tkal · Jabil Q4 FY26: The AI Build Is Bigger Than the Revenue Line

Jabil Q4 FY26: The AI Build Is Bigger Than the Revenue Line

My read: Jabil's AI build is growing faster on its balance sheet than on its income statement, and the $44.5B fiscal 2027 guide counts only the part that reaches revenue. If prepaid expenses and other current assets, the line where Jabil carries components it buys for customers and books net, are above $4,559M on the November 30, 2026 balance sheet, the ramp is still being financed there; below May's $3,925M, fiscal 2026's build was a timing lump that shipped, and I'm wrong. The print itself beat: revenue $10,616M, up 29% and $616M above the top of the guide, and core EPS $4.40 against $3.80 to $4.20. AI-related revenue is guided to $22.1B, up 54%. The components Jabil books net were $2.8B by May. They are in none of those numbers.

Published September 30, 2026 · Post-print synthesis (quarter ended August 31, 2026, reported before the open September 30, 2026) · JBL · NYSE · Committed analyst read, not advice · For analysts covering AI servers, EMS and data center infrastructure

Revenue

$10.62B

+29% YoY · $616M above guide top

Core diluted EPS

$4.40

vs $3.80–$4.20 guide · +34% YoY

Core operating margin

6.4%

vs 6.3% a year ago

FY27 revenue guide

$44.5B

+24% · AI-related $22.1B, +54%

Quarter ended August 31, 2026 · reported before the open September 30, 2026 · figures from the Q4 FY26 8-K Exhibit 99.1, the fiscal 2026 Forms 10-Q, the FY25 Form 10-K and the call transcript unless marked

A beat, and a guide that is half AI

Start with what is not in dispute. Revenue for the quarter ended August 31, 2026 was $10,616M, up 29%, and $616M above the top of Jabil's own $9.2B to $10.0B range. Core EPS of $4.40 cleared the top of $3.80 to $4.20 by $0.20; GAAP diluted EPS was $3.76. Core operating income rose 30.1% to $675M, and core operating margin was 6.4% against 6.3% a year earlier. For the year, revenue of $35,954M grew 20.6%, core EPS reached $13.09, and adjusted free cash flow was $1,532M.

The guide is the news. Fiscal 2027 revenue of $44.5B, up 24%, at a 6.1% core operating margin and $17.55 of core EPS. Mike Dastoor, the chief executive, put AI-related revenue at "approximately $22.1 billion, up 54%," from $14.4B. That is 49.7% of next year's revenue and 90.1% of the $8,546M it adds. As a read on AI data center builds it is unambiguous: Jabil's customers add more AI hardware in fiscal 2027 than in fiscal 2026, $7.7B against $5.4B, on a larger base. Cloud and data center infrastructure alone is guided to $17.5B, up 52%, and Dastoor said: "I expect the second hyperscaler to be a 10%+ customer in FY27."

My argument is that the revenue line undercounts that build. The balance sheet shows by how much.

Of $10,616M in revenue, $9,615M is cost of revenue. A 9.4% gross margin leaves $1,001M; operating expenses take $399M, and $397M reaches net income. Intelligent Infrastructure, the AI segment, is the biggest block of revenue. Segment revenue is the call's rounded figures (Regulated Industries ~$3.4B, Intelligent Infrastructure ~$5.8B, Connected Living and Digital Commerce ~$1.4B), which sum to $10,600M against reported revenue of $10,616M; the quarter's segment table arrives with the Form 10-K. Operating expenses are SG&A $324M, stock-based compensation $25M, amortization $24M, acquisition charges $10M, restructuring $9M and R&D $7M. Below the line: interest and other, net $80M and income tax $125M. Net income includes a $1M loss attributable to noncontrolling interests ($398M attributable to Jabil).

