s application of relevant tax laws and regulations.
How We Addressed the Matter in Our Audit	We identified and tested internal controls over the Company’s process to apply the incremental cash tax savings approach and assess the impact of GILTI or NCTI on its U.S. valuation allowance. In testing the realizability of U.S. deferred tax assets, we involved tax professionals to assist in assessing management’s application of the incremental cash tax savings approach. We used our knowledge of and experience with the application of the relevant tax laws to evaluate the Company’s computation of the incremental cash savings and the resulting impact on the U.S. valuation allowance. We also independently calculated the incremental cash tax savings and compared it to the Company’s computation, as well as assessed the underlying data and assumptions. Lastly, we evaluated the adequacy of the Company’s income tax disclosures included in Note 15 in relation to the Company’s valuation allowance.


/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2010.

Tampa, Florida

October 23, 2026

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JABIL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except for share data)


	August 31, 2026		August 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,739			$	1,933
Accounts receivable, net of allowance for credit losses	6,513			4,039
Contract assets	1,296			1,057
Inventories, net of reserve for excess and obsolete inventory	7,413			4,681
Prepaid expenses and other current assets	4,559			2,010

Total current assets	21,520			13,720
Property, plant and equipment, net of accumulated depreciation	3,005			2,847
Operating lease right-of-use assets	614			462
Goodwill	1,225			841
Intangible assets, net of accumulated amortization	603			273
Deferred income taxes	178			141
Other assets	290			259

Total assets	$	27,435			$	18,543
LIABILITIES AND EQUITY
Current liabilities:
Current installments of notes payable and long-term debt	$	499			$	499
Accounts payable	14,444			7,937
Accrued expenses	6,619			5,185
Current operating lease liabilities	111			93

Total current liabilities	21,673			13,714
Notes payable and long-term debt, less current installments	2,880			2,386
Other liabilities	421			345
Non-current operating lease liabilities	530			388
Income tax liabilities	170			113
Deferred income taxes	144			80

Total liabilities	25,818			17,026
Commitments and contingencies
Equity:
Jabil Inc. stockholders’ equity:
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and outstanding	—			—
Common stock, $0.001 par value, authorized 500,000,000 shares; 279,597,007 and 278,092,060 shares issued and 104,475,785 and 107,480,895 shares outstanding at August 31, 2026 and 2025, respectively	—			—
Additional paid-in capital	3,255			3,047
Retained earnings	7,390			6,382
Accumulated other comprehensive loss	(12)			(17)
Treasury stock at cost, 175,121,222 and 170,611,165 shares as of August 31, 2026 and 2025, respectively	(9,020)			(7,899)
Total Jabil Inc. stockholders’ equity	1,613			1,513
Noncontrolling interests	4			4
Total equity	1,617			1,517
Total liabilities and equity	$	27,435			$	18,543

See accompanying notes to Consolidated Financial Statements.

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JABIL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except for per share data)


	Fiscal Year Ended August 31,
	2026		2025		2024
Net revenue	$	35,954			$	29,802		$	28,883
Cost of revenue	32,637			27,156			26,207
Gross profit	3,317			2,646			2,676
Operating expenses:
Selling, general and administrative	1,222			1,015			1,071
Stock-based compensation expense and related charges	140			107			89
Research and development	30			26			39
Amortization of intangibles	89			62			40
Restructuring, severance and related charges	97			181			296
Loss (gain) from the divestiture of businesses	1			53			(942)
Acquisition and divestiture related charges	34			20			70
Operating income	1,704			1,182			2,013

Loss on securities	—			46			—
Other expense	115			97			89
Interest expense, net	181			147			173
Income before income tax	1,408			892			1,751
Income tax expense	368			235			363
Net income	1,040			657			1,388
Net loss attributable to noncontrolling interests, net of tax	(2)			—			—
Net income attributable to Jabil Inc.	$	1,042			$	657		$	1,388
Earnings per share attributable to the stockholders of Jabil Inc.:
Basic	$	9.86			$	6.00		$	11.34
Diluted	$	9.75			$	5.92		$	11.17
Weighted average shares outstanding:
Basic	105.8			109.5			122.4
Diluted	106.9			110.9			124.3

See accompanying notes to Consolidated Financial Statements.

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JABIL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


	Fiscal Year Ended August 31,
	2026		2025		2024
Net income	$	1,040			$	657		$	1,388
Other comprehensive (loss) income, net of tax:
Change in foreign currency translation	(10)			16			(5)



Change in derivative instruments	(9)			19			(2)




Actuarial gain (loss)	19			(11)			(17)
Prior service credit (cost)	5			5			(5)
Total other comprehensive income (loss)	5			29			(29)
Comprehensive income	$	1,045			$	686		$	1,359
Comprehensive loss attributable to noncontrolling interests	(2)			—			—
Comprehensive income attributable to Jabil Inc.	$	1,047			$	686		$	1,359

See accompanying notes to Consolidated Financial Statements.

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JABIL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in millions)


	Fiscal Year Ended August 31,
	2026		2025		2024
Total stockholders’ equity, beginning balances	$	1,517			$	1,737		$	2,867




Common stock:	—			—			—
Additional paid-in capital:
Beginning balances	3,047			2,841			2,795
Shares issued under employee stock purchase plan	74			62			58

Disposition (purchase) of noncontrolling interest	—			2			(2)
Treasury shares purchased	(13)			30			(96)
Recognition of stock-based compensation	137			104			86
Reclassification of liability award	—			4			—
Provision for common stock warrant	10			4			—
Ending balances	3,255			3,047			2,841
Retained earnings:
Beginning balances	6,382			5,760			4,412
Declared dividends	(34)			(35)			(40)

Net income attributable to Jabil Inc.	1,042			657			1,388
Ending balances	7,390			6,382			5,760
Accumulated other comprehensive loss:
Beginning balances	(17)			(46)			(17)
Total other comprehensive income (loss)	5			29			(29)
Ending balances	(12)			(17)			(46)
Treasury stock:
Beginning balances	(7,899)			(6,818)			(4,324)
Purchases of treasury stock under employee stock plans	(67)			(42)			(68)
Treasury shares purchased	(1,047)			(1,030)			(2,404)
Excise taxes related to treasury shares purchased	(7)			(9)			(22)
Ending balances	(9,020)			(7,899)			(6,818)
Noncontrolling interests:
Beginning balances	4			—			1
Net loss attributable to noncontrolling interests	(2)			—			—
Purchase of noncontrolling interest	—			—			(1)



Capital contribution of noncontrolling interest	2			4			—

Ending balances	4			4			—
Total stockholders’ equity, ending balances	$	1,617			$	1,517		$	1,737

See accompanying notes to Consolidated Financial Statements.

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JABIL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Fiscal Year Ended August 31,
	2026		2025		2024
Cash flows from operating activities:
Net income	$	1,040			$	657		$	1,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	681			674			696
Restructuring and related charges	47			88			95
Recognition of stock-based compensation expense and related charges	140			107			89
Deferred income taxes	(21)			(124)			(64)


Loss (gain) from the divestiture of businesses	1			53			(942)
Other, net	(24)			(2)			(18)
Change in operating assets and liabilities, exclusive of net assets acquired:
Accounts receivable	(2,394)			(504)			(200)
Contract assets	(221)			22			(32)
Inventories	(2,681)			(431)			1,179
Prepaid expenses and other current assets	(2,538)			(310)			(587)
Other assets	(12)			(16)			6
Accounts payable, accrued expenses and other liabilities	7,984			1,426			106
Net cash provided by operating activities	2,002			1,640			1,716
Cash flows from investing activities:
Acquisition of property, plant and equipment	(628)			(468)			(784)
Proceeds and advances from sale of property, plant and equipment	158			146			123
Cash paid for business and intangible asset acquisitions, net of cash	(852)			(392)			(90)
Proceeds from the divestiture of businesses, net of cash	—			7			2,108



Other, net	(13)			(7)			(6)
Net cash (used in) provided by investing activities	(1,335)			(714)			1,351
Cash flows from financing activities:
Borrowings under debt agreements	2,773			1,844			1,992
Payments toward debt agreements	(2,528)			(1,986)			(2,103)
Payments to acquire treasury stock	(1,060)			(1,000)			(2,500)
Dividends paid to stockholders	(35)			(36)			(42)
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	74			62			58
Treasury stock minimum tax withholding related to vesting of restricted stock	(67)			(42)			(68)
Other, net	(23)			(46)			(5)
Net cash used in financing activities	(866)			(1,204)			(2,668)
Effect of exchange rate changes on cash and cash equivalents	5			10			(2)
Net (decrease) increase in cash and cash equivalents	(194)			(268)			397
Cash and cash equivalents at beginning of period	1,933			2,201			1,804
Cash and cash equivalents at end of period	$	1,739			$	1,933		$	2,201
Supplemental disclosure information:
Interest paid, net of capitalized interest	$	189			$	162		$	167

See accompanying notes to Consolidated Financial Statements.

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JABIL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

1. Description of Business and Summary of Significant Accounting Policies

Jabil Inc. (together with its subsidiaries, herein referred to as the “Company”) is one of the leading providers of engineering, supply chain, and manufacturing solutions. The Company delivers comprehensive design, production, and product management services to companies across a diverse range of industries and end markets. The Company’s capabilities span the entire product lifecycle—from innovation, design, and planning to fabrication, assembly, delivery, and post-production—enabling seamless management of resources and materials across global supply chains. Through these integrated services, the Company helps its customers reduce manufacturing costs, enhance supply chain efficiency, minimize inventory risk, lower transportation expenses, and accelerate product fulfillment. The Company is headquartered in St. Petersburg, Florida and has manufacturing operations principally in the Americas, Europe, and Asia.

Significant accounting policies followed by the Company are as follows:

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts and operations of the Company, and its wholly owned and majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. The Company has made certain reclassification adjustments to conform prior periods’ Consolidated Financial Statements and Notes to the Consolidated Financial Statements to the current presentation.

Use of Accounting Estimates

Management is required to make estimates and assumptions during the preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates and assumptions.

Assets Held for Sale

The Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the net assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the net assets is probable within one year, (v) the net assets are being actively marketed for sale at price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the net assets. Assets and liabilities held for sale are presented separately on our Consolidated Balance Sheets at the lower of cost or fair value, less costs to sell. Depreciation and amortization expense for long-lived assets are not recorded while these assets are classified as held for sale. For each period that assets are classified as being held for sale, they are tested for recoverability.

Cash and Cash Equivalents

Cash equivalents consist of investments that are readily convertible to cash with original maturities of 90 days or less.

Accounts Receivable

Accounts receivable consist of trade receivables and other miscellaneous receivables. The Company maintains an allowance for credit losses based on historical losses, the age of past due receivables, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from customers. Bad debts are charged to this allowance after all attempts to collect the balance are exhausted. As the financial condition and circumstances of the Company’s customers change, adjustments to the allowance for credit losses are made as necessary.

