Jabil Circuit Inc. (JBL): End Market Trends and Customer/Program Ramps Suggest Strong Growth Can Continue; 4QFY26 Wrap

Key Takeaways

• 1.Jabil delivered strong 4QFY26 results and above-consensus FY27 guidance, but shares fell 10% due to elevated investor expectations and lack of incremental operating margin leverage.
• 2.Goldman Sachs reiterates a Buy rating and raises its 12-month price target to $397 from $375, driven by strong growth in AI infrastructure, healthcare, defense, and robotics.
• 3.AI-related revenue is accelerating rapidly, expanding ~60% yoy in FY26 to $14.1 bn and projected to grow ~54% in FY27 to $22.1 bn, supported by 6 customers exceeding $1 bn in revenue.

Table of Contents

• Key takeaways and implications
• Results
• Key commentary from the call
• Outlook
• Updated estimates, price target, and key risks

Report data

Exhibit 1: JBL 4QFY26 variance summary — as of September 30, 2026.