The guide is a run rate the factory already holds

Intelligent Infrastructure, the segment that holds the racks, liquid cooling, power and networking, was about $5.8B in the quarter, up 56%, against $4,169M in the May quarter. The first-quarter guide puts it at about $6.3B, up 63%, and the year at $25.6B. Do the subtraction. That leaves $19.3B for the last three quarters, about $6.43B each. Goldman's Mark Delaney made the same point about the whole company: take the first-quarter revenue, annualize it, and "you're already at about $44 billion."

So the fiscal 2027 AI guide is a level that arrives in the first quarter and then holds. That reads as a capacity statement, not a demand ceiling. Dastoor, on the same call: "Demand is way outweighing supply right now." Jabil is adding "4 million square feet," and a contract manufacturer reads its customers' build plans through the floor space it has booked. This one says the floor is full from November.

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The headline numbers are above. The 7 sections below carry the mechanism, the peer read, the valuation work, and the dated tests that decide it.

The components that never reach revenue
Asset-light in capex, heavy everywhere else
The margin, and the part Hanley bought
The strongest case against me
What decides it
The trade (analysis, not advice)
Bottom line

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The components that never reach revenue

The third-quarter 10-Q carries one sentence the rest of this piece depends on: "the Company had $2.8 billion and $1.1 billion, respectively, of components included in prepaid expenses and other current assets ... 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." Decode it. Jabil buys certain parts on a customer's instruction, pays for them and holds them, and when they go into the product it books the service, not the part. The part never touches revenue or cost of revenue. It sits in prepaid, a line that none of the working-capital days Jabil reports include.

That balance was $734M at August 31, 2024, $1.1B a year later, $1.6B in November, $1.5B in February and $2.8B in May, 71.3% of the prepaid line. In the fourth quarter prepaid rose another $634M to $4,559M; the August split arrives with the 10-K. Frank Mckay, the chief supply chain officer, described who drives it: "In cloud and data center infrastructure, for example, large customers play a key role in securing supply." Which parts these are, the filings do not say. The call did not either, and nobody asked.

The same purchases explain the payables. Three of the last four filings attribute the climb in days payable to "higher purchases of customer-controlled consignment components and the timing of cash payments." On Jabil's formula, payables over cost of revenue, days payable went from 96 a year ago to 135 in May. The numerator carries the supplier bill for those parts. The denominator excludes their cost. The house has called this the payable is the loan you don't see; Jabil's version is stranger, because the loan finances inventory that is not Jabil's revenue. A payables figure of 135 days is not generous supplier terms. It is an invoice for parts booked somewhere else.

Asset-light in capex, heavy everywhere else

The release says Jabil is "moving up the value chain, taking on more of our customers' engineering and manufacturing complexity while maintaining an asset-light model." On capital spending that holds: net capex of $470M, 1.3% of revenue. On the balance sheet it does not. Total assets rose 48.0% to $27,435M on revenue up 20.6%: receivables up 61.3%, inventories up 58.4%, prepaid up 126.8%. Receivables, contract assets, inventories and prepaid went from $11,787M to $19,781M, up 67.8%, or $7,994M.

These four lines rose from $11,787M to $19,781M in five quarter-ends, 67.8%, while revenue for the year rose 20.6%. Prepaid, where Jabil carries components it buys for customers and books net, more than doubled. Payables plus accrued expenses rose from $13,122M to $21,063M over the same dates, so the net of the two sides moved only between $(1,033)M and $(1,335)M. Per the Forms 10-Q, components bought for customers and to be booked on a net basis were $1.1B of prepaid at August 31, 2025, $1.6B at November 30, 2025, $1.5B at February 28, 2026 and $2.8B at May 31, 2026; the August 31, 2026 figure arrives with the Form 10-K.

Almost none of it cost Jabil cash. Payables and accrued expenses rose $7,941M over the same year; payables alone rose 82.0% to $14,444M. The net of the two sides sat between $(1,033)M and $(1,335)M at every quarter-end. Call it the composite hides the component, in its cleanest form: the net that management manages is steady, the gross underneath grew by two-thirds, and Jabil's own cash cycle went from 18 days last August to 5 in May. At August 31, on the same formulas, it is about 1.5 days: receivables 55.2, inventory 81.5, payables 135.2.