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Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an asset when revenue is recognized prior to invoicing a customer (“contract assets”) while a liability is recognized when a customer provides consideration prior to the Company transferring control of the goods or services (“contract liabilities”). Amounts recognized as contract assets are generally transferred to receivables in the succeeding quarter due to the short-term nature of the manufacturing cycle. Contract assets are classified separately on the Consolidated Balance Sheets and transferred to receivables when right to payment becomes unconditional.

The Company maintains an allowance for credit losses related to contract assets based on historical losses, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from our customers.

Inventories

Inventories are stated at the lower of cost (on a first in, first out (FIFO) basis) and net realizable value. Inventory is valued based on current and forecasted usage, customer inventory-related contractual obligations and other lower of cost and net realizable value considerations. If actual market conditions or customer product demands are less favorable than those projected, additional valuation adjustments may be necessary.

Fulfillment Costs

The Company capitalizes costs incurred to fulfill its contracts that i) relate directly to the contract or anticipated contracts, ii) are expected to generate or enhance the Company’s resources that will be used to satisfy the performance obligation under the contract, and iii) are expected to be recovered through revenue generated from the contract. Capitalized fulfillment costs are amortized to cost of revenue as the Company satisfies the related performance obligations under the contract with approximate lives ranging from 1 year to 3 years. These costs, which are included in prepaid expenses and other current assets and other assets on the Consolidated Balance Sheets, generally represent upfront costs incurred to prepare for manufacturing activities.

The Company assesses the capitalized fulfillment costs for impairment at the end of each reporting period. The Company will recognize an impairment loss to the extent the carrying amount of the capitalized costs exceeds the recoverable amount. Recoverability is assessed by considering the capitalized fulfillment costs in relation to the forecasted profitability of the related manufacturing performance obligations.

As of August 31, 2026, and 2025, capitalized costs to fulfill were $77 million and $98 million, respectively. Amortization of fulfillment costs were $52 million, $62 million, and $80 million during the fiscal years ended August 31, 2026, 2025, and 2024, respectively. Immaterial impairments for fulfillment costs were recognized during the fiscal years ended August 31, 2026, 2025, and 2024, respectively.

Property, Plant and Equipment, net

Property, plant and equipment is capitalized at cost and depreciated using the straight-line depreciation method over the estimated useful lives of the respective assets. Estimated useful lives for major classes of depreciable assets are as follows:


Asset Class	Estimated Useful Life
Buildings	Up to 35 years
Leasehold improvements	Shorter of lease term or useful life of the improvement
Machinery and equipment	2 to 15 years
Furniture, fixtures and office equipment	5 years
Computer hardware and software	3 to 7 years
Transportation equipment	3 years

Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold or retired is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Operations as a component of operating income.

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Leases

The Company primarily has leases for buildings, machinery, and equipment with lease terms ranging from 1 year to 30 years. Leases for other classes of assets are not significant. For any leases with an initial term in excess of 12 months, the Company determines whether an arrangement is a lease at contract inception by evaluating if the contract conveys the right to use and control the specific property or equipment. Certain lease agreements contain purchase or renewal options. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Generally, the Company’s lease agreements do not contain material restrictive covenants.

Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized based on the present value of future lease payments over the lease term at the lease commencement date. When determining the present value of future payment, the Company uses the incremental borrowing rate when the implicit rate is not readily determinable. Any payment deemed probable under residual value guarantees is included in lease payments. Any variable payments, other than those that depend on an index or rate, are excluded from right-of-use assets and lease liabilities.

Leases with an initial term of 12 months or less are not recorded as right-of-use assets and lease liabilities in the Consolidated Balance Sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to combine lease and non-lease components for building and real estate leases.

Certain equipment and buildings held under finance leases are classified as property, plant and equipment and the related obligation is recorded as accrued expenses and other liabilities on the Consolidated Balance Sheets.

Goodwill and Other Intangible Assets

The Company accounts for goodwill in a business combination as the excess of the cost over the fair value of net assets acquired and is assigned to the reporting unit in which the acquired business will operate. The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate the carrying amount may not be recoverable.

The recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the Company determines the fair value of its reporting units based on an average weighting of both projected discounted future results and the use of comparative market multiples. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a loss recognized in the amount equal to that excess.

The recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount to the fair value. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible exceeds the carrying value, the Company determines the fair value principally based on a variation of the income approach, known as the relief from royalty method. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, the indefinite-lived intangible asset is considered impaired.

Business combinations can also result in other identifiable intangible assets being recognized. Finite-lived intangible assets are amortized on either a straight-line or accelerated basis over their estimated useful life and include contractual agreements and customer relationships, tradenames and intellectual property. No significant residual values are estimated for the amortizable intangible assets.

Long-lived Assets

Long-lived assets, such as property, plant, and equipment, and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of the asset or asset group is measured by comparing its carrying amount to the undiscounted future net cash flows the asset is expected to generate. If the carrying amount of an asset or asset group is not recoverable, the Company recognizes an impairment loss based on the excess of the carrying amount of the long-lived asset or asset group over its respective fair value, which is generally determined as the present value of estimated future cash flows or as the appraised value.

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Derivative Instruments

All derivative instruments are recorded gross on the Consolidated Balance Sheets at their respective fair values. The accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument.

For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized immediately in current earnings. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is initially reported as a component of accumulated other comprehensive income (“AOCI”), net of tax, and is subsequently reclassified into the line item within the Consolidated Statements of Operations in which the hedged items are recorded in the same period in which the hedged item affects earnings. The ineffective and excluded portions of the gain or loss is recognized immediately in current earnings. For derivative instruments that are designated and qualify as a net investment hedge, the effective portion of the gain or loss on the derivative instrument is included in change in foreign currency translation in OCI to offset the change in the carrying value of the net investment being hedged until the complete or substantially complete liquidation of the hedged foreign operation. The ineffective and excluded portions of the gain or loss is recognized immediately in current earnings. For derivative instruments that are not designated as hedging instruments, gains and losses from changes in fair values are recognized immediately in current earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the Consolidated Statements of Cash Flows.

Foreign Currency Transactions

For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rate for the period. The effects of these translation adjustments are reported in AOCI. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income.

Revenue Recognition

The Company provides comprehensive electronics design, production and product management services to companies in various industries and end markets. The Company derives substantially all of its revenue from production and product management services (collectively referred to as “manufacturing services”), which encompasses the act of producing tangible products that are built to customer specifications, which are then provided to the customer.

The Company generally enters into manufacturing service contracts with its customers that provide the framework under which business will be conducted and customer purchase orders will be received for specific quantities and with predominantly fixed pricing. As a result, the Company considers its contract with a customer to be the combination of the manufacturing service contract and the purchase order, or any agreements or other similar documents.

The majority of the Company's manufacturing service contracts relate to manufactured products which have no alternative use and for which the Company has an enforceable right to payment for the work completed to date. As a result, revenue is recognized over time when or as the Company transfers control of the promised products or services (known as performance obligations) to its customers. For certain other contracts with customers that do not meet the over time revenue recognition criteria, transfer of control occurs at a point in time which generally occurs upon delivery and transfer of risk and title to the customer.

Most of the Company's contracts have a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct and is distinct within the context of the contract. For the majority of customers, performance obligations are satisfied over time based on the continuous transfer of control as manufacturing services are performed and are generally completed in less than one year.

The Company also derives revenue to a lesser extent from electronic design services to certain customers. Revenue from electronic design services is generally recognized over time as the services are performed.

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For the Company’s over time customers, it believes the measure of progress which best depicts the transfer of control is based on costs incurred to date, relative to total estimated cost at completion (i.e., an input method). This method is a faithful depiction of the transfer of goods or services because it results in the recognition of revenue on the basis of the Company's to-date efforts in the satisfaction of a performance obligation relative to the total expected efforts in the satisfaction of the performance obligation. The transaction price of each performance obligation is generally based upon the contractual standalone selling price of the product or service.

Certain contracts with customers include variable consideration, such as periodic cost of materials adjustments, rebates, discounts, or returns. The Company recognizes estimates of this variable consideration that are not expected to result in a significant revenue reversal in the future, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs.

The Company is responsible for procuring certain components for the manufacturing of finished goods at the direction of certain customers. If the Company does not obtain control of these components before they are transferred to the customer, the Company accounts for revenue and cost of revenue associated with such components on a net basis. Revenue and cost of revenue associated with components procured directly from customers is accounted for on a net basis if the components do not constitute a distinct good or service from the customer. As of August 31, 2026, and 2025, the Company had $3.4 billion and $1.1 billion, respectively, of components included in prepaid expenses and other current assets in the Consolidated Balance Sheets, related to purchases made to procure components for customers whereby the associated revenue is expected to be accounted for on a net basis once transferred to the customer.

Taxes collected from the Company’s customers and remitted to governmental authorities are presented within the Consolidated Statements of Operations on a net basis and are excluded from the transaction price. The Company has elected to account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the goods. Accordingly, the Company records customer payments of shipping and handling costs as a component of net revenue and classifies such costs as a component of cost of revenue.

The Company accounts for the warrant issued to Amazon.com NV Investment Holdings LLC as an equity instrument within additional paid-in-capital at its estimated fair value on the Consolidated Balance Sheets, and the provision for the warrant is recorded as a reduction to revenue on the Consolidated Statements of Operations. To estimate the fair value of the warrant, the Company used the Black-Scholes option pricing model, which is based on assumptions that require management to use judgement. Based on the estimated fair value, the Company determined the amount of provision for common stock warrant, which is amortized ratably as a reduction to revenue based on the Company’s estimate of revenue over the warrant term. See Note 12 – “Stockholders’ Equity” for additional information.

Stock-Based Compensation

The Company recognizes stock-based compensation expense, reduced for estimated forfeitures, on a straight-line basis over the requisite service period of the award, which is generally the vesting period for outstanding stock awards.

The stock-based compensation expense for time-based and performance-based restricted stock unit awards (“restricted stock units”) is measured at fair value on the date of grant based on the number of shares of common stock expected to vest and the quoted market price of the Company’s common stock. For restricted stock units with performance conditions, stock-based compensation expense is originally based on the number of shares of common stock that would vest if the Company achieved 100% of the performance goal, which is the intended outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition. If it becomes probable, based on the Company’s performance, that more or less than the current estimate of the awarded shares of common stock will vest, an adjustment to stock-based compensation expense will be recognized as a change in accounting estimate in the period that such probability changes.

The stock-based compensation expense for market-based restricted stock units is measured at fair value on the date of grant. The market conditions are considered in the grant date fair value using a Monte Carlo valuation model, which utilizes multiple input variables to determine the probability of the Company achieving the specified market conditions. Stock-based compensation expense related to an award with a market condition will be recognized over the requisite service period regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.

The Company currently expects to satisfy share-based awards with registered shares of common stock available to be issued.

See Note 12 – “Stockholders’ Equity” for further discussion of stock-based compensation expense.