Receivables, contract assets, inventories and prepaid assets absorbed $7,834M in fiscal 2026. Payables, accruals and other liabilities returned $7,984M. The $2,002M of operating cash is earnings plus a working-capital wash, and the wash is two very large numbers. From the fiscal 2026 cash flow statement. Non-cash items are depreciation and amortization $681M, stock-based compensation $140M, restructuring $47M, divestiture loss $1M, deferred taxes $(21)M and other $(24)M, together $824M. Receivables $(2,394)M, contract assets $(221)M, inventories $(2,681)M, prepaid expenses and other current assets $(2,538)M; other assets $(12)M is included in the prepaid bar ($(2,550)M).

Greg Hebert, the chief financial officer, gave the forward version: "We do see a dollar increase in just managing net working capital for the year, but we still feel really good about generating free cash flow of 1.6 billion." Decoded, that is a promise that supplier float keeps pace with an $8,546M revenue step. Jabil also fits the house model the ODM pays three ways: in working capital held for the program, in debt, which rose $494M to $3,379M, and in equity, through the warrant Amazon holds on up to 1,158,539 shares at $137.7671. None of the three shows in core EPS. At TD SYNNEX's Hyve the same model came with billings up 117% at a 3.61% margin.

The margin, and the part Hanley bought

AI is lifting Jabil's segment margin. Intelligent Infrastructure earned 5.2% in the November quarter, 5.7% in February, 6.1% in May and 6.5% in August, "up 60 basis points year over year, reflecting an improvement including the contribution of our margin accretive Hanley Energy acquisition." Two cautions before banking it. The first is the house rule, find the segment whose margin actually moved before crediting the acquisition, and here the acquisition sits inside the segment: Hanley, bought for $752M on January 2, 2026, whose services the segment head called "the highest margin business in the segment." The call gave no split. At the company level, gross margin was 9.43% against 9.49% a year earlier, so the segment's gain did not reach the gross line. The second is the netting. When a part is booked net, its revenue and its cost both leave the income statement, so the same dollar of service income becomes a larger percentage of a smaller revenue line. A rising share of net-booked parts would lift the reported margin without Jabil earning a cent more per rack.

The AI segment's margin climbed from 5.2% to 6.5% across fiscal 2026, with Hanley Energy inside it from January 2, 2026. The first quarter has stepped down from the fourth before: 5.9% to 5.2% a year ago. Segment income over segment net revenue, from the Forms 10-Q. Q4 FY25 is derived: fiscal-2025 Form 10-K segment totals less the nine-month 10-Q figures ($222M on $3,741M, 5.9%). Q4 FY26 is the 6.5% segment core operating margin stated on the call; the 10-K has not been filed. Hanley Energy was acquired January 2, 2026.

The first quarter is where both show. Core operating income is guided to $592M to $652M on revenue of $10.6B to $11.4B, a 5.65% margin at the midpoints, against 6.4% in August and 5.47% a year earlier. Dastoor put the step-down on ramps: "Initially the first one or two quarters in any ramp, the costs are going to be much higher, as a result of which margins can be a little bit lower in the first half." Mix is the softest margin to capitalize, and an AI margin that climbs as capacity fills and steps down when the next tranche opens is a utilization margin until it holds through a ramp.

The strongest case against me

Here is the other side at full strength, and it is not weak. The float is the design, not an accident. Dastoor: "We structure programs with customers so the investment matches the commitment." The net-booked parts are bought at a customer's direction for that customer's product, and customer inventory deposits were $1,385M in May against $1,205M; Hebert credited "an incremental increase in our inventory deposits" as gross inventory rose. The net of operating assets and liabilities has not moved in five quarters. Free cash flow was $1,532M, about 110% of core earnings by the company's count, and the year ended with $1,739M of cash and about $4.4B of unused borrowing capacity. On this reading the gross balance sheet is a pass-through with no risk Jabil keeps, netting is the conservative accounting choice, and I am reading leverage into a clearing house.