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Income Taxes

Deferred tax assets (“DTAs”) and liabilities (“DTLs”) are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce its DTAs to the amount that is more likely than not to be realized. The Company considers future taxable income and ongoing feasible tax planning strategies in assessing the need for the valuation allowance.

The Company records the effects of the Global Intangible Low-Taxed Income (“GILTI”) or, as applicable, Net Controlled Foreign Corporation Tested Income (“NCTI”) as a period cost and applies the incremental cash tax savings approach when analyzing the impact GILTI or NCTI could have on its U.S. valuation allowance. The incremental cash tax savings approach considers the realizable benefit of a net operating loss and other DTAs by comparing the incremental cash taxes in the calculation of GILTI or NCTI with and without the net operating loss and other DTAs.

Earnings Per Share

The Company calculates its basic earnings per share by dividing net income attributable to Jabil Inc. by the weighted average number of shares of common stock outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner but includes the effect of dilutive securities. The difference between the weighted average number of basic shares outstanding and the weighted average number of diluted shares outstanding is primarily due to dilutive unvested restricted stock units.

Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be antidilutive. Performance-based restricted stock units are considered dilutive when the related performance criterion have been met assuming the end of the reporting period represents the end of the performance period. Market-based restricted stock units are considered dilutive when the related market criterion have been met assuming the end of the reporting period represents the end of the performance period. All potential shares of common stock are antidilutive in periods of net loss. Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands):


	Fiscal Year Ended August 31,
	2026	2025		2024
Restricted stock units	167.1		202.6		343.6

Fair Value of Financial Instruments

Fair value is categorized in one of three levels based on the lowest level of significant input used. Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable inputs for the asset or liability.

2. Trade Accounts Receivable Sale Programs

The Company regularly sells designated pools of high credit quality trade accounts receivable under uncommitted trade accounts receivable sale programs to unaffiliated financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions. The Company continues servicing the receivables sold and in exchange receives an immaterial servicing fee under each of the trade accounts receivable sale programs. The Company does not record a servicing asset or liability on the Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.

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In conjunction with the trade accounts receivable sale programs, the Company is required to remit amounts collected as a servicer under the trade accounts receivable sale programs to the unaffiliated financial institutions that purchased the receivables. The outstanding balance of receivables sold and not yet collected on accounts where the Company has continuing involvement was approximately $677 million and $927 million as of August 31, 2026, and 2025, respectively. Transfers of the receivables under the trade accounts receivable sale programs are accounted for as sales and, accordingly, net receivables sold under the trade accounts receivable sale programs are excluded from accounts receivable on the Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows.

In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):


	Fiscal Year Ended August 31,
	2026		2025	2024
Trade accounts receivable sold	$	18,348		$	11,358	$	8,214
Cash proceeds received	$	18,269		$	11,300	$	8,170
Pre-tax losses on sale of receivables(1)	$	79		$	58	$	44

(1)Recorded to other expense within the Consolidated Statements of Operations.

3. Inventories

Inventories consist of the following (in millions):


	August 31, 2026		August 31, 2025
Raw materials	$	5,712			$	3,905
Work in process	436			335
Finished goods	1,352			508
Reserve for excess and obsolete inventory	(87)			(67)
Inventories, net	$	7,413			$	4,681

4. Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):


	August 31, 2026		August 31, 2025
Land and improvements	$	127			$	95
Buildings	1,520			1,486
Leasehold improvements	750			714
Machinery and equipment	4,255			4,122
Furniture, fixtures and office equipment	218			219
Computer hardware and software	839			800
Transportation equipment	41			25
Construction in progress(1)	432			356
Property, plant and equipment	8,182			7,817
Less accumulated depreciation and amortization	5,177			4,970
Property, plant and equipment, net	$	3,005			$	2,847

(1) Amount includes short-term and long-term fixed asset costs that are expected to be placed into service.

Depreciation expense was $592 million, $612 million, and $656 million, respectively, for the fiscal years ended August 31, 2026, 2025, and 2024.

As of August 31, 2026, and 2025, the Company had $105 million and $55 million, respectively, included in accounts payable for the acquisition of property, plant, and equipment, which is considered a non-cash investing activity in the Consolidated Statements of Cash Flows.

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5. Leases

The following table sets forth the amount of lease assets and lease liabilities included on the Consolidated Balance Sheets, as of the periods indicated (in millions):


	Financial Statement Line Item	August 31, 2026		August 31, 2025
Assets
Operating lease assets	Operating lease right-of-use assets	$	614			$	462
Finance lease assets(1)	Property, plant and equipment, net	325			391
Total lease assets		$	939			$	853
Liabilities
Current
Operating lease liabilities	Current operating lease liabilities	$	111			$	93
Finance lease liabilities	Accrued expenses	88			199
Non-current
Operating lease liabilities	Non-current operating lease liabilities	530			388
Finance lease liabilities	Other liabilities	231			166
Total lease liabilities		$	960			$	846

(1) Net of accumulated amortization of $140 million and $136 million as of August 31, 2026 and 2025, respectively.

The following table is a summary of expenses related to leases included on the Consolidated Statements of Operations, for the periods indicated (in millions):


	Fiscal Year Ended August 31,
	2026		2025
Operating lease cost	$	126			$	119
Finance lease cost
Amortization of leased assets	41			42
Interest on lease liabilities	11			11

Net lease cost(1)(2)	$	178			$	172

(1)Lease costs are primarily recognized in cost of revenue.

(2)Excludes immaterial amounts of short-term leases, variable lease costs and sublease income.

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the periods indicated:


	August 31, 2026	August 31, 2025
	Weighted-average remaining lease term	Weighted-average discount rate		Weighted-average remaining lease term		Weighted-average discount rate
Operating leases	7.5 years	4.68	%		7.7 years		4.39	%
Finance leases	7.7 years	4.03	%		6.5 years		3.57	%

The following table sets forth other supplemental information related to the Company's lease portfolio (in millions):

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	Fiscal Year Ended August 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)	$	109		$	104
Operating cash flows for finance leases(1)	$	11		$	11
Financing activities for finance leases(2)	$	253		$	142
Non-cash right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	257		$	208
Finance leases	$	208		$	136

(1)Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Consolidated Statements of Cash Flows.

(2)Included in payments toward debt agreements in Financing Activities of the Consolidated Statements of Cash Flows.

The following table sets forth a maturity analysis of operating and finance lease liabilities as of August 31, 2026 (in millions):


Fiscal Year Ended August 31,	Operating Leases(1)(2)		Finance Leases(1)(2)(3)		Total
2027	$	138			$	99		$	237
2028	118			75			193
2029	110			41			151
2030	93			30			123
2031	74			22			96
Thereafter	252			110			362
Total lease payments	$	785			$	377		$	1,162
Less: Imputed interest	(144)			(58)			(202)
Present value of lease liabilities	$	641			$	319		$	960

(1)Excludes $149 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

(2)Excludes $452 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees. Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities.

(3)Includes a $96 million lease liability related to a lease with a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. The Company’s maximum exposure to loss related to the VIE is $135 million.

6. Goodwill and Other Intangible Assets

The Company completed its annual impairment analysis for goodwill during the fourth quarter of fiscal year 2026. A quantitative assessment was performed for all reporting units, and the Company determined that the fair values of the reporting units exceeded the carrying values and that no impairment existed as of the date of the impairment analysis.

The following table presents the changes in goodwill allocated to the Company’s reportable segments during the fiscal years ended August 31, 2026 and 2025 (in millions):


	Regulated Industries		Intelligent Infrastructure		Connected Living and Digital Commerce		Total
Balance as of August 31, 2024	$	490			$	69		$	102	$	661
Acquisitions and adjustments(1)	178			7			(12)		173
Change in foreign currency exchange rates	5			—			2		7

Balance as of August 31, 2025	673			76			92		841
Acquisitions and adjustments(2)	—			383			—		383
Change in foreign currency exchange rates	2			(1)			—		1

Balance as of August 31, 2026	$	675			$	458		$	92	$	1,225

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(1)Primarily in connection with the acquisitions of Pharmaceutics International, Inc. (“Pii”) and Mikros Technologies LLC (“Mikros Technologies”) during the fiscal year ended August 31, 2025.

(2)In connection with the acquisitions of Hanley Energy Group (“Hanley”) and Rebound Technologies Group Holdings Limited (“Rebound Technologies”) during the fiscal year ended August 31, 2026.

See Note 16 – “Business Acquisitions and Divestitures” for additional information.

The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated (in millions):


	August 31, 2026		August 31, 2025
	Gross Carrying Amount		Accumulated Impairment	Gross Carrying Amount		Accumulated Impairment
Goodwill	$	2,245		$	1,020		$	1,861	$	1,020

The following table presents the Company’s total purchased identifiable intangible assets as of August 31, 2026, and 2025 (in millions):


	Weighted Average Amortization Period (in years)		August 31, 2026(1)		August 31, 2025(2)
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Contractual agreements and customer relationships	11		$	742			$	(329)			$	413	$	494		$	(292)	$	202
Intellectual property	7		347			(205)			142			240	(182)		58
Finite-lived trade names	6		186			(138)			48			132	(119)		13

Total intangible assets	10		$	1,275			$	(672)			$	603	$	866		$	(593)	$	273

(1)In connection with the acquisition of Hanley, the Company acquired $369 million of identifiable intangible assets, including $237 million assigned to contractual agreements and customer relationships, $86 million assigned to intellectual property and $46 million assigned to finite-lived trade names. In connection with the acquisition of Rebound Technologies, the Company acquired $48 million of identifiable intangible assets.

(2)In connection with the acquisition of Pii, the Company acquired $149 million of identifiable intangible assets, including $109 million assigned to contractual agreements and customer relationships and $38 million assigned to intellectual property. In connection with the acquisition of Mikros Technologies, the Company acquired $40 million of identifiable intangible assets, including $31 million assigned to contractual agreements and customer relationships.

See Note 16 – “Business Acquisitions and Divestitures” for additional information.

Intangible asset amortization for fiscal years 2026, 2025, and 2024 was approximately $89 million, $62 million, and $40 million, respectively. The estimated future amortization expense is as follows (in millions):


Fiscal Year Ended August 31,
2027	$	95
2028	88
2029	79
2030	78
2031	73
Thereafter	190
Total	$	603

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7. Notes Payable and Long-Term Debt

Notes payable and long-term debt outstanding as of August 31, 2026, and 2025 are summarized below (in millions):


	Maturity Date	August 31, 2026		August 31, 2025
1.700% Senior Notes(1)(2)(3)	Apr 15, 2026	$	—			$	499
4.250% Senior Notes(1)(2)	May 15, 2027	499			497
3.950% Senior Notes(1)(2)	Jan 12, 2028	499			499
5.450% Senior Notes(1)(2)	Feb 1, 2029	298			297
4.200% Senior Notes(1)(2)(3)	Feb 1, 2029	497			—
3.600% Senior Notes(1)(2)	Jan 15, 2030	498			498
3.000% Senior Notes(1)(2)	Jan 15, 2031	596			595
4.750% Senior Notes(1)(2)(3)	Feb 1, 2033	492			—
Borrowings under credit facilities and other(4)(5)	Jun 18, 2030	—			—


Total notes payable and long-term debt		3,379			2,885
Less current installments of notes payable and long-term debt		499			499
Notes payable and long-term debt, less current installments		$	2,880			$	2,386

(1)The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs.

(2)The Senior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.

(3)On January 23, 2026, the Company issued $500 million aggregate principal amount of 4.200% Senior Notes due 2029 (the “4.200% Senior Notes”) and $500 million aggregate principal amount of 4.750% Senior Notes due 2033 (the “4.750% Senior Notes”) in an underwritten public offering. The Company used the net proceeds for general corporate purposes, including the repayment of the $500 million aggregate principal amount of 1.700% Senior Notes due in April 2026.

(4)On June 18, 2025, the Company entered into a senior unsecured credit agreement (the “Agreement”). The Agreement provides for a five-year revolving credit facility in the initial amount of $3.2 billion (the “Revolving Credit Facility”), which may, subject to the lender’s discretion, potentially be increased by up to an aggregate amount of $1.0 billion. The Revolving Credit Facility expires on June 18, 2030, subject to unlimited successive one-year extension options (subject to the lenders’ discretion), provided that the tenor of the Revolving Credit Facility shall at no time exceed five-years.

(5)As of August 31, 2026, the Company had $4.4 billion in available unused borrowing capacity under its revolving credit facilities and receivables financing facility, of which $3.2 billion was available under the Revolving Credit Facility. The Revolving Credit Facility acts as the back-up facility for commercial paper outstanding, if any. The Company has a borrowing capacity of up to $3.2 billion under its commercial paper program. Under the receivables financing facility, the Company receives cash advances from an unaffiliated financial institution in exchange for rights to designated pools of trade accounts receivable.

In the ordinary course of business, the Company has letters of credit and surety bonds with banks and insurance companies outstanding of $137 million as of August 31, 2026. Unused letters of credit were immaterial as of August 31, 2026. Letters of credit and surety bonds are generally available for draw down in the event the Company does not perform.

Debt Maturities

Debt maturities as of August 31, 2026 are as follows (in millions):


Fiscal Year Ended August 31,
2027	$	499
2028	499
2029	795
2030	498
2031	596
Thereafter	492
Total	$	3,379

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Debt Covenants

Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the revolving credit facilities contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 1.700%, 4.250%, 3.950%, 5.450%, 4.200%, 3.600%, 3.000%, or 4.750% Senior Notes upon a change of control. As of August 31, 2026, and 2025, the Company was in compliance with its debt covenants.

Fair Value

See Note 17 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.

8. Asset-Backed Securitization Program

Certain Jabil entities participating in the global asset-backed securitization program continuously sell designated pools of trade accounts receivable to a special purpose entity, which in turn sells certain of the receivables at a discount to conduits administered by an unaffiliated financial institution on a monthly basis. In addition, the foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions.

The Company continues servicing the receivables sold and in exchange receives an immaterial servicing fee under the global asset-backed securitization program. In conjunction with the global asset-backed securitization program, the Company is required to remit amounts collected as a servicer under the global asset-backed securitization program to a special purpose entity. The Company does not record a servicing asset or liability on the Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.

The special purpose entity in the global asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in the Consolidated Financial Statements. Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of August 31, 2026.

The outstanding balance of receivables sold and not yet collected on accounts where the Company has continuing involvement was approximately $378 million and $372 million as of August 31, 2026, and 2025, respectively. Transfers of the receivables under the asset-backed securitization program are accounted for as sales and, accordingly, net receivables sold under the asset-backed securitization program are excluded from accounts receivable on the Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows.

In connection with the asset-backed securitization program, the Company recognized the following (in millions):


	Fiscal Year Ended August 31,
	2026		2025	2024
Trade accounts receivable sold	$	4,532		$	4,152	$	4,000
Cash proceeds received(1)	$	4,495		$	4,111	$	3,953

Pre-tax losses on sale of receivables(2)	$	37		$	41	$	47

(1)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.

(2)Recorded to other expense within the Consolidated Statements of Operations.

The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Revolving Credit Facility. As of August 31, 2026, 2025, and 2024, the Company was in compliance with all covenants under the global asset-backed securitization program.

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9. Accrued Expenses

Accrued expenses consist of the following (in millions):


	August 31, 2026		August 31, 2025
Inventory deposits	$	1,894			$	1,205
Contract liabilities(1)	1,107			1,016
Accrued compensation and employee benefits	852			756

Other accrued expenses	2,766			2,208
Accrued expenses	$	6,619			$	5,185

(1)Revenue recognized during the fiscal years ended August 31, 2026 and 2025 that was included in the contract liability balance as of August 31, 2025, and 2024 was $656 million and $592 million, respectively.

10. Postretirement and Other Employee Benefits

Postretirement Benefits

The Company has a qualified defined benefit pension plan for employees of Jabil Circuit UK Limited (the “UK plan”). The UK plan, which is closed to new participants, provides benefits based on average employee earnings over a three-year service period preceding retirement and length of employee service. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in UK employee benefit and tax laws plus such additional amounts as are deemed appropriate by the Company.

The Company also has a qualified defined benefit pension plan for employees in Switzerland (the “Switzerland plan”). The Switzerland plan provides benefits based on average employee earnings over an approximately ten-year service period preceding retirement and length of employee service. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in Switzerland employee benefit and tax laws plus such additional amounts as are deemed appropriate by the Company.

Additionally, as a result of acquiring various other operations in Europe, Asia and Mexico the Company assumed both qualified and unfunded nonqualified retirement benefits covering eligible employees who meet age and service requirements (the “other plans”).

The UK plan, Switzerland plan, and other plans are collectively referred to herein as the “plans.”

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Benefit Obligation and Plan Assets

The projected benefit obligations (“PBO”) and plan assets, changes to the PBO and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in millions):


	Fiscal Year Ended August 31,
	2026		2025
Change in PBO
Beginning PBO	$	537			$	513
Service cost	25			23
Interest cost	12			11
Actuarial (gain) loss	(16)			5
Settlements paid from plan assets(1)	(34)			(47)
Total benefits paid	(8)			(10)
Plan participants’ contributions	13			13


Effect of conversion to U.S. dollars	(4)			29
Ending PBO	$	525			$	537
Change in plan assets
Beginning fair value of plan assets	548			524
Actual return on plan assets	35			21

Settlements paid from plan assets(1)	(34)			(47)
Employer contributions	17			16
Benefits paid from plan assets	(7)			(8)
Plan participants’ contributions	13			13
Effect of conversion to U.S. dollars	(5)			29
Ending fair value of plan assets	$	567			$	548
Funded status	$	42			$	11
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current	$	2			$	2
Accrued benefit asset, noncurrent	$	44			$	13

Accumulated other comprehensive loss
Actuarial gain, before tax	$	(72)			$	(47)
Prior service cost, before tax	$	12			$	18

(1)The settlements recognized during fiscal years 2026 and 2025 relate primarily to the Switzerland plan.

Accumulated Benefit Obligation

The following table summarizes the total accumulated benefit obligations (“ABO”), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets for fiscal years 2026 and 2025 (in millions):


	August 31, 2026		August 31, 2025
ABO	$	508		$	518
Plans with ABO in excess of plan assets
ABO	$	37		$	42
Fair value of plan assets	$	10		$	14
Plans with PBO in excess of plan assets
PBO	$	50		$	51
Fair value of plan assets	$	13		$	14

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Net Periodic Benefit Cost

Pension service cost is recognized in cost of revenue and all other components of net periodic benefit cost, including return on plan assets, are recognized in other expense in the Consolidated Statements of Operations. Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the projected benefit obligation and the fair value of plan assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants. All components of net periodic benefit cost were immaterial for the fiscal years ended August 31, 2026, 2025, and 2024.

Assumptions

Weighted-average actuarial assumptions used to determine net periodic benefit cost and PBO for the plans for the fiscal years 2026, 2025, and 2024 were as follows:


	Fiscal Year Ended August 31,
	2026		2025		2024
Net periodic benefit cost:
Expected long-term return on plan assets(1)	3.3	%		3.7	%	3.7	%
Rate of compensation increase	1.1	%		1.8	%	1.9	%
Discount rate	2.2	%		2.1	%	2.8	%
PBO:
Expected long-term return on plan assets	3.4	%		3.3	%	3.7	%
Rate of compensation increase	1.1	%		1.1	%	1.8	%
Discount rate(2)	2.4	%		2.2	%	2.1	%

(1)The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.

(2)The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.

Plan Assets

The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to generate income and capital growth that, along with new contributions, will meet the cost of current and future benefits under the plan, (2) to limit the risk of the plan assets from failing to meet the plan liabilities over the long-term, and (3) to minimize the long-term costs under the plan by maximizing the return on the plan assets.

Investment policies and strategies governing the assets of the plans are designed to achieve investment objectives with prudent risk parameters. Risk management practices include the use of external investment managers; the maintenance of a portfolio diversified by asset class, investment approach and security holdings; and the maintenance of sufficient liquidity to meet benefit obligations as they come due. Within the equity securities class, the investment policy provides for investments in a broad range of publicly traded securities including both domestic and international stocks. Within the debt securities class, the investment policy provides for investments in corporate bonds as well as fixed and variable interest debt instruments. The Company currently expects to achieve a target mix of 40% equity and 60% debt securities in fiscal year 2027.

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Fair Value

The fair values of the plan assets held by the Company by asset category are as follows (in millions):


		August 31, 2026		August 31, 2025
	Fair Value Hierarchy	Fair Value		Asset Allocation		Fair Value		Asset Allocation
Asset Category
Cash and cash equivalents(1)	Level 1	$	25			4	%		$	16			3	%
Equity Securities:
Global equity securities(2)(3)	Level 2	261			47	%		249			46	%
Debt Securities:
Corporate bonds(3)	Level 2	218			38	%		232			42	%
Government bonds(3)	Level 2	53			9	%		40			7	%
Other Investments:
Insurance contracts(4)	Level 3	10			2	%		11			2	%
Fair value of plan assets		$	567			100	%		$	548			100	%

(1)Carrying value approximates fair value.

(2)Investments in equity securities by companies incorporated, listed or domiciled in developed and/or emerging market countries.

(3)Investments in global equity securities, corporate bonds, government securities and government bonds are valued using the quoted prices of securities with similar characteristics.

(4)Consist of an insurance contract that guarantees the payment of the funded pension entitlements, as well as provides a profit share to the Company. The profit share in this contract is not based on actual investments, but, instead on a notional investment portfolio that is expected to return a pre-defined rate. Insurance contract assets are recorded at fair value and is determined based on the cash surrender value of the insured benefits which is the present value of the guaranteed funded benefits. Insurance contracts are valued using unobservable inputs (Level 3 inputs), primarily by discounting expected future cash flows relating to benefits paid from a notional investment portfolio in order to determine the cash surrender value of the policy. The unobservable inputs consist of estimated future benefits to be paid throughout the duration of the policy and estimated discount rates, which both have an immaterial impact on the fair value estimate of the contract.