I take it seriously and still land the other way. Pass-through works while the parts move. The prepaid balance is Jabil's asset, paid for on Jabil's payables, and the net-booked part of it went from $1.5B to $2.8B in a single quarter. If a program slips, the supplier still wants paying on the same terms and the part still sits in prepaid. That asymmetry is what the net figures hide, and it is why the test sits on the gross line.

What decides it

One line, on one date: prepaid expenses and other current assets on the balance sheet for the quarter ending November 30, 2026, in the first-quarter release. Above $4,559M, the AI ramp is still being financed through net-booked components, the revenue guide undercounts the hardware Jabil carries, and payables have to keep climbing with it. Below May's $3,925M, the fiscal 2026 build was a timing lump that shipped, and I'm wrong. Between the two is a partial result, and I'd call it that. The secondary checks are Intelligent Infrastructure against the $6.3B guide and its margin against 6.5%; the 10-Q that follows should restate the net-booked balance against $2.8B. Jabil has not set the date. It reported the same quarter last year on December 17, 2025.

The trade (analysis, not advice)

The stock traded near $296 in the session after the release against a $318.84 close, down about 7.2%, on a quarter that beat a vendor consensus of $4.07 by $0.33 (unverified, market data). At that price it is 16.9x the $17.55 fiscal 2027 core EPS guide (unverified). The market does not pay for Jabil's AI exposure the way it pays for a rack vendor's, and the netting is part of the reason. A 6.1% margin on a revenue line that excludes the parts reads like a contract manufacturer. If the November prepaid line keeps rising, the question for the multiple is not demand, which is contracted, but how much balance sheet each dollar of AI revenue now carries. If it falls back below $3,925M, the fiscal 2026 build was timing and the guide deserves its full weight.

Bottom line

Jabil beat, and its fiscal 2027 guide is the clearest factory-floor read yet on AI data center builds: $22.1B of AI-related revenue, up 54%, and a first quarter already running at the full-year pace. The build is larger than that number. Components Jabil buys and books net reached $2.8B by May, the four operating-asset lines grew 67.8% in a year, and suppliers funded it. Wrong if prepaid falls below $3,925M at November 30. Right if it is above $4,559M.

Sources

Jabil Inc.: "Jabil Posts Fourth Quarter and Fiscal Year 2026 Results" (Form 8-K, Exhibit 99.1), filed September 30, 2026, primary source for every reported figure unless otherwise marked; preliminary and unaudited. Three months ended August 31, 2026 vs August 31, 2025, $ millions: net revenue 10,616 / 8,252; cost of revenue 9,615 / 7,469; gross profit 1,001 / 783; selling, general and administrative 324 / 264; stock-based compensation 25 / 23; research and development 7 / 4; amortization of intangibles 24 / 17; restructuring 9 / 37; acquisition and divestiture related charges 10 / 3; operating income 602 / 337; interest and other, net 80 / 58; income tax expense 125 / 61; net income 397 / 218; net income attributable to Jabil 398 / 218; GAAP diluted EPS $3.76 / $1.99; core operating income 675 / 519; GAAP operating margin 5.7% / 4.1%; core operating margin 6.4% / 6.3%; core earnings 466 / 360; core diluted EPS $4.40 / $3.29; diluted shares 106.0 / 109.2. Fiscal year 2026 vs 2025: net revenue 35,954 / 29,802; cost of revenue 32,637 / 27,156; gross profit 3,317 / 2,646; operating income 1,704 / 1,182; core operating income 2,069 / 1,620; core operating margin 5.8% / 5.4%; net income 1,040 / 657; GAAP diluted EPS $9.75 / $5.92; core earnings 1,399 / 1,082; core diluted EPS $13.09 / $9.75; depreciation and amortization 681 / 674; stock-based compensation 140 / 107; restructuring and related charges 47 / 88; deferred income taxes (21) / (124); loss from divestiture 1; other, net (24); change in accounts receivable (2,394) / (504); contract assets (221); inventories (2,681) / (431); prepaid expenses and other current assets (2,538) / (310); other assets (12); accounts payable, accrued expenses and other liabilities 7,984 / 1,426; net cash provided by operating activities 2,002 / 1,640; acquisition of property, plant and equipment (628) / (468); proceeds and advances from sale of property, plant and equipment 158 / 146; adjusted free cash flow 1,532 / 1,318; cash paid for business and intangible asset acquisitions (852) / (392); borrowings under debt agreements 2,773 / 1,844; payments toward debt agreements (2,528) / (1,986); payments to acquire treasury stock (1,060) / (1,000). Balance sheet, August 31, 2026 / August 31, 2025: cash and cash equivalents 1,739 / 1,933; accounts receivable 6,513 / 4,039; contract assets 1,296 / 1,057; inventories 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 3,005 / 2,847; total assets 27,435 / 18,543; current installments of debt 499 / 499; accounts payable 14,444 / 7,937; accrued expenses 6,619 / 5,185; long-term debt 2,880 / 2,386; total equity 1,617 / 1,517. First quarter fiscal 2027 outlook: net revenue $10.6 billion to $11.4 billion; U.S. GAAP operating income $481 million to $541 million; U.S. GAAP diluted EPS $2.78 to $3.18; core operating income $592 million to $652 million; core diluted EPS $3.80 to $4.20. Fiscal 2027 outlook: net revenue $44.5 billion (up 24%); core operating margin 6.1% (30 basis points of expansion); core diluted EPS $17.55 (up 34%); adjusted free cash flow of approximately $1.6 billion. Chief executive Mike Dastoor: fiscal 2026 revenue grew 21%; "These results reflect the progress we've made in moving up the value chain, taking on more of our customers' engineering and manufacturing complexity while maintaining an asset-light model."
Jabil: Q3 FY26 results (Form 8-K, Exhibit 99.1), filed June 17, 2026. Three months ended May 31, 2026, $ millions: net revenue 8,751 / 7,828; cost of revenue 7,923; core operating income 504 / 420; core diluted EPS $3.16. Balance sheet, May 31, 2026: accounts receivable 5,473; contract assets 1,467; inventories 5,933; prepaid expenses and other current assets 3,925; accounts payable 11,908; accrued expenses 6,006. Fourth quarter outlook: net revenue $9.2 billion to $10.0 billion; core operating income $589 million to $649 million; core diluted EPS $3.80 to $4.20. Fiscal 2026 outlook: net revenue $35 billion; core operating margin 5.8%; core diluted EPS $12.70; adjusted free cash flow $1.4+ billion.
Jabil: Q2 FY26 results (Form 8-K, Exhibit 99.1), filed March 18, 2026. Three months ended February 28, 2026, $ millions: net revenue 8,282 / 6,728; cost of revenue 7,536; core operating income 436. Balance sheet, February 28, 2026: accounts receivable 4,390; contract assets 1,270; inventories 4,972; prepaid expenses and other current assets 2,547; accounts payable 8,517; accrued expenses 5,695.