Cash Flows

The Company expects to make cash contributions between $25 million and $31 million to its funded pension plans during fiscal year 2027. The estimated future benefit payments, which reflect expected future service, are as follows (in millions):


Fiscal Year Ended August 31,	Amount
2027	$	47
2028	$	39
2029	$	37
2030	$	42
2031	$	40
2032 through 2036	$	202

Profit Sharing, 401(k) Plan and Defined Contribution Plans

The Company provides retirement benefits to its domestic employees who have completed a 30-day period of service through a 401(k) plan that provides a matching contribution by the Company. The Company also has defined contribution benefit plans for certain of its international employees. The Company contributed approximately $88 million, $80 million and $78 million for defined contribution plans for the fiscal years ended August 31, 2026, 2025, and 2024, respectively.

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11. Derivative Financial Instruments and Hedging Activities

The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, where deemed appropriate, uses derivatives as risk management tools to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency risk and interest rate risk.

All derivative instruments are recorded gross on the Consolidated Balance Sheets at their respective fair values. Changes in fair value of derivative instruments are recorded in the Consolidated Statements of Operations, or as a component of AOCI in the Consolidated Balance Sheets.

Foreign Currency Risk Management

The Company enters into forward foreign exchange contracts to manage the foreign currency risk associated with the anticipated foreign currency denominated revenues and expenses.

Cash Flow Hedges

The Company enters into forward foreign exchange contracts to effectively lock in the value of anticipated foreign currency denominated revenues and expenses against foreign currency fluctuations. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The aggregate notional amount of these outstanding contracts as of August 31, 2026, and 2025, was $538 million and $433 million, respectively. The anticipated foreign currency denominated revenues and expenses being hedged are expected to occur between September 1, 2026, and August 31, 2027.

Net Investment Hedges

In addition, the Company has entered into forward foreign exchange contracts to hedge a portion of its net investment in foreign currency denominated operations, which are designated as net investment hedges. The maturity dates and aggregate notional amount of these outstanding contracts are as follows (in millions):


Maturity date	August 31, 2026		August 31, 2025
October 2025	$	—			$	103
January 2026	—			200
April 2026	—			42
July 2026	—			45
October 2026	83			—
January 2027	38			—
April 2027	94			—
July 2027	111			—
January 2028	45			—
Total	$	371			$	390

Gains and losses on derivative instruments designated as cash flow hedges and derivative instruments designated as net investment hedges recognized in OCI and reclassified from AOCI into earnings were immaterial during the fiscal years ended August 31, 2026, 2025, and 2024. Gains and losses recognized in earnings due to amounts excluded from effectiveness testing were immaterial during the fiscal years ended August 31, 2026, 2025, and 2024.

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Non-Designated Derivatives

In addition to derivatives that are designated as hedging instruments and qualify for hedge accounting, the Company also enters into forward foreign exchange contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, fixed purchase obligations and intercompany transactions denominated in a currency other than the functional currency of the respective operating entity. The Company may also enter into forward foreign exchange contracts to economically hedge the foreign currency exposure related to the purchase price for a pending acquisition. The aggregate notional amount of these outstanding contracts as of August 31, 2026, and 2025, was $4.3 billion and $3.2 billion, respectively.

Gains and losses on derivative instruments not designated as hedging instruments recognized in earnings were immaterial during the fiscal years ended August 31, 2026, 2025, and 2024.

Interest Rate Risk Management

The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances. As of August 31, 2026, there are no outstanding interest rate swaps.

Contemporaneously with the issuance of the 4.750% Senior Notes in January 2026, the Company settled cash flow hedges with an aggregate notional amount of $400 million, with various effective dates from March 2025 through December 2025. The cash received for the cash flow hedges at settlement was immaterial. The settled cash flow hedges are recorded in the Consolidated Balance Sheets as a component of AOCI and are amortized to interest expense, net in the Consolidated Statements of Operations.

12. Stockholders’ Equity

The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
Restricted stock units	$	117			$	89		$	70
Employee stock purchase plan	23			18			19

Total	$	140			$	107		$	89

Equity Compensation Plan

The 2021 Equity Incentive Plan (the “2021 EIP”) provides for the grant of restricted stock awards, restricted stock unit awards and other stock-based awards. The maximum aggregate number of shares of common stock that are available for issuance under the 2021 EIP is 11,000,000.

Following is a reconciliation of the shares of common stock available to be issued under the 2021 EIP as of August 31, 2026:


	Shares Available for Grant
Balance as of August 31, 2025	7,135,170

Restricted stock units granted, net of forfeitures(1)	(542,142)
Balance as of August 31, 2026	6,593,028

(1)Represents the maximum number of shares of common stock that can be issued based on the achievement of certain performance criteria.

Restricted Stock Units

Certain key employees have been granted time-based, performance-based and market-based restricted stock units. The time-based restricted stock units granted generally vest on a graded vesting schedule over three years. The performance-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company’s cumulative adjusted core earnings per share during the performance period.

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The market-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200%, depending on the specified performance condition and the level of achievement obtained. The market-based restricted stock units have a vesting condition that is tied to the Company’s total shareholder return based on the Company’s stock performance in relation to the companies in the Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company.

The following table summarizes restricted stock units activity from August 31, 2025 through August 31, 2026:


	Shares	Weighted-Average Grant-Date Fair Value
Outstanding as of August 31, 2025	2,317,754		$	115.06
Changes during the period
Shares granted(1)	637,500		$	224.12
Shares vested	(1,121,753)		$	87.81
Shares forfeited	(95,358)		$	123.28
Outstanding as of August 31, 2026	1,738,143		$	172.20

(1)For those shares of common stock granted that are based on the achievement of certain performance criteria, the amount represents the maximum number of shares of common stock that can vest. During the fiscal year ended August 31, 2026, the Company awarded approximately 0.4 million time-based restricted stock units, 0.1 million performance-based restricted stock units and 0.1 million market-based restricted stock units based on target performance criteria.

The following table represents the restricted stock units stock-based compensation information for the periods indicated (in millions):


	Fiscal Year Ended August 31,
	2026		2025	2024

Fair value of restricted stock units vested	$	99		$	91	$	85
Tax benefit for stock compensation expense(1)	$	4		$	2	$	3
Unrecognized stock-based compensation expense – restricted stock units	$	63
Remaining weighted-average period for restricted stock units expense	1.3 years

(1)Classified as income tax expense within the Consolidated Statements of Operations.

Employee Stock Purchase Plan

The maximum aggregate number of shares of common stock available for issuance under the 2011 Employee Stock Purchase Plan (the “ESPP”) is 23,000,000.

Employees are eligible to participate in the ESPP after 90 days of employment with the Company. The ESPP permits eligible employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee’s compensation, as defined in the ESPP, at a price equal to 85% of the fair value of the common stock at the beginning or end of the offering period, whichever is lower. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. As of August 31, 2026, 8,382,115 shares of common stock remained available for issue under the 2011 ESPP.

The fair value of shares of common stock issued under the ESPP was estimated on the commencement date of each offering period using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the model for each respective period:


	Fiscal Year Ended August 31,
	2026		2025		2024
Expected dividend yield	0.1	%		0.1	%	0.1	%
Risk-free interest rate	4.0	%		4.9	%	5.4	%
Expected volatility(1)	40.6	%		39.1	%	34.1	%
Expected life	0.5 years		0.5 years		0.5 years

(1)The expected volatility was estimated using the historical volatility derived from the Company’s common stock.

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Dividends

The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders during fiscal years 2026 and 2025:


(in millions, except for per share data)	Dividend Declaration Date	Dividend per Share		Total of Cash Dividends Declared	Date of Record for Dividend Payment		Dividend Cash Payment Date
Fiscal Year 2026	October 16, 2025	$	0.08		$	9		November 17, 2025	December 2, 2025
	January 22, 2026	$	0.08		$	9		February 17, 2026	March 3, 2026
	April 23, 2026	$	0.08		$	8		May 15, 2026	June 2, 2026
	July 16, 2026	$	0.08		$	8		August 14, 2026	September 2, 2026
Fiscal Year 2025	October 17, 2024	$	0.08		$	9		November 15, 2024	December 3, 2024
	January 23, 2025	$	0.08		$	8		February 18, 2025	March 4, 2025
	April 16, 2025	$	0.08		$	9		May 15, 2025	June 3, 2025
	July 17, 2025	$	0.08		$	9		August 15, 2025	September 3, 2025

Common Stock Outstanding

The following represents the common stock outstanding for the fiscal year ended:


	Fiscal Year Ended August 31,
	2026	2025		2024
Common stock outstanding:
Beginning balances	107,480,895		113,744,167		131,294,422

Shares issued under employee stock purchase plan	383,194		593,727		628,960
Vesting of restricted stock	1,121,753		1,117,182		1,802,380
Purchases of treasury stock under employee stock plans	(319,406)		(330,256)		(537,318)
Treasury shares purchased	(4,190,651)		(7,643,925)		(19,444,277)
Ending balances	104,475,785		107,480,895		113,744,167

Treasury Shares Purchased

The Company repurchases shares of its common stock under share repurchase programs authorized by the Company’s Board of Directors. The following Board approved share repurchase programs were executed through a combination of accelerated share repurchase (“ASR”) agreements and open market transactions (in millions):


	Board Approval Date	Amount Authorized		Shares Repurchased	Total Cash Utilized	Remaining Authorization		Authorization Completion Date



Amended 2023 Share Repurchase Program	Q1 FY 2024	$	2,500		20.4	$	2,500		$	—	Q1 FY 2025
2025 Share Repurchase Program	Q1 FY 2025	$	1,000		6.6	$	1,000		$	—	Q4 FY 2025
2026 Share Repurchase Program	Q4 FY 2025	$	1,000		4.0	$	1,000		$	—	Q4 FY 2026
2027 Share Repurchase Program(1)	Q4 FY 2026	$	1,500		1.9	$	602		$	898

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Under ASR agreements, the Company makes payments to the participating financial institutions and receives an initial delivery of shares of common stock. The final number of shares of common stock delivered upon settlement of the ASR agreements is determined based on a discount to the volume weighted average price of the Company’s common stock during the term of the agreements. The initial delivery and final delivery of shares of common stock, results in an immediate reduction of the outstanding shares of common stock used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.

The terms of ASR agreements, structured as outlined above, were as follows (in millions, except average price):


Agreement Execution Date	Agreement Settlement Date		Agreement Amount		Initial Shares Delivered	Additional Shares Delivered	Total Shares Delivered	Average Price Paid Per Share
Q1 FY 2024	Q1 FY 2024		$	500		3.3	0.6	3.9	$	128.61
Q4 FY 2024	Q1 FY 2025		$	555		4.2	1.0	5.2	$	107.08
Q2 FY 2025	Q3 FY 2025		$	310		1.8	0.2	2.0	$	154.44
Q3 FY 2025	Q4 FY 2025		$	309		1.8	0.0	1.8	$	171.91
Q1 FY 2026	Q2 FY 2026	(1)	$	45		0.2	0.0	0.2	$	209.67
Q2 FY 2026	Q3 FY 2026	(2)	$	200		0.8	0.0	0.8	$	246.29
Q1 FY 2027	Q2 FY 2027		$	281		0.8	(3)	(3)	$	304.41

(1)In October 2025, the Company entered into ASR agreements to repurchase $45 million, excluding excise tax, of the Company’s common stock. Under the ASR agreements, the Company made payments of $45 million to participating financial institutions and received an initial delivery of shares of common stock. In December 2025, the ASR transaction was completed and the final delivery of shares of common stock was received.

(2)In December 2025, the Company entered into ASR agreements to repurchase $200 million, excluding excise tax, of the Company’s common stock. Under the ASR agreements, the Company made payments of $200 million to participating financial institutions and received an initial delivery of shares of common stock. In March 2026, the ASR transaction was completed and the final delivery of shares of common stock was received.

(3)In October 2026, the Company entered into ASR agreements to repurchase $281 million, excluding excise tax, of the Company’s common stock. Under the ASR agreements, the Company made payments of $281 million to participating financial institutions and received an initial delivery of shares of common stock. The delivery of any remaining shares of common stock will occur at the final settlement of the transactions under the ASR agreements.

In addition, the Company repurchased shares of its common stock through the open market as follows (in millions):


	Fiscal Year Ended August 31,
	2026	2025		2024
	Shares	Cost		Shares	Cost	Shares		Cost
Open market share repurchases(1)	3.2	$	815		2.8	$	377		11.3	$	1,445

(1)As of October 20, 2026, 1.1 million shares of common stock had been repurchased for $321 million through open market transactions under the 2027 Share Repurchase Program.

Warrants

On December 27, 2024, the Company issued a warrant (the “Warrant”) to Amazon.com NV Investment Holdings LLC (“Warrantholder”) to acquire up to 1,158,539 ordinary shares of the Company (“Warrant Shares”) at an initial exercise price of $137.7671 per share, which is the preceding 30 trading day VWAP. The Warrant allows for cashless exercise and expires December 27, 2031. The Warrant Shares are subject to vesting for payments for purchased products and services over the seven-year Warrant term, with 59,582 of the Warrant Shares having vested upon issuance.

Upon the consummation of an acquisition transaction (as defined in the Warrant), subject to certain exceptions, the unvested portion of the Warrant will vest in full. So long as the Warrant is unexercised, the Warrant does not entitle the Warrantholder to any voting rights or any other common stockholder rights. The exercise price and the number of Warrant Shares are subject to customary anti-dilution adjustments.

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The estimated fair value of the Warrant was determined as of the issuance date, using the Black-Scholes option pricing model. The following assumptions were used in the model:


	December 27, 2024
Stock price	$	145.92
Exercise price	$	137.77
Expected life	7.0 years
Expected volatility(1)	34.4	%
Risk-free interest rate	4.5	%

(1)The expected volatility was estimated using the historical volatility derived from the Company’s common stock.

As of August 31, 2026, 59,582 Warrant Shares have vested and remain unexercised.

13. Concentration of Risk and Segment Data

Concentration of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company maintains cash and cash equivalents with various domestic and foreign financial institutions. Deposits held with the financial institutions may exceed the amount of insurance provided on such deposits but may generally be redeemed upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions and attempts to limit exposure with any one institution. For trade receivables, the Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains an allowance for expected credit losses on trade receivables.

Sales of the Company’s products are concentrated among specific customers. For fiscal year 2026, the Company’s five largest customers accounted for approximately 37% of its net revenue and 76 customers accounted for approximately 90% of its net revenue. As the Company is a provider of manufacturing services and solutions and products are built based on customer specifications, it is impracticable to provide revenues from external customers for each product and service. Sales to the following customers that accounted for 10% or more of the Company’s net revenues, expressed as a percentage of consolidated net revenue, and the percentage of accounts receivable for the customers, were as follows:


	Percentage of Net Revenue Fiscal Year Ended August 31,		Percentage of Accounts Receivable as of August 31,
	2026		2025		2024		2026		2025
Customer A (1)	20	%		16	%		*		33	%	24	%
Customer B (2)	*		*		11	%		*		*

* Amount was less than 10% of total.

(1)Sales to this customer were reported primarily in the Intelligent Infrastructure segment.

(2)Sales to this customer were reported in the Connected Living and Digital Commerce segment.

The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.

Segment Data

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker (“CODM”), our Chief Executive Officer. The CODM regularly reviews net revenue by segment, segment income, and segment income margin, including prior period comparison and forecasted segment results, to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. Asset information by segment is not reported internally or otherwise regularly reviewed by the CODM.

The Company derives its revenue from providing comprehensive electronics design, production and product management services. The Company’s operating segments consist of three segments – Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are also the Company’s reportable segments.

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The Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable and energy infrastructure industries. The Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries. The Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital, and risk profiles.

Beginning September 1, 2026, the Company’s Connected Living and Digital Commerce segment was renamed to Intelligent Devices and Robotics to better reflect the evolution of the business, including the Company’s increased emphasis on automation and robotic capabilities and a strategic shift towards more highly complex, engineered solutions. The Intelligent Devices and Robotics segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce and robotics industries. The name change did not impact the composition of the Company's reportable segments or the financial information reported for those segments.

Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less segment expenses, which includes cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, (gain) loss from the divestiture of businesses, acquisition and divestiture related charges, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense (excluding certain components of net periodic benefit cost), interest expense, net, income tax expense, or adjustment for net income (loss) attributable to noncontrolling interests. Segment income margin is defined as segment income divided by net revenue. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.

The following tables set forth operating segment information (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
	Regulated Industries		Intelligent Infrastructure		Connected Living and Digital Commerce		Total		Regulated Industries		Intelligent infrastructure	Connected Living and Digital Commerce		Total		Regulated Industries		Intelligent Infrastructure		Connected Living and Digital Commerce		Total
Point in time	$	530			$	10,054			$	1,964		$	12,548			$	477			$	6,299		$	1,727		$	8,503			$	553		$	4,464	$	3,393	$	8,410
Over time	12,164			7,818			3,424			23,406		11,402			6,018			3,879			21,299		11,708		4,733			4,032			20,473
Net revenue	$	12,694			$	17,872			$	5,388		$	35,954			$	11,879			$	12,317		$	5,606		$	29,802			$	12,261		$	9,197	$	7,425	$	28,883
Segment expenses	$	11,995			$	16,803			$	5,087		$	33,885			$	11,236			$	11,653		$	5,293		$	28,182			$	11,606		$	8,728	$	6,961	$	27,295
Segment income	$	699			$	1,069			$	301		$	2,069			$	643			$	664		$	313		$	1,620			$	655		$	469	$	464	$	1,588
Segment income margin	5.5	%		6.0	%		5.6	%		5.8	%	5.4	%		5.4	%		5.6	%		5.4	%	5.3	%	5.1	%		6.2	%		5.5	%

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	Fiscal Year Ended August 31,
	2026		2025		2024
Segment income	$	2,069			$	1,620		$	1,588
Reconciling items:
Amortization of intangibles	(89)			(62)			(40)
Stock-based compensation expense and related charges	(140)			(107)			(89)
Restructuring, severance and related charges(1)	(97)			(181)			(296)

Business interruption and impairment charges, net(2)	—			(8)			(16)
(Loss) gain from the divestiture of businesses(3)	(1)			(53)			942
Acquisition and divestiture related charges(4)	(34)			(20)			(70)
Loss on securities(5)	—			(46)			—

Other expense (net of periodic benefit cost)	(119)			(104)			(95)
Interest expense, net	(181)			(147)			(173)
Income before income tax	$	1,408			$	892		$	1,751

(1)Charges recorded during the fiscal year ended August 31, 2026, relate to the targeted restructuring activities to optimize the Company’s cost structure and improve operational efficiencies. Charges recorded during the fiscal years ended August 31, 2025 and 2024, primarily related to the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively.

(2)Charges recorded during the fiscal year ended August 31, 2025, related primarily to costs associated with damage from Hurricanes Helene and Milton, which impacted our operations in St. Petersburg, Florida, and Asheville and Hendersonville, North Carolina. Charges recorded during the fiscal year ended August 31, 2024, related to costs associated with product quality liabilities. Charges recorded during the fiscal years ended August 31, 2025, and 2024, are classified as a component of cost of revenue and selling, general and administrative expenses in the Consolidated Statements of Operations.

(3)Charges recorded during the fiscal year ended August 31, 2025, related primarily to a pre-tax loss of $97 million recognized for the divestiture of the Company’s operations in Italy. The Company completed the divestiture of the Mobility Business and recorded a pre-tax gain of $942 million during the fiscal year ended August 31, 2024. Certain post-closing adjustments were realized in March 2025, which resulted in the recognition of a $54 million pre-tax gain during the fiscal year ended August 31, 2025.

(4)Charges recorded during the fiscal year ended August 31, 2026, include $8 million of gains on forward foreign exchange contracts in connection with the acquisition of Hanley.

(5)Charges recorded during the fiscal year ended August 31, 2025, related to an impairment of an investment in Preferred Stock.

The Company operates in approximately 30 countries worldwide. For geographical reporting, sales to unaffiliated customers are attributed to the Company location that maintains the customer relationship and transacts the external sale. Long-lived assets consist of property, plant and equipment, net and right-of-use assets and are attributed to the Company location in which they are located. The following tables set forth net revenue and long-lived asset information where individual countries accounted for 10% or more of the total, for the periods indicated (in millions):


	At and For the Fiscal Year Ended August 31,
	2026		2025		2024
	Net Revenue		Long-Lived Assets		Net Revenue		Long-Lived Assets	Net Revenue		Long-Lived Assets
Mexico	$	7,205			$	488		$	5,689			$	514			$	5,872	$	647
Malaysia	4,376			431			3,644		358			*		352
China	4,082			544			4,196		635			4,810			736
Singapore	*		*		*		*	4,486			*

Other	10,617			1,405			8,829		1,170			8,668			1,074
Total Foreign	26,280			2,868			22,358		2,677			23,836			2,809
U.S.	9,674			751			7,444		632			5,047			575
Total	$	35,954			$	3,619		$	29,802			$	3,309			$	28,883	$	3,384

* Amount was less than 10% of total.