Jabil: Q1 FY26 results (Form 8-K, Exhibit 99.1), filed December 17, 2025. Three months ended November 30, 2025, $ millions: net revenue 8,305 / 6,994; cost of revenue 7,563; core operating income 454 / 347; core diluted EPS $2.85. Balance sheet, November 30, 2025: accounts receivable 4,421; contract assets 1,178; inventories 4,681; prepaid expenses and other current assets 2,532; accounts payable 8,418; accrued expenses 5,534.
Jabil: Q4 FY25 results (Form 8-K, Exhibit 99.1), filed September 25, 2025. Three months ended August 31, 2025, $ millions: net revenue 8,252 / 6,964; cost of revenue 7,469; core operating income 519 / 401; core diluted EPS $3.29.
Jabil: Form 10-Q for the quarter ended May 31, 2026, filed June 30, 2026. Segment net revenue and segment income ($M), three months ended May 31, 2026 (and 2025): Regulated Industries 3,181 and 180 (3,056 and 168); Intelligent Infrastructure 4,169 and 256 (3,433 and 181); Connected Living and Digital Commerce 1,401 and 68 (1,339 and 71); segment income margin 5.6%, 6.1%, 4.9% (5.5%, 5.3%, 5.3%). Nine months: Intelligent Infrastructure 12,050 and 689 (8,576 and 442). Components bought for customers and to be accounted for on a net basis, in prepaid expenses and other current assets: $2.8 billion at May 31, 2026 and $1.1 billion at August 31, 2025 ("the Company had $2.8 billion and $1.1 billion, respectively, of components included in prepaid expenses and other current assets ... 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"). Accrued expenses: inventory deposits 1,385 / 1,205; contract liabilities 992 / 1,016. Key indicators, three months ended May 31, 2026 / February 28, 2026 / May 31, 2025: sales cycle 5 / 21 / 24 days; days in accounts receivable 56 / 48 / 46; days in inventory 84 / 75 / 74; days in accounts payable 135 / 102 / 96. Five largest customers approximately 36% of nine-month net revenue. Hanley Energy Group acquired January 2, 2026 for cash consideration of $752 million. Warrant issued to Amazon.com NV Investment Holdings LLC for up to 1,158,539 shares at an initial exercise price of $137.7671, vesting on payments for purchased products and services; 1,098,957 outstanding and 59,582 exercisable at May 31, 2026. Fiscal 2027 net capital expenditures expected at 1.5% to 2.0% of net revenue.
Jabil: Forms 10-Q for the quarters ended February 28, 2026 and November 30, 2025, and Form 10-K for fiscal 2025. Intelligent Infrastructure net revenue and segment income ($M): Q1 FY25 2,496 and 120 (4.8%); Q2 FY25 2,647 and 141 (5.3%); Q1 FY26 3,853 and 202 (5.2%); Q2 FY26 4,028 and 231 (5.7%); fiscal 2025 12,317 and 664. Components in prepaid to be accounted for on a net basis: $734 million at August 31, 2024; $1.6 billion at November 30, 2025; $1.5 billion at February 28, 2026. Days in accounts payable rose "primarily due to higher purchases of customer-controlled consignment components and the timing of cash payments" (Q1 FY26 and fiscal 2025 wording; Q2 FY26 "and timing of cash payments"). Key indicators: three months ended August 31, 2025, sales cycle 18 days, receivables 44, inventory 69, payables 96; November 30, 2025, 17, 48, 70, 100; February 28, 2026, 21, 48, 75, 102.
Jabil Q4 FY26 earnings call and investor briefing, transcript (Benzinga, automated transcription), September 30, 2026. Speakers: Mike Dastoor (chief executive), Greg Hebert (chief financial officer), Frank Mckay (chief supply chain and procurement officer), the Intelligent Infrastructure segment head, and analysts. Source for: fourth quarter revenue up 29%; Regulated Industries $3.4 billion, up 9%, 5.8% core operating margin; Intelligent Infrastructure approximately $5.8 billion, up 56%, 6.5% core operating margin "up 60 basis points year over year, reflecting an improvement including the contribution of our margin accretive Hanley Energy acquisition"; Connected Living and Digital Commerce approximately $1.4 billion, roughly flat, 7.1%; net inventory days 64 including inventory deposits, gross inventory days approximately 82, target 55 to 60; fourth quarter cash from operations $733 million and adjusted free cash flow $541 million; net capital expenditures $470 million, 1.3% of revenue; debt to core EBITDA 1.3x; available liquidity $6.1 billion including $4.4 billion of unused borrowing capacity; balance sheet debt approximately $3.4 billion; repurchases $169 million in the quarter and $1.1 billion in the year; $1.4 billion remaining under a $1.5 billion authorization; first quarter segment guide Regulated Industries approximately $3.5 billion (up 12%), Intelligent Infrastructure approximately $6.3 billion (up 63%), Intelligent Devices and Robotics approximately $1.2 billion (down 10%); fiscal 2027 AI-related revenue approximately $22.1 billion, up 54%, from approximately $14.4 billion, "another $7.7 billion"; cloud and data center infrastructure approximately $17.5 billion, up 52%; capital equipment $4.2 billion, up 40%; networking and communications $3.9 billion, up 15%; Intelligent Infrastructure $25.6 billion, up 43%; Regulated Industries $13.6 billion, up 7%; Intelligent Devices and Robotics $5.3 billion, down 2%; revenue added "in excess of $8.5 billion"; "4 million square feet" of capacity; revenue "45% to 55%, first half to second half"; "I expect the second hyperscaler to be a 10%+ customer in FY27"; "In cloud and data center infrastructure, for example, large customers play a key role in securing supply"; "We structure programs with customers so the investment matches the commitment"; "we converted approximately 110% of core net earnings into cash"; "Demand is way outweighing supply right now"; "Initially the first one or two quarters in any ramp, the costs are going to be much higher, as a result of which margins can be a little bit lower in the first half"; Hebert: "We do see a dollar increase in just managing net working capital for the year, but we still feel really good about generating free cash flow of 1.6 billion" and "an incremental increase in our inventory deposits"; Hanley's services "the highest margin business in the segment"; Mark Delaney (Goldman Sachs): "if you take the 1Q revenue and annualize it, you're already at about $44 billion."
TD SYNNEX Q3 FY26, as read in the tkal SNX dive (quarter ended August 31, 2026): Hyve billed +117% at a 3.61% margin on billings, from 5.04%; Amazon warrant on 3,238,066 shares vesting on payment thresholds.
Derived figures, stated as such: Q4 revenue $616M above the $10.0B guide top; core EPS $0.20 above the $4.20 top; core operating income +30.1%; gross margin 9.43% / 9.49%; fiscal 2026 revenue +20.6%; fiscal 2027 revenue added $8,546M, of which the $7.7B AI increase is 90.1%; AI-related revenue 49.7% of the $44.5B guide; first quarter midpoints $11.0B revenue (+32.5% on 8,305) and $622M core operating income, a 5.65% margin, against 5.47% a year earlier; Intelligent Infrastructure $19.3B left for the last three quarters of fiscal 2027, $6.43B a quarter. Intelligent Infrastructure Q4 FY25 by difference (fiscal 2025 10-K less nine months): revenue $3,741M, segment income $222M, 5.9%. Balance sheet, August 31, 2026 vs 2025: accounts receivable +61.3%; inventories +58.4%; prepaid expenses and other current assets +126.8%; accounts payable +82.0%, +$6,507M; total assets +48.0%; receivables, contract assets, inventories and prepaid $11,787M to $19,781M (+67.8%, +$7,994M); payables and accrued expenses $13,122M to $21,063M (+$7,941M); net of the two $(1,335)M, $(1,140)M, $(1,033)M, $(1,116)M, $(1,282)M at the five quarter-ends; prepaid rose $634M in the fourth quarter; net-basis components 71.3% of prepaid at May 31, 2026. Days at August 31, 2026 on the company's formulas: receivables 55.2, inventory 81.5, payables 135.2, cycle about 1.5. Debt $3,379M against $2,885M (+$494M). Fiscal 2026 working-capital lines absorbed $7,834M and payables returned $7,984M; non-cash items $824M (depreciation and amortization $681M, stock-based compensation $140M, restructuring $47M, divestiture loss $1M, deferred taxes $(21)M, other $(24)M).
Market data (Unusual Whales feed, read during the September 30 session), unverified: JBL closed $318.84 on September 29 and traded near $296 in the session after the release, about -7.2%; vendor consensus core EPS $4.07, which the reported $4.40 beat by $0.33; $296 is 16.9x the $17.55 fiscal 2027 core EPS guide.