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14. Restructuring, Severance and Related Charges

The following is a summary of the Company’s restructuring, severance and related charges (in millions):


	Fiscal Year Ended August 31,
	2026(1)		2025(2)		2024(3)
Employee severance and benefit costs	$	44			$	58		$	177
Lease costs	4			6			2
Asset write-off costs	35			53			79
Other costs	14			64			38
Total restructuring, severance and related charges(4)	$	97			$	181		$	296

(1)Primarily relates to targeted restructuring activities to optimize our cost structure and improve operational efficiencies.

(2)Primarily related to the 2025 Restructuring Plan.

(3)Primarily related to the 2024 Restructuring Plan.

(4)Except for asset write-off costs, all restructuring, severance and related charges are cash costs.

The following table presents the Company’s restructuring, severance, and related charges disaggregated by segment (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
Total restructuring, severance and related charges:
Regulated Industries	$	57			$	80		$	75
Intelligent Infrastructure	10			34			69
Connected Living and Digital Commerce	30			21			84
Non-allocated charges	—			46			68
Total	$	97			$	181		$	296

The table below summarizes the Company’s liability activity during the fiscal year ended August 31, 2026 (in millions):


	Employee Severance and Benefit Costs		Lease Costs		Asset Write-off Costs		Other Related Costs	Total
Balance as of August 31, 2025	$	16			$	—		$	—	$	17	$	33
Restructuring related charges	44			4			35		14	97
Asset write-off charge and other non-cash activity	—			—			(35)		(12)	(47)
Cash payments	(50)			(4)			—		(15)	(69)
Balance as of August 31, 2026	$	10			$	—		$	—	$	4	$	14

2025 Restructuring Plan

On September 24, 2024, the Company’s Board of Directors approved a restructuring plan to align our support infrastructure to further optimize organizational effectiveness. This action includes headcount reductions across our Selling, General, and Administrative (“SG&A”) and manufacturing cost base and capacity realignment (the “2025 Restructuring Plan”).

The 2025 Restructuring Plan, totaling approximately $200 million in pre-tax restructuring and other related costs, was substantially complete as of August 31, 2026.

2024 Restructuring Plan

On September 26, 2023, the Company’s Board of Directors approved a restructuring plan to (i) realign the Company’s cost base for stranded costs associated with the Company’s sale and realignment of the Mobility Business and (ii) optimize the Company’s global footprint. This action includes headcount reductions across our SG&A cost base and capacity realignment (the “2024 Restructuring Plan”).

The 2024 Restructuring Plan, totaling approximately $300 million in pre-tax restructuring and other related costs, was substantially complete as of August 31, 2024.

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15. Income Taxes

Provision for Income Taxes

Income (loss) before income tax expense is summarized below (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
Domestic	$	(18)			$	(255)		$	(366)
Foreign	1,426			1,147			2,117
Total	$	1,408			$	892		$	1,751

Income tax expense (benefit) is summarized below (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
Current:
Federal	$	—			$	(16)		$	—
State	22			15			5
Foreign	365			356			442
Total current	387			355			447
Deferred:
Federal	(16)			(15)			12
State	3			(5)			(2)
Foreign	(6)			(100)			(94)
Total deferred	(19)			(120)			(84)
Total income tax expense	$	368			$	235		$	363

The Company adopted ASU 2023-09, Income Taxes (Topic 740), prospectively for the fiscal year ended August 31, 2026. A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate, pursuant to the disclosure requirements of ASU 2023-09, is summarized below (in millions, except percentages):


	Fiscal Year Ended August 31, 2026
	Amount		Percent
U.S. federal statutory income tax rate	$	296			21.0	%
State and local income taxes, net of federal income tax effect(1)	20			1.4
Foreign tax effects
China
Statutory tax rate difference	19			1.3
Withholding taxes	40			2.9
Other	(8)			(0.6)
India	19			1.4
Malaysia
Tax incentives	(60)			(4.2)
Nondeductible interest	50			3.5
Other	5			0.3
Switzerland
Statutory tax rate difference	(21)			(1.5)
Other foreign jurisdictions	(21)			(1.5)
Effect of cross-border tax laws
Global Intangible Low-Taxed Income, net of foreign tax credits	38			2.7
Tax credits
Research and development tax credits	(68)			(4.8)
Changes in unrecognized tax benefits	47			3.4
Other adjustments	12			0.8
Effective income tax rate	$	368			26.1	%

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(1)State taxes in California and Oregon made up the majority of the tax effect in this category.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate, prior to the adoption of ASU 2023-09, is summarized below:


	Fiscal Year Ended August 31,
	2025		2024
U.S. federal statutory income tax rate	21.0	%		21.0	%
State income taxes, net of federal tax benefit	0.6			(0.3)
Impact of foreign tax rates	(2.0)			0.1
Permanent differences	(0.3)			0.5
Income tax credits	(1.7)			(0.7)

Valuation allowance	1.0			3.5
Equity compensation	1.1			(0.4)
Impact of intercompany charges and dividends	1.9			(0.7)
Global Intangible Low-Taxed Income	1.4			1.9
Change in indefinite reinvestment assertion	0.3			0.4
Divestiture of businesses	2.3			(5.9)
Other, net	0.8			1.3
Effective income tax rate	26.4	%		20.7	%

The Company has been granted tax incentives for various subsidiaries in Malaysia, Singapore, Vietnam, Brazil, and Israel, which primarily expire at various dates through fiscal year 2030 and are subject to certain conditions with which the Company expects to comply. Tax incentives resulted in a tax benefit of approximately $77 million ($0.73 per basic weighted average shares of common stock outstanding), $75 million ($0.68 per basic weighted average shares of common stock outstanding) and $54 million ($0.44 per basic weighted average shares of common stock outstanding) during the fiscal years ended August 31, 2026, 2025, and 2024, respectively.

The divestiture of businesses change during the fiscal years ended August 31, 2025 and 2024, related primarily to the divestiture of the Company’s operations in Italy and the divestiture of the Mobility Business, respectively.

Income taxes paid, net of refunds received, pursuant to the disclosure requirements of ASU 2023-09, is summarized below (in millions):


	Fiscal Year Ended August 31, 2026
Federal	$	18
State	19
Foreign
China	156
India	40
Mexico	36
Other	82
Total income taxes paid, net of refunds received	$	351

The Company made income tax payments, net of refunds received, of $330 million and $502 million for the fiscal years ending August 31, 2025, and 2024, respectively.

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Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are summarized below (in millions):


	August 31, 2026		August 31, 2025
Deferred tax assets:
Net operating loss carryforwards	$	220			$	227

Inventories	48			28

Accrued expenses	162			147
Property, plant and equipment	79			34
Tax credits	82			27




Capital loss carryforwards	19			32
Revenue recognition	58			49
Operating and finance lease liabilities	13			35
Other	49			64
Total deferred tax assets before valuation allowances	730			643
Less valuation allowances	(402)			(400)
Net deferred tax assets	$	328			$	243
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries	$	67			$	38
Intangible assets	91			49
Operating lease assets	104			91
Other	32			4
Total deferred tax liabilities	$	294			$	182
Net deferred tax assets	$	34			$	61

Based on the Company’s historical operating income, projection of future taxable income, scheduled reversal of taxable temporary differences, and tax planning strategies, management believes it is more likely than not that the Company will realize the benefit of its deferred tax assets, net of valuation allowances recorded.

As of August 31, 2026, the Company intends to indefinitely reinvest the remaining earnings from its foreign subsidiaries for which a deferred tax liability has not already been recorded. The estimated amount of the unrecognized deferred tax liability on these reinvested earnings was approximately $0.1 billion.

Tax Carryforwards

The amount and expiration dates of income tax net operating loss carryforwards, tax credit carryforwards, and tax capital loss carryforwards, which are available to reduce future taxes, if any, as of August 31, 2026, are as follows (in millions):


	Last Fiscal Year of Expiration	Amount
Income tax net operating loss carryforwards:(1)
Federal	2037 or indefinite	$	156
State	2046 or indefinite	$	46
Foreign	2036 or indefinite	$	647
Tax credit carryforwards:(1)
Federal	2046	$	71
State	2041 or indefinite	$	7
Tax capital loss carryforwards:
Federal	2031	$	68

(1)Net of unrecognized tax benefits.

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Unrecognized Tax Benefits

Reconciliation of the unrecognized tax benefits is summarized below (in millions):


	Fiscal Year Ended August 31,
	2026		2025		2024
Beginning balance	$	142			$	168		$	257
Additions for tax positions of prior years(1)	27			8			19
Reductions for tax positions of prior years	(1)			(4)			(21)
Additions for tax positions related to current year(2)	39			14			22


Additions related to acquired entities	9			5			—
Divestiture of businesses	—			—			(49)
Reductions from lapses in statutes of limitations(3)	(10)			(36)			(2)

Settlements(4)	—			(13)			(58)
Foreign exchange rate adjustment	5			—			—
Ending balance	$	211			$	142		$	168
Unrecognized tax benefits that would affect the effective tax rate (if recognized)	$	136			$	89		$	94

(1)The additions for the fiscal year ended August 31, 2026, primarily related to taxation of intercompany transactions and entitlement to tax credits.

(2)The additions for the fiscal years ended August 31, 2026, 2025 and 2024 primarily related to taxation of certain intercompany transactions.

(3)The reductions from lapses in statutes of limitations for the fiscal year ended August 31, 2025, primarily related to intercompany transactions and entitlement to tax credits.

(4)Settlements for the fiscal year ended August 31, 2024, primarily related to the settlement of a U.S. audit.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company’s accrued interest and penalties were approximately $35 million and $24 million as of August 31, 2026, and 2025, respectively. The Company recognized interest and penalties of approximately $8 million, $2 million and ($14 million) during the fiscal years ended August 31, 2026, 2025, and 2024, respectively.

The Company is no longer subject to U.S. federal tax examinations for fiscal years ended before August 31, 2022. In major non-U.S. and state jurisdictions, the Company is no longer subject to income tax examinations for fiscal years ended before August 31, 2016, and August 31, 2009, respectively.

16. Business Acquisitions and Divestitures

Acquisitions

Fiscal Year 2026

On January 2, 2026, the Company completed the acquisition of Hanley Energy Group (“Hanley”) for cash consideration transferred of $752 million. Pursuant to the purchase agreement, the Company recorded the estimated fair value of contingent consideration obligations subject to achieving future revenue thresholds. Hanley is a provider of energy management and critical power solutions serving the data center infrastructure market. The acquisition will help expand Jabil’s rack-level data center infrastructure capabilities and solutions.

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The acquisition of Hanley was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $896 million, including $369 million in identifiable intangible assets and $339 million in goodwill, and liabilities assumed of $144 million were recorded at their estimated fair values as of the acquisition date. The preliminary estimates and measurements, primarily related to the fair value of related tax attributes, are subject to change during the measurement period as the Company receives final information and completes its analysis. The excess of the purchase price over the fair value of the acquired assets and assumed liabilities is recorded to goodwill and was fully allocated to the Intelligent Infrastructure segment. Goodwill is primarily attributable to expected synergies in data center power management. The majority of the goodwill is currently not expected to be deductible for income tax purposes. The results of operations were included in the Company’s consolidated financial results beginning on January 2, 2026. Pro forma information has not been provided as the acquisition of Hanley is not deemed to be significant.

On September 1, 2025, the Company completed the acquisition of Rebound Technologies Group Holdings Limited (“Rebound Technologies”) for cash consideration transferred of $133 million. Rebound Technologies is a global supply chain service provider headquartered in the United Kingdom offering end-to-end solutions including global sourcing, data driven analytics, proactive shortage management and obsolescence strategies.

The acquisition of Rebound Technologies was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $176 million, including $48 million in identifiable intangible assets and $44 million in goodwill, and liabilities assumed of $43 million were recorded at their estimated fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the Intelligent Infrastructure segment. The majority of the goodwill is currently not expected to be deductible for income tax purposes. The results of operations were included in the Company’s consolidated financial results beginning on September 1, 2025. Pro forma information has not been provided as the acquisition of Rebound Technologies is not deemed to be significant.

Fiscal Year 2025

On February 3, 2025, the Company completed the acquisition of Pharmaceutics International, Inc. (“Pii”) for cash consideration transferred of $309 million. Pii is a contract development and manufacturing organization specializing in early stage, clinical, and commercial volume aseptic filling, lyophilization, and oral solid dose manufacturing. The capabilities acquired relate to the Company’s existing Regulated Industries service offerings, which includes the development and commercial production of auto-injectors, pen injectors, inhalers, and on-body pumps.

The acquisition of Pii was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $358 million, including $149 million in identifiable intangible assets and $142 million in goodwill, and liabilities assumed of $49 million were recorded at their estimated fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the Regulated Industries segment. Goodwill is primarily attributable to expected synergies enabling comprehensive support for customers in drug development, clinical trials, and product commercialization at scale. The majority of the goodwill is currently not expected to be deductible for income tax purposes. The results of operations were included in the Company’s consolidated financial results beginning on February 3, 2025. Pro forma information has not been provided as the acquisition of Pii is not deemed to be significant.

On October 1, 2024, the Company completed the acquisition of Mikros Technologies LLC (“Mikros Technologies”) for consideration transferred of $63 million. Mikros Technologies is a leader in the engineering and manufacturing of liquid cooling solutions for thermal management.

The acquisition of Mikros Technologies was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $63 million, including $40 million in identifiable intangible assets and $17 million in goodwill, were recorded at their estimated fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the Intelligent Infrastructure segment. The majority of the goodwill is currently expected to be deductible for income tax purposes. The results of operations were included in the Company’s consolidated financial results beginning on October 1, 2024. Pro forma information has not been provided as the acquisition of Mikros Technologies is not deemed to be significant.

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Fiscal Year 2024

On November 1, 2023, the Company completed the acquisition of ProcureAbility Inc. (“ProcureAbility”) for approximately $60 million in cash. ProcureAbility is a procurement services provider specializing in technology-enabled advisory, managed services, digital, staffing, and recruiting solutions.

The acquisition of ProcureAbility was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $87 million, including $40 million in identifiable intangible assets and $38 million in goodwill, and liabilities assumed of $26 million were recorded at their estimated fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the Regulated Industries segment. The majority of the goodwill is currently not expected to be deductible for income tax purposes. The results of operations were included in the Company’s consolidated financial results beginning on November 1, 2023. Pro forma information has not been provided as the acquisition of ProcureAbility is not deemed to be significant.

Divestitures

Fiscal Year 2025

On August 1, 2025, through its indirect subsidiary, Jabil Circuit Italia S.r.l. (“JCI”), the Company divested its operations in Italy. As a result of the transaction, the Company derecognized net assets of approximately $36 million and recorded a pre-tax loss of $97 million during the fiscal year ended August 31, 2025. As part of the terms of the agreement, the Company also paid cash consideration of $63 million to the buyer. The operating results of this business were immaterial to the Company's consolidated results of operations.

Fiscal Year 2024

The Company announced on September 26, 2023, that, through its indirect subsidiary, Jabil Circuit (Singapore) Pte. Ltd., a Singapore private limited company (“Singapore Seller”), the Company agreed to sell to an affiliate of BYD Electronic (International) Co. Ltd., a Hong Kong limited liability company (“Purchaser” or “BYDE”), the Singapore Seller’s product manufacturing business in Chengdu, including its supporting component manufacturing in Wuxi, (the “Mobility Business”), for cash consideration of approximately $2.2 billion, subject to certain customary purchase price adjustments.

As of August 31, 2023, the Company determined the Mobility Business met the criteria to be classified as held for sale. Assets and liabilities classified as held for sale had a carrying value less than the estimated fair value less cost to sell and, thus, no adjustment to the carrying value of the disposal group was necessary. Depreciation and amortization expense for long-lived assets was not recorded for the period in which these assets were classified as held for sale. The divestiture did not meet the criteria to be reported as discontinued operations, and the Company continued to report the operating results for the Mobility Business in the Consolidated Statement of Operations in the DMS segment until December 29, 2023 (the “Closing Date”).

On the Closing Date, the Company completed the sale of the Mobility Business. As a result of the transaction, the Company derecognized net assets of approximately $1.2 billion, and recorded a pre-tax gain of $942 million in the fiscal year ended August 31, 2024. Certain post-closing adjustments were realized in March 2025, which resulted in the recognition of a $54 million pre-tax gain during the fiscal year ended August 31, 2025. In addition, the Company agreed to indemnify BYDE from certain liabilities that may arise post-close that relate to periods prior to the Closing Date. The Company incurred transaction and disposal costs in connection with the sale of approximately $67 million during the fiscal year ended August 31, 2024, which are included in continuing operations in the Consolidated Statements of Operations.

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17. Fair Value Measurements

Fair Value Measurements on a Recurring Basis

The carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses, and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. Cash equivalents consist of investments that are readily convertible to cash with original maturities of 90 days or less and are classified within Level 1 of the fair value hierarchy. As of August 31, 2026 and 2025, there were $282 million and $392 million of cash equivalents, respectively.

The fair value of forward foreign exchange contracts were immaterial to the Consolidated Balance Sheets as of August 31, 2026 and 2025.

Fair Value of Financial Instruments

The carrying amounts of borrowings under credit facilities and under loans approximate fair value as interest rates on these instruments approximate current market rates. Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair values of notes payable and long-term debt for disclosure purposes.

The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):


			August 31, 2026		August 31, 2025
	Fair Value Hierarchy		Carrying Amount		Fair Value	Carrying Amount		Fair Value
Notes payable and long-term debt: (Note 7)
1.700% Senior Notes	Level 2	(1)	$	—		$	—		$	499	$	492
4.250% Senior Notes	Level 2	(1)	$	499		$	499		$	497	$	500
3.950% Senior Notes	Level 2	(1)	$	499		$	494		$	499	$	496
5.450% Senior Notes	Level 2	(1)	$	298		$	303		$	297	$	308
4.200% Senior Notes	Level 2	(1)	$	497		$	490		$	—	$	—
3.600% Senior Notes	Level 2	(1)	$	498		$	475		$	498	$	480
3.000% Senior Notes	Level 2	(1)	$	596		$	545		$	595	$	551
4.750% Senior Notes	Level 2	(1)	$	492		$	479		$	—	$	—

(1)The fair value estimates are based upon observable market data.

See Note 10 – “Postretirement and Other Employee Benefits” for disclosure surrounding the fair value of the Company’s pension plan assets.

18. Commitments and Contingencies

Legal Proceedings

The Company is party to certain lawsuits in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

19. New Accounting Guidance

New accounting guidance adopted during the period did not have a material impact to the Company.

Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company.

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Item 16. Form 10-K Summary

Not applicable.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	JABIL INC. Registrant

Date: October 23, 2026	By:	/s/ MICHAEL DASTOOR
		Michael Dastoor Chief Executive Officer

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POWER OF ATTORNEY

KNOW ALL THESE PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Michael Dastoor and Gregory B. Hebard and each of them, jointly and severally, his or her attorneys-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each said attorneys-in-fact or his substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

Signature

Title

Date

By:

/s/ STEVEN A. RAYMUND

Chairman of the Board of Directors

October 23, 2026

Steven A. Raymund

By:

/s/ MICHAEL DASTOOR

Chief Executive Officer and Director
(Principal Executive Officer)

October 23, 2026

Michael Dastoor

By:

/s/ GREGORY B. HEBARD

Chief Financial Officer
(Principal Financial and Accounting Officer)

October 23, 2026

Gregory B. Hebard

By:

/s/ ANOUSHEH ANSARI

Director

October 23, 2026

Anousheh Ansari

By:

/s/ SUJATHA CHANDRASEKARAN

Director

October 23, 2026

Sujatha Chandrasekaran

By:

/s/ THOMAS T. EDMAN

Director

October 23, 2026

Thomas T. Edman

By:

/s/ CHRISTOPHER S. HOLLAND

Director

October 23, 2026

Christopher S. Holland

By:

/s/ JOHN C. PLANT

Director

October 23, 2026

John C. Plant

By:

/s/ RAEJEANNE SKILLERN

Director

October 23, 2026

Raejeanne Skillern

By:

/s/ N.V. “Tiger” TYAGARAJAN

Director

October 23, 2026

N.V. “Tiger” Tyagarajan

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SCHEDULE II

JABIL INC. AND SUBSIDIARIES

SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS

(in millions)



	Balance at Beginning of Period		Additions and Adjustments Charged to Costs and Expenses	Additions/ (Reductions) Charged to Other Accounts		Write-offs	Balance at End of Period
Reserve for excess and obsolete inventory:
Fiscal year ended August 31, 2026	$	67		$	56		$	—	$	(36)	$	87
Fiscal year ended August 31, 2025	$	63		$	26		$	—	$	(22)	$	67
Fiscal year ended August 31, 2024	$	58		$	40		$	—	$	(35)	$	63


	Balance at Beginning of Period		Additions and Adjustments Charged to Costs and Expenses	Additions/ (Reductions) Charged to Other Accounts		Write-offs	Balance at End of Period
Reserve for warranties:
Fiscal year ended August 31, 2026	$	70		$	13		$	—	$	(5)	$	78
Fiscal year ended August 31, 2025	$	68		$	13		$	—	$	(11)	$	70
Fiscal year ended August 31, 2024	$	66		$	7		$	—	$	(5)	$	68


	Balance at Beginning of Period		Additions Charged to Costs and Expenses	Additions/ (Reductions) Charged to Other Accounts		Reductions Charged to Costs and Expenses	Balance at End of Period
Valuation allowance for deferred taxes:
Fiscal year ended August 31, 2026	$	400		$	17		$	1	$	(16)	$	402
Fiscal year ended August 31, 2025	$	368		$	30		$	23	$	(21)	$	400
Fiscal year ended August 31, 2024	$	303		$	96		$	3	$	(34)	$	368

See accompanying report of independent registered public accounting firm.